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 | 811-23305 | |||||
AMERICAN CENTURY ETF TRUST | ||||||
(Exact name of registrant as specified in charter) | ||||||
4500 MAIN STREET, KANSAS CITY, MISSOURI | 64111 | |||||
(Address of principal executive offices) | (Zip Code) | |||||
CHARLES A. ETHERINGTON 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111 | ||||||
(Name and address of agent for service) | ||||||
Registrant’s telephone number, including area code: | 816-531-5575 | |||||
Date of fiscal year end: | 08-31 | |||||
Date of reporting period: | 02-29-2020 |
ITEM 1. REPORTS TO STOCKHOLDERS.
Semiannual Report | |
February 29, 2020 | |
American Century® Diversified Corporate Bond ETF (KORP) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, americancenturyetfs.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Portfolio at a Glance | |
Weighted Average Life to Maturity | 5.4 years |
Average Duration (Effective) | 4.4 years |
Types of Investments in Portfolio | % of net assets |
Corporate Bonds | 95.4% |
U.S. Treasury Securities | 1.6% |
Temporary Cash Investments | 2.7% |
Temporary Cash Investments - Securities Lending Collateral | 0.2% |
Other Assets and Liabilities | 0.1% |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020.
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $1,030.60 | $1.46 | 0.29% |
Hypothetical | $1,000 | $1,023.42 | $1.46 | 0.29% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Principal Amount | Value | |||||
CORPORATE BONDS — 95.4% | ||||||
Airlines — 0.5% | ||||||
Delta Air Lines, Inc., 3.80%, 4/19/23 | $ | 558,000 | $ | 580,926 | ||
Automobiles — 1.5% | ||||||
Ford Motor Credit Co. LLC, 2.98%, 8/3/22 | 873,000 | 882,091 | ||||
General Motors Co., 4.875%, 10/2/23 | 722,000 | 785,372 | ||||
1,667,463 | ||||||
Banks — 20.4% | ||||||
Bank of America Corp., VRN, 3.00%, 12/20/23 | 2,508,000 | 2,600,201 | ||||
Bank of America Corp., VRN, 3.42%, 12/20/28 | 1,175,000 | 1,270,489 | ||||
BNP Paribas SA, VRN, 2.82%, 11/19/25(1) | 1,024,000 | 1,061,171 | ||||
Citigroup, Inc., 2.75%, 4/25/22 | 20,000 | 20,463 | ||||
Citigroup, Inc., 4.05%, 7/30/22 | 1,214,000 | 1,281,662 | ||||
Citigroup, Inc., 3.40%, 5/1/26 | 1,214,000 | 1,313,661 | ||||
Fifth Third BanCorp., 2.375%, 1/28/25 | 1,024,000 | 1,054,692 | ||||
HSBC Holdings plc, VRN, 2.63%, 11/7/25 | 1,024,000 | 1,046,642 | ||||
Huntington Bancshares, Inc., 2.30%, 1/14/22 | 1,065,000 | 1,075,509 | ||||
Huntington Bancshares, Inc., 2.55%, 2/4/30 | 750,000 | 766,046 | ||||
JPMorgan Chase & Co., 3.875%, 9/10/24 | 1,399,000 | 1,516,137 | ||||
JPMorgan Chase & Co., VRN, 3.70%, 5/6/30 | 1,312,000 | 1,462,305 | ||||
KeyCorp, MTN, 4.15%, 10/29/25 | 1,014,000 | 1,139,936 | ||||
Lloyds Banking Group plc, VRN, 2.44%, 2/5/26 | 600,000 | 611,511 | ||||
PNC Bank N.A., 2.70%, 10/22/29 | 768,000 | 797,812 | ||||
Regions Financial Corp., 2.75%, 8/14/22 | 1,065,000 | 1,094,122 | ||||
Santander UK plc, 2.10%, 1/13/23 | 550,000 | 557,510 | ||||
Truist Bank, 2.45%, 8/1/22 | 1,096,000 | 1,120,524 | ||||
Truist Financial Corp., MTN, 2.05%, 5/10/21 | 804,000 | 809,441 | ||||
Wells Fargo & Co., 4.125%, 8/15/23 | 996,000 | 1,074,473 | ||||
Wells Fargo & Co., 3.00%, 10/23/26 | 180,000 | 190,991 | ||||
Wells Fargo & Co., MTN, VRN, 2.57%, 2/11/31 | 500,000 | 510,273 | ||||
22,375,571 | ||||||
Beverages — 1.5% | ||||||
Constellation Brands, Inc., 3.20%, 2/15/23 | 927,000 | 964,060 | ||||
Keurig Dr Pepper, Inc., 4.06%, 5/25/23 | 640,000 | 687,366 | ||||
1,651,426 | ||||||
Biotechnology — 1.9% | ||||||
AbbVie, Inc., 2.60%, 11/21/24(1) | 1,401,000 | 1,448,737 | ||||
AbbVie, Inc., 3.20%, 5/14/26 | 640,000 | 681,914 | ||||
2,130,651 | ||||||
Building Products — 0.7% | ||||||
Masco Corp., 4.375%, 4/1/26 | 517,000 | 584,771 | ||||
Standard Industries, Inc., 4.75%, 1/15/28(1) | 137,000 | 141,306 | ||||
726,077 |
5
Principal Amount | Value | |||||
Capital Markets — 6.5% | ||||||
Ares Capital Corp., 3.25%, 7/15/25 | $ | 600,000 | $ | 604,539 | ||
BlackRock, Inc., 2.40%, 4/30/30 | 550,000 | 568,470 | ||||
Goldman Sachs BDC, Inc., 3.75%, 2/10/25 | 223,000 | 229,088 | ||||
Goldman Sachs Group, Inc. (The), 3.50%, 11/16/26 | 750,000 | 806,911 | ||||
Goldman Sachs Group, Inc. (The), VRN, 2.91%, 6/5/23 | 1,065,000 | 1,093,775 | ||||
Goldman Sachs Group, Inc. (The), VRN, 4.22%, 5/1/29 | 430,000 | 487,947 | ||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27(1) | 262,000 | 263,965 | ||||
Morgan Stanley, MTN, 4.10%, 5/22/23 | 1,235,000 | 1,320,857 | ||||
Morgan Stanley, MTN, VRN, 2.70%, 1/22/31 | 820,000 | 846,834 | ||||
Oaktree Specialty Lending Corp., 3.50%, 2/25/25 | 250,000 | 250,627 | ||||
S&P Global, Inc., 4.00%, 6/15/25 | 599,000 | 673,882 | ||||
7,146,895 | ||||||
Chemicals — 1.6% | ||||||
CF Industries, Inc., 4.50%, 12/1/26(1) | 519,000 | 591,263 | ||||
Olin Corp., 5.125%, 9/15/27 | 516,000 | 521,172 | ||||
Westlake Chemical Corp., 3.60%, 8/15/26 | 582,000 | 622,788 | ||||
1,735,223 | ||||||
Commercial Services and Supplies — 0.8% | ||||||
Waste Connections, Inc., 2.60%, 2/1/30 | 800,000 | 822,995 | ||||
Construction Materials — 0.5% | ||||||
Vulcan Materials Co., 4.50%, 4/1/25 | 507,000 | 568,015 | ||||
Consumer Finance — 7.2% | ||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.45%, 10/1/25 | 645,000 | 711,884 | ||||
Ally Financial, Inc., 4.625%, 3/30/25 | 162,000 | 176,903 | ||||
Ally Financial, Inc., 5.75%, 11/20/25 | 43,000 | 48,639 | ||||
American Express Co., 2.50%, 8/1/22 | 1,065,000 | 1,086,316 | ||||
Avolon Holdings Funding Ltd., 3.25%, 2/15/27(1) | 500,000 | 502,160 | ||||
Capital One Financial Corp., 3.50%, 6/15/23 | 1,060,000 | 1,119,195 | ||||
Capital One Financial Corp., 3.80%, 1/31/28 | 1,081,000 | 1,180,484 | ||||
Discover Financial Services, 3.85%, 11/21/22 | 1,060,000 | 1,121,499 | ||||
Synchrony Financial, 3.75%, 8/15/21 | 1,117,000 | 1,146,278 | ||||
Synchrony Financial, 2.85%, 7/25/22 | 768,000 | 785,709 | ||||
7,879,067 | ||||||
Containers and Packaging — 0.7% | ||||||
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., 5.25%, 8/15/27(1) | 289,000 | 294,245 | ||||
Berry Global, Inc., 4.875%, 7/15/26(1) | 465,000 | 473,870 | ||||
768,115 | ||||||
Diversified Financial Services — 0.6% | ||||||
Voya Financial, Inc., 3.65%, 6/15/26 | 585,000 | 647,685 | ||||
Diversified Telecommunication Services — 1.7% | ||||||
AT&T, Inc., 4.45%, 5/15/21 | 1,024,000 | 1,057,666 | ||||
Verizon Communications, Inc., 2.45%, 11/1/22 | 287,000 | 295,181 | ||||
Verizon Communications, Inc., 4.40%, 11/1/34 | 380,000 | 461,953 | ||||
1,814,800 |
6
Principal Amount | Value | |||||
Electric Utilities — 4.6% | ||||||
Duke Energy Corp., 2.65%, 9/1/26 | $ | 804,000 | $ | 838,139 | ||
Edison International, 4.125%, 3/15/28 | 596,000 | 650,558 | ||||
Enel Americas SA, 4.00%, 10/25/26 | 831,000 | 894,860 | ||||
Exelon Corp., 3.50%, 6/1/22 | 886,000 | 919,734 | ||||
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27 | 804,000 | 874,430 | ||||
PSEG Power LLC, 3.00%, 6/15/21 | 804,000 | 819,095 | ||||
4,996,816 | ||||||
Equity Real Estate Investment Trusts (REITs) — 4.1% | ||||||
American Tower Corp., 3.125%, 1/15/27 | 989,000 | 1,040,920 | ||||
AvalonBay Communities, Inc., MTN, 3.30%, 6/1/29 | 804,000 | 892,624 | ||||
Boston Properties LP, 2.75%, 10/1/26 | 640,000 | 677,676 | ||||
Duke Realty LP, 2.875%, 11/15/29 | 132,000 | 139,678 | ||||
Essex Portfolio LP, 4.00%, 3/1/29 | 640,000 | 729,143 | ||||
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29 | 385,000 | 405,215 | ||||
SITE Centers Corp., 3.625%, 2/1/25 | 599,000 | 636,386 | ||||
4,521,642 | ||||||
Food Products — 1.5% | ||||||
Kraft Heinz Foods Co., 4.00%, 6/15/23 | 558,000 | 580,870 | ||||
Mondelez International Holdings Netherlands BV, 2.125%, 9/19/22(1) | 873,000 | 889,782 | ||||
Post Holdings, Inc., 4.625%, 4/15/30(1) | 200,000 | 197,618 | ||||
1,668,270 | ||||||
Health Care Equipment and Supplies — 1.5% | ||||||
Becton Dickinson and Co., 3.73%, 12/15/24 | 965,000 | 1,045,920 | ||||
DH Europe Finance II Sarl, 2.60%, 11/15/29 | 539,000 | 560,461 | ||||
1,606,381 | ||||||
Health Care Providers and Services — 4.0% | ||||||
Acadia Healthcare Co., Inc., 5.625%, 2/15/23 | 545,000 | 550,224 | ||||
Anthem, Inc., 4.10%, 3/1/28 | 558,000 | 625,086 | ||||
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1) | 1,000 | 1,043 | ||||
Cigna Corp., 3.05%, 10/15/27(1) | 968,000 | 1,012,443 | ||||
CVS Health Corp., 4.30%, 3/25/28 | 804,000 | 900,352 | ||||
DaVita, Inc., 5.125%, 7/15/24 | 465,000 | 472,168 | ||||
HCA, Inc., 3.50%, 9/1/30 | 250,000 | 244,920 | ||||
Universal Health Services, Inc., 4.75%, 8/1/22(1) | 544,000 | 546,452 | ||||
4,352,688 | ||||||
Hotels, Restaurants and Leisure — 0.6% | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 599,000 | 685,007 | ||||
Household Durables — 1.7% | ||||||
DR Horton, Inc., 4.75%, 2/15/23 | 714,000 | 773,239 | ||||
MDC Holdings, Inc., 3.85%, 1/15/30 | 500,000 | 500,938 | ||||
Toll Brothers Finance Corp., 3.80%, 11/1/29 | 545,000 | 549,101 | ||||
1,823,278 | ||||||
Industrial Conglomerates — 0.6% | ||||||
Carlisle Cos., Inc., 2.75%, 3/1/30 | 600,000 | 601,440 | ||||
Insurance — 0.9% | ||||||
American International Group, Inc., 4.25%, 3/15/29 | 517,000 | 590,285 |
7
Principal Amount | Value | |||||
Prudential Financial, Inc., VRN, 5.625%, 6/15/43 | $ | 377,000 | $ | 397,339 | ||
987,624 | ||||||
IT Services — 1.6% | ||||||
Fiserv, Inc., 3.50%, 7/1/29 | 640,000 | 700,891 | ||||
Global Payments, Inc., 2.65%, 2/15/25 | 804,000 | 832,925 | ||||
Western Union Co. (The), 2.85%, 1/10/25 | 243,000 | 250,041 | ||||
1,783,857 | ||||||
Machinery — 1.2% | ||||||
Caterpillar Financial Services Corp., MTN, 1.85%, 9/4/20 | 1,352,000 | 1,354,671 | ||||
Media — 3.4% | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25 | 1,056,000 | 1,183,907 | ||||
Comcast Corp., 3.30%, 2/1/27 | 804,000 | 874,337 | ||||
Discovery Communications LLC, 3.90%, 11/15/24 | 500,000 | 541,767 | ||||
ViacomCBS, Inc., 4.25%, 9/1/23 | 1,000,000 | 1,082,062 | ||||
3,682,073 | ||||||
Metals and Mining — 2.8% | ||||||
Kinross Gold Corp., 4.50%, 7/15/27 | 1,132,000 | 1,233,289 | ||||
Newmont Corp., 3.50%, 3/15/22 | 599,000 | 618,314 | ||||
Southern Copper Corp., 3.875%, 4/23/25 | 599,000 | 639,531 | ||||
Steel Dynamics, Inc., 2.80%, 12/15/24 | 512,000 | 530,802 | ||||
3,021,936 | ||||||
Multi-Utilities — 0.5% | ||||||
CenterPoint Energy, Inc., 4.25%, 11/1/28 | 465,000 | 532,746 | ||||
Oil, Gas and Consumable Fuels — 8.6% | ||||||
Aker BP ASA, 3.00%, 1/15/25(1) | 600,000 | 608,207 | ||||
Cenovus Energy, Inc., 3.00%, 8/15/22 | 1,130,000 | 1,164,499 | ||||
Concho Resources, Inc., 4.375%, 1/15/25 | 1,016,000 | 1,049,082 | ||||
Diamondback Energy, Inc., 3.50%, 12/1/29 | 539,000 | 531,167 | ||||
Energy Transfer Operating LP, 5.50%, 6/1/27 | 1,090,000 | 1,235,868 | ||||
Enterprise Products Operating LLC, 3.75%, 2/15/25 | 1,090,000 | 1,187,624 | ||||
HollyFrontier Corp., 5.875%, 4/1/26 | 1,010,000 | 1,135,544 | ||||
ONEOK, Inc., 4.00%, 7/13/27 | 1,090,000 | 1,186,749 | ||||
Plains All American Pipeline LP / PAA Finance Corp., 3.60%, 11/1/24 | 850,000 | 881,364 | ||||
WPX Energy, Inc., 5.25%, 10/15/27 | 500,000 | 492,975 | ||||
9,473,079 | ||||||
Pharmaceuticals — 3.0% | ||||||
Bausch Health Cos., Inc., 5.50%, 11/1/25(1) | 539,000 | 556,067 | ||||
Bristol-Myers Squibb Co., 2.90%, 7/26/24(1) | 1,345,000 | 1,418,128 | ||||
Elanco Animal Health, Inc., 5.65%, 8/28/28 | 250,000 | 286,571 | ||||
Zoetis, Inc., 4.50%, 11/13/25 | 930,000 | 1,066,057 | ||||
3,326,823 | ||||||
Professional Services — 0.9% | ||||||
Thomson Reuters Corp., 3.35%, 5/15/26 | 968,000 | 1,030,630 | ||||
Semiconductors and Semiconductor Equipment — 0.8% | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd., 2.65%, 1/15/23 | 890,000 | 906,570 | ||||
Software — 0.8% | ||||||
VMware, Inc., 3.90%, 8/21/27 | 810,000 | 871,940 |
8
Principal Amount/ Shares | Value | |||||
Technology Hardware, Storage and Peripherals — 2.8% | ||||||
Apple, Inc., 2.45%, 8/4/26 | $ | 1,316,000 | $ | 1,380,352 | ||
Dell International LLC / EMC Corp., 5.45%, 6/15/23(1) | 152,000 | 167,367 | ||||
Dell International LLC / EMC Corp., 4.00%, 7/15/24(1) | 558,000 | 598,088 | ||||
Seagate HDD Cayman, 4.875%, 3/1/24 | 886,000 | 938,993 | ||||
3,084,800 | ||||||
Thrifts and Mortgage Finance — 0.7% | ||||||
Nationwide Building Society, 2.00%, 1/27/23(1) | 750,000 | 759,454 | ||||
Trading Companies and Distributors — 0.4% | ||||||
Air Lease Corp., MTN, 3.00%, 2/1/30 | 400,000 | 395,718 | ||||
Wireless Telecommunication Services — 2.3% | ||||||
Rogers Communications, Inc., 3.00%, 3/15/23 | 1,419,000 | 1,482,630 | ||||
Sprint Corp., 7.625%, 2/15/25 | 250,000 | 290,625 | ||||
Vodafone Group plc, 2.95%, 2/19/23(2) | 693,000 | 721,544 | ||||
2,494,799 | ||||||
TOTAL CORPORATE BONDS (Cost $101,213,754) | 104,477,151 | |||||
U.S. TREASURY SECURITIES — 1.6% | ||||||
U.S. Treasury Notes, 1.375%, 1/31/25 | 1,150,000 | 1,175,201 | ||||
U.S. Treasury Notes, 1.75%, 11/15/29 | 600,000 | 633,633 | ||||
TOTAL U.S. TREASURY SECURITIES (Cost $1,762,628) | 1,808,834 | |||||
TEMPORARY CASH INVESTMENTS — 2.7% | ||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $2,954,406) | 2,954,406 | 2,954,406 | ||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.2% | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $250,160) | 250,160 | 250,160 | ||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $106,180,948) | 109,490,551 | |||||
OTHER ASSETS AND LIABILITIES — 0.1% | 64,985 | |||||
TOTAL NET ASSETS — 100.0% | $ | 109,555,536 |
NOTES TO SCHEDULE OF INVESTMENTS | ||
MTN | - | Medium Term Note |
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $11,531,366, which represented 10.5% of total net assets. |
(2) | Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $245,721. 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 market value of the collateral held by the fund was $250,160. |
See Notes to Financial Statements.
9
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $105,930,788) — including $245,721 of securities on loan | $ | 109,240,391 | |
Investment made with cash collateral received for securities on loan, at value (cost of $250,160) | 250,160 | ||
Total investment securities, at value (cost of $106,180,948) | 109,490,551 | ||
Interest receivable | 836,384 | ||
Securities lending receivable | 27 | ||
110,326,962 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 250,160 | ||
Payable for investments purchased | 496,260 | ||
Accrued management fees | 25,006 | ||
771,426 | |||
Net Assets | $ | 109,555,536 | |
Shares outstanding (unlimited number of shares authorized) | 2,102,000 | ||
Net Asset Value Per Share | $ | 52.12 | |
Net Assets Consist of: | |||
Capital paid in | $ | 105,305,390 | |
Distributable earnings | 4,250,146 | ||
$ | 109,555,536 |
See Notes to Financial Statements.
10
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 1,447,162 | |
Securities lending, net | 298 | ||
1,447,460 | |||
Expenses: | |||
Management fees | 134,425 | ||
Other expenses | 125 | ||
134,550 | |||
Net investment income (loss) | 1,312,910 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 959,131 | ||
Futures contract transactions | (60,396 | ) | |
Swap agreement transactions | (84,660 | ) | |
814,075 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | 1,105,529 | ||
Futures contracts | 2,784 | ||
Swap agreements | 42,017 | ||
1,150,330 | |||
Net realized and unrealized gain (loss) | 1,964,405 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 3,277,315 |
See Notes to Financial Statements.
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Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2019 | ||||||
Increase (Decrease) in Net Assets | February 29, 2020 | August 31, 2019 | ||||
Operations | ||||||
Net investment income (loss) | $ | 1,312,910 | $ | 1,336,780 | ||
Net realized gain (loss) | 814,075 | 132,752 | ||||
Change in net unrealized appreciation (depreciation) | 1,150,330 | 2,447,919 | ||||
Net increase (decrease) in net assets resulting from operations | 3,277,315 | 3,917,451 | ||||
Distributions to Shareholders | ||||||
From earnings | (1,467,788 | ) | (1,157,153 | ) | ||
Capital Share Transactions | ||||||
Proceeds from shares sold | 43,412,035 | 49,282,909 | ||||
Net increase (decrease) in net assets | 45,221,562 | 52,043,207 | ||||
Net Assets | ||||||
Beginning of period | 64,333,974 | 12,290,767 | ||||
End of period | $ | 109,555,536 | $ | 64,333,974 | ||
Transactions in Shares of the Fund | ||||||
Sold | 850,000 | 1,000,000 |
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Diversified Corporate Bond ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek to provide current income. Shares of the fund are listed for trading on the NYSE Arca, Inc.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds and U.S. Treasury and Government Agency securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
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Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Corporate Bonds | $ | 250,160 | — | — | — | $ | 250,160 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 250,160 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
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3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 58% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.29%.
Interfund Transactions — The fund may enter into security transactions with other American Century
Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules
and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that
these transactions be effected at the independent current market price of the security. There were no interfund
transactions during the period.
4. Investment Transactions
Purchases of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 totaled $64,929,805, of which $1,762,723 represented U.S. Treasury and Government Agency obligations.
Sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 totaled $54,217,191, none of which were U.S. Treasury and Government Agency obligations.
Securities received in-kind through subscriptions for the period ended February 29, 2020 were $32,214,520. There were no securities delivered in-kind through redemptions during the period.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 50,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund may issue and redeem Creation Units in return for a basket of securities (and an amount of cash) or entirely for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
6. 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). |
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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.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Corporate Bonds | — | $ | 104,477,151 | — | ||||
U.S. Treasury Securities | — | 1,808,834 | — | |||||
Temporary Cash Investments | $ | 2,954,406 | — | — | ||||
Temporary Cash Investments - Securities Lending Collateral | 250,160 | — | — | |||||
$ | 3,204,566 | $ | 106,285,985 | — |
7. Derivative Instruments
Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $1,386,000.
Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk
derivative instruments held during the period was $2,900,000 futures contracts purchased.
At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.
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Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 29, 2020
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||
Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | $ | (60,396 | ) | Change in net unrealized appreciation (depreciation) on futures contracts | $ | 2,784 | |
Credit Risk | Net realized gain (loss) on swap agreement transactions | (84,660 | ) | Change in net unrealized appreciation (depreciation) on swap agreements | 42,017 | |||
$ | (145,056 | ) | $ | 44,801 |
8. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 106,182,965 | |
Gross tax appreciation of investments | $ | 3,394,561 | |
Gross tax depreciation of investments | (86,975 | ) | |
Net tax appreciation (depreciation) of investments | $ | 3,307,586 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
10. Recently Issued Accounting Standards
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU 2017-08 did not materially impact the financial statements.
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Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $51.38 | 0.72 | 0.85 | 1.57 | (0.80) | (0.03) | (0.83) | $52.12 | 3.06% | 0.29%(5) | 2.84%(5) | 60% | $109,556 | ||
2019 | $48.77 | 1.67 | 2.48 | 4.15 | (1.54) | — | (1.54) | $51.38 | 8.70% | 0.39% | 3.37% | 35% | $64,334 | ||
2018(6) | $50.00 | 0.96 | (1.37) | (0.41) | (0.82) | — | (0.82) | $48.77 | (0.77)% | 0.45%(5) | 3.09%(5) | 38% | $12,291 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | Six months ended February 29, 2020 (unaudited). |
(5) | Annualized. |
(6) | January 11, 2018 (fund inception) through August 31, 2018. |
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund's Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
20
Notes |
21
Notes |
22
Notes |
23
Notes |
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Contact Us | americancenturyetfs.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-95466 2004 |
Semiannual Report | |
February 29, 2020 | |
American Century® Diversified Municipal Bond ETF (TAXF) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, americancenturyetfs.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
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Fund Characteristics |
FEBRUARY 29, 2020 |
Portfolio at a Glance | |
Weighted Average Life to Maturity | 11.1 years |
Average Duration (Modified) | 5.4 years |
Top Five States and Territories | % of net assets |
Illinois | 12.9% |
Florida | 9.5% |
New York | 8.6% |
Texas | 8.5% |
Arizona | 6.9% |
Top Five Sectors | % of fund investments |
General Obligation (GO) - Local | 13% |
Corporate Municipal | 11% |
General Obligation (GO) - State | 11% |
Special Tax | 11% |
Hospital | 8% |
Types of Investments in Portfolio | % of net assets |
Municipal Securities | 97.2% |
Temporary Cash Investments | 1.3% |
Other Assets and Liabilities | 1.5% |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020.
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $1,034.80 | $1.47 | 0.29% |
Hypothetical | $1,000 | $1,023.42 | $1.46 | 0.29% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
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Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Principal Amount | Value | |||||
MUNICIPAL SECURITIES — 97.2% | ||||||
Alabama — 2.1% | ||||||
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs & Company) | $ | 535,000 | $ | 589,549 | ||
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.) | 395,000 | 438,193 | ||||
1,027,742 | ||||||
Arizona — 6.9% | ||||||
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29 | 160,000 | 188,696 | ||||
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 | 198,899 | 231,470 | ||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1) | 200,000 | 219,508 | ||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) | 400,000 | 497,844 | ||||
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence, Inc.), 5.00%, 7/1/54(1) | 60,000 | 62,014 | ||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1) | 200,000 | 232,504 | ||||
Phoenix GO, 5.00%, 7/1/21 | 525,000 | 554,421 | ||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 | 750,000 | 956,782 | ||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 4.00%, 10/1/23(1) | 440,000 | 444,264 | ||||
3,387,503 | ||||||
California — 5.4% | ||||||
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(2) | 100,000 | 15,779 | ||||
California Housing Finance Rev., 4.00%, 3/20/33 | 399,012 | 482,600 | ||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1) | 240,000 | 293,774 | ||||
Golden State Tobacco Securitization Corp. Rev., 3.50%, 6/1/36 | 135,000 | 140,769 | ||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/47 | 100,000 | 106,187 | ||||
Golden State Tobacco Securitization Corp. Rev., 5.25%, 6/1/47 | 100,000 | 106,686 | ||||
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1) | 100,000 | 119,960 | ||||
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/25 | 600,000 | 727,278 | ||||
Palomar Health GO, 5.00%, 8/1/27 | 545,000 | 676,901 | ||||
2,669,934 | ||||||
Colorado — 1.8% | ||||||
City & County of Denver Rev., (United Airlines, Inc.), 5.00%, 10/1/32 | 180,000 | 199,012 | ||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 | 100,000 | 110,134 | ||||
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38 | 200,000 | 239,548 | ||||
Denver Urban Renewal Authority Tax Allocation, 5.25%, 12/1/39(1) | 100,000 | 108,721 | ||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/21 (AGM) | 100,000 | 106,273 |
5
Principal Amount | Value | |||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/22 (AGM) | $ | 100,000 | $ | 109,610 | ||
873,298 | ||||||
Connecticut — 2.0% | ||||||
State of Connecticut GO, 5.00%, 4/15/34 | 750,000 | 971,092 | ||||
Florida — 9.5% | ||||||
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), VRN, 5.00%, 12/1/37 | 350,000 | 429,971 | ||||
Florida Governmental Utility Authority Rev., 4.00%, 10/1/40 (AGM) | 250,000 | 297,163 | ||||
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 | 180,000 | 224,386 | ||||
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1) | 550,000 | 626,213 | ||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/30 | 585,000 | 678,752 | ||||
Osceola County Transportation Rev., 5.00%, 10/1/30 | 500,000 | 654,345 | ||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/30 | 300,000 | 397,887 | ||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 150,000 | 181,740 | ||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 125,000 | 151,084 | ||||
School District of Broward County COP, 5.00%, 7/1/23 | 515,000 | 586,230 | ||||
State of Florida GO, 5.00%, 6/1/21 | 420,000 | 442,063 | ||||
4,669,834 | ||||||
Hawaii — 0.6% | ||||||
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32 | 250,000 | 284,465 | ||||
Illinois — 12.9% | ||||||
Chicago GO, 5.00%, 1/1/27 | 350,000 | 422,422 | ||||
Chicago GO, 5.00%, 1/1/40 | 280,000 | 287,801 | ||||
Chicago GO, 5.50%, 1/1/49 | 100,000 | 124,797 | ||||
Chicago Board of Education GO, 5.00%, 12/1/34 | 280,000 | 342,392 | ||||
Chicago Board of Education GO, 5.00%, 12/1/42 | 60,000 | 65,235 | ||||
Illinois Finance Authority Rev., 5.00%, 11/1/49 | 200,000 | 219,666 | ||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/33 | 750,000 | 985,868 | ||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 300,000 | 401,823 | ||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 325,000 | 391,661 | ||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM)(3) | 200,000 | 239,022 | ||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28 | 400,000 | 501,264 | ||||
State of Illinois GO, 5.00%, 11/1/21 | 440,000 | 468,688 | ||||
State of Illinois GO, 5.00%, 11/1/26 | 85,000 | 103,890 | ||||
State of Illinois GO, 5.00%, 11/1/27 | 90,000 | 112,080 | ||||
State of Illinois GO, 5.00%, 11/1/29 | 280,000 | 345,226 | ||||
State of Illinois GO, 5.00%, 10/1/30 | 600,000 | 756,654 | ||||
State of Illinois GO, 5.00%, 10/1/33 | 200,000 | 250,482 | ||||
Will County Community High School District No. 210 Lincoln-Way GO, 4.00%, 1/1/22 (AGM) | 300,000 | 315,648 | ||||
6,334,619 |
6
Principal Amount | Value | |||||
Iowa — 1.1% | ||||||
Iowa Finance Authority Rev., (Iowa Fertilizer Co. LLC), 3.125%, 12/1/22 | $ | 100,000 | $ | 104,077 | ||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 400,000 | 461,056 | ||||
565,133 | ||||||
Kentucky — 3.3% | ||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30 | 370,000 | 470,300 | ||||
Kentucky Bond Development Corp. Rev., 5.00%, 9/1/38 | 250,000 | 312,115 | ||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) | 440,000 | 497,068 | ||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 2/1/50 (GA: Morgan Stanley) | 300,000 | 356,484 | ||||
1,635,967 | ||||||
Louisiana — 3.1% | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/30 (BAM) | 100,000 | 120,681 | ||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM) | 250,000 | 307,690 | ||||
Shreveport Water & Sewer Rev., 4.00%, 12/1/44 (AGM) | 450,000 | 517,864 | ||||
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.00%, 6/1/37 | 50,000 | 51,240 | ||||
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.10%, 6/1/37 | 500,000 | 518,330 | ||||
1,515,805 | ||||||
Maryland — 1.9% | ||||||
Brunswick Special Tax, 5.00%, 7/1/36 | 100,000 | 115,658 | ||||
State of Maryland GO, 5.00%, 8/1/27 | 425,000 | 550,987 | ||||
State of Maryland Department of Transportation Rev., 5.00%, 2/1/22 | 230,000 | 248,559 | ||||
915,204 | ||||||
Massachusetts — 3.0% | ||||||
Massachusetts GO, 5.00%, 5/1/25 | 250,000 | 303,348 | ||||
Massachusetts Bay Transportation Authority Rev., 5.25%, 7/1/32 | 500,000 | 728,390 | ||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32 | 350,000 | 458,776 | ||||
1,490,514 | ||||||
Michigan — 0.9% | ||||||
Detroit City School District GO, 5.25%, 5/1/32 (AGM Q-SBLF) | 45,000 | 62,473 | ||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/23 (AGM) | 350,000 | 393,242 | ||||
455,715 | ||||||
Nebraska — 0.5% | ||||||
Omaha Public Power District Rev., 5.00%, 2/1/23 | 200,000 | 224,244 | ||||
Nevada — 2.2% | ||||||
Clark County Department of Aviation Rev., 5.00%, 7/1/21 | 420,000 | 442,441 | ||||
Sparks Rev., 2.50%, 6/15/24(1) | 200,000 | 204,756 | ||||
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33 | 350,000 | 417,483 | ||||
1,064,680 | ||||||
New Hampshire — 0.8% | ||||||
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 | 299,676 | 369,890 |
7
Principal Amount | Value | |||||
New Jersey — 4.8% | ||||||
New Jersey Economic Development Authority Rev., 5.25%, 12/15/20 (Ambac) | $ | 40,000 | $ | 41,338 | ||
New Jersey Economic Development Authority Rev., 5.50%, 6/15/30 | 260,000 | 323,474 | ||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/22 | 440,000 | 478,073 | ||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28 | 300,000 | 382,215 | ||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32 | 350,000 | 440,062 | ||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33 | 150,000 | 188,202 | ||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48 | 150,000 | 189,563 | ||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 | 280,000 | 330,022 | ||||
2,372,949 | ||||||
New Mexico — 1.8% | ||||||
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 | 100,000 | 100,374 | ||||
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada) | 500,000 | 598,215 | ||||
Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.625%, 5/15/25 | 200,000 | 202,076 | ||||
900,665 | ||||||
New York — 8.6% | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 9/1/22 | 595,000 | 654,738 | ||||
New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/22 | 350,000 | 380,191 | ||||
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/40 | 250,000 | 299,405 | ||||
New York City Water & Sewer System Rev., 5.00%, 6/15/25 | 500,000 | 578,060 | ||||
New York Liberty Development Corp. Rev., (3 World Trade Center LLC), 5.00%, 11/15/44(1) | 180,000 | 202,811 | ||||
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.25%, 10/1/35 | 200,000 | 289,202 | ||||
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.) | 175,000 | 266,611 | ||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 | 500,000 | 613,370 | ||||
New York State Environmental Facilities Corp. Rev., (New York City Municipal Water Finance Authority), 5.00%, 6/15/33 | 75,000 | 100,732 | ||||
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 5.00%, 8/1/26 (GA: American Airlines Group) | 655,000 | 687,527 | ||||
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 5.00%, 8/1/31 (GA: American Airlines Group) | 50,000 | 52,357 | ||||
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 100,000 | 118,063 | ||||
4,243,067 | ||||||
North Carolina — 1.3% | ||||||
State of North Carolina Rev., 5.00%, 5/1/25 | 250,000 | 302,922 | ||||
State of North Carolina Rev., 5.00%, 3/1/34 | 250,000 | 326,765 | ||||
629,687 | ||||||
Ohio — 1.9% | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55(3) | 200,000 | 226,176 |
8
Principal Amount | Value | |||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 | $ | 360,000 | $ | 423,147 | ||
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37 | 125,000 | 151,479 | ||||
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 100,000 | 116,340 | ||||
917,142 | ||||||
Oklahoma — 0.6% | ||||||
Oklahoma Development Finance Authority Rev., (OU Medicine Obligated Group), 5.50%, 8/15/57 | 250,000 | 309,290 | ||||
Oregon — 0.2% | ||||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 | 100,000 | 117,281 | ||||
Pennsylvania — 3.2% | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/25 | 85,000 | 101,536 | ||||
Pennsylvania GO, 5.00%, 7/1/20 | 500,000 | 506,920 | ||||
Pennsylvania State Public School Building Authority, 5.00%, 6/1/29 | 290,000 | 376,666 | ||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46 | 180,000 | 216,992 | ||||
School District of Philadelphia GO, 5.00%, 9/1/20 | 350,000 | 357,011 | ||||
1,559,125 | ||||||
South Carolina — 0.2% | ||||||
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 | 100,000 | 104,347 | ||||
Tennessee — 0.4% | ||||||
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.) | 185,000 | 212,278 | ||||
Texas — 8.5% | ||||||
Arlington Higher Education Finance Corp. Rev., 5.00%, 8/15/29 (PSF-GTD) | 400,000 | 526,824 | ||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 350,000 | 423,871 | ||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/25 | 115,000 | 134,924 | ||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/33 | 600,000 | 662,700 | ||||
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 | 50,000 | 58,259 | ||||
Houston GO, 5.00%, 3/1/29 | 330,000 | 439,068 | ||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 4.00%, 4/1/21 | 425,000 | 430,912 | ||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27 | 240,000 | 271,051 | ||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26 | 515,000 | 596,143 | ||||
San Antonio Water System Rev., 4.00%, 5/15/34 | 250,000 | 305,310 | ||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/31 | 250,000 | 335,217 | ||||
4,184,279 | ||||||
Virginia — 1.6% | ||||||
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/22 | 510,000 | 559,557 | ||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1) | 200,000 | 228,536 | ||||
788,093 |
9
Principal Amount | Value | |||||
Washington — 5.3% | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 | $ | 365,000 | $ | 480,818 | ||
Port of Seattle Rev., 5.00%, 4/1/36 | 500,000 | 637,370 | ||||
State of Washington GO, 5.25%, 2/1/22 | 375,000 | 407,033 | ||||
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 300,000 | 363,726 | ||||
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33 | 650,000 | 713,557 | ||||
2,602,504 | ||||||
Wisconsin — 0.8% | ||||||
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1) | 25,000 | 27,304 | ||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) | 150,000 | 171,256 | ||||
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | 75,000 | 93,973 | ||||
Public Finance Authority Rev., (Guilford College), 5.00%, 1/1/38 | 105,000 | 122,530 | ||||
415,063 | ||||||
TOTAL MUNICIPAL SECURITIES (Cost $45,517,766) | 47,811,409 | |||||
TEMPORARY CASH INVESTMENTS — 1.3% | ||||||
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Share Class (Cost $614,555) | 614,494 | 614,494 | ||||
TOTAL INVESTMENT SECURITIES — 98.5% (Cost $46,132,321) | 48,425,903 | |||||
OTHER ASSETS AND LIABILITIES — 1.5% | 737,767 | |||||
TOTAL NET ASSETS — 100.0% | $ | 49,163,670 |
NOTES TO SCHEDULE OF INVESTMENTS | ||
AGM | - | Assured Guaranty Municipal Corporation |
BAM | - | Build America Mutual Assurance Company |
COP | - | Certificates of Participation |
GA | - | Guaranty Agreement |
GO | - | General Obligation |
LIQ FAC | - | Liquidity Facilities |
PSF-GTD | - | Permanent School Fund Guaranteed |
Q-SBLF | - | Qualified School Board Loan Fund |
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $2,770,365, which represented 5.6% of total net assets. |
(2) | Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity. |
(3) | When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date. |
See Notes to Financial Statements.
10
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $46,132,321) | $ | 48,425,903 | |
Cash | 324,136 | ||
Receivable for capital shares sold | 2,731,750 | ||
Interest receivable | 441,212 | ||
51,923,001 | |||
Liabilities | |||
Payable for investments purchased | 2,748,796 | ||
Accrued management fees | 10,535 | ||
2,759,331 | |||
Net Assets | $ | 49,163,670 | |
Shares outstanding (unlimited number of shares authorized) | 900,000 | ||
Net Asset Value Per Share | $ | 54.63 | |
Net Assets Consist of: | |||
Capital paid in | $ | 46,707,731 | |
Distributable earnings | 2,455,939 | ||
$ | 49,163,670 |
See Notes to Financial Statements.
11
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Interest | $ | 460,598 | |
Expenses: | |||
Management fees | 52,465 | ||
Net investment income (loss) | 408,133 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on investment transactions | 89,013 | ||
Change in net unrealized appreciation (depreciation) on investments | 1,059,029 | ||
Net realized and unrealized gain (loss) | 1,148,042 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,556,175 |
See Notes to Financial Statements.
12
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2019 | ||||||
Increase (Decrease) in Net Assets | February 29, 2020 | August 31, 2019(1) | ||||
Operations | ||||||
Net investment income (loss) | $ | 408,133 | $ | 445,711 | ||
Net realized gain (loss) | 89,013 | (12,465 | ) | |||
Change in net unrealized appreciation (depreciation) | 1,059,029 | 1,234,553 | ||||
Net increase (decrease) in net assets resulting from operations | 1,556,175 | 1,667,799 | ||||
Distributions to Shareholders | ||||||
From earnings | (380,025 | ) | (388,010 | ) | ||
Capital Share Transactions | ||||||
Proceeds from shares sold | 21,303,905 | 25,403,826 | ||||
Net increase (decrease) in net assets | 22,480,055 | 26,683,615 | ||||
Net Assets | ||||||
Beginning of period | 26,683,615 | — | ||||
End of period | $ | 49,163,670 | $ | 26,683,615 | ||
Transactions in Shares of the Fund | ||||||
Sold | 400,000 | 500,000 |
(1) | September 10, 2018 (fund inception) through August 31, 2019. |
See Notes to Financial Statements.
13
Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Diversified Municipal Bond ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek current income that is exempt from federal income tax. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on September 10, 2018.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Municipal securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions
14
of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Municipal Trust own, in aggregate, 23% of the shares of the fund. ACIM owns 20% shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.29%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 were $23,998,700 and $3,595,338, respectively.
There were no in-kind transactions during the period.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 50,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund may issue and redeem Creation Units in return for a basket of securities (and an amount of cash) or entirely for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
15
6. 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.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Municipal Securities | — | $ | 47,811,409 | — | ||||
Temporary Cash Investments | $ | 614,494 | — | — | ||||
$ | 614,494 | $ | 47,811,409 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 46,132,527 | |
Gross tax appreciation of investments | $ | 2,296,510 | |
Gross tax depreciation of investments | (3,134 | ) | |
Net tax appreciation (depreciation) of investments | $ | 2,293,376 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2019, the fund had accumulated short-term capital losses of $(6,752) and accumulated long-term capital losses of $(5,701), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
16
9. Recently Issued Accounting Standards
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (ASU 2017-08). ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU 2017-08 did not materially impact the financial statements.
17
Financial Highlights |
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $53.37 | 0.60 | 1.24 | 1.84 | (0.58) | $54.63 | 3.48% | 0.29%(5) | 2.26%(5) | 10% | $49,164 | ||
2019(6) | $50.00 | 1.36 | 3.26 | 4.62 | (1.25) | $53.37 | 9.42% | 0.29%(5) | 2.74%(5) | 19% | $26,684 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | Six months ended February 29, 2020 (unaudited). |
(5) | Annualized. |
(6) | September 10, 2018 (fund inception) through August 31, 2019. |
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund's Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov.
19
Notes |
20
Notes |
21
Notes |
22
Notes |
23
Notes |
24
Contact Us | americancenturyetfs.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-95467 2004 |
Semiannual Report | |
February 29, 2020 | |
American Century® STOXX® U.S. Quality Growth ETF (QGRO) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
The iSTOXX American Century USA Quality Growth Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. American Century STOXX U.S. Quality Growth ETF is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the iSTOXX American Century USA Quality Growth Index or its data.
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, americancenturyetfs.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Vertex Pharmaceuticals, Inc. | 3.0% |
Mastercard, Inc., Class A | 3.0% |
Adobe, Inc. | 2.5% |
Amazon.com, Inc. | 2.4% |
Visa, Inc., Class A | 2.3% |
salesforce.com, Inc. | 2.1% |
Cintas Corp. | 2.0% |
PayPal Holdings, Inc. | 1.9% |
American Tower Corp. | 1.9% |
Chemed Corp. | 1.9% |
Top Five Industries | % of net assets |
Software | 22.8% |
IT Services | 11.7% |
Semiconductors and Semiconductor Equipment | 9.6% |
Biotechnology | 4.9% |
Health Care Equipment and Supplies | 4.6% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.6% |
Temporary Cash Investments | 0.5% |
Temporary Cash Investments - Securities Lending Collateral | 0.1% |
Other Assets and Liabilities | (0.2)% |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020.
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $1,010.00 | $1.45 | 0.29% |
Hypothetical | $1,000 | $1,023.42 | $1.46 | 0.29% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 99.6% | ||||
Aerospace and Defense — 0.7% | ||||
Axon Enterprise, Inc.(1) | 3,041 | $ | 235,282 | |
Lockheed Martin Corp. | 322 | 119,098 | ||
Mercury Systems, Inc.(1) | 6,017 | 442,009 | ||
Northrop Grumman Corp. | 375 | 123,315 | ||
Raytheon Co. | 625 | 117,850 | ||
1,037,554 | ||||
Air Freight and Logistics — 1.7% | ||||
CH Robinson Worldwide, Inc. | 7,482 | 515,510 | ||
Expeditors International of Washington, Inc. | 1,849 | 130,206 | ||
United Parcel Service, Inc., Class B | 16,440 | 1,487,656 | ||
XPO Logistics, Inc.(1) | 4,199 | 310,600 | ||
2,443,972 | ||||
Airlines — 2.4% | ||||
Alaska Air Group, Inc. | 17,131 | 864,430 | ||
Delta Air Lines, Inc. | 24,336 | 1,122,620 | ||
JetBlue Airways Corp.(1) | 6,962 | 109,860 | ||
Southwest Airlines Co. | 29,923 | 1,382,144 | ||
3,479,054 | ||||
Beverages — 0.2% | ||||
Monster Beverage Corp.(1) | 5,653 | 352,804 | ||
Biotechnology — 4.9% | ||||
Exelixis, Inc.(1) | 13,373 | 248,604 | ||
Incyte Corp.(1) | 13,442 | 1,013,661 | ||
Regeneron Pharmaceuticals, Inc.(1) | 3,172 | 1,410,176 | ||
Vertex Pharmaceuticals, Inc.(1) | 19,519 | 4,372,842 | ||
7,045,283 | ||||
Building Products — 0.4% | ||||
Allegion plc | 1,063 | 122,234 | ||
AO Smith Corp. | 3,150 | 124,583 | ||
Armstrong World Industries, Inc. | 2,360 | 236,354 | ||
Masco Corp. | 2,992 | 123,629 | ||
606,800 | ||||
Capital Markets — 3.6% | ||||
Eaton Vance Corp. | 2,805 | 115,734 | ||
FactSet Research Systems, Inc. | 457 | 121,557 | ||
LPL Financial Holdings, Inc. | 12,106 | 962,185 | ||
MarketAxess Holdings, Inc. | 2,932 | 950,936 | ||
Moody's Corp. | 1,448 | 347,564 | ||
MSCI, Inc. | 8,700 | 2,570,328 | ||
SEI Investments Co. | 2,041 | 111,663 | ||
5,179,967 |
5
Shares | Value | |||
Chemicals — 0.4% | ||||
FMC Corp. | 2,447 | $ | 227,815 | |
PPG Industries, Inc. | 1,171 | 122,311 | ||
Scotts Miracle-Gro Co. (The) | 2,124 | 225,123 | ||
575,249 | ||||
Commercial Services and Supplies — 2.5% | ||||
Cintas Corp. | 10,903 | 2,908,266 | ||
Clean Harbors, Inc.(1) | 2,959 | 205,710 | ||
Copart, Inc.(1) | 2,701 | 228,181 | ||
Tetra Tech, Inc. | 2,636 | 213,173 | ||
3,555,330 | ||||
Communications Equipment — 0.5% | ||||
Arista Networks, Inc.(1) | 2,525 | 487,628 | ||
Ciena Corp.(1) | 6,330 | 243,389 | ||
731,017 | ||||
Construction Materials — 0.2% | ||||
Vulcan Materials Co. | 1,924 | 231,380 | ||
Diversified Consumer Services — 0.3% | ||||
Bright Horizons Family Solutions, Inc.(1) | 1,475 | 231,796 | ||
frontdoor, Inc.(1) | 2,960 | 125,504 | ||
357,300 | ||||
Electric Utilities — 1.4% | ||||
Evergy, Inc. | 11,077 | 723,882 | ||
NextEra Energy, Inc. | 5,264 | 1,330,529 | ||
2,054,411 | ||||
Electronic Equipment, Instruments and Components — 0.2% | ||||
Keysight Technologies, Inc.(1) | 1,485 | 140,719 | ||
Zebra Technologies Corp., Class A(1) | 593 | 125,105 | ||
265,824 | ||||
Energy Equipment and Services — 0.3% | ||||
Helmerich & Payne, Inc. | 11,961 | 441,241 | ||
Entertainment — 0.4% | ||||
Electronic Arts, Inc.(1) | 1,261 | 127,828 | ||
Netflix, Inc.(1) | 680 | 250,940 | ||
Zynga, Inc., Class A(1) | 35,695 | 239,513 | ||
618,281 | ||||
Equity Real Estate Investment Trusts (REITs) — 2.3% | ||||
American Tower Corp. | 12,268 | 2,782,382 | ||
Crown Castle International Corp. | 1,506 | 215,795 | ||
Equinix, Inc. | 389 | 222,819 | ||
Lamar Advertising Co., Class A | 1,477 | 123,684 | ||
3,344,680 | ||||
Food and Staples Retailing — 0.1% | ||||
Performance Food Group Co.(1) | 4,844 | 205,386 | ||
Food Products — 0.2% | ||||
Hershey Co. (The) | 849 | 122,247 | ||
Lamb Weston Holdings, Inc. | 2,629 | 228,434 | ||
350,681 |
6
Shares | Value | |||
Health Care Equipment and Supplies — 4.6% | ||||
ABIOMED, Inc.(1) | 816 | $ | 122,612 | |
Align Technology, Inc.(1) | 9,633 | 2,103,365 | ||
DexCom, Inc.(1) | 5,113 | 1,411,188 | ||
Edwards Lifesciences Corp.(1) | 1,704 | 349,047 | ||
IDEXX Laboratories, Inc.(1) | 1,429 | 363,695 | ||
Insulet Corp.(1) | 1,209 | 229,674 | ||
Intuitive Surgical, Inc.(1) | 432 | 230,671 | ||
Masimo Corp.(1) | 1,446 | 236,175 | ||
Penumbra, Inc.(1) | 5,439 | 902,112 | ||
ResMed, Inc. | 1,475 | 234,466 | ||
Teleflex, Inc. | 693 | 232,169 | ||
West Pharmaceutical Services, Inc. | 1,501 | 225,991 | ||
6,641,165 | ||||
Health Care Providers and Services — 3.3% | ||||
Amedisys, Inc.(1) | 5,229 | 909,898 | ||
Chemed Corp. | 6,568 | 2,742,928 | ||
DaVita, Inc.(1) | 4,653 | 361,166 | ||
HCA Healthcare, Inc. | 964 | 122,438 | ||
Humana, Inc. | 1,114 | 356,124 | ||
LHC Group, Inc.(1) | 1,668 | 202,595 | ||
4,695,149 | ||||
Health Care Technology — 1.1% | ||||
Cerner Corp. | 1,839 | 127,387 | ||
Veeva Systems, Inc., Class A(1) | 10,638 | 1,510,277 | ||
1,637,664 | ||||
Hotels, Restaurants and Leisure — 2.0% | ||||
Chipotle Mexican Grill, Inc.(1) | 2,832 | 2,190,779 | ||
Planet Fitness, Inc., Class A(1) | 2,975 | 200,783 | ||
Starbucks Corp. | 1,596 | 125,174 | ||
Texas Roadhouse, Inc. | 1,965 | 110,472 | ||
Wendy's Co. (The) | 10,713 | 202,261 | ||
2,829,469 | ||||
Household Durables — 1.1% | ||||
D.R. Horton, Inc. | 2,233 | 118,952 | ||
NVR, Inc.(1) | 34 | 124,684 | ||
PulteGroup, Inc. | 23,855 | 958,971 | ||
Tempur Sealy International, Inc.(1) | 4,460 | 333,385 | ||
1,535,992 | ||||
Household Products — 0.1% | ||||
Colgate-Palmolive Co. | 1,813 | 122,504 | ||
Industrial Conglomerates — 0.1% | ||||
Carlisle Cos., Inc. | 849 | 123,351 | ||
Insurance — 0.6% | ||||
Alleghany Corp.(1) | 323 | 217,137 | ||
Aon plc | 1,122 | 233,376 | ||
Arthur J Gallagher & Co. | 2,359 | 229,979 |
7
Shares | Value | |||
RenaissanceRe Holdings Ltd. | 1,301 | $ | 221,690 | |
902,182 | ||||
Interactive Media and Services — 3.2% | ||||
Alphabet, Inc., Class C(1) | 1,505 | 2,015,692 | ||
Facebook, Inc., Class A(1) | 9,315 | 1,792,858 | ||
Match Group, Inc.(1)(2) | 10,991 | 714,415 | ||
4,522,965 | ||||
Internet and Direct Marketing Retail — 4.4% | ||||
Amazon.com, Inc.(1) | 1,813 | 3,415,239 | ||
Booking Holdings, Inc.(1) | 903 | 1,531,181 | ||
eBay, Inc. | 28,970 | 1,003,521 | ||
Etsy, Inc.(1) | 4,882 | 282,228 | ||
Expedia Group, Inc. | 1,201 | 118,443 | ||
6,350,612 | ||||
IT Services — 11.7% | ||||
Accenture plc, Class A | 660 | 119,189 | ||
Automatic Data Processing, Inc. | 1,436 | 222,207 | ||
Booz Allen Hamilton Holding Corp. | 7,565 | 539,384 | ||
CACI International, Inc., Class A(1) | 1,447 | 354,544 | ||
Cognizant Technology Solutions Corp., Class A | 2,001 | 121,921 | ||
EPAM Systems, Inc.(1) | 6,652 | 1,484,726 | ||
FleetCor Technologies, Inc.(1) | 840 | 223,264 | ||
Global Payments, Inc. | 1,250 | 229,962 | ||
Mastercard, Inc., Class A | 15,052 | 4,368,843 | ||
Pagseguro Digital Ltd., Class A(1) | 14,451 | 453,328 | ||
PayPal Holdings, Inc.(1) | 25,824 | 2,788,734 | ||
Square, Inc., Class A(1) | 24,993 | 2,082,667 | ||
Visa, Inc., Class A | 18,326 | 3,330,934 | ||
WEX, Inc.(1) | 1,137 | 212,892 | ||
Wix.com Ltd.(1) | 1,906 | 255,461 | ||
16,788,056 | ||||
Life Sciences Tools and Services — 0.8% | ||||
Bio-Rad Laboratories, Inc., Class A(1) | 650 | 228,813 | ||
Illumina, Inc.(1) | 891 | 236,712 | ||
Mettler-Toledo International, Inc.(1) | 531 | 372,603 | ||
PRA Health Sciences, Inc.(1) | 2,526 | 237,949 | ||
1,076,077 | ||||
Machinery — 0.1% | ||||
Lincoln Electric Holdings, Inc. | 1,577 | 129,141 | ||
Media — 1.3% | ||||
Cable One, Inc. | 1,142 | 1,796,389 | ||
Metals and Mining — 0.3% | ||||
Reliance Steel & Aluminum Co. | 1,241 | 126,942 | ||
Royal Gold, Inc. | 2,565 | 247,445 | ||
374,387 | ||||
Multiline Retail — 0.2% | ||||
Dollar General Corp. | 819 | 123,096 |
8
Shares | Value | |||
Target Corp. | 1,186 | $ | 122,158 | |
245,254 | ||||
Oil, Gas and Consumable Fuels — 0.7% | ||||
Cabot Oil & Gas Corp. | 44,118 | 614,564 | ||
Devon Energy Corp. | 7,035 | 114,248 | ||
Pioneer Natural Resources Co. | 1,863 | 228,739 | ||
957,551 | ||||
Personal Products — 0.2% | ||||
Estee Lauder Cos., Inc. (The), Class A | 1,261 | 231,520 | ||
Pharmaceuticals — 2.3% | ||||
Eli Lilly & Co. | 13,674 | 1,724,701 | ||
Merck & Co., Inc. | 16,166 | 1,237,669 | ||
Zoetis, Inc. | 2,786 | 371,179 | ||
3,333,549 | ||||
Professional Services — 0.4% | ||||
IHS Markit Ltd. | 3,235 | 230,461 | ||
Robert Half International, Inc. | 2,381 | 120,026 | ||
TransUnion | 2,582 | 229,592 | ||
580,079 | ||||
Road and Rail — 0.6% | ||||
CSX Corp. | 1,728 | 121,738 | ||
J.B. Hunt Transport Services, Inc. | 2,379 | 229,431 | ||
Landstar System, Inc. | 1,244 | 125,607 | ||
Old Dominion Freight Line, Inc. | 1,782 | 345,351 | ||
822,127 | ||||
Semiconductors and Semiconductor Equipment — 9.6% | ||||
Applied Materials, Inc. | 21,775 | 1,265,563 | ||
Cirrus Logic, Inc.(1) | 1,815 | 124,582 | ||
Entegris, Inc. | 20,610 | 1,098,925 | ||
Intel Corp. | 26,217 | 1,455,568 | ||
KLA Corp. | 7,022 | 1,079,352 | ||
Lam Research Corp. | 4,427 | 1,299,015 | ||
Maxim Integrated Products, Inc. | 2,287 | 127,203 | ||
Mellanox Technologies Ltd.(1) | 11,128 | 1,328,906 | ||
Monolithic Power Systems, Inc. | 1,511 | 239,705 | ||
NVIDIA Corp. | 9,663 | 2,609,686 | ||
QUALCOMM, Inc. | 19,202 | 1,503,517 | ||
Skyworks Solutions, Inc. | 1,213 | 121,518 | ||
Teradyne, Inc. | 12,673 | 744,665 | ||
Texas Instruments, Inc. | 1,111 | 126,810 | ||
Universal Display Corp. | 3,126 | 496,377 | ||
Xilinx, Inc. | 1,584 | 132,248 | ||
13,753,640 | ||||
Software — 22.8% | ||||
Adobe, Inc.(1) | 10,193 | 3,517,808 | ||
Alteryx, Inc., Class A(1) | 1,875 | 261,787 | ||
Aspen Technology, Inc.(1) | 1,145 | 121,954 |
9
Shares | Value | |||
Atlassian Corp. plc, Class A(1) | 10,220 | $ | 1,481,491 | |
Autodesk, Inc.(1) | 12,892 | 2,460,825 | ||
Cadence Design Systems, Inc.(1) | 18,630 | 1,232,188 | ||
Check Point Software Technologies Ltd.(1) | 1,209 | 125,494 | ||
Citrix Systems, Inc. | 3,720 | 384,611 | ||
Coupa Software, Inc.(1) | 6,253 | 936,387 | ||
DocuSign, Inc.(1) | 2,901 | 250,385 | ||
Fair Isaac Corp.(1) | 4,069 | 1,530,066 | ||
Fortinet, Inc.(1) | 20,885 | 2,131,523 | ||
HubSpot, Inc.(1) | 5,565 | 998,639 | ||
Intuit, Inc. | 6,528 | 1,735,469 | ||
Microsoft Corp. | 2,256 | 365,495 | ||
NortonLifeLock, Inc. | 6,774 | 128,909 | ||
Paycom Software, Inc.(1) | 5,083 | 1,436,710 | ||
Paylocity Holding Corp.(1) | 3,671 | 475,468 | ||
PTC, Inc.(1) | 17,554 | 1,326,205 | ||
RealPage, Inc.(1) | 4,120 | 264,092 | ||
RingCentral, Inc., Class A(1) | 4,281 | 1,009,246 | ||
salesforce.com, Inc.(1) | 18,022 | 3,070,949 | ||
ServiceNow, Inc.(1) | 6,414 | 2,091,541 | ||
Splunk, Inc.(1) | 1,566 | 230,719 | ||
Synopsys, Inc.(1) | 2,642 | 364,411 | ||
Trade Desk, Inc. (The), Class A(1) | 3,539 | 1,016,578 | ||
Tyler Technologies, Inc.(1) | 768 | 240,653 | ||
VMware, Inc., Class A(1) | 5,337 | 643,215 | ||
Workday, Inc., Class A(1) | 11,319 | 1,961,017 | ||
Zendesk, Inc.(1) | 11,900 | 943,789 | ||
32,737,624 | ||||
Specialty Retail — 1.5% | ||||
Aaron's, Inc. | 6,235 | 245,223 | ||
Best Buy Co., Inc. | 1,578 | 119,376 | ||
Burlington Stores, Inc.(1) | 1,619 | 350,125 | ||
Five Below, Inc.(1) | 2,278 | 220,852 | ||
Home Depot, Inc. (The) | 563 | 122,644 | ||
Ross Stores, Inc. | 1,110 | 120,746 | ||
TJX Cos., Inc. (The) | 2,185 | 130,663 | ||
Tractor Supply Co. | 1,399 | 123,825 | ||
Ulta Beauty, Inc.(1) | 2,768 | 711,625 | ||
2,145,079 | ||||
Technology Hardware, Storage and Peripherals — 0.6% | ||||
Apple, Inc. | 452 | 123,559 | ||
NetApp, Inc. | 16,159 | 754,948 | ||
878,507 | ||||
Textiles, Apparel and Luxury Goods — 2.6% | ||||
Carter's, Inc. | 1,396 | 127,692 | ||
Deckers Outdoor Corp.(1) | 4,215 | 732,567 | ||
lululemon athletica, Inc.(1) | 10,178 | 2,212,799 |
10
Shares | Value | |||
NIKE, Inc., Class B | 4,019 | $ | 359,218 | |
Ralph Lauren Corp. | 1,231 | 129,883 | ||
Skechers U.S.A., Inc., Class A(1) | 3,952 | 130,732 | ||
3,692,891 | ||||
Trading Companies and Distributors — 0.7% | ||||
W.W. Grainger, Inc. | 3,646 | 1,011,911 | ||
TOTAL COMMON STOCKS (Cost $140,405,847) | 142,791,049 | |||
TEMPORARY CASH INVESTMENTS — 0.5% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $749,219) | 749,219 | 749,219 | ||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.1% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $200,963) | 200,963 | 200,963 | ||
TOTAL INVESTMENT SECURITIES — 100.2% (Cost $141,356,029) | 143,741,231 | |||
OTHER ASSETS AND LIABILITIES — (0.2)% | (354,602 | ) | ||
TOTAL NET ASSETS — 100.0% | $ | 143,386,629 |
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 $554,775. 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 market value of the collateral held by the fund was $565,388, which includes securities collateral of $364,425. |
See Notes to Financial Statements.
11
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $141,155,066) — including $554,775 of securities on loan | $ | 143,540,268 | |
Investment made with cash collateral received for securities on loan, at value (cost of $200,963) | 200,963 | ||
Total investment securities, at value (cost of $141,356,029) | 143,741,231 | ||
Receivable for investments sold | 72,037,067 | ||
Dividends and interest receivable | 107,015 | ||
Securities lending receivable | 2,095 | ||
215,887,408 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 200,963 | ||
Payable for investments purchased | 49,066,635 | ||
Payable for capital shares redeemed | 23,196,635 | ||
Accrued management fees | 36,546 | ||
72,500,779 | |||
Net Assets | $ | 143,386,629 | |
Shares outstanding (unlimited number of shares authorized) | 3,400,000 | ||
Net Asset Value Per Share | $ | 42.17 | |
Net Assets Consist of: | |||
Capital paid in | $ | 142,049,445 | |
Distributable earnings | 1,337,184 | ||
$ | 143,386,629 |
See Notes to Financial Statements.
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Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends | $ | 497,532 | |
Securities lending, net | 4,912 | ||
Interest | 1,222 | ||
503,666 | |||
Expenses: | |||
Management fees | 166,058 | ||
Net investment income (loss) | 337,608 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on investment transactions (Note 4) | (765,246 | ) | |
Change in net unrealized appreciation (depreciation) on investments | 703,967 | ||
Net realized and unrealized gain (loss) | (61,279 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 276,329 |
See Notes to Financial Statements.
13
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2019 | ||||||
Increase (Decrease) in Net Assets | February 29, 2020 | August 31, 2019(1) | ||||
Operations | ||||||
Net investment income (loss) | $ | 337,608 | $ | 64,742 | ||
Net realized gain (loss) | (765,246 | ) | (415,519 | ) | ||
Change in net unrealized appreciation (depreciation) | 703,967 | 1,681,235 | ||||
Net increase (decrease) in net assets resulting from operations | 276,329 | 1,330,458 | ||||
Distributions to Shareholders | ||||||
From earnings | (221,118 | ) | (48,485 | ) | ||
Capital Share Transactions | ||||||
Proceeds from shares sold | 152,391,075 | 20,682,293 | ||||
Payments for shares redeemed | (31,023,923 | ) | — | |||
Net increase (decrease) in net assets from capital share transactions | 121,367,152 | 20,682,293 | ||||
Net increase (decrease) in net assets | 121,422,363 | 21,964,266 | ||||
Net Assets | ||||||
Beginning of period | 21,964,266 | — | ||||
End of period | $ | 143,386,629 | $ | 21,964,266 | ||
Transactions in Shares of the Fund | ||||||
Sold | 3,600,000 | 525,000 | ||||
Redeemed | (725,000 | ) | — | |||
Net increase (decrease) in shares of the fund | 2,875,000 | 525,000 |
(1) | September 10, 2018 (fund inception) through August 31, 2019. |
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century STOXX® U.S. Quality Growth ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the iSTOXX® American Century USA Quality Growth Index. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on September 10, 2018.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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 net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
15
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
16
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 200,963 | — | — | — | $ | 200,963 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 200,963 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 74% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.29%.
Interfund Transactions — The fund may enter into security transactions with other American Century
Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules
and procedures adopted by the Board of Trustees. The rules and procedures require, among other things,
that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 were $133,954,239 and $133,629,672, respectively.
Securities received or delivered in-kind through subscriptions and redemptions for the period ended February 29, 2020 were $151,078,768 and $30,376,427, respectively. The fund incurred net realized gains of $3,247,349 from in-kind transactions. Net realized gain (loss) on in-kind transactions are not considered taxable for federal income tax purposes.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 25,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a basket of securities (and an amount of cash) that the fund specifies each day. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
17
6. 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.
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The fund seeks to track an index. If the fund's index has high portfolio turnover, the fund may also have high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
The fund is not actively managed and does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the fund generally will not buy or sell securities unless they are added or removed from the index, even if the security is underperforming.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 141,613,306 | |
Gross tax appreciation of investments | $ | 5,013,318 | |
Gross tax depreciation of investments | (2,885,393 | ) | |
Net tax appreciation (depreciation) of investments | $ | 2,127,925 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2019, the fund had accumulated short-term capital losses of $(383,089), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
18
Financial Highlights |
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $41.84 | 0.13 | 0.29 | 0.42 | (0.09) | $42.17 | 1.00% | 0.29%(5) | 0.59%(5) | 119% | $143,387 | ||
2019(6) | $40.15 | 0.18 | 1.64 | 1.82 | (0.13) | $41.84 | 4.57% | 0.29%(5) | 0.48%(5) | 191% | $21,964 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | Six months ended February 29, 2020 (unaudited). |
(5) | Annualized. |
(6) | September 10, 2018 (fund inception) through August 31, 2019. |
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund's Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov.
20
Notes |
21
Notes |
22
Notes |
23
Notes |
24
Contact Us | americancenturyetfs.com | |
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American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-95468 2004 |
Semiannual Report | |
February 29, 2020 | |
American Century® STOXX® U.S. Quality Value ETF (VALQ) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
The iSTOXX American Century USA Quality Value Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland (“STOXX”), Deutsche Börse Group or their licensors, which is used under license. American Century STOXX U.S. Quality Value ETF is neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the iSTOXX American Century USA Quality Value Index or its data.
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, americancenturyetfs.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
AT&T, Inc. | 2.7% |
Host Hotels & Resorts, Inc. | 2.1% |
HP, Inc. | 1.9% |
Alphabet, Inc., Class C | 1.7% |
Apple, Inc. | 1.5% |
International Business Machines Corp. | 1.4% |
Seagate Technology plc | 1.3% |
Pfizer, Inc. | 1.3% |
Intel Corp. | 1.3% |
Gilead Sciences, Inc. | 1.3% |
Top Five Industries | % of net assets |
Equity Real Estate Investment Trusts (REITs) | 9.4% |
Electric Utilities | 6.7% |
Technology Hardware, Storage and Peripherals | 6.0% |
Health Care Providers and Services | 5.1% |
Diversified Telecommunication Services | 3.9% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.3% |
Temporary Cash Investments | 0.3% |
Other Assets and Liabilities | 0.4% |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020.
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $986.90 | $1.43 | 0.29% |
Hypothetical | $1,000 | $1,023.42 | $1.46 | 0.29% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 99.3% | ||||
Aerospace and Defense — 2.0% | ||||
Arconic, Inc. | 6,516 | $ | 191,245 | |
General Dynamics Corp. | 1,167 | 186,358 | ||
Huntington Ingalls Industries, Inc. | 918 | 188,677 | ||
L3Harris Technologies, Inc. | 984 | 194,566 | ||
Lockheed Martin Corp. | 514 | 190,113 | ||
Northrop Grumman Corp. | 600 | 197,304 | ||
Raytheon Co. | 1,062 | 200,251 | ||
Spirit AeroSystems Holdings, Inc., Class A | 4,835 | 255,481 | ||
Textron, Inc. | 18,787 | 762,752 | ||
2,366,747 | ||||
Air Freight and Logistics — 0.2% | ||||
CH Robinson Worldwide, Inc. | 2,987 | 205,804 | ||
Airlines — 1.9% | ||||
Alaska Air Group, Inc. | 3,420 | 172,573 | ||
Delta Air Lines, Inc. | 3,974 | 183,321 | ||
JetBlue Airways Corp.(1) | 33,356 | 526,358 | ||
Southwest Airlines Co. | 13,798 | 637,329 | ||
United Airlines Holdings, Inc.(1) | 13,285 | 818,223 | ||
2,337,804 | ||||
Auto Components — 0.3% | ||||
BorgWarner, Inc. | 6,700 | 211,720 | ||
Lear Corp. | 1,913 | 212,726 | ||
424,446 | ||||
Banks — 1.4% | ||||
Citigroup, Inc. | 2,971 | 188,540 | ||
Popular, Inc. | 4,087 | 196,094 | ||
Regions Financial Corp. | 70,960 | 959,379 | ||
Umpqua Holdings Corp. | 26,843 | 413,114 | ||
1,757,127 | ||||
Beverages — 0.3% | ||||
Coca-Cola Co. (The) | 3,674 | 196,522 | ||
PepsiCo, Inc. | 1,511 | 199,498 | ||
396,020 | ||||
Biotechnology — 3.8% | ||||
AbbVie, Inc. | 16,894 | 1,447,985 | ||
Alexion Pharmaceuticals, Inc.(1) | 2,176 | 204,609 | ||
Amgen, Inc. | 989 | 197,533 | ||
Biogen, Inc.(1) | 3,305 | 1,019,229 | ||
Gilead Sciences, Inc. | 22,055 | 1,529,735 | ||
Regeneron Pharmaceuticals, Inc.(1) | 507 | 225,397 | ||
4,624,488 |
5
Shares | Value | |||
Building Products — 0.5% | ||||
Owens Corning | 11,776 | $ | 665,226 | |
Capital Markets — 1.4% | ||||
Affiliated Managers Group, Inc. | 2,527 | 190,081 | ||
Apollo Global Management, Inc. | 10,332 | 430,431 | ||
Janus Henderson Group plc | 8,626 | 182,871 | ||
Lazard Ltd., Class A | 11,831 | 423,787 | ||
Morgan Stanley | 4,754 | 214,073 | ||
State Street Corp. | 3,867 | 263,381 | ||
1,704,624 | ||||
Chemicals — 2.0% | ||||
CF Industries Holdings, Inc. | 17,502 | 645,124 | ||
Eastman Chemical Co. | 9,566 | 588,404 | ||
Huntsman Corp. | 19,020 | 360,239 | ||
LyondellBasell Industries NV, Class A | 11,602 | 829,079 | ||
2,422,846 | ||||
Commercial Services and Supplies — 0.3% | ||||
Republic Services, Inc. | 2,178 | 196,586 | ||
Waste Management, Inc. | 1,738 | 192,588 | ||
389,174 | ||||
Communications Equipment — 2.0% | ||||
Ciena Corp.(1) | 10,109 | 388,691 | ||
Cisco Systems, Inc. | 18,298 | 730,639 | ||
F5 Networks, Inc.(1) | 1,654 | 198,397 | ||
Juniper Networks, Inc. | 39,144 | 830,636 | ||
Lumentum Holdings, Inc.(1) | 3,223 | 250,814 | ||
2,399,177 | ||||
Construction and Engineering — 0.3% | ||||
EMCOR Group, Inc. | 2,555 | 196,531 | ||
Quanta Services, Inc. | 5,465 | 208,380 | ||
404,911 | ||||
Consumer Finance — 0.2% | ||||
American Express Co. | 1,681 | 184,792 | ||
Containers and Packaging — 0.6% | ||||
Packaging Corp. of America | 3,415 | 309,467 | ||
Sealed Air Corp. | 6,353 | 192,559 | ||
Sonoco Products Co. | 3,955 | 190,671 | ||
692,697 | ||||
Distributors — 0.2% | ||||
Genuine Parts Co. | 1,212 | 105,735 | ||
LKQ Corp.(1) | 6,665 | 197,151 | ||
302,886 | ||||
Diversified Consumer Services — 0.3% | ||||
H&R Block, Inc. | 20,285 | 419,291 | ||
Diversified Financial Services — 0.2% | ||||
Berkshire Hathaway, Inc., Class B(1) | 989 | 204,070 | ||
Diversified Telecommunication Services — 3.9% | ||||
AT&T, Inc. | 93,224 | 3,283,349 |
6
Shares | Value | |||
Verizon Communications, Inc. | 27,726 | $ | 1,501,640 | |
4,784,989 | ||||
Electric Utilities — 6.7% | ||||
Alliant Energy Corp. | 2,648 | 138,014 | ||
American Electric Power Co., Inc. | 16,072 | 1,434,587 | ||
Duke Energy Corp. | 1,134 | 103,988 | ||
Entergy Corp. | 1,661 | 194,187 | ||
Exelon Corp. | 33,149 | 1,429,053 | ||
FirstEnergy Corp. | 4,256 | 189,520 | ||
IDACORP, Inc. | 1,111 | 107,367 | ||
NextEra Energy, Inc. | 506 | 127,897 | ||
NRG Energy, Inc. | 8,692 | 288,661 | ||
Portland General Electric Co. | 17,240 | 938,028 | ||
PPL Corp. | 45,781 | 1,373,888 | ||
Southern Co. (The) | 23,714 | 1,431,377 | ||
Xcel Energy, Inc. | 5,291 | 329,735 | ||
8,086,302 | ||||
Electrical Equipment — 0.6% | ||||
Acuity Brands, Inc. | 3,820 | 392,925 | ||
Eaton Corp. plc | 2,120 | 192,326 | ||
nVent Electric plc | 4,766 | 114,432 | ||
699,683 | ||||
Electronic Equipment, Instruments and Components — 1.0% | ||||
Avnet, Inc. | 6,347 | 194,726 | ||
Jabil, Inc. | 12,075 | 387,004 | ||
TE Connectivity Ltd. | 2,446 | 202,700 | ||
Tech Data Corp.(1) | 2,992 | 426,031 | ||
1,210,461 | ||||
Entertainment — 0.5% | ||||
Cinemark Holdings, Inc. | 23,688 | 614,941 | ||
Equity Real Estate Investment Trusts (REITs) — 9.4% | ||||
Apple Hospitality REIT, Inc. | 14,881 | 194,495 | ||
CubeSmart | 14,430 | 436,796 | ||
Gaming and Leisure Properties, Inc. | 23,796 | 1,062,967 | ||
Highwoods Properties, Inc. | 4,209 | 188,900 | ||
Host Hotels & Resorts, Inc. | 175,542 | 2,541,848 | ||
Lamar Advertising Co., Class A | 13,484 | 1,129,150 | ||
Life Storage, Inc. | 2,901 | 313,047 | ||
National Retail Properties, Inc. | 15,619 | 794,226 | ||
Park Hotels & Resorts, Inc. | 38,565 | 704,197 | ||
Public Storage | 951 | 198,873 | ||
Ryman Hospitality Properties, Inc. | 5,657 | 393,218 | ||
Simon Property Group, Inc. | 11,421 | 1,405,697 | ||
Spirit Realty Capital, Inc. | 12,988 | 590,954 | ||
Weingarten Realty Investors | 22,706 | 611,473 | ||
Welltower, Inc. | 2,487 | 186,077 | ||
WP Carey, Inc. | 7,686 | 594,973 | ||
11,346,891 |
7
Shares | Value | |||
Food and Staples Retailing — 2.5% | ||||
Kroger Co. (The) | 42,712 | $ | 1,201,488 | |
US Foods Holding Corp.(1) | 5,544 | 186,500 | ||
Walgreens Boots Alliance, Inc. | 30,764 | 1,407,761 | ||
Walmart, Inc. | 1,853 | 199,531 | ||
2,995,280 | ||||
Food Products — 2.2% | ||||
Archer-Daniels-Midland Co. | 5,032 | 189,455 | ||
Conagra Brands, Inc. | 29,488 | 787,035 | ||
Flowers Foods, Inc. | 26,758 | 576,100 | ||
General Mills, Inc. | 6,187 | 303,163 | ||
Hershey Co. (The) | 730 | 105,112 | ||
Ingredion, Inc. | 2,534 | 211,082 | ||
J.M. Smucker Co. (The) | 3,019 | 310,927 | ||
Kellogg Co. | 3,341 | 202,030 | ||
2,684,904 | ||||
Gas Utilities — 0.5% | ||||
National Fuel Gas Co. | 16,216 | 593,668 | ||
Health Care Equipment and Supplies — 0.2% | ||||
Medtronic plc | 1,935 | 194,797 | ||
Health Care Providers and Services — 5.1% | ||||
AmerisourceBergen Corp. | 2,317 | 195,369 | ||
Anthem, Inc. | 3,537 | 909,327 | ||
Cigna Corp.(1) | 5,276 | 965,192 | ||
DaVita, Inc.(1) | 10,402 | 807,403 | ||
HCA Healthcare, Inc. | 1,539 | 195,468 | ||
Humana, Inc. | 2,966 | 948,171 | ||
Laboratory Corp. of America Holdings(1) | 1,149 | 201,868 | ||
McKesson Corp. | 7,809 | 1,092,167 | ||
Molina Healthcare, Inc.(1) | 1,559 | 191,056 | ||
Quest Diagnostics, Inc. | 1,918 | 203,423 | ||
UnitedHealth Group, Inc. | 971 | 247,566 | ||
Universal Health Services, Inc., Class B | 1,526 | 188,827 | ||
6,145,837 | ||||
Health Care Technology — 0.2% | ||||
Cerner Corp. | 2,937 | 203,446 | ||
Hotels, Restaurants and Leisure — 0.6% | ||||
Carnival Corp. | 5,707 | 190,956 | ||
Darden Restaurants, Inc. | 1,024 | 99,840 | ||
McDonald's Corp. | 609 | 118,249 | ||
Norwegian Cruise Line Holdings Ltd.(1) | 5,061 | 188,573 | ||
Wyndham Destinations, Inc. | 4,753 | 189,645 | ||
787,263 | ||||
Household Durables — 2.8% | ||||
Garmin Ltd. | 9,135 | 807,443 | ||
PulteGroup, Inc. | 29,084 | 1,169,177 | ||
Whirlpool Corp. | 10,949 | 1,399,939 | ||
3,376,559 |
8
Shares | Value | |||
Household Products — 2.7% | ||||
Clorox Co. (The) | 2,630 | $ | 419,274 | |
Colgate-Palmolive Co. | 1,754 | 118,518 | ||
Kimberly-Clark Corp. | 9,619 | 1,261,917 | ||
Procter & Gamble Co. (The) | 13,018 | 1,474,028 | ||
3,273,737 | ||||
Independent Power and Renewable Electricity Producers — 0.1% | ||||
AES Corp. | 10,641 | 178,024 | ||
Industrial Conglomerates — 1.4% | ||||
3M Co. | 9,019 | 1,345,995 | ||
Carlisle Cos., Inc. | 1,355 | 196,868 | ||
Honeywell International, Inc. | 1,229 | 199,307 | ||
1,742,170 | ||||
Insurance — 2.6% | ||||
Aflac, Inc. | 4,377 | 187,554 | ||
Allstate Corp. (The) | 1,788 | 188,187 | ||
Everest Re Group Ltd. | 761 | 188,637 | ||
Fidelity National Financial, Inc. | 3,241 | 125,621 | ||
Hartford Financial Services Group, Inc. (The) | 3,808 | 190,210 | ||
MetLife, Inc. | 13,242 | 565,698 | ||
Principal Financial Group, Inc. | 22,109 | 981,418 | ||
Travelers Cos., Inc. (The) | 1,607 | 192,535 | ||
Unum Group | 23,431 | 546,177 | ||
3,166,037 | ||||
Interactive Media and Services — 1.9% | ||||
Alphabet, Inc., Class C(1) | 1,516 | 2,030,424 | ||
Facebook, Inc., Class A(1) | 1,355 | 260,797 | ||
2,291,221 | ||||
Internet and Direct Marketing Retail — 0.2% | ||||
Expedia Group, Inc. | 1,919 | 189,252 | ||
IT Services — 3.8% | ||||
Akamai Technologies, Inc.(1) | 2,219 | 191,966 | ||
Amdocs Ltd. | 3,058 | 194,947 | ||
CACI International, Inc., Class A(1) | 809 | 198,221 | ||
Cognizant Technology Solutions Corp., Class A | 17,253 | 1,051,225 | ||
International Business Machines Corp. | 13,244 | 1,723,707 | ||
Leidos Holdings, Inc. | 2,461 | 252,622 | ||
MAXIMUS, Inc. | 3,101 | 195,425 | ||
Science Applications International Corp. | 2,340 | 187,504 | ||
Western Union Co. (The) | 27,725 | 620,763 | ||
4,616,380 | ||||
Leisure Products — 0.2% | ||||
Polaris, Inc. | 2,491 | 205,582 | ||
Machinery — 0.6% | ||||
AGCO Corp. | 3,192 | 192,893 | ||
Caterpillar, Inc. | 1,630 | 202,511 | ||
Cummins, Inc. | 1,324 | 200,308 |
9
Shares | Value | |||
Oshkosh Corp. | 2,668 | $ | 192,496 | |
788,208 | ||||
Media — 2.8% | ||||
Comcast Corp., Class A | 10,702 | 432,682 | ||
DISH Network Corp., Class A(1) | 17,298 | 579,829 | ||
Fox Corp., Class A | 6,212 | 190,957 | ||
Interpublic Group of Cos., Inc. (The) | 38,049 | 812,727 | ||
Liberty Global plc, Class C(1) | 10,922 | 203,040 | ||
News Corp., Class A | 15,833 | 191,183 | ||
Omnicom Group, Inc. | 14,329 | 992,713 | ||
3,403,131 | ||||
Metals and Mining — 0.6% | ||||
Reliance Steel & Aluminum Co. | 1,981 | 202,636 | ||
Steel Dynamics, Inc. | 19,130 | 509,432 | ||
712,068 | ||||
Multi-Utilities — 1.3% | ||||
Ameren Corp. | 4,120 | 325,480 | ||
Consolidated Edison, Inc. | 12,279 | 967,831 | ||
DTE Energy Co. | 991 | 110,665 | ||
MDU Resources Group, Inc. | 7,318 | 202,928 | ||
1,606,904 | ||||
Multiline Retail — 1.9% | ||||
Kohl's Corp. | 9,992 | 391,187 | ||
Macy's, Inc. | 27,894 | 369,038 | ||
Nordstrom, Inc.(2) | 11,059 | 383,747 | ||
Target Corp. | 11,363 | 1,170,389 | ||
2,314,361 | ||||
Oil, Gas and Consumable Fuels — 3.1% | ||||
Chevron Corp. | 15,355 | 1,433,236 | ||
Exxon Mobil Corp. | 3,823 | 196,655 | ||
HollyFrontier Corp. | 17,050 | 574,244 | ||
Phillips 66 | 2,489 | 186,326 | ||
Valero Energy Corp. | 20,476 | 1,356,535 | ||
3,746,996 | ||||
Pharmaceuticals — 3.7% | ||||
Allergan plc | 5,376 | 1,025,042 | ||
Bristol-Myers Squibb Co. | 4,064 | 240,020 | ||
Johnson & Johnson | 8,616 | 1,158,680 | ||
Merck & Co., Inc. | 4,076 | 312,059 | ||
Perrigo Co. plc | 4,186 | 212,188 | ||
Pfizer, Inc. | 46,375 | 1,549,852 | ||
4,497,841 | ||||
Professional Services — 0.6% | ||||
ManpowerGroup, Inc. | 7,239 | 549,730 | ||
Robert Half International, Inc. | 3,802 | 191,659 | ||
741,389 | ||||
Real Estate Management and Development — 0.2% | ||||
Jones Lang LaSalle, Inc. | 1,397 | 206,435 |
10
Shares | Value | |||
Road and Rail — 0.5% | ||||
CSX Corp. | 2,760 | $ | 194,442 | |
Norfolk Southern Corp. | 1,061 | 193,473 | ||
Union Pacific Corp. | 1,219 | 194,809 | ||
582,724 | ||||
Semiconductors and Semiconductor Equipment — 3.5% | ||||
Applied Materials, Inc. | 3,528 | 205,047 | ||
Intel Corp. | 27,912 | 1,549,674 | ||
Lam Research Corp. | 717 | 210,389 | ||
Maxim Integrated Products, Inc. | 2,177 | 121,085 | ||
Micron Technology, Inc.(1) | 23,503 | 1,235,318 | ||
Qorvo, Inc.(1) | 8,695 | 874,543 | ||
QUALCOMM, Inc. | 1,393 | 109,072 | ||
4,305,128 | ||||
Software — 2.4% | ||||
Check Point Software Technologies Ltd.(1) | 1,930 | 200,334 | ||
Microsoft Corp. | 1,519 | 246,093 | ||
NortonLifeLock, Inc. | 54,087 | 1,029,276 | ||
Nuance Communications, Inc.(1) | 9,445 | 204,201 | ||
Oracle Corp. (New York) | 24,264 | 1,200,097 | ||
2,880,001 | ||||
Specialty Retail — 1.0% | ||||
Aaron's, Inc. | 4,979 | 195,824 | ||
Best Buy Co., Inc. | 3,002 | 227,101 | ||
Foot Locker, Inc. | 11,438 | 414,628 | ||
L Brands, Inc. | 18,223 | 394,710 | ||
1,232,263 | ||||
Technology Hardware, Storage and Peripherals — 6.0% | ||||
Apple, Inc. | 6,504 | 1,777,933 | ||
Hewlett Packard Enterprise Co. | 50,779 | 649,463 | ||
HP, Inc. | 110,254 | 2,292,181 | ||
NetApp, Inc. | 4,301 | 200,943 | ||
Seagate Technology plc | 33,858 | 1,623,491 | ||
Xerox Holdings Corp.(1) | 21,873 | 704,311 | ||
7,248,322 | ||||
Textiles, Apparel and Luxury Goods — 1.6% | ||||
Capri Holdings Ltd.(1) | 14,905 | 384,847 | ||
Hanesbrands, Inc. | 15,304 | 202,625 | ||
PVH Corp. | 6,627 | 491,127 | ||
Ralph Lauren Corp. | 3,932 | 414,866 | ||
Skechers U.S.A., Inc., Class A(1) | 6,312 | 208,801 | ||
Tapestry, Inc. | 8,434 | 197,777 | ||
1,900,043 | ||||
Thrifts and Mortgage Finance — 0.3% | ||||
MGIC Investment Corp. | 16,499 | 198,483 | ||
Radian Group, Inc. | 9,201 | 195,429 | ||
393,912 |
11
Shares | Value | |||
Tobacco — 1.1% | ||||
Philip Morris International, Inc. | 16,078 | $ | 1,316,306 | |
Trading Companies and Distributors — 1.1% | ||||
HD Supply Holdings, Inc.(1) | 5,116 | 194,510 | ||
W.W. Grainger, Inc. | 728 | 202,049 | ||
Watsco, Inc. | 5,605 | 879,873 | ||
1,276,432 | ||||
TOTAL COMMON STOCKS (Cost $124,025,716) | 120,442,018 | |||
TEMPORARY CASH INVESTMENTS — 0.3% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $280,137) | 280,137 | 280,137 | ||
TOTAL INVESTMENT SECURITIES — 99.6% (Cost $124,305,853) | 120,722,155 | |||
OTHER ASSETS AND LIABILITIES — 0.4% | 533,730 | |||
TOTAL NET ASSETS — 100.0% | $ | 121,255,885 |
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 $359,076. 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. At period end, the aggregate market value of the collateral held by the fund was $834,558, all of which is securities collateral. |
See Notes to Financial Statements.
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Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $124,305,853) — including $359,076 of securities on loan | $ | 120,722,155 | |
Receivable for investments sold | 32,916,053 | ||
Dividends and interest receivable | 323,759 | ||
Securities lending receivable | 20 | ||
153,961,987 | |||
Liabilities | |||
Payable for investments purchased | 32,674,845 | ||
Accrued management fees | 31,257 | ||
32,706,102 | |||
Net Assets | $ | 121,255,885 | |
Shares outstanding (unlimited number of shares authorized) | 3,175,001 | ||
Net Asset Value Per Share | $ | 38.19 | |
Net Assets Consist of: | |||
Capital paid in | $ | 129,512,882 | |
Distributable earnings | (8,256,997 | ) | |
$ | 121,255,885 |
See Notes to Financial Statements.
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Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $129) | $ | 1,501,344 | |
Interest | 1,920 | ||
Securities lending, net | 20 | ||
1,503,284 | |||
Expenses: | |||
Management fees | 149,499 | ||
Net investment income (loss) | 1,353,785 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on investment transactions | (3,796,731 | ) | |
Change in net unrealized appreciation (depreciation) on investments | (4,703,613 | ) | |
Net realized and unrealized gain (loss) | (8,500,344 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (7,146,559 | ) |
See Notes to Financial Statements.
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Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2019 | ||||||
Increase (Decrease) in Net Assets | February 29, 2020 | August 31, 2019 | ||||
Operations | ||||||
Net investment income (loss) | $ | 1,353,785 | $ | 508,344 | ||
Net realized gain (loss) | (3,796,731 | ) | (887,679 | ) | ||
Change in net unrealized appreciation (depreciation) | (4,703,613 | ) | 842,893 | |||
Net increase (decrease) in net assets resulting from operations | (7,146,559 | ) | 463,558 | |||
Distributions to Shareholders | ||||||
From earnings | (1,022,528 | ) | (379,921 | ) | ||
Capital Share Transactions | ||||||
Proceeds from shares sold | 99,034,075 | 25,969,935 | ||||
Payments for shares redeemed | — | (2,953,425 | ) | |||
Net increase (decrease) in net assets from capital share transactions | 99,034,075 | 23,016,510 | ||||
Net increase (decrease) in net assets | 90,864,988 | 23,100,147 | ||||
Net Assets | ||||||
Beginning of period | 30,390,897 | 7,290,750 | ||||
End of period | $ | 121,255,885 | $ | 30,390,897 | ||
Transactions in Shares of the Fund | ||||||
Sold | 2,400,000 | 675,000 | ||||
Redeemed | — | (75,000 | ) | |||
Net increase (decrease) in shares of the fund | 2,400,000 | 600,000 |
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century STOXX® U.S. Quality Value ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the iSTOXX® American Century USA Quality Value Index. Shares of the fund are listed for trading on the NYSE Arca, Inc.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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 net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
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Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 73% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary
17
expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.29%.
Interfund Transactions — The fund may enter into security transactions with other American Century
Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules
and procedures adopted by the Board of Trustees. The rules and procedures require, among other things,
that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 were $102,344,562 and $102,288,135, respectively.
Securities received in-kind through subscriptions for the period ended February 29, 2020 were $98,615,592. There were no securities delivered in-kind through redemptions during the period.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 25,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a basket of securities (and an amount of cash) that the fund specifies each day. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
6. 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.
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
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The fund seeks to track an index. If the fund's index has high portfolio turnover, the fund may also have high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
The fund is not actively managed and does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the fund generally will not buy or sell securities unless they are added or removed from the index, even if the security is underperforming.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 124,506,030 | |
Gross tax appreciation of investments | $ | 2,693,389 | |
Gross tax depreciation of investments | (6,477,264 | ) | |
Net tax appreciation (depreciation) of investments | $ | (3,783,875 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2019, the fund had accumulated short-term capital losses of $(1,074,793) and accumulated long-term capital losses of $(110,601), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
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Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $39.21 | 0.56 | (1.03) | (0.47) | (0.55) | $38.19 | (1.31)% | 0.29%(5) | 2.63%(5) | 101% | $121,256 | ||
2019 | $41.66 | 1.15 | (2.68) | (1.53) | (0.92) | $39.21 | (3.60)% | 0.29% | 2.94% | 190% | $30,391 | ||
2018(6) | $40.37 | 0.55 | 1.11 | 1.66 | (0.37) | $41.66 | 4.16% | 0.29%(5) | 2.17%(5) | 77% | $7,291 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | Six months ended February 29, 2020 (unaudited). |
(5) | Annualized. |
(6) | January 11, 2018 (fund inception) through August 31, 2018. |
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund's Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov.
21
Notes |
22
Notes |
23
Notes |
24
Contact Us | americancenturyetfs.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-95465 2004 |
Semiannual Report | |
February 29, 2020 | |
American Century® Quality Diversified International ETF (QINT) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, americancenturyetfs.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
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Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Chugai Pharmaceutical Co. Ltd. | 2.0% |
Hermes International | 1.8% |
L'Oreal SA | 1.7% |
Partners Group Holding AG | 1.6% |
Astellas Pharma, Inc. | 1.5% |
Recruit Holdings Co. Ltd. | 1.4% |
Alibaba Group Holding Ltd. ADR | 1.3% |
Canadian Pacific Railway Ltd. | 1.3% |
Constellation Software, Inc. | 1.2% |
Singapore Exchange Ltd. | 1.2% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.7% |
Rights | —* |
Total Equity Exposure | 99.7% |
Temporary Cash Investments | 0.1% |
Temporary Cash Investments - Securities Lending Collateral | 1.4% |
Other Assets and Liabilities | (1.2)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets |
Japan | 19.5% |
France | 12.8% |
United Kingdom | 11.7% |
Canada | 7.0% |
Switzerland | 6.5% |
Australia | 5.4% |
China | 5.2% |
Netherlands | 4.0% |
Germany | 4.0% |
Sweden | 3.8% |
Italy | 3.2% |
Singapore | 2.7% |
Denmark | 2.2% |
Taiwan | 2.2% |
Other Countries | 9.5% |
Cash and Equivalents* | 0.3% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020.
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $1,014.70 | $1.95 | 0.39% |
Hypothetical | $1,000 | $1,022.92 | $1.96 | 0.39% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 99.7% | ||||
Australia — 5.4% | ||||
Aristocrat Leisure Ltd. | 43,767 | $ | 929,763 | |
ASX Ltd. | 2,595 | 122,261 | ||
BHP Group Ltd.(1) | 5,548 | 119,212 | ||
CIMIC Group Ltd. | 4,232 | 65,622 | ||
Coca-Cola Amatil Ltd. | 29,645 | 216,536 | ||
Cochlear Ltd. | 940 | 124,013 | ||
Crown Resorts Ltd. | 8,903 | 58,832 | ||
CSL Ltd. | 915 | 179,661 | ||
Fortescue Metals Group Ltd. | 158,790 | 1,025,207 | ||
Goodman Group | 15,034 | 143,259 | ||
James Hardie Industries plc | 7,324 | 131,830 | ||
Lendlease Group | 5,953 | 66,721 | ||
Magellan Financial Group Ltd. | 8,081 | 282,121 | ||
Medibank Pvt Ltd. | 65,054 | 116,864 | ||
Newcrest Mining Ltd. | 6,895 | 117,804 | ||
Oil Search Ltd. | 28,506 | 99,046 | ||
Orica Ltd. | 9,300 | 116,919 | ||
Qantas Airways Ltd. | 62,977 | 223,471 | ||
Santos Ltd. | 27,902 | 121,012 | ||
SEEK Ltd. | 9,146 | 119,980 | ||
Sonic Healthcare Ltd. | 13,413 | 246,061 | ||
South32 Ltd. | 42,568 | 60,580 | ||
Wesfarmers Ltd. | 2,782 | 71,886 | ||
Woolworths Group Ltd. | 5,334 | 131,489 | ||
4,890,150 | ||||
Austria — 1.0% | ||||
OMV AG | 5,089 | 214,217 | ||
Raiffeisen Bank International AG | 6,603 | 136,721 | ||
Verbund AG | 12,771 | 602,984 | ||
953,922 | ||||
Belgium — 1.1% | ||||
Ageas | 1,296 | 60,273 | ||
Galapagos NV(2) | 727 | 151,666 | ||
Proximus SADP | 2,576 | 63,934 | ||
Solvay SA | 2,281 | 207,360 | ||
Telenet Group Holding NV | 10,806 | 413,911 | ||
UCB SA | 960 | 88,542 | ||
985,686 | ||||
Canada — 7.0% | ||||
Air Canada(2) | 21,456 | 547,449 | ||
Alimentation Couche-Tard, Inc., B Shares | 4,384 | 133,119 |
5
Shares | Value | |||
CAE, Inc. | 5,338 | $ | 142,800 | |
Canadian Pacific Railway Ltd. | 4,624 | 1,145,950 | ||
Canadian Tire Corp. Ltd., Class A | 4,004 | 393,704 | ||
CGI, Inc.(2) | 1,731 | 121,616 | ||
Constellation Software, Inc. | 1,076 | 1,096,104 | ||
Dollarama, Inc. | 3,961 | 116,438 | ||
Franco-Nevada Corp. | 1,459 | 156,622 | ||
George Weston Ltd. | 957 | 72,041 | ||
Great-West Lifeco, Inc. | 3,293 | 77,446 | ||
Husky Energy, Inc. | 21,369 | 101,723 | ||
iA Financial Corp., Inc. | 3,223 | 153,401 | ||
Imperial Oil Ltd. | 5,729 | 125,433 | ||
Intact Financial Corp. | 1,517 | 164,419 | ||
Kirkland Lake Gold Ltd. | 10,246 | 330,427 | ||
Manulife Financial Corp. | 15,325 | 257,557 | ||
Open Text Corp.(1) | 1,786 | 74,774 | ||
Quebecor, Inc., Class B | 5,991 | 139,962 | ||
Sun Life Financial, Inc. | 3,359 | 145,110 | ||
Suncor Energy, Inc. | 4,601 | 126,786 | ||
Teck Resources Ltd., Class B | 8,317 | 83,644 | ||
Thomson Reuters Corp. | 2,052 | 152,423 | ||
Toronto-Dominion Bank (The) | 2,489 | 128,015 | ||
Wheaton Precious Metals Corp. | 5,894 | 167,597 | ||
WSP Global, Inc. | 2,493 | 164,306 | ||
6,318,866 | ||||
China — 5.2% | ||||
Alibaba Group Holding Ltd. ADR(2) | 5,760 | 1,198,080 | ||
Anhui Conch Cement Co. Ltd., H Shares | 82,000 | 606,605 | ||
ANTA Sports Products Ltd. | 68,000 | 553,343 | ||
CITIC Securities Co. Ltd., H Shares | 67,000 | 144,916 | ||
Li Ning Co. Ltd. | 236,500 | 628,041 | ||
Ping An Insurance Group Co. of China Ltd., H Shares | 75,000 | 839,759 | ||
Tencent Holdings Ltd. | 14,900 | 735,132 | ||
4,705,876 | ||||
Denmark — 2.2% | ||||
AP Moller - Maersk A/S, B Shares | 102 | 103,682 | ||
Carlsberg A/S, B Shares | 1,544 | 203,704 | ||
Coloplast A/S, B Shares | 2,918 | 392,195 | ||
Genmab A/S(2) | 761 | 170,819 | ||
GN Store Nord A/S | 3,037 | 170,017 | ||
H Lundbeck A/S | 2,024 | 69,681 | ||
Novo Nordisk A/S, B Shares | 15,680 | 927,287 | ||
2,037,385 | ||||
Finland — 1.3% | ||||
Elisa Oyj | 2,925 | 167,286 | ||
Kone Oyj, B Shares(1) | 2,676 | 150,285 | ||
Metso Oyj | 5,796 | 187,173 |
6
Shares | Value | |||
Neste Oyj | 4,270 | $ | 167,798 | |
Stora Enso Oyj, R Shares(1) | 8,839 | 106,252 | ||
UPM-Kymmene Oyj | 13,823 | 423,117 | ||
1,201,911 | ||||
France — 12.8% | ||||
Air Liquide SA | 1,057 | 143,517 | ||
Amundi SA | 14,350 | 1,034,962 | ||
Arkema SA | 751 | 70,888 | ||
Bouygues SA | 2,046 | 81,046 | ||
Capgemini SE | 3,213 | 352,696 | ||
Cie de Saint-Gobain | 5,808 | 205,632 | ||
CNP Assurances | 31,166 | 488,181 | ||
Edenred | 2,888 | 150,871 | ||
Eiffage SA | 713 | 75,844 | ||
Engie SA | 5,454 | 90,826 | ||
Euronext NV | 9,491 | 788,401 | ||
Faurecia SE | 1,465 | 66,679 | ||
Hermes International | 2,297 | 1,617,235 | ||
ICADE | 1,671 | 166,101 | ||
Ingenico Group SA | 1,633 | 230,263 | ||
Kering SA | 1,635 | 934,068 | ||
L'Oreal SA | 5,803 | 1,552,915 | ||
Legrand SA | 1,816 | 139,499 | ||
LVMH Moet Hennessy Louis Vuitton SE | 338 | 138,757 | ||
Orange SA | 4,702 | 63,478 | ||
Pernod Ricard SA | 781 | 126,554 | ||
Peugeot SA | 22,108 | 428,936 | ||
Publicis Groupe SA | 7,061 | 271,775 | ||
Safran SA | 877 | 121,230 | ||
Sanofi | 10,459 | 962,467 | ||
Sartorius Stedim Biotech | 904 | 171,620 | ||
Schneider Electric SE | 2,303 | 233,560 | ||
Societe Generale SA | 3,025 | 85,844 | ||
Sodexo SA | 668 | 64,493 | ||
Suez | 5,351 | 83,934 | ||
Teleperformance | 734 | 178,295 | ||
TOTAL SA | 1,481 | 63,144 | ||
Valeo SA | 5,640 | 145,094 | ||
Vinci SA | 714 | 72,265 | ||
Worldline SA(2) | 2,214 | 170,414 | ||
11,571,484 | ||||
Germany — 4.0% | ||||
adidas AG | 959 | 265,864 | ||
Allianz SE | 325 | 69,857 | ||
Beiersdorf AG | 1,228 | 128,389 | ||
Brenntag AG | 4,139 | 183,919 | ||
Carl Zeiss Meditec AG | 1,170 | 122,458 |
7
Shares | Value | |||
Covestro AG | 4,968 | $ | 188,818 | |
CTS Eventim AG & Co. KGaA | 3,419 | 179,935 | ||
Deutsche Lufthansa AG | 12,260 | 157,224 | ||
Deutsche Post AG | 6,296 | 187,662 | ||
Deutsche Telekom AG | 4,619 | 75,166 | ||
Evonik Industries AG | 16,031 | 395,450 | ||
Fresenius Medical Care AG & Co. KGaA | 2,517 | 192,845 | ||
GEA Group AG | 2,612 | 68,804 | ||
Hannover Rueck SE | 869 | 154,049 | ||
HeidelbergCement AG | 2,969 | 175,716 | ||
KION Group AG | 2,338 | 123,573 | ||
MTU Aero Engines AG | 528 | 128,392 | ||
Muenchener Rueckversicherungs-Gesellschaft AG | 827 | 209,829 | ||
Nemetschek SE | 2,539 | 157,565 | ||
Porsche Automobil Holding SE Preference Shares | 1,933 | 119,868 | ||
Schaeffler AG Preference Shares | 10,306 | 91,180 | ||
Symrise AG | 1,476 | 143,045 | ||
Telefonica Deutschland Holding AG | 27,459 | 71,519 | ||
3,591,127 | ||||
Hong Kong — 0.1% | ||||
Hong Kong Exchanges & Clearing Ltd. | 3,100 | 102,549 | ||
Ireland — 0.6% | ||||
AIB Group plc | 27,680 | 65,690 | ||
Bank of Ireland Group plc | 17,581 | 65,738 | ||
CRH plc | 4,515 | 154,007 | ||
Kerry Group plc, A Shares | 1,118 | 140,096 | ||
Ryanair Holdings plc ADR(2) | 1,728 | 123,863 | ||
549,394 | ||||
Israel — 0.5% | ||||
Bank Hapoalim BM | 9,625 | 74,582 | ||
Bank Leumi Le-Israel BM | 10,701 | 68,943 | ||
Israel Chemicals Ltd. | 16,550 | 60,138 | ||
Nice Ltd.(2) | 959 | 156,103 | ||
Teva Pharmaceutical Industries Ltd.(2) | 7,486 | 86,517 | ||
446,283 | ||||
Italy — 3.2% | ||||
DiaSorin SpA | 1,074 | 121,754 | ||
Enel SpA | 10,246 | 85,368 | ||
Eni SpA | 44,367 | 546,505 | ||
EXOR NV | 1,018 | 72,381 | ||
Ferrari NV | 4,246 | 667,630 | ||
Fiat Chrysler Automobiles NV | 14,287 | 177,716 | ||
Hera SpA | 33,785 | 144,085 | ||
Leonardo SpA | 6,665 | 68,122 | ||
Mediobanca Banca di Credito Finanziario SpA | 6,952 | 63,026 | ||
Moncler SpA | 12,989 | 505,122 | ||
Poste Italiane SpA | 13,269 | 141,876 |
8
Shares | Value | |||
Recordati SpA | 3,420 | $ | 146,254 | |
Snam SpA | 28,477 | 140,748 | ||
2,880,587 | ||||
Japan — 19.5% | ||||
Advantest Corp. | 8,900 | 402,896 | ||
Ajinomoto Co., Inc. | 4,800 | 80,962 | ||
Alps Alpine Co. Ltd. | 3,500 | 53,781 | ||
Asahi Group Holdings Ltd. | 1,700 | 65,230 | ||
Asahi Intecc Co. Ltd. | 4,900 | 119,296 | ||
Asahi Kasei Corp. | 7,000 | 58,055 | ||
Astellas Pharma, Inc. | 85,500 | 1,340,670 | ||
Bandai Namco Holdings, Inc. | 2,400 | 119,218 | ||
Brother Industries Ltd. | 7,900 | 142,004 | ||
Canon, Inc.(1) | 2,900 | 72,875 | ||
Chugai Pharmaceutical Co. Ltd. | 16,500 | 1,784,844 | ||
Dai Nippon Printing Co. Ltd.(1) | 3,000 | 73,068 | ||
Daiichi Sankyo Co. Ltd. | 2,400 | 146,089 | ||
Fast Retailing Co. Ltd.(1) | 200 | 98,552 | ||
FUJIFILM Holdings Corp.(1) | 1,700 | 82,761 | ||
Fujitsu Ltd. | 1,200 | 126,635 | ||
Hitachi High-Tech Corp. | 1,200 | 89,198 | ||
Hitachi Ltd. | 2,700 | 90,562 | ||
Hoya Corp. | 11,200 | 992,585 | ||
ITOCHU Corp. | 4,700 | 106,845 | ||
Itochu Techno-Solutions Corp. | 5,400 | 151,823 | ||
Japan Airlines Co. Ltd. | 2,600 | 64,376 | ||
Japan Tobacco, Inc.(1) | 40,900 | 811,070 | ||
Kakaku.com, Inc. | 6,000 | 128,189 | ||
Kansai Paint Co. Ltd. | 5,700 | 124,095 | ||
Kao Corp. | 1,100 | 80,050 | ||
KDDI Corp. | 5,000 | 141,295 | ||
Keyence Corp. | 400 | 129,044 | ||
Kirin Holdings Co. Ltd. | 28,200 | 540,049 | ||
Kobayashi Pharmaceutical Co. Ltd. | 1,900 | 137,796 | ||
Konami Holdings Corp. | 1,800 | 65,171 | ||
Kyocera Corp. | 1,200 | 75,207 | ||
Lawson, Inc.(1) | 2,700 | 144,994 | ||
Lion Corp. | 3,900 | 65,135 | ||
Marubeni Corp. | 73,400 | 485,254 | ||
Mazda Motor Corp. | 8,400 | 57,966 | ||
Medipal Holdings Corp. | 3,700 | 67,374 | ||
MEIJI Holdings Co. Ltd. | 1,200 | 71,446 | ||
MINEBEA MITSUMI, Inc.(1) | 4,400 | 77,076 | ||
Mitsubishi Chemical Holdings Corp. | 10,500 | 70,312 | ||
Mitsubishi Heavy Industries Ltd. | 2,100 | 66,209 | ||
Mitsubishi UFJ Financial Group, Inc. | 14,700 | 72,111 | ||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 12,200 | 68,783 |
9
Shares | Value | |||
Mitsui Chemicals, Inc. | 3,300 | $ | 71,004 | |
MonotaRO Co. Ltd. | 10,200 | 226,204 | ||
NEC Corp. | 3,300 | 123,173 | ||
Nexon Co. Ltd. | 10,500 | 166,375 | ||
Nihon M&A Center, Inc. | 8,800 | 262,710 | ||
Nikon Corp. | 5,700 | 58,266 | ||
Nippon Shinyaku Co. Ltd. | 1,700 | 125,781 | ||
Nippon Telegraph & Telephone Corp. | 9,300 | 217,567 | ||
Nissan Chemical Corp. | 3,600 | 151,232 | ||
Nitto Denko Corp. | 1,600 | 79,774 | ||
Nomura Research Institute Ltd.(1) | 6,900 | 153,212 | ||
NTT Data Corp. | 7,100 | 86,062 | ||
NTT DOCOMO, Inc. | 5,700 | 154,043 | ||
Obayashi Corp. | 7,700 | 77,325 | ||
Obic Co. Ltd. | 1,400 | 172,068 | ||
Ono Pharmaceutical Co. Ltd. | 6,400 | 130,581 | ||
Oracle Corp. (Tokyo) | 1,600 | 124,781 | ||
ORIX Corp. | 4,800 | 76,602 | ||
Otsuka Corp. | 2,200 | 94,889 | ||
Otsuka Holdings Co. Ltd. | 2,200 | 82,857 | ||
Panasonic Corp. | 8,200 | 77,955 | ||
PeptiDream, Inc.(2) | 5,300 | 210,408 | ||
Pigeon Corp.(1) | 3,800 | 128,073 | ||
Pola Orbis Holdings, Inc. | 12,200 | 232,463 | ||
Recruit Holdings Co. Ltd. | 35,700 | 1,239,586 | ||
Ricoh Co. Ltd. | 7,600 | 70,398 | ||
Santen Pharmaceutical Co. Ltd. | 7,800 | 125,183 | ||
SCSK Corp. | 1,500 | 79,226 | ||
Seiko Epson Corp. | 5,200 | 73,302 | ||
Sekisui Chemical Co. Ltd. | 4,500 | 68,129 | ||
Sekisui House Ltd.(1) | 14,600 | 285,799 | ||
Shimizu Corp. | 8,200 | 74,324 | ||
Shin-Etsu Chemical Co. Ltd. | 1,400 | 156,574 | ||
Shionogi & Co. Ltd. | 4,300 | 232,086 | ||
Sony Corp. | 1,300 | 80,444 | ||
Sony Financial Holdings, Inc. | 6,200 | 123,415 | ||
Subaru Corp.(1) | 2,900 | 70,084 | ||
Sumitomo Dainippon Pharma Co., Ltd. | 4,300 | 61,933 | ||
Sumitomo Metal Mining Co. Ltd. | 4,800 | 118,702 | ||
Sumitomo Mitsui Financial Group, Inc. | 2,200 | 70,711 | ||
Sumitomo Mitsui Trust Holdings, Inc. | 2,100 | 71,631 | ||
Suntory Beverage & Food Ltd. | 1,900 | 72,216 | ||
TDK Corp. | 800 | 76,873 | ||
TIS, Inc. | 1,400 | 83,035 | ||
Toho Co. Ltd.(1) | 3,600 | 110,628 | ||
Tokyo Electron Ltd. | 2,200 | 452,187 | ||
Trend Micro, Inc. | 1,500 | 74,384 |
10
Shares | Value | |||
Unicharm Corp. | 4,500 | $ | 146,005 | |
West Japan Railway Co. | 900 | 63,476 | ||
Yamaha Motor Co. Ltd. | 3,700 | 58,836 | ||
Z Holdings Corp. | 103,800 | 375,234 | ||
ZOZO, Inc. | 9,400 | 131,685 | ||
17,670,442 | ||||
Netherlands — 4.0% | ||||
Akzo Nobel NV | 1,503 | 120,065 | ||
ASM International NV | 2,579 | 300,904 | ||
ASML Holding NV | 3,560 | 981,075 | ||
Heineken Holding NV | 812 | 71,414 | ||
ING Groep NV | 10,037 | 95,571 | ||
Koninklijke Ahold Delhaize NV | 13,084 | 305,543 | ||
Koninklijke DSM NV | 1,119 | 126,087 | ||
Koninklijke KPN NV | 46,533 | 113,130 | ||
Koninklijke Philips NV | 15,311 | 654,865 | ||
NN Group NV | 16,190 | 551,509 | ||
Randstad NV | 1,501 | 77,500 | ||
Wolters Kluwer NV | 3,606 | 263,710 | ||
3,661,373 | ||||
New Zealand — 1.0% | ||||
a2 Milk Co. Ltd.(2) | 28,027 | 281,359 | ||
Fisher & Paykel Healthcare Corp. Ltd. | 39,157 | 616,418 | ||
897,777 | ||||
Norway — 0.8% | ||||
DNB ASA | 4,629 | 76,917 | ||
Equinor ASA | 4,221 | 64,468 | ||
Orkla ASA | 24,533 | 204,749 | ||
Telenor ASA | 20,910 | 338,270 | ||
684,404 | ||||
Portugal — 0.4% | ||||
EDP - Energias de Portugal SA | 20,875 | 96,985 | ||
Galp Energia SGPS SA | 8,806 | 120,276 | ||
Jeronimo Martins SGPS SA | 8,977 | 157,584 | ||
374,845 | ||||
Singapore — 2.7% | ||||
CapitaLand Mall Trust | 334,200 | 546,855 | ||
DBS Group Holdings Ltd. | 4,300 | 74,938 | ||
Genting Singapore Ltd. | 115,100 | 67,838 | ||
Jardine Cycle & Carriage Ltd. | 3,500 | 67,310 | ||
Singapore Exchange Ltd. | 177,500 | 1,089,224 | ||
Singapore Technologies Engineering Ltd. | 25,800 | 77,844 | ||
UOL Group Ltd. | 91,900 | 490,690 | ||
2,414,699 | ||||
South Korea — 0.9% | ||||
Samsung Electronics Co. Ltd. | 15,301 | 692,218 | ||
Samsung Securities Co. Ltd. | 4,892 | 134,474 | ||
826,692 |
11
Shares | Value | |||
Spain — 1.7% | ||||
ACS Actividades de Construccion y Servicios SA | 8,353 | $ | 250,358 | |
Aena SME SA | 1,899 | 304,155 | ||
Banco Bilbao Vizcaya Argentaria SA | 14,746 | 70,893 | ||
Enagas SA | 6,127 | 158,010 | ||
Iberdrola SA | 14,855 | 169,178 | ||
Industria de Diseno Textil SA | 4,605 | 142,610 | ||
Repsol SA | 36,774 | 415,395 | ||
Telefonica SA | 10,142 | 59,745 | ||
1,570,344 | ||||
Sweden — 3.8% | ||||
Atlas Copco AB, A Shares | 24,836 | 883,547 | ||
Boliden AB | 8,465 | 177,700 | ||
Electrolux AB, Series B | 3,037 | 60,656 | ||
Hennes & Mauritz AB, B Shares | 4,044 | 72,508 | ||
ICA Gruppen AB | 3,301 | 122,316 | ||
Investor AB, B Shares | 1,502 | 74,432 | ||
Kinnevik AB, B Shares | 20,449 | 414,069 | ||
Lundin Petroleum AB | 14,018 | 396,167 | ||
Sandvik AB | 12,223 | 201,463 | ||
SKF AB, B Shares | 12,256 | 214,683 | ||
Swedish Match AB | 8,707 | 505,163 | ||
Swedish Orphan Biovitrum AB(2) | 7,993 | 136,188 | ||
Volvo AB, B Shares | 11,092 | 171,612 | ||
3,430,504 | ||||
Switzerland — 6.5% | ||||
ABB Ltd. | 3,551 | 76,493 | ||
Adecco Group AG | 1,488 | 80,151 | ||
Barry Callebaut AG | 72 | 148,483 | ||
Chocoladefabriken Lindt & Spruengli AG | 20 | 155,942 | ||
EMS-Chemie Holding AG | 1,652 | 971,232 | ||
Geberit AG | 494 | 246,906 | ||
Givaudan SA | 50 | 155,380 | ||
Kuehne + Nagel International AG | 881 | 128,694 | ||
LafargeHolcim Ltd.(2) | 1,506 | 70,055 | ||
Logitech International SA | 3,277 | 127,965 | ||
Nestle SA | 1,379 | 142,409 | ||
Novartis AG | 2,414 | 201,994 | ||
Partners Group Holding AG | 1,699 | 1,480,380 | ||
Roche Holding AG | 1,909 | 620,203 | ||
Schindler Holding AG | 599 | 129,467 | ||
Sika AG | 939 | 167,220 | ||
Sonova Holding AG | 627 | 149,664 | ||
Straumann Holding AG | 173 | 161,983 | ||
Swatch Group AG (The) | 278 | 64,231 | ||
Swiss Life Holding AG | 289 | 132,383 | ||
Swiss Re AG | 734 | 69,861 |
12
Shares | Value | |||
Swisscom AG | 278 | $ | 147,832 | |
Temenos AG(2) | 945 | 135,570 | ||
UBS Group AG(2) | 6,639 | 73,295 | ||
Zurich Insurance Group AG | 198 | 76,805 | ||
5,914,598 | ||||
Taiwan — 2.2% | ||||
Advantech Co. Ltd. | 74,000 | 702,482 | ||
Chailease Holding Co. Ltd. | 24,000 | 88,434 | ||
CTBC Financial Holding Co. Ltd. | 499,000 | 369,361 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. | 66,000 | 676,715 | ||
Yuanta Financial Holding Co. Ltd. | 289,000 | 180,691 | ||
2,017,683 | ||||
United Kingdom — 11.7% | ||||
Anglo American plc | 10,063 | 232,957 | ||
Antofagasta plc | 19,640 | 191,030 | ||
Associated British Foods plc | 6,988 | 202,841 | ||
Auto Trader Group plc | 37,208 | 250,133 | ||
BAE Systems plc | 10,563 | 83,413 | ||
Barratt Developments plc | 46,762 | 457,632 | ||
Bellway plc | 1,801 | 86,530 | ||
Berkeley Group Holdings plc | 4,098 | 251,085 | ||
BP plc | 12,524 | 64,627 | ||
Burberry Group plc | 5,271 | 114,715 | ||
Centrica plc | 147,005 | 137,396 | ||
Coca-Cola HBC AG | 6,667 | 211,555 | ||
Compass Group plc | 26,897 | 588,306 | ||
Diageo plc | 3,505 | 123,661 | ||
Direct Line Insurance Group plc | 20,338 | 80,307 | ||
Evraz plc | 59,079 | 255,311 | ||
Experian plc | 4,399 | 146,664 | ||
Ferguson plc | 895 | 77,881 | ||
GlaxoSmithKline plc | 20,329 | 408,110 | ||
Glencore plc(2) | 24,695 | 62,948 | ||
Halma plc | 39,488 | 981,062 | ||
Hargreaves Lansdown plc | 23,914 | 477,139 | ||
InterContinental Hotels Group plc | 2,214 | 121,434 | ||
International Consolidated Airlines Group SA | 59,057 | 368,013 | ||
Intertek Group plc | 2,041 | 138,805 | ||
ITV plc | 52,871 | 79,559 | ||
Land Securities Group plc | 43,569 | 467,299 | ||
London Stock Exchange Group plc | 1,615 | 157,373 | ||
Meggitt plc | 11,552 | 80,681 | ||
Mondi plc | 3,607 | 72,728 | ||
Next plc | 3,081 | 242,627 | ||
Pearson plc | 26,909 | 192,641 | ||
Persimmon plc | 11,910 | 435,797 | ||
RELX plc | 5,920 | 142,619 |
13
Shares | Value | |||
Rentokil Initial plc | 24,720 | $ | 154,057 | |
Rightmove plc | 123,843 | 986,912 | ||
Rio Tinto plc | 4,118 | 192,278 | ||
Royal Dutch Shell plc, A Shares | 2,712 | 59,124 | ||
Sage Group plc (The) | 7,971 | 70,731 | ||
Smith & Nephew plc | 3,473 | 77,470 | ||
Spirax-Sarco Engineering plc | 1,244 | 134,919 | ||
Standard Life Aberdeen plc | 35,016 | 125,361 | ||
Taylor Wimpey plc | 142,041 | 371,355 | ||
Travis Perkins plc | 7,687 | 144,969 | ||
WM Morrison Supermarkets plc | 150,533 | 332,470 | ||
10,634,525 | ||||
United States — 0.1% | ||||
Perrigo Co. plc | 2,055 | 100,596 | ||
TOTAL COMMON STOCKS (Cost $94,034,519) | 90,433,702 | |||
RIGHTS† | ||||
Spain† | ||||
ACS Actividades de Construccion y Servicios SA(1)(2) (Cost $4,059) | 8,353 | 3,654 | ||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $148,959) | 148,959 | 148,959 | ||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.4% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $1,242,380) | 1,242,380 | 1,242,380 | ||
TOTAL INVESTMENT SECURITIES — 101.2% (Cost $95,429,917) | 91,828,695 | |||
OTHER ASSETS AND LIABILITIES — (1.2)% | (1,118,224 | ) | ||
TOTAL NET ASSETS — 100.0% | $ | 90,710,471 |
MARKET SECTOR DIVERSIFICATION | ||
(as a % of net assets) | ||
Consumer Discretionary | 14.9 | % |
Health Care | 14.1 | % |
Industrials | 14.0 | % |
Financials | 13.9 | % |
Information Technology | 11.2 | % |
Materials | 9.9 | % |
Consumer Staples | 8.7 | % |
Communication Services | 6.2 | % |
Energy | 2.8 | % |
Real Estate | 2.1 | % |
Utilities | 1.9 | % |
Cash and Equivalents* | 0.3 | % |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
14
NOTES TO SCHEDULE OF INVESTMENTS | ||
ADR | - | American Depositary Receipt |
† | Category is less than 0.05% of total net assets. |
(1) | Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,633,289. 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. |
(2) | Non-income producing. |
(3) | Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $1,718,794, which includes securities collateral of $476,414. |
See Notes to Financial Statements.
15
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $94,187,537) — including $1,633,289 of securities on loan | $ | 90,586,315 | |
Investment made with cash collateral received for securities on loan, at value (cost of $1,242,380) | 1,242,380 | ||
Total investment securities, at value (cost of $95,429,917) | 91,828,695 | ||
Foreign currency holdings, at value (cost of $6,941) | 6,928 | ||
Dividends and interest receivable | 147,421 | ||
Securities lending receivable | 485 | ||
91,983,529 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 1,242,380 | ||
Accrued management fees | 30,678 | ||
1,273,058 | |||
Net Assets | $ | 90,710,471 | |
Shares outstanding (unlimited number of shares authorized) | 2,400,000 | ||
Net Asset Value Per Share | $ | 37.80 | |
Net Assets Consist of: | |||
Capital paid in | $ | 93,608,033 | |
Distributable earnings | (2,897,562 | ) | |
$ | 90,710,471 |
See Notes to Financial Statements.
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Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $44,938) | $ | 555,078 | |
Interest | 1,884 | ||
Securities lending, net | 561 | ||
557,523 | |||
Expenses: | |||
Management fees | 149,315 | ||
Other expenses | 193 | ||
149,508 | |||
Net investment income (loss) | 408,015 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions (Note 4) | 1,712,324 | ||
Foreign currency translation transactions | (7,081 | ) | |
1,705,243 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | (3,933,714 | ) | |
Translation of assets and liabilities in foreign currencies | 663 | ||
(3,933,051 | ) | ||
Net realized and unrealized gain (loss) | (2,227,808 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,819,793 | ) |
See Notes to Financial Statements.
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Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 29, 2020 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2019 | ||||||
Increase (Decrease) in Net Assets | February 29, 2020 | August 31, 2019(1) | ||||
Operations | ||||||
Net investment income (loss) | $ | 408,015 | $ | 362,298 | ||
Net realized gain (loss) | 1,705,243 | (940,976 | ) | |||
Change in net unrealized appreciation (depreciation) | (3,933,051 | ) | 332,604 | |||
Net increase (decrease) in net assets resulting from operations | (1,819,793 | ) | (246,074 | ) | ||
Distributions to Shareholders | ||||||
From earnings | (533,205) | (298,490) | ||||
Capital Share Transactions | ||||||
Proceeds from shares sold | 80,713,928 | 19,263,880 | ||||
Payments for shares redeemed | (6,369,775 | ) | — | |||
Net increase (decrease) in net assets from capital share transactions | 74,344,153 | 19,263,880 | ||||
Net increase (decrease) in net assets | 71,991,155 | 18,719,316 | ||||
Net Assets | ||||||
Beginning of period | 18,719,316 | — | ||||
End of period | $ | 90,710,471 | $ | 18,719,316 | ||
Transactions in Shares of the Fund | ||||||
Sold | 2,050,000 | 500,000 | ||||
Redeemed | (150,000 | ) | — | |||
Net increase (decrease) in shares of the fund | 1,900,000 | 500,000 |
(1) | September 10, 2018 (fund inception) through August 31, 2019. |
See Notes to Financial Statements.
18
Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Quality Diversified International ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Alpha Vee American Century Diversified International Equity Index. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on September 10, 2018.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the London Stock Exchange as provided by an independent pricing service.
Open-end management investment companies are valued at the reported net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
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Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 1,239,492 | — | — | — | $ | 1,239,492 | |||||
Rights | 2,888 | — | — | — | 2,888 | |||||||
Total Borrowings | $ | 1,242,380 | — | — | — | $ | 1,242,380 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,242,380 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 72% of the shares of the fund. ACIM owns 5% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.39%.
Interfund Transactions — The fund may enter into security transactions with other American Century
Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules
and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that
these transactions be effected at the independent current market price of the security. There were no interfund
transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 were $59,020,971 and $50,923,069, respectively.
Securities received or delivered in-kind through subscriptions and redemptions for the period ended February 29, 2020 were $71,498,229 and $5,558,104, respectively. The fund incurred net realized gains of $1,084,556 from in-kind transactions. Net realized gain (loss) on in-kind transactions are not considered taxable for federal income tax purposes.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 50,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a basket of securities (and an amount of cash) that the fund specifies each day. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
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6. 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.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Common Stocks | $ | 1,321,943 | $ | 89,111,759 | — | |||
Rights | — | 3,654 | — | |||||
Temporary Cash Investments | 148,959 | — | — | |||||
Temporary Cash Investments - Securities Lending Collateral | 1,242,380 | — | — | |||||
$ | 2,713,282 | $ | 89,115,413 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The fund seeks to track an index. If the fund's index has high portfolio turnover, the fund may also have high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
The fund is not actively managed and does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the fund generally will not buy or sell securities unless they are added or removed from the index, even if the security is underperforming.
22
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 95,644,603 | |
Gross tax appreciation of investments | $ | 3,004,630 | |
Gross tax depreciation of investments | (6,820,538 | ) | |
Net tax appreciation (depreciation) of investments | $ | (3,815,908 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2019, the fund had accumulated short-term capital losses of $(892,213), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
23
Financial Highlights |
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $37.44 | 0.22 | 0.35 | 0.57 | (0.21) | $37.80 | 1.47% | 0.39%(5) | 1.07%(5) | 68% | $90,710 | ||
2019(6) | $39.85 | 0.98 | (2.69) | (1.71) | (0.70) | $37.44 | (4.32)% | 0.39%(5) | 2.67%(5) | 119% | $18,719 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | Six months ended February 29, 2020 (unaudited). |
(5) | Annualized. |
(6) | September 10, 2018 (fund inception) through August 31, 2019. |
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT. The fund's Forms N-Q and Form N-PORT reports are available on the SEC’s website at sec.gov.
25
Notes |
26
Notes |
27
Notes |
28
Notes |
29
Notes |
30
Notes |
31
Notes |
32
Contact Us | americancenturyetfs.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-95469 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ Emerging Markets Equity ETF (AVEM) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3.3% |
Samsung Electronics Co. Ltd. GDR | 3.1% |
Tencent Holdings Ltd. | 3.0% |
Alibaba Group Holding Ltd. ADR | 2.0% |
China Construction Bank Corp., H Shares | 1.5% |
Infosys Ltd. ADR | 1.2% |
Ping An Insurance Group Co. of China Ltd. ADR | 1.2% |
SK Hynix, Inc. | 1.1% |
Reliance Industries Ltd. GDR | 1.0% |
Industrial & Commercial Bank of China Ltd., H Shares | 0.8% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 98.8% |
Rights | —* |
Warrants | —* |
Total Equity Exposure | 98.8% |
Temporary Cash Investments | 0.1% |
Temporary Cash Investments - Securities Lending Collateral | 1.3% |
Other Assets and Liabilities | (0.2)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets |
China | 31.5% |
Taiwan | 13.7% |
South Korea | 12.9% |
India | 9.0% |
Brazil | 8.1% |
South Africa | 5.1% |
Russia | 3.6% |
Mexico | 2.9% |
Thailand | 2.8% |
Malaysia | 2.1% |
Indonesia | 2.1% |
Other Countries | 5.0% |
Cash and Equivalents* | 1.2% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $973.40(2) | $1.48(3) | 0.33% |
Hypothetical | $1,000 | $1,023.22(4) | $1.66(4) | 0.33% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from September 17, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 166, the number of days in the period from September 17, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the fund had been available throughout the entire period and are calculated using the fund's annualized expense ratio listed in the table above. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 98.8% | ||||
Brazil — 8.1% | ||||
AES Tiete Energia SA | 13,500 | $ | 45,283 | |
Aliansce Sonae Shopping Centers SA | 1,200 | 12,212 | ||
Alliar Medicos A Frente SA | 300 | 1,259 | ||
Alpargatas SA Preference Shares | 3,700 | 25,781 | ||
Alupar Investimento SA | 1,800 | 11,230 | ||
Ambev SA ADR | 41,333 | 132,679 | ||
Arezzo Industria e Comercio SA | 200 | 2,688 | ||
Atacadao SA | 7,500 | 34,147 | ||
Azul SA ADR(1) | 1,026 | 30,267 | ||
B2W Cia Digital(1) | 1,000 | 13,920 | ||
B3 SA - Brasil Bolsa Balcao | 14,500 | 152,720 | ||
Banco ABC Brasil SA Preference Shares | 3,000 | 13,276 | ||
Banco Bradesco SA | 12,600 | 77,484 | ||
Banco Bradesco SA ADR | 45,919 | 311,331 | ||
Banco BTG Pactual SA | 3,100 | 46,238 | ||
Banco do Brasil SA ADR(2) | 14,165 | 149,441 | ||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 6,300 | 25,217 | ||
Banco Inter SA Preference Shares | 300 | 1,010 | ||
Banco Santander Brasil SA ADR | 4,698 | 40,920 | ||
BB Seguridade Participacoes SA | 13,600 | 96,406 | ||
BK Brasil Operacao e Assessoria a Restaurantes SA | 300 | 981 | ||
BR Malls Participacoes SA | 27,500 | 100,237 | ||
BR Properties SA(1) | 6,100 | 18,429 | ||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 1,500 | 6,172 | ||
Braskem SA ADR(2) | 1,662 | 20,110 | ||
BRF SA ADR(1) | 21,342 | 128,479 | ||
Camil Alimentos SA | 3,000 | 5,602 | ||
CCR SA | 37,500 | 135,597 | ||
Centrais Eletricas Brasileiras SA ADR(2) | 2,976 | 23,004 | ||
Centrais Eletricas Brasileiras SA, Class B Preference Shares | 3,000 | 23,943 | ||
Cia Brasileira de Distribuicao ADR | 2,196 | 35,685 | ||
Cia de Locacao das Americas | 18,400 | 85,995 | ||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 8,401 | 109,465 | ||
Cia de Saneamento de Minas Gerais-COPASA | 2,200 | 29,651 | ||
Cia de Saneamento do Parana | 1,400 | 31,166 | ||
Cia de Saneamento do Parana Preference Shares | 12,900 | 57,261 | ||
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 2,200 | 10,577 | ||
Cia Energetica de Minas Gerais ADR | 7,974 | 24,161 | ||
Cia Energetica de Sao Paulo, Class B Preference Shares | 8,100 | 58,723 | ||
Cia Ferro Ligas da Bahia - FERBASA Preference Shares | 1,500 | 5,940 | ||
Cia Hering | 3,000 | 15,094 |
5
Shares | Value | |||
Cia Paranaense de Energia ADR | 3,832 | $ | 60,776 | |
Cia Siderurgica Nacional SA ADR(2) | 19,940 | 49,052 | ||
Cielo SA | 12,800 | 19,435 | ||
Cogna Educacao | 6,100 | 13,532 | ||
Construtora Tenda SA | 3,500 | 27,159 | ||
Cosan Logistica SA(1) | 8,500 | 34,024 | ||
CVC Brasil Operadora e Agencia de Viagens SA | 1,100 | 6,356 | ||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 9,800 | 63,881 | ||
Direcional Engenharia SA | 5,900 | 19,645 | ||
Duratex SA | 8,000 | 30,197 | ||
EcoRodovias Infraestrutura e Logistica SA(1) | 12,700 | 43,991 | ||
EDP - Energias do Brasil SA | 6,400 | 28,766 | ||
Embraer SA ADR(1) | 9,606 | 146,395 | ||
Enauta Participacoes SA | 3,000 | 8,795 | ||
Energisa SA | 3,000 | 35,555 | ||
Eneva SA(1) | 5,900 | 55,294 | ||
Engie Brasil Energia SA | 6,200 | 66,050 | ||
Equatorial Energia SA | 12,100 | 65,642 | ||
Even Construtora e Incorporadora SA(1) | 6,100 | 19,615 | ||
Ez Tec Empreendimentos e Participacoes SA | 200 | 2,065 | ||
Fleury SA | 3,500 | 22,987 | ||
Fras-Le SA | 6,200 | 8,180 | ||
Gerdau SA ADR(2) | 16,380 | 61,261 | ||
Gol Linhas Aereas Inteligentes SA ADR(2) | 636 | 7,206 | ||
Grendene SA | 6,800 | 14,537 | ||
Grupo SBF SA(1) | 4,400 | 42,899 | ||
Guararapes Confeccoes SA | 4,400 | 26,654 | ||
Helbor Empreendimentos SA(1) | 25,200 | 19,216 | ||
Hypera SA | 3,800 | 29,155 | ||
Iguatemi Empresa de Shopping Centers SA | 1,300 | 14,477 | ||
Industrias Romi SA | 1,600 | 5,213 | ||
Instituto Hermes Pardini SA | 700 | 4,361 | ||
Iochpe Maxion SA | 6,000 | 25,989 | ||
IRB Brasil Resseguros S/A | 9,800 | 72,143 | ||
Itau Unibanco Holding SA ADR | 59,031 | 417,349 | ||
JBS SA | 6,300 | 31,557 | ||
Jereissati Participacoes SA | 900 | 7,185 | ||
JHSF Participacoes SA | 11,400 | 16,825 | ||
JSL SA | 4,500 | 27,371 | ||
Klabin SA | 37,800 | 162,970 | ||
Light SA | 9,600 | 46,069 | ||
Localiza Rent a Car SA | 22,230 | 242,388 | ||
LOG Commercial Properties e Participacoes SA | 1,400 | 8,522 | ||
Log-in Logistica Intermodal SA(1) | 400 | 1,731 | ||
Lojas Americanas SA Preference Shares | 6,663 | 38,665 | ||
Lojas Renner SA | 9,800 | 114,526 | ||
LPS Brasil Consultoria de Imoveis SA(1) | 600 | 953 |
6
Shares | Value | |||
M Dias Branco SA | 1,500 | $ | 13,414 | |
Magazine Luiza SA | 16,700 | 185,975 | ||
Mahle-Metal Leve SA | 1,900 | 11,535 | ||
Marcopolo SA Preference Shares | 12,800 | 13,825 | ||
Marfrig Global Foods SA(1) | 6,100 | 16,192 | ||
Marisa Lojas SA(1) | 5,781 | 16,702 | ||
Metalurgica Gerdau SA Preference Shares | 6,100 | 10,667 | ||
Mills Estruturas e Servicos de Engenharia SA(1) | 5,200 | 9,814 | ||
Minerva SA(1) | 1,500 | 3,817 | ||
Movida Participacoes SA | 8,700 | 34,630 | ||
MRV Engenharia e Participacoes SA | 8,100 | 34,777 | ||
Multiplan Empreendimentos Imobiliarios SA | 3,000 | 20,461 | ||
Natura & Co. Holding SA | 9,800 | 98,769 | ||
Notre Dame Intermedica Participacoes SA | 6,588 | 90,617 | ||
Odontoprev SA | 11,600 | 40,051 | ||
Omega Geracao SA(1) | 1,100 | 9,559 | ||
Paranapanema SA(1) | 1,500 | 6,635 | ||
Petro Rio SA(1) | 5,700 | 49,481 | ||
Petrobras Distribuidora SA | 6,300 | 36,150 | ||
Petroleo Brasileiro SA ADR | 26,694 | 322,997 | ||
Petroleo Brasileiro SA ADR Preference Shares | 38,060 | 428,556 | ||
Porto Seguro SA | 3,100 | 41,461 | ||
Qualicorp Consultoria e Corretora de Seguros SA | 14,500 | 109,271 | ||
Raia Drogasil SA | 3,100 | 81,924 | ||
Randon SA Implementos e Participacoes Preference Shares | 3,500 | 9,048 | ||
Rumo SA(1) | 10,000 | 47,139 | ||
Santos Brasil Participacoes SA | 3,000 | 3,884 | ||
Sao Martinho SA | 10,200 | 59,874 | ||
Ser Educacional SA | 2,800 | 16,035 | ||
SLC Agricola SA | 3,000 | 13,491 | ||
Smiles Fidelidade SA | 1,900 | 13,893 | ||
Sul America SA | 9,700 | 115,613 | ||
Suzano SA ADR(1)(2) | 2,340 | 19,843 | ||
Tecnisa SA(1) | 4,300 | 1,442 | ||
Tegma Gestao Logistica SA | 200 | 1,565 | ||
Telefonica Brasil SA ADR | 8,805 | 105,044 | ||
Tim Participacoes SA ADR(2) | 5,369 | 96,803 | ||
TOTVS SA | 300 | 4,716 | ||
Transmissora Alianca de Energia Eletrica SA | 7,500 | 49,794 | ||
Trisul SA | 3,000 | 9,472 | ||
Tupy SA | 4,000 | 19,410 | ||
Ultrapar Participacoes SA ADR(2) | 6,912 | 28,685 | ||
Unipar Carbocloro SA Preference Shares | 3,000 | 17,878 | ||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 11,200 | 20,437 | ||
Vale SA ADR | 60,548 | 594,581 | ||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 1,100 | 3,577 |
7
Shares | Value | |||
Via Varejo SA(1) | 9,200 | $ | 28,226 | |
WEG SA | 7,200 | 68,910 | ||
Wiz Solucoes e Corretagem de Seguros SA | 3,000 | 9,392 | ||
YDUQS Part | 13,200 | 148,326 | ||
7,610,753 | ||||
Chile — 0.8% | ||||
AES Gener SA | 269,638 | 39,706 | ||
Aguas Andinas SA, A Shares | 58,620 | 20,069 | ||
Banco de Chile | 449,912 | 39,633 | ||
Banco de Credito e Inversiones SA | 494 | 18,422 | ||
Banco Santander Chile ADR | 2,016 | 36,429 | ||
Besalco SA | 44,236 | 17,794 | ||
CAP SA | 2,627 | 14,871 | ||
Cencosud SA | 14,032 | 16,470 | ||
Cia Cervecerias Unidas SA ADR | 390 | 6,217 | ||
Cia Sud Americana de Vapores SA(1) | 507,280 | 14,879 | ||
Colbun SA | 319,331 | 40,097 | ||
Embotelladora Andina SA, Class B Preference Shares | 25,842 | 62,401 | ||
Empresa Nacional de Telecomunicaciones SA(1) | 7,414 | 39,020 | ||
Empresas CMPC SA | 21,758 | 43,894 | ||
Empresas COPEC SA | 7,149 | 55,495 | ||
Enel Americas SA ADR | 18,226 | 156,744 | ||
Enel Chile SA | 339,938 | 30,340 | ||
Engie Energia Chile SA | 19,470 | 25,109 | ||
Forus SA | 4,221 | 5,083 | ||
Grupo Security SA | 49,918 | 9,946 | ||
Inversiones Aguas Metropolitanas SA | 5,409 | 4,696 | ||
Itau CorpBanca | 1,733,598 | 6,361 | ||
Latam Airlines Group SA ADR(2) | 3,964 | 26,955 | ||
Ripley Corp. SA | 13,136 | 5,139 | ||
SACI Falabella | 3,925 | 13,053 | ||
Salfacorp SA | 15,871 | 7,432 | ||
SMU SA | 11,262 | 1,707 | ||
Sociedad Quimica y Minera de Chile SA ADR | 1,170 | 32,035 | ||
Vina Concha y Toro SA | 3,709 | 6,142 | ||
796,139 | ||||
China — 31.5% | ||||
21Vianet Group, Inc. ADR(1) | 1,757 | 26,320 | ||
361 Degrees International Ltd. | 40,000 | 7,231 | ||
3SBio, Inc.(1) | 15,000 | 15,651 | ||
51job, Inc. ADR(1) | 481 | 35,964 | ||
58.com, Inc. ADR(1) | 181 | 9,986 | ||
A-Living Services Co. Ltd., H Shares | 8,000 | 36,184 | ||
AAC Technologies Holdings, Inc. | 15,500 | 102,730 | ||
Agile Group Holdings Ltd. | 38,000 | 53,791 | ||
Agricultural Bank of China Ltd., H Shares | 528,000 | 212,665 | ||
Air China Ltd., H Shares | 30,000 | 24,452 |
8
Shares | Value | |||
Ajisen China Holdings Ltd. | 30,000 | $ | 7,560 | |
AK Medical Holdings Ltd. | 16,000 | 33,373 | ||
Alibaba Group Holding Ltd. ADR(1) | 9,185 | 1,910,480 | ||
Alibaba Health Information Technology Ltd.(1) | 24,000 | 46,582 | ||
Alibaba Pictures Group Ltd.(1) | 170,000 | 23,101 | ||
Aluminum Corp. of China Ltd., H Shares(1) | 28,000 | 7,535 | ||
Angang Steel Co. Ltd., H Shares(2) | 32,000 | 10,749 | ||
Anhui Conch Cement Co. Ltd., H Shares | 33,500 | 247,758 | ||
Anhui Expressway Co. Ltd., H Shares | 30,000 | 16,851 | ||
ANTA Sports Products Ltd. | 30,000 | 244,061 | ||
Anton Oilfield Services Group(2) | 48,000 | 4,604 | ||
Aoyuan Healthy Life Group Co. Ltd.(1) | 16,000 | 17,335 | ||
Asia Cement China Holdings Corp. | 39,000 | 52,028 | ||
Atlas Corp.(2) | 4,038 | 42,803 | ||
Autohome, Inc. ADR(1) | 1,026 | 79,689 | ||
AVIC International Holding HK Ltd. | 308,000 | 6,083 | ||
AVIC International Holdings Ltd., H Shares(1) | 24,000 | 25,661 | ||
AviChina Industry & Technology Co. Ltd., H Shares | 30,000 | 13,122 | ||
BAIC Motor Corp. Ltd., H Shares | 64,500 | 31,794 | ||
Baidu, Inc. ADR(1) | 2,435 | 292,151 | ||
BAIOO Family Interactive Ltd. | 46,000 | 6,810 | ||
Bank of China Ltd., H Shares | 1,352,000 | 537,832 | ||
Bank of Chongqing Co. Ltd., H Shares | 35,000 | 19,045 | ||
Bank of Communications Co. Ltd., H Shares | 96,000 | 62,004 | ||
BBMG Corp., H Shares | 37,000 | 10,482 | ||
Beijing Capital International Airport Co. Ltd., H Shares | 104,000 | 80,984 | ||
Beijing Capital Land Ltd., H Shares | 45,000 | 12,222 | ||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares | 2,200 | 22,103 | ||
Beijing Enterprises Clean Energy Group Ltd.(1) | 740,000 | 5,065 | ||
Beijing Enterprises Holdings Ltd. | 13,000 | 55,164 | ||
Beijing Enterprises Water Group Ltd.(1) | 130,000 | 60,249 | ||
Beijing Gas Blue Sky Holdings Ltd.(1) | 88,000 | 2,150 | ||
Beijing North Star Co. Ltd., H Shares | 4,000 | 1,111 | ||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 2,000 | 3,358 | ||
Best Food Holding Co. Ltd.(1) | 8,000 | 1,098 | ||
Best Pacific International Holdings Ltd. | 4,000 | 996 | ||
Bestway Global Holding, Inc. | 8,000 | 2,543 | ||
Bilibili, Inc. ADR(1) | 600 | 15,408 | ||
BOC Aviation Ltd. | 11,400 | 99,220 | ||
Bosideng International Holdings Ltd. | 122,000 | 34,998 | ||
Bright Scholar Education Holdings Ltd. ADR | 954 | 7,746 | ||
Brilliance China Automotive Holdings Ltd. | 44,000 | 37,561 | ||
BYD Co. Ltd., H Shares(2) | 4,000 | 24,693 | ||
BYD Electronic International Co. Ltd.(2) | 16,000 | 30,540 | ||
CA Cultural Technology Group Ltd. | 30,000 | 8,124 | ||
Canadian Solar, Inc.(1) | 4,099 | 83,620 | ||
Canvest Environmental Protection Group Co. Ltd.(2) | 40,000 | 18,937 |
9
Shares | Value | |||
CAR, Inc.(1) | 51,000 | $ | 31,839 | |
Central China Real Estate Ltd. | 30,000 | 17,751 | ||
CGN New Energy Holdings Co. Ltd.(1) | 92,000 | 14,033 | ||
CGN Power Co. Ltd., H Shares | 162,000 | 39,640 | ||
Changyou.com Ltd. ADR(2) | 1,722 | 18,529 | ||
Chaowei Power Holdings Ltd. | 25,000 | 7,918 | ||
China Aerospace International Holdings Ltd. | 48,000 | 2,600 | ||
China Aircraft Leasing Group Holdings Ltd. | 5,000 | 4,841 | ||
China BlueChemical Ltd., H Shares | 64,000 | 12,237 | ||
China Cinda Asset Management Co. Ltd., H Shares | 123,000 | 25,941 | ||
China CITIC Bank Corp. Ltd., H Shares | 129,000 | 67,517 | ||
China Coal Energy Co. Ltd., H Shares | 102,000 | 33,174 | ||
China Communications Construction Co. Ltd., H Shares | 46,000 | 34,544 | ||
China Communications Services Corp. Ltd., H Shares | 80,000 | 62,551 | ||
China Construction Bank Corp., H Shares | 1,736,000 | 1,414,216 | ||
China Customer Relations Centers, Inc.(1) | 669 | 5,051 | ||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 97,000 | 7,821 | ||
China Dongxiang Group Co. Ltd. | 137,000 | 13,789 | ||
China Eastern Airlines Corp. Ltd., H Shares(1) | 18,000 | 7,683 | ||
China Education Group Holdings Ltd. | 1,000 | 1,433 | ||
China Energy Development Holdings Ltd.(1) | 246,000 | 5,817 | ||
China Everbright Bank Co. Ltd., H Shares | 61,000 | 24,613 | ||
China Everbright Greentech Ltd. | 32,000 | 15,614 | ||
China Everbright International Ltd. | 148,000 | 99,180 | ||
China Everbright Ltd. | 2,000 | 3,380 | ||
China Everbright Water Ltd.(2) | 14,200 | 3,191 | ||
China Evergrande Group(2) | 11,000 | 24,972 | ||
China First Capital Group Ltd.(1) | 102,000 | 2,808 | ||
China Flavors & Fragrances Co. Ltd. | 6,000 | 1,060 | ||
China Foods Ltd. | 42,000 | 15,574 | ||
China Galaxy Securities Co. Ltd., H Shares | 46,000 | 25,645 | ||
China Gas Holdings Ltd. | 26,200 | 96,398 | ||
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A | 40,000 | 25,323 | ||
China Harmony New Energy Auto Holding Ltd. | 71,500 | 35,540 | ||
China High Speed Transmission Equipment Group Co. Ltd.(2) | 17,000 | 10,880 | ||
China Hongqiao Group Ltd. | 30,500 | 16,499 | ||
China Huarong Asset Management Co. Ltd., H Shares | 154,000 | 21,153 | ||
China Index Holdings Ltd. ADR(1) | 526 | 1,105 | ||
China International Capital Corp. Ltd., H Shares | 40,800 | 76,067 | ||
China Jinmao Holdings Group Ltd. | 276,000 | 203,308 | ||
China Lesso Group Holdings Ltd. | 88,000 | 133,096 | ||
China Life Insurance Co. Ltd. ADR(2) | 12,870 | 152,381 | ||
China Lilang Ltd. | 11,000 | 7,179 | ||
China Literature Ltd.(1)(2) | 2,800 | 12,753 | ||
China Logistics Property Holdings Co. Ltd.(1) | 3,000 | 1,161 | ||
China Longyuan Power Group Corp. Ltd., H Shares | 96,000 | 50,512 | ||
China Maple Leaf Educational Systems Ltd.(2) | 24,000 | 8,431 |
10
Shares | Value | |||
China Medical System Holdings Ltd. | 66,000 | $ | 81,799 | |
China Meidong Auto Holdings Ltd. | 28,000 | 41,425 | ||
China Mengniu Dairy Co. Ltd.(1) | 122,000 | 435,282 | ||
China Merchants Bank Co. Ltd., H Shares | 69,000 | 319,309 | ||
China Merchants Land Ltd.(1) | 60,000 | 8,994 | ||
China Merchants Port Holdings Co. Ltd. | 24,000 | 35,542 | ||
China Minsheng Banking Corp. Ltd., H Shares | 130,500 | 88,636 | ||
China Mobile Ltd. ADR | 17,837 | 710,269 | ||
China Modern Dairy Holdings Ltd.(1) | 63,000 | 7,603 | ||
China Molybdenum Co. Ltd., H Shares(2) | 3,000 | 1,137 | ||
China National Building Material Co. Ltd., H Shares | 130,000 | 151,950 | ||
China New Higher Education Group Ltd.(2) | 32,000 | 10,946 | ||
China Oil & Gas Group Ltd.(1) | 100,000 | 3,518 | ||
China Oilfield Services Ltd., H Shares | 34,000 | 43,894 | ||
China Oriental Group Co. Ltd. | 56,000 | 19,301 | ||
China Overseas Grand Oceans Group Ltd. | 64,000 | 44,146 | ||
China Overseas Land & Investment Ltd. | 42,000 | 142,093 | ||
China Overseas Property Holdings Ltd. | 5,000 | 4,071 | ||
China Pacific Insurance Group Co. Ltd., H Shares | 42,000 | 139,536 | ||
China Petroleum & Chemical Corp. ADR(2) | 3,294 | 169,773 | ||
China Power International Development Ltd. | 291,000 | 54,490 | ||
China Railway Construction Corp. Ltd., H Shares | 75,000 | 86,683 | ||
China Railway Group Ltd., H Shares | 42,000 | 23,937 | ||
China Railway Signal & Communication Corp. Ltd., H Shares | 30,000 | 15,464 | ||
China Reinsurance Group Corp., H Shares | 61,000 | 8,354 | ||
China Resources Beer Holdings Co. Ltd. | 20,000 | 93,211 | ||
China Resources Cement Holdings Ltd. | 116,000 | 147,020 | ||
China Resources Gas Group Ltd. | 14,000 | 70,185 | ||
China Resources Land Ltd. | 92,000 | 428,012 | ||
China Resources Medical Holdings Co. Ltd. | 15,000 | 7,821 | ||
China Resources Pharmaceutical Group Ltd. | 30,500 | 26,746 | ||
China Resources Power Holdings Co. Ltd. | 60,000 | 71,676 | ||
China Sanjiang Fine Chemicals Co. Ltd. | 30,000 | 5,802 | ||
China SCE Group Holdings Ltd. | 131,000 | 71,960 | ||
China Shengmu Organic Milk Ltd.(1) | 59,000 | 1,704 | ||
China Shenhua Energy Co. Ltd., H Shares | 48,000 | 83,734 | ||
China Shineway Pharmaceutical Group Ltd. | 11,000 | 9,613 | ||
China South City Holdings Ltd. | 192,000 | 21,321 | ||
China Southern Airlines Co. Ltd., H Shares(2) | 22,000 | 11,523 | ||
China State Construction International Holdings Ltd. | 60,000 | 49,032 | ||
China Suntien Green Energy Corp. Ltd., H Shares | 72,000 | 17,637 | ||
China Taiping Insurance Holdings Co. Ltd. | 19,800 | 40,879 | ||
China Telecom Corp. Ltd. ADR(2) | 3,713 | 140,611 | ||
China Tobacco International HK Co. Ltd.(1) | 3,000 | 6,504 | ||
China Tower Corp. Ltd., H Shares | 480,000 | 117,297 | ||
China Traditional Chinese Medicine Holdings Co. Ltd. | 112,000 | 59,070 | ||
China Travel International Investment Hong Kong Ltd. | 114,000 | 18,176 |
11
Shares | Value | |||
China Unicom (Hong Kong) Ltd. ADR | 6,096 | $ | 48,890 | |
China Vanke Co. Ltd., H Shares | 26,100 | 101,338 | ||
China Vast Industrial Urban Development Co. Ltd. | 5,000 | 1,967 | ||
China Water Affairs Group Ltd. | 12,000 | 9,597 | ||
China Wood Optimization Holding Ltd. | 8,000 | 1,790 | ||
China XLX Fertiliser Ltd. | 30,000 | 9,270 | ||
China Yongda Automobiles Services Holdings Ltd. | 59,000 | 56,430 | ||
China Yuchai International Ltd. | 636 | 7,899 | ||
China Yuhua Education Corp. Ltd. | 20,000 | 15,444 | ||
China Yurun Food Group Ltd.(1) | 9,000 | 825 | ||
China ZhengTong Auto Services Holdings Ltd. | 31,500 | 8,828 | ||
China Zhongwang Holdings Ltd. | 49,200 | 16,639 | ||
Chinasoft International Ltd.(1) | 34,000 | 21,086 | ||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 130,000 | 59,086 | ||
CIFI Holdings Group Co. Ltd. | 64,000 | 49,449 | ||
CIMC Enric Holdings Ltd. | 6,000 | 3,163 | ||
CITIC Ltd. | 156,000 | 174,643 | ||
CITIC Resources Holdings Ltd. | 118,000 | 6,465 | ||
CNOOC Ltd. ADR | 4,637 | 641,436 | ||
Colour Life Services Group Co. Ltd.(1)(2) | 2,000 | 1,068 | ||
Concord New Energy Group Ltd. | 290,000 | 12,683 | ||
Consun Pharmaceutical Group Ltd. | 24,000 | 11,812 | ||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 22,000 | 8,655 | ||
COSCO SHIPPING Holdings Co. Ltd., Class H(1) | 48,500 | 16,360 | ||
COSCO SHIPPING International Hong Kong Co. Ltd. | 12,000 | 3,554 | ||
COSCO SHIPPING Ports Ltd. | 38,000 | 25,399 | ||
Country Garden Holdings Co. Ltd. | 211,000 | 282,332 | ||
Country Garden Services Holdings Co. Ltd. | 47,000 | 184,784 | ||
CPMC Holdings Ltd. | 17,000 | 6,559 | ||
CRRC Corp. Ltd., H Shares | 38,000 | 24,589 | ||
CSPC Pharmaceutical Group Ltd. | 132,000 | 302,926 | ||
Dali Foods Group Co. Ltd. | 82,000 | 54,052 | ||
Daqo New Energy Corp. ADR(1) | 359 | 23,540 | ||
Datang International Power Generation Co. Ltd., H Shares | 38,000 | 5,975 | ||
Dawnrays Pharmaceutical Holdings Ltd. | 55,000 | 9,333 | ||
Dexin China Holdings Co. Ltd.(1) | 30,000 | 12,316 | ||
Differ Group Holding Co. Ltd.(1) | 40,000 | 2,323 | ||
Digital China Holdings Ltd. | 20,000 | 10,096 | ||
Dongfeng Motor Group Co. Ltd., Class H | 58,000 | 46,164 | ||
Dongyue Group Ltd. | 67,000 | 35,168 | ||
DouYu International Holdings Ltd. ADR(1) | 869 | 6,752 | ||
ENN Energy Holdings Ltd. | 26,600 | 298,083 | ||
Essex Bio-technology Ltd. | 9,000 | 6,398 | ||
Ever Sunshine Lifestyle Services Group Ltd. | 28,000 | 28,666 | ||
Fanhua, Inc. ADR(2) | 1,560 | 31,668 | ||
Fantasia Holdings Group Co. Ltd.(1) | 45,000 | 8,697 | ||
Far East Horizon Ltd. | 66,000 | 57,973 |
12
Shares | Value | |||
FinVolution Group ADR | 2,868 | $ | 5,679 | |
Fosun International Ltd. | 41,000 | 52,767 | ||
Fountain SET Holdings Ltd. | 38,000 | 5,769 | ||
Fu Shou Yuan International Group Ltd. | 30,000 | 25,601 | ||
Fufeng Group Ltd.(1) | 63,000 | 24,600 | ||
Fullshare Holdings Ltd.(1)(2) | 135,000 | 2,171 | ||
Fusen Pharmaceutical Co. Ltd. | 2,000 | 1,092 | ||
Fuyao Glass Industry Group Co. Ltd., H Shares | 5,200 | 14,970 | ||
GCL New Energy Holdings Ltd.(1) | 184,000 | 3,321 | ||
GCL-Poly Energy Holdings Ltd.(1) | 370,000 | 17,868 | ||
GDS Holdings Ltd. ADR(1) | 1,621 | 93,969 | ||
Geely Automobile Holdings Ltd. | 105,000 | 190,626 | ||
Gemdale Properties & Investment Corp. Ltd. | 258,000 | 46,068 | ||
Genertec Universal Medical Group Co. Ltd. | 15,000 | 10,409 | ||
Genscript Biotech Corp.(1)(2) | 28,000 | 58,581 | ||
GF Securities Co. Ltd., H Shares | 6,000 | 7,250 | ||
Global Bio-Chem Technology Group Co. Ltd.(1) | 42,000 | 738 | ||
Global Cord Blood Corp.(1) | 1,914 | 7,541 | ||
Glorious Property Holdings Ltd.(1) | 185,000 | 3,907 | ||
Glory Sun Financial Group Ltd. | 324,000 | 10,444 | ||
Golden Meditech Holdings Ltd.(1) | 28,000 | 2,729 | ||
Grand Baoxin Auto Group Ltd.(1) | 30,500 | 4,965 | ||
Great Wall Motor Co. Ltd., H Shares | 62,500 | 45,567 | ||
Greater China Financial Holdings Ltd.(1) | 96,000 | 2,487 | ||
Greatview Aseptic Packaging Co. Ltd. | 24,000 | 9,436 | ||
Greenland Hong Kong Holdings Ltd. | 58,000 | 22,729 | ||
Greentown Service Group Co. Ltd. | 74,000 | 92,824 | ||
Guangdong Investment Ltd. | 2,000 | 3,781 | ||
Guangzhou Automobile Group Co. Ltd., H Shares | 30,000 | 33,735 | ||
Guangzhou R&F Properties Co. Ltd., H Shares | 24,400 | 38,343 | ||
Guorui Properties Ltd. | 30,000 | 5,357 | ||
Guotai Junan Securities Co. Ltd., H Shares | 6,000 | 10,129 | ||
Haichang Ocean Park Holdings Ltd.(1) | 61,000 | 5,988 | ||
Haidilao International Holding Ltd. | 1,000 | 4,128 | ||
Haier Electronics Group Co. Ltd. | 32,000 | 91,273 | ||
Haitian International Holdings Ltd. | 24,000 | 47,418 | ||
Haitong Securities Co. Ltd., H Shares | 13,600 | 14,758 | ||
Harbin Electric Co. Ltd., H Shares(1) | 14,000 | 3,799 | ||
HC Group, Inc.(1)(2) | 7,500 | 2,048 | ||
Hengan International Group Co. Ltd. | 15,000 | 112,182 | ||
Hi Sun Technology China Ltd.(1) | 120,000 | 16,866 | ||
Hilong Holding Ltd. | 30,000 | 2,705 | ||
Hisense Home Appliances Group Co. Ltd., H Shares(2) | 1,000 | 984 | ||
HKC Holdings Ltd. | 8,000 | 6,379 | ||
Hollysys Automation Technologies Ltd. | 672 | 10,174 | ||
Honghua Group Ltd.(1) | 154,000 | 8,280 | ||
Honworld Group Ltd. | 7,500 | 2,614 |
13
Shares | Value | |||
Hopson Development Holdings Ltd. | 36,000 | $ | 32,638 | |
Hua Hong Semiconductor Ltd.(2) | 26,000 | 57,369 | ||
Huabao International Holdings Ltd. | 18,000 | 7,137 | ||
Huadian Power International Corp. Ltd., H Shares | 64,000 | 19,415 | ||
Huami Corp. ADR(1) | 946 | 13,433 | ||
Huaneng Power International, Inc., H Shares | 54,000 | 21,886 | ||
Huatai Securities Co. Ltd., H Shares | 6,800 | 11,928 | ||
Huaxi Holdings Co. Ltd. | 14,000 | 3,577 | ||
Huazhong In-Vehicle Holdings Co. Ltd. | 14,000 | 1,615 | ||
Huazhu Group Ltd. ADR | 2,406 | 81,202 | ||
Huifu Payment Ltd.(1) | 16,000 | 6,023 | ||
HUYA, Inc. ADR(1) | 1,902 | 37,679 | ||
IGG, Inc. | 63,000 | 46,302 | ||
IMAX China Holding, Inc. | 6,100 | 11,506 | ||
Industrial & Commercial Bank of China Ltd., H Shares | 1,107,000 | 762,807 | ||
Inke Ltd.(1) | 18,000 | 3,141 | ||
Inspur International Ltd. | 22,000 | 9,082 | ||
International Alliance Financial Leasing Co. Ltd.(1) | 30,000 | 4,866 | ||
iQIYI, Inc. ADR(1)(2) | 420 | 9,421 | ||
JD.com, Inc. ADR(1) | 18,177 | 699,996 | ||
Jiangsu Expressway Co. Ltd., H Shares | 30,000 | 34,858 | ||
Jiangxi Copper Co. Ltd., H Shares | 22,000 | 25,952 | ||
Jiayuan International Group Ltd. | 4,000 | 1,579 | ||
Jinchuan Group International Resources Co. Ltd. | 92,000 | 9,124 | ||
Jingrui Holdings Ltd. | 30,000 | 9,598 | ||
JinkoSolar Holding Co. Ltd. ADR(1) | 1,656 | 37,823 | ||
JNBY Design Ltd.(2) | 6,500 | 6,962 | ||
JOYY, Inc. ADR(1) | 1,323 | 71,402 | ||
Kaisa Group Holdings Ltd.(1) | 189,000 | 84,776 | ||
Kandi Technologies Group, Inc.(1)(2) | 996 | 3,745 | ||
Kasen International Holdings Ltd.(1)(2) | 30,000 | 5,456 | ||
Kingboard Holdings Ltd. | 26,000 | 69,445 | ||
Kingboard Laminates Holdings Ltd. | 68,000 | 68,696 | ||
Kingdee International Software Group Co. Ltd. | 30,000 | 38,720 | ||
Kingsoft Corp. Ltd.(1)(2) | 17,000 | 55,871 | ||
Kunlun Energy Co. Ltd. | 60,000 | 42,129 | ||
KWG Group Holdings Ltd.(1) | 48,000 | 70,966 | ||
Lee & Man Paper Manufacturing Ltd. | 50,000 | 39,332 | ||
Lee's Pharmaceutical Holdings Ltd. | 6,500 | 3,288 | ||
Lenovo Group Ltd. | 94,000 | 58,520 | ||
Li Ning Co. Ltd. | 105,000 | 278,765 | ||
Lifestyle China Group Ltd.(1) | 12,500 | 3,235 | ||
Lifetech Scientific Corp.(1) | 6,000 | 1,194 | ||
Logan Property Holdings Co. Ltd. | 32,000 | 55,100 | ||
Longfor Group Holdings Ltd. | 19,000 | 88,615 | ||
Lonking Holdings Ltd. | 99,000 | 27,803 | ||
Luckin Coffee, Inc. ADR(1)(2) | 405 | 16,022 |
14
Shares | Value | |||
Luye Pharma Group Ltd. | 72,000 | $ | 44,336 | |
Meitu, Inc.(1)(2) | 28,500 | 6,780 | ||
Meituan Dianping, Class B(1) | 6,400 | 81,935 | ||
Metallurgical Corp. of China Ltd., H Shares | 61,000 | 11,706 | ||
Midea Real Estate Holding Ltd.(2) | 6,000 | 17,284 | ||
Minsheng Education Group Co. Ltd.(1)(2) | 14,000 | 2,327 | ||
MMG Ltd.(1) | 8,000 | 1,660 | ||
Modern Land China Co. Ltd. | 60,000 | 8,137 | ||
Momo, Inc. ADR | 3,210 | 90,265 | ||
Nam Tai Property, Inc.(1) | 1,621 | 11,023 | ||
NetDragon Websoft Holdings Ltd. | 6,500 | 17,868 | ||
NetEase, Inc. ADR | 1,488 | 474,240 | ||
New China Life Insurance Co. Ltd., H Shares | 16,200 | 62,268 | ||
New Oriental Education & Technology Group, Inc. ADR(1) | 3,146 | 402,342 | ||
Nexteer Automotive Group Ltd. | 30,000 | 22,272 | ||
Nine Dragons Paper Holdings Ltd. | 73,000 | 85,875 | ||
NIO, Inc. ADR(1)(2) | 7,743 | 31,979 | ||
Niu Technologies ADR(1) | 439 | 3,740 | ||
Noah Holdings Ltd. ADR(1) | 318 | 9,025 | ||
NVC International Holdings Ltd. | 123,000 | 3,840 | ||
OneSmart International Education Group Ltd. ADR(1) | 1,842 | 10,020 | ||
Oshidori International Holdings Ltd. | 108,000 | 10,295 | ||
Pacific Online Ltd. | 37,000 | 7,560 | ||
Panda Green Energy Group Ltd.(1) | 70,000 | 1,966 | ||
PAX Global Technology Ltd. | 39,000 | 19,487 | ||
People's Insurance Co. Group of China Ltd. (The), H Shares | 61,000 | 21,759 | ||
PetroChina Co. Ltd. ADR(2) | 1,472 | 57,496 | ||
PICC Property & Casualty Co. Ltd., H Shares | 64,000 | 66,843 | ||
Pinduoduo, Inc. ADR(1) | 600 | 21,468 | ||
Ping An Insurance Group Co. of China Ltd. ADR(2) | 49,242 | 1,107,453 | ||
Poly Property Group Co. Ltd. | 96,000 | 36,401 | ||
Postal Savings Bank of China Co. Ltd., H Shares | 129,000 | 81,856 | ||
Pou Sheng International Holdings Ltd. | 61,000 | 15,645 | ||
Powerlong Real Estate Holdings Ltd. | 51,000 | 32,079 | ||
Prinx Chengshan Cayman Holding Ltd. | 10,500 | 10,797 | ||
PW Medtech Group Ltd.(1) | 29,000 | 4,204 | ||
Qingling Motors Co. Ltd., H Shares | 32,000 | 6,991 | ||
Qudian, Inc. ADR(1)(2) | 5,017 | 13,145 | ||
Rare Earth Magnesium Technology Group Holdings Ltd. | 30,000 | 980 | ||
Redsun Properties Group Ltd. | 17,000 | 5,364 | ||
RISE Education Cayman Ltd. ADR(1)(2) | 572 | 3,169 | ||
Road King Infrastructure Ltd. | 9,000 | 15,484 | ||
Ronshine China Holdings Ltd.(1)(2) | 30,500 | 34,066 | ||
Sany Heavy Equipment International Holdings Co. Ltd. | 3,000 | 1,807 | ||
Seazen Group Ltd.(1)(2) | 6,000 | 6,240 | ||
Semiconductor Manufacturing International Corp.(1)(2) | 71,000 | 139,805 | ||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 24,000 | 31,026 |
15
Shares | Value | |||
Shanghai Electric Group Co. Ltd., H Shares | 60,000 | $ | 17,027 | |
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(2) | 500 | 1,419 | ||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., H Shares | 9,000 | 5,145 | ||
Shanghai Industrial Holdings Ltd. | 21,000 | 37,269 | ||
Shanghai Industrial Urban Development Group Ltd. | 62,000 | 6,978 | ||
Shanghai Jin Jiang Capital Co. Ltd., H Shares | 10,000 | 1,750 | ||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 9,200 | 16,902 | ||
Sheng Ye Capital Ltd. | 22,000 | 19,728 | ||
Shenzhen Expressway Co. Ltd., H Shares | 52,000 | 63,232 | ||
Shenzhen International Holdings Ltd. | 60,000 | 115,460 | ||
Shenzhen Investment Ltd. | 188,000 | 63,546 | ||
Shenzhou International Group Holdings Ltd. | 14,300 | 177,386 | ||
Shimao Property Holdings Ltd. | 43,000 | 155,352 | ||
Shirble Department Store Holdings China Ltd.(1) | 20,000 | 3,373 | ||
Shougang Concord International Enterprises Co. Ltd. | 184,000 | 7,971 | ||
Shougang Fushan Resources Group Ltd. | 102,000 | 19,732 | ||
Shui On Land Ltd. | 180,000 | 36,002 | ||
Sihuan Pharmaceutical Holdings Group Ltd. | 123,000 | 14,468 | ||
Silver Grant International Holdings Group Ltd.(1) | 40,000 | 5,834 | ||
Sina Corp.(1) | 810 | 26,528 | ||
Sino Biopharmaceutical Ltd. | 104,000 | 152,961 | ||
Sino-Ocean Group Holding Ltd. | 81,000 | 29,691 | ||
Sinofert Holdings Ltd.(1) | 60,000 | 6,020 | ||
Sinolink Worldwide Holdings Ltd.(1) | 46,000 | 2,341 | ||
Sinopec Engineering Group Co. Ltd., H Shares | 46,000 | 22,719 | ||
Sinopec Kantons Holdings Ltd. | 44,000 | 17,874 | ||
Sinopec Shanghai Petrochemical Co. Ltd. ADR | 282 | 7,174 | ||
Sinopharm Group Co. Ltd., H Shares | 12,000 | 37,539 | ||
Sinotrans Ltd., H Shares | 3,000 | 856 | ||
Sinotruk Hong Kong Ltd. | 31,500 | 61,131 | ||
Skyfame Realty Holdings Ltd. | 158,000 | 20,514 | ||
Skyworth Group Ltd.(1) | 60,000 | 15,165 | ||
SOHO China Ltd. | 30,500 | 11,112 | ||
Sohu.com Ltd. ADR(1) | 521 | 4,965 | ||
SSY Group Ltd. | 60,000 | 50,877 | ||
Sun Art Retail Group Ltd. | 75,500 | 97,147 | ||
Sun King Power Electronics Group | 38,000 | 6,412 | ||
Sunac China Holdings Ltd. | 63,000 | 347,455 | ||
Sunny Optical Technology Group Co. Ltd. | 18,600 | 292,263 | ||
TAL Education Group ADR(1) | 1,914 | 104,102 | ||
TCL Electronics Holdings Ltd. | 30,000 | 16,673 | ||
Tencent Holdings Ltd. | 57,200 | 2,821,413 | ||
Tencent Music Entertainment Group ADR(1) | 636 | 7,715 | ||
Texhong Textile Group Ltd. | 23,000 | 24,156 | ||
Tian Ge Interactive Holdings Ltd.(1) | 9,000 | 2,009 | ||
Tiangong International Co. Ltd. | 28,000 | 9,812 | ||
Tianjin Development Holdings Ltd. | 6,000 | 1,509 |
16
Shares | Value | |||
Tianjin Port Development Holdings Ltd. | 60,000 | $ | 5,341 | |
Tianli Education International Holdings Ltd. | 36,000 | 18,889 | ||
Tianneng Power International Ltd. | 30,000 | 22,194 | ||
Tibet Water Resources Ltd.(1) | 19,000 | 1,102 | ||
Times China Holdings Ltd. | 30,000 | 56,056 | ||
Times Neighborhood Holdings Ltd.(1) | 11,538 | 9,441 | ||
Tingyi Cayman Islands Holding Corp. | 62,000 | 112,721 | ||
Tong Ren Tang Technologies Co. Ltd., H Shares | 14,000 | 12,976 | ||
Tongda Group Holdings Ltd. | 160,000 | 15,392 | ||
TravelSky Technology Ltd., H Shares | 9,000 | 17,719 | ||
Trigiant Group Ltd. | 28,000 | 7,126 | ||
Trip.com Group Ltd. ADR(1) | 3,129 | 94,996 | ||
Truly International Holdings Ltd.(1) | 60,000 | 8,161 | ||
Tsaker Chemical Group Ltd. | 15,000 | 3,236 | ||
Tsingtao Brewery Co. Ltd., H Shares | 8,000 | 41,448 | ||
Uni-President China Holdings Ltd. | 39,000 | 40,327 | ||
Vinda International Holdings Ltd. | 10,000 | 25,836 | ||
Vipshop Holdings Ltd. ADR(1) | 30,069 | 385,785 | ||
Want Want China Holdings Ltd. | 238,000 | 185,279 | ||
Wasion Holdings Ltd. | 22,000 | 8,976 | ||
Weibo Corp. ADR(1)(2) | 744 | 31,352 | ||
Weichai Power Co. Ltd., H Shares | 42,000 | 83,409 | ||
West China Cement Ltd. | 182,000 | 29,666 | ||
Wisdom Education International Holdings Co. Ltd. | 16,000 | 6,148 | ||
Wison Engineering Services Co. Ltd. | 19,000 | 2,216 | ||
WuXi AppTec Co. Ltd., H Shares | 1,800 | 26,800 | ||
Wuxi Biologics Cayman, Inc.(1) | 2,500 | 36,449 | ||
X Financial ADR(2) | 2,760 | 4,554 | ||
Xiaomi Corp., Class B(1)(2) | 40,000 | 65,144 | ||
Xingda International Holdings Ltd. | 53,000 | 15,752 | ||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 6,000 | 6,015 | ||
Xinyi Solar Holdings Ltd. | 88,000 | 69,486 | ||
Xinyuan Real Estate Co. Ltd. ADR | 2,088 | 6,034 | ||
XTEP International Holdings Ltd. | 15,000 | 6,086 | ||
Yadea Group Holdings Ltd. | 90,000 | 23,883 | ||
Yanzhou Coal Mining Co. Ltd., H Shares | 60,000 | 45,803 | ||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares | 8,000 | 48,456 | ||
Yihai International Holding Ltd.(1) | 12,000 | 80,943 | ||
Yintech Investment Holdings Ltd. ADR(1) | 418 | 2,592 | ||
Yiren Digital Ltd. ADR(1)(2) | 954 | 3,969 | ||
Yixin Group Ltd.(1)(2) | 30,500 | 6,621 | ||
Yongsheng Advanced Materials Co. Ltd. | 10,000 | 2,450 | ||
YuanShengTai Dairy Farm Ltd.(1) | 170,000 | 5,916 | ||
Yuexiu Property Co. Ltd. | 122,000 | 25,050 | ||
Yuexiu Transport Infrastructure Ltd. | 50,000 | 38,979 | ||
Yum China Holdings, Inc. | 12,374 | 541,857 | ||
Yuzhou Properties Co. Ltd. | 96,000 | 46,913 |
17
Shares | Value | |||
Zhaojin Mining Industry Co. Ltd., H Shares | 16,000 | $ | 19,381 | |
Zhejiang Expressway Co. Ltd., H Shares | 60,000 | 45,649 | ||
Zhenro Properties Group Ltd. | 34,000 | 22,234 | ||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2) | 3,000 | 12,819 | ||
Zhongliang Holdings Group Co. Ltd. | 6,500 | 4,706 | ||
Zhongsheng Group Holdings Ltd. | 31,000 | 119,139 | ||
Zhou Hei Ya International Holdings Co. Ltd. | 45,500 | 24,321 | ||
Zhuguang Holdings Group Co. Ltd.(1)(2) | 60,000 | 8,292 | ||
Zhuhai Holdings Investment Group Ltd. | 16,000 | 2,427 | ||
Zhuzhou CRRC Times Electric Co. Ltd., H Shares | 6,000 | 20,921 | ||
Zijin Mining Group Co. Ltd., H Shares | 130,000 | 58,812 | ||
ZTE Corp., H Shares(1)(2) | 6,000 | 25,045 | ||
ZTO Express Cayman, Inc. ADR | 4,061 | 95,271 | ||
29,827,585 | ||||
Colombia — 0.4% | ||||
Avianca Holdings SA Preference Shares | 6,370 | 2,968 | ||
Banco Davivienda SA Preference Shares | 4,499 | 53,693 | ||
Bancolombia SA | 2,627 | 29,113 | ||
Bancolombia SA ADR | 1,488 | 70,650 | ||
Cementos Argos SA | 18,987 | 28,595 | ||
CEMEX Latam Holdings SA(1) | 8,778 | 8,930 | ||
Corp. Financiera Colombiana SA(1) | 5,718 | 52,319 | ||
Ecopetrol SA ADR | 2,887 | 50,956 | ||
Empresa de Telecomunicaciones de Bogota(1) | 18,600 | 1,300 | ||
Grupo Argos SA | 8,067 | 34,384 | ||
Grupo Aval Acciones y Valores SA Preference Shares | 27,076 | 11,156 | ||
Interconexion Electrica SA ESP | 8,994 | 47,536 | ||
391,600 | ||||
Czech Republic — 0.1% | ||||
CEZ AS | 2,888 | 55,349 | ||
Komercni banka AS | 492 | 15,103 | ||
Moneta Money Bank AS | 17,190 | 57,129 | ||
127,581 | ||||
Egypt — 0.1% | ||||
Commercial International Bank Egypt S.A.E. GDR | 27,120 | 133,036 | ||
Greece — 0.3% | ||||
Aegean Airlines SA | 1,329 | 9,296 | ||
Alpha Bank AE(1) | 11,529 | 16,571 | ||
Ellaktor SA(1) | 8,314 | 11,180 | ||
Eurobank Ergasias SA(1) | 17,185 | 10,840 | ||
Fourlis Holdings SA(1) | 1,854 | 10,072 | ||
GEK Terna Holding Real Estate Construction SA(1) | 3,801 | 25,702 | ||
Hellenic Petroleum SA | 415 | 2,870 | ||
Hellenic Telecommunications Organization SA | 2,658 | 37,719 | ||
JUMBO SA | 1,050 | 16,488 | ||
Motor Oil Hellas Corinth Refineries SA | 803 | 13,207 | ||
Mytilineos SA | 2,565 | 19,491 |
18
Shares | Value | |||
National Bank of Greece SA(1) | 12,995 | $ | 28,877 | |
Piraeus Bank SA(1) | 12,981 | 28,960 | ||
Public Power Corp. SA(1) | 3,369 | 11,054 | ||
Terna Energy SA(1) | 1,517 | 12,669 | ||
Titan Cement International SA(1) | 293 | 4,133 | ||
Viohalco SA(1) | 2,750 | 8,126 | ||
267,255 | ||||
Hungary — 0.3% | ||||
Magyar Telekom Telecommunications plc | 33,446 | 43,464 | ||
MOL Hungarian Oil & Gas plc | 12,762 | 98,894 | ||
OTP Bank Nyrt | 2,730 | 118,928 | ||
Richter Gedeon Nyrt | 846 | 17,193 | ||
278,479 | ||||
India — 9.0% | ||||
Adani Ports & Special Economic Zone Ltd. | 20,144 | 95,854 | ||
Ambuja Cements Ltd. | 13,570 | 39,030 | ||
Apollo Hospitals Enterprise Ltd. | 1,836 | 44,237 | ||
Apollo Tyres Ltd. | 9,285 | 18,548 | ||
Asian Paints Ltd. | 2,575 | 64,170 | ||
AU Small Finance Bank Ltd. | 1,090 | 17,599 | ||
Aurobindo Pharma Ltd. | 4,901 | 34,356 | ||
Avanti Feeds Ltd. | 2,467 | 15,832 | ||
Avenue Supermarts Ltd.(1) | 1,034 | 33,312 | ||
Axis Bank Ltd. GDR | 8,892 | 423,595 | ||
Bajaj Auto Ltd. | 1,251 | 50,396 | ||
Bajaj Consumer Care Ltd.(1) | 1,918 | 5,110 | ||
Bajaj Finance Ltd. | 1,710 | 105,855 | ||
Bajaj Finserv Ltd. | 494 | 62,419 | ||
Balkrishna Industries Ltd. | 2,842 | 43,439 | ||
Balrampur Chini Mills Ltd. | 2,830 | 5,674 | ||
Bandhan Bank Ltd. | 2,389 | 12,792 | ||
Bata India Ltd. | 482 | 11,067 | ||
Berger Paints India Ltd. | 2,585 | 20,300 | ||
Bharat Forge Ltd. | 4,866 | 29,440 | ||
Bharat Petroleum Corp. Ltd. | 17,427 | 103,393 | ||
Bharti Airtel Ltd.(1) | 23,331 | 169,287 | ||
Bharti Infratel Ltd. | 9,125 | 27,317 | ||
Bliss Gvs Pharma Ltd. | 2,161 | 2,988 | ||
Bombay Dyeing & Manufacturing Co. Ltd. | 1,774 | 1,720 | ||
Bosch Ltd. | 63 | 10,685 | ||
Britannia Industries Ltd. | 470 | 19,355 | ||
Can Fin Homes Ltd. | 1,637 | 11,348 | ||
Ceat Ltd. | 1,298 | 18,461 | ||
Century Textiles & Industries Ltd. | 1,955 | 13,780 | ||
City Union Bank Ltd. | 5,265 | 15,669 | ||
Colgate-Palmolive India Ltd. | 2,670 | 47,790 | ||
Corp. Bank(1) | 9,638 | 2,277 |
19
Shares | Value | |||
Crompton Greaves Consumer Electricals Ltd. | 9,988 | $ | 38,437 | |
Dabur India Ltd. | 6,006 | 41,464 | ||
Dalmia Bharat Ltd.(1) | 1,026 | 11,121 | ||
DCB Bank Ltd. | 5,645 | 12,660 | ||
Dilip Buildcon Ltd. | 1,294 | 5,345 | ||
Divi's Laboratories Ltd. | 666 | 19,418 | ||
DLF Ltd. | 24,271 | 67,859 | ||
Dr Reddy's Laboratories Ltd. ADR | 10,592 | 425,375 | ||
Eicher Motors Ltd. | 114 | 26,509 | ||
EID Parry India Ltd. | 3,123 | 8,247 | ||
EIH Ltd. | 2,058 | 3,759 | ||
Equitas Holdings Ltd.(1) | 6,716 | 10,108 | ||
Eris Lifesciences Ltd.(1) | 1,409 | 8,526 | ||
Escorts Ltd. | 733 | 7,924 | ||
Exide Industries Ltd. | 10,413 | 23,773 | ||
Federal Bank Ltd. | 59,712 | 71,105 | ||
Future Lifestyle Fashions Ltd. | 1,909 | 9,215 | ||
Glenmark Pharmaceuticals Ltd. | 998 | 3,876 | ||
Godrej Consumer Products Ltd. | 3,011 | 23,389 | ||
Godrej Properties Ltd.(1) | 299 | 4,168 | ||
Granules India Ltd. | 9,400 | 20,713 | ||
Grasim Industries Ltd. | 5,439 | 51,686 | ||
Greenply Industries Ltd. | 1,304 | 2,350 | ||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 1,533 | 3,290 | ||
Gujarat State Fertilizers & Chemicals Ltd. | 2,735 | 2,288 | ||
HCL Technologies Ltd. | 2,067 | 15,307 | ||
HDFC Asset Management Co. Ltd. | 1,090 | 47,637 | ||
HeidelbergCement India Ltd. | 3,149 | 8,781 | ||
Hero MotoCorp Ltd. | 1,816 | 51,656 | ||
HFCL Ltd. | 20,814 | 4,152 | ||
Hindalco Industries Ltd. | 8,711 | 19,096 | ||
Hindustan Copper Ltd. | 17,442 | 7,661 | ||
Hindustan Unilever Ltd. | 6,200 | 186,843 | ||
Housing Development Finance Corp. Ltd. | 3,653 | 110,643 | ||
ICICI Bank Ltd. ADR | 40,224 | 557,907 | ||
ICICI Securities Ltd. | 3,736 | 24,552 | ||
IDFC First Bank Ltd.(1) | 59,625 | 30,624 | ||
IIFL Finance Ltd.(1) | 8,449 | 19,116 | ||
India Cements Ltd. (The) | 7,453 | 9,955 | ||
Indiabulls Real Estate Ltd.(1) | 9,886 | 10,344 | ||
Indian Energy Exchange Ltd.(1) | 4,579 | 11,119 | ||
Indian Hotels Co. Ltd. (The) | 4,719 | 8,832 | ||
Indian Overseas Bank(1) | 35,971 | 4,351 | ||
Infibeam Avenues Ltd. | 7,614 | 6,043 | ||
Info Edge India Ltd. | 398 | 14,346 | ||
Infosys Ltd. ADR | 112,648 | 1,134,365 | ||
Ipca Laboratories Ltd. | 2,079 | 39,302 |
20
Shares | Value | |||
IRB Infrastructure Developers Ltd.(1) | 7,757 | $ | 9,152 | |
Jagran Prakashan Ltd. | 5,040 | 4,292 | ||
Jai Corp. Ltd. | 5,849 | 6,855 | ||
Jamna Auto Industries Ltd. | 7,525 | 3,576 | ||
Jindal Saw Ltd. | 10,101 | 10,753 | ||
Jindal Stainless Hisar Ltd.(1) | 4,359 | 4,108 | ||
Jindal Stainless Ltd.(1) | 10,705 | 5,790 | ||
Jindal Steel & Power Ltd.(1) | 25,748 | 56,161 | ||
JK Paper Ltd. | 3,285 | 5,239 | ||
JK Tyre & Industries Ltd. | 4,927 | 4,341 | ||
JSW Energy Ltd. | 3,950 | 3,130 | ||
Jubilant Foodworks Ltd. | 3,340 | 81,285 | ||
Jubilant Life Sciences Ltd. | 4,981 | 35,263 | ||
Just Dial Ltd.(1) | 1,168 | 7,506 | ||
Kajaria Ceramics Ltd. | 2,533 | 18,457 | ||
Kaveri Seed Co. Ltd. | 1,806 | 10,732 | ||
KEC International Ltd. | 706 | 3,042 | ||
Larsen & Toubro Ltd. | 5,486 | 90,314 | ||
LIC Housing Finance Ltd. | 7,639 | 33,921 | ||
Lupin Ltd. | 2,651 | 23,513 | ||
Mahindra & Mahindra Financial Services Ltd. | 13,570 | 65,124 | ||
Mahindra & Mahindra Ltd. | 8,987 | 56,947 | ||
Mahindra CIE Automotive Ltd.(1) | 2,665 | 4,905 | ||
Marico Ltd. | 14,365 | 59,198 | ||
Maruti Suzuki India Ltd. | 1,317 | 115,682 | ||
Max India Ltd.(1) | 4,648 | 5,979 | ||
Meghmani Organics Ltd. | 5,064 | 3,648 | ||
MOIL Ltd. | 4,275 | 7,110 | ||
Motherson Sumi Systems Ltd. | 37,282 | 54,543 | ||
Mphasis Ltd. | 1,108 | 13,551 | ||
Multi Commodity Exchange of India Ltd. | 274 | 4,877 | ||
Natco Pharma Ltd. | 4,266 | 35,651 | ||
National Aluminium Co. Ltd. | 31,476 | 14,615 | ||
Nestle India Ltd. | 178 | 39,188 | ||
Nippon Life India Asset Management Ltd. | 1,833 | 9,988 | ||
NOCIL Ltd. | 3,087 | 3,849 | ||
Oberoi Realty Ltd. | 680 | 4,806 | ||
Oil India Ltd. | 9,787 | 14,790 | ||
Orient Electric Ltd. | 2,917 | 10,618 | ||
Page Industries Ltd. | 179 | 54,940 | ||
Phillips Carbon Black Ltd. | 3,756 | 5,582 | ||
PI Industries Ltd. | 714 | 15,151 | ||
Pidilite Industries Ltd. | 1,112 | 23,357 | ||
Polycab India Ltd.(1) | 604 | 8,978 | ||
Power Finance Corp. Ltd. | 26,755 | 40,944 | ||
Prestige Estates Projects Ltd. | 6,899 | 27,893 | ||
Prism Johnson Ltd. | 4,245 | 3,556 |
21
Shares | Value | |||
PVR Ltd. | 1,016 | $ | 26,920 | |
Quess Corp. Ltd.(1) | 957 | 6,812 | ||
Radico Khaitan Ltd. | 3,554 | 20,283 | ||
Rajesh Exports Ltd. | 3,973 | 36,198 | ||
Ramco Cements Ltd. (The) | 2,235 | 23,961 | ||
Rashtriya Chemicals & Fertilizers Ltd. | 4,665 | 2,492 | ||
Raymond Ltd. | 543 | 3,806 | ||
RBL Bank Ltd. | 10,422 | 42,044 | ||
REC Ltd. | 17,159 | 27,905 | ||
Reliance Industries Ltd. GDR | 25,772 | 947,549 | ||
Sequent Scientific Ltd. | 2,342 | 2,633 | ||
Shree Cement Ltd. | 48 | 15,086 | ||
Shriram Transport Finance Co. Ltd. | 6,182 | 103,259 | ||
Sobha Ltd. | 1,749 | 7,195 | ||
State Bank of India GDR(1) | 10,835 | 476,619 | ||
Strides Pharma Science Ltd. | 2,267 | 14,866 | ||
Sun Pharmaceutical Industries Ltd. | 5,200 | 26,997 | ||
Sunteck Realty Ltd. | 2,969 | 14,320 | ||
Tata Chemicals Ltd. | 3,032 | 30,095 | ||
Tata Communications Ltd. | 918 | 4,528 | ||
Tata Consumer Products Ltd. | 2,175 | 10,503 | ||
Tata Elxsi Ltd. | 212 | 2,610 | ||
Tata Motors Ltd. ADR(1) | 19,851 | 181,835 | ||
Tata Steel BSL Ltd.(1) | 11,941 | 3,941 | ||
Thomas Cook India Ltd. | 2,855 | 1,862 | ||
Tinplate Co. of India Ltd. (The) | 2,105 | 3,415 | ||
Titan Co. Ltd. | 1,652 | 29,079 | ||
Trident Ltd. | 153,719 | 11,850 | ||
Triveni Engineering & Industries Ltd. | 2,504 | 2,164 | ||
Tube Investments of India Ltd. | 4,934 | 36,238 | ||
Ujjivan Financial Services Ltd. | 1,056 | 4,978 | ||
UltraTech Cement Ltd. | 1,306 | 76,571 | ||
United Spirits Ltd.(1) | 9,951 | 95,222 | ||
UPL Ltd. | 2,312 | 16,667 | ||
V-Guard Industries Ltd. | 1,107 | 3,140 | ||
Varun Beverages Ltd. | 3,201 | 36,150 | ||
Vedanta Ltd. ADR | 23,340 | 153,344 | ||
Venky's India Ltd. | 229 | 3,934 | ||
Vodafone Idea Ltd.(1) | 437,419 | 23,489 | ||
Welspun Corp. Ltd. | 7,628 | 19,660 | ||
Welspun India Ltd. | 22,481 | 12,922 | ||
Wipro Ltd. ADR | 13,974 | 48,210 | ||
Zee Entertainment Enterprises Ltd. | 3,487 | 11,582 | ||
8,548,166 | ||||
Indonesia — 2.1% | ||||
Ace Hardware Indonesia Tbk PT | 70,800 | 7,479 | ||
Adaro Energy Tbk PT | 497,200 | 40,739 |
22
Shares | Value | |||
Adhi Karya Persero Tbk PT | 88,200 | $ | 4,670 | |
Agung Podomoro Land Tbk PT(1) | 474,600 | 4,337 | ||
AKR Corporindo Tbk PT | 28,200 | 5,178 | ||
Alam Sutera Realty Tbk PT(1) | 460,800 | 4,893 | ||
Aneka Tambang Tbk | 208,800 | 8,377 | ||
Astra International Tbk PT | 375,000 | 145,884 | ||
Bank Brisyariah Tbk PT | 72,800 | 1,116 | ||
Bank Central Asia Tbk PT | 70,800 | 154,498 | ||
Bank Mandiri Persero Tbk PT | 297,800 | 149,149 | ||
Bank Negara Indonesia Persero Tbk PT | 138,600 | 68,287 | ||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 74,400 | 4,583 | ||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 191,400 | 8,204 | ||
Bank Rakyat Indonesia Persero Tbk PT | 1,024,800 | 299,202 | ||
Bank Tabungan Negara Persero Tbk PT | 145,200 | 17,017 | ||
Bank Tabungan Pensiunan Nasional Syariah Tbk PT(1) | 50,800 | 13,364 | ||
Barito Pacific Tbk PT(1) | 184,200 | 12,670 | ||
Bekasi Fajar Industrial Estate Tbk PT | 421,800 | 3,974 | ||
Bukit Asam Tbk PT | 67,200 | 10,487 | ||
Bumi Resources Tbk PT(1) | 355,000 | 1,238 | ||
Bumi Serpong Damai Tbk PT(1) | 195,000 | 13,687 | ||
Charoen Pokphand Indonesia Tbk PT | 31,800 | 12,662 | ||
Ciputra Development Tbk PT | 336,600 | 22,422 | ||
Delta Dunia Makmur Tbk PT(1) | 325,800 | 3,739 | ||
Erajaya Swasembada Tbk PT | 81,000 | 9,264 | ||
Global Mediacom Tbk PT(1) | 453,600 | 9,832 | ||
Hanson International Tbk PT(1) | 1,531,500 | 5,337 | ||
Indah Kiat Pulp & Paper Corp Tbk PT | 136,600 | 54,169 | ||
Indika Energy Tbk PT | 81,000 | 4,279 | ||
Indo Tambangraya Megah Tbk PT | 11,900 | 9,371 | ||
Indocement Tunggal Prakarsa Tbk PT | 13,800 | 14,490 | ||
Indofood CBP Sukses Makmur Tbk PT | 31,800 | 22,773 | ||
Indofood Sukses Makmur Tbk PT | 150,300 | 68,101 | ||
Indomobil Sukses Internasional Tbk PT | 10,400 | 489 | ||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 102,600 | 8,833 | ||
Jasa Marga Persero Tbk PT | 109,800 | 35,809 | ||
Kalbe Farma Tbk PT | 294,000 | 25,232 | ||
Kresna Graha Investama Tbk PT(1) | 216,000 | 7,106 | ||
Link Net Tbk PT | 67,200 | 16,411 | ||
Lippo Karawaci Tbk PT(1) | 910,800 | 14,520 | ||
Mahkota Group Tbk PT | 31,800 | 1,667 | ||
Matahari Department Store Tbk PT | 95,400 | 20,876 | ||
Medco Energi Internasional Tbk PT(1) | 223,200 | 9,885 | ||
Media Nusantara Citra Tbk PT | 329,400 | 29,498 | ||
Mitra Adiperkasa Tbk PT | 382,800 | 21,357 | ||
Mitra Pinasthika Mustika Tbk PT | 31,700 | 1,303 | ||
Modernland Realty Tbk PT(1) | 484,000 | 5,408 | ||
Pabrik Kertas Tjiwi Kimia Tbk PT | 21,000 | 8,781 |
23
Shares | Value | |||
Pakuwon Jati Tbk PT | 390,000 | $ | 14,515 | |
Pan Brothers Tbk PT | 159,000 | 4,111 | ||
Panin Financial Tbk PT(1) | 411,000 | 7,219 | ||
Pelayaran Tamarin Samudra Tbk PT(1) | 269,400 | 1,806 | ||
Perusahaan Gas Negara Tbk PT | 246,800 | 22,013 | ||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 106,200 | 7,179 | ||
PP Persero Tbk PT | 134,400 | 11,284 | ||
PP Presisi Tbk PT | 73,300 | 819 | ||
Puradelta Lestari Tbk PT | 453,600 | 7,462 | ||
Salim Ivomas Pratama Tbk PT(1) | 86,600 | 1,674 | ||
Sawit Sumbermas Sarana Tbk PT | 26,600 | 1,504 | ||
Semen Gresik Persero Tbk PT | 21,000 | 15,197 | ||
Sentul City Tbk PT(1) | 992,400 | 3,379 | ||
Siloam International Hospitals Tbk PT(1) | 17,400 | 7,798 | ||
Sri Rejeki Isman Tbk PT | 427,900 | 5,935 | ||
Summarecon Agung Tbk PT | 99,000 | 5,850 | ||
Surya Citra Media Tbk PT | 91,800 | 7,256 | ||
Surya Semesta Internusa Tbk PT | 205,200 | 9,271 | ||
Telekomunikasi Indonesia Persero Tbk PT ADR | 10,270 | 249,047 | ||
Tower Bersama Infrastructure Tbk PT | 212,400 | 16,463 | ||
Tunas Baru Lampung Tbk PT | 159,000 | 6,815 | ||
Unilever Indonesia Tbk PT | 69,600 | 33,107 | ||
United Tractors Tbk PT | 35,400 | 40,951 | ||
Waskita Beton Precast Tbk PT | 357,600 | 4,653 | ||
Waskita Karya Persero Tbk PT | 102,600 | 6,938 | ||
Wijaya Karya Persero Tbk PT | 92,900 | 12,291 | ||
XL Axiata Tbk PT(1) | 213,500 | 38,687 | ||
1,965,871 | ||||
Malaysia — 2.1% | ||||
7-Eleven Malaysia Holdings Bhd, Class B | 21,600 | 7,190 | ||
Aeon Co. M Bhd | 32,500 | 10,639 | ||
AEON Credit Service M Bhd | 3,000 | 9,807 | ||
AirAsia Group Bhd | 64,400 | 15,501 | ||
AirAsia X Bhd(1) | 63,200 | 1,573 | ||
Alliance Bank Malaysia Bhd | 15,400 | 8,479 | ||
AMMB Holdings Bhd | 46,300 | 40,639 | ||
ATA IMS Bhd | 21,800 | 7,809 | ||
Axiata Group Bhd | 55,500 | 55,302 | ||
Berjaya Corp. Bhd(1) | 126,700 | 6,462 | ||
Berjaya Land Bhd(1) | 24,800 | 970 | ||
Berjaya Sports Toto Bhd | 27,800 | 16,554 | ||
Bermaz Auto Bhd | 30,900 | 13,016 | ||
Boustead Plantations Bhd | 18,000 | 2,113 | ||
Bumi Armada Bhd(1) | 185,700 | 14,064 | ||
Bursa Malaysia Bhd | 6,100 | 8,004 | ||
Carlsberg Brewery Malaysia Bhd | 2,200 | 16,651 | ||
CIMB Group Holdings Bhd | 72,000 | 82,721 |
24
Shares | Value | |||
D&O Green Technologies Bhd | 10,300 | $ | 1,723 | |
Datasonic Group Bhd | 14,500 | 3,724 | ||
Dayang Enterprise Holdings Bhd(1) | 47,620 | 26,663 | ||
Dialog Group Bhd | 44,500 | 35,259 | ||
DiGi.Com Bhd | 37,100 | 36,298 | ||
DRB-Hicom Bhd | 40,200 | 21,324 | ||
Dufu Technology Corp. Bhd | 6,800 | 6,917 | ||
Duopharma Biotech Bhd | 7,700 | 2,776 | ||
Eastern & Oriental Bhd | 43,200 | 5,329 | ||
Eco World Development Group Bhd(1) | 10,900 | 1,659 | ||
Eco World International Bhd(1) | 10,600 | 1,936 | ||
Ekovest Bhd | 37,000 | 5,705 | ||
FGV Holdings Bhd(1) | 68,000 | 18,661 | ||
Fraser & Neave Holdings Bhd | 3,000 | 21,865 | ||
Frontken Corp. Bhd | 23,900 | 12,982 | ||
Gamuda Bhd | 73,200 | 57,476 | ||
Genting Bhd | 34,000 | 39,923 | ||
Genting Malaysia Bhd | 78,300 | 53,753 | ||
Genting Plantations Bhd | 3,100 | 7,368 | ||
Globetronics Technology Bhd | 24,900 | 12,361 | ||
HAP Seng Consolidated Bhd | 3,000 | 6,377 | ||
Hartalega Holdings Bhd | 20,900 | 30,747 | ||
Hengyuan Refining Co. Bhd(1) | 4,600 | 3,927 | ||
Hibiscus Petroleum Bhd(1) | 49,400 | 8,935 | ||
Hong Leong Bank Bhd | 3,000 | 10,911 | ||
Hong Leong Financial Group Bhd | 1,900 | 6,896 | ||
Hong Leong Industries Bhd | 3,000 | 6,645 | ||
Hup Seng Industries Bhd | 11,000 | 2,364 | ||
IHH Healthcare Bhd | 9,200 | 12,496 | ||
IJM Corp. Bhd | 51,500 | 23,804 | ||
Inari Amertron Bhd | 46,300 | 15,702 | ||
IOI Corp. Bhd | 9,200 | 9,100 | ||
Iskandar Waterfront City Bhd(1) | 4,800 | 727 | ||
KNM Group Bhd(1) | 86,500 | 4,552 | ||
Kossan Rubber Industries | 9,200 | 10,479 | ||
KPJ Healthcare Bhd | 51,100 | 11,714 | ||
Kuala Lumpur Kepong Bhd | 3,000 | 15,480 | ||
LBS Bina Group Bhd | 24,100 | 2,659 | ||
Lotte Chemical Titan Holding Bhd | 12,300 | 4,610 | ||
Mah Sing Group Bhd | 49,400 | 7,943 | ||
Malakoff Corp. Bhd | 48,200 | 9,998 | ||
Malayan Banking Bhd | 36,000 | 72,095 | ||
Malaysia Airports Holdings Bhd | 9,200 | 14,436 | ||
Malaysia Building Society Bhd | 37,000 | 6,775 | ||
Malaysia Marine and Heavy Engineering Holdings Bhd(1) | 17,700 | 3,149 | ||
Malaysian Pacific Industries Bhd | 3,500 | 9,067 | ||
Malaysian Resources Corp. Bhd | 86,500 | 11,694 |
25
Shares | Value | |||
Matrix Concepts Holdings Bhd | 7,000 | $ | 3,227 | |
Maxis Bhd | 24,700 | 31,816 | ||
MBM Resources Bhd | 6,100 | 5,127 | ||
Mega First Corp. Bhd | 13,200 | 15,917 | ||
MISC Bhd | 20,800 | 37,440 | ||
MNRB Holdings Bhd | 10,700 | 2,416 | ||
Muhibbah Engineering M Bhd | 18,200 | 6,938 | ||
My EG Services Bhd | 21,700 | 5,800 | ||
OSK Holdings Bhd | 42,200 | 9,310 | ||
Padini Holdings Bhd | 9,200 | 6,590 | ||
Paramount Corp. Bhd | 16,000 | 4,897 | ||
PESTECH International Bhd(1) | 24,700 | 6,914 | ||
Petron Malaysia Refining & Marketing Bhd | 2,900 | 3,160 | ||
Petronas Chemicals Group Bhd | 26,400 | 33,890 | ||
Petronas Dagangan Bhd | 4,800 | 25,933 | ||
Petronas Gas Bhd | 3,000 | 11,860 | ||
Pos Malaysia Bhd | 5,700 | 1,556 | ||
Power Root Bhd | 5,800 | 3,068 | ||
PPB Group Bhd | 3,000 | 12,853 | ||
Press Metal Aluminium Holdings Bhd | 15,400 | 17,067 | ||
Public Bank Bhd | 19,500 | 79,101 | ||
QL Resources Bhd | 15,800 | 30,587 | ||
Ranhill Holdings Bhd | 24,700 | 5,537 | ||
RHB Bank Bhd | 31,800 | 41,940 | ||
Sam Engineering & Equipment M Bhd | 3,100 | 5,484 | ||
Sapura Energy Bhd | 211,700 | 9,358 | ||
Sarawak Oil Palms Bhd | 15,500 | 12,204 | ||
SEG International Bhd | 12,300 | 1,838 | ||
Serba Dinamik Holdings Bhd | 12,810 | 6,756 | ||
Sime Darby Bhd | 58,500 | 27,753 | ||
Sime Darby Plantation Bhd | 26,500 | 31,369 | ||
Sime Darby Property Bhd | 49,400 | 9,084 | ||
SKP Resources Bhd | 30,900 | 9,747 | ||
SP Setia Bhd Group | 21,600 | 6,550 | ||
Sunway Bhd | 49,248 | 20,678 | ||
Supermax Corp. Bhd | 18,784 | 7,014 | ||
Ta Ann Holdings Bhd(1) | 12,300 | 8,788 | ||
TA Enterprise Bhd | 49,400 | 6,919 | ||
Taliworks Corp. Bhd | 34,000 | 6,670 | ||
Telekom Malaysia Bhd | 37,000 | 32,476 | ||
Tenaga Nasional Bhd | 79,700 | 228,758 | ||
TIME dotCom Bhd | 6,100 | 13,503 | ||
Top Glove Corp. Bhd | 12,300 | 16,356 | ||
Tropicana Corp. Bhd(1) | 19,600 | 4,068 | ||
Uchi Technologies Bhd | 9,500 | 6,005 | ||
UEM Sunrise Bhd(1) | 55,600 | 7,840 | ||
Unisem M Bhd | 15,400 | 7,384 |
26
Shares | Value | |||
UOA Development Bhd | 28,900 | $ | 13,368 | |
Velesto Energy Bhd(1) | 118,100 | 8,454 | ||
ViTrox Corp. Bhd | 3,000 | 5,991 | ||
VS Industry Bhd | 68,000 | 20,809 | ||
Wah Seong Corp. Bhd(1) | 15,600 | 4,291 | ||
WCT Holdings Bhd(1) | 49,400 | 7,657 | ||
Westports Holdings Bhd | 21,400 | 17,460 | ||
Yinson Holdings Bhd | 6,100 | 10,349 | ||
YTL Corp. Bhd | 43,200 | 8,660 | ||
2,001,063 | ||||
Mexico — 2.9% | ||||
Alfa SAB de CV, Series A | 89,520 | 57,624 | ||
Alsea SAB de CV(1) | 34,976 | 71,132 | ||
America Movil SAB de CV, Class L ADR | 19,357 | 307,389 | ||
Arca Continental SAB de CV | 3,540 | 19,514 | ||
Banco del Bajio SA | 35,454 | 55,515 | ||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR | 16,758 | 108,089 | ||
Bolsa Mexicana de Valores SAB de CV | 5,316 | 11,292 | ||
Cemex SAB de CV ADR | 4,254 | 13,953 | ||
Coca-Cola Femsa SAB de CV | 7,086 | 39,658 | ||
Consorcio ARA SAB de CV(2) | 17,724 | 3,215 | ||
Controladora Vuela Cia de Aviacion SAB de CV ADR(1) | 6,006 | 60,360 | ||
Corp. Inmobiliaria Vesta SAB de CV | 34,920 | 55,512 | ||
Credito Real SAB de CV SOFOM ER | 17,724 | 18,811 | ||
El Puerto de Liverpool SAB de CV, Class C1 | 3,540 | 16,726 | ||
Fomento Economico Mexicano SAB de CV ADR | 1,272 | 103,528 | ||
Genomma Lab Internacional SAB de CV, Class B(1) | 46,440 | 47,660 | ||
Gentera SAB de CV | 56,724 | 54,583 | ||
Gruma SAB de CV, B Shares | 11,494 | 110,934 | ||
Grupo Aeromexico SAB de CV(1)(2) | 13,942 | 8,401 | ||
Grupo Aeroportuario del Centro Norte SAB de CV ADR | 2,424 | 126,242 | ||
Grupo Aeroportuario del Pacifico SAB de CV ADR | 1,189 | 128,864 | ||
Grupo Aeroportuario del Sureste SAB de CV ADR | 246 | 41,082 | ||
Grupo Bimbo SAB de CV, Series A | 15,954 | 24,065 | ||
Grupo Carso SAB de CV | 3,540 | 9,867 | ||
Grupo Cementos de Chihuahua SAB de CV | 1,770 | 8,783 | ||
Grupo Comercial Chedraui SA de CV | 9,750 | 13,375 | ||
Grupo Financiero Banorte SAB de CV | 59,798 | 326,955 | ||
Grupo Financiero Inbursa SAB de CV | 42,720 | 46,338 | ||
Grupo GICSA SAB de CV(1)(2) | 16,780 | 5,618 | ||
Grupo Industrial Saltillo SAB de CV | 12,310 | 13,440 | ||
Grupo Mexico SAB de CV, Series B | 60,742 | 143,530 | ||
Grupo Rotoplas SAB de CV(1)(2) | 1,888 | 1,423 | ||
Grupo Televisa SAB ADR | 8,979 | 84,403 | ||
Grupo Traxion SAB de CV(1) | 18,550 | 14,363 | ||
Hoteles City Express SAB de CV(1)(2) | 12,346 | 7,483 | ||
Industrias Bachoco SAB de CV | 6,204 | 22,401 |
27
Shares | Value | |||
Industrias Penoles SAB de CV | 2,978 | $ | 26,786 | |
Infraestructura Energetica Nova SAB de CV | 8,862 | 38,900 | ||
Kimberly-Clark de Mexico SAB de CV, A Shares | 44,254 | 84,245 | ||
La Comer SAB de CV(1) | 26,176 | 30,986 | ||
Megacable Holdings SAB de CV | 13,290 | 44,631 | ||
Orbia Advance Corp. SAB de CV | 11,520 | 22,679 | ||
Promotora y Operadora de Infraestructura SAB de CV | 4,664 | 45,695 | ||
Qualitas Controladora SAB de CV | 11,520 | 49,456 | ||
Regional SAB de CV | 12,408 | 69,028 | ||
Telesites SAB de CV(1) | 24,816 | 18,874 | ||
Unifin Financiera SAB de CV | 7,086 | 11,009 | ||
Wal-Mart de Mexico SAB de CV | 47,502 | 133,724 | ||
2,758,141 | ||||
Peru — 0.3% | ||||
Cia de Minas Buenaventura SAA ADR | 14,916 | 166,313 | ||
Credicorp Ltd. | 684 | 123,989 | ||
Southern Copper Corp. | 868 | 29,208 | ||
319,510 | ||||
Philippines — 1.0% | ||||
Aboitiz Equity Ventures, Inc. | 15,420 | 12,814 | ||
Aboitiz Power Corp. | 32,400 | 17,598 | ||
AgriNurture, Inc.(1) | 3,700 | 534 | ||
Alliance Global Group, Inc.(1) | 74,000 | 14,593 | ||
Ayala Corp. | 3,370 | 43,739 | ||
Ayala Land, Inc. | 94,600 | 72,634 | ||
Ayalaland Logistics Holdings Corp.(1) | 28,000 | 1,098 | ||
Bank of the Philippine Islands | 18,160 | 26,446 | ||
BDO Unibank, Inc. | 25,220 | 68,531 | ||
Cebu Air, Inc. | 15,270 | 22,053 | ||
CEMEX Holdings Philippines, Inc.(1) | 20,000 | 541 | ||
Chelsea Logistics and Infrastructure Holdings Corp.(1) | 59,800 | 4,189 | ||
Cosco Capital, Inc. | 124,900 | 15,273 | ||
D&L Industries, Inc. | 46,800 | 6,648 | ||
DMCI Holdings, Inc. | 107,600 | 11,162 | ||
DoubleDragon Properties Corp.(1) | 20,000 | 6,640 | ||
East West Banking Corp.(1) | 38,300 | 8,281 | ||
Filinvest Land, Inc. | 336,000 | 8,118 | ||
First Gen Corp. | 70,600 | 25,551 | ||
Ginebra San Miguel, Inc. | 4,700 | 3,209 | ||
Global Ferronickel Holdings, Inc.(1) | 217,000 | 4,153 | ||
Globe Telecom, Inc. | 660 | 23,080 | ||
GT Capital Holdings, Inc. | 1,320 | 18,253 | ||
International Container Terminal Services, Inc. | 32,410 | 66,954 | ||
JG Summit Holdings, Inc. | 62,350 | 82,944 | ||
Jollibee Foods Corp. | 2,000 | 6,679 | ||
Manila Electric Co. | 4,000 | 21,209 | ||
Manila Water Co., Inc. | 15,000 | 3,441 |
28
Shares | Value | |||
Max's Group, Inc. | 30,200 | $ | 5,205 | |
Megaworld Corp. | 236,800 | 15,830 | ||
Metro Pacific Investments Corp. | 338,000 | 20,312 | ||
Metropolitan Bank & Trust Co. | 30,400 | 33,502 | ||
Nickel Asia Corp. | 132,000 | 5,609 | ||
Petron Corp. | 99,700 | 6,556 | ||
Pilipinas Shell Petroleum Corp. | 13,200 | 6,641 | ||
PLDT, Inc. ADR | 1,662 | 31,578 | ||
Puregold Price Club, Inc. | 30,300 | 21,978 | ||
Robinsons Land Corp. | 77,000 | 31,914 | ||
Security Bank Corp. | 8,040 | 24,240 | ||
Semirara Mining & Power Corp. | 50,200 | 18,990 | ||
SM Investments Corp. | 2,000 | 38,276 | ||
SM Prime Holdings, Inc. | 46,800 | 35,101 | ||
Universal Robina Corp. | 11,400 | 31,930 | ||
Vista Land & Lifescapes, Inc. | 171,400 | 21,083 | ||
945,110 | ||||
Poland — 0.9% | ||||
AmRest Holdings SE(1) | 2,596 | 26,484 | ||
Asseco Poland SA | 672 | 10,437 | ||
Bank Millennium SA(1) | 12,481 | 15,414 | ||
Bank Polska Kasa Opieki SA | 1,626 | 36,693 | ||
CCC SA | 488 | 8,963 | ||
CD Projekt SA | 528 | 37,679 | ||
Cyfrowy Polsat SA | 4,254 | 27,478 | ||
Dino Polska SA(1) | 1,221 | 44,818 | ||
Enea SA(1) | 9,348 | 13,404 | ||
Eurocash SA | 4,034 | 18,730 | ||
Famur SA | 13,362 | 8,881 | ||
Grupa Azoty SA(1) | 1,952 | 10,134 | ||
Grupa Lotos SA | 2,813 | 42,772 | ||
Jastrzebska Spolka Weglowa SA | 2,112 | 7,322 | ||
KGHM Polska Miedz SA(1) | 4,805 | 87,429 | ||
KRUK SA | 828 | 29,171 | ||
LPP SA | 30 | 53,126 | ||
Lubelski Wegiel Bogdanka SA | 846 | 3,553 | ||
mBank SA(1) | 240 | 18,261 | ||
Orange Polska SA(1) | 34,812 | 55,188 | ||
PGE Polska Grupa Energetyczna SA(1) | 5,280 | 6,067 | ||
PKP Cargo SA | 1,272 | 4,108 | ||
PLAY Communications SA | 1,380 | 10,782 | ||
Polski Koncern Naftowy ORLEN SA | 5,254 | 79,182 | ||
Polskie Gornictwo Naftowe i Gazownictwo SA | 36,469 | 29,918 | ||
Powszechna Kasa Oszczednosci Bank Polski SA | 8,508 | 68,130 | ||
Powszechny Zaklad Ubezpieczen SA | 7,987 | 71,458 | ||
Santander Bank Polska SA | 246 | 15,905 | ||
Tauron Polska Energia SA(1) | 21,768 | 6,149 |
29
Shares | Value | |||
Warsaw Stock Exchange | 846 | $ | 8,208 | |
855,844 | ||||
Russia — 3.6% | ||||
Gazprom PJSC ADR | 84,789 | 515,388 | ||
Globaltrans Investment plc GDR | 7,629 | 56,929 | ||
LUKOIL PJSC ADR | 8,122 | 706,153 | ||
Magnit PJSC GDR | 7,862 | 87,527 | ||
Mail.ru Group Ltd. GDR(1) | 846 | 16,448 | ||
Mechel PJSC ADR(1)(2) | 851 | 1,991 | ||
MMC Norilsk Nickel PJSC ADR | 19,674 | 596,009 | ||
Mobile TeleSystems PJSC ADR | 15,369 | 149,079 | ||
Novatek PJSC GDR | 530 | 76,818 | ||
Novolipetsk Steel PJSC GDR | 1,566 | 29,859 | ||
PhosAgro PJSC GDR | 4,464 | 49,663 | ||
Rosneft Oil Co. PJSC GDR | 19,717 | 120,121 | ||
Sberbank of Russia PJSC ADR (London) | 25,510 | 361,820 | ||
Severstal PJSC GDR | 3,222 | 39,238 | ||
Tatneft PJSC ADR | 7,138 | 427,868 | ||
TMK PJSC GDR | 5,388 | 16,149 | ||
VTB Bank PJSC GDR | 56,262 | 72,012 | ||
X5 Retail Group NV GDR | 2,160 | 67,537 | ||
3,390,609 | ||||
South Africa — 5.1% | ||||
Absa Group Ltd. | 19,605 | 167,920 | ||
Adcock Ingram Holdings Ltd. | 2,160 | 5,611 | ||
Advtech Ltd. | 16,518 | 9,828 | ||
AECI Ltd. | 5,208 | 34,671 | ||
African Oxygen Ltd. | 6,450 | 7,855 | ||
African Rainbow Minerals Ltd. | 3,792 | 33,012 | ||
Afrimat Ltd. | 4,500 | 8,154 | ||
Alexander Forbes Group Holdings Ltd. | 40,662 | 12,256 | ||
Anglo American Platinum Ltd. | 794 | 54,670 | ||
AngloGold Ashanti Ltd. ADR | 12,722 | 221,999 | ||
Aspen Pharmacare Holdings Ltd.(1) | 8,508 | 55,891 | ||
Astral Foods Ltd. | 2,052 | 24,739 | ||
AVI Ltd. | 8,580 | 40,265 | ||
Barloworld Ltd. | 11,376 | 59,577 | ||
Bid Corp. Ltd. | 6,034 | 109,682 | ||
Bidvest Group Ltd. (The) | 5,916 | 70,246 | ||
Brait SE(1)(2) | 22,567 | 9,347 | ||
Capitec Bank Holdings Ltd. | 492 | 41,492 | ||
Cashbuild Ltd. | 780 | 8,072 | ||
Clicks Group Ltd. | 6,609 | 102,004 | ||
Coronation Fund Managers Ltd. | 6,450 | 16,508 | ||
DataTec Ltd. | 9,996 | 19,659 | ||
Dis-Chem Pharmacies Ltd.(2) | 6,696 | 9,273 | ||
Discovery Ltd.(2) | 5,070 | 31,124 |
30
Shares | Value | |||
DRDGOLD Ltd. | 23,610 | $ | 15,149 | |
EPP NV | 22,296 | 22,736 | ||
Exxaro Resources Ltd. | 8,436 | 62,048 | ||
Famous Brands Ltd. | 2,586 | 9,180 | ||
FirstRand Ltd. | 48,181 | 171,158 | ||
Foschini Group Ltd. (The) | 4,038 | 32,176 | ||
Gold Fields Ltd. ADR | 44,472 | 263,719 | ||
Harmony Gold Mining Co. Ltd. ADR(1) | 25,468 | 86,591 | ||
Impala Platinum Holdings Ltd.(1) | 32,706 | 264,690 | ||
Imperial Logistics Ltd. | 4,290 | 12,883 | ||
Investec Ltd. | 7,620 | 39,547 | ||
JSE Ltd. | 2,796 | 18,025 | ||
Kumba Iron Ore Ltd.(2) | 1,770 | 33,079 | ||
Liberty Holdings Ltd.(2) | 6,912 | 41,594 | ||
Life Healthcare Group Holdings Ltd. | 41,514 | 58,609 | ||
Massmart Holdings Ltd. | 3,150 | 9,316 | ||
Metair Investments Ltd. | 13,824 | 18,363 | ||
MiX Telematics Ltd. ADR | 600 | 7,962 | ||
Momentum Metropolitan Holdings | 46,830 | 54,701 | ||
Motus Holdings Ltd. | 7,182 | 33,795 | ||
Mr Price Group Ltd. | 4,074 | 40,208 | ||
MTN Group Ltd. | 43,314 | 204,872 | ||
MultiChoice Group(1) | 12,841 | 75,360 | ||
Murray & Roberts Holdings Ltd. | 9,426 | 5,618 | ||
Nampak Ltd.(1) | 21,660 | 4,637 | ||
Naspers Ltd., N Shares ADR(2) | 13,580 | 423,289 | ||
Nedbank Group Ltd. | 7,506 | 87,451 | ||
NEPI Rockcastle plc | 12,480 | 91,590 | ||
Netcare Ltd. | 20,100 | 24,071 | ||
Northam Platinum Ltd.(1) | 9,751 | 69,343 | ||
Oceana Group Ltd. | 2,940 | 10,479 | ||
Old Mutual Ltd. | 78,246 | 79,044 | ||
Peregrine Holdings Ltd. | 7,584 | 8,771 | ||
Pick n Pay Stores Ltd. | 9,012 | 32,805 | ||
PPC Ltd.(1) | 77,394 | 7,439 | ||
Rand Merchant Investment Holdings Ltd. | 16,056 | 26,479 | ||
Raubex Group Ltd. | 6,840 | 9,218 | ||
Remgro Ltd. | 10,428 | 107,089 | ||
Reunert Ltd. | 6,984 | 25,141 | ||
RMB Holdings Ltd. | 11,412 | 51,825 | ||
Royal Bafokeng Platinum Ltd.(1) | 5,598 | 18,080 | ||
Sanlam Ltd. | 23,646 | 101,508 | ||
Sappi Ltd.(1) | 14,496 | 27,136 | ||
Sasol Ltd. ADR | 7,440 | 91,884 | ||
Shoprite Holdings Ltd.(2) | 9,462 | 68,217 | ||
Sibanye Stillwater Ltd. ADR(1)(2) | 19,200 | 162,432 | ||
SPAR Group Ltd. (The) | 5,329 | 57,935 |
31
Shares | Value | |||
Standard Bank Group Ltd.(2) | 20,482 | $ | 196,633 | |
Sun International Ltd.(1) | 4,962 | 10,086 | ||
Super Group Ltd.(1) | 7,374 | 10,118 | ||
Telkom SA SOC Ltd. | 15,138 | 25,917 | ||
Tiger Brands Ltd. | 3,461 | 34,034 | ||
Trencor Ltd.(1) | 7,122 | 3,945 | ||
Truworths International Ltd. | 11,166 | 32,794 | ||
Tsogo Sun Gaming Ltd. | 16,872 | 9,958 | ||
Vodacom Group Ltd.(2) | 12,756 | 91,614 | ||
Wilson Bayly Holmes-Ovcon Ltd. | 2,832 | 17,925 | ||
Woolworths Holdings Ltd. | 5,742 | 13,477 | ||
Zeder Investments Ltd. | 55,770 | 15,409 | ||
4,783,007 | ||||
South Korea — 12.9% | ||||
Advanced Process Systems Corp. | 574 | 12,815 | ||
AfreecaTV Co. Ltd. | 344 | 15,751 | ||
Ahnlab, Inc. | 154 | 6,834 | ||
AK Holdings, Inc. | 195 | 3,914 | ||
Amorepacific Corp. | 195 | 26,228 | ||
AMOREPACIFIC Group | 216 | 11,178 | ||
Anterogen Co. Ltd.(1) | 27 | 736 | ||
Aprogen KIC, Inc.(1) | 542 | 1,081 | ||
Asiana Airlines, Inc.(1) | 7,689 | 25,676 | ||
BGF retail Co. Ltd. | 167 | 20,854 | ||
BH Co. Ltd.(1) | 865 | 13,073 | ||
Binex Co. Ltd.(1) | 318 | 1,833 | ||
BNK Financial Group, Inc. | 12,009 | 60,975 | ||
Boditech Med, Inc. | 178 | 1,749 | ||
Boryung Pharmaceutical Co. Ltd. | 741 | 7,421 | ||
Celltrion Healthcare Co. Ltd.(1) | 281 | 15,419 | ||
Celltrion, Inc.(1) | 492 | 68,757 | ||
Cheil Worldwide, Inc. | 958 | 15,435 | ||
Chongkundang Holdings Corp. | 69 | 6,096 | ||
Chunbo Co. Ltd. | 124 | 6,749 | ||
CJ CGV Co. Ltd.(1) | 247 | 4,926 | ||
CJ CheilJedang Corp. | 123 | 24,927 | ||
CJ Corp. | 360 | 24,142 | ||
CJ ENM Co. Ltd. | 154 | 16,117 | ||
CJ Freshway Corp. | 340 | 5,974 | ||
CJ Logistics Corp.(1) | 121 | 13,348 | ||
CMG Pharmaceutical Co. Ltd.(1) | 455 | 1,369 | ||
Com2uSCorp | 123 | 9,968 | ||
Cosmax, Inc. | 123 | 7,586 | ||
Coway Co. Ltd. | 1,071 | 61,110 | ||
COWELL FASHION Co. Ltd. | 1,514 | 5,858 | ||
Cuckoo Homesys Co. Ltd.(1) | 247 | 7,797 | ||
Daea TI Co. Ltd. | 1,211 | 4,012 |
32
Shares | Value | |||
Daeduck Electronics Co. | 927 | $ | 7,282 | |
Daekyo Co. Ltd. | 454 | 1,873 | ||
Daelim Industrial Co. Ltd. | 1,650 | 98,370 | ||
Daesang Corp. | 644 | 10,466 | ||
Daewon Pharmaceutical Co. Ltd. | 249 | 2,902 | ||
Daewoo Engineering & Construction Co. Ltd.(1) | 3,245 | 10,966 | ||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1) | 2,305 | 42,724 | ||
Daewoong Co. Ltd. | 556 | 4,658 | ||
Daewoong Pharmaceutical Co. Ltd. | 61 | 5,269 | ||
Daishin Securities Co. Ltd. | 1,143 | 8,837 | ||
Daou Data Corp. | 1,050 | 6,471 | ||
Daou Technology, Inc. | 1,795 | 23,797 | ||
Dawonsys Co. Ltd. | 1,500 | 19,953 | ||
DB HiTek Co. Ltd. | 3,149 | 62,526 | ||
DB Insurance Co. Ltd. | 1,374 | 49,397 | ||
DGB Financial Group, Inc. | 4,287 | 20,000 | ||
Dongjin Semichem Co. Ltd. | 1,294 | 15,676 | ||
DongKook Pharmaceutical Co. Ltd. | 102 | 7,073 | ||
Dongkuk Steel Mill Co. Ltd.(1) | 3,097 | 11,919 | ||
Dongwon Development Co. Ltd. | 3,197 | 9,995 | ||
Doosan Bobcat, Inc. | 618 | 14,631 | ||
Doosan Heavy Industries & Construction Co. Ltd.(1) | 1,452 | 6,077 | ||
DoubleUGames Co. Ltd. | 216 | 7,379 | ||
Douzone Bizon Co. Ltd. | 535 | 38,139 | ||
E-MART, Inc. | 705 | 62,075 | ||
Easy Bio, Inc. | 806 | 2,951 | ||
Eo Technics Co. Ltd. | 92 | 6,788 | ||
Eugene Corp. | 1,023 | 3,189 | ||
Eugene Investment & Securities Co. Ltd. | 1,946 | 3,137 | ||
Eutilex Co. Ltd.(1) | 21 | 864 | ||
F&F Co. Ltd. | 92 | 7,150 | ||
Fila Holdings Corp. | 621 | 19,706 | ||
Foosung Co. Ltd. | 1,050 | 6,289 | ||
Grand Korea Leisure Co. Ltd. | 494 | 6,930 | ||
Green Cross Corp. | 56 | 5,189 | ||
Green Cross Holdings Corp. | 230 | 3,303 | ||
GS Engineering & Construction Corp. | 2,538 | 54,786 | ||
GS Holdings Corp. | 2,500 | 85,522 | ||
GS Retail Co. Ltd. | 463 | 13,361 | ||
Hana Financial Group, Inc. | 10,814 | 279,211 | ||
Hana Tour Service, Inc. | 185 | 6,532 | ||
Handok, Inc. | 75 | 1,354 | ||
Handsome Co. Ltd. | 340 | 6,902 | ||
Hanjin Heavy Industries & Construction Co. Ltd.(1) | 358 | 1,234 | ||
Hanjin Kal Corp. | 370 | 20,545 | ||
Hanjin Transportation Co. Ltd. | 346 | 8,880 | ||
Hankook Tire & Technology Co. Ltd. | 2,419 | 51,519 |
33
Shares | Value | |||
Hanmi Pharm Co. Ltd. | 35 | $ | 7,587 | |
Hanmi Semiconductor Co. Ltd. | 526 | 3,805 | ||
Hanon Systems | 2,173 | 19,009 | ||
Hansol Chemical Co. Ltd. | 123 | 9,479 | ||
Hansol Paper Co. Ltd. | 1,560 | 16,599 | ||
Hansol Technics Co. Ltd.(1) | 1,136 | 6,711 | ||
Hanssem Co. Ltd. | 123 | 6,525 | ||
Hanwha Aerospace Co. Ltd.(1) | 865 | 19,781 | ||
Hanwha Corp. | 2,460 | 41,462 | ||
Hanwha General Insurance Co. Ltd.(1) | 2,720 | 4,993 | ||
Hanwha Investment & Securities Co. Ltd.(1) | 4,234 | 6,235 | ||
Hanwha Life Insurance Co. Ltd. | 7,170 | 9,889 | ||
Hanwha Solutions Corp. | 1,760 | 25,819 | ||
Harim Holdings Co. Ltd. | 958 | 5,616 | ||
HDC Holdings Co. Ltd. | 710 | 5,319 | ||
HDC Hyundai Development Co-Engineering & Construction, E Shares | 1,043 | 15,480 | ||
Helixmith Co. Ltd.(1) | 111 | 5,663 | ||
Hite Jinro Co. Ltd. | 432 | 9,498 | ||
Hotel Shilla Co. Ltd. | 669 | 44,941 | ||
HS Industries Co. Ltd. | 958 | 8,659 | ||
Huchems Fine Chemical Corp. | 432 | 6,566 | ||
Hugel, Inc.(1) | 30 | 9,358 | ||
Humedix Co. Ltd. | 95 | 1,485 | ||
Huons Co. Ltd. | 101 | 3,732 | ||
Huons Global Co. Ltd. | 54 | 1,263 | ||
Hyosung Advanced Materials Corp.(1) | 188 | 12,889 | ||
Hyosung Corp. | 252 | 14,363 | ||
Hyosung Heavy Industries Corp.(1) | 247 | 4,013 | ||
Hyundai Construction Equipment Co. Ltd.(1) | 278 | 4,684 | ||
Hyundai Corp. | 225 | 2,528 | ||
Hyundai Department Store Co. Ltd. | 387 | 22,857 | ||
Hyundai Electric & Energy System Co. Ltd.(1) | 1,038 | 7,554 | ||
Hyundai Elevator Co. Ltd.(1) | 216 | 9,558 | ||
Hyundai Engineering & Construction Co. Ltd. | 1,314 | 37,491 | ||
Hyundai Glovis Co. Ltd. | 548 | 55,893 | ||
Hyundai Greenfood Co. Ltd. | 896 | 6,460 | ||
Hyundai Heavy Industries Holdings Co. Ltd. | 189 | 42,537 | ||
Hyundai Home Shopping Network Corp. | 184 | 11,280 | ||
Hyundai Hy Communications & Network Co. Ltd. | 1,145 | 3,051 | ||
Hyundai Livart Furniture Co. Ltd. | 618 | 4,829 | ||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,863 | 34,540 | ||
Hyundai Merchant Marine Co. Ltd.(1) | 2,472 | 6,617 | ||
Hyundai Mipo Dockyard Co. Ltd. | 317 | 9,586 | ||
Hyundai Mobis Co. Ltd. | 1,022 | 178,591 | ||
Hyundai Motor Co. | 3,258 | 311,574 | ||
Hyundai Rotem Co. Ltd.(1) | 494 | 5,363 | ||
Hyundai Steel Co. | 1,470 | 28,829 |
34
Shares | Value | |||
Hyundai Wia Corp. | 1,160 | $ | 37,124 | |
ICD Co. Ltd. | 580 | 7,973 | ||
Il Dong Pharmaceutical Co. Ltd. | 131 | 1,474 | ||
Iljin Materials Co. Ltd.(1) | 247 | 9,652 | ||
Ilyang Pharmaceutical Co. Ltd. | 166 | 2,787 | ||
iMarketKorea, Inc. | 2,300 | 17,559 | ||
InBody Co. Ltd. | 424 | 6,860 | ||
Industrial Bank of Korea | 9,720 | 76,677 | ||
Innocean Worldwide, Inc. | 401 | 22,454 | ||
Innox Advanced Materials Co. Ltd.(1) | 190 | 6,619 | ||
Inscobee, Inc.(1) | 1,316 | 3,034 | ||
Insun ENT Co. Ltd.(1) | 243 | 1,417 | ||
Interflex Co. Ltd.(1) | 613 | 6,336 | ||
INTOPS Co. Ltd. | 955 | 9,406 | ||
iNtRON Biotechnology, Inc.(1) | 213 | 1,947 | ||
IS Dongseo Co. Ltd. | 734 | 16,305 | ||
JB Financial Group Co. Ltd. | 10,183 | 42,292 | ||
Jcontentree Corp.(1) | 46 | 1,326 | ||
Jejuair Co. Ltd.(1) | 299 | 5,016 | ||
Jusung Engineering Co. Ltd. | 350 | 1,764 | ||
JW Holdings Corp. | 833 | 3,466 | ||
JW Pharmaceutical Corp. | 372 | 7,412 | ||
JYP Entertainment Corp. | 401 | 7,079 | ||
Kakao Corp. | 471 | 68,016 | ||
Kangwon Land, Inc. | 1,503 | 28,363 | ||
KB Financial Group, Inc. ADR | 10,560 | 340,771 | ||
KC Tech Co. Ltd. | 276 | 4,123 | ||
KCC Corp. | 61 | 8,455 | ||
KCC Glass Corp.(1) | 57 | 1,248 | ||
KEPCO Plant Service & Engineering Co. Ltd. | 340 | 9,371 | ||
Kginicis Co. Ltd. | 834 | 13,646 | ||
KH Vatec Co. Ltd.(1) | 337 | 5,764 | ||
Kia Motors Corp. | 8,580 | 259,329 | ||
KIWOOM Securities Co. Ltd. | 522 | 28,726 | ||
KMW Co. Ltd.(1) | 154 | 6,280 | ||
Koentec Co. Ltd. | 896 | 6,204 | ||
Koh Young Technology, Inc. | 92 | 7,295 | ||
Kolmar BNH Co. Ltd. | 340 | 7,577 | ||
Kolmar Korea Holdings Co. Ltd. | 171 | 3,102 | ||
Kolon Corp. | 300 | 3,544 | ||
Kolon Industries, Inc. | 278 | 7,811 | ||
Kolon Life Science, Inc.(1) | 50 | 761 | ||
KONA I Co. Ltd.(1) | 684 | 10,216 | ||
Korea Aerospace Industries Ltd. | 2,450 | 52,365 | ||
Korea Electric Power Corp. ADR | 6,414 | 56,379 | ||
Korea Electric Terminal Co. Ltd. | 185 | 4,969 | ||
Korea Gas Corp. | 216 | 5,023 |
35
Shares | Value | |||
Korea Information & Communications Co. Ltd.(1) | 216 | $ | 1,244 | |
Korea Investment Holdings Co. Ltd. | 1,176 | 61,507 | ||
Korea Line Corp.(1) | 898 | 12,675 | ||
Korea Petrochemical Ind Co. Ltd. | 184 | 13,129 | ||
Korea Real Estate Investment & Trust Co. Ltd. | 8,500 | 13,457 | ||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1) | 657 | 56,144 | ||
Korea United Pharm, Inc. | 123 | 1,592 | ||
Korea Zinc Co. Ltd. | 98 | 33,646 | ||
Korean Air Lines Co. Ltd.(1) | 1,500 | 28,000 | ||
Korean Reinsurance Co. | 2,287 | 15,405 | ||
KT Skylife Co. Ltd. | 1,246 | 7,571 | ||
Kumho Industrial Co. Ltd. | 253 | 1,617 | ||
Kumho Petrochemical Co. Ltd. | 707 | 35,073 | ||
Kumho Tire Co., Inc.(1) | 2,101 | 6,335 | ||
Kwang Dong Pharmaceutical Co. Ltd. | 1,298 | 6,099 | ||
Kyobo Securities Co. Ltd. | 927 | 5,845 | ||
Kyung Dong Navien Co. Ltd. | 120 | 3,660 | ||
L&F Co. Ltd. | 340 | 6,268 | ||
LEENO Industrial, Inc. | 154 | 10,294 | ||
LF Corp. | 556 | 5,808 | ||
LG Chem Ltd. | 456 | 141,300 | ||
LG Corp. | 1,275 | 71,362 | ||
LG Display Co. Ltd. ADR(2) | 10,596 | 61,457 | ||
LG Electronics, Inc. | 4,216 | 210,948 | ||
LG Hausys Ltd. | 489 | 18,665 | ||
LG HelloVision Co. Ltd. | 1,041 | 3,754 | ||
LG Household & Health Care Ltd. | 96 | 98,298 | ||
LG Innotek Co. Ltd. | 1,149 | 126,195 | ||
LG International Corp. | 741 | 6,928 | ||
LG Uplus Corp. | 5,091 | 55,578 | ||
LIG Nex1 Co. Ltd. | 340 | 7,329 | ||
Lotte Chemical Corp. | 306 | 47,161 | ||
Lotte Chilsung Beverage Co. Ltd. | 189 | 17,642 | ||
Lotte Corp. | 949 | 22,878 | ||
LOTTE Fine Chemical Co. Ltd. | 572 | 15,772 | ||
Lotte Non-Life Insurance Co. Ltd.(1) | 4,296 | 5,342 | ||
Lotte Shopping Co. Ltd. | 182 | 14,438 | ||
LS Corp. | 404 | 12,087 | ||
LS Industrial Systems Co. Ltd. | 1,041 | 37,577 | ||
Lutronic Corp.(1) | 166 | 928 | ||
LVMC Holdings(1) | 1,090 | 4,195 | ||
Mando Corp. | 2,387 | 59,849 | ||
Medy-Tox, Inc. | 30 | 7,347 | ||
Meerecompany, Inc. | 66 | 1,414 | ||
MegaStudyEdu Co. Ltd. | 247 | 8,466 | ||
Meritz Financial Group, Inc. | 1,947 | 16,475 | ||
Meritz Fire & Marine Insurance Co. Ltd. | 2,355 | 28,495 |
36
Shares | Value | |||
Meritz Securities Co. Ltd. | 12,468 | $ | 35,637 | |
Mirae Asset Daewoo Co. Ltd. | 6,543 | 34,516 | ||
Mirae Asset Life Insurance Co. Ltd. | 2,163 | 7,101 | ||
Moorim P&P Co. Ltd. | 1,055 | 3,143 | ||
Muhak Co. Ltd.(1) | 242 | 1,230 | ||
Namhae Chemical Corp. | 369 | 2,127 | ||
NAVER Corp. | 1,704 | 247,664 | ||
NCSoft Corp. | 195 | 105,055 | ||
Neowiz(1) | 1,167 | 16,199 | ||
NEPES Corp. | 715 | 17,902 | ||
Netmarble Corp.(1) | 154 | 11,340 | ||
Nexen Corp. | 693 | 2,877 | ||
Nexen Tire Corp. | 1,860 | 9,874 | ||
NH Investment & Securities Co. Ltd. | 3,336 | 27,686 | ||
NHN Corp.(1) | 154 | 8,901 | ||
NICE Holdings Co. Ltd. | 494 | 8,431 | ||
NICE Information Service Co. Ltd. | 1,050 | 13,548 | ||
NongShim Co. Ltd. | 60 | 12,998 | ||
NS Shopping Co. Ltd. | 927 | 5,651 | ||
OCI Co. Ltd.(1) | 216 | 8,953 | ||
Orion Corp/Republic of Korea | 550 | 43,111 | ||
Orion Holdings Corp. | 587 | 7,024 | ||
Oscotec, Inc.(1) | 168 | 2,861 | ||
Osstem Implant Co. Ltd.(1) | 309 | 8,256 | ||
Pan Ocean Co. Ltd.(1) | 7,988 | 25,115 | ||
Partron Co. Ltd. | 1,236 | 9,393 | ||
Pearl Abyss Corp.(1) | 123 | 18,043 | ||
Peptron, Inc.(1) | 90 | 1,124 | ||
PHARMA RESEARCH PRODUCTS Co. Ltd. | 36 | 1,219 | ||
PharmAbcine(1) | 30 | 679 | ||
Poongsan Corp. | 1,017 | 17,326 | ||
POSCO ADR | 6,186 | 249,234 | ||
POSCO Chemical Co. Ltd. | 185 | 8,441 | ||
Posco ICT Co. Ltd. | 1,823 | 6,759 | ||
Posco International Corp. | 3,493 | 43,218 | ||
Pulmuone Co. Ltd. | 1,020 | 9,189 | ||
Reyon Pharmaceutical Co. Ltd. | 81 | 842 | ||
RFHIC Corp. | 340 | 8,304 | ||
S&T Motiv Co. Ltd. | 463 | 15,142 | ||
S-1 Corp. | 360 | 24,365 | ||
S-Oil Corp. | 309 | 17,095 | ||
Sam Chun Dang Pharm Co. Ltd. | 117 | 3,799 | ||
Samjin Pharmaceutical Co. Ltd. | 341 | 6,324 | ||
SAMPYO Cement Co. Ltd. | 973 | 2,481 | ||
Samsung Biologics Co. Ltd.(1) | 65 | 25,163 | ||
Samsung C&T Corp. | 869 | 76,370 | ||
Samsung Card Co. Ltd. | 587 | 16,370 |
37
Shares | Value | |||
Samsung Electro-Mechanics Co. Ltd. | 783 | $ | 83,180 | |
Samsung Electronics Co. Ltd. GDR | 2,617 | 2,966,694 | ||
Samsung Engineering Co. Ltd.(1) | 4,801 | 56,130 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 786 | 128,028 | ||
Samsung Heavy Industries Co. Ltd.(1) | 6,232 | 30,233 | ||
Samsung Life Insurance Co. Ltd. | 981 | 47,217 | ||
Samsung SDI Co. Ltd. | 606 | 151,446 | ||
Samsung SDS Co. Ltd. | 360 | 49,821 | ||
Samsung Securities Co. Ltd. | 1,440 | 39,584 | ||
Samwha Capacitor Co. Ltd. | 211 | 10,541 | ||
Samyang Foods Co. Ltd. | 106 | 7,549 | ||
Sangsangin Co. Ltd. | 772 | 4,919 | ||
SBS Media Holdings Co. Ltd.(1) | 1,692 | 2,525 | ||
Seah Besteel Corp. | 525 | 4,752 | ||
Seegene, Inc.(1) | 432 | 12,902 | ||
Sejong Telecom, Inc.(1) | 5,123 | 1,200 | ||
Seobu T&D(1) | 363 | 2,052 | ||
Seoul Semiconductor Co. Ltd. | 618 | 7,594 | ||
SFA Engineering Corp. | 216 | 6,607 | ||
SFA Semicon Co. Ltd.(1) | 6,605 | 30,284 | ||
Shinhan Financial Group Co. Ltd. ADR(2) | 7,266 | 194,293 | ||
Shinsegae, Inc. | 263 | 51,955 | ||
SK Chemicals Co. Ltd. | 185 | 8,715 | ||
SK Discovery Co. Ltd. | 525 | 9,446 | ||
SK Holdings Co. Ltd. | 261 | 41,561 | ||
SK Hynix, Inc. | 14,164 | 1,022,348 | ||
SK Innovation Co. Ltd. | 783 | 73,287 | ||
SK Materials Co. Ltd. | 123 | 15,120 | ||
SK Networks Co. Ltd. | 10,440 | 37,642 | ||
SK Securities Co. Ltd. | 12,360 | 5,481 | ||
SK Telecom Co. Ltd. ADR | 2,268 | 43,568 | ||
SKC Co. Ltd. | 750 | 32,441 | ||
SL Corp. | 401 | 5,000 | ||
SM Entertainment Co. Ltd.(1) | 278 | 6,595 | ||
Songwon Industrial Co. Ltd. | 463 | 4,245 | ||
Soulbrain Co. Ltd. | 522 | 37,588 | ||
Ssangyong Motor Co.(1) | 2,905 | 4,451 | ||
ST Pharm Co. Ltd.(1) | 124 | 2,991 | ||
STCUBE(1) | 111 | 897 | ||
Suheung Co. Ltd. | 124 | 3,807 | ||
Sung Kwang Bend Co. Ltd. | 420 | 2,846 | ||
Sungwoo Hitech Co. Ltd. | 2,998 | 7,579 | ||
Taewoong Co. Ltd.(1) | 329 | 1,884 | ||
Taeyoung Engineering & Construction Co. Ltd. | 865 | 9,396 | ||
Taihan Fiberoptics Co. Ltd.(1) | 470 | 1,092 | ||
Telcon RF Pharmaceutical, Inc.(1) | 379 | 1,394 | ||
TES Co. Ltd. | 357 | 6,214 |
38
Shares | Value | |||
TK Corp. | 380 | $ | 2,747 | |
Tokai Carbon Korea Co. Ltd. | 154 | 8,535 | ||
Tongyang Life Insurance Co. Ltd. | 2,410 | 6,395 | ||
Tongyang, Inc. | 2,830 | 3,287 | ||
Toptec Co. Ltd. | 338 | 2,763 | ||
Value Added Technology Co. Ltd. | 136 | 2,908 | ||
Vieworks Co. Ltd. | 94 | 2,350 | ||
Webzen, Inc.(1) | 566 | 6,859 | ||
Whanin Pharmaceutical Co. Ltd. | 148 | 1,639 | ||
Wonik Holdings Co. Ltd.(1) | 2,225 | 8,040 | ||
WONIK IPS Co. Ltd.(1) | 340 | 8,849 | ||
Wonik Materials Co. Ltd. | 370 | 7,057 | ||
Woongjin Thinkbig Co. Ltd. | 957 | 1,923 | ||
Woori Financial Group, Inc. | 16,272 | 130,233 | ||
Woori Investment Bank Co. Ltd.(1) | 4,836 | 2,261 | ||
Y G-1 Co. Ltd. | 226 | 1,023 | ||
YG Entertainment, Inc.(1) | 46 | 1,161 | ||
Youlchon Chemical Co. Ltd. | 239 | 2,431 | ||
Youngone Corp. | 381 | 9,981 | ||
Yuanta Securities Korea Co. Ltd.(1) | 3,369 | 6,573 | ||
Yuhan Corp. | 64 | 11,411 | ||
12,158,232 | ||||
Taiwan — 13.7% | ||||
A-DATA Technology Co. Ltd. | 11,000 | 23,675 | ||
Aaeon Technology, Inc. | 1,000 | 2,292 | ||
AcBel Polytech, Inc. | 30,000 | 22,489 | ||
Accton Technology Corp. | 9,000 | 46,970 | ||
Acer, Inc. | 34,000 | 17,921 | ||
Acter Group Corp. Ltd. | 1,000 | 5,644 | ||
Actron Technology Corp. | 1,000 | 3,186 | ||
Adlink Technology, Inc. | 2,000 | 3,515 | ||
Advanced Ceramic X Corp. | 1,000 | 9,553 | ||
Advanced International Multitech Co. Ltd. | 6,000 | 7,168 | ||
Advanced Wireless Semiconductor Co. | 1,000 | 2,855 | ||
Advantech Co. Ltd. | 2,000 | 18,986 | ||
Airtac International Group | 2,000 | 30,143 | ||
Alchip Technologies Ltd. | 3,000 | 20,223 | ||
Alpha Networks, Inc.(1) | 5,000 | 3,397 | ||
Altek Corp. | 7,000 | 4,575 | ||
Amazing Microelectronic Corp. | 4,000 | 11,537 | ||
AmTRAN Technology Co. Ltd.(1) | 13,000 | 3,895 | ||
Apex International Co. Ltd. | 6,000 | 10,482 | ||
Arcadyan Technology Corp. | 5,061 | 12,540 | ||
Ardentec Corp. | 23,000 | 19,502 | ||
ASE Technology Holding Co. Ltd. ADR | 39,719 | 182,707 | ||
Asia Cement Corp. | 63,000 | 90,303 | ||
Asia Optical Co., Inc. | 2,000 | 5,355 |
39
Shares | Value | |||
Asia Pacific Telecom Co. Ltd.(1) | 7,209 | $ | 1,669 | |
Asia Polymer Corp. | 16,000 | 7,243 | ||
Asia Vital Components Co. Ltd. | 7,000 | 7,276 | ||
ASROCK, Inc. | 3,000 | 9,974 | ||
Asustek Computer, Inc. | 5,000 | 33,465 | ||
Aten International Co. Ltd. | 1,000 | 2,762 | ||
AU Optronics Corp. ADR(2) | 11,450 | 35,151 | ||
AURAS Technology Co. Ltd. | 1,000 | 4,981 | ||
Aurora Corp. | 1,000 | 2,866 | ||
AVY Precision Technology, Inc.(1) | 3,000 | 2,827 | ||
Bank of Kaohsiung Co. Ltd. | 30,000 | 9,631 | ||
Baotek Industrial Materials Ltd.(1) | 1,000 | 1,222 | ||
Basso Industry Corp. | 3,000 | 4,531 | ||
BenQ Materials Corp. | 4,000 | 2,433 | ||
BES Engineering Corp. | 71,000 | 16,311 | ||
Bioteque Corp. | 1,000 | 3,787 | ||
Bizlink Holding, Inc. | 3,000 | 18,255 | ||
Bora Pharmaceuticals Co. Ltd. | 1,000 | 5,249 | ||
Brogent Technologies, Inc. | 1,000 | 4,768 | ||
Capital Futures Corp. | 2,000 | 2,840 | ||
Capital Securities Corp. | 39,000 | 12,501 | ||
Career Technology MFG. Co. Ltd. | 5,000 | 5,098 | ||
Casetek Holdings Ltd. | 11,000 | 14,712 | ||
Caswell, Inc. | 3,000 | 10,041 | ||
Catcher Technology Co. Ltd. | 15,000 | 113,334 | ||
Cathay Financial Holding Co. Ltd. | 63,000 | 81,626 | ||
Cayman Engley Industrial Co. Ltd. | 1,000 | 2,500 | ||
Center Laboratories, Inc. | 1,000 | 1,691 | ||
Central Reinsurance Co. Ltd. | 13,000 | 8,511 | ||
Chailease Holding Co. Ltd. | 5,000 | 18,424 | ||
Chang Hwa Commercial Bank Ltd. | 63,000 | 47,717 | ||
Chang Wah Electromaterials, Inc. | 2,000 | 10,405 | ||
Chang Wah Technology Co. Ltd. | 7,000 | 6,247 | ||
Channel Well Technology Co. Ltd. | 5,000 | 3,788 | ||
Charoen Pokphand Enterprise | 5,000 | 10,141 | ||
Chaun-Choung Technology Corp. | 1,000 | 7,253 | ||
CHC Healthcare Group | 5,000 | 5,916 | ||
CHC Resources Corp. | 4,000 | 6,437 | ||
Chenbro Micom Co. Ltd. | 3,000 | 8,521 | ||
Cheng Loong Corp. | 31,000 | 24,004 | ||
Cheng Shin Rubber Industry Co. Ltd. | 56,000 | 72,345 | ||
Cheng Uei Precision Industry Co. Ltd. | 5,000 | 5,876 | ||
Chia Chang Co. Ltd. | 6,000 | 7,190 | ||
Chia Hsin Cement Corp. | 13,000 | 8,411 | ||
Chicony Electronics Co. Ltd. | 13,000 | 35,268 | ||
Chicony Power Technology Co. Ltd. | 2,000 | 3,816 | ||
Chieftek Precision Co. Ltd. | 1,000 | 2,873 |
40
Shares | Value | |||
Chilisin Electronics Corp. | 9,000 | $ | 30,720 | |
Chin-Poon Industrial Co. Ltd. | 11,000 | 10,599 | ||
China Airlines Ltd. | 85,000 | 22,383 | ||
China Bills Finance Corp. | 23,000 | 11,498 | ||
China Chemical & Pharmaceutical Co. Ltd. | 4,000 | 2,683 | ||
China Development Financial Holding Corp. | 228,000 | 67,639 | ||
China General Plastics Corp. | 4,000 | 2,512 | ||
China Life Insurance Co. Ltd.(1) | 37,000 | 29,008 | ||
China Man-Made Fiber Corp. | 49,000 | 11,529 | ||
China Metal Products | 11,000 | 10,429 | ||
China Motor Corp. | 6,800 | 7,830 | ||
China Petrochemical Development Corp. | 97,000 | 25,257 | ||
China Steel Corp. | 234,000 | 175,417 | ||
Chinese Maritime Transport Ltd. | 6,000 | 5,123 | ||
Ching Feng Home Fashions Co. Ltd.(1) | 7,000 | 7,945 | ||
Chipbond Technology Corp. | 12,000 | 22,593 | ||
ChipMOS Technologies, Inc. | 34,000 | 32,898 | ||
Chlitina Holding Ltd. | 1,000 | 5,975 | ||
Chong Hong Construction Co. Ltd. | 3,000 | 8,017 | ||
Chroma ATE, Inc. | 2,000 | 9,088 | ||
Chung Hung Steel Corp. | 24,000 | 6,974 | ||
Chung Hwa Pulp Corp. | 10,000 | 3,031 | ||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 21,000 | 17,714 | ||
Chunghwa Telecom Co. Ltd. ADR(2) | 3,564 | 125,310 | ||
Cleanaway Co. Ltd. | 2,000 | 10,453 | ||
Clevo Co. | 18,000 | 17,442 | ||
CMC Magnetics Corp.(1) | 45,685 | 11,470 | ||
Co-Tech Development Corp. | 8,000 | 9,255 | ||
Compal Electronics, Inc. | 113,000 | 67,999 | ||
Compeq Manufacturing Co. Ltd. | 49,000 | 59,662 | ||
Continental Holdings Corp. | 9,000 | 3,647 | ||
Coretronic Corp. | 18,000 | 21,518 | ||
CTBC Financial Holding Co. Ltd. | 302,000 | 223,541 | ||
CTCI Corp. | 11,000 | 13,344 | ||
Cyberlink Corp. | 1,000 | 3,744 | ||
CyberTAN Technology, Inc. | 16,000 | 7,505 | ||
D-Link Corp.(1) | 5,000 | 2,062 | ||
DA CIN Construction Co. Ltd. | 3,000 | 2,166 | ||
Da-Li Development Co. Ltd. | 2,000 | 1,791 | ||
Dadi Early-Childhood Education Group Ltd. | 1,000 | 6,779 | ||
Dafeng TV Ltd. | 4,000 | 5,396 | ||
Darfon Electronics Corp. | 5,000 | 5,954 | ||
Darwin Precisions Corp. | 5,000 | 2,093 | ||
Daxin Materials Corp. | 2,000 | 5,410 | ||
Delta Electronics, Inc. | 1,000 | 4,527 | ||
Depo Auto Parts Ind Co. Ltd. | 4,000 | 6,871 | ||
DFI, Inc. | 1,000 | 2,566 |
41
Shares | Value | |||
Double Bond Chemical Industry Co. Ltd. | 3,000 | $ | 6,801 | |
Dynapack International Technology Corp. | 7,000 | 13,113 | ||
E-LIFE MALL Corp. | 4,000 | 8,738 | ||
E.Sun Financial Holding Co. Ltd. | 134,000 | 126,549 | ||
Eastern Media International Corp. | 3,000 | 1,143 | ||
Eclat Textile Co. Ltd. | 3,000 | 35,156 | ||
ECOVE Environment Corp. | 1,000 | 7,227 | ||
Egis Technology, Inc. | 1,000 | 6,755 | ||
Elan Microelectronics Corp. | 14,000 | 37,709 | ||
Elite Advanced Laser Corp. | 4,000 | 8,970 | ||
Elite Material Co. Ltd. | 3,000 | 11,488 | ||
Elite Semiconductor Memory Technology, Inc. | 14,000 | 15,393 | ||
Elitegroup Computer Systems Co. Ltd.(1) | 11,000 | 3,986 | ||
eMemory Technology, Inc. | 1,000 | 10,117 | ||
Epistar Corp.(1) | 25,000 | 22,881 | ||
Eson Precision Ind Co. Ltd. | 5,000 | 5,322 | ||
Eternal Materials Co. Ltd. | 34,000 | 29,889 | ||
Eva Airways Corp. | 74,000 | 28,735 | ||
Everest Textile Co. Ltd.(1) | 3,000 | 786 | ||
Evergreen International Storage & Transport Corp. | 23,000 | 10,345 | ||
Evergreen Marine Corp. Taiwan Ltd.(1) | 64,190 | 23,847 | ||
Everlight Chemical Industrial Corp. | 7,000 | 3,386 | ||
Everlight Electronics Co. Ltd. | 8,000 | 8,170 | ||
Excelsior Medical Co. Ltd. | 2,000 | 3,453 | ||
Far Eastern Department Stores Ltd. | 46,000 | 35,776 | ||
Far Eastern International Bank | 82,000 | 31,678 | ||
Far Eastern New Century Corp. | 63,000 | 57,787 | ||
Far EasTone Telecommunications Co. Ltd. | 26,000 | 56,326 | ||
Faraday Technology Corp. | 2,000 | 2,815 | ||
Farglory Land Development Co. Ltd. | 13,000 | 15,955 | ||
Federal Corp.(1) | 13,000 | 4,829 | ||
Feng Hsin Steel Co. Ltd. | 10,000 | 17,778 | ||
Feng TAY Enterprise Co. Ltd. | 4,000 | 21,972 | ||
Firich Enterprises Co. Ltd. | 3,000 | 3,002 | ||
First Financial Holding Co. Ltd. | 119,000 | 91,872 | ||
First Steamship Co. Ltd. | 24,000 | 7,025 | ||
Fitipower Integrated Technology, Inc. | 4,000 | 4,105 | ||
FLEXium Interconnect, Inc. | 3,000 | 10,870 | ||
Flytech Technology Co. Ltd. | 1,000 | 2,411 | ||
FocalTech Systems Co. Ltd.(1) | 19,000 | 18,229 | ||
Forest Water Environment Engineering Co. Ltd. | 1,000 | 1,525 | ||
Formosa Advanced Technologies Co. Ltd. | 8,000 | 10,341 | ||
Formosa Chemicals & Fibre Corp. | 16,000 | 42,852 | ||
Formosa International Hotels Corp. | 1,000 | 4,790 | ||
Formosa Petrochemical Corp. | 5,000 | 13,935 | ||
Formosa Plastics Corp. | 17,000 | 50,017 | ||
Formosa Sumco Technology Corp. | 2,000 | 9,086 |
42
Shares | Value | |||
Formosa Taffeta Co. Ltd. | 15,000 | $ | 16,423 | |
Formosan Rubber Group, Inc. | 22,000 | 13,297 | ||
Formosan Union Chemical | 6,650 | 3,301 | ||
Foxconn Technology Co. Ltd. | 12,000 | 22,925 | ||
Foxsemicon Integrated Technology, Inc. | 4,000 | 20,993 | ||
Fubon Financial Holding Co. Ltd. | 63,000 | 90,840 | ||
Fulltech Fiber Glass Corp. | 11,000 | 4,247 | ||
Fusheng Precision Co. Ltd. | 2,000 | 12,442 | ||
Gamania Digital Entertainment Co. Ltd. | 3,000 | 5,520 | ||
GCS Holdings, Inc. | 1,000 | 2,078 | ||
GEM Services, Inc. | 1,000 | 1,833 | ||
Gemtek Technology Corp.(1) | 4,000 | 2,936 | ||
General Interface Solution Holding Ltd. | 5,000 | 15,763 | ||
Genius Electronic Optical Co. Ltd. | 1,079 | 17,364 | ||
Getac Technology Corp. | 14,000 | 22,451 | ||
Giant Manufacturing Co. Ltd. | 2,000 | 10,617 | ||
Giantplus Technology Co. Ltd.(1) | 6,000 | 2,283 | ||
Gigabyte Technology Co. Ltd. | 5,000 | 8,408 | ||
Gigasolar Materials Corp.(1) | 1,000 | 3,825 | ||
Global Brands Manufacture Ltd. | 17,000 | 7,686 | ||
Global Lighting Technologies, Inc. | 1,000 | 4,073 | ||
Global PMX Co. Ltd. | 1,000 | 4,781 | ||
Globalwafers Co. Ltd. | 4,000 | 52,312 | ||
Globe Union Industrial Corp. | 13,000 | 6,964 | ||
Gloria Material Technology Corp. | 8,000 | 4,391 | ||
Gold Circuit Electronics Ltd.(1) | 20,000 | 9,253 | ||
Golden Friends Corp. | 1,000 | 1,971 | ||
Goldsun Building Materials Co. Ltd. | 30,000 | 12,510 | ||
Gourmet Master Co. Ltd. | 2,000 | 6,025 | ||
Grand Ocean Retail Group Ltd. | 3,000 | 2,108 | ||
Grand Pacific Petrochemical(1) | 30,000 | 15,963 | ||
Grape King Bio Ltd. | 1,000 | 7,166 | ||
Great China Metal Industry | 9,000 | 6,813 | ||
Greatek Electronics, Inc. | 12,000 | 18,473 | ||
GTM Holdings Corp. | 7,000 | 5,103 | ||
Gudeng Precision Industrial Co. Ltd. | 3,113 | 16,545 | ||
Hannstar Board Corp. | 15,000 | 17,319 | ||
HannStar Display Corp. | 62,000 | 13,132 | ||
HannsTouch Solution, Inc.(1) | 28,000 | 9,893 | ||
Highwealth Construction Corp. | 6,000 | 8,778 | ||
HIM International Music, Inc. | 1,000 | 3,621 | ||
Hiroca Holdings Ltd. | 3,000 | 5,577 | ||
Ho Tung Chemical Corp. | 51,000 | 13,128 | ||
Holiday Entertainment Co. Ltd. | 4,000 | 8,580 | ||
Holtek Semiconductor, Inc. | 2,000 | 4,284 | ||
Holy Stone Enterprise Co. Ltd. | 7,000 | 21,955 | ||
Hon Hai Precision Industry Co. Ltd. | 202,000 | 518,212 |
43
Shares | Value | |||
Hong Pu Real Estate Development Co. Ltd. | 11,000 | $ | 8,348 | |
Hota Industrial Manufacturing Co. Ltd. | 1,000 | 3,658 | ||
Hotai Motor Co. Ltd. | 2,000 | 40,390 | ||
Hsin Kuang Steel Co. Ltd. | 2,000 | 1,892 | ||
Hsin Yung Chien Co. Ltd. | 1,000 | 2,677 | ||
Hsing TA Cement Co. | 12,000 | 6,573 | ||
HTC Corp. | 7,000 | 7,752 | ||
Hu Lane Associate, Inc. | 1,000 | 2,544 | ||
Hua Nan Financial Holdings Co. Ltd. | 96,000 | 67,358 | ||
Huaku Development Co. Ltd. | 2,000 | 5,613 | ||
Huang Hsiang Construction Corp. | 3,000 | 3,202 | ||
Hung Ching Development & Construction Co. Ltd. | 7,000 | 4,507 | ||
Hung Sheng Construction Ltd.(1) | 1,600 | 1,061 | ||
Huxen Corp. | 3,000 | 5,148 | ||
I-Sheng Electric Wire & Cable Co. Ltd. | 5,000 | 7,251 | ||
Ibase Technology, Inc. | 1,000 | 1,419 | ||
IBF Financial Holdings Co. Ltd. | 43,040 | 15,992 | ||
Ichia Technologies, Inc. | 18,000 | 8,467 | ||
IEI Integration Corp. | 3,000 | 4,502 | ||
Innodisk Corp. | 4,000 | 23,156 | ||
Innolux Corp. | 93,000 | 23,628 | ||
Intai Technology Corp. | 2,000 | 7,637 | ||
International CSRC Investment Holdings Co. | 19,000 | 16,640 | ||
International Games System Co. Ltd. | 1,000 | 20,046 | ||
Inventec Corp. | 30,000 | 22,652 | ||
Iron Force Industrial Co. Ltd. | 3,000 | 8,774 | ||
ITE Technology, Inc. | 4,000 | 5,649 | ||
ITEQ Corp. | 2,000 | 9,181 | ||
Jih Sun Financial Holdings Co. Ltd. | 35,000 | 11,439 | ||
Jourdeness Group Ltd. | 1,000 | 2,842 | ||
KEE TAI Properties Co. Ltd. | 28,000 | 10,202 | ||
Kenda Rubber Industrial Co. Ltd. | 20,000 | 18,271 | ||
Kindom Development Co. Ltd. | 30,000 | 25,278 | ||
King Slide Works Co. Ltd. | 1,000 | 11,380 | ||
King Yuan Electronics Co. Ltd. | 52,000 | 54,491 | ||
King's Town Bank Co. Ltd. | 11,000 | 13,178 | ||
Kingpak Technology, Inc. | 1,000 | 5,688 | ||
Kinik Co. | 2,000 | 4,033 | ||
Kinpo Electronics | 24,000 | 10,222 | ||
Kinsus Interconnect Technology Corp. | 8,000 | 13,093 | ||
KMC Kuei Meng International, Inc. | 1,000 | 3,221 | ||
KS Terminals, Inc. | 1,000 | 1,298 | ||
Kung Long Batteries Industrial Co. Ltd. | 3,000 | 14,527 | ||
Kuoyang Construction Co. Ltd. | 5,000 | 2,601 | ||
L&K Engineering Co. Ltd. | 3,000 | 2,763 | ||
Lanner Electronics, Inc. | 1,000 | 1,944 | ||
Lealea Enterprise Co. Ltd. | 17,000 | 4,842 |
44
Shares | Value | |||
Lelon Electronics Corp. | 3,000 | $ | 3,511 | |
Lemtech Holdings Co. Ltd. | 1,000 | 3,049 | ||
Lextar Electronics Corp. | 25,000 | 12,555 | ||
Li Cheng Enterprise Co. Ltd. | 1,000 | 1,215 | ||
Li Peng Enterprise Co. Ltd. | 14,000 | 2,986 | ||
Lian HWA Food Corp. | 2,000 | 2,695 | ||
Lien Hwa Industrial Holdings Corp. | 6,000 | 7,447 | ||
Lion Travel Service Co. Ltd. | 1,000 | 2,274 | ||
Lite-On Technology Corp. | 67,000 | 94,755 | ||
Long Bon International Co. Ltd. | 4,800 | 2,192 | ||
Longchen Paper & Packaging Co. Ltd. | 6,000 | 3,525 | ||
Longwell Co. | 6,000 | 11,630 | ||
Lotes Co. Ltd. | 3,000 | 28,488 | ||
Lung Yen Life Service Corp. | 7,000 | 13,926 | ||
Macauto Industrial Co. Ltd. | 4,000 | 9,804 | ||
Machvision, Inc. | 1,000 | 11,726 | ||
Macronix International | 32,000 | 33,478 | ||
Makalot Industrial Co. Ltd. | 1,000 | 4,856 | ||
Marketech International Corp. | 2,000 | 4,881 | ||
Mechema Chemicals International Corp. | 2,000 | 3,849 | ||
MediaTek, Inc. | 1,000 | 11,553 | ||
Mega Financial Holding Co. Ltd. | 98,000 | 103,453 | ||
Mercuries & Associates Holding Ltd.(1) | 6,000 | 4,221 | ||
Mercuries Life Insurance Co. Ltd.(1) | 17,000 | 6,400 | ||
Micro-Star International Co. Ltd. | 7,000 | 20,689 | ||
Microbio Co. Ltd.(1) | 6,000 | 2,838 | ||
Mirle Automation Corp. | 5,000 | 5,712 | ||
Mitac Holdings Corp. | 15,000 | 16,313 | ||
MOSA Industrial Corp. | 1,000 | 1,126 | ||
Nak Sealing Technologies Corp. | 3,000 | 6,583 | ||
Namchow Holdings Co. Ltd. | 9,000 | 14,440 | ||
Nan Kang Rubber Tire Co. Ltd. | 3,000 | 4,200 | ||
Nan Liu Enterprise Co. Ltd. | 1,000 | 5,682 | ||
Nan Pao Resins Chemical Co. Ltd. | 1,000 | 5,062 | ||
Nan Ya Plastics Corp. | 37,000 | 81,632 | ||
Nan Ya Printed Circuit Board Corp.(1) | 3,000 | 5,031 | ||
Nantex Industry Co. Ltd. | 11,000 | 10,940 | ||
Nanya Technology Corp. | 30,000 | 73,138 | ||
Newmax Technology Co. Ltd.(1) | 1,000 | 2,317 | ||
Nichidenbo Corp. | 5,000 | 8,227 | ||
Nien Made Enterprise Co. Ltd. | 3,000 | 23,413 | ||
Novatek Microelectronics Corp. | 9,000 | 57,015 | ||
Nuvoton Technology Corp. | 2,000 | 2,665 | ||
O-Bank Co. Ltd.(1) | 42,000 | 10,373 | ||
Ocean Plastics Co. Ltd.(1) | 2,000 | 1,922 | ||
On-Bright Electronics, Inc. | 1,000 | 7,279 | ||
OptoTech Corp. | 13,000 | 9,253 |
45
Shares | Value | |||
Orient Semiconductor Electronics Ltd.(1) | 26,000 | $ | 10,706 | |
Oriental Union Chemical Corp. | 8,000 | 5,183 | ||
P-Duke Technology Co. Ltd. | 2,000 | 4,533 | ||
Pacific Hospital Supply Co. Ltd. | 1,000 | 2,471 | ||
Paiho Shih Holdings Corp. | 1,000 | 1,324 | ||
Pan Jit International, Inc. | 16,000 | 12,304 | ||
Pan-International Industrial Corp. | 14,000 | 8,778 | ||
Parade Technologies Ltd. | 1,000 | 21,452 | ||
Pegatron Corp. | 58,000 | 117,584 | ||
PharmaEngine, Inc. | 1,000 | 1,967 | ||
PharmaEssentia Corp.(1) | 1,000 | 3,299 | ||
Pharmally International Holding Co. Ltd. | 1,282 | 8,611 | ||
Phison Electronics Corp. | 1,000 | 10,689 | ||
Pixart Imaging, Inc. | 3,000 | 17,884 | ||
Polytronics Technology Corp. | 2,000 | 4,078 | ||
Pou Chen Corp. | 61,000 | 67,179 | ||
Power Wind Health Industry, Inc. | 1,000 | 5,565 | ||
Powertech Technology, Inc. | 37,000 | 119,607 | ||
Poya International Co. Ltd. | 1,000 | 15,520 | ||
President Chain Store Corp. | 6,000 | 58,194 | ||
President Securities Corp. | 37,000 | 16,552 | ||
Prince Housing & Development Corp. | 43,000 | 15,089 | ||
Promate Electronic Co. Ltd. | 2,000 | 2,218 | ||
Prosperity Dielectrics Co. Ltd. | 3,000 | 5,652 | ||
Qisda Corp. | 15,000 | 9,080 | ||
QST International Corp. | 2,000 | 3,868 | ||
Quanta Computer, Inc. | 18,000 | 36,152 | ||
Quanta Storage, Inc. | 12,000 | 11,954 | ||
Radiant Opto-Electronics Corp. | 2,000 | 6,294 | ||
Radium Life Tech Co. Ltd. | 24,000 | 7,841 | ||
Realtek Semiconductor Corp. | 4,000 | 28,840 | ||
Rechi Precision Co. Ltd. | 2,000 | 1,346 | ||
Rexon Industrial Corp. Ltd. | 1,000 | 1,808 | ||
Rich Development Co. Ltd. | 40,000 | 12,075 | ||
Ritek Corp.(1) | 7,000 | 1,173 | ||
Roo Hsing Co. Ltd.(1) | 3,000 | 980 | ||
Ruentex Development Co. Ltd.(1) | 20,000 | 26,619 | ||
Ruentex Engineering & Construction Co. | 1,000 | 2,032 | ||
Ruentex Industries Ltd.(1) | 6,000 | 13,084 | ||
Ruentex Materials Co. Ltd. | 3,000 | 4,233 | ||
Sampo Corp. | 17,000 | 10,373 | ||
San Fang Chemical Industry Co. Ltd. | 13,000 | 9,325 | ||
San Far Property Ltd.(1) | 11,000 | 7,184 | ||
San Shing Fastech Corp. | 3,000 | 4,893 | ||
Sanyang Motor Co. Ltd. | 6,000 | 4,009 | ||
Savior Lifetec Corp.(1) | 7,000 | 5,260 | ||
SCI Pharmtech, Inc. | 2,000 | 7,901 |
46
Shares | Value | |||
ScinoPharm Taiwan Ltd. | 2,000 | $ | 1,809 | |
SDI Corp. | 5,000 | 9,469 | ||
Senao International Co. Ltd. | 1,000 | 1,028 | ||
Senao Networks, Inc. | 1,000 | 3,414 | ||
Sercomm Corp. | 10,000 | 23,815 | ||
Sesoda Corp. | 8,000 | 6,366 | ||
Shane Global Holding, Inc. | 1,000 | 4,818 | ||
Shanghai Commercial & Savings Bank Ltd. (The) | 38,000 | 62,104 | ||
Sheng Yu Steel Co. Ltd. | 7,000 | 4,444 | ||
Shin Kong Financial Holding Co. Ltd.(1) | 261,000 | 77,696 | ||
Shin Zu Shing Co. Ltd. | 3,000 | 13,381 | ||
Shining Building Business Co. Ltd.(1) | 19,000 | 5,524 | ||
Shinkong Insurance Co. Ltd. | 9,000 | 11,389 | ||
Shinkong Synthetic Fibers Corp. | 39,000 | 15,624 | ||
Shiny Chemical Industrial Co. Ltd. | 1,000 | 3,040 | ||
Sigurd Microelectronics Corp. | 24,063 | 26,332 | ||
Silergy Corp. | 1,000 | 32,315 | ||
Simplo Technology Co. Ltd. | 5,000 | 45,771 | ||
Sinbon Electronics Co. Ltd. | 4,000 | 16,642 | ||
Sincere Navigation Corp. | 15,060 | 6,549 | ||
Sinmag Equipment Corp. | 1,000 | 3,304 | ||
Sino-American Silicon Products, Inc. | 22,000 | 73,638 | ||
Sinon Corp. | 23,000 | 14,575 | ||
SinoPac Financial Holdings Co. Ltd. | 175,000 | 73,978 | ||
Sinyi Realty, Inc. | 9,000 | 8,506 | ||
Sitronix Technology Corp. | 8,000 | 36,765 | ||
Soft-World International Corp. | 4,000 | 10,475 | ||
Solar Applied Materials Technology Co.(1) | 3,000 | 2,128 | ||
Sonix Technology Co. Ltd. | 4,000 | 4,444 | ||
Speed Tech Corp.(1) | 1,000 | 2,298 | ||
Standard Chemical & Pharmaceutical Co. Ltd. | 2,000 | 2,246 | ||
Standard Foods Corp. | 9,000 | 19,863 | ||
Sunjuice Holdings Co. Ltd. | 1,000 | 6,491 | ||
Sunny Friend Environmental Technology Co. Ltd. | 1,000 | 8,302 | ||
Sunonwealth Electric Machine Industry Co. Ltd. | 9,000 | 11,418 | ||
Sunplus Technology Co. Ltd.(1) | 25,000 | 8,717 | ||
Sunrex Technology Corp. | 1,000 | 986 | ||
Supreme Electronics Co. Ltd. | 22,000 | 21,942 | ||
Swancor Holding Co. Ltd. | 4,000 | 9,779 | ||
Sweeten Real Estate Development Co. Ltd. | 4,000 | 2,671 | ||
Syncmold Enterprise Corp. | 1,000 | 2,726 | ||
Synnex Technology International Corp. | 47,000 | 57,481 | ||
Systex Corp. | 9,000 | 23,345 | ||
TA Chen Stainless Pipe | 1,000 | 1,005 | ||
Ta Ya Electric Wire & Cable | 8,000 | 2,580 | ||
TA-I Technology Co. Ltd. | 2,750 | 6,240 | ||
Taichung Commercial Bank Co. Ltd. | 94,000 | 38,023 |
47
Shares | Value | |||
TaiDoc Technology Corp. | 1,000 | $ | 5,028 | |
Taiflex Scientific Co. Ltd. | 8,000 | 11,936 | ||
Taigen Biopharmaceuticals Holdings Ltd.(1) | 2,000 | 1,381 | ||
TaiMed Biologics, Inc.(1) | 1,000 | 2,943 | ||
Taimide Tech, Inc. | 1,000 | 1,366 | ||
Tainan Spinning Co. Ltd. | 22,000 | 7,196 | ||
Taishin Financial Holding Co. Ltd. | 133,000 | 61,548 | ||
TaiSol Electronics Co. Ltd. | 4,000 | 9,936 | ||
Taisun Enterprise Co. Ltd. | 4,000 | 3,117 | ||
Taisun Int'l Holding Corp. | 1,000 | 4,385 | ||
Taiwan Business Bank | 96,000 | 37,581 | ||
Taiwan Cement Corp. | 112,000 | 153,185 | ||
Taiwan Cogeneration Corp. | 6,000 | 6,640 | ||
Taiwan Cooperative Financial Holding Co. Ltd. | 96,000 | 65,615 | ||
Taiwan FamilyMart Co. Ltd. | 1,000 | 7,188 | ||
Taiwan Fertilizer Co. Ltd. | 10,000 | 15,696 | ||
Taiwan Fire & Marine Insurance Co. Ltd. | 8,000 | 5,406 | ||
Taiwan FU Hsing Industrial Co. Ltd. | 11,000 | 14,663 | ||
Taiwan Glass Industry Corp. | 35,000 | 11,471 | ||
Taiwan High Speed Rail Corp. | 63,000 | 70,232 | ||
Taiwan Hon Chuan Enterprise Co. Ltd. | 13,000 | 24,891 | ||
Taiwan Land Development Corp.(1) | 30,000 | 7,081 | ||
Taiwan Mask Corp. | 1,000 | 912 | ||
Taiwan Mobile Co. Ltd. | 16,000 | 55,164 | ||
Taiwan Navigation Co. Ltd. | 9,000 | 4,652 | ||
Taiwan Paiho Ltd. | 4,000 | 8,791 | ||
Taiwan PCB Techvest Co. Ltd. | 14,000 | 14,629 | ||
Taiwan Pulp & Paper Corp. | 3,000 | 1,967 | ||
Taiwan Sakura Corp. | 4,000 | 6,077 | ||
Taiwan Secom Co. Ltd. | 9,000 | 26,156 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 58,712 | 3,161,054 | ||
Taiwan Shin Kong Security Co. Ltd. | 7,000 | 8,795 | ||
Taiwan Steel Union Co. Ltd. | 1,000 | 2,506 | ||
Taiwan Styrene Monomer | 30,000 | 18,065 | ||
Taiwan Surface Mounting Technology Corp. | 2,000 | 5,840 | ||
Taiwan TEA Corp. | 17,000 | 8,798 | ||
Taiwan Union Technology Corp. | 1,000 | 4,202 | ||
Taiyen Biotech Co. Ltd. | 6,000 | 6,297 | ||
Tatung Co. Ltd.(1) | 11,000 | 7,447 | ||
Teco Electric and Machinery Co. Ltd. | 40,000 | 34,825 | ||
Test Research, Inc. | 7,000 | 11,650 | ||
Thinking Electronic Industrial Co. Ltd. | 3,000 | 8,080 | ||
Thye Ming Industrial Co. Ltd. | 9,000 | 9,134 | ||
Ton Yi Industrial Corp. | 34,000 | 11,850 | ||
Tong Hsing Electronic Industries Ltd. | 6,000 | 28,612 | ||
Tong Yang Industry Co. Ltd. | 16,000 | 20,076 | ||
Top Bright Holding Co. Ltd. | 3,000 | 8,791 |
48
Shares | Value | |||
TOPBI International Holdings Ltd. | 3,446 | $ | 8,302 | |
Topco Scientific Co. Ltd. | 4,000 | 13,378 | ||
Topkey Corp. | 2,000 | 7,915 | ||
TPK Holding Co. Ltd.(1) | 12,000 | 17,170 | ||
Trade-Van Information Services Co. | 2,000 | 2,570 | ||
Transcend Information, Inc. | 7,000 | 17,614 | ||
Tripod Technology Corp. | 17,000 | 58,515 | ||
TSC Auto ID Technology Co. Ltd. | 1,000 | 6,906 | ||
TSRC Corp. | 5,000 | 3,494 | ||
Ttet Union Corp. | 1,000 | 4,002 | ||
TTFB Co. Ltd. | 1,000 | 7,950 | ||
TTY Biopharm Co. Ltd. | 2,000 | 5,144 | ||
Tung Ho Steel Enterprise Corp. | 10,000 | 7,303 | ||
Tung Thih Electronic Co. Ltd.(1) | 1,000 | 1,769 | ||
TXC Corp. | 6,000 | 9,242 | ||
TYC Brother Industrial Co. Ltd. | 10,000 | 7,720 | ||
U-Ming Marine Transport Corp. | 17,000 | 16,211 | ||
Uni-President Enterprises Corp. | 47,000 | 112,782 | ||
Unimicron Technology Corp. | 51,000 | 64,674 | ||
Union Bank Of Taiwan(1) | 51,000 | 18,350 | ||
Unitech Printed Circuit Board Corp. | 31,000 | 26,534 | ||
United Integrated Services Co. Ltd. | 6,000 | 35,566 | ||
United Microelectronics Corp. | 399,000 | 197,164 | ||
United Renewable Energy Co. Ltd.(1) | 30,000 | 6,711 | ||
Universal Cement Corp. | 12,000 | 6,954 | ||
Universal Microwave Technology, Inc. | 1,000 | 2,543 | ||
Unizyx Holding Corp.(1) | 4,000 | 1,999 | ||
UPC Technology Corp. | 26,000 | 8,396 | ||
USI Corp. | 43,000 | 16,577 | ||
Vanguard International Semiconductor Corp. | 14,000 | 33,479 | ||
Visual Photonics Epitaxy Co. Ltd. | 1,000 | 3,046 | ||
Vivotek, Inc. | 1,000 | 2,694 | ||
Voltronic Power Technology Corp. | 1,000 | 22,934 | ||
Wafer Works Corp. | 8,000 | 8,718 | ||
Wah Lee Industrial Corp. | 2,000 | 3,566 | ||
Walsin Lihwa Corp. | 55,000 | 24,997 | ||
Walsin Technology Corp. | 5,000 | 33,961 | ||
Wan Hai Lines Ltd. | 24,000 | 13,518 | ||
Wei Chuan Foods Corp. | 20,000 | 13,165 | ||
Weikeng Industrial Co. Ltd. | 18,000 | 9,851 | ||
Well Shin Technology Co. Ltd. | 5,000 | 7,628 | ||
Win Semiconductors Corp. | 3,000 | 26,355 | ||
Winbond Electronics Corp. | 98,000 | 50,322 | ||
Wisdom Marine Lines Co. Ltd.(1) | 16,000 | 14,264 | ||
Wistron Corp. | 100,000 | 87,427 | ||
Wistron Information Technology & Services Corp. | 1,000 | 2,678 | ||
Wiwynn Corp. | 5,000 | 115,642 |
49
Shares | Value | |||
Wowprime Corp. | 2,000 | $ | 4,327 | |
WPG Holdings Ltd. | 36,000 | 45,571 | ||
WT Microelectronics Co. Ltd. | 11,000 | 13,607 | ||
WUS Printed Circuit Co. Ltd. | 10,000 | 10,277 | ||
XinTec, Inc.(1) | 1,000 | 2,787 | ||
Xxentria Technology Materials Corp. | 4,000 | 8,108 | ||
Yageo Corp. | 4,000 | 52,261 | ||
Yang Ming Marine Transport Corp.(1) | 35,000 | 7,844 | ||
YC INOX Co. Ltd. | 17,000 | 14,240 | ||
Yem Chio Co. Ltd. | 5,000 | 1,757 | ||
Yeong Guan Energy Technology Group Co. Ltd.(1) | 1,000 | 1,958 | ||
YFY, Inc. | 60,000 | 27,491 | ||
Yieh Phui Enterprise Co. Ltd. | 51,000 | 15,173 | ||
Youngtek Electronics Corp. | 5,000 | 7,888 | ||
Yuanta Financial Holding Co. Ltd. | 202,000 | 126,296 | ||
Yulon Motor Co. Ltd. | 32,000 | 21,165 | ||
Yungshin Construction & Development Co. Ltd. | 1,000 | 1,068 | ||
YungShin Global Holding Corp. | 3,000 | 4,480 | ||
Zeng Hsing Industrial Co. Ltd. | 3,000 | 12,616 | ||
Zhen Ding Technology Holding Ltd. | 12,000 | 44,142 | ||
Zinwell Corp. | 3,000 | 1,658 | ||
Zippy Technology Corp. | 3,000 | 3,501 | ||
ZongTai Real Estate Development Co. Ltd. | 2,000 | 1,926 | ||
12,933,528 | ||||
Thailand — 2.8% | ||||
Advanced Info Service PCL NVDR | 19,600 | 126,147 | ||
AEON Thana Sinsap Thailand PCL NVDR | 3,000 | 13,174 | ||
Airports of Thailand PCL NVDR | 39,000 | 73,752 | ||
Ananda Development PCL NVDR | 26,000 | 1,270 | ||
AP Thailand PCL NVDR | 55,300 | 10,676 | ||
Asia Aviation PCL NVDR(1) | 33,200 | 1,394 | ||
Asia Sermkij Leasing PCL NVDR | 10,200 | 7,439 | ||
B Grimm Power PCL NVDR | 26,800 | 39,038 | ||
Bangchak Corp. PCL NVDR | 32,900 | 25,337 | ||
Bangkok Airways PCL NVDR | 28,200 | 4,159 | ||
Bangkok Bank PCL NVDR | 21,000 | 88,543 | ||
Bangkok Chain Hospital PCL NVDR | 21,000 | 8,725 | ||
Bangkok Dusit Medical Services PCL NVDR | 67,900 | 47,793 | ||
Bangkok Expressway & Metro PCL NVDR | 70,800 | 20,766 | ||
Bangkok Land PCL NVDR | 408,300 | 13,194 | ||
Bangkok Life Assurance PCL NVDR | 10,200 | 5,013 | ||
Banpu PCL NVDR | 119,900 | 26,998 | ||
Banpu Power PCL NVDR | 13,800 | 5,140 | ||
BCPG PCL NVDR | 13,800 | 6,402 | ||
Beauty Community PCL NVDR | 114,300 | 7,128 | ||
BEC World PCL NVDR(1) | 70,800 | 9,836 | ||
Berli Jucker PCL NVDR | 6,600 | 7,642 |
50
Shares | Value | |||
BTS Group Holdings PCL NVDR | 52,800 | $ | 18,252 | |
Bumrungrad Hospital PCL NVDR | 5,700 | 23,225 | ||
Cal-Comp Electronics Thailand PCL NVDR | 189,300 | 10,063 | ||
Carabao Group PCL NVDR | 7,000 | 15,920 | ||
Central Pattana PCL NVDR | 21,100 | 35,488 | ||
Central Plaza Hotel PCL NVDR | 9,000 | 5,249 | ||
Central Retail Corp. PCL NVDR(1) | 15,166 | 15,140 | ||
CH Karnchang PCL NVDR | 18,000 | 10,912 | ||
Charoen Pokphand Foods PCL NVDR | 42,000 | 35,617 | ||
Chularat Hospital PCL NVDR | 113,400 | 8,974 | ||
CK Power PCL NVDR | 56,700 | 6,798 | ||
Com7 PCL NVDR | 24,500 | 17,252 | ||
CP ALL PCL NVDR | 63,600 | 132,629 | ||
Diamond Building Products PCL NVDR | 24,200 | 4,408 | ||
Dynasty Ceramic PCL NVDR | 130,800 | 7,143 | ||
Eastern Polymer Group PCL NVDR | 35,400 | 4,537 | ||
Eastern Water Resources Development and Management PCL NVDR | 21,000 | 7,156 | ||
Electricity Generating PCL NVDR | 2,700 | 23,519 | ||
Energy Absolute PCL NVDR | 28,300 | 35,679 | ||
Erawan Group PCL (The) NVDR | 66,500 | 7,543 | ||
Esso Thailand PCL NVDR | 37,300 | 7,279 | ||
GFPT PCL NVDR | 25,500 | 8,753 | ||
Gulf Energy Development PCL NVDR | 3,000 | 15,952 | ||
Gunkul Engineering PCL NVDR | 248,900 | 19,420 | ||
Hana Microelectronics PCL NVDR | 6,600 | 7,010 | ||
Home Product Center PCL NVDR | 115,200 | 46,769 | ||
Ichitan Group PCL NVDR | 40,700 | 6,595 | ||
Indorama Ventures PCL NVDR | 14,800 | 12,224 | ||
Intouch Holdings PCL NVDR | 13,900 | 24,156 | ||
IRPC PCL NVDR | 184,800 | 13,187 | ||
Italian-Thai Development PCL NVDR | 234,000 | 8,719 | ||
Jasmine International PCL NVDR | 178,500 | 27,385 | ||
Jay Mart PCL NVDR | 36,557 | 7,965 | ||
JMT Network Services PCL NVDR | 13,800 | 7,968 | ||
JWD Infologistics PCL NVDR | 29,700 | 5,934 | ||
Kasikornbank PCL NVDR | 6,600 | 24,922 | ||
KCE Electronics PCL NVDR | 18,800 | 13,189 | ||
KGI Securities Thailand PCL NVDR | 111,800 | 15,233 | ||
Khon Kaen Sugar Industry PCL NVDR | 59,500 | 3,992 | ||
Kiatnakin Bank PCL NVDR | 6,600 | 12,974 | ||
Krung Thai Bank PCL NVDR | 67,200 | 30,037 | ||
Krungthai Card PCL NVDR | 17,400 | 21,169 | ||
Land & Houses PCL NVDR | 52,800 | 13,981 | ||
LPN Development PCL NVDR | 42,000 | 5,647 | ||
Major Cineplex Group PCL NVDR | 28,000 | 16,946 | ||
MBK PCL NVDR | 30,000 | 16,901 | ||
MC Group PCL NVDR | 10,900 | 3,272 |
51
Shares | Value | |||
MCOT PCL NVDR(1) | 6,800 | $ | 1,434 | |
Mega Lifesciences PCL NVDR | 6,600 | 5,236 | ||
Minor International PCL NVDR | 67,200 | 59,955 | ||
MK Restaurants Group PCL NVDR | 4,600 | 8,853 | ||
Muangthai Capital PCL NVDR | 13,800 | 24,959 | ||
Namyong Terminal PCL NVDR | 24,400 | 2,676 | ||
Noble Development PCL NVDR | 21,200 | 10,116 | ||
Nok Airlines PCL NVDR(1) | 16,000 | 574 | ||
Origin Property PCL NVDR | 39,000 | 6,397 | ||
Plan B Media Pcl NVDR | 28,200 | 4,634 | ||
Polyplex Thailand PCL NVDR | 20,400 | 7,363 | ||
Precious Shipping PCL NVDR(1) | 32,400 | 4,733 | ||
Property Perfect PCL NVDR | 308,400 | 6,111 | ||
PTG Energy PCL NVDR | 42,000 | 19,204 | ||
PTT Exploration & Production PCL NVDR | 24,600 | 83,304 | ||
PTT Global Chemical PCL NVDR | 24,400 | 31,939 | ||
PTT PCL NVDR | 166,500 | 205,900 | ||
Quality Houses PCL NVDR | 308,400 | 22,233 | ||
Rajthanee Hospital PCL NVDR | 16,400 | 11,892 | ||
Ratch Group PCL NVDR | 18,400 | 34,393 | ||
Ratchthani Leasing PCL NVDR | 60,000 | 9,703 | ||
Rojana Industrial Park PCL NVDR | 57,400 | 8,012 | ||
RS PCL NVDR | 13,800 | 4,665 | ||
Samart Corp. PCL NVDR | 35,400 | 7,442 | ||
Sansiri PCL NVDR | 361,200 | 8,197 | ||
Sappe PCL NVDR | 2,500 | 1,308 | ||
SEAFCO PCL NVDR | 29,100 | 5,165 | ||
Siam Cement PCL (The) NVDR | 5,900 | 58,016 | ||
Siam Commercial Bank PCL (The) NVDR | 10,200 | 28,222 | ||
Siam Future Development PCL NVDR | 42,000 | 7,099 | ||
Siam Global House PCL NVDR | 55,700 | 24,203 | ||
Siamgas & Petrochemicals PCL NVDR | 37,600 | 9,419 | ||
Sikarin PCL NVDR | 11,700 | 1,891 | ||
Sino-Thai Engineering & Construction PCL NVDR | 42,000 | 20,402 | ||
Somboon Advance Technology PCL NVDR | 13,800 | 5,818 | ||
SPCG PCL NVDR | 33,400 | 18,539 | ||
Sri Trang Agro-Industry PCL NVDR | 38,100 | 14,226 | ||
Srisawad Corp. PCL NVDR | 21,000 | 45,277 | ||
Star Petroleum Refining PCL NVDR | 42,000 | 10,702 | ||
STP & I PCL NVDR | 52,800 | 7,874 | ||
Supalai PCL NVDR | 56,400 | 29,444 | ||
Super Energy Corp. PCL NVDR | 974,300 | 12,053 | ||
Taokaenoi Food & Marketing PCL NVDR | 24,600 | 6,339 | ||
Thai Airways International PCL NVDR(1) | 33,000 | 4,148 | ||
Thai Oil PCL NVDR | 28,200 | 38,722 | ||
Thai Union Group PCL NVDR | 123,600 | 59,585 | ||
Thai Vegetable Oil PCL NVDR | 22,300 | 19,437 |
52
Shares | Value | |||
Thaifoods Group PCL NVDR | 73,200 | $ | 7,802 | |
Thanachart Capital PCL NVDR | 6,600 | 11,039 | ||
Thoresen Thai Agencies PCL NVDR | 94,000 | 8,226 | ||
Tipco Asphalt PCL NVDR | 8,400 | 5,073 | ||
Tisco Financial Group PCL NVDR | 6,600 | 20,615 | ||
TMB Bank PCL NVDR | 234,000 | 8,211 | ||
TOA Paint Thailand PCL NVDR | 13,500 | 13,282 | ||
Total Access Communication PCL NVDR | 24,800 | 28,714 | ||
TPI Polene PCL NVDR | 187,700 | 7,489 | ||
TPI Polene Power PCL NVDR | 49,200 | 6,244 | ||
TQM Corp. PCL NVDR | 7,000 | 16,145 | ||
True Corp. PCL NVDR | 407,400 | 42,900 | ||
TTW PCL NVDR | 21,600 | 9,573 | ||
U City PCL NVDR(1) | 236,100 | 9,341 | ||
Unique Engineering & Construction PCL NVDR | 60,200 | 12,194 | ||
United Paper PCL NVDR | 10,100 | 3,026 | ||
Univentures PCL NVDR | 13,100 | 1,330 | ||
VGI PCL NVDR | 84,100 | 17,741 | ||
Vinythai PCL NVDR | 12,100 | 9,049 | ||
WHA Corp. PCL NVDR | 71,200 | 6,273 | ||
Workpoint Entertainment PCL NVDR | 10,200 | 2,867 | ||
2,637,597 | ||||
Turkey — 0.8% | ||||
Akbank T.A.S.(1) | 41,516 | 45,563 | ||
Aksa Akrilik Kimya Sanayii AS | 9,428 | 12,138 | ||
Aksa Enerji Uretim AS(1) | 3,263 | 1,881 | ||
Aksigorta AS | 1,450 | 1,505 | ||
Alarko Holding AS | 1,913 | 1,723 | ||
Albaraka Turk Katilim Bankasi AS(1) | 14,217 | 3,182 | ||
Anadolu Cam Sanayii AS | 2,124 | 1,295 | ||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 2,268 | 8,017 | ||
Aselsan Elektronik Sanayi Ve Ticaret AS | 2,515 | 11,189 | ||
AvivaSA Emeklilik ve Hayat AS | 910 | 2,132 | ||
Aygaz AS | 1,974 | 3,696 | ||
BIM Birlesik Magazalar AS | 5,520 | 42,650 | ||
Borusan Mannesmann Boru Sanayi ve Ticaret AS | 1,043 | 1,675 | ||
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS(1) | 1,198 | 1,715 | ||
Cimsa Cimento Sanayi VE Ticaret AS(1) | 1,380 | 2,058 | ||
Coca-Cola Icecek AS | 1,955 | 14,252 | ||
Deva Holding AS(1) | 2,301 | 3,432 | ||
Dogan Sirketler Grubu Holding AS | 53,254 | 15,039 | ||
Dogus Otomotiv Servis ve Ticaret AS | 1,064 | 1,667 | ||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 5,668 | 3,504 | ||
Eregli Demir ve Celik Fabrikalari TAS | 26,523 | 36,243 | ||
Fenerbahce Futbol AS(1) | 566 | 1,083 | ||
Ford Otomotiv Sanayi AS | 846 | 10,651 |
53
Shares | Value | |||
Global Yatirim Holding AS(1) | 1,773 | $ | 1,001 | |
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1) | 2,042 | 1,220 | ||
Gubre Fabrikalari TAS(1) | 2,526 | 6,954 | ||
Haci Omer Sabanci Holding AS | 27,630 | 38,001 | ||
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1) | 8,400 | 12,617 | ||
Is Yatirim Menkul Degerler AS | 12,834 | 9,836 | ||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 42,450 | 17,913 | ||
KOC Holding AS | 6,051 | 17,102 | ||
Koza Altin Isletmeleri AS(1) | 780 | 9,140 | ||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 12,077 | 21,966 | ||
Logo Yazilim Sanayi Ve Ticaret AS(1) | 197 | 2,427 | ||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares(1) | 610 | 5,280 | ||
Migros Ticaret AS(1) | 2,515 | 8,999 | ||
Nuh Cimento Sanayi AS | 3,689 | 5,607 | ||
Pegasus Hava Tasimaciligi AS(1) | 1,966 | 17,175 | ||
Petkim Petrokimya Holding AS(1) | 5,389 | 3,228 | ||
Sekerbank Turk AS(1) | 9,064 | 1,633 | ||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 10,890 | 11,573 | ||
Soda Sanayii AS | 8,756 | 8,162 | ||
Sok Marketler Ticaret AS(1) | 4,782 | 6,548 | ||
TAV Havalimanlari Holding AS | 6,732 | 22,514 | ||
Tekfen Holding AS | 5,916 | 14,521 | ||
Trakya Cam Sanayii AS | 18,576 | 10,063 | ||
Tupras Turkiye Petrol Rafinerileri AS | 1,471 | 24,061 | ||
Turk Hava Yollari AO(1) | 18,338 | 36,053 | ||
Turk Traktor ve Ziraat Makineleri AS(1) | 379 | 3,701 | ||
Turkcell Iletisim Hizmetleri AS ADR | 7,634 | 41,682 | ||
Turkiye Garanti Bankasi AS(1) | 37,291 | 58,923 | ||
Turkiye Halk Bankasi AS(1) | 22,996 | 22,325 | ||
Turkiye Is Bankasi AS, C Shares(1) | 31,496 | 29,161 | ||
Turkiye Sinai Kalkinma Bankasi AS(1) | 66,120 | 12,120 | ||
Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS(1) | 372 | 1,838 | ||
Vestel Elektronik Sanayi ve Ticaret AS(1) | 5,270 | 12,122 | ||
Zorlu Enerji Elektrik Uretim AS(1) | 5,889 | 1,271 | ||
723,027 | ||||
TOTAL COMMON STOCKS (Cost $98,109,973) | 93,452,133 | |||
RIGHTS† | ||||
South Korea† | ||||
HDC Hyundai Development Co-Engineering & Construction(1) | 521 | 1,195 | ||
Thailand† | ||||
Property Perfect PCL(1) | 4,350 | 1 | ||
TOTAL RIGHTS (Cost $—) | 1,196 | |||
WARRANTS† | ||||
Malaysia† | ||||
Serba Dinamik Holdings Bhd(1) | 3,660 | 295 |
54
Shares | Value | |||
Thailand† | ||||
BTS Group Holdings PCL(1) | 4,630 | $ | 126 | |
TOTAL WARRANTS (Cost $—) | 421 | |||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $14,395) | 14,395 | 14,395 | ||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.3% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $1,265,865) | 1,265,865 | 1,265,865 | ||
TOTAL INVESTMENT SECURITIES — 100.2% (Cost $99,390,233) | 94,734,010 | |||
OTHER ASSETS AND LIABILITIES — (0.2)% | (150,869 | ) | ||
TOTAL NET ASSETS — 100.0% | $ | 94,583,141 |
MARKET SECTOR DIVERSIFICATION | ||
(as a % of net assets) | ||
Financials | 21.5 | % |
Information Technology | 16.5 | % |
Consumer Discretionary | 12.0 | % |
Communication Services | 10.0 | % |
Materials | 8.0 | % |
Industrials | 7.7 | % |
Energy | 6.8 | % |
Consumer Staples | 5.7 | % |
Real Estate | 4.3 | % |
Utilities | 3.3 | % |
Health Care | 3.0 | % |
Cash and Equivalents* | 1.2 | % |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||
ADR | - | American Depositary Receipt |
GDR | - | Global Depositary Receipt |
NVDR | - | Non-Voting Depositary Receipt |
† | Category is less than 0.05% of total net assets. |
(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 $2,154,382. 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 market value of the collateral held by the fund was $2,227,306, which includes securities collateral of $961,441. |
See Notes to Financial Statements.
55
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $98,124,368) — including $2,154,382 of securities on loan | $ | 93,468,145 | |
Investment made with cash collateral received for securities on loan, at value (cost of $1,265,865) | 1,265,865 | ||
Total investment securities, at value (cost of $99,390,233) | 94,734,010 | ||
Cash | 1,948 | ||
Foreign currency holdings, at value (cost of $128,173) | 127,690 | ||
Receivable for investments sold | 423,270 | ||
Receivable for capital shares sold | 4,850,230 | ||
Dividends and interest receivable | 212,794 | ||
Securities lending receivable | 5,040 | ||
100,354,982 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 1,265,865 | ||
Payable for investments purchased | 4,480,891 | ||
Accrued management fees | 25,085 | ||
5,771,841 | |||
Net Assets | $ | 94,583,141 | |
Shares outstanding (unlimited number of shares authorized) | 1,950,000 | ||
Net Asset Value Per Share | $ | 48.50 | |
Net Assets Consist of: | |||
Capital paid in | $ | 99,335,263 | |
Distributable earnings | (4,752,122 | ) | |
$ | 94,583,141 |
See Notes to Financial Statements.
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Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $83,766) | $ | 503,175 | |
Securities lending, net | 8,965 | ||
Interest | 644 | ||
512,784 | |||
Expenses: | |||
Management fees | 110,008 | ||
Other expenses | 292 | ||
110,300 | |||
Net investment income (loss) | 402,484 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | (130,239 | ) | |
Foreign currency translation transactions | (39,081 | ) | |
(169,320 | ) | ||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | (4,656,223 | ) | |
Translation of assets and liabilities in foreign currencies | (6,913 | ) | |
(4,663,136 | ) | ||
Net realized and unrealized gain (loss) | (4,832,456 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (4,429,972 | ) |
(1) | September 17, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
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Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 402,484 | |
Net realized gain (loss) | (169,320 | ) | |
Change in net unrealized appreciation (depreciation) | (4,663,136 | ) | |
Net increase (decrease) in net assets resulting from operations | (4,429,972 | ) | |
Distributions to Shareholders | |||
From earnings | (322,150 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 99,335,263 | ||
Net increase (decrease) in net assets | 94,583,141 | ||
Net Assets | |||
End of period | $ | 94,583,141 | |
Transactions in Shares of the Fund | |||
Sold | 1,950,000 |
(1) | September 17, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek long-term capital appreciation. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on September 17, 2019.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
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Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 1,265,865 | — | — | — | $ | 1,265,865 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,265,865 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 72% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.33%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 were $55,657,591 and $2,272,873, respectively.
Securities received in-kind through subscriptions for the period ended February 29, 2020 were $44,886,671. There were no securities delivered in-kind through redemptions during the period.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 50,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a basket of securities (and an amount of cash) that the fund specifies each day. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
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6. 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.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Common Stocks | ||||||||
Brazil | $ | 3,344,090 | $ | 4,266,663 | — | |||
Chile | 258,380 | 537,759 | — | |||||
China | 9,102,416 | 20,725,169 | — | |||||
Colombia | 121,606 | 269,994 | — | |||||
India | 2,501,036 | 6,047,130 | — | |||||
Indonesia | 249,047 | 1,716,824 | — | |||||
Mexico | 973,910 | 1,784,231 | — | |||||
Peru | 319,510 | — | — | |||||
Philippines | 31,578 | 913,532 | — | |||||
Russia | 151,070 | 3,239,539 | — | |||||
South Africa | 1,257,876 | 3,525,131 | — | |||||
South Korea | 945,702 | 11,212,530 | — | |||||
Taiwan | 3,504,222 | 9,429,306 | — | |||||
Turkey | 41,682 | 681,345 | — | |||||
Other Countries | — | 6,300,855 | — | |||||
Rights | — | 1,196 | — | |||||
Warrants | — | 421 | — | |||||
Temporary Cash Investments | 14,395 | — | — | |||||
Temporary Cash Investments - Securities Lending Collateral | 1,265,865 | — | — | |||||
$ | 24,082,385 | $ | 70,651,625 | — |
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7. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 99,391,468 | |
Gross tax appreciation of investments | $ | 3,830,116 | |
Gross tax depreciation of investments | (8,487,574 | ) | |
Net tax appreciation (depreciation) of investments | $ | (4,657,458 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
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Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $50.00 | 0.29 | (1.60) | (1.31) | (0.19) | $48.50 | (2.66)% | 0.33%(5) | 1.21%(5) | 3% | $94,583 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | September 17, 2019 (fund inception) through February 29, 2020 (unaudited). |
(5) | Annualized. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019 , the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
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The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
68
Notes |
69
Notes |
70
Notes |
71
Notes |
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Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96052 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ International Equity ETF (AVDE) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
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Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Roche Holding AG ADR | 1.2% |
Novartis AG ADR | 1.1% |
Royal Dutch Shell plc* | 0.9% |
Nestle SA ADR | 0.7% |
Toyota Motor Corp. ADR | 0.7% |
BP plc ADR | 0.6% |
HSBC Holdings plc ADR | 0.5% |
GlaxoSmithKline plc ADR | 0.5% |
Novo Nordisk A/S ADR | 0.5% |
AstraZeneca plc ADR | 0.5% |
*Includes all classes of the issuer held by the fund. | |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.6% |
Rights | —* |
Total Equity Exposure | 99.6% |
Temporary Cash Investments | 0.1% |
Temporary Cash Investments - Securities Lending Collateral | 2.7% |
Other Assets and Liabilities | (2.4)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets |
Japan | 22.1% |
United Kingdom | 14.6% |
Canada | 9.4% |
France | 9.3% |
Switzerland | 8.3% |
Germany | 7.5% |
Australia | 6.3% |
Netherlands | 3.6% |
Hong Kong | 3.1% |
Sweden | 3.0% |
Spain | 2.5% |
Italy | 2.3% |
Other Countries | 7.6% |
Cash and Equivalents* | 0.4% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other
assets and liabilities.
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $961.10(2) | $0.98(3) | 0.23% |
Hypothetical | $1,000 | $1,023.72(4) | $1.16(4) | 0.23% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from September 24, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 159, the number of days in the period from September 24, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the fund had been available throughout the entire period and are calculated using the fund's annualized expense ratio listed in the table above. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 99.6% | ||||
Australia — 6.3% | ||||
Adairs Ltd. | 2,924 | $ | 4,604 | |
Adelaide Brighton Ltd.(1) | 3,961 | 7,622 | ||
Afterpay Ltd.(2) | 377 | 8,281 | ||
AGL Energy Ltd. | 2,752 | 33,971 | ||
Ainsworth Game Technology Ltd.(2) | 2,011 | 912 | ||
Alkane Resources Ltd.(2) | 16,291 | 8,383 | ||
Alliance Aviation Services Ltd. | 1,641 | 2,506 | ||
ALS Ltd. | 1,547 | 8,399 | ||
Altium Ltd. | 412 | 8,117 | ||
Alumina Ltd. | 5,166 | 6,452 | ||
AMA Group Ltd. | 7,961 | 2,690 | ||
AMP Ltd.(2) | 6,853 | 7,515 | ||
Ansell Ltd. | 447 | 8,536 | ||
AP Eagers Ltd. | 540 | 3,117 | ||
APA Group | 8,229 | 56,887 | ||
Appen Ltd. | 583 | 7,986 | ||
ARB Corp. Ltd. | 653 | 7,200 | ||
Ardent Leisure Group Ltd.(2) | 4,892 | 2,861 | ||
Aristocrat Leisure Ltd. | 4,804 | 103,114 | ||
Asaleo Care Ltd. | 12,882 | 8,803 | ||
ASX Ltd. | 342 | 16,280 | ||
Atlas Arteria Ltd. | 1,823 | 9,593 | ||
Atlassian Corp. plc, Class A(2) | 607 | 87,991 | ||
Aurelia Metals Ltd. | 14,141 | 3,635 | ||
Aurizon Holdings Ltd. | 29,583 | 91,761 | ||
AusNet Services | 22,579 | 24,687 | ||
Australia & New Zealand Banking Group Ltd. | 18,264 | 291,709 | ||
Australian Agricultural Co. Ltd.(2) | 10,228 | 7,362 | ||
Australian Ethical Investment Ltd. | 1,172 | 2,829 | ||
Australian Finance Group Ltd. | 5,442 | 9,126 | ||
Australian Pharmaceutical Industries Ltd. | 9,368 | 7,300 | ||
Bank of Queensland Ltd.(1) | 6,699 | 32,327 | ||
Beach Energy Ltd. | 35,941 | 40,310 | ||
Bendigo & Adelaide Bank Ltd. | 6,205 | 37,327 | ||
BHP Group Ltd. ADR(1) | 7,915 | 342,799 | ||
Bingo Industries Ltd.(1) | 4,686 | 8,594 | ||
BlueScope Steel Ltd. | 5,280 | 40,440 | ||
Boral Ltd. | 18,449 | 54,854 | ||
Brambles Ltd. | 13,573 | 104,482 | ||
Brickworks Ltd. | 688 | 8,091 | ||
Caltex Australia Ltd. | 653 | 13,695 | ||
carsales.com Ltd. | 2,485 | 25,710 |
5
Shares | Value | |||
Castile Resources Pty Ltd.(2) | 2,345 | $ | 244 | |
Cedar Woods Properties Ltd. | 1,753 | 7,979 | ||
Challenger Ltd. | 6,654 | 38,541 | ||
CIMIC Group Ltd. | 644 | 10,090 | ||
Cleanaway Waste Management Ltd. | 1,446 | 2,154 | ||
Coca-Cola Amatil Ltd. | 8,645 | 63,802 | ||
Cochlear Ltd. | 473 | 63,051 | ||
Codan Ltd. | 2,480 | 11,655 | ||
Coles Group Ltd. | 1,893 | 17,260 | ||
Collins Foods Ltd. | 1,002 | 5,683 | ||
Commonwealth Bank of Australia | 6,920 | 363,409 | ||
Computershare Ltd. | 1,512 | 14,944 | ||
Cooper Energy Ltd.(1)(2) | 18,256 | 5,662 | ||
Coronado Global Resources, Inc. | 5,201 | 5,462 | ||
Costa Group Holdings Ltd. | 566 | 1,088 | ||
Credit Corp. Group Ltd. | 412 | 8,766 | ||
Crown Resorts Ltd. | 2,891 | 19,303 | ||
CSL Ltd. ADR(1) | 2,561 | 254,307 | ||
CSR Ltd. | 11,147 | 30,681 | ||
Dacian Gold Ltd.(2) | 1,653 | 1,508 | ||
Dicker Data Ltd. | 1,652 | 6,395 | ||
Domino's Pizza Enterprises Ltd.(1) | 582 | 21,008 | ||
Downer EDI Ltd. | 2,169 | 7,906 | ||
Eclipx Group Ltd.(2) | 7,440 | 6,927 | ||
Emeco Holdings Ltd.(1)(2) | 7,697 | 9,445 | ||
Evolution Mining Ltd. | 13,858 | 37,005 | ||
FlexiGroup Ltd. | 4,547 | 4,584 | ||
Flight Centre Travel Group Ltd.(1) | 307 | 6,504 | ||
Fortescue Metals Group Ltd. | 18,178 | 118,584 | ||
Galaxy Resources Ltd.(1)(2) | 3,582 | 2,060 | ||
Genworth Mortgage Insurance Australia Ltd.(1) | 4,729 | 9,834 | ||
GrainCorp Ltd., A Shares(2) | 1,547 | 7,727 | ||
Harvey Norman Holdings Ltd.(1) | 6,002 | 14,280 | ||
Healius Ltd. | 1,904 | 3,715 | ||
HT&E Ltd.(1) | 4,560 | 4,021 | ||
Huon Aquaculture Group Ltd. | 381 | 1,061 | ||
IDP Education Ltd. | 1,753 | 24,098 | ||
IGO Ltd. | 10,593 | 35,809 | ||
Iluka Resources Ltd. | 9,037 | 48,459 | ||
Imdex Ltd. | 7,097 | 7,099 | ||
IMF Bentham Ltd. | 897 | 2,498 | ||
Incitec Pivot Ltd. | 26,005 | 45,660 | ||
Infigen Energy | 41,890 | 17,414 | ||
Infomedia Ltd. | 6,130 | 8,329 | ||
Inghams Group Ltd.(1) | 4,233 | 9,427 | ||
Insurance Australia Group Ltd. | 8,543 | 35,039 | ||
InvoCare Ltd.(1) | 894 | 8,475 |
6
Shares | Value | |||
IPH Ltd. | 1,446 | $ | 7,818 | |
IRESS Ltd. | 1,065 | 8,095 | ||
James Hardie Industries plc | 6,814 | 123,925 | ||
Japara Healthcare Ltd. | 3,090 | 1,806 | ||
JB Hi-Fi Ltd.(1) | 956 | 23,049 | ||
Johns Lyng Group Ltd. | 1,738 | 2,881 | ||
Jumbo Interactive Ltd.(1) | 929 | 6,566 | ||
Karoon Energy Ltd.(2) | 8,361 | 4,660 | ||
Lendlease Group | 3,992 | 45,207 | ||
Lovisa Holdings Ltd. | 1,130 | 7,028 | ||
Lynas Corp. Ltd.(2) | 5,030 | 6,017 | ||
MACA Ltd. | 4,200 | 2,468 | ||
Macmahon Holdings Ltd. | 28,335 | 5,165 | ||
Macquarie Group Ltd. | 1,454 | 125,921 | ||
Magellan Financial Group Ltd. | 2,059 | 72,630 | ||
Mayne Pharma Group Ltd.(2) | 13,071 | 2,759 | ||
McMillan Shakespeare Ltd. | 1,986 | 13,903 | ||
Medibank Pvt Ltd. | 25,154 | 45,657 | ||
Mesoblast Ltd.(1)(2) | 6,266 | 9,033 | ||
Metcash Ltd. | 11,342 | 17,985 | ||
Michael Hill International Ltd. | 3,523 | 1,327 | ||
Mineral Resources Ltd. | 4,470 | 47,946 | ||
MNF Group Ltd. | 784 | 2,044 | ||
Moelis Australia Ltd. | 483 | 1,575 | ||
Monadelphous Group Ltd. | 789 | 7,330 | ||
MyState Ltd. | 1,353 | 5,149 | ||
National Australia Bank Ltd. | 17,822 | 287,705 | ||
Netwealth Group Ltd.(1) | 1,376 | 6,640 | ||
New Energy Solar Ltd. | 4,211 | 3,210 | ||
New Hope Corp. Ltd.(1) | 12,059 | 11,389 | ||
Newcrest Mining Ltd. | 6,853 | 118,303 | ||
nib holdings Ltd. | 4,650 | 13,934 | ||
Nick Scali Ltd.(1) | 1,753 | 8,118 | ||
Nickel Mines Ltd.(2) | 15,225 | 5,041 | ||
Nine Entertainment Co. Holdings Ltd. | 6,406 | 6,518 | ||
Northern Star Resources Ltd. | 4,359 | 38,617 | ||
NRW Holdings Ltd. | 5,201 | 8,222 | ||
Nufarm Ltd.(2) | 3,409 | 11,272 | ||
Objective Corp. Ltd. | 425 | 1,512 | ||
OFX Group Ltd. | 4,294 | 3,629 | ||
Oil Search Ltd. | 18,462 | 64,814 | ||
oOh!media Ltd. | 4,167 | 7,531 | ||
Orica Ltd. | 5,416 | 68,797 | ||
Origin Energy Ltd. | 6,542 | 29,818 | ||
Orocobre Ltd.(1)(2) | 2,050 | 3,501 | ||
Orora Ltd. | 27,134 | 47,739 | ||
OZ Minerals Ltd. | 5,387 | 31,402 |
7
Shares | Value | |||
Pacific Current Group Ltd. | 1,963 | $ | 7,410 | |
Peet Ltd. | 10,950 | 9,016 | ||
Perenti Global Ltd. | 23,928 | 20,762 | ||
Perpetual Ltd.(1) | 342 | 8,398 | ||
Perseus Mining Ltd.(2) | 35,180 | 24,005 | ||
Platinum Asset Management Ltd.(1) | 5,543 | 14,814 | ||
PolyNovo Ltd.(2) | 6,783 | 10,042 | ||
Premier Investments Ltd. | 372 | 4,024 | ||
Pro Medicus Ltd. | 513 | 6,785 | ||
PWR Holdings Ltd. | 1,440 | 4,042 | ||
QBE Insurance Group Ltd. | 9,504 | 82,818 | ||
Qube Holdings Ltd. | 3,992 | 7,495 | ||
Ramelius Resources Ltd. | 20,103 | 15,237 | ||
Ramsay Health Care Ltd. | 653 | 28,507 | ||
REA Group Ltd. | 307 | 19,369 | ||
Red 5 Ltd.(2) | 43,089 | 8,878 | ||
Regis Resources Ltd. | 8,023 | 21,117 | ||
Resolute Mining Ltd.(1)(2) | 7,681 | 5,089 | ||
Rio Tinto Ltd. | 1,859 | 105,106 | ||
Sandfire Resources Ltd. | 2,169 | 5,997 | ||
Santos Ltd. | 23,764 | 104,136 | ||
Saracen Mineral Holdings Ltd.(2) | 18,811 | 46,793 | ||
SeaLink Travel Group Ltd. | 1,726 | 4,664 | ||
SEEK Ltd. | 754 | 9,994 | ||
Select Harvests Ltd. | 1,308 | 5,302 | ||
Senex Energy Ltd.(2) | 32,170 | 5,276 | ||
ServCorp Ltd. | 3,028 | 8,367 | ||
Service Stream Ltd. | 3,895 | 5,360 | ||
Seven West Media Ltd.(2) | 10,435 | 1,109 | ||
Sigma Healthcare Ltd. | 30,604 | 10,996 | ||
Sims Ltd.(1) | 3,135 | 19,503 | ||
SmartGroup Corp. Ltd. | 1,065 | 4,360 | ||
Sonic Healthcare Ltd. | 1,225 | 22,706 | ||
South32 Ltd. | 30,067 | 43,234 | ||
Southern Cross Media Group Ltd. | 19,571 | 8,583 | ||
Spark Infrastructure Group | 13,218 | 17,942 | ||
St. Barbara Ltd. | 16,487 | 25,485 | ||
Stanmore Coal Ltd. | 2,692 | 1,424 | ||
Star Entertainment Grp Ltd. (The) | 6,331 | 14,970 | ||
Steadfast Group Ltd. | 3,580 | 8,580 | ||
Suncorp Group Ltd. | 4,061 | 29,473 | ||
Super Retail Group Ltd. | 1,845 | 9,606 | ||
Superloop Ltd.(2) | 1,513 | 756 | ||
Sydney Airport | 2,821 | 14,076 | ||
Technology One Ltd. | 2,581 | 13,075 | ||
Telstra Corp. Ltd. | 33,927 | 74,705 | ||
TPG Telecom Ltd. | 1,788 | 8,672 |
8
Shares | Value | |||
Transurban Group | 11,339 | $ | 108,500 | |
Treasury Wine Estates Ltd.(1) | 2,573 | 18,498 | ||
Village Roadshow Ltd. | 1,333 | 3,035 | ||
Viva Energy Group Ltd. | 21,281 | 24,093 | ||
Vocus Group Ltd.(2) | 3,616 | 8,074 | ||
Wagners Holding Co. Ltd. | 935 | 845 | ||
Washington H Soul Pattinson & Co. Ltd.(1) | 548 | 7,017 | ||
Wesfarmers Ltd. | 7,427 | 193,905 | ||
Western Areas Ltd. | 8,592 | 13,471 | ||
Westgold Resources Ltd.(2) | 9,874 | 13,206 | ||
Westpac Banking Corp. ADR(1) | 16,927 | 257,798 | ||
Whitehaven Coal Ltd. | 14,602 | 19,123 | ||
WiseTech Global Ltd. | 377 | 3,750 | ||
Woodside Petroleum Ltd. | 6,025 | 109,898 | ||
Woolworths Group Ltd. | 4,980 | 124,039 | ||
Worley Ltd.(1) | 894 | 7,251 | ||
WPP AUNZ Ltd. | 2,995 | 1,187 | ||
6,205,214 | ||||
Austria — 0.3% | ||||
ANDRITZ AG | 241 | 8,555 | ||
AT&S Austria Technologie & Systemtechnik AG | 633 | 11,106 | ||
BAWAG Group AG | 421 | 18,278 | ||
CA Immobilien Anlagen AG | 241 | 9,829 | ||
Erste Group Bank AG | 1,168 | 40,288 | ||
EVN AG | 681 | 11,455 | ||
FACC AG | 88 | 866 | ||
IMMOFINANZ AG(2) | 688 | 17,753 | ||
Oesterreichische Post AG(1) | 505 | 16,261 | ||
OMV AG | 702 | 29,698 | ||
POLYTEC Holding AG | 306 | 2,158 | ||
Porr AG(1) | 224 | 3,991 | ||
Raiffeisen Bank International AG | 1,162 | 24,181 | ||
S IMMO AG | 274 | 7,267 | ||
Telekom Austria AG | 1,271 | 9,564 | ||
UNIQA Insurance Group AG | 1,537 | 13,930 | ||
Verbund AG | 327 | 15,517 | ||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 346 | 8,428 | ||
voestalpine AG | 703 | 15,518 | ||
Wienerberger AG | 489 | 12,482 | ||
Zumtobel Group AG(2) | 489 | 3,874 | ||
280,999 | ||||
Belgium — 0.9% | ||||
Ackermans & van Haaren NV | 301 | 43,109 | ||
Ageas | 1,871 | 87,451 | ||
AGFA-Gevaert NV(2) | 2,736 | 12,151 | ||
Anheuser-Busch InBev SA ADR(1) | 1,206 | 70,394 | ||
Argenx SE ADR(2) | 66 | 9,331 |
9
Shares | Value | |||
Barco NV | 31 | $ | 6,711 | |
Bekaert SA | 1,080 | 23,465 | ||
bpost SA | 1,963 | 16,277 | ||
Colruyt SA | 523 | 24,245 | ||
D'ieteren SA | 424 | 24,831 | ||
Deceuninck NV | 3,374 | 6,416 | ||
Econocom Group SA | 3,168 | 9,061 | ||
Elia Group SA | 215 | 21,470 | ||
Euronav NV | 3,354 | 30,872 | ||
Exmar NV(1)(2) | 1,208 | 6,286 | ||
Fagron | 964 | 20,356 | ||
Galapagos NV ADR(1)(2) | 252 | 53,263 | ||
Ion Beam Applications(1)(2) | 449 | 4,446 | ||
KBC Group NV | 1,560 | 103,893 | ||
Melexis NV | 463 | 32,275 | ||
Mithra Pharmaceuticals SA(1)(2) | 307 | 7,546 | ||
Ontex Group NV | 125 | 1,890 | ||
Orange Belgium SA | 803 | 15,427 | ||
Proximus SADP | 2,688 | 67,048 | ||
Recticel SA | 929 | 6,952 | ||
Solvay SA | 492 | 44,950 | ||
Telenet Group Holding NV | 171 | 6,583 | ||
Tessenderlo Group SA(2) | 477 | 14,396 | ||
UCB SA | 291 | 26,974 | ||
Umicore SA | 1,560 | 65,371 | ||
863,440 | ||||
Canada — 9.4% | ||||
Absolute Software Corp. | 220 | 1,564 | ||
Aecon Group, Inc. | 1,722 | 20,155 | ||
Agnico Eagle Mines Ltd. | 859 | 40,760 | ||
Aimia, Inc.(2) | 552 | 1,328 | ||
Air Canada(2) | 1,059 | 27,022 | ||
Alacer Gold Corp.(2) | 3,137 | 14,186 | ||
Alamos Gold, Inc., Class A | 4,498 | 26,172 | ||
Alaris Royalty Corp. | 859 | 12,703 | ||
Algonquin Power & Utilities Corp.(1) | 5,859 | 89,047 | ||
Alimentation Couche-Tard, Inc., B Shares | 4,000 | 121,468 | ||
AltaGas Ltd.(1) | 1,722 | 25,748 | ||
Altius Minerals Corp. | 220 | 1,496 | ||
Altus Group Ltd. | 108 | 3,611 | ||
Americas Gold & Silver Corp.(2) | 776 | 1,717 | ||
Andrew Peller Ltd., A Shares | 220 | 1,542 | ||
ARC Resources Ltd.(1) | 3,444 | 14,985 | ||
Argonaut Gold, Inc.(2) | 5,166 | 4,965 | ||
Aritzia, Inc.(2) | 1,159 | 19,100 | ||
Asanko Gold, Inc.(1)(2) | 3,108 | 2,709 | ||
Atco Ltd., Class I | 971 | 36,228 |
10
Shares | Value | |||
Atlantic Power Corp.(2) | 1,485 | $ | 3,371 | |
Atrium Mortgage Investment Corp. | 859 | 8,812 | ||
Aurinia Pharmaceuticals, Inc.(2) | 220 | 3,853 | ||
B2Gold Corp. | 18,942 | 75,641 | ||
Badger Daylighting Ltd.(1) | 859 | 20,095 | ||
Bank of Montreal | 3,805 | 258,561 | ||
Bank of Nova Scotia (The) | 6,361 | 332,777 | ||
Barrick Gold Corp. | 6,888 | 131,371 | ||
Bausch Health Cos., Inc.(2) | 2,415 | 53,509 | ||
Baytex Energy Corp.(2) | 6,888 | 6,363 | ||
BCE, Inc.(1) | 859 | 37,726 | ||
BELLUS Health, Inc.(2) | 220 | 1,914 | ||
Birchcliff Energy Ltd.(1) | 5,166 | 5,812 | ||
Bird Construction, Inc. | 552 | 2,410 | ||
BlackBerry Ltd.(2) | 1,722 | 8,891 | ||
Bombardier, Inc., B Shares(2) | 6,888 | 4,926 | ||
Brookfield Asset Management, Inc., Class A | 1,942 | 116,137 | ||
BRP, Inc. | 220 | 9,020 | ||
CAE, Inc. | 3,444 | 92,139 | ||
Cameco Corp.(1) | 3,142 | 27,177 | ||
Canaccord Genuity Group, Inc.(1) | 2,581 | 9,634 | ||
Canacol Energy Ltd. | 3,025 | 9,646 | ||
Canadian Imperial Bank of Commerce | 3,166 | 240,967 | ||
Canadian National Railway Co. | 2,581 | 218,806 | ||
Canadian Natural Resources Ltd. | 8,825 | 227,159 | ||
Canadian Pacific Railway Ltd. | 859 | 212,899 | ||
Canadian Tire Corp. Ltd., Class A | 108 | 10,620 | ||
Canadian Utilities Ltd., A Shares(1) | 1,527 | 45,187 | ||
Canadian Western Bank | 1,830 | 40,765 | ||
Canfor Corp.(2) | 859 | 7,129 | ||
Canfor Pulp Products, Inc. | 552 | 2,940 | ||
Capital Power Corp. | 1,942 | 48,541 | ||
Cascades, Inc. | 2,274 | 18,483 | ||
CCL Industries, Inc., Class B | 971 | 32,054 | ||
Celestica, Inc.(2) | 1,722 | 10,854 | ||
Cenovus Energy, Inc. | 7,747 | 56,966 | ||
Centerra Gold, Inc.(2) | 4,303 | 27,185 | ||
CGI, Inc.(2) | 1,303 | 91,552 | ||
Chorus Aviation, Inc.(1) | 1,722 | 8,326 | ||
CI Financial Corp. | 1,722 | 28,596 | ||
Colliers International Group, Inc. | 859 | 69,629 | ||
Constellation Software, Inc. | 108 | 110,026 | ||
Corus Entertainment, Inc., B Shares | 1,332 | 4,178 | ||
Cott Corp. | 859 | 12,179 | ||
Crescent Point Energy Corp.(1) | 10,332 | 28,096 | ||
CRH Medical Corp.(2) | 3,444 | 11,264 | ||
Denison Mines Corp.(1)(2) | 3,888 | 1,448 |
11
Shares | Value | |||
DIRTT Environmental Solutions(2) | 332 | $ | 599 | |
Dollarama, Inc. | 971 | 28,546 | ||
DREAM Unlimited Corp., Class A | 1,722 | 16,357 | ||
Dundee Precious Metals, Inc. | 2,581 | 10,095 | ||
ECN Capital Corp. | 2,581 | 10,557 | ||
Eldorado Gold Corp.(2) | 2,805 | 24,346 | ||
Element Fleet Management Corp. | 7,581 | 70,939 | ||
Emera, Inc. | 1,722 | 72,562 | ||
Empire Co. Ltd., Class A | 1,722 | 38,475 | ||
Enbridge, Inc. | 4,844 | 180,299 | ||
Enerflex Ltd. | 1,722 | 9,494 | ||
Energy Fuels, Inc.(1)(2) | 588 | 694 | ||
Enerplus Corp.(1) | 3,249 | 14,112 | ||
Enghouse Systems Ltd. | 859 | 32,574 | ||
Ensign Energy Services, Inc. | 1,332 | 2,084 | ||
ERO Copper Corp.(2) | 1,191 | 12,768 | ||
Evertz Technologies Ltd. | 332 | 4,089 | ||
Exchange Income Corp. | 859 | 26,130 | ||
Extendicare, Inc.(1) | 1,722 | 9,943 | ||
Fiera Capital Corp. | 220 | 1,772 | ||
Finning International, Inc.(1) | 3,100 | 45,868 | ||
Firm Capital Mortgage Investment Corp. | 859 | 8,697 | ||
First Majestic Silver Corp.(1)(2) | 859 | 6,483 | ||
First National Financial Corp. | 108 | 2,764 | ||
First Quantum Minerals Ltd. | 5,544 | 40,973 | ||
Fortis, Inc. | 859 | 34,763 | ||
Fortuna Silver Mines, Inc.(1)(2) | 4,108 | 12,028 | ||
Franco-Nevada Corp. | 859 | 92,220 | ||
Freehold Royalties Ltd.(1) | 1,722 | 7,723 | ||
Frontera Energy Corp.(1) | 2,166 | 12,248 | ||
Genworth MI Canada, Inc.(1) | 859 | 33,374 | ||
George Weston Ltd. | 859 | 64,669 | ||
Gibson Energy, Inc. | 2,130 | 40,656 | ||
Gildan Activewear, Inc. | 722 | 17,487 | ||
goeasy Ltd. | 859 | 40,069 | ||
Gold Standard Ventures Corp.(1)(2) | 1,444 | 893 | ||
Gran Colombia Gold Corp.(2) | 1,888 | 8,004 | ||
Great Panther Mining Ltd.(1)(2) | 2,220 | 976 | ||
Great-West Lifeco, Inc. | 1,635 | 38,456 | ||
Hardwoods Distribution, Inc. | 444 | 4,949 | ||
High Liner Foods, Inc. | 1,722 | 9,455 | ||
HLS Therapeutics, Inc.(1) | 220 | 3,491 | ||
Home Capital Group, Inc.(2) | 1,191 | 25,244 | ||
Hudbay Minerals, Inc. | 2,581 | 6,288 | ||
Hudson's Bay Co. | 1,636 | 13,322 | ||
Husky Energy, Inc. | 3,444 | 16,396 | ||
Hydro One Ltd. | 2,693 | 54,051 |
12
Shares | Value | |||
iA Financial Corp., Inc. | 1,830 | $ | 87,106 | |
IAMGOLD Corp.(2) | 6,888 | 19,603 | ||
IGM Financial, Inc. | 859 | 22,905 | ||
Imperial Oil Ltd. | 1,722 | 37,705 | ||
Innergex Renewable Energy, Inc. | 2,274 | 33,341 | ||
Intact Financial Corp. | 208 | 22,546 | ||
Inter Pipeline Ltd.(1) | 5,166 | 76,436 | ||
Interfor Corp.(2) | 859 | 7,635 | ||
Intertape Polymer Group, Inc. | 859 | 9,081 | ||
IPL Plastics, Inc.(1)(2) | 220 | 1,334 | ||
Ivanhoe Mines Ltd., Class A(2) | 3,444 | 8,031 | ||
Kelt Exploration Ltd.(1)(2) | 3,444 | 8,211 | ||
Keyera Corp.(1) | 3,249 | 77,991 | ||
Kinaxis, Inc.(2) | 108 | 9,080 | ||
Kinross Gold Corp.(2) | 20,664 | 103,917 | ||
Kirkland Lake Gold Ltd. | 4,076 | 131,458 | ||
Knight Therapeutics, Inc.(2) | 1,722 | 8,557 | ||
Labrador Iron Ore Royalty Corp. | 859 | 12,467 | ||
Largo Resources Ltd.(2) | 8,552 | 5,734 | ||
Laurentian Bank of Canada(1) | 859 | 24,440 | ||
Leagold Mining Corp.(2) | 4,303 | 10,419 | ||
Linamar Corp. | 1,059 | 29,129 | ||
Loblaw Cos. Ltd. | 1,303 | 64,555 | ||
Lucara Diamond Corp.(1) | 1,552 | 775 | ||
Lundin Gold, Inc.(2) | 1,722 | 13,330 | ||
Lundin Mining Corp. | 6,249 | 31,891 | ||
Magna International, Inc. | 3,444 | 156,747 | ||
Major Drilling Group International, Inc.(2) | 2,000 | 6,884 | ||
Manulife Financial Corp. | 12,624 | 212,179 | ||
Martinrea International, Inc. | 1,722 | 14,754 | ||
MCAN Mortgage Corp. | 220 | 2,624 | ||
MEG Energy Corp.(2) | 2,913 | 13,412 | ||
Methanex Corp. | 1,659 | 47,758 | ||
Metro, Inc. | 859 | 33,458 | ||
Morneau Shepell, Inc.(1) | 552 | 13,629 | ||
Mountain Province Diamonds, Inc.(2) | 2,444 | 1,639 | ||
MTY Food Group, Inc. | 220 | 8,405 | ||
Mullen Group Ltd. | 1,722 | 10,071 | ||
National Bank of Canada | 3,664 | 190,454 | ||
New Gold, Inc.(2) | 16,083 | 12,342 | ||
NexGen Energy Ltd.(2) | 888 | 787 | ||
Norbord, Inc. | 859 | 22,815 | ||
North American Construction Group Ltd.(1) | 859 | 7,955 | ||
North West Co., Inc. (The)(1) | 332 | 6,354 | ||
Northern Dynasty Minerals Ltd.(2) | 2,776 | 1,530 | ||
Northland Power, Inc.(1) | 2,054 | 45,663 | ||
Novagold Resources, Inc.(2) | 177 | 1,412 |
13
Shares | Value | |||
Nutrien Ltd. | 1,722 | $ | 69,598 | |
NuVista Energy Ltd.(2) | 5,166 | 7,621 | ||
OceanaGold Corp. | 5,664 | 8,271 | ||
Onex Corp. | 859 | 48,228 | ||
Open Text Corp.(1) | 1,415 | 59,246 | ||
Orla Mining Ltd.(2) | 1,000 | 1,728 | ||
Osisko Gold Royalties Ltd.(1) | 859 | 7,059 | ||
Ovintiv, Inc.(1) | 3,066 | 35,428 | ||
Pan American Silver Corp.(1) | 1,722 | 34,087 | ||
Paramount Resources Ltd., A Shares(1)(2) | 1,722 | 5,491 | ||
Parex Resources, Inc.(2) | 3,381 | 46,247 | ||
Park Lawn Corp. | 108 | 2,123 | ||
Parkland Fuel Corp.(1) | 971 | 30,528 | ||
Pason Systems, Inc. | 859 | 7,878 | ||
Pembina Pipeline Corp.(1) | 2,645 | 95,277 | ||
Peyto Exploration & Development Corp.(1) | 3,444 | 5,645 | ||
Power Corp. of Canada | 1,760 | 38,904 | ||
PrairieSky Royalty Ltd.(1) | 859 | 7,968 | ||
Precision Drilling Corp.(2) | 6,888 | 8,519 | ||
Premier Gold Mines Ltd.(2) | 2,444 | 2,258 | ||
Pretium Resources, Inc.(2) | 859 | 6,112 | ||
Quebecor, Inc., Class B | 1,722 | 40,232 | ||
Real Matters, Inc.(2) | 1,722 | 17,435 | ||
Restaurant Brands International, Inc. | 859 | 50,628 | ||
Richelieu Hardware Ltd. | 444 | 9,087 | ||
Ritchie Bros Auctioneers, Inc. | 859 | 34,066 | ||
Rogers Communications, Inc., Class B | 2,581 | 118,277 | ||
Rogers Sugar, Inc.(1) | 552 | 2,032 | ||
Roxgold, Inc.(2) | 11,137 | 7,136 | ||
Royal Bank of Canada | 5,942 | 441,893 | ||
Russel Metals, Inc.(1) | 859 | 12,607 | ||
Sabina Gold & Silver Corp.(2) | 6,025 | 5,970 | ||
Sandstorm Gold Ltd.(2) | 1,722 | 10,058 | ||
Saputo, Inc. | 859 | 23,909 | ||
Secure Energy Services, Inc. | 2,581 | 7,711 | ||
SEMAFO, Inc.(2) | 6,888 | 13,650 | ||
Seven Generations Energy Ltd., Class A(2) | 4,664 | 19,181 | ||
Shaw Communications, Inc., B Shares | 6,610 | 114,398 | ||
ShawCor Ltd. | 332 | 2,083 | ||
Shopify, Inc., Class A(2) | 108 | 50,145 | ||
Sienna Senior Living, Inc. | 859 | 10,950 | ||
Sierra Metals, Inc.(2) | 1,220 | 1,636 | ||
Sierra Wireless, Inc.(1)(2) | 220 | 1,711 | ||
Silvercorp Metals, Inc. | 3,888 | 12,369 | ||
Sleep Country Canada Holdings, Inc. | 108 | 1,470 | ||
Spin Master Corp.(2) | 220 | 4,904 | ||
SSR Mining, Inc.(2) | 859 | 13,439 |
14
Shares | Value | |||
Stelco Holdings, Inc. | 444 | $ | 2,362 | |
Sun Life Financial, Inc. | 2,581 | 111,508 | ||
Suncor Energy, Inc. | 10,386 | 286,219 | ||
Superior Plus Corp.(1) | 1,722 | 12,868 | ||
Surge Energy, Inc.(1) | 3,332 | 2,160 | ||
Tamarack Valley Energy Ltd.(2) | 3,444 | 3,310 | ||
TC Energy Corp. | 2,693 | 140,363 | ||
Teck Resources Ltd., Class B | 4,000 | 40,231 | ||
TELUS Corp. | 1,722 | 62,145 | ||
Teranga Gold Corp.(2) | 2,913 | 15,018 | ||
Tervita Corp.(2) | 1,722 | 8,916 | ||
TFI International, Inc. | 859 | 26,495 | ||
Tidewater Midstream and Infrastructure Ltd. | 3,888 | 2,636 | ||
Timbercreek Financial Corp. | 1,722 | 12,290 | ||
TMAC Resources, Inc.(1)(2) | 664 | 792 | ||
TMX Group Ltd. | 100 | 8,323 | ||
TORC Oil & Gas Ltd.(1) | 3,444 | 8,390 | ||
Torex Gold Resources, Inc.(2) | 2,498 | 33,090 | ||
Toromont Industries Ltd. | 859 | 42,468 | ||
Toronto-Dominion Bank (The) | 6,498 | 334,231 | ||
Total Energy Services, Inc. | 552 | 2,126 | ||
Tourmaline Oil Corp. | 2,610 | 21,681 | ||
TransAlta Corp.(1) | 1,722 | 12,893 | ||
TransAlta Renewables, Inc.(1) | 859 | 10,502 | ||
Transcontinental, Inc., Class A | 859 | 10,380 | ||
Trican Well Service Ltd.(1)(2) | 3,332 | 2,160 | ||
Tricon Capital Group, Inc. | 1,722 | 14,535 | ||
Turquoise Hill Resources Ltd.(1)(2) | 6,108 | 3,276 | ||
Vermilion Energy, Inc.(1) | 1,722 | 17,268 | ||
Viemed Healthcare, Inc.(2) | 1,722 | 8,596 | ||
Wajax Corp. | 859 | 8,428 | ||
Wesdome Gold Mines Ltd.(2) | 2,581 | 16,421 | ||
West Fraser Timber Co. Ltd. | 859 | 32,075 | ||
Western Forest Products, Inc.(1) | 2,664 | 2,124 | ||
Westshore Terminals Investment Corp. | 552 | 5,795 | ||
Wheaton Precious Metals Corp. | 1,722 | 48,969 | ||
Whitecap Resources, Inc.(1) | 5,166 | 15,164 | ||
WSP Global, Inc. | 859 | 56,618 | ||
Yamana Gold, Inc. | 21,249 | 82,796 | ||
9,209,486 | ||||
Denmark — 1.8% | ||||
ALK-Abello A/S(2) | 80 | 20,663 | ||
Alm Brand A/S | 499 | 4,156 | ||
AP Moller - Maersk A/S, A Shares | 12 | 11,434 | ||
AP Moller - Maersk A/S, B Shares | 22 | 22,474 | ||
Bang & Olufsen A/S(1)(2) | 205 | 1,012 | ||
Bavarian Nordic A/S(2) | 384 | 12,595 |
15
Shares | Value | |||
Chr Hansen Holding A/S | 273 | $ | 19,578 | |
Coloplast A/S, B Shares | 507 | 68,484 | ||
D/S Norden A/S | 307 | 3,607 | ||
Danske Andelskassers Bank A/S | 3,002 | 3,390 | ||
Danske Bank A/S | 2,891 | 44,940 | ||
Demant A/S(2) | 307 | 9,449 | ||
Dfds A/S | 509 | 17,684 | ||
DSV Panalpina A/S | 1,200 | 121,180 | ||
FLSmidth & Co. A/S | 340 | 11,796 | ||
Genmab A/S ADR(2) | 3,521 | 80,208 | ||
GN Store Nord A/S | 241 | 13,559 | ||
H Lundbeck A/S | 447 | 15,466 | ||
H+H International A/S, B Shares(2) | 548 | 9,895 | ||
ISS A/S | 307 | 5,569 | ||
Jyske Bank A/S(2) | 385 | 13,275 | ||
Drilling Co. of 1972 A/S (The)(2) | 447 | 19,746 | ||
Netcompany Group A/S(2) | 206 | 9,745 | ||
Nilfisk Holding A/S(2) | 95 | 1,972 | ||
NKT A/S(2) | 170 | 4,220 | ||
NNIT A/S | 100 | 1,531 | ||
Novo Nordisk A/S ADR | 8,582 | 498,872 | ||
Novozymes A/S, B Shares | 924 | 47,096 | ||
Orsted A/S | 1,420 | 146,126 | ||
Pandora A/S | 1,845 | 84,062 | ||
Per Aarsleff Holding A/S | 412 | 12,152 | ||
Ringkjoebing Landbobank A/S | 307 | 20,353 | ||
Rockwool International A/S, B Shares | 66 | 15,336 | ||
Royal Unibrew A/S | 370 | 31,845 | ||
Schouw & Co. A/S | 125 | 9,459 | ||
SimCorp A/S | 907 | 87,318 | ||
Spar Nord Bank A/S | 1,072 | 9,099 | ||
Sydbank A/S | 670 | 12,480 | ||
Topdanmark A/S | 411 | 17,972 | ||
TORM plc(2) | 445 | 3,404 | ||
Tryg A/S | 903 | 25,178 | ||
Vestas Wind Systems A/S | 1,702 | 166,827 | ||
Zealand Pharma A/S(2) | 789 | 28,657 | ||
1,763,864 | ||||
Finland — 0.9% | ||||
Aktia Bank Oyj | 929 | 10,545 | ||
Altia Oyj | 298 | 2,630 | ||
CapMan Oyj, B Shares | 512 | 1,363 | ||
Cargotec Oyj, B Shares | 377 | 10,964 | ||
Citycon Oyj(1) | 824 | 8,159 | ||
Elisa Oyj | 1,088 | 62,536 | ||
F-Secure Oyj(2) | 360 | 1,171 | ||
Finnair Oyj | 1,135 | 6,017 |
16
Shares | Value | |||
Fortum Oyj | 2,887 | $ | 61,930 | |
HKScan Oyj, A Shares(2) | 579 | 1,217 | ||
Huhtamaki Oyj | 524 | 21,808 | ||
Kemira Oyj | 1,652 | 21,045 | ||
Kesko Oyj, B Shares | 809 | 54,837 | ||
Kone Oyj, B Shares(1) | 946 | 53,394 | ||
Metsa Board Oyj | 1,547 | 8,978 | ||
Metso Oyj | 1,173 | 38,070 | ||
Neste Oyj | 2,003 | 79,106 | ||
Nokia Oyj ADR(1) | 11,784 | 45,604 | ||
Nokian Renkaat Oyj | 307 | 7,983 | ||
Oriola Oyj, B Shares | 632 | 1,362 | ||
Orion Oyj, Class B | 1,313 | 52,216 | ||
Outokumpu Oyj | 3,098 | 11,818 | ||
Sampo Oyj, A Shares | 1,895 | 77,815 | ||
Sanoma Oyj | 754 | 8,657 | ||
Stora Enso Oyj, R Shares(1) | 3,295 | 39,807 | ||
TietoEVRY Oyj | 347 | 9,923 | ||
Tokmanni Group Corp. | 248 | 3,325 | ||
UPM-Kymmene Oyj | 4,449 | 136,864 | ||
Uponor Oyj | 1,135 | 14,911 | ||
Valmet Oyj | 302 | 7,228 | ||
Wartsila OYJ Abp | 2,099 | 21,859 | ||
YIT Oyj | 2,962 | 19,676 | ||
902,818 | ||||
France — 9.3% | ||||
ABC arbitrage | 421 | 3,044 | ||
Accor SA | 1,205 | 44,342 | ||
Aeroports de Paris | 272 | 40,268 | ||
Air France-KLM(2) | 5,506 | 42,833 | ||
Air Liquide SA | 2,674 | 364,888 | ||
Airbus SE | 2,680 | 327,561 | ||
Akka Technologies(1) | 101 | 5,657 | ||
Albioma SA | 762 | 24,994 | ||
ALD SA | 2,134 | 28,469 | ||
Alstom SA | 3,707 | 182,245 | ||
Alten SA | 325 | 36,595 | ||
Amundi SA | 377 | 27,326 | ||
APERAM SA | 550 | 16,589 | ||
ArcelorMittal SA(1) | 4,995 | 71,429 | ||
Arkema SA | 1,335 | 126,643 | ||
Atos SE | 206 | 15,485 | ||
AXA SA ADR | 8,692 | 200,698 | ||
Beneteau SA(1) | 409 | 3,924 | ||
Bigben Interactive | 583 | 9,483 | ||
BioMerieux | 632 | 58,565 | ||
BNP Paribas SA ADR | 9,032 | 218,484 |
17
Shares | Value | |||
Bollore SA | 2,064 | $ | 7,126 | |
Bonduelle SCA | 90 | 2,049 | ||
Bouygues SA | 3,115 | 124,008 | ||
Bureau Veritas SA | 3,333 | 81,554 | ||
Capgemini SE | 1,162 | 128,193 | ||
Carrefour SA | 8,857 | 153,711 | ||
Casino Guichard Perrachon SA(1) | 139 | 5,417 | ||
Cellectis SA ADR(2) | 128 | 1,999 | ||
CGG SA(2) | 21,781 | 59,848 | ||
Chargeurs SA(1) | 86 | 1,394 | ||
Cie de Saint-Gobain | 6,204 | 220,752 | ||
Cie Generale des Etablissements Michelin SCA | 2,026 | 216,727 | ||
Cie Plastic Omnium SA | 859 | 19,277 | ||
Claranova SADIR(2) | 303 | 1,937 | ||
CNP Assurances | 1,376 | 21,661 | ||
Coface SA | 2,400 | 26,491 | ||
Credit Agricole SA | 10,134 | 121,934 | ||
Danone SA ADR | 7,576 | 106,216 | ||
Dassault Aviation SA | 25 | 26,050 | ||
Dassault Systemes SE | 454 | 71,733 | ||
DBV Technologies SA(2) | 154 | 2,996 | ||
Derichebourg SA | 2,064 | 7,000 | ||
Edenred | 831 | 43,629 | ||
Eiffage SA | 1,341 | 143,360 | ||
Electricite de France SA | 3,202 | 45,030 | ||
Elior Group SA | 688 | 8,654 | ||
Elis SA | 1,347 | 23,680 | ||
Engie SA | 9,240 | 154,645 | ||
Eramet(1) | 136 | 4,509 | ||
EssilorLuxottica SA | 887 | 122,256 | ||
Etablissements Maurel et Prom SA | 748 | 1,906 | ||
Eurazeo SE | 307 | 20,607 | ||
Eurofins Scientific SE | 69 | 34,807 | ||
Euronext NV | 1,459 | 121,804 | ||
Eutelsat Communications SA | 4,416 | 60,009 | ||
Faurecia SE | 1,626 | 74,377 | ||
FIGEAC-AERO(2) | 219 | 1,758 | ||
Fnac Darty SA(2) | 48 | 2,188 | ||
Gaztransport Et Technigaz SA | 441 | 39,307 | ||
Genfit(1)(2) | 90 | 1,376 | ||
Getlink SE | 7,309 | 118,739 | ||
Groupe SFPI | 588 | 981 | ||
Hermes International | 177 | 125,243 | ||
Iliad SA | 583 | 81,933 | ||
Imerys SA(1) | 231 | 9,144 | ||
Ingenico Group SA | 205 | 29,051 | ||
Innate Pharma SA(2) | 1,643 | 11,719 |
18
Shares | Value | |||
Interparfums SA | 67 | $ | 2,297 | |
Ipsen SA | 352 | 22,858 | ||
IPSOS | 371 | 11,475 | ||
Jacquet Metal Service SA | 65 | 914 | ||
JCDecaux SA | 43 | 998 | ||
Kaufman & Broad SA | 472 | 18,979 | ||
Kering SA | 567 | 325,547 | ||
L'Oreal SA | 688 | 185,035 | ||
Lagardere SCA | 583 | 10,133 | ||
Legrand SA | 1,170 | 90,326 | ||
LISI | 276 | 8,579 | ||
Lumibird(2) | 71 | 833 | ||
LVMH Moet Hennessy Louis Vuitton SE | 1,140 | 470,339 | ||
Maisons du Monde SA | 824 | 10,150 | ||
Manitou BF SA | 56 | 1,002 | ||
Mediawan SA(2) | 754 | 7,734 | ||
Mersen SA | 241 | 7,084 | ||
Metropole Television SA | 644 | 9,508 | ||
Natixis SA | 7,681 | 31,328 | ||
Nexans SA | 736 | 33,615 | ||
Nexity SA | 928 | 42,955 | ||
Orange SA ADR | 8,721 | 116,687 | ||
Orpea | 447 | 57,850 | ||
Pernod Ricard SA | 1,089 | 177,346 | ||
Peugeot SA | 8,613 | 167,945 | ||
Poxel SA(2) | 133 | 1,163 | ||
Publicis Groupe SA | 840 | 32,493 | ||
Quadient | 217 | 4,647 | ||
Remy Cointreau SA | 136 | 13,813 | ||
Renault SA | 1,569 | 46,741 | ||
Rexel SA | 3,228 | 39,777 | ||
Rubis SCA | 136 | 7,411 | ||
Safran SA | 1,865 | 259,095 | ||
Sanofi ADR | 6,624 | 306,360 | ||
Sartorius Stedim Biotech | 171 | 32,626 | ||
Schneider Electric SE | 1,047 | 106,714 | ||
SCOR SE | 995 | 35,806 | ||
SEB SA | 171 | 22,908 | ||
SES SA | 6,045 | 70,193 | ||
SMCP SA(2) | 136 | 954 | ||
Societe BIC SA | 166 | 10,089 | ||
Societe Generale SA ADR | 28,305 | 158,508 | ||
Sodexo SA(1) | 494 | 47,933 | ||
Solocal Group(1)(2) | 2,162 | 1,118 | ||
Sopra Steria Group | 136 | 22,105 | ||
SPIE SA | 1,244 | 23,966 | ||
STMicroelectronics NV (New York) | 9,790 | 268,246 |
19
Shares | Value | |||
Suez | 1,170 | $ | 18,444 | |
Tarkett SA | 73 | 1,185 | ||
Technicolor SA(2) | 1,854 | 486 | ||
Teleperformance | 136 | 33,201 | ||
Television Francaise 1 | 964 | 7,423 | ||
Thales SA | 136 | 13,791 | ||
Total SA ADR | 9,659 | 416,689 | ||
Trigano SA | 66 | 5,014 | ||
Valeo SA | 6,186 | 159,937 | ||
Vallourec SA(1)(2) | 3,461 | 6,751 | ||
Valneva SE(2) | 363 | 1,135 | ||
Veolia Environnement SA | 6,117 | 177,055 | ||
Verimatrix SA(2) | 533 | 976 | ||
Vicat SA | 171 | 6,686 | ||
Vinci SA | 3,313 | 336,992 | ||
Virbac SA(2) | 57 | 12,969 | ||
Vivendi SA | 1,376 | 35,387 | ||
Worldline SA(2) | 206 | 15,935 | ||
X-Fab Silicon Foundries SE(1)(2) | 332 | 1,622 | ||
9,114,168 | ||||
Germany — 7.5% | ||||
7C Solarparken AG | 427 | 1,576 | ||
Aareal Bank AG | 1,048 | 28,804 | ||
adidas AG | 1,340 | 373,349 | ||
ADLER Real Estate AG(2) | 744 | 9,319 | ||
ADO Properties SA | 325 | 9,634 | ||
ADVA Optical Networking SE(2) | 601 | 4,021 | ||
AIXTRON SE(2) | 789 | 8,108 | ||
Allianz SE | 1,509 | 325,974 | ||
Aroundtown SA | 9,588 | 82,983 | ||
Aumann AG | 80 | 1,097 | ||
AURELIUS Equity Opportunities SE & Co. KGaA | 498 | 14,589 | ||
Aurubis AG | 426 | 20,129 | ||
BASF SE | 3,671 | 215,491 | ||
Bauer AG | 515 | 8,000 | ||
Bayer AG ADR | 19,588 | 352,976 | ||
Bayerische Motoren Werke AG ADR | 6,045 | 130,814 | ||
Bayerische Motoren Werke AG, Preference Shares | 356 | 18,281 | ||
Bechtle AG | 136 | 17,849 | ||
Befesa SA | 241 | 7,880 | ||
Beiersdorf AG | 725 | 76,179 | ||
Borussia Dortmund GmbH & Co. KGaA | 1,446 | 12,335 | ||
Brenntag AG | 1,812 | 80,921 | ||
CANCOM SE | 136 | 6,654 | ||
Carl Zeiss Meditec AG | 171 | 17,987 | ||
Commerzbank AG | 7,769 | 44,780 | ||
CompuGroup Medical SE | 342 | 21,441 |
20
Shares | Value | |||
Continental AG | 569 | $ | 64,441 | |
Corestate Capital Holding SA | 49 | 2,183 | ||
Covestro AG | 2,793 | 106,685 | ||
CropEnergies AG | 656 | 6,799 | ||
CTS Eventim AG & Co. KGaA | 1,105 | 58,445 | ||
Daimler AG | 4,894 | 203,818 | ||
Delivery Hero SE(2) | 342 | 25,704 | ||
Deutsche Bank AG | 18,054 | 157,431 | ||
Deutsche Boerse AG | 503 | 79,229 | ||
Deutsche EuroShop AG | 766 | 18,731 | ||
Deutsche Lufthansa AG | 1,994 | 25,699 | ||
Deutsche Pfandbriefbank AG | 2,470 | 34,963 | ||
Deutsche Post AG ADR | 5,670 | 169,760 | ||
Deutsche Telekom AG | 25,032 | 409,391 | ||
Deutsche Wohnen SE | 1,378 | 55,625 | ||
Deutz AG | 1,411 | 6,685 | ||
Dialog Semiconductor plc(2) | 1,726 | 58,675 | ||
DIC Asset AG | 688 | 12,015 | ||
Draegerwerk AG & Co. KGaA, Preference Shares | 188 | 12,058 | ||
Duerr AG | 393 | 12,255 | ||
E.ON SE | 14,732 | 170,116 | ||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 72 | 12,172 | ||
Elmos Semiconductor AG | 307 | 7,245 | ||
ElringKlinger AG(2) | 720 | 4,801 | ||
Encavis AG | 2,470 | 28,691 | ||
Evonik Industries AG | 2,570 | 63,714 | ||
Evotec SE(2) | 468 | 11,235 | ||
Flatex AG(2) | 272 | 8,276 | ||
Fraport AG Frankfurt Airport Services Worldwide | 548 | 34,485 | ||
Fresenius Medical Care AG & Co. KGaA ADR | 548 | 21,010 | ||
Fresenius SE & Co. KGaA | 583 | 27,475 | ||
FUCHS PETROLUB SE, Preference Shares | 1,104 | 42,380 | ||
GEA Group AG | 412 | 10,907 | ||
Gerresheimer AG | 513 | 37,067 | ||
Grand City Properties SA | 1,065 | 24,965 | ||
GRENKE AG | 101 | 9,421 | ||
Hamburger Hafen und Logistik AG | 538 | 11,384 | ||
Hannover Rueck SE | 400 | 71,264 | ||
HeidelbergCement AG | 872 | 51,866 | ||
Heidelberger Druckmaschinen AG(2) | 859 | 760 | ||
Henkel AG & Co. KGaA | 561 | 47,793 | ||
Henkel AG & Co. KGaA, Preference Shares | 929 | 86,153 | ||
Hornbach Holding AG & Co. KGaA | 259 | 14,592 | ||
HUGO BOSS AG | 600 | 26,275 | ||
Hypoport AG(2) | 31 | 10,418 | ||
Indus Holding AG | 284 | 10,165 | ||
Infineon Technologies AG ADR | 6,994 | 145,056 |
21
Shares | Value | |||
Innogy SE | 1,030 | $ | 49,181 | |
Isra Vision AG | 289 | 15,968 | ||
IVU Traffic Technologies AG | 381 | 5,273 | ||
JOST Werke AG | 307 | 10,394 | ||
Jungheinrich AG, Preference Shares | 567 | 11,417 | ||
K+S AG | 1,792 | 14,701 | ||
KION Group AG | 412 | 21,885 | ||
Kloeckner & Co. SE | 1,545 | 8,568 | ||
Knorr-Bremse AG | 136 | 13,781 | ||
Koenig & Bauer AG | 66 | 1,595 | ||
Krones AG | 73 | 4,599 | ||
Lanxess AG | 1,709 | 89,494 | ||
LEG Immobilien AG | 491 | 58,670 | ||
Leoni AG(2) | 306 | 3,046 | ||
LPKF Laser & Electronics AG(2) | 537 | 12,254 | ||
Merck KGaA | 242 | 29,262 | ||
METRO AG | 3,663 | 42,363 | ||
MLP SE | 1,617 | 8,742 | ||
MorphoSys AG(2) | 94 | 9,943 | ||
MPH Health Care AG | 253 | 942 | ||
MTU Aero Engines AG | 731 | 178,645 | ||
Muenchener Rueckversicherungs-Gesellschaft AG | 864 | 220,314 | ||
Mutares SE & Co. KGaA | 138 | 1,620 | ||
Nemetschek SE | 790 | 49,271 | ||
New Work SE | 53 | 14,247 | ||
Nordex SE(2) | 688 | 8,136 | ||
Norma Group SE | 346 | 11,339 | ||
PATRIZIA AG | 447 | 10,344 | ||
Pfeiffer Vacuum Technology AG | 65 | 9,828 | ||
Porsche Automobil Holding SE, Preference Shares | 1,264 | 78,775 | ||
ProSiebenSat.1 Media SE | 3,122 | 37,944 | ||
Puma SE | 859 | 66,033 | ||
PVA TePla AG(2) | 329 | 4,481 | ||
QIAGEN NV(2) | 412 | 14,791 | ||
Rational AG | 51 | 34,280 | ||
Rheinmetall AG | 556 | 50,869 | ||
RHOEN-KLINIKUM AG | 342 | 6,822 | ||
RIB Software SE | 489 | 15,709 | ||
Rocket Internet SE(2) | 764 | 16,755 | ||
RTL Group SA | 206 | 8,627 | ||
RWE AG | 5,734 | 197,768 | ||
SAF-Holland SA | 824 | 5,028 | ||
Salzgitter AG | 506 | 8,380 | ||
SAP SE ADR | 2,314 | 285,941 | ||
Sartorius AG, Preference Shares | 361 | 82,751 | ||
Scout24 AG | 342 | 22,432 | ||
SGL Carbon SE(2) | 344 | 1,316 |
22
Shares | Value | |||
Siemens AG ADR | 3,802 | $ | 195,385 | |
Siemens Healthineers AG | 748 | 30,274 | ||
Siltronic AG | 400 | 37,663 | ||
Sixt Leasing SE | 322 | 6,749 | ||
SLM Solutions Group AG(2) | 73 | 695 | ||
SMA Solar Technology AG(2) | 47 | 1,594 | ||
Software AG | 272 | 8,877 | ||
Stabilus SA | 412 | 22,061 | ||
Stroeer SE & Co. KGaA | 530 | 39,534 | ||
Suedzucker AG | 754 | 11,718 | ||
SUESS MicroTec SE(2) | 101 | 986 | ||
Symrise AG | 789 | 76,848 | ||
TAG Immobilien AG | 1,765 | 42,738 | ||
Takkt AG | 86 | 1,088 | ||
Tele Columbus AG(2) | 1,068 | 3,111 | ||
Telefonica Deutschland Holding AG | 16,388 | 42,897 | ||
thyssenkrupp AG(2) | 618 | 5,966 | ||
Uniper SE | 1,773 | 52,397 | ||
United Internet AG | 44 | 1,324 | ||
Varta AG(2) | 291 | 21,950 | ||
VERBIO Vereinigte BioEnergie AG | 859 | 8,903 | ||
Volkswagen AG | 182 | 30,565 | ||
Volkswagen AG, Preference Shares | 1,050 | 172,135 | ||
Vonovia SE | 2,790 | 149,871 | ||
Wacker Neuson SE | 91 | 1,267 | ||
Washtec AG | 136 | 7,305 | ||
Wirecard AG | 929 | 119,112 | ||
Wuestenrot & Wuerttembergische AG | 412 | 7,789 | ||
Zalando SE(2) | 851 | 37,270 | ||
zooplus AG(2) | 166 | 16,481 | ||
7,410,526 | ||||
Hong Kong — 3.1% | ||||
Aeon Credit Service Asia Co. Ltd. | 2,000 | 1,521 | ||
AIA Group Ltd. ADR(1) | 7,810 | 310,135 | ||
Asia Allied Infrastructure Holdings Ltd. | 10,000 | 823 | ||
ASM Pacific Technology Ltd. | 4,200 | 50,679 | ||
Bank of East Asia Ltd. (The) | 8,000 | 16,960 | ||
BeiGene Ltd. ADR(2) | 101 | 15,993 | ||
BOC Hong Kong Holdings Ltd. | 15,500 | 53,558 | ||
BOCOM International Holdings Co. Ltd. | 33,000 | 4,488 | ||
Bright Smart Securities & Commodities Group Ltd. | 8,000 | 1,101 | ||
Budweiser Brewing Co. APAC Ltd.(2) | 1,900 | 5,755 | ||
Cafe de Coral Holdings Ltd. | 6,000 | 13,131 | ||
Century City International Holdings Ltd. | 16,000 | 1,082 | ||
Chen Hsong Holdings | 4,000 | 1,093 | ||
China Star Entertainment Ltd.(2) | 20,000 | 3,938 | ||
China Tonghai International Financial Ltd.(2) | 20,000 | 962 |
23
Shares | Value | |||
Chinese Estates Holdings Ltd. | 3,000 | $ | 1,986 | |
Chow Sang Sang Holdings International Ltd. | 3,000 | 3,552 | ||
Chuang's Consortium International Ltd. | 16,000 | 2,634 | ||
CITIC Telecom International Holdings Ltd. | 4,000 | 1,454 | ||
CK Asset Holdings Ltd. | 21,000 | 132,206 | ||
CK Hutchison Holdings Ltd. | 17,000 | 148,983 | ||
CK Infrastructure Holdings Ltd. | 4,000 | 27,395 | ||
CLP Holdings Ltd. | 14,500 | 152,785 | ||
Convenience Retail Asia Ltd. | 8,000 | 3,671 | ||
Crystal International Group Ltd. | 11,500 | 3,556 | ||
CSI Properties Ltd. | 70,000 | 2,388 | ||
Dah Sing Banking Group Ltd. | 4,000 | 4,966 | ||
Dah Sing Financial Holdings Ltd. | 1,600 | 5,651 | ||
Dairy Farm International Holdings Ltd. | 2,700 | 12,957 | ||
Dickson Concepts International Ltd. | 15,500 | 9,265 | ||
Dream International Ltd. | 2,000 | 892 | ||
Eagle Nice International Holdings Ltd. | 4,000 | 1,375 | ||
Emperor Capital Group Ltd. | 36,000 | 778 | ||
Emperor Entertainment Hotel Ltd. | 10,000 | 1,680 | ||
Emperor International Holdings Ltd. | 6,000 | 1,144 | ||
Esprit Holdings Ltd.(2) | 41,600 | 6,980 | ||
Fairwood Holdings Ltd. | 1,000 | 2,448 | ||
Far East Consortium International Ltd. | 19,000 | 8,303 | ||
FIH Mobile Ltd.(1)(2) | 66,000 | 10,083 | ||
First Pacific Co. Ltd. | 56,000 | 15,796 | ||
FSE Services Group Ltd. | 3,000 | 1,479 | ||
Galaxy Entertainment Group Ltd. | 12,000 | 80,137 | ||
Get Nice Holdings Ltd. | 274,000 | 6,455 | ||
Giordano International Ltd. | 16,000 | 3,795 | ||
Grand Ming Group Holdings Ltd. | 4,000 | 2,515 | ||
Guotai Junan International Holdings Ltd. | 58,000 | 9,668 | ||
Haitong International Securities Group Ltd. | 31,000 | 9,069 | ||
Hang Lung Group Ltd. | 12,000 | 30,179 | ||
Hang Lung Properties Ltd. | 21,000 | 46,278 | ||
Hang Seng Bank Ltd. | 4,200 | 86,951 | ||
Health & Happiness H&H International Holdings Ltd. | 1,000 | 4,363 | ||
Henderson Land Development Co. Ltd. | 10,000 | 46,182 | ||
Hengdeli Holdings Ltd. | 128,000 | 4,917 | ||
HK Electric Investments & HK Electric Investments Ltd. | 2,000 | 2,016 | ||
HKBN Ltd. | 3,500 | 6,274 | ||
HKT Trust & HKT Ltd. | 31,000 | 46,487 | ||
Hong Kong & China Gas Co. Ltd. | 34,000 | 65,727 | ||
Hong Kong Exchanges & Clearing Ltd. | 5,100 | 168,668 | ||
Hongkong & Shanghai Hotels Ltd. (The) | 3,000 | 3,071 | ||
Hongkong Land Holdings Ltd. | 9,300 | 46,044 | ||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 10,000 | 1,938 | ||
Hysan Development Co. Ltd. | 5,000 | 18,141 |
24
Shares | Value | |||
IT Ltd. | 8,000 | $ | 1,588 | |
Jacobson Pharma Corp. Ltd. | 8,000 | 1,672 | ||
Jardine Matheson Holdings Ltd. | 1,000 | 54,678 | ||
Jardine Strategic Holdings Ltd. | 1,000 | 29,037 | ||
Johnson Electric Holdings Ltd. | 8,000 | 18,562 | ||
K Wah International Holdings Ltd. | 31,000 | 15,017 | ||
Karrie International Holdings Ltd. | 8,000 | 1,177 | ||
Keck Seng Investments | 2,000 | 1,100 | ||
Kerry Properties Ltd. | 4,500 | 12,896 | ||
Kwoon Chung Bus Holdings Ltd. | 4,000 | 1,370 | ||
Lai Sun Development Co. Ltd. | 1,200 | 1,458 | ||
Leyou Technologies Holdings Ltd.(1)(2) | 10,000 | 3,474 | ||
Lifestyle International Holdings Ltd. | 1,000 | 929 | ||
Luk Fook Holdings International Ltd. | 9,000 | 21,876 | ||
Macau Legend Development Ltd.(2) | 10,000 | 1,237 | ||
Man Wah Holdings Ltd. | 32,000 | 23,382 | ||
Melco International Development Ltd. | 12,000 | 24,816 | ||
Melco Resorts & Entertainment Ltd. ADR | 2,291 | 39,726 | ||
MGM China Holdings Ltd. | 800 | 1,092 | ||
Microport Scientific Corp. | 1,000 | 1,407 | ||
Minmetals Land Ltd. | 16,000 | 2,621 | ||
Minth Group Ltd. | 12,000 | 42,500 | ||
Modern Dental Group Ltd. | 9,000 | 1,570 | ||
MTR Corp. Ltd. | 8,000 | 45,277 | ||
Multifield International Holdings Ltd. | 32,000 | 1,560 | ||
New World Development Co. Ltd. | 44,000 | 57,052 | ||
NewOcean Energy Holdings Ltd.(1)(2) | 8,000 | 1,179 | ||
NWS Holdings Ltd. | 1,000 | 1,235 | ||
O-Net Technologies Group Ltd. | 2,000 | 1,088 | ||
Pacific Basin Shipping Ltd. | 110,000 | 16,347 | ||
Pacific Textiles Holdings Ltd. | 16,000 | 10,017 | ||
Paliburg Holdings Ltd. | 4,000 | 1,271 | ||
PCCW Ltd. | 31,000 | 18,694 | ||
Perfect Shape Medical Ltd. | 8,000 | 2,680 | ||
Pico Far East Holdings Ltd. | 16,000 | 4,045 | ||
Playmates Holdings Ltd. | 16,000 | 2,301 | ||
Power Assets Holdings Ltd. | 13,500 | 96,531 | ||
Public Financial Holdings Ltd. | 4,000 | 1,421 | ||
Regal Hotels International Holdings Ltd. | 4,000 | 1,791 | ||
Regina Miracle International Holdings Ltd. | 5,000 | 2,755 | ||
Sa Sa International Holdings Ltd.(1) | 6,000 | 1,152 | ||
Sands China Ltd. | 13,200 | 61,997 | ||
SAS Dragon Holdings Ltd. | 4,000 | 1,242 | ||
Shangri-La Asia Ltd. | 8,000 | 6,969 | ||
Shun Tak Holdings Ltd. | 32,000 | 13,716 | ||
Singamas Container Holdings Ltd. | 62,000 | 5,958 | ||
Sino Land Co. Ltd. | 28,000 | 37,476 |
25
Shares | Value | |||
SITC International Holdings Co. Ltd. | 26,000 | $ | 30,313 | |
SJM Holdings Ltd. | 35,000 | 40,020 | ||
SmarTone Telecommunications Holdings Ltd. | 5,500 | 3,902 | ||
Soundwill Holdings Ltd. | 2,000 | 2,365 | ||
Sun Hung Kai & Co. Ltd. | 8,000 | 3,586 | ||
Sun Hung Kai Properties Ltd. | 5,000 | 71,609 | ||
SUNeVision Holdings Ltd. | 11,000 | 7,139 | ||
Swire Pacific Ltd., Class A | 3,000 | 27,254 | ||
Swire Properties Ltd. | 6,200 | 18,484 | ||
Symphony Holdings Ltd. | 10,000 | 1,171 | ||
Techtronic Industries Co. Ltd. | 4,500 | 36,785 | ||
Television Broadcasts Ltd. | 1,200 | 1,705 | ||
Texwinca Holdings Ltd. | 6,000 | 1,292 | ||
TK Group Holdings Ltd. | 4,000 | 1,776 | ||
United Laboratories International Holdings Ltd. (The)(1) | 16,000 | 10,659 | ||
Upbest Group Ltd. | 8,000 | 944 | ||
Value Partners Group Ltd. | 12,000 | 6,745 | ||
Vitasoy International Holdings Ltd. | 6,000 | 21,651 | ||
VTech Holdings Ltd. | 3,400 | 29,879 | ||
Wang On Group Ltd. | 620,000 | 5,977 | ||
We Solutions Ltd.(2) | 20,000 | 1,107 | ||
WH Group Ltd. | 68,500 | 70,308 | ||
Wharf Real Estate Investment Co. Ltd.(1) | 5,000 | 22,908 | ||
Wheelock & Co. Ltd. | 7,000 | 53,624 | ||
Wynn Macau Ltd. | 13,600 | 27,701 | ||
Xin Point Holdings Ltd. | 5,000 | 1,064 | ||
Xinyi Glass Holdings Ltd. | 36,000 | 44,801 | ||
Yue Yuen Industrial Holdings Ltd. | 13,000 | 31,502 | ||
3,007,711 | ||||
Ireland — 0.5% | ||||
AIB Group plc | 3,510 | 8,372 | ||
Bank of Ireland Group plc | 11,932 | 44,839 | ||
Cairn Homes plc(2) | 7,563 | 10,153 | ||
CRH plc | 4,447 | 150,015 | ||
Dalata Hotel Group plc | 4,089 | 18,762 | ||
FBD Holdings plc | 391 | 3,755 | ||
Glanbia plc | 789 | 9,274 | ||
Kerry Group plc, A Shares | 447 | 56,294 | ||
Kingspan Group plc | 723 | 45,785 | ||
Origin Enterprises plc | 1,654 | 5,122 | ||
Permanent TSB Group Holdings plc(2) | 1,458 | 1,340 | ||
Smurfit Kappa Group plc | 3,686 | 123,920 | ||
477,631 | ||||
Israel — 0.7% | ||||
Adgar Investment and Development Ltd. | 853 | 1,915 | ||
Airport City Ltd.(2) | 707 | 13,493 | ||
Alony Hetz Properties & Investments Ltd. | 618 | 10,137 |
26
Shares | Value | |||
Amot Investments Ltd. | 1,240 | $ | 9,343 | |
Arko Holdings Ltd.(2) | 2,980 | 1,030 | ||
Ashtrom Group Ltd. | 256 | 3,746 | ||
Ashtrom Properties Ltd. | 323 | 2,009 | ||
AudioCodes Ltd. | 352 | 7,888 | ||
Azorim-Investment Development & Construction Co. Ltd.(2) | 887 | 2,165 | ||
Azrieli Group Ltd. | 101 | 7,369 | ||
Bank Hapoalim BM | 5,809 | 45,310 | ||
Bank Leumi Le-Israel BM | 6,364 | 41,272 | ||
Caesarstone Ltd. | 214 | 2,313 | ||
Camtek Ltd. | 657 | 6,512 | ||
Carasso Motors Ltd. | 510 | 2,139 | ||
Cellcom Israel Ltd.(2) | 617 | 2,234 | ||
Ceragon Networks Ltd.(2) | 380 | 642 | ||
Check Point Software Technologies Ltd.(2) | 420 | 43,596 | ||
Clal Insurance Enterprises Holdings Ltd.(2) | 548 | 5,722 | ||
CyberArk Software Ltd.(2) | 194 | 20,312 | ||
Elbit Systems Ltd. | 173 | 25,723 | ||
Equital Ltd.(2) | 307 | 7,430 | ||
FIBI Holdings Ltd. | 244 | 7,442 | ||
First International Bank of Israel Ltd. | 529 | 14,179 | ||
Gazit-Globe Ltd. | 962 | 11,178 | ||
Gilat Satellite Networks Ltd. | 1,002 | 9,351 | ||
Hagag Group Real Estate Development(2) | 302 | 1,065 | ||
Harel Insurance Investments & Financial Services Ltd. | 1,135 | 6,638 | ||
Hilan Ltd. | 206 | 7,915 | ||
Industrial Buildings Corp. Ltd.(2) | 4,944 | 14,057 | ||
Inrom Construction Industries Ltd. | 1,760 | 7,353 | ||
Isracard Ltd.(2) | 972 | 3,425 | ||
Israel Chemicals Ltd. | 4,361 | 15,951 | ||
Israel Corp. Ltd. (The)(2) | 37 | 5,164 | ||
Israel Discount Bank Ltd., A Shares | 10,270 | 42,827 | ||
Ituran Location and Control Ltd. | 307 | 7,027 | ||
Kamada Ltd.(2) | 213 | 1,256 | ||
Kenon Holdings Ltd. | 50 | 826 | ||
Matrix IT Ltd. | 513 | 9,488 | ||
Maytronics Ltd. | 451 | 3,660 | ||
Mediterranean Towers Ltd. | 1,603 | 4,728 | ||
Melisron Ltd. | 136 | 8,423 | ||
Mellanox Technologies Ltd.(2) | 239 | 28,541 | ||
Menora Mivtachim Holdings Ltd. | 548 | 6,379 | ||
Migdal Insurance & Financial Holdings Ltd. | 1,957 | 1,415 | ||
Mizrahi Tefahot Bank Ltd. | 973 | 24,916 | ||
Naphtha Israel Petroleum Corp. Ltd. | 425 | 1,769 | ||
Nawi Brothers Ltd.(2) | 452 | 3,223 | ||
Nice Ltd. ADR(2) | 166 | 27,196 | ||
Oil Refineries Ltd. | 22,368 | 7,612 |
27
Shares | Value | |||
Partner Communications Co. Ltd.(2) | 1,994 | $ | 9,687 | |
Paz Oil Co. Ltd. | 111 | 12,121 | ||
Phoenix Holdings Ltd. (The) | 1,753 | 8,801 | ||
Raval Ics Ltd.(2) | 619 | 1,497 | ||
Sapiens International Corp. NV | 342 | 7,980 | ||
Shapir Engineering and Industry Ltd. | 1,823 | 12,780 | ||
Shikun & Binui Ltd. | 3,444 | 18,717 | ||
Shufersal Ltd. | 1,823 | 11,441 | ||
Silicom Ltd.(2) | 82 | 2,526 | ||
Strauss Group Ltd. | 389 | 11,723 | ||
Summit Real Estate Holdings Ltd. | 334 | 5,336 | ||
Teva Pharmaceutical Industries Ltd. ADR(2) | 1,788 | 20,616 | ||
Tower Semiconductor Ltd.(2) | 1,348 | 25,327 | ||
Union Bank of Israel | 246 | 1,340 | ||
Wix.com Ltd.(2) | 101 | 13,537 | ||
ZUR Shamir Holdings Ltd. | 298 | 1,134 | ||
709,867 | ||||
Italy — 2.3% | ||||
A2A SpA | 28,834 | 50,474 | ||
ACEA SpA | 1,065 | 22,410 | ||
Amplifon SpA | 688 | 19,813 | ||
Arnoldo Mondadori Editore SpA(2) | 1,966 | 3,372 | ||
Ascopiave SpA | 2,029 | 8,811 | ||
Assicurazioni Generali SpA | 2,099 | 37,775 | ||
ASTM SpA | 554 | 13,793 | ||
Atlantia SpA | 1,788 | 38,370 | ||
Autogrill SpA | 1,341 | 10,879 | ||
Azimut Holding SpA | 941 | 20,109 | ||
Banca Farmafactoring SpA | 2,494 | 15,257 | ||
Banca Generali SpA | 377 | 11,737 | ||
Banca IFIS SpA | 513 | 7,856 | ||
Banca Mediolanum SpA | 1,100 | 8,963 | ||
Banca Monte dei Paschi di Siena SpA(2) | 4,820 | 9,765 | ||
Banca Popolare di Sondrio SCPA | 4,744 | 11,330 | ||
Banco BPM SpA(2) | 12,882 | 28,358 | ||
Banco di Desio e della Brianza SpA | 689 | 2,136 | ||
BPER Banca | 5,313 | 21,195 | ||
Brunello Cucinelli SpA | 272 | 9,046 | ||
Buzzi Unicem SpA | 412 | 9,061 | ||
Cairo Communication SpA | 424 | 1,025 | ||
Carel Industries SpA | 291 | 3,602 | ||
Cementir Holding NV | 300 | 1,936 | ||
Cerved Group SpA | 1,257 | 11,943 | ||
CIR SpA-Compagnie Industriali | 4,263 | 2,406 | ||
CNH Industrial NV | 9,106 | 85,689 | ||
Credito Emiliano SpA | 1,547 | 8,083 | ||
Credito Valtellinese SpA(2) | 38,483 | 3,194 |
28
Shares | Value | |||
d'Amico International Shipping SA(2) | 11,459 | $ | 1,190 | |
Danieli & C Officine Meccaniche SpA | 154 | 2,329 | ||
Danieli & C Officine Meccaniche SpA, Preference Shares | 494 | 4,610 | ||
Datalogic SpA | 74 | 1,132 | ||
Davide Campari-Milano SpA | 1,170 | 9,749 | ||
De' Longhi SpA | 189 | 3,282 | ||
DiaSorin SpA | 66 | 7,520 | ||
El.En. SpA | 82 | 2,300 | ||
Enav SpA | 1,845 | 11,109 | ||
Enel SpA | 25,942 | 217,228 | ||
Eni SpA ADR | 5,901 | 147,525 | ||
ERG SpA | 564 | 13,195 | ||
Esprinet SpA | 917 | 4,990 | ||
Falck Renewables SpA | 852 | 5,546 | ||
Ferrari NV | 699 | 110,459 | ||
Fiat Chrysler Automobiles NV | 8,442 | 105,536 | ||
Fiera Milano SpA | 221 | 1,085 | ||
Fincantieri SpA(2) | 8,966 | 7,121 | ||
FinecoBank Banca Fineco SpA | 2,546 | 26,928 | ||
FNM SpA | 2,621 | 1,970 | ||
Freni Brembo SpA | 2,520 | 25,180 | ||
Geox SpA | 844 | 864 | ||
Gruppo MutuiOnline SpA | 168 | 3,817 | ||
Hera SpA | 10,468 | 44,867 | ||
IMA Industria Macchine Automatiche SpA | 292 | 18,217 | ||
IMMSI SpA(2) | 1,743 | 910 | ||
Infrastrutture Wireless Italiane SpA | 826 | 8,499 | ||
Interpump Group SpA | 307 | 9,350 | ||
Intesa Sanpaolo SpA | 73,144 | 178,117 | ||
Iren SpA | 14,112 | 43,728 | ||
Italgas SpA | 5,683 | 34,760 | ||
Juventus Football Club SpA(2) | 10,570 | 11,508 | ||
La Doria SpA | 115 | 1,043 | ||
Leonardo SpA | 1,341 | 13,775 | ||
Maire Tecnimont SpA | 3,111 | 8,037 | ||
Mediaset SpA(2) | 2,822 | 6,604 | ||
Mediobanca Banca di Credito Finanziario SpA | 2,752 | 25,074 | ||
Moncler SpA | 1,446 | 56,514 | ||
OVS SpA(2) | 4,474 | 7,339 | ||
Piaggio & C SpA | 2,857 | 6,865 | ||
Piovan SpA | 185 | 1,023 | ||
Pirelli & C SpA | 1,376 | 6,498 | ||
Poste Italiane SpA | 2,204 | 23,684 | ||
Prysmian SpA | 2,686 | 64,641 | ||
RAI Way SpA | 1,928 | 11,626 | ||
Recordati SpA | 583 | 25,056 | ||
Reno de Medici SpA | 1,974 | 1,405 |
29
Shares | Value | |||
Reply SpA | 278 | $ | 21,101 | |
Retelit SpA | 589 | 961 | ||
Safilo Group SpA(2) | 1,100 | 1,201 | ||
Saipem SpA(2) | 5,552 | 21,296 | ||
Salini Impregilo SpA(2) | 4,472 | 6,623 | ||
Salvatore Ferragamo SpA | 884 | 14,044 | ||
Saras SpA | 13,022 | 15,378 | ||
Sesa SpA | 171 | 9,057 | ||
Snam SpA | 19,143 | 95,089 | ||
Societa Cattolica di Assicurazioni SC | 964 | 7,046 | ||
Sogefi SpA(2) | 1,623 | 1,934 | ||
Technogym SpA | 1,548 | 16,226 | ||
Telecom Italia SpA(2) | 27,572 | 15,329 | ||
Telecom Italia SpA/Milano | 17,201 | 9,645 | ||
Tenaris SA ADR | 377 | 6,861 | ||
Terna Rete Elettrica Nazionale SpA | 13,741 | 90,986 | ||
Tinexta Spa | 303 | 4,135 | ||
Tod's SpA | 31 | 1,067 | ||
UniCredit SpA | 6,851 | 88,177 | ||
Unieuro SpA | 133 | 1,657 | ||
Unione di Banche Italiane SpA | 11,778 | 48,479 | ||
Unipol Gruppo SpA | 4,104 | 20,464 | ||
Zignago Vetro SpA | 210 | 2,876 | ||
2,301,825 | ||||
Japan — 22.1% | ||||
77 Bank Ltd. (The) | 700 | 9,011 | ||
A&D Co. Ltd. | 400 | 2,863 | ||
ABC-Mart, Inc.(1) | 200 | 11,522 | ||
Access Co. Ltd. | 200 | 1,610 | ||
Acom Co. Ltd. | 3,100 | 12,714 | ||
Adastria Co. Ltd.(1) | 500 | 8,094 | ||
ADEKA Corp. | 1,200 | 15,719 | ||
Advan Co. Ltd. | 200 | 1,921 | ||
Advantest Corp. | 1,700 | 76,961 | ||
Aeon Co. Ltd.(1) | 5,500 | 102,285 | ||
Aeon Delight Co. Ltd.(1) | 300 | 9,120 | ||
Aeon Fantasy Co. Ltd. | 200 | 3,476 | ||
AEON Financial Service Co. Ltd.(1) | 900 | 12,999 | ||
Aeon Mall Co. Ltd.(1) | 1,000 | 14,145 | ||
Aeria, Inc.(1)(2) | 900 | 5,086 | ||
AGC, Inc. | 2,300 | 65,588 | ||
Ai Holdings Corp. | 600 | 8,448 | ||
Aica Kogyo Co. Ltd. | 100 | 2,947 | ||
Aichi Corp. | 500 | 2,868 | ||
Aida Engineering Ltd. | 400 | 2,965 | ||
Aiful Corp.(2) | 3,100 | 7,570 | ||
Ain Holdings, Inc. | 100 | 5,837 |
30
Shares | Value | |||
Air Water, Inc. | 2,400 | $ | 32,231 | |
Airport Facilities Co. Ltd. | 200 | 850 | ||
Aisan Industry Co. Ltd. | 900 | 5,179 | ||
Aisin Seiki Co. Ltd. | 1,500 | 47,582 | ||
Aizawa Securities Co. Ltd. | 400 | 2,216 | ||
Ajinomoto Co., Inc. | 3,200 | 53,977 | ||
Akatsuki, Inc. | 100 | 3,818 | ||
Akebono Brake Industry Co. Ltd.(2) | 600 | 954 | ||
Alconix Corp. | 300 | 3,077 | ||
Alfresa Holdings Corp. | 800 | 14,314 | ||
Alinco, Inc. | 300 | 2,682 | ||
Alpen Co. Ltd. | 200 | 2,949 | ||
Alps Alpine Co. Ltd. | 3,200 | 49,174 | ||
Altech Corp. | 200 | 2,998 | ||
Amada Holdings Co. Ltd. | 1,100 | 10,206 | ||
Amano Corp. | 600 | 14,821 | ||
Amuse, Inc. | 300 | 6,242 | ||
ANA Holdings, Inc. | 1,100 | 29,570 | ||
Anest Iwata Corp. | 400 | 3,598 | ||
Anritsu Corp.(1) | 500 | 8,164 | ||
AOKI Holdings, Inc. | 600 | 5,035 | ||
Aoyama Trading Co. Ltd. | 400 | 4,527 | ||
Aozora Bank Ltd. | 1,300 | 32,427 | ||
Arakawa Chemical Industries Ltd. | 200 | 2,371 | ||
Arata Corp. | 100 | 3,814 | ||
Arcland Sakamoto Co. Ltd. | 400 | 4,037 | ||
Arcland Service Holdings Co. Ltd. | 100 | 1,532 | ||
Arcs Co. Ltd. | 700 | 11,163 | ||
Argo Graphics, Inc. | 300 | 9,067 | ||
Arisawa Manufacturing Co. Ltd. | 400 | 2,985 | ||
ARTERIA Networks Corp. | 400 | 6,710 | ||
Artnature, Inc. | 400 | 2,426 | ||
Aruhi Corp. | 300 | 4,388 | ||
AS One Corp. | 100 | 7,500 | ||
Asahi Co. Ltd. | 300 | 3,030 | ||
Asahi Diamond Industrial Co. Ltd. | 400 | 1,949 | ||
Asahi Group Holdings Ltd. | 1,400 | 53,721 | ||
Asahi Holdings, Inc. | 700 | 15,880 | ||
Asahi Intecc Co. Ltd. | 700 | 17,043 | ||
Asahi Kasei Corp. | 7,400 | 61,375 | ||
Asahi Net, Inc. | 200 | 1,207 | ||
ASAHI YUKIZAI Corp. | 100 | 1,341 | ||
Asanuma Corp. | 200 | 8,216 | ||
Asia Pile Holdings Corp. | 400 | 1,724 | ||
Asics Corp. | 700 | 7,437 | ||
ASKA Pharmaceutical Co. Ltd. | 200 | 1,797 | ||
ASKUL Corp. | 200 | 5,611 |
31
Shares | Value | |||
Astellas Pharma, Inc. | 10,100 | $ | 158,379 | |
Asukanet Co. Ltd. | 100 | 1,060 | ||
Ateam, Inc. | 100 | 717 | ||
Atom Corp. | 200 | 1,675 | ||
Autobacs Seven Co. Ltd. | 300 | 3,838 | ||
Avant Corp. | 400 | 3,096 | ||
Avex, Inc. | 600 | 5,629 | ||
Awa Bank Ltd. (The) | 300 | 6,052 | ||
Axial Retailing, Inc. | 300 | 9,510 | ||
Azbil Corp. | 400 | 9,871 | ||
Bandai Namco Holdings, Inc. | 1,000 | 49,676 | ||
Bando Chemical Industries Ltd. | 400 | 2,575 | ||
Bank of Kyoto Ltd. (The) | 400 | 13,523 | ||
Bank of the Ryukyus Ltd. | 600 | 5,607 | ||
BayCurrent Consulting, Inc. | 200 | 11,913 | ||
Bell System24 Holdings, Inc. | 300 | 3,570 | ||
Belluna Co. Ltd. | 400 | 2,003 | ||
Benefit One, Inc.(1) | 500 | 7,602 | ||
Benesse Holdings, Inc. | 800 | 20,568 | ||
BeNEXT Group, Inc. | 200 | 1,581 | ||
Bengo4.com, Inc.(2) | 100 | 3,620 | ||
Bic Camera, Inc.(1) | 600 | 5,277 | ||
BML, Inc. | 300 | 8,227 | ||
Bookoff Group Holdings Ltd. | 100 | 720 | ||
BrainPad, Inc.(2) | 100 | 4,004 | ||
Bridgestone Corp. | 3,200 | 106,553 | ||
Broadleaf Co. Ltd. | 600 | 2,480 | ||
Brother Industries Ltd. | 2,400 | 43,142 | ||
Bunka Shutter Co. Ltd. | 1,300 | 9,295 | ||
CAC Holdings Corp. | 100 | 1,015 | ||
Calbee, Inc. | 600 | 15,412 | ||
Can Do Co. Ltd. | 200 | 2,824 | ||
Canon Electronics, Inc. | 200 | 3,419 | ||
Canon Marketing Japan, Inc. | 200 | 4,604 | ||
Canon, Inc. ADR | 2,299 | 57,820 | ||
Capcom Co. Ltd. | 1,100 | 29,881 | ||
Carta Holdings, Inc. | 700 | 6,281 | ||
Casio Computer Co. Ltd. | 2,200 | 37,659 | ||
Cawachi Ltd. | 200 | 3,712 | ||
Central Glass Co. Ltd. | 300 | 5,797 | ||
Central Japan Railway Co. | 700 | 114,958 | ||
Central Security Patrols Co. Ltd. | 100 | 4,072 | ||
Charm Care Corp. KK | 200 | 1,408 | ||
Chiba Bank Ltd. (The) | 5,000 | 24,527 | ||
Chiba Kogyo Bank Ltd. (The) | 700 | 1,828 | ||
Chikaranomoto Holdings Co. Ltd. | 200 | 1,313 | ||
Chiyoda Co. Ltd. | 100 | 1,126 |
32
Shares | Value | |||
Chiyoda Corp.(2) | 400 | $ | 1,123 | |
Chiyoda Integre Co. Ltd. | 100 | 1,666 | ||
Chubu Electric Power Co., Inc. | 2,800 | 36,699 | ||
Chubu Shiryo Co. Ltd. | 300 | 3,943 | ||
Chudenko Corp. | 300 | 6,229 | ||
Chugai Pharmaceutical Co. Ltd. | 700 | 75,724 | ||
Chugoku Bank Ltd. (The) | 1,300 | 10,284 | ||
Chugoku Electric Power Co., Inc. (The) | 1,800 | 24,035 | ||
CI Takiron Corp. | 800 | 4,582 | ||
Citizen Watch Co. Ltd. | 2,000 | 7,868 | ||
CKD Corp. | 200 | 3,053 | ||
Cleanup Corp. | 200 | 976 | ||
CMIC Holdings Co. Ltd. | 200 | 2,532 | ||
CMK Corp.(1) | 400 | 1,725 | ||
Coca-Cola Bottlers Japan Holdings, Inc. | 1,300 | 30,229 | ||
COLOPL, Inc.(1) | 300 | 2,308 | ||
Colowide Co. Ltd. | 600 | 9,841 | ||
Computer Engineering & Consulting Ltd. | 300 | 4,671 | ||
COMSYS Holdings Corp. | 500 | 12,299 | ||
Comture Corp. | 200 | 3,905 | ||
Concordia Financial Group Ltd. | 10,000 | 34,233 | ||
CONEXIO Corp. | 300 | 3,753 | ||
Core Corp. | 100 | 1,054 | ||
Cosel Co. Ltd. | 100 | 925 | ||
Cosmo Energy Holdings Co. Ltd. | 1,400 | 23,420 | ||
Cosmos Initia Co. Ltd. | 200 | 1,037 | ||
Cosmos Pharmaceutical Corp. | 100 | 21,693 | ||
Create Restaurants Holdings, Inc. | 1,200 | 9,483 | ||
Create SD Holdings Co. Ltd. | 300 | 6,771 | ||
Credit Saison Co. Ltd. | 3,300 | 47,693 | ||
Creek & River Co. Ltd. | 200 | 1,642 | ||
Cresco Ltd. | 300 | 4,468 | ||
CTI Engineering Co. Ltd. | 300 | 4,967 | ||
CTS Co. Ltd. | 200 | 1,073 | ||
Curves Holdings Co. Ltd.(2) | 600 | 4,172 | ||
CyberAgent, Inc. | 900 | 34,051 | ||
CYBERDYNE, Inc.(1)(2) | 200 | 810 | ||
Cybernet Systems Co. Ltd. | 500 | 3,010 | ||
Cybozu, Inc. | 300 | 5,083 | ||
Dai Nippon Printing Co. Ltd.(1) | 1,600 | 38,971 | ||
Dai Nippon Toryo Co. Ltd. | 400 | 3,324 | ||
Dai-ichi Life Holdings, Inc. | 6,500 | 88,421 | ||
Dai-ichi Seiko Co. Ltd.(1) | 200 | 3,663 | ||
Daibiru Corp. | 500 | 5,554 | ||
Daicel Corp. | 1,800 | 15,455 | ||
Daido Metal Co. Ltd. | 1,000 | 5,419 | ||
Daido Steel Co. Ltd. | 200 | 7,235 |
33
Shares | Value | |||
Daifuku Co. Ltd. | 400 | $ | 23,647 | |
Daihen Corp. | 100 | 2,612 | ||
Daiho Corp. | 300 | 6,458 | ||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 500 | 3,518 | ||
Daiichi Sankyo Co. Ltd. | 1,300 | 79,135 | ||
Daiichikosho Co. Ltd. | 500 | 20,377 | ||
Daiki Aluminium Industry Co. Ltd. | 800 | 4,317 | ||
Daikin Industries Ltd. | 800 | 108,631 | ||
Daikoku Denki Co. Ltd.(1) | 200 | 2,315 | ||
Daikyonishikawa Corp. | 800 | 4,468 | ||
Daio Paper Corp. | 1,100 | 14,555 | ||
Daiseki Co. Ltd. | 200 | 4,756 | ||
Daishi Hokuetsu Financial Group, Inc. | 600 | 12,376 | ||
Daito Pharmaceutical Co. Ltd. | 200 | 5,339 | ||
Daito Trust Construction Co. Ltd. | 600 | 61,762 | ||
Daiwa House Industry Co. Ltd. | 3,000 | 82,599 | ||
Daiwa Industries Ltd. | 400 | 3,669 | ||
Daiwa Securities Group, Inc. | 10,000 | 42,377 | ||
Daiwabo Holdings Co. Ltd. | 400 | 20,175 | ||
DCM Holdings Co. Ltd.(1) | 2,000 | 18,186 | ||
DD Holdings Co. Ltd. | 200 | 2,282 | ||
Dear Life Co. Ltd. | 300 | 1,328 | ||
DeNA Co. Ltd.(1) | 400 | 5,151 | ||
Denka Co. Ltd. | 1,000 | 25,091 | ||
Denki Kogyo Co. Ltd. | 100 | 2,498 | ||
Densan System Co. Ltd. | 100 | 2,038 | ||
Denso Corp. | 2,000 | 77,698 | ||
Dentsu Group, Inc. | 500 | 12,976 | ||
Denyo Co. Ltd. | 300 | 5,141 | ||
Dexerials Corp. | 400 | 2,923 | ||
DIC Corp. | 1,100 | 25,931 | ||
Digital Arts, Inc.(1) | 100 | 4,857 | ||
Digital Garage, Inc. | 500 | 15,576 | ||
Digital Hearts Holdings Co. Ltd. | 200 | 1,511 | ||
Digital Information Technologies Corp. | 100 | 1,351 | ||
Dip Corp. | 600 | 14,476 | ||
Disco Corp. | 100 | 20,549 | ||
DKS Co. Ltd. | 100 | 3,305 | ||
DMG Mori Co. Ltd. | 1,300 | 16,278 | ||
Doshisha Co. Ltd. | 300 | 3,840 | ||
Double Standard, Inc. | 100 | 3,082 | ||
Doutor Nichires Holdings Co. Ltd.(1) | 400 | 6,704 | ||
Dowa Holdings Co. Ltd. | 500 | 16,425 | ||
DTS Corp. | 400 | 7,288 | ||
Duskin Co. Ltd. | 200 | 5,161 | ||
DyDo Group Holdings, Inc. | 100 | 3,240 | ||
Eagle Industry Co. Ltd. | 600 | 4,527 |
34
Shares | Value | |||
Earth Corp. | 100 | $ | 5,191 | |
East Japan Railway Co.(1) | 900 | 69,249 | ||
Ebara Corp. | 1,400 | 33,139 | ||
Ebase Co. Ltd. | 100 | 1,383 | ||
Eco's Co. Ltd. | 200 | 2,622 | ||
EDION Corp. | 2,100 | 17,592 | ||
eGuarantee, Inc. | 200 | 2,239 | ||
Ehime Bank Ltd. (The) | 400 | 3,755 | ||
Eiken Chemical Co. Ltd. | 100 | 1,782 | ||
Eizo Corp. | 100 | 3,222 | ||
Elan Corp. | 100 | 1,247 | ||
Elecom Co. Ltd. | 300 | 10,063 | ||
Electric Power Development Co. Ltd. | 2,000 | 42,798 | ||
Elematec Corp. | 200 | 1,697 | ||
EM Systems Co. Ltd. | 200 | 1,645 | ||
en-japan, Inc. | 400 | 11,081 | ||
Enigmo, Inc. | 200 | 1,405 | ||
EPS Holdings, Inc. | 100 | 1,048 | ||
ES-Con Japan Ltd. | 700 | 4,484 | ||
ESPEC Corp. | 200 | 3,673 | ||
euglena Co. Ltd.(2) | 200 | 1,440 | ||
Exedy Corp. | 500 | 9,274 | ||
Ezaki Glico Co. Ltd. | 100 | 4,108 | ||
F.C.C. Co. Ltd. | 700 | 12,446 | ||
F@N Communications, Inc. | 300 | 1,223 | ||
FamilyMart Co. Ltd.(1) | 1,300 | 28,595 | ||
Fancl Corp.(1) | 200 | 5,024 | ||
FANUC Corp. | 300 | 49,650 | ||
Fast Retailing Co. Ltd. | 100 | 49,278 | ||
Feed One Co. Ltd. | 1,600 | 2,293 | ||
Ferrotec Holdings Corp.(1) | 900 | 5,563 | ||
Fibergate, Inc.(2) | 100 | 901 | ||
FIDEA Holdings Co. Ltd. | 1,900 | 1,931 | ||
Financial Products Group Co. Ltd. | 400 | 3,218 | ||
FINDEX, Inc. | 200 | 1,292 | ||
First Bank of Toyama Ltd. (The) | 400 | 1,039 | ||
First Juken Co. Ltd. | 100 | 910 | ||
Fixstars Corp. | 100 | 1,031 | ||
FJ Next Co. Ltd. | 100 | 857 | ||
Foster Electric Co. Ltd. | 500 | 6,624 | ||
FP Corp. | 200 | 11,973 | ||
France Bed Holdings Co. Ltd. | 500 | 3,968 | ||
Freebit Co. Ltd. | 200 | 1,247 | ||
FTGroup Co. Ltd. | 200 | 2,430 | ||
Fudo Tetra Corp. | 200 | 2,721 | ||
Fuji Co. Ltd.(1) | 400 | 5,939 | ||
Fuji Corp/Aichi | 600 | 9,928 | ||
Fuji Corp. Ltd. | 200 | 1,068 |
35
Shares | Value | |||
Fuji Electric Co. Ltd. | 700 | $ | 19,049 | |
Fuji Kyuko Co. Ltd. | 200 | 5,158 | ||
Fuji Oil Co. Ltd. | 500 | 951 | ||
Fuji Seal International, Inc. | 200 | 3,598 | ||
Fuji Soft, Inc. | 300 | 10,029 | ||
Fujibo Holdings, Inc. | 200 | 5,425 | ||
Fujicco Co. Ltd. | 100 | 1,614 | ||
FUJIFILM Holdings Corp.(1) | 600 | 29,211 | ||
Fujikura Ltd. | 5,400 | 17,218 | ||
Fujimori Kogyo Co. Ltd. | 300 | 7,943 | ||
Fujio Food System Co. Ltd. | 200 | 2,640 | ||
Fujita Kanko, Inc. | 100 | 1,853 | ||
Fujitec Co. Ltd. | 700 | 9,693 | ||
Fujitsu General Ltd. | 1,000 | 19,843 | ||
Fujitsu Ltd. | 1,400 | 147,747 | ||
Fukui Computer Holdings, Inc. | 200 | 4,969 | ||
Fukuoka Financial Group, Inc. | 1,100 | 16,642 | ||
Fukushima Galilei Co. Ltd. | 100 | 3,180 | ||
Fukuyama Transporting Co. Ltd. | 400 | 11,940 | ||
FULLCAST Holdings Co. Ltd. | 200 | 3,489 | ||
Funai Electric Co. Ltd.(2) | 200 | 1,047 | ||
Funai Soken Holdings, Inc. | 200 | 4,680 | ||
Furukawa Battery Co. Ltd. (The) | 200 | 1,118 | ||
Furukawa Co. Ltd. | 400 | 4,476 | ||
Furukawa Electric Co. Ltd. | 900 | 19,697 | ||
Furuno Electric Co. Ltd. | 400 | 3,383 | ||
Furyu Corp. | 200 | 1,912 | ||
Fuso Chemical Co. Ltd. | 300 | 8,367 | ||
Futaba Corp. | 100 | 964 | ||
Futaba Industrial Co. Ltd. | 1,400 | 7,386 | ||
Future Corp. | 300 | 4,400 | ||
Fuyo General Lease Co. Ltd. | 500 | 28,112 | ||
G-Tekt Corp. | 500 | 6,006 | ||
Gakken Holdings Co. Ltd. | 100 | 6,219 | ||
Gakujo Co. Ltd. | 100 | 1,590 | ||
GCA Corp. | 200 | 1,286 | ||
Gecoss Corp. | 200 | 1,646 | ||
Genki Sushi Co. Ltd. | 100 | 2,169 | ||
Genky DrugStores Co. Ltd. | 100 | 1,653 | ||
Geo Holdings Corp. | 500 | 5,421 | ||
GLOBERIDE, Inc. | 100 | 1,750 | ||
Glory Ltd. | 500 | 13,249 | ||
GMO Cloud KK | 100 | 1,900 | ||
GMO Financial Holdings, Inc. | 1,000 | 4,842 | ||
GMO Internet, Inc. | 1,000 | 16,815 | ||
GMO Payment Gateway, Inc. | 100 | 6,171 | ||
GNI Group Ltd.(2) | 100 | 1,218 |
36
Shares | Value | |||
Godo Steel Ltd. | 200 | $ | 4,557 | |
Goldcrest Co. Ltd. | 500 | 7,706 | ||
Goldwin, Inc. | 200 | 12,143 | ||
Grace Technology, Inc. | 100 | 2,574 | ||
Gree, Inc. | 600 | 2,417 | ||
GS Yuasa Corp. | 1,000 | 17,577 | ||
Gumi, Inc.(2) | 200 | 1,127 | ||
GungHo Online Entertainment, Inc.(1) | 300 | 4,735 | ||
Gunma Bank Ltd. (The) | 3,300 | 9,910 | ||
Gunze Ltd. | 100 | 3,518 | ||
Gurunavi, Inc. | 200 | 1,318 | ||
H-One Co. Ltd. | 200 | 1,140 | ||
H2O Retailing Corp. | 600 | 4,611 | ||
Hachijuni Bank Ltd. (The) | 3,500 | 11,904 | ||
Hagihara Industries, Inc. | 200 | 2,766 | ||
Hakuhodo DY Holdings, Inc. | 1,500 | 17,400 | ||
Hakuto Co. Ltd. | 100 | 1,022 | ||
Hamakyorex Co. Ltd. | 200 | 5,198 | ||
Hamamatsu Photonics KK | 400 | 15,826 | ||
Hankyu Hanshin Holdings, Inc. | 2,500 | 82,043 | ||
Hanwa Co. Ltd. | 600 | 12,246 | ||
Happinet Corp. | 200 | 2,128 | ||
Harima Chemicals Group, Inc. | 300 | 2,586 | ||
Harmonic Drive Systems, Inc. | 100 | 4,178 | ||
Haseko Corp. | 5,100 | 64,889 | ||
Hazama Ando Corp. | 4,100 | 29,895 | ||
Heiwa Corp. | 800 | 14,890 | ||
Heiwa Real Estate Co. Ltd. | 300 | 8,407 | ||
Heiwado Co. Ltd. | 600 | 9,284 | ||
Hibiya Engineering Ltd. | 100 | 1,618 | ||
Hiday Hidaka Corp.(1) | 200 | 3,015 | ||
Hikari Tsushin, Inc. | 200 | 37,897 | ||
Hino Motors Ltd. | 1,800 | 14,791 | ||
Hioki EE Corp. | 100 | 2,986 | ||
Hirakawa Hewtech Corp. | 100 | 1,055 | ||
Hirano Tecseed Co. Ltd. | 300 | 3,315 | ||
Hirata Corp. | 100 | 4,630 | ||
Hirose Electric Co. Ltd. | 100 | 10,582 | ||
Hiroshima Bank Ltd. (The) | 3,100 | 13,400 | ||
Hiroshima Gas Co. Ltd. | 400 | 1,207 | ||
HIS Co. Ltd. | 300 | 5,902 | ||
Hisaka Works Ltd. | 200 | 1,477 | ||
Hisamitsu Pharmaceutical Co., Inc.(1) | 200 | 8,907 | ||
Hitachi Capital Corp. | 900 | 22,929 | ||
Hitachi High-Tech Corp. | 200 | 14,867 | ||
Hitachi Ltd. | 4,100 | 137,526 | ||
Hitachi Metals Ltd. | 1,200 | 17,491 |
37
Shares | Value | |||
Hitachi Transport System Ltd. | 600 | $ | 16,103 | |
Hitachi Zosen Corp. | 3,900 | 13,798 | ||
Hodogaya Chemical Co. Ltd. | 100 | 3,413 | ||
Hogy Medical Co. Ltd. | 200 | 5,724 | ||
Hokkaido Electric Power Co., Inc. | 4,000 | 17,382 | ||
Hokkoku Bank Ltd. (The) | 200 | 5,105 | ||
Hokuetsu Corp. | 1,400 | 5,666 | ||
Hokuetsu Industries Co. Ltd. | 400 | 4,109 | ||
Hokuhoku Financial Group, Inc. | 1,300 | 10,988 | ||
Hokuriku Electric Power Co. | 1,200 | 8,171 | ||
Hokuto Corp. | 300 | 5,106 | ||
Honda Motor Co. Ltd. ADR | 8,547 | 219,316 | ||
Honeys Holdings Co. Ltd. | 500 | 5,313 | ||
Hoosiers Holdings | 400 | 2,299 | ||
Horiba Ltd. | 200 | 10,854 | ||
Hoshizaki Corp. | 200 | 17,097 | ||
Hosiden Corp. | 1,000 | 8,601 | ||
Hosokawa Micron Corp. | 100 | 4,548 | ||
House Foods Group, Inc. | 200 | 5,889 | ||
Hoya Corp. ADR(1) | 1,545 | 135,357 | ||
Hulic Co. Ltd. | 4,100 | 45,768 | ||
Hyakugo Bank Ltd. (The) | 3,100 | 8,776 | ||
Hyakujushi Bank Ltd. (The) | 300 | 5,054 | ||
I K K, Inc. | 200 | 1,220 | ||
I'll, Inc. | 200 | 2,793 | ||
I-Net Corp./Kanagawa | 300 | 3,466 | ||
Ibiden Co. Ltd. | 1,200 | 26,368 | ||
IBJ, Inc. | 300 | 2,696 | ||
Ichibanya Co. Ltd. | 100 | 4,130 | ||
Ichigo, Inc.(1) | 5,700 | 17,254 | ||
Ichikoh Industries Ltd. | 600 | 3,700 | ||
Ichinen Holdings Co. Ltd. | 600 | 6,348 | ||
Ichiyoshi Securities Co. Ltd. | 200 | 980 | ||
Icom, Inc. | 100 | 2,139 | ||
IDEA Consultants, Inc. | 200 | 3,098 | ||
Idec Corp. | 100 | 1,514 | ||
Idemitsu Kosan Co. Ltd. | 1,900 | 46,539 | ||
IDOM, Inc. | 1,200 | 5,668 | ||
IHI Corp. | 400 | 8,366 | ||
Iida Group Holdings Co. Ltd. | 700 | 9,437 | ||
Iino Kaiun Kaisha Ltd. | 3,100 | 9,463 | ||
IJTT Co. Ltd. | 300 | 1,437 | ||
IMAGICA GROUP, Inc. | 200 | 752 | ||
Imasen Electric Industrial | 200 | 1,415 | ||
Inaba Denki Sangyo Co. Ltd. | 600 | 13,245 | ||
Inaba Seisakusho Co. Ltd. | 100 | 1,111 | ||
Inabata & Co. Ltd. | 400 | 4,634 |
38
Shares | Value | |||
Ines Corp. | 700 | $ | 9,523 | |
Infocom Corp. | 400 | 10,046 | ||
Infomart Corp. | 1,800 | 10,794 | ||
Information Services International-Dentsu Ltd. | 200 | 8,590 | ||
INPEX Corp. | 10,000 | 87,053 | ||
Insource Co. Ltd. | 200 | 4,715 | ||
Intage Holdings, Inc. | 500 | 3,638 | ||
Intelligent Wave, Inc. | 200 | 1,132 | ||
Inter Action Corp. | 200 | 4,248 | ||
Internet Initiative Japan, Inc.(1) | 600 | 16,737 | ||
Inui Global Logistics Co. Ltd. | 100 | 996 | ||
IR Japan Holdings Ltd. | 100 | 5,998 | ||
Iriso Electronics Co. Ltd. | 100 | 3,471 | ||
Iseki & Co. Ltd. | 200 | 2,122 | ||
Isetan Mitsukoshi Holdings Ltd. | 2,100 | 13,694 | ||
Ishihara Sangyo Kaisha Ltd. | 300 | 1,977 | ||
Istyle, Inc.(2) | 200 | 539 | ||
Isuzu Motors Ltd. | 3,100 | 28,995 | ||
Itfor, Inc. | 200 | 1,198 | ||
Ito En Ltd. | 200 | 8,800 | ||
ITOCHU Corp. | 6,800 | 154,591 | ||
Itochu Enex Co. Ltd. | 400 | 3,109 | ||
Itochu Techno-Solutions Corp. | 800 | 22,493 | ||
Itoham Yonekyu Holdings, Inc. | 900 | 4,961 | ||
Itoki Corp. | 400 | 1,321 | ||
IwaiCosmo Holdings, Inc. | 300 | 3,102 | ||
Iwatani Corp. | 500 | 16,384 | ||
Iyo Bank Ltd. (The) | 2,600 | 11,694 | ||
Izumi Co. Ltd. | 700 | 19,080 | ||
J Front Retailing Co. Ltd. | 3,200 | 33,855 | ||
J Trust Co. Ltd.(1) | 500 | 1,596 | ||
JAC Recruitment Co. Ltd. | 100 | 1,318 | ||
Jaccs Co. Ltd. | 500 | 9,994 | ||
Jafco Co. Ltd. | 200 | 7,576 | ||
Japan Airlines Co. Ltd. | 900 | 22,285 | ||
Japan Airport Terminal Co. Ltd. | 200 | 7,778 | ||
Japan Aviation Electronics Industry Ltd. | 1,200 | 19,167 | ||
Japan Best Rescue System Co. Ltd.(1) | 200 | 1,394 | ||
Japan Cash Machine Co. Ltd. | 200 | 1,218 | ||
Japan Display, Inc.(2) | 1,900 | 1,070 | ||
Japan Elevator Service Holdings Co. Ltd. | 300 | 5,749 | ||
Japan Exchange Group, Inc. | 3,200 | 53,609 | ||
Japan Lifeline Co. Ltd. | 200 | 2,478 | ||
Japan Material Co. Ltd. | 200 | 2,367 | ||
Japan Meat Co. Ltd. | 200 | 3,964 | ||
Japan Medical Dynamic Marketing, Inc. | 100 | 1,491 | ||
Japan Petroleum Exploration Co. Ltd. | 500 | 10,866 |
39
Shares | Value | |||
Japan Post Bank Co. Ltd. | 1,200 | $ | 10,680 | |
Japan Post Holdings Co. Ltd. | 6,400 | 55,662 | ||
Japan Post Insurance Co. Ltd. | 2,000 | 30,483 | ||
Japan Securities Finance Co. Ltd. | 800 | 3,450 | ||
Japan Steel Works Ltd. (The) | 400 | 5,793 | ||
Japan Transcity Corp. | 700 | 2,780 | ||
Japan Wool Textile Co. Ltd. (The) | 1,000 | 8,266 | ||
JBCC Holdings, Inc. | 200 | 3,043 | ||
JCR Pharmaceuticals Co. Ltd. | 100 | 8,858 | ||
JCU Corp. | 400 | 9,273 | ||
JDC Corp. | 1,000 | 4,684 | ||
JFE Holdings, Inc. | 5,900 | 54,385 | ||
JGC Holdings Corp. | 3,600 | 43,946 | ||
JINS Holdings, Inc. | 200 | 12,250 | ||
Joshin Denki Co. Ltd. | 400 | 6,648 | ||
JP-Holdings, Inc. | 400 | 1,008 | ||
JSP Corp. | 100 | 1,501 | ||
JSR Corp. | 100 | 1,747 | ||
JTEKT Corp. | 1,800 | 17,430 | ||
Juki Corp. | 200 | 1,267 | ||
Juroku Bank Ltd. (The) | 400 | 6,795 | ||
Justsystems Corp. | 200 | 9,533 | ||
JVCKenwood Corp. | 4,200 | 8,483 | ||
JXTG Holdings, Inc. | 18,200 | 72,900 | ||
K's Holdings Corp. | 3,800 | 41,723 | ||
Kadokawa Corp.(2) | 500 | 6,675 | ||
Kaga Electronics Co. Ltd. | 400 | 7,292 | ||
Kagome Co. Ltd. | 300 | 6,461 | ||
Kajima Corp. | 5,600 | 60,059 | ||
Kakaku.com, Inc. | 600 | 12,819 | ||
Kaken Pharmaceutical Co. Ltd. | 300 | 14,511 | ||
Kamakura Shinsho Ltd. | 200 | 2,454 | ||
Kamigumi Co. Ltd. | 100 | 1,917 | ||
Kanamoto Co. Ltd. | 700 | 15,437 | ||
Kandenko Co. Ltd. | 2,300 | 19,421 | ||
Kaneka Corp. | 700 | 18,761 | ||
Kanematsu Corp. | 1,600 | 17,307 | ||
Kansai Electric Power Co., Inc. (The) | 3,300 | 35,817 | ||
Kansai Mirai Financial Group, Inc. | 900 | 4,216 | ||
Kanto Denka Kogyo Co. Ltd. | 1,100 | 9,330 | ||
Kao Corp. | 1,700 | 123,719 | ||
Kappa Create Co. Ltd. | 100 | 1,181 | ||
Kasai Kogyo Co. Ltd. | 800 | 4,870 | ||
Katakura Industries Co. Ltd. | 200 | 2,331 | ||
Kato Sangyo Co. Ltd. | 400 | 11,095 | ||
Kato Works Co. Ltd. | 100 | 1,195 | ||
KAWADA TECHNOLOGIES, Inc. | 100 | 5,172 |
40
Shares | Value | |||
Kawai Musical Instruments Manufacturing Co. Ltd. | 100 | $ | 2,421 | |
Kawasaki Heavy Industries Ltd. | 2,000 | 36,044 | ||
Kawasaki Kisen Kaisha Ltd.(2) | 1,700 | 18,982 | ||
KDDI Corp. | 11,500 | 324,994 | ||
KeePer Technical Laboratory Co. Ltd. | 100 | 995 | ||
Keihan Holdings Co. Ltd. | 400 | 16,188 | ||
Keihanshin Building Co. Ltd. | 500 | 6,169 | ||
Keikyu Corp. | 3,100 | 46,906 | ||
Keio Corp. | 300 | 14,383 | ||
Keisei Electric Railway Co. Ltd. | 400 | 12,765 | ||
Keiyo Bank Ltd. (The) | 1,400 | 6,570 | ||
Keiyo Co. Ltd. | 300 | 1,307 | ||
Kewpie Corp. | 1,300 | 23,872 | ||
Key Coffee, Inc. | 100 | 1,886 | ||
Keyence Corp. | 200 | 64,525 | ||
KFC Holdings Japan Ltd. | 400 | 8,937 | ||
KH Neochem Co. Ltd. | 400 | 7,721 | ||
Ki-Star Real Estate Co. Ltd. | 200 | 2,583 | ||
Kikkoman Corp. | 400 | 18,472 | ||
Kinden Corp. | 1,200 | 18,020 | ||
King Jim Co. Ltd. | 200 | 1,390 | ||
Kintetsu Group Holdings Co. Ltd. | 1,700 | 73,320 | ||
Kintetsu World Express, Inc. | 500 | 7,802 | ||
Kirin Holdings Co. Ltd. | 3,300 | 63,200 | ||
Kirindo Holdings Co. Ltd. | 100 | 1,412 | ||
Kisoji Co. Ltd. | 100 | 2,321 | ||
Kissei Pharmaceutical Co. Ltd. | 200 | 4,825 | ||
Kitanotatsujin Corp. | 1,100 | 5,291 | ||
Kito Corp. | 300 | 3,829 | ||
Kitz Corp. | 1,000 | 5,932 | ||
Kiyo Bank Ltd. (The) | 1,000 | 13,147 | ||
KLab, Inc.(2) | 700 | 4,001 | ||
KNT-CT Holdings Co. Ltd.(2) | 100 | 868 | ||
Koa Corp. | 200 | 1,932 | ||
Koatsu Gas Kogyo Co. Ltd. | 400 | 2,442 | ||
Kobayashi Pharmaceutical Co. Ltd. | 100 | 7,253 | ||
Kobe Bussan Co. Ltd. | 600 | 21,950 | ||
Kobe Steel Ltd. | 2,100 | 7,760 | ||
Koei Tecmo Holdings Co. Ltd. | 100 | 2,477 | ||
Kohnan Shoji Co. Ltd. | 600 | 12,065 | ||
Koito Manufacturing Co. Ltd. | 500 | 20,150 | ||
Kojima Co. Ltd. | 300 | 1,120 | ||
Kokusai Pulp & Paper Co. Ltd. | 400 | 956 | ||
Kokuyo Co. Ltd. | 800 | 11,292 | ||
Komatsu Ltd.(1) | 2,500 | 50,189 | ||
Komatsu Matere Co. Ltd. | 200 | 1,354 | ||
KOMEDA Holdings Co. Ltd. | 200 | 3,382 |
41
Shares | Value | |||
Komeri Co. Ltd. | 300 | $ | 5,411 | |
Komori Corp. | 300 | 2,275 | ||
Konami Holdings Corp. | 900 | 32,587 | ||
Kondotec, Inc. | 400 | 3,521 | ||
Konica Minolta, Inc. | 1,200 | 6,580 | ||
Konishi Co. Ltd. | 300 | 3,717 | ||
Konoike Transport Co. Ltd. | 400 | 5,013 | ||
Kose Corp. | 100 | 11,950 | ||
Koshidaka Holdings Co. Ltd.(1) | 600 | 3,167 | ||
Kotobuki Spirits Co. Ltd. | 200 | 9,813 | ||
Kourakuen Holdings Corp. | 100 | 1,395 | ||
Krosaki Harima Corp. | 100 | 5,086 | ||
Kubota Corp. | 4,100 | 57,424 | ||
Kumagai Gumi Co. Ltd. | 800 | 21,181 | ||
Kumiai Chemical Industry Co. Ltd. | 200 | 1,337 | ||
Kura Sushi, Inc. | 100 | 4,143 | ||
Kurabo Industries Ltd. | 200 | 3,595 | ||
Kuraray Co. Ltd. | 3,200 | 33,146 | ||
Kureha Corp. | 200 | 10,073 | ||
Kurita Water Industries Ltd. | 1,200 | 30,906 | ||
Kusuri no Aoki Holdings Co. Ltd. | 100 | 6,141 | ||
KYB Corp.(2) | 400 | 8,829 | ||
Kyocera Corp. | 800 | 50,140 | ||
Kyoei Steel Ltd. | 400 | 6,034 | ||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 200 | 2,292 | ||
Kyokuto Securities Co. Ltd. | 200 | 1,203 | ||
Kyokuyo Co. Ltd. | 100 | 2,386 | ||
KYORIN Holdings, Inc. | 200 | 4,062 | ||
Kyosan Electric Manufacturing Co. Ltd. | 300 | 1,277 | ||
Kyowa Exeo Corp. | 600 | 13,066 | ||
Kyowa Kirin Co. Ltd. | 500 | 11,862 | ||
Kyudenko Corp. | 1,000 | 26,676 | ||
Kyushu Electric Power Co., Inc. | 3,200 | 23,133 | ||
Kyushu Financial Group, Inc. | 4,100 | 13,927 | ||
Kyushu Railway Co. | 1,600 | 48,007 | ||
Lacto Japan Co. Ltd. | 100 | 3,261 | ||
Lasertec Corp. | 400 | 18,137 | ||
Lawson, Inc.(1) | 600 | 32,222 | ||
LEC, Inc. | 200 | 1,738 | ||
Leopalace21 Corp.(2) | 6,800 | 20,129 | ||
Life Corp.(1) | 300 | 6,519 | ||
Like Co. Ltd. | 100 | 1,377 | ||
LINE Corp. ADR(1)(2) | 259 | 12,738 | ||
Link And Motivation, Inc.(1) | 200 | 823 | ||
Lintec Corp. | 200 | 4,257 | ||
Lion Corp. | 2,100 | 35,074 | ||
Litalico, Inc.(2) | 100 | 1,962 |
42
Shares | Value | |||
LIXIL Group Corp. | 800 | $ | 11,964 | |
LIXIL VIVA Corp. | 600 | 11,349 | ||
M&A Capital Partners Co. Ltd.(2) | 200 | 5,928 | ||
M3, Inc. | 1,500 | 38,579 | ||
Mabuchi Motor Co. Ltd. | 300 | 10,360 | ||
Macnica Fuji Electronics Holdings, Inc. | 1,200 | 16,707 | ||
Macromill, Inc. | 200 | 1,558 | ||
Maeda Corp. | 2,400 | 21,371 | ||
Maeda Kosen Co. Ltd. | 100 | 1,843 | ||
Maeda Road Construction Co. Ltd. | 900 | 26,579 | ||
Makino Milling Machine Co. Ltd. | 200 | 6,751 | ||
Makita Corp. | 300 | 10,290 | ||
Mamezou Holdings Co. Ltd. | 300 | 5,271 | ||
Mani, Inc.(1) | 200 | 4,239 | ||
MarkLines Co. Ltd. | 200 | 3,078 | ||
Marubeni Corp. | 6,000 | 39,668 | ||
Marudai Food Co. Ltd. | 300 | 4,898 | ||
Maruha Nichiro Corp. | 200 | 4,252 | ||
Marui Group Co. Ltd. | 1,800 | 34,694 | ||
Maruichi Steel Tube Ltd. | 200 | 4,833 | ||
Marusan Securities Co. Ltd. | 300 | 1,199 | ||
Maruwa Co. Ltd. | 200 | 12,676 | ||
Maruwa Unyu Kikan Co. Ltd. | 300 | 4,840 | ||
Maruzen CHI Holdings Co. Ltd. | 300 | 889 | ||
Marvelous, Inc.(1) | 200 | 1,134 | ||
Matching Service Japan Co. Ltd. | 100 | 935 | ||
Matsui Construction Co. Ltd. | 200 | 1,157 | ||
Matsumotokiyoshi Holdings Co. Ltd. | 500 | 16,336 | ||
Matsuya Co. Ltd. | 200 | 1,180 | ||
Matsuyafoods Holdings Co. Ltd. | 100 | 3,522 | ||
Max Co. Ltd. | 300 | 4,937 | ||
Maxell Holdings Ltd. | 400 | 4,798 | ||
Mazda Motor Corp. | 3,100 | 21,393 | ||
McDonald's Holdings Co. Japan Ltd. | 300 | 12,669 | ||
MCJ Co. Ltd. | 1,300 | 7,460 | ||
Mebuki Financial Group, Inc. | 10,400 | 20,230 | ||
MEC Co. Ltd. | 200 | 2,300 | ||
Media Do Holdings Co. Ltd. | 100 | 2,668 | ||
Medipal Holdings Corp. | 1,000 | 18,210 | ||
MedPeer, Inc.(2) | 100 | 1,137 | ||
Megmilk Snow Brand Co. Ltd. | 600 | 12,062 | ||
Meidensha Corp. | 800 | 12,800 | ||
MEIJI Holdings Co. Ltd. | 300 | 17,862 | ||
Meiko Electronics Co. Ltd. | 400 | 5,895 | ||
Meiko Network Japan Co. Ltd.(1) | 200 | 1,498 | ||
Meisei Industrial Co. Ltd. | 600 | 4,026 | ||
Meitec Corp. | 300 | 14,122 |
43
Shares | Value | |||
Meiwa Corp. | 300 | $ | 1,388 | |
Members Co. Ltd. | 100 | 1,246 | ||
Menicon Co. Ltd. | 200 | 8,150 | ||
METAWATER Co. Ltd. | 200 | 7,039 | ||
Micronics Japan Co. Ltd.(1) | 800 | 6,986 | ||
Mie Kotsu Group Holdings, Inc. | 700 | 3,159 | ||
Milbon Co. Ltd. | 100 | 4,884 | ||
Mimasu Semiconductor Industry Co. Ltd. | 400 | 7,355 | ||
MINEBEA MITSUMI, Inc. | 4,500 | 78,831 | ||
Ministop Co. Ltd.(1) | 200 | 2,651 | ||
Miraca Holdings, Inc. | 700 | 17,574 | ||
Mirait Holdings Corp. | 700 | 9,225 | ||
Miroku Jyoho Service Co. Ltd. | 200 | 4,470 | ||
MISUMI Group, Inc. | 400 | 8,385 | ||
Mitani Sangyo Co. Ltd. | 400 | 1,219 | ||
Mitsuba Corp. | 900 | 5,070 | ||
Mitsubishi Chemical Holdings Corp. | 11,300 | 75,672 | ||
Mitsubishi Electric Corp. | 5,500 | 69,408 | ||
Mitsubishi Estate Co. Ltd. | 5,200 | 89,615 | ||
Mitsubishi Gas Chemical Co., Inc. | 1,000 | 15,030 | ||
Mitsubishi Heavy Industries Ltd. | 1,600 | 50,447 | ||
Mitsubishi Logisnext Co. Ltd. | 400 | 4,976 | ||
Mitsubishi Logistics Corp. | 300 | 6,894 | ||
Mitsubishi Materials Corp. | 1,400 | 31,805 | ||
Mitsubishi Motors Corp. | 3,100 | 10,244 | ||
Mitsubishi Paper Mills Ltd. | 300 | 1,102 | ||
Mitsubishi Pencil Co. Ltd. | 200 | 2,748 | ||
Mitsubishi Shokuhin Co. Ltd. | 200 | 4,851 | ||
Mitsubishi UFJ Financial Group, Inc. ADR | 50,104 | 244,006 | ||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 6,500 | 36,648 | ||
Mitsuboshi Belting Ltd. | 300 | 4,086 | ||
Mitsui & Co. Ltd. | 5,700 | 93,860 | ||
Mitsui Chemicals, Inc. | 1,700 | 36,579 | ||
Mitsui E&S Holdings Co. Ltd.(2) | 1,700 | 12,136 | ||
Mitsui Fudosan Co. Ltd. | 2,600 | 60,232 | ||
Mitsui High-Tec, Inc. | 100 | 1,288 | ||
Mitsui Mining & Smelting Co. Ltd. | 500 | 11,904 | ||
Mitsui OSK Lines Ltd. | 1,600 | 32,955 | ||
Mitsui Sugar Co. Ltd. | 100 | 1,756 | ||
Mitsui-Soko Holdings Co. Ltd. | 500 | 7,230 | ||
Mitsuuroko Group Holdings Co. Ltd. | 400 | 3,735 | ||
Miura Co. Ltd. | 300 | 9,761 | ||
Mixi, Inc. | 600 | 9,575 | ||
Mizuho Financial Group, Inc. ADR(1) | 51,320 | 135,998 | ||
Mizuho Leasing Co. Ltd. | 600 | 15,770 | ||
Mizuno Corp. | 200 | 3,957 | ||
Mochida Pharmaceutical Co. Ltd. | 100 | 3,503 |
44
Shares | Value | |||
Modec, Inc. | 400 | $ | 6,697 | |
Monex Group, Inc. | 900 | 1,727 | ||
Monogatari Corp. (The) | 100 | 6,298 | ||
MonotaRO Co. Ltd. | 1,000 | 22,178 | ||
Morinaga & Co. Ltd. | 500 | 19,812 | ||
Morinaga Milk Industry Co. Ltd. | 800 | 28,336 | ||
Moriroku Holdings Co. Ltd. | 200 | 3,519 | ||
Morita Holdings Corp. | 200 | 3,106 | ||
Morito Co. Ltd. | 200 | 1,257 | ||
MOS Food Services, Inc. | 100 | 2,276 | ||
MS&AD Insurance Group Holdings, Inc. | 3,000 | 96,474 | ||
MTI Ltd. | 200 | 1,036 | ||
Murata Manufacturing Co. Ltd. | 1,800 | 96,610 | ||
Musashi Seimitsu Industry Co. Ltd. | 1,000 | 10,921 | ||
Musashino Bank Ltd. (The) | 300 | 4,119 | ||
Nabtesco Corp. | 500 | 13,381 | ||
Nachi-Fujikoshi Corp. | 300 | 9,827 | ||
Nagase & Co. Ltd. | 900 | 10,776 | ||
Nagoya Railroad Co. Ltd. | 2,100 | 54,741 | ||
Nakanishi, Inc. | 100 | 1,520 | ||
Nakayama Steel Works Ltd. | 300 | 1,139 | ||
Namura Shipbuilding Co. Ltd. | 400 | 761 | ||
Nankai Electric Railway Co. Ltd. | 1,600 | 35,249 | ||
Nanto Bank Ltd. (The) | 400 | 7,935 | ||
NEC Capital Solutions Ltd. | 300 | 5,869 | ||
NEC Corp. | 2,500 | 93,317 | ||
NEC Networks & System Integration Corp. | 300 | 11,220 | ||
Neturen Co. Ltd. | 500 | 3,141 | ||
Nexon Co. Ltd. | 1,900 | 30,107 | ||
NGK Insulators Ltd. | 2,500 | 39,106 | ||
NGK Spark Plug Co. Ltd. | 1,100 | 17,969 | ||
NH Foods Ltd. | 600 | 22,668 | ||
NHK Spring Co. Ltd. | 1,600 | 12,127 | ||
Nichi-iko Pharmaceutical Co. Ltd. | 1,000 | 10,721 | ||
Nichias Corp. | 600 | 12,351 | ||
Nichiban Co. Ltd. | 100 | 1,409 | ||
Nichicon Corp. | 500 | 3,676 | ||
Nichiden Corp. | 100 | 1,580 | ||
Nichiha Corp. | 300 | 6,231 | ||
NichiiGakkan Co. Ltd. | 700 | 7,265 | ||
Nichirei Corp. | 1,300 | 33,037 | ||
Nichireki Co. Ltd. | 600 | 7,197 | ||
Nidec Corp. ADR | 1,510 | 44,152 | ||
Nifco, Inc. | 1,000 | 24,174 | ||
Nihon Flush Co. Ltd. | 100 | 2,166 | ||
Nihon House Holdings Co. Ltd. | 900 | 3,262 | ||
Nihon M&A Center, Inc. | 1,100 | 32,840 |
45
Shares | Value | |||
Nihon Nohyaku Co. Ltd. | 300 | $ | 1,398 | |
Nihon Parkerizing Co. Ltd. | 500 | 4,571 | ||
Nihon Tokushu Toryo Co. Ltd. | 200 | 1,849 | ||
Nihon Unisys Ltd. | 1,000 | 30,552 | ||
Nikkiso Co. Ltd. | 100 | 889 | ||
Nikko Co. Ltd. | 500 | 3,036 | ||
Nikkon Holdings Co. Ltd. | 1,100 | 21,149 | ||
Nikon Corp. | 1,100 | 11,245 | ||
Nintendo Co. Ltd. | 300 | 102,364 | ||
Nippo Corp. | 400 | 9,037 | ||
Nippon Air Conditioning Services Co. Ltd. | 500 | 3,185 | ||
Nippon Aqua Co. Ltd. | 200 | 931 | ||
Nippon Carbon Co. Ltd.(1) | 200 | 6,618 | ||
Nippon Ceramic Co. Ltd. | 100 | 2,015 | ||
Nippon Chemi-Con Corp. | 100 | 1,420 | ||
Nippon Chemical Industrial Co. Ltd. | 100 | 2,142 | ||
Nippon Coke & Engineering Co. Ltd. | 10,300 | 6,228 | ||
Nippon Denko Co. Ltd.(2) | 600 | 809 | ||
Nippon Densetsu Kogyo Co. Ltd. | 400 | 7,262 | ||
Nippon Electric Glass Co. Ltd. | 500 | 8,382 | ||
Nippon Express Co. Ltd. | 900 | 42,925 | ||
Nippon Flour Mills Co. Ltd. | 400 | 5,930 | ||
Nippon Gas Co. Ltd. | 300 | 9,501 | ||
Nippon Hume Corp. | 200 | 1,199 | ||
Nippon Kayaku Co. Ltd. | 1,600 | 17,608 | ||
Nippon Koei Co. Ltd. | 300 | 8,196 | ||
Nippon Light Metal Holdings Co. Ltd. | 6,800 | 11,900 | ||
Nippon Paper Industries Co. Ltd. | 100 | 1,444 | ||
Nippon Parking Development Co. Ltd. | 3,300 | 3,725 | ||
Nippon Pillar Packing Co. Ltd. | 200 | 2,339 | ||
Nippon Seiki Co. Ltd. | 900 | 11,839 | ||
Nippon Sheet Glass Co. Ltd. | 500 | 2,234 | ||
Nippon Shinyaku Co. Ltd. | 200 | 14,798 | ||
Nippon Shokubai Co. Ltd. | 200 | 10,120 | ||
Nippon Signal Co. Ltd. | 700 | 7,418 | ||
Nippon Soda Co. Ltd. | 200 | 5,143 | ||
Nippon Steel Corp. | 3,100 | 34,732 | ||
Nippon Steel Trading Corp. | 200 | 8,091 | ||
Nippon Suisan Kaisha Ltd. | 3,100 | 14,618 | ||
Nippon Systemware Co. Ltd. | 100 | 1,770 | ||
Nippon Telegraph & Telephone Corp. | 5,800 | 135,693 | ||
Nippon Thompson Co. Ltd. | 400 | 1,368 | ||
Nippon Yakin Kogyo Co. Ltd. | 200 | 3,144 | ||
Nippon Yusen KK | 2,700 | 38,361 | ||
Nipro Corp.(1) | 3,100 | 32,924 | ||
Nishi-Nippon Financial Holdings, Inc. | 1,000 | 5,709 | ||
Nishi-Nippon Railroad Co. Ltd. | 1,300 | 28,478 |
46
Shares | Value | |||
Nishimatsu Construction Co. Ltd. | 1,000 | $ | 20,958 | |
Nishimatsuya Chain Co. Ltd. | 400 | 2,883 | ||
Nishio Rent All Co. Ltd. | 400 | 9,797 | ||
Nissan Chemical Corp. | 600 | 25,207 | ||
Nissan Motor Co. Ltd. | 7,400 | 31,661 | ||
Nissan Shatai Co. Ltd. | 200 | 1,834 | ||
Nissan Tokyo Sales Holdings Co. Ltd. | 500 | 1,062 | ||
Nissei Plastic Industrial Co. Ltd. | 200 | 1,676 | ||
Nissha Co. Ltd. | 600 | 4,660 | ||
Nisshin Group Holdings Co. Ltd. | 600 | 2,532 | ||
Nisshin Oillio Group Ltd. (The) | 400 | 12,318 | ||
Nisshin Seifun Group, Inc. | 200 | 3,372 | ||
Nisshinbo Holdings, Inc. | 2,600 | 22,005 | ||
Nissin Electric Co. Ltd. | 800 | 7,626 | ||
Nissin Foods Holdings Co. Ltd. | 200 | 15,717 | ||
Nisso Corp. | 200 | 1,286 | ||
Nitori Holdings Co. Ltd. | 400 | 55,431 | ||
Nitta Corp. | 100 | 2,246 | ||
Nitto Boseki Co. Ltd. | 100 | 3,859 | ||
Nitto Denko Corp. | 900 | 44,875 | ||
Nitto Kogyo Corp. | 500 | 8,727 | ||
Nitto Seiko Co. Ltd. | 300 | 1,310 | ||
Nittoc Construction Co. Ltd. | 400 | 2,826 | ||
Noevir Holdings Co. Ltd. | 100 | 4,248 | ||
NOF Corp. | 300 | 9,578 | ||
Nohmi Bosai Ltd. | 400 | 7,480 | ||
Nojima Corp. | 900 | 16,283 | ||
NOK Corp. | 700 | 8,832 | ||
Nomura Co. Ltd. | 600 | 5,443 | ||
Noritake Co. Ltd/Nagoya Japan | 100 | 3,507 | ||
Noritsu Koki Co. Ltd. | 100 | 1,211 | ||
Noritz Corp. | 600 | 6,123 | ||
North Pacific Bank Ltd. | 3,100 | 5,828 | ||
NS Solutions Corp. | 500 | 14,166 | ||
NS United Kaiun Kaisha Ltd. | 200 | 3,157 | ||
NSD Co. Ltd. | 600 | 9,634 | ||
NSK Ltd. | 1,800 | 13,672 | ||
NTN Corp. | 3,100 | 7,432 | ||
NTT Data Corp. | 4,400 | 53,337 | ||
NTT DOCOMO, Inc. | 8,000 | 216,211 | ||
NuFlare Technology, Inc. | 100 | 11,014 | ||
Obara Group, Inc. | 100 | 2,667 | ||
Obayashi Corp. | 8,000 | 80,341 | ||
OBIC Business Consultants Co. Ltd. | 100 | 3,521 | ||
Obic Co. Ltd. | 200 | 24,582 | ||
Odakyu Electric Railway Co. Ltd. | 1,900 | 36,584 | ||
Oenon Holdings, Inc. | 300 | 967 |
47
Shares | Value | |||
Ogaki Kyoritsu Bank Ltd. (The) | 400 | $ | 7,470 | |
Ohara, Inc. | 100 | 978 | ||
Oiles Corp. | 200 | 2,616 | ||
Oisix ra daichi, Inc.(2) | 100 | 989 | ||
Oji Holdings Corp. | 10,400 | 49,286 | ||
Okabe Co. Ltd. | 200 | 1,426 | ||
Okamoto Industries, Inc. | 100 | 2,997 | ||
Okamura Corp. | 400 | 3,337 | ||
Okasan Securities Group, Inc. | 1,200 | 3,847 | ||
Oki Electric Industry Co. Ltd. | 1,800 | 19,784 | ||
Okinawa Electric Power Co., Inc. (The) | 300 | 5,199 | ||
Okumura Corp. | 100 | 2,422 | ||
Okuwa Co. Ltd. | 400 | 4,911 | ||
Olympus Corp. | 4,700 | 85,007 | ||
Omron Corp. | 1,300 | 69,904 | ||
Ono Pharmaceutical Co. Ltd. | 1,200 | 24,485 | ||
Onoken Co. Ltd. | 200 | 2,152 | ||
Onward Holdings Co. Ltd. | 1,200 | 5,810 | ||
Open Door, Inc.(2) | 100 | 949 | ||
Open House Co. Ltd. | 300 | 7,629 | ||
Optex Group Co. Ltd. | 100 | 1,161 | ||
Optorun Co. Ltd. | 300 | 7,919 | ||
Oracle Corp. (Tokyo) | 300 | 23,398 | ||
Organo Corp. | 200 | 11,737 | ||
Oricon, Inc. | 100 | 814 | ||
Orient Corp. | 8,800 | 10,793 | ||
Oriental Land Co. Ltd. | 100 | 11,339 | ||
ORIX Corp. ADR | 2,338 | 186,759 | ||
Osaka Gas Co. Ltd. | 1,600 | 25,794 | ||
Osaka Organic Chemical Industry Ltd. | 300 | 4,144 | ||
Osaka Soda Co. Ltd. | 200 | 4,715 | ||
OSAKA Titanium Technologies Co. Ltd. | 400 | 4,059 | ||
Osaki Electric Co. Ltd. | 400 | 2,018 | ||
OSG Corp. | 800 | 11,949 | ||
OSJB Holdings Corp. | 3,100 | 7,235 | ||
Otsuka Corp. | 900 | 38,820 | ||
Otsuka Holdings Co. Ltd. | 600 | 22,598 | ||
Outsourcing, Inc. | 600 | 4,339 | ||
Oyo Corp. | 300 | 3,445 | ||
Pacific Industrial Co. Ltd. | 1,100 | 11,924 | ||
Pacific Metals Co. Ltd. | 100 | 1,798 | ||
Pack Corp. (The) | 200 | 6,639 | ||
PAL GROUP Holdings Co. Ltd. | 400 | 5,354 | ||
PALTAC Corp. | 300 | 12,643 | ||
Pan Pacific International Holdings Corp. | 3,100 | 51,091 | ||
Panasonic Corp. | 14,000 | 133,100 | ||
PAPYLESS Co. Ltd. | 100 | 1,789 |
48
Shares | Value | |||
Park24 Co. Ltd.(1) | 1,100 | $ | 21,417 | |
Pasona Group, Inc. | 500 | 5,124 | ||
PC Depot Corp. | 400 | 1,878 | ||
PCA Corp. | 100 | 3,373 | ||
Penta-Ocean Construction Co. Ltd. | 8,300 | 44,030 | ||
Pepper Food Service Co. Ltd. | 100 | 646 | ||
PeptiDream, Inc.(2) | 500 | 19,851 | ||
Persol Holdings Co. Ltd. | 1,500 | 19,793 | ||
Phil Co., Inc. | 100 | 2,831 | ||
Pigeon Corp.(1) | 500 | 16,853 | ||
Pilot Corp. | 300 | 9,727 | ||
Piolax, Inc. | 200 | 2,858 | ||
Plenus Co. Ltd. | 100 | 1,596 | ||
Pola Orbis Holdings, Inc. | 200 | 3,811 | ||
Poletowin Pitcrew Holdings, Inc. | 400 | 3,076 | ||
Premium Group Co. Ltd. | 100 | 1,575 | ||
Press Kogyo Co. Ltd. | 1,800 | 5,141 | ||
Pressance Corp. | 200 | 2,108 | ||
Prestige International, Inc. | 900 | 6,928 | ||
Prima Meat Packers Ltd. | 600 | 12,315 | ||
Proto Corp. | 200 | 2,021 | ||
PS Mitsubishi Construction Co. Ltd. | 700 | 3,729 | ||
QB Net Holdings Co. Ltd. | 100 | 1,715 | ||
Qol Holdings Co. Ltd. | 100 | 1,145 | ||
Quick Co. Ltd. | 100 | 1,131 | ||
Raito Kogyo Co. Ltd. | 500 | 6,173 | ||
Rakus Co. Ltd. | 500 | 7,141 | ||
Rakuten, Inc. | 6,600 | 55,038 | ||
Recruit Holdings Co. Ltd. | 4,000 | 138,896 | ||
Relia, Inc. | 600 | 6,679 | ||
Relo Group, Inc. | 800 | 17,429 | ||
Renaissance, Inc. | 200 | 2,545 | ||
Renesas Electronics Corp.(2) | 3,100 | 18,549 | ||
Rengo Co. Ltd. | 200 | 1,369 | ||
Resona Holdings, Inc. | 15,300 | 57,711 | ||
Resorttrust, Inc. | 1,300 | 17,120 | ||
Restar Holdings Corp. | 200 | 2,928 | ||
Retail Partners Co. Ltd. | 200 | 1,281 | ||
Rheon Automatic Machinery Co. Ltd. | 100 | 1,070 | ||
Ricoh Co. Ltd. | 8,000 | 74,106 | ||
Ricoh Leasing Co. Ltd. | 300 | 10,296 | ||
Riken Technos Corp. | 700 | 2,736 | ||
Ringer Hut Co. Ltd. | 100 | 1,935 | ||
Rinnai Corp. | 200 | 13,525 | ||
Riso Kagaku Corp. | 100 | 1,545 | ||
Riso Kyoiku Co. Ltd.(1) | 1,300 | 3,746 | ||
Rohm Co. Ltd. | 400 | 26,122 |
49
Shares | Value | |||
Rohto Pharmaceutical Co. Ltd. | 300 | $ | 8,679 | |
Roland DG Corp. | 100 | 1,499 | ||
Rorze Corp. | 100 | 3,044 | ||
Round One Corp. | 1,800 | 13,422 | ||
Royal Holdings Co. Ltd. | 400 | 6,627 | ||
Rozetta Corp.(2) | 100 | 2,679 | ||
RPA Holdings, Inc.(2) | 100 | 836 | ||
Ryobi Ltd. | 500 | 6,468 | ||
Ryohin Keikaku Co. Ltd. | 1,300 | 17,656 | ||
Ryosan Co. Ltd. | 200 | 4,116 | ||
Ryoyo Electro Corp. | 100 | 1,630 | ||
S Foods, Inc. | 100 | 2,071 | ||
S-Pool, Inc. | 900 | 5,699 | ||
Sac's Bar Holdings, Inc. | 200 | 1,349 | ||
Saizeriya Co. Ltd. | 200 | 3,789 | ||
Sakai Chemical Industry Co. Ltd. | 200 | 3,597 | ||
Sakai Moving Service Co. Ltd. | 100 | 4,748 | ||
Sakata INX Corp. | 400 | 3,479 | ||
Sakura Internet, Inc. | 500 | 2,324 | ||
Sala Corp. | 1,100 | 5,611 | ||
SAMTY Co. Ltd. | 200 | 2,850 | ||
San ju San Financial Group, Inc. | 200 | 2,721 | ||
San-A Co. Ltd. | 300 | 10,841 | ||
San-Ai Oil Co. Ltd. | 1,900 | 16,526 | ||
San-In Godo Bank Ltd. (The) | 1,600 | 8,054 | ||
Sanden Holdings Corp.(2) | 300 | 1,420 | ||
Sanei Architecture Planning Co. Ltd. | 100 | 1,199 | ||
Sangetsu Corp. | 300 | 4,574 | ||
Sanken Electric Co. Ltd. | 400 | 9,425 | ||
Sanki Engineering Co. Ltd. | 900 | 10,576 | ||
Sankyo Co. Ltd. | 100 | 3,276 | ||
Sankyo Seiko Co. Ltd. | 300 | 1,389 | ||
Sankyo Tateyama, Inc. | 500 | 5,005 | ||
Sankyu, Inc. | 700 | 29,713 | ||
Sanoh Industrial Co. Ltd.(1) | 800 | 6,193 | ||
Sanrio Co. Ltd. | 100 | 1,509 | ||
Santen Pharmaceutical Co. Ltd. | 1,700 | 27,285 | ||
Sanwa Holdings Corp. | 2,500 | 22,885 | ||
Sanyo Chemical Industries Ltd. | 100 | 4,052 | ||
Sanyo Denki Co. Ltd. | 100 | 4,040 | ||
Sanyo Special Steel Co. Ltd. | 100 | 1,084 | ||
Sapporo Holdings Ltd. | 1,500 | 29,997 | ||
Sato Holdings Corp. | 400 | 8,981 | ||
Sawada Holdings Co. Ltd. | 300 | 2,767 | ||
Sawai Pharmaceutical Co. Ltd. | 400 | 22,646 | ||
SB Technology Corp. | 100 | 1,932 | ||
SBI Holdings, Inc. | 3,400 | 68,177 |
50
Shares | Value | |||
SBS Holdings, Inc. | 500 | $ | 7,374 | |
SCREEN Holdings Co. Ltd. | 100 | 5,021 | ||
SCSK Corp. | 500 | 26,410 | ||
SEC Carbon Ltd.(1) | 100 | 6,551 | ||
Secom Co. Ltd. | 600 | 47,511 | ||
Sega Sammy Holdings, Inc. | 900 | 11,945 | ||
Seibu Holdings, Inc. | 2,600 | 36,697 | ||
Seikagaku Corp. | 200 | 1,868 | ||
Seikitokyu Kogyo Co. Ltd. | 700 | 5,237 | ||
Seiko Epson Corp. | 3,300 | 46,521 | ||
Seiko Holdings Corp. | 400 | 7,723 | ||
Seiko PMC Corp. | 200 | 1,386 | ||
Seino Holdings Co. Ltd. | 1,700 | 18,353 | ||
Seiren Co. Ltd. | 800 | 10,108 | ||
Sekisui Chemical Co. Ltd. | 3,100 | 46,936 | ||
Sekisui House Ltd.(1) | 7,000 | 137,033 | ||
Sekisui Jushi Corp. | 200 | 3,913 | ||
Sekisui Plastics Co. Ltd. | 200 | 1,154 | ||
Senko Group Holdings Co. Ltd. | 2,300 | 16,813 | ||
Senshu Ikeda Holdings, Inc. | 1,400 | 2,179 | ||
Septeni Holdings Co. Ltd. | 500 | 1,120 | ||
Seria Co. Ltd. | 300 | 7,964 | ||
Seven & i Holdings Co. Ltd.(1) | 4,900 | 167,323 | ||
Seven Bank Ltd. | 9,000 | 23,631 | ||
SFP Holdings Co. Ltd. | 200 | 3,234 | ||
SG Holdings Co. Ltd. | 1,000 | 19,525 | ||
Sharp Corp.(1) | 2,700 | 31,296 | ||
Shibuya Corp. | 300 | 7,422 | ||
SHIFT, Inc.(2) | 100 | 6,075 | ||
Shiga Bank Ltd. (The) | 500 | 11,233 | ||
Shikoku Bank Ltd. (The) | 600 | 4,661 | ||
Shikoku Chemicals Corp. | 500 | 4,986 | ||
Shikoku Electric Power Co., Inc.(1) | 2,000 | 15,214 | ||
Shima Seiki Manufacturing Ltd. | 100 | 1,562 | ||
Shimachu Co. Ltd.(1) | 400 | 9,784 | ||
Shimadzu Corp. | 800 | 19,365 | ||
Shimamura Co. Ltd. | 200 | 13,247 | ||
Shimano, Inc. | 100 | 13,966 | ||
Shimizu Corp. | 6,400 | 58,012 | ||
Shin Nippon Biomedical Laboratories Ltd. | 200 | 1,015 | ||
Shin-Etsu Chemical Co. Ltd. | 1,300 | 145,396 | ||
Shin-Etsu Polymer Co. Ltd. | 400 | 3,113 | ||
Shindengen Electric Manufacturing Co. Ltd. | 100 | 2,772 | ||
Shinko Electric Industries Co. Ltd. | 1,000 | 10,919 | ||
Shinko Shoji Co. Ltd. | 200 | 1,283 | ||
Shinmaywa Industries Ltd. | 700 | 7,881 | ||
Shinnihon Corp. | 800 | 5,584 |
51
Shares | Value | |||
Shinoken Group Co. Ltd.(1) | 800 | $ | 7,623 | |
Shinsei Bank Ltd. | 1,800 | 23,858 | ||
Shionogi & Co. Ltd. | 900 | 48,578 | ||
Ship Healthcare Holdings, Inc. | 600 | 24,312 | ||
Shizuoka Bank Ltd. (The) | 4,000 | 25,146 | ||
Shoei Foods Corp. | 200 | 5,925 | ||
Showa Denko KK | 1,700 | 36,497 | ||
Showa Sangyo Co. Ltd. | 200 | 5,502 | ||
SIGMAXYZ, Inc. | 300 | 4,074 | ||
Sinfonia Technology Co. Ltd. | 200 | 1,870 | ||
Sinko Industries Ltd. | 300 | 4,191 | ||
Sintokogio Ltd. | 400 | 2,911 | ||
SK-Electronics Co. Ltd. | 200 | 2,102 | ||
SKY Perfect JSAT Holdings, Inc. | 1,700 | 7,294 | ||
Skylark Holdings Co. Ltd.(1) | 1,800 | 26,935 | ||
SMC Corp. ADR(1) | 1,979 | 38,591 | ||
SMS Co. Ltd. | 800 | 15,711 | ||
SNT Corp. | 400 | 1,144 | ||
Sodick Co. Ltd. | 200 | 1,335 | ||
Softbank Corp. | 5,800 | 75,861 | ||
SoftBank Group Corp.(1) | 3,300 | 152,033 | ||
Softbrain Co. Ltd. | 400 | 1,564 | ||
Sogo Medical Holdings Co. Ltd. | 200 | 4,700 | ||
Sohgo Security Services Co. Ltd. | 400 | 18,686 | ||
Sojitz Corp. | 12,900 | 37,156 | ||
Solasto Corp. | 600 | 5,444 | ||
Soliton Systems KK | 200 | 1,752 | ||
Sompo Holdings, Inc. | 2,200 | 80,924 | ||
Sony Corp. ADR | 6,868 | 427,190 | ||
Sony Financial Holdings, Inc. | 900 | 17,916 | ||
Sotetsu Holdings, Inc. | 900 | 20,423 | ||
SOU, Inc. | 100 | 1,539 | ||
Space Co. Ltd. | 200 | 1,905 | ||
Sparx Group Co. Ltd. | 900 | 1,845 | ||
Sprix Ltd. | 100 | 760 | ||
Square Enix Holdings Co. Ltd. | 700 | 28,293 | ||
SRS Holdings Co. Ltd. | 200 | 1,704 | ||
ST Corp. | 100 | 1,366 | ||
St. Marc Holdings Co. Ltd. | 300 | 5,354 | ||
Stanley Electric Co. Ltd. | 700 | 17,008 | ||
Star Mica Holdings Co. Ltd. | 200 | 2,386 | ||
Starts Corp., Inc. | 600 | 12,327 | ||
Stella Chemifa Corp. | 200 | 4,920 | ||
Strike Co. Ltd. | 100 | 3,711 | ||
Studio Alice Co. Ltd. | 200 | 2,868 | ||
Subaru Corp.(1) | 1,900 | 45,919 | ||
Sugi Holdings Co. Ltd. | 500 | 23,625 |
52
Shares | Value | |||
Sugimoto & Co. Ltd. | 200 | $ | 3,148 | |
SUMCO Corp. | 3,600 | 54,258 | ||
Sumida Corp. | 500 | 4,380 | ||
Sumitomo Bakelite Co. Ltd. | 300 | 8,944 | ||
Sumitomo Chemical Co. Ltd. | 13,600 | 49,282 | ||
Sumitomo Corp. | 4,700 | 67,088 | ||
Sumitomo Dainippon Pharma Co., Ltd.(1) | 700 | 10,083 | ||
Sumitomo Densetsu Co. Ltd. | 400 | 8,359 | ||
Sumitomo Electric Industries Ltd. | 7,800 | 92,585 | ||
Sumitomo Forestry Co. Ltd. | 1,400 | 20,777 | ||
Sumitomo Heavy Industries Ltd. | 100 | 2,161 | ||
Sumitomo Metal Mining Co. Ltd. | 1,500 | 37,096 | ||
Sumitomo Mitsui Construction Co. Ltd. | 2,500 | 12,645 | ||
Sumitomo Mitsui Financial Group, Inc. ADR(1) | 29,229 | 186,189 | ||
Sumitomo Mitsui Trust Holdings, Inc.(1) | 2,200 | 75,046 | ||
Sumitomo Osaka Cement Co. Ltd. | 600 | 20,459 | ||
Sumitomo Realty & Development Co. Ltd. | 2,900 | 91,493 | ||
Sumitomo Riko Co. Ltd. | 800 | 5,310 | ||
Sumitomo Rubber Industries Ltd. | 3,100 | 32,098 | ||
Sumitomo Seika Chemicals Co. Ltd. | 100 | 2,592 | ||
Sumitomo Warehouse Co. Ltd. (The) | 700 | 8,316 | ||
Sun Frontier Fudousan Co. Ltd. | 500 | 4,925 | ||
Sundrug Co. Ltd. | 900 | 28,053 | ||
Suntory Beverage & Food Ltd. | 800 | 30,408 | ||
Suruga Bank Ltd.(2) | 3,400 | 12,505 | ||
Sushiro Global Holdings Ltd. | 300 | 21,384 | ||
Suzuken Co. Ltd. | 300 | 9,892 | ||
Suzuki Motor Corp.(1) | 1,800 | 73,366 | ||
SWCC Showa Holdings Co. Ltd. | 600 | 6,031 | ||
Sysmex Corp. | 100 | 6,387 | ||
System Information Co. Ltd. | 200 | 1,310 | ||
Systena Corp. | 800 | 10,483 | ||
Syuppin Co. Ltd. | 500 | 3,658 | ||
T Hasegawa Co. Ltd.(1) | 200 | 3,729 | ||
T&D Holdings, Inc. | 4,400 | 43,039 | ||
T-Gaia Corp.(1) | 400 | 7,558 | ||
Tachi-S Co. Ltd. | 200 | 1,877 | ||
Tadano Ltd. | 800 | 6,650 | ||
Taihei Dengyo Kaisha Ltd. | 200 | 4,264 | ||
Taiheiyo Cement Corp. | 1,700 | 41,712 | ||
Taiho Kogyo Co. Ltd. | 400 | 2,104 | ||
Taikisha Ltd. | 500 | 14,326 | ||
Taisei Corp. | 2,200 | 74,976 | ||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 12,219 | ||
Taiyo Nippon Sanso Corp. | 800 | 14,291 | ||
Taiyo Yuden Co. Ltd.(1) | 2,200 | 61,095 | ||
Takamatsu Construction Group Co. Ltd. | 300 | 6,471 |
53
Shares | Value | |||
Takamiya Co. Ltd. | 400 | $ | 1,921 | |
Takaoka Toko Co. Ltd. | 100 | 960 | ||
Takara & Co. Ltd. | 100 | 1,423 | ||
Takara Holdings, Inc. | 100 | 772 | ||
Takara Leben Co. Ltd. | 500 | 1,969 | ||
Takara Standard Co. Ltd. | 500 | 7,064 | ||
Takasago Thermal Engineering Co. Ltd. | 700 | 10,784 | ||
Takashimaya Co. Ltd.(1) | 2,100 | 19,566 | ||
Takeda Pharmaceutical Co. Ltd. ADR(2) | 5,125 | 88,663 | ||
Takeei Corp. | 700 | 5,595 | ||
Takeuchi Manufacturing Co. Ltd. | 300 | 4,568 | ||
Takuma Co. Ltd. | 1,200 | 13,121 | ||
Tama Home Co. Ltd. | 400 | 4,686 | ||
Tamron Co. Ltd. | 200 | 4,443 | ||
Tamura Corp. | 400 | 1,859 | ||
Tanseisha Co. Ltd. | 100 | 903 | ||
Taoka Chemical Co. Ltd. | 100 | 5,301 | ||
Tatsuta Electric Wire and Cable Co. Ltd. | 400 | 1,908 | ||
Tayca Corp. | 100 | 1,384 | ||
TDC Soft, Inc. | 200 | 1,530 | ||
TDK Corp. | 900 | 86,486 | ||
TeamSpirit, Inc.(2) | 100 | 1,785 | ||
TechMatrix Corp. | 300 | 6,957 | ||
TECHNO ASSOCIE Co. Ltd. | 200 | 1,676 | ||
TechnoPro Holdings, Inc. | 100 | 5,930 | ||
Teijin Ltd. | 2,600 | 42,586 | ||
Teikoku Electric Manufacturing Co. Ltd. | 300 | 3,498 | ||
Teikoku Sen-I Co. Ltd. | 100 | 1,772 | ||
Tekken Corp. | 300 | 6,633 | ||
TerraSky Co. Ltd.(2) | 100 | 2,479 | ||
Terumo Corp. | 1,900 | 60,868 | ||
THK Co. Ltd. | 100 | 2,271 | ||
TIS, Inc. | 900 | 53,382 | ||
TKC Corp. | 100 | 4,549 | ||
TKP Corp.(2) | 100 | 2,358 | ||
Toa Corp. (Hyogo) | 200 | 1,663 | ||
Toa Corp. (Tokyo) | 100 | 1,454 | ||
Toagosei Co. Ltd. | 1,500 | 14,896 | ||
Tobishima Corp. | 300 | 3,236 | ||
Tobu Railway Co. Ltd. | 2,500 | 75,298 | ||
TOC Co. Ltd. | 500 | 3,160 | ||
Tocalo Co. Ltd. | 1,000 | 8,783 | ||
Tochigi Bank Ltd. (The) | 900 | 1,377 | ||
Toda Corp. | 4,300 | 25,594 | ||
Toei Animation Co. Ltd. | 100 | 4,026 | ||
Toho Bank Ltd. (The) | 3,100 | 6,286 | ||
Toho Co. Ltd.(1) | 500 | 15,366 |
54
Shares | Value | |||
Toho Gas Co. Ltd. | 300 | $ | 10,380 | |
Toho Holdings Co. Ltd. | 600 | 11,300 | ||
Toho Titanium Co. Ltd. | 300 | 1,992 | ||
Toho Zinc Co. Ltd. | 100 | 1,401 | ||
Tohoku Electric Power Co., Inc.(1) | 2,100 | 18,406 | ||
Tokai Carbon Co. Ltd. | 1,900 | 16,904 | ||
TOKAI Holdings Corp. | 2,700 | 22,038 | ||
Tokai Rika Co. Ltd. | 900 | 13,467 | ||
Tokai Tokyo Financial Holdings, Inc. | 1,100 | 2,878 | ||
Token Corp. | 100 | 6,918 | ||
Tokio Marine Holdings, Inc. | 2,100 | 112,435 | ||
Tokuyama Corp. | 100 | 2,238 | ||
Tokyo Base Co. Ltd.(2) | 200 | 697 | ||
Tokyo Broadcasting System Holdings, Inc. | 200 | 3,109 | ||
Tokyo Century Corp. | 700 | 28,888 | ||
Tokyo Dome Corp. | 1,100 | 8,387 | ||
Tokyo Electric Power Co. Holdings, Inc.(2) | 10,600 | 40,180 | ||
Tokyo Electron Ltd. | 700 | 143,884 | ||
Tokyo Energy & Systems, Inc. | 400 | 2,887 | ||
Tokyo Gas Co. Ltd. | 1,000 | 20,186 | ||
Tokyo Kiraboshi Financial Group, Inc. | 300 | 3,017 | ||
Tokyo Ohka Kogyo Co. Ltd. | 300 | 10,750 | ||
Tokyo Seimitsu Co. Ltd. | 500 | 16,009 | ||
Tokyo Steel Manufacturing Co. Ltd. | 1,400 | 8,899 | ||
Tokyo Tatemono Co. Ltd. | 1,800 | 24,477 | ||
Tokyu Construction Co. Ltd. | 1,900 | 11,886 | ||
Tokyu Corp. | 3,400 | 52,039 | ||
Tokyu Fudosan Holdings Corp. | 3,500 | 22,021 | ||
TOMONY Holdings, Inc. | 1,300 | 3,619 | ||
Tomy Co. Ltd. | 1,200 | 10,592 | ||
Topcon Corp. | 1,400 | 13,849 | ||
Toppan Forms Co. Ltd. | 600 | 5,719 | ||
Toppan Printing Co. Ltd. | 2,100 | 37,013 | ||
Topre Corp. | 600 | 7,781 | ||
Topy Industries Ltd. | 100 | 1,393 | ||
Toray Industries, Inc. | 12,700 | 73,629 | ||
Toridoll Holdings Corp. | 200 | 4,094 | ||
Torii Pharmaceutical Co. Ltd. | 300 | 8,954 | ||
Torikizoku Co. Ltd. | 100 | 1,846 | ||
Torishima Pump Manufacturing Co. Ltd. | 200 | 1,308 | ||
Tosei Corp. | 700 | 7,516 | ||
Toshiba Corp. | 2,000 | 54,022 | ||
Toshiba Machine Co. Ltd. | 100 | 2,752 | ||
Toshiba TEC Corp. | 500 | 18,683 | ||
Tosho Co. Ltd. | 100 | 1,446 | ||
Tosoh Corp. | 3,300 | 44,981 | ||
TOTO Ltd. | 300 | 11,311 |
55
Shares | Value | |||
Towa Bank Ltd. (The) | 700 | $ | 4,495 | |
Towa Corp. | 200 | 1,652 | ||
Towa Pharmaceutical Co. Ltd. | 700 | 13,863 | ||
Toyo Construction Co. Ltd. | 1,500 | 6,381 | ||
Toyo Corp. | 200 | 1,679 | ||
Toyo Engineering Corp.(2) | 200 | 857 | ||
Toyo Gosei Co. Ltd. | 100 | 3,400 | ||
Toyo Ink SC Holdings Co. Ltd. | 400 | 7,744 | ||
Toyo Seikan Group Holdings Ltd. | 1,000 | 16,326 | ||
Toyo Suisan Kaisha Ltd. | 300 | 12,019 | ||
Toyo Tanso Co. Ltd. | 200 | 3,116 | ||
Toyo Tire Corp. | 2,400 | 31,766 | ||
Toyobo Co. Ltd.(1) | 1,500 | 18,757 | ||
Toyoda Gosei Co. Ltd. | 1,300 | 27,611 | ||
Toyota Boshoku Corp. | 1,300 | 17,852 | ||
Toyota Industries Corp. | 900 | 47,385 | ||
Toyota Motor Corp. ADR | 5,169 | 675,847 | ||
Toyota Tsusho Corp. | 1,700 | 51,079 | ||
TPR Co. Ltd. | 200 | 2,769 | ||
Transaction Co. Ltd. | 200 | 1,576 | ||
Transcosmos, Inc. | 200 | 4,466 | ||
Trend Micro, Inc. | 1,000 | 49,592 | ||
Tri Chemical Laboratories, Inc. | 100 | 7,770 | ||
TS Tech Co. Ltd. | 900 | 23,328 | ||
TSI Holdings Co. Ltd. | 400 | 1,535 | ||
Tsubaki Nakashima Co. Ltd. | 100 | 947 | ||
Tsubakimoto Chain Co. | 500 | 13,569 | ||
Tsukada Global Holdings, Inc. | 500 | 2,128 | ||
Tsukishima Kikai Co. Ltd. | 800 | 9,180 | ||
Tsukui Corp. | 400 | 1,829 | ||
Tsumura & Co. | 200 | 4,643 | ||
Tsuruha Holdings, Inc. | 200 | 23,167 | ||
Tsuzuki Denki Co. Ltd. | 100 | 1,117 | ||
TV Asahi Holdings Corp. | 200 | 3,368 | ||
UACJ Corp. | 400 | 6,989 | ||
Ube Industries Ltd. | 1,200 | 21,777 | ||
Uchida Yoko Co. Ltd. | 200 | 9,211 | ||
Ulvac, Inc. | 200 | 5,782 | ||
Unicharm Corp. | 900 | 29,202 | ||
Union Tool Co. | 100 | 2,493 | ||
Unipres Corp. | 800 | 8,594 | ||
United Arrows Ltd. | 200 | 4,461 | ||
United Super Markets Holdings, Inc. | 600 | 4,750 | ||
UNITED, Inc. | 100 | 885 | ||
Unitika Ltd.(2) | 600 | 1,601 | ||
Universal Entertainment Corp. | 100 | 2,736 | ||
Ushio, Inc. | 600 | 7,480 |
56
Shares | Value | |||
USS Co. Ltd. | 1,200 | $ | 18,915 | |
UT Group Co. Ltd.(1) | 200 | 3,955 | ||
UUUM, Inc.(2) | 100 | 2,193 | ||
V Technology Co. Ltd. | 100 | 3,494 | ||
Valor Holdings Co. Ltd. | 400 | 6,036 | ||
Valqua Ltd. | 200 | 3,767 | ||
Value HR Co. Ltd. | 100 | 2,596 | ||
ValueCommerce Co. Ltd. | 100 | 1,933 | ||
Vector, Inc.(2) | 200 | 1,670 | ||
VIA Holdings, Inc.(2) | 200 | 1,018 | ||
Vision Inc/Tokyo Japan(2) | 300 | 2,961 | ||
Vital KSK Holdings, Inc. | 300 | 2,789 | ||
VT Holdings Co. Ltd. | 1,900 | 6,351 | ||
Wacom Co. Ltd. | 3,400 | 10,443 | ||
Wakachiku Construction Co. Ltd. | 300 | 3,836 | ||
Wakita & Co. Ltd. | 900 | 7,244 | ||
Warabeya Nichiyo Holdings Co. Ltd.(1) | 200 | 3,004 | ||
WATAMI Co. Ltd.(1) | 200 | 1,781 | ||
WDB Holdings Co. Ltd. | 100 | 2,038 | ||
Welcia Holdings Co. Ltd.(1) | 600 | 36,466 | ||
West Holdings Corp. | 260 | 2,878 | ||
West Japan Railway Co. | 1,600 | 112,851 | ||
Will Group, Inc. | 200 | 1,500 | ||
World Co. Ltd. | 100 | 1,885 | ||
Xebio Holdings Co. Ltd. | 500 | 4,540 | ||
YA-MAN Ltd. | 200 | 985 | ||
Yahagi Construction Co. Ltd. | 700 | 5,161 | ||
Yakult Honsha Co. Ltd. | 200 | 9,123 | ||
YAMABIKO Corp. | 800 | 6,429 | ||
YAMADA Consulting Group Co. Ltd. | 100 | 1,213 | ||
Yamada Denki Co. Ltd. | 4,100 | 19,667 | ||
Yamagata Bank Ltd. (The) | 200 | 2,038 | ||
Yamaguchi Financial Group, Inc. | 2,000 | 10,595 | ||
Yamaha Corp. | 300 | 14,633 | ||
Yamaha Motor Co. Ltd. | 4,000 | 63,610 | ||
Yamaichi Electronics Co. Ltd. | 300 | 4,570 | ||
Yamanashi Chuo Bank Ltd. (The) | 200 | 1,508 | ||
Yamato Corp. | 600 | 3,344 | ||
Yamato Holdings Co. Ltd. | 100 | 1,570 | ||
Yamato Kogyo Co. Ltd. | 400 | 8,340 | ||
Yamazaki Baking Co. Ltd. | 1,100 | 18,665 | ||
Yamazen Corp. | 200 | 1,599 | ||
Yaoko Co. Ltd.(1) | 300 | 16,189 | ||
Yaskawa Electric Corp. | 300 | 9,330 | ||
Yasuda Logistics Corp. | 200 | 1,663 | ||
Yellow Hat Ltd. | 800 | 10,755 | ||
Yodogawa Steel Works Ltd. | 300 | 5,024 |
57
Shares | Value | |||
Yokogawa Bridge Holdings Corp. | 300 | $ | 5,396 | |
Yokogawa Electric Corp. | 1,100 | 17,928 | ||
Yokohama Reito Co. Ltd. | 800 | 6,306 | ||
Yokohama Rubber Co. Ltd. (The) | 1,900 | 30,733 | ||
Yokowo Co. Ltd. | 300 | 6,715 | ||
Yondoshi Holdings, Inc. | 100 | 1,902 | ||
Yonex Co. Ltd. | 200 | 1,011 | ||
Yorozu Corp. | 500 | 5,937 | ||
Yoshimura Food Holdings KK(2) | 100 | 837 | ||
Yoshinoya Holdings Co. Ltd.(1) | 1,000 | 19,881 | ||
Yuasa Trading Co. Ltd. | 300 | 8,434 | ||
Yumeshin Holdings Co. Ltd. | 600 | 3,937 | ||
Yurtec Corp. | 300 | 1,569 | ||
Yushin Precision Equipment Co. Ltd. | 200 | 1,491 | ||
Z Holdings Corp. | 15,400 | 55,673 | ||
Zenkoku Hosho Co. Ltd. | 700 | 26,167 | ||
Zenrin Co. Ltd. | 200 | 2,326 | ||
Zensho Holdings Co. Ltd.(1) | 867 | 15,807 | ||
Zeon Corp. | 2,100 | 19,941 | ||
ZERIA Pharmaceutical Co. Ltd. | 100 | 1,636 | ||
ZIGExN Co. Ltd. | 600 | 2,102 | ||
Zojirushi Corp. | 200 | 3,077 | ||
21,722,055 | ||||
Netherlands — 3.6% | ||||
Aalberts NV | 1,652 | 62,587 | ||
ABN AMRO Bank NV CVA | 1,582 | 22,154 | ||
Accell Group NV | 138 | 3,791 | ||
Adyen NV(2) | 66 | 58,551 | ||
Aegon NV | 16,210 | 54,790 | ||
AerCap Holdings NV(2) | 2,555 | 133,064 | ||
Akzo Nobel NV | 1,052 | 84,458 | ||
Altice Europe NV(2) | 1,722 | 9,273 | ||
AMG Advanced Metallurgical Group NV(1) | 421 | 9,872 | ||
Arcadis NV(1) | 618 | 14,229 | ||
ASM International NV | 377 | 44,207 | ||
ASML Holding NV (New York) | 943 | 260,937 | ||
ASR Nederland NV | 1,617 | 54,018 | ||
Basic-Fit NV(2) | 513 | 17,250 | ||
BE Semiconductor Industries NV | 1,722 | 67,301 | ||
Boskalis Westminster(1) | 1,083 | 23,797 | ||
Coca-Cola European Partners plc | 1,846 | 94,072 | ||
Constellium SE(2) | 618 | 7,663 | ||
Corbion NV | 5,631 | 204,846 | ||
Flow Traders | 807 | 19,280 | ||
ForFarmers NV(1) | 182 | 1,108 | ||
Fugro NV CVA(2) | 1,100 | 8,917 | ||
Heijmans NV CVA(2) | 306 | 2,486 |
58
Shares | Value | |||
Heineken Holding NV | 666 | $ | 58,867 | |
Heineken NV | 349 | 34,998 | ||
IMCD NV | 342 | 28,045 | ||
ING Groep NV ADR | 25,355 | 240,619 | ||
InterXion Holding NV(2) | 1,775 | 150,680 | ||
Just Eat Takeaway(2) | 136 | 11,953 | ||
Kendrion NV | 170 | 3,419 | ||
Koninklijke Ahold Delhaize NV | 10,049 | 235,844 | ||
Koninklijke BAM Groep NV | 3,510 | 9,724 | ||
Koninklijke DSM NV ADR | 7,016 | 196,588 | ||
Koninklijke KPN NV | 58,125 | 142,020 | ||
Koninklijke Philips NV(1) | 3,811 | 163,492 | ||
Koninklijke Vopak NV | 1,320 | 63,118 | ||
NIBC Holding NV | 483 | 5,177 | ||
NN Group NV | 2,690 | 92,093 | ||
NXP Semiconductors NV | 1,205 | 136,996 | ||
OCI NV(2) | 894 | 15,063 | ||
Pharming Group NV(1)(2) | 22,322 | 27,736 | ||
PostNL NV | 1,275 | 1,945 | ||
Prosus NV(2) | 727 | 51,542 | ||
Randstad NV | 1,296 | 67,250 | ||
SBM Offshore NV | 964 | 15,221 | ||
SIF Holding NV(1) | 335 | 4,878 | ||
Signify NV | 1,345 | 40,207 | ||
TKH Group NV CVA | 723 | 32,846 | ||
TomTom NV(2) | 723 | 7,347 | ||
Unilever NV (New York) | 4,581 | 241,694 | ||
Wolters Kluwer NV | 2,002 | 147,141 | ||
3,485,154 | ||||
New Zealand — 0.3% | ||||
a2 Milk Co. Ltd.(2) | 1,789 | 17,994 | ||
Air New Zealand Ltd. | 7,852 | 11,118 | ||
Arvida Group Ltd. | 9,539 | 10,043 | ||
Auckland International Airport Ltd. | 3,028 | 14,742 | ||
Briscoe Group Ltd. | 582 | 1,362 | ||
Chorus Ltd. | 4,027 | 16,785 | ||
Contact Energy Ltd. | 4,986 | 20,906 | ||
Fisher & Paykel Healthcare Corp. Ltd. | 1,170 | 18,881 | ||
Fletcher Building Ltd. | 7,732 | 25,151 | ||
Genesis Energy Ltd. | 5,096 | 9,687 | ||
Gentrack Group Ltd. | 327 | 430 | ||
Hallenstein Glasson Holdings Ltd. | 1,150 | 3,445 | ||
Infratil Ltd. | 2,752 | 8,787 | ||
Kathmandu Holdings Ltd. | 2,515 | 4,805 | ||
Mercury NZ Ltd. | 6,713 | 20,028 | ||
Meridian Energy Ltd. | 5,096 | 14,742 | ||
Metlifecare Ltd. | 2,296 | 9,882 |
59
Shares | Value | |||
New Zealand Refining Co. Ltd. (The) | 6,542 | $ | 4,981 | |
NZX Ltd. | 1,351 | 1,117 | ||
Oceania Healthcare Ltd. | 4,060 | 2,856 | ||
Restaurant Brands New Zealand Ltd.(2) | 314 | 2,356 | ||
Ryman Healthcare Ltd. | 1,030 | 9,736 | ||
Sanford Ltd. | 816 | 3,628 | ||
Scales Corp. Ltd. | 334 | 902 | ||
SKY Network Television Ltd. | 3,026 | 979 | ||
SKYCITY Entertainment Group Ltd. | 7,406 | 14,851 | ||
Spark New Zealand Ltd. | 11,401 | 31,773 | ||
Summerset Group Holdings Ltd. | 2,389 | 11,596 | ||
Synlait Milk Ltd.(2) | 698 | 2,597 | ||
Tourism Holdings Ltd. | 1,726 | 2,668 | ||
TOWER Ltd.(2) | 10,467 | 4,562 | ||
Warehouse Group Ltd. (The) | 1,666 | 2,247 | ||
Z Energy Ltd. | 3,510 | 8,854 | ||
314,491 | ||||
Norway — 0.8% | ||||
Adevinta ASA(2) | 464 | 4,922 | ||
Akastor ASA(2) | 1,187 | 1,070 | ||
Aker BP ASA | 748 | 17,751 | ||
Aker Solutions ASA(2) | 484 | 673 | ||
American Shipping Co. ASA(2) | 1,075 | 3,395 | ||
Atea ASA(2) | 653 | 7,423 | ||
Austevoll Seafood ASA | 894 | 7,998 | ||
Avance Gas Holding Ltd.(2) | 1,411 | 6,109 | ||
Axactor SE(1)(2) | 547 | 757 | ||
B2Holding ASA | 5,950 | 4,029 | ||
Bakkafrost P/F | 136 | 8,589 | ||
Borr Drilling Ltd.(1)(2) | 363 | 773 | ||
Borregaard ASA | 789 | 8,448 | ||
BW Energy Ltd.(2) | 337 | 610 | ||
BW LPG Ltd. | 1,547 | 9,773 | ||
BW Offshore Ltd.(2) | 1,652 | 6,328 | ||
Crayon Group Holding ASA(2) | 574 | 3,095 | ||
DNB ASA | 4,428 | 74,073 | ||
DNO ASA(1) | 5,543 | 3,838 | ||
Elkem ASA | 3,203 | 6,234 | ||
Entra ASA | 824 | 12,985 | ||
Equinor ASA ADR(1) | 4,882 | 75,915 | ||
Europris ASA | 581 | 1,933 | ||
FLEX LNG Ltd. | 154 | 1,013 | ||
Gjensidige Forsikring ASA | 735 | 14,982 | ||
Golden Ocean Group Ltd. | 1,601 | 6,414 | ||
Grieg Seafood ASA | 688 | 8,785 | ||
Hoegh LNG Holdings Ltd. | 906 | 2,070 | ||
Hunter Group ASA(2) | 3,089 | 1,218 |
60
Shares | Value | |||
Kid ASA | 527 | $ | 3,140 | |
Kitron ASA | 1,985 | 2,224 | ||
Komplett Bank ASA(2) | 1,522 | 1,158 | ||
Kongsberg Automotive ASA(2) | 2,647 | 1,189 | ||
Kongsberg Gruppen ASA | 286 | 4,773 | ||
Leroy Seafood Group ASA | 1,376 | 8,570 | ||
Mowi ASA(1) | 1,868 | 39,591 | ||
MPC Container Ships AS(2) | 533 | 897 | ||
Nordic Semiconductor ASA(2) | 553 | 2,976 | ||
Norsk Hydro ASA | 9,093 | 26,680 | ||
Norway Royal Salmon ASA | 134 | 3,112 | ||
Norwegian Finans Holding ASA(2) | 2,252 | 21,138 | ||
Ocean Yield ASA(1) | 1,481 | 6,092 | ||
Odfjell Drilling Ltd.(2) | 2,389 | 6,114 | ||
Odfjell SE, A Shares(2) | 337 | 949 | ||
Orkla ASA | 3,168 | 26,618 | ||
Otello Corp ASA(2) | 652 | 1,157 | ||
Pareto Bank ASA | 792 | 3,467 | ||
PGS ASA(2) | 5,578 | 7,878 | ||
Salmar ASA | 206 | 9,297 | ||
Sbanken ASA | 1,135 | 7,704 | ||
Schibsted ASA, B Shares | 272 | 6,539 | ||
Seadrill Ltd.(1)(2) | 594 | 653 | ||
Selvaag Bolig ASA | 1,512 | 9,579 | ||
SpareBank 1 BV | 733 | 3,269 | ||
SpareBank 1 Nord Norge | 1,831 | 14,205 | ||
Sparebank 1 Oestlandet | 894 | 8,966 | ||
SpareBank 1 SMN | 1,753 | 17,706 | ||
SpareBank 1 SR-Bank ASA | 1,617 | 15,557 | ||
Sparebanken Vest | 1,411 | 10,244 | ||
Stolt-Nielsen Ltd. | 754 | 8,287 | ||
Storebrand ASA | 3,272 | 21,216 | ||
Subsea 7 SA | 3,802 | 33,428 | ||
Telenor ASA | 3,106 | 50,585 | ||
TGS NOPEC Geophysical Co. ASA(1) | 1,475 | 33,752 | ||
Tomra Systems ASA | 307 | 9,770 | ||
Treasure ASA | 753 | 931 | ||
Wallenius Wilhelmsen ASA | 1,207 | 2,286 | ||
Yara International ASA | 447 | 16,340 | ||
749,240 | ||||
Portugal — 0.2% | ||||
Altri SGPS SA | 1,136 | 6,117 | ||
Banco Comercial Portugues SA, R Shares | 39,784 | 7,179 | ||
Corticeira Amorim SGPS SA | 523 | 5,764 | ||
EDP - Energias de Portugal SA | 8,299 | 38,750 | ||
Galp Energia SGPS SA | 3,144 | 43,157 | ||
Jeronimo Martins SGPS SA | 1,785 | 31,491 |
61
Shares | Value | |||
Mota-Engil SGPS SA | 3,273 | $ | 4,793 | |
NOS SGPS SA | 1,512 | 6,018 | ||
REN - Redes Energeticas Nacionais SGPS SA | 7,953 | 22,139 | ||
Semapa-Sociedade de Investimento e Gestao | 277 | 3,471 | ||
Sonae SGPS SA | 7,094 | 5,568 | ||
174,447 | ||||
Singapore — 1.2% | ||||
Accordia Golf Trust | 19,600 | 8,657 | ||
AEM Holdings Ltd. | 6,800 | 10,390 | ||
Aspial Corp. Ltd. | 12,400 | 1,522 | ||
Boustead Singapore Ltd. | 1,000 | 523 | ||
BRC Asia Ltd. | 2,000 | 2,373 | ||
BreadTalk Group Ltd. | 2,300 | 1,265 | ||
Bumitama Agri Ltd. | 5,100 | 2,142 | ||
CapitaLand Ltd. | 13,600 | 34,767 | ||
Centurion Corp. Ltd. | 5,700 | 1,835 | ||
China Sunsine Chemical Holdings Ltd. | 14,000 | 4,298 | ||
Chip Eng Seng Corp. Ltd. | 5,100 | 2,160 | ||
Chuan Hup Holdings Ltd. | 8,100 | 1,279 | ||
City Developments Ltd. | 8,200 | 57,491 | ||
ComfortDelGro Corp. Ltd. | 13,600 | 19,180 | ||
DBS Group Holdings Ltd. ADR | 2,027 | 141,018 | ||
Elec & Eltek International Co. Ltd. | 3,300 | 5,000 | ||
Far East Orchard Ltd. | 6,800 | 5,531 | ||
First Resources Ltd. | 1,200 | 1,362 | ||
Food Empire Holdings Ltd. | 4,000 | 1,922 | ||
Frencken Group Ltd. | 17,100 | 10,302 | ||
Golden Agri-Resources Ltd. | 144,600 | 20,640 | ||
GuocoLand Ltd. | 10,100 | 12,231 | ||
Hong Leong Asia Ltd.(2) | 5,000 | 1,956 | ||
Hutchison Port Holdings Trust, U Shares | 65,300 | 9,597 | ||
iFAST Corp. Ltd. | 1,400 | 1,002 | ||
Indofood Agri Resources Ltd. | 27,500 | 6,119 | ||
Japfa Ltd.(1) | 2,900 | 1,183 | ||
Jardine Cycle & Carriage Ltd. | 900 | 17,343 | ||
Keppel Corp. Ltd. | 5,400 | 24,686 | ||
Keppel Infrastructure Trust | 30,700 | 11,516 | ||
KSH Holdings Ltd. | 3,100 | 843 | ||
Lian Beng Group Ltd. | 17,400 | 6,152 | ||
Mewah International, Inc. | 8,700 | 1,405 | ||
NetLink NBN Trust | 16,700 | 11,780 | ||
Oversea-Chinese Banking Corp. Ltd. | 20,600 | 158,145 | ||
Oxley Holdings Ltd. | 4,500 | 1,001 | ||
Raffles Medical Group Ltd. | 16,900 | 12,060 | ||
SATS Ltd. | 2,500 | 7,309 | ||
Sembcorp Industries Ltd. | 12,200 | 16,207 | ||
Sembcorp Marine Ltd.(2) | 10,600 | 8,316 |
62
Shares | Value | |||
Sheng Siong Group Ltd. | 10,100 | $ | 9,024 | |
SIA Engineering Co. Ltd. | 3,100 | 5,470 | ||
SIIC Environment Holdings Ltd. | 7,200 | 1,286 | ||
Silverlake Axis Ltd. | 3,100 | 674 | ||
Singapore Airlines Ltd. | 8,800 | 50,956 | ||
Singapore Exchange Ltd. | 10,700 | 65,792 | ||
Singapore Post Ltd. | 31,700 | 17,917 | ||
Singapore Press Holdings Ltd.(1) | 14,500 | 19,669 | ||
Singapore Technologies Engineering Ltd. | 10,100 | 30,535 | ||
Singapore Telecommunications Ltd. | 18,700 | 40,471 | ||
SingHaiyi Group Ltd. | 16,300 | 989 | ||
Stamford Land Corp. Ltd. | 17,500 | 5,915 | ||
StarHub Ltd. | 1,100 | 1,177 | ||
Tuan Sing Holdings Ltd. | 4,800 | 1,004 | ||
UMS Holdings Ltd. | 4,500 | 2,906 | ||
United Overseas Bank Ltd. | 8,500 | 150,803 | ||
UOL Group Ltd. | 8,300 | 44,406 | ||
Venture Corp. Ltd. | 1,100 | 13,180 | ||
Wilmar International Ltd. | 24,100 | 68,661 | ||
Wing Tai Holdings Ltd. | 6,600 | 9,258 | ||
Yangzijiang Shipbuilding Holdings Ltd. | 26,300 | 18,173 | ||
Yoma Strategic Holdings Ltd.(2) | 37,700 | 8,589 | ||
1,209,363 | ||||
Spain — 2.5% | ||||
Acciona SA(1) | 66 | 8,372 | ||
Acerinox SA | 2,781 | 26,130 | ||
ACS Actividades de Construccion y Servicios SA | 377 | 11,356 | ||
Aena SME SA | 537 | 86,440 | ||
Amadeus IT Group SA | 1,893 | 134,124 | ||
Applus Services SA | 653 | 7,378 | ||
Atresmedia Corp. de Medios de Comunicacion SA(1) | 2,029 | 7,443 | ||
Banco Bilbao Vizcaya Argentaria SA ADR | 38,788 | 184,631 | ||
Banco de Sabadell SA | 78,641 | 69,283 | ||
Banco Santander SA ADR(1) | 42,259 | 154,668 | ||
Bankia SA | 6,647 | 10,600 | ||
Bankinter SA | 3,615 | 21,484 | ||
Bolsas y Mercados Espanoles SHMSF SA | 788 | 30,088 | ||
CaixaBank SA | 34,715 | 89,761 | ||
Cellnex Telecom SA | 1,243 | 60,817 | ||
Cia de Distribucion Integral Logista Holdings SA | 412 | 8,373 | ||
Construcciones y Auxiliar de Ferrocarriles SA | 322 | 14,044 | ||
Ebro Foods SA | 412 | 7,795 | ||
Enagas SA | 5,253 | 136,148 | ||
Ence Energia y Celulosa SA(1) | 2,270 | 8,159 | ||
Endesa SA | 2,993 | 77,097 | ||
Ercros SA | 1,094 | 2,774 | ||
Faes Farma SA | 2,615 | 12,617 |
63
Shares | Value | |||
Ferrovial SA | 7,437 | $ | 213,524 | |
Fomento de Construcciones y Contratas SA | 1,307 | 15,537 | ||
Gestamp Automocion SA | 1,652 | 5,781 | ||
Grifols SA | 618 | 19,893 | ||
Grupo Catalana Occidente SA | 463 | 14,537 | ||
Grupo Empresarial San Jose SA(2) | 145 | 917 | ||
Grupo Ezentis SA(2) | 5,454 | 2,020 | ||
Iberdrola SA | 22,398 | 256,360 | ||
Indra Sistemas SA(2) | 2,041 | 22,636 | ||
Industria de Diseno Textil SA | 3,915 | 121,849 | ||
Liberbank SA | 28,656 | 8,899 | ||
Mapfre SA | 7,681 | 17,299 | ||
Masmovil Ibercom SA(2) | 412 | 8,262 | ||
Mediaset Espana Comunicacion SA | 2,445 | 12,391 | ||
Melia Hotels International SA | 1,617 | 11,210 | ||
Metrovacesa SA | 859 | 8,476 | ||
Naturgy Energy Group SA | 2,410 | 56,397 | ||
Neinor Homes SA(2) | 1,100 | 12,631 | ||
Obrascon Huarte Lain SA(1)(2) | 2,607 | 2,917 | ||
Pharma Mar SA(2) | 4,202 | 18,568 | ||
Promotora de Informaciones SA, A Shares(2) | 754 | 1,122 | ||
Prosegur Cash SA | 5,613 | 8,221 | ||
Prosegur Cia de Seguridad SA | 3,649 | 13,677 | ||
Red Electrica Corp. SA | 3,556 | 68,210 | ||
Repsol SA | 15,970 | 181,299 | ||
Sacyr SA | 7,398 | 19,836 | ||
Siemens Gamesa Renewable Energy SA | 548 | 8,862 | ||
Talgo SA(2) | 1,914 | 11,183 | ||
Tecnicas Reunidas SA(2) | 777 | 17,589 | ||
Telefonica SA ADR(1) | 19,552 | 115,552 | ||
Tubacex SA | 1,645 | 3,940 | ||
Unicaja Banco SA | 10,643 | 9,951 | ||
Viscofan SA | 482 | 25,974 | ||
Zardoya Otis SA | 1,582 | 11,913 | ||
2,497,015 | ||||
Sweden — 3.0% | ||||
AAK AB | 1,240 | 21,431 | ||
AcadeMedia AB | 1,788 | 10,091 | ||
Adapteo Oyj(2) | 621 | 6,590 | ||
AF POYRY AB | 824 | 18,767 | ||
Alfa Laval AB | 2,423 | 55,013 | ||
Alimak Group AB | 618 | 7,211 | ||
Amasten Fastighets AB(2) | 7,684 | 6,246 | ||
Arjo AB, B Shares | 3,580 | 18,194 | ||
Assa Abloy AB, B Shares | 2,046 | 45,986 | ||
Atlas Copco AB ADR | 2,832 | 100,366 | ||
Atlas Copco AB, B Shares | 1,659 | 51,962 |
64
Shares | Value | |||
Avanza Bank Holding AB | 995 | $ | 9,901 | |
Axfood AB | 894 | 16,644 | ||
Beijer Ref AB | 619 | 16,881 | ||
Bilia AB, A Shares | 1,985 | 19,170 | ||
BillerudKorsnas AB | 2,787 | 33,969 | ||
BioGaia AB, B Shares | 171 | 7,796 | ||
Boliden AB | 2,733 | 57,884 | ||
Bonava AB, B Shares | 754 | 6,018 | ||
Bravida Holding AB | 673 | 6,169 | ||
Bufab AB | 209 | 2,314 | ||
Bure Equity AB | 548 | 10,370 | ||
Castellum AB | 1,722 | 39,711 | ||
Cavotec SA(2) | 1,868 | 3,865 | ||
Cellavision AB | 206 | 6,239 | ||
Cibus Nordic Real Estate AB | 583 | 8,728 | ||
Clas Ohlson AB, B Shares | 1,205 | 11,931 | ||
Cloetta AB, B Shares | 2,892 | 8,938 | ||
Dios Fastigheter AB | 1,170 | 10,474 | ||
Dometic Group AB | 1,030 | 8,745 | ||
Elanders AB, B Shares | 453 | 3,708 | ||
Electrolux AB, Series B | 2,148 | 43,284 | ||
Elekta AB, B Shares(1) | 1,652 | 17,514 | ||
Eltel AB(2) | 1,620 | 2,840 | ||
Embracer Group AB(2) | 1,030 | 10,055 | ||
Eolus Vind AB, B Shares | 963 | 13,900 | ||
Epiroc AB, A Shares | 5,971 | 69,067 | ||
Epiroc AB, B Shares | 3,573 | 40,052 | ||
Essity AB, B Shares | 2,179 | 65,344 | ||
Fabege AB | 2,181 | 35,877 | ||
Fastighets AB Balder, B Shares(2) | 583 | 27,573 | ||
Ferronordic AB | 172 | 2,291 | ||
Fingerprint Cards AB, B Shares(1)(2) | 1,854 | 2,702 | ||
Fortnox AB(2) | 131 | 2,553 | ||
Getinge AB, B Shares | 1,858 | 31,492 | ||
Granges AB | 1,616 | 13,048 | ||
Hennes & Mauritz AB, B Shares(1) | 5,217 | 94,374 | ||
Hexagon AB, B Shares | 1,135 | 61,085 | ||
Hexatronic Group AB | 368 | 2,050 | ||
Hexpol AB | 2,099 | 15,858 | ||
HIQ International AB(2) | 601 | 2,897 | ||
Hoist Finance AB(2) | 2,450 | 11,666 | ||
Holmen AB, B Shares | 859 | 24,302 | ||
Hufvudstaden AB, A Shares | 789 | 14,195 | ||
Husqvarna AB, B Shares | 3,917 | 26,338 | ||
ICA Gruppen AB | 993 | 37,123 | ||
Indutrade AB | 654 | 21,322 | ||
Internationella Engelska Skolan i Sverige Holding II AB | 212 | 1,589 |
65
Shares | Value | |||
Inwido AB | 1,547 | $ | 13,416 | |
JM AB | 342 | 9,414 | ||
Karo Pharma AB(2) | 266 | 1,122 | ||
Klovern AB, B Shares | 10,722 | 24,634 | ||
KNOW IT AB | 83 | 1,514 | ||
Kungsleden AB | 1,788 | 18,409 | ||
Lifco AB, B Shares | 272 | 14,304 | ||
Lime Technologies AB | 82 | 1,612 | ||
Lindab International AB | 824 | 9,936 | ||
Loomis AB, B Shares | 548 | 19,223 | ||
Lundin Petroleum AB | 413 | 11,776 | ||
Maha Energy AB(2) | 3,206 | 4,905 | ||
Mekonomen AB | 826 | 6,528 | ||
Millicom International Cellular SA SDR | 688 | 31,805 | ||
MIPS AB | 416 | 9,474 | ||
Modern Times Group MTG AB, B Shares(2) | 995 | 8,802 | ||
Momentum Group AB, Class B | 324 | 3,749 | ||
Mycronic AB | 1,215 | 17,227 | ||
NetEnt AB(2) | 2,686 | 6,880 | ||
New Wave Group AB, B Shares | 264 | 1,459 | ||
Nibe Industrier AB, B Shares | 3,080 | 49,848 | ||
Nobia AB | 1,446 | 9,409 | ||
Nobina AB | 2,275 | 15,909 | ||
Nolato AB, B Shares | 377 | 19,887 | ||
Nordea Bank Abp | 14,530 | 116,235 | ||
Nordic Entertainment Group AB, B Shares | 894 | 26,993 | ||
NP3 Fastigheter AB | 859 | 9,991 | ||
Nyfosa AB(2) | 2,302 | 18,854 | ||
Ovzon AB(2) | 291 | 1,814 | ||
Pandox AB | 789 | 14,728 | ||
Paradox Interactive AB(1) | 618 | 8,635 | ||
Peab AB, Class B | 1,687 | 16,960 | ||
RaySearch Laboratories AB(2) | 657 | 5,771 | ||
Resurs Holding AB | 1,652 | 8,978 | ||
Saab AB, B Shares(1) | 377 | 10,317 | ||
Sagax AB, D Shares | 951 | 3,420 | ||
Sandvik AB | 6,855 | 113,994 | ||
SAS AB(2) | 2,571 | 2,691 | ||
Scandi Standard AB | 1,240 | 8,166 | ||
Scandic Hotels Group AB | 1,100 | 10,263 | ||
Securitas AB, B Shares | 1,722 | 23,483 | ||
Skandinaviska Enskilda Banken AB, A Shares | 7,371 | 70,757 | ||
Skanska AB, B Shares | 964 | 21,191 | ||
SKF AB, B Shares | 5,216 | 92,182 | ||
SkiStar AB | 688 | 6,826 | ||
Spotify Technology SA(2) | 242 | 33,183 | ||
SSAB AB, A Shares | 2,931 | 9,092 |
66
Shares | Value | |||
SSAB AB, B Shares | 8,475 | $ | 24,593 | |
Stillfront Group AB(2) | 244 | 10,874 | ||
Svenska Cellulosa AB SCA, B Shares | 3,545 | 34,047 | ||
Svenska Handelsbanken AB, A Shares | 6,406 | 64,863 | ||
Sweco AB, B Shares | 377 | 12,125 | ||
Swedbank AB, A Shares | 6,306 | 96,239 | ||
Swedish Orphan Biovitrum AB(2) | 1,446 | 24,857 | ||
Tele2 AB, B Shares | 1,893 | 27,556 | ||
Telefonaktiebolaget LM Ericsson ADR(1) | 10,144 | 81,558 | ||
Telia Co. AB | 17,601 | 70,122 | ||
Tethys Oil AB | 1,107 | 7,346 | ||
Thule Group AB | 412 | 8,992 | ||
Tobii AB(1)(2) | 301 | 1,292 | ||
Trelleborg AB, B Shares | 1,899 | 29,495 | ||
Troax Group AB | 824 | 10,511 | ||
Vitec Software Group AB, B Shares | 618 | 11,811 | ||
Volvo AB, B Shares | 8,608 | 134,369 | ||
Wallenstam AB, B Shares | 1,491 | 18,278 | ||
Wihlborgs Fastigheter AB | 1,581 | 30,362 | ||
2,966,759 | ||||
Switzerland — 8.3% | ||||
ABB Ltd. ADR(1) | 11,992 | 259,507 | ||
Adecco Group AG | 241 | 13,024 | ||
Alcon, Inc.(2) | 2,132 | 130,847 | ||
Allreal Holding AG(2) | 213 | 45,562 | ||
ams AG(2) | 1,994 | 70,293 | ||
Arbonia AG(2) | 606 | 6,721 | ||
Aryzta AG(2) | 10,056 | 8,638 | ||
Ascom Holding AG | 252 | 2,194 | ||
Autoneum Holding AG(1) | 66 | 6,509 | ||
Baloise Holding AG | 539 | 86,897 | ||
Banque Cantonale Vaudoise | 28 | 22,547 | ||
Barry Callebaut AG | 1 | 2,069 | ||
Basilea Pharmaceutica AG(1)(2) | 42 | 1,873 | ||
BKW AG | 171 | 14,808 | ||
Bobst Group SA(1) | 50 | 2,391 | ||
Bossard Holding AG, Class A | 128 | 17,545 | ||
Bucher Industries AG | 83 | 26,067 | ||
Cembra Money Bank AG | 524 | 59,381 | ||
Chocoladefabriken Lindt & Spruengli AG | 1 | 86,817 | ||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 10 | 78,226 | ||
Cie Financiere Richemont SA | 2,207 | 151,567 | ||
Clariant AG | 1,994 | 42,077 | ||
Credit Suisse Group AG ADR(2) | 13,405 | 151,208 | ||
Daetwyler Holding AG | 80 | 12,825 | ||
DKSH Holding AG | 171 | 9,729 | ||
dormakaba Holding AG(2) | 66 | 39,446 |
67
Shares | Value | |||
EFG International AG(2) | 1,376 | $ | 7,939 | |
Emmi AG | 11 | 9,559 | ||
EMS-Chemie Holding AG | 65 | 38,339 | ||
Flughafen Zurich AG | 346 | 52,461 | ||
Forbo Holding AG | 24 | 35,624 | ||
Galenica AG(2) | 1,246 | 84,075 | ||
GAM Holding AG(2) | 1,994 | 6,704 | ||
Geberit AG | 532 | 266,767 | ||
Georg Fischer AG | 89 | 77,064 | ||
Givaudan SA | 34 | 106,003 | ||
Helvetia Holding AG | 563 | 75,219 | ||
Huber + Suhner AG | 152 | 10,198 | ||
Idorsia Ltd.(2) | 307 | 8,191 | ||
Implenia AG | 206 | 10,257 | ||
Inficon Holding AG | 47 | 33,022 | ||
Interroll Holding AG | 6 | 10,748 | ||
Julius Baer Group Ltd.(2) | 1,563 | 65,660 | ||
Kardex AG | 88 | 13,852 | ||
Komax Holding AG(1) | 45 | 8,570 | ||
Kudelski SA(2) | 1,206 | 5,666 | ||
Kuehne + Nagel International AG | 615 | 90,130 | ||
LafargeHolcim Ltd.(2) | 2,274 | 106,125 | ||
Landis+Gyr Group AG(2) | 313 | 25,614 | ||
Leonteq AG(2) | 209 | 9,451 | ||
Logitech International SA | 1,411 | 55,279 | ||
Lonza Group AG(2) | 355 | 141,868 | ||
Meyer Burger Technology AG(1)(2) | 4,167 | 1,193 | ||
Mobilezone Holding AG(2) | 755 | 8,247 | ||
Mobimo Holding AG(2) | 101 | 30,321 | ||
Nestle SA ADR | 6,864 | 706,374 | ||
Novartis AG ADR | 13,401 | 1,125,148 | ||
OC Oerlikon Corp. AG | 824 | 7,772 | ||
Partners Group Holding AG | 190 | 166,092 | ||
PSP Swiss Property AG | 549 | 81,284 | ||
Roche Holding AG ADR | 29,141 | 1,162,434 | ||
Schindler Holding AG | 31 | 6,722 | ||
Schindler Holding AG, Bearer Participation Certificate | 66 | 14,850 | ||
Schmolz + Bickenbach AG(1)(2) | 5,707 | 1,084 | ||
Sensirion Holding AG(1)(2) | 90 | 3,300 | ||
SFS Group AG | 152 | 12,707 | ||
SGS SA | 1 | 2,492 | ||
Siegfried Holding AG(2) | 73 | 31,768 | ||
SIG Combibloc Group AG(2) | 2,270 | 33,855 | ||
Sika AG | 1,131 | 202,069 | ||
Sonova Holding AG | 101 | 24,187 | ||
Straumann Holding AG | 31 | 29,121 | ||
Sulzer AG | 66 | 6,136 |
68
Shares | Value | |||
Sunrise Communications Group AG(2) | 688 | $ | 56,023 | |
Swatch Group AG (The) | 272 | 11,722 | ||
Swatch Group AG (The), Bearer Shares | 171 | 39,638 | ||
Swiss Life Holding AG | 460 | 211,402 | ||
Swiss Prime Site AG(2) | 1,046 | 126,112 | ||
Swiss Re AG | 1,519 | 145,048 | ||
Swisscom AG | 351 | 187,260 | ||
Swissquote Group Holding SA | 206 | 11,610 | ||
Tecan Group AG | 142 | 40,017 | ||
Temenos AG ADR | 583 | 83,077 | ||
u-blox Holding AG(2) | 70 | 5,504 | ||
UBS Group AG(2) | 35,099 | 386,089 | ||
Valora Holding AG(2) | 31 | 7,696 | ||
VAT Group AG(2) | 283 | 38,831 | ||
Vifor Pharma AG | 469 | 78,403 | ||
Vontobel Holding AG | 522 | 34,607 | ||
Zur Rose Group AG(1)(2) | 101 | 11,721 | ||
Zurich Insurance Group AG | 746 | 290,320 | ||
8,125,389 | ||||
United Kingdom — 14.6% | ||||
3i Group plc | 7,828 | 102,052 | ||
Admiral Group plc | 3,269 | 89,279 | ||
Aggreko plc | 5,613 | 49,722 | ||
Anglo American plc ADR | 13,742 | 159,819 | ||
Anglo Asian Mining plc | 4,938 | 7,540 | ||
Anglo Pacific Group plc | 3,521 | 5,921 | ||
Antofagasta plc | 3,082 | 30,091 | ||
Aptitude Software Group plc | 169 | 1,015 | ||
Arix Bioscience plc(2) | 696 | 735 | ||
Arrow Global Group plc | 1,172 | 3,590 | ||
Ashtead Group plc | 5,697 | 178,324 | ||
ASOS plc(2) | 624 | 24,033 | ||
Associated British Foods plc | 1,135 | 33,071 | ||
Aston Martin Lagonda Global Holdings plc(1)(2) | 1,100 | 4,875 | ||
AstraZeneca plc ADR | 11,276 | 493,889 | ||
Atalaya Mining plc(2) | 601 | 1,237 | ||
Augean plc(2) | 2,656 | 6,500 | ||
Auto Trader Group plc | 12,386 | 83,582 | ||
Avast plc | 3,219 | 16,534 | ||
Avation plc | 1,407 | 4,659 | ||
AVEVA Group plc | 171 | 9,737 | ||
Aviva plc | 37,274 | 171,051 | ||
Babcock International Group plc | 1,205 | 6,986 | ||
BAE Systems plc ADR | 6,396 | 200,003 | ||
Bank of Georgia Group plc | 513 | 11,178 | ||
Barclays plc ADR(1) | 23,931 | 184,269 | ||
Barratt Developments plc | 6,577 | 64,609 |
69
Shares | Value | |||
Beazley plc | 2,340 | $ | 16,103 | |
Bellway plc | 859 | 41,428 | ||
Berkeley Group Holdings plc | 1,223 | 75,218 | ||
BHP Group plc ADR | 6,699 | 243,174 | ||
Biffa plc | 6,622 | 22,332 | ||
Bloomsbury Publishing plc | 580 | 1,835 | ||
Bodycote plc | 1,707 | 16,845 | ||
boohoo Group plc(2) | 7,782 | 29,116 | ||
BP plc ADR | 19,222 | 601,456 | ||
Brewin Dolphin Holdings plc | 2,169 | 8,436 | ||
Britvic plc | 5,267 | 57,777 | ||
BT Group plc | 68,390 | 126,373 | ||
Bunzl plc | 789 | 19,178 | ||
Burberry Group plc | 4,614 | 100,798 | ||
Burford Capital Ltd. | 824 | 5,737 | ||
Cairn Energy plc(2) | 20,315 | 36,846 | ||
Capita plc(2) | 27,400 | 45,554 | ||
Capital & Counties Properties plc | 3,615 | 9,235 | ||
Carnival plc ADR | 965 | 30,716 | ||
Centamin plc | 22,592 | 37,379 | ||
Central Asia Metals plc | 3,339 | 8,095 | ||
Centrica plc | 9,368 | 8,789 | ||
Chemring Group plc | 8,880 | 27,673 | ||
Clinigen Group plc(2) | 1,657 | 15,328 | ||
Clipper Logistics plc | 723 | 2,422 | ||
Close Brothers Group plc | 2,173 | 36,063 | ||
Coats Group plc | 41,563 | 31,719 | ||
Coca-Cola HBC AG | 3,234 | 103,010 | ||
Compass Group plc | 9,414 | 206,690 | ||
Computacenter plc | 723 | 15,044 | ||
ConvaTec Group plc | 5,543 | 14,661 | ||
Countryside Properties plc | 2,204 | 13,439 | ||
Cranswick plc | 206 | 8,871 | ||
Crest Nicholson Holdings plc | 4,408 | 25,779 | ||
Croda International plc | 1,308 | 76,702 | ||
Curtis Banks Group plc | 581 | 2,424 | ||
CVS Group plc | 754 | 10,362 | ||
Dart Group plc | 2,330 | 36,991 | ||
DCC plc | 206 | 14,817 | ||
De La Rue plc | 424 | 756 | ||
Dechra Pharmaceuticals plc | 241 | 8,280 | ||
Devro plc | 3,961 | 7,635 | ||
DFS Furniture plc | 5,167 | 16,210 | ||
Diageo plc ADR | 2,631 | 373,365 | ||
Diploma plc | 412 | 10,013 | ||
Direct Line Insurance Group plc | 8,023 | 31,800 | ||
Diversified Gas & Oil plc | 17,973 | 18,387 |
70
Shares | Value | |||
Domino's Pizza Group plc | 2,616 | $ | 9,973 | |
dotdigital group plc | 7,068 | 7,921 | ||
Drax Group plc | 8,296 | 29,060 | ||
DS Smith plc | 7,405 | 30,214 | ||
Dunelm Group plc | 2,529 | 35,381 | ||
easyJet plc | 1,687 | 24,105 | ||
Electrocomponents plc | 4,233 | 33,344 | ||
Elementis plc | 5,372 | 7,095 | ||
EMIS Group plc | 884 | 12,991 | ||
EnQuest plc(2) | 45,463 | 12,030 | ||
Equiniti Group plc | 976 | 2,531 | ||
Essentra plc | 1,547 | 7,171 | ||
Euromoney Institutional Investor plc | 447 | 6,207 | ||
Evraz plc | 5,160 | 22,384 | ||
Experian plc ADR(1) | 3,773 | 126,358 | ||
Ferguson plc | 2,383 | 208,151 | ||
Ferrexpo plc | 6,853 | 11,567 | ||
First Derivatives plc | 272 | 9,707 | ||
Firstgroup plc(2) | 6,577 | 9,935 | ||
Forterra plc | 5,272 | 22,346 | ||
Foxtons Group plc(2) | 1,272 | 1,313 | ||
Fresnillo plc | 964 | 7,467 | ||
Frontier Developments plc(2) | 653 | 9,554 | ||
Funding Circle Holdings plc(2) | 669 | 678 | ||
G4S plc | 13,786 | 30,370 | ||
Galliford Try Holdings plc | 3,810 | 7,553 | ||
Games Workshop Group plc | 901 | 73,377 | ||
Gateley Holdings plc | 2,100 | 4,676 | ||
Genus plc | 206 | 8,403 | ||
GlaxoSmithKline plc ADR | 13,282 | 538,319 | ||
Glencore plc(2) | 65,620 | 167,903 | ||
Go-Ahead Group plc (The) | 1,225 | 30,834 | ||
GoCo Group plc | 1,022 | 1,073 | ||
Golar LNG Ltd. | 728 | 9,329 | ||
Grainger plc | 4,766 | 18,097 | ||
Greencore Group plc | 8,987 | 24,237 | ||
Greggs plc | 2,145 | 57,839 | ||
Griffin Mining Ltd.(2) | 1,624 | 1,089 | ||
Gulf Keystone Petroleum Ltd. | 4,925 | 9,406 | ||
Gym Group plc (The) | 2,857 | 9,631 | ||
Halma plc | 1,171 | 29,203 | ||
Hargreaves Lansdown plc | 2,752 | 55,117 | ||
Hays plc | 23,503 | 42,177 | ||
Helical plc | 1,893 | 11,429 | ||
Hikma Pharmaceuticals plc | 688 | 15,878 | ||
Hill & Smith Holdings plc | 894 | 15,655 | ||
Hiscox Ltd. | 815 | 12,941 |
71
Shares | Value | |||
Hochschild Mining plc | 3,269 | $ | 6,681 | |
HomeServe plc | 1,306 | 20,255 | ||
Hotel Chocolat Group plc(1) | 848 | 4,408 | ||
Howden Joinery Group plc | 11,444 | 94,897 | ||
HSBC Holdings plc ADR(1) | 16,053 | 538,899 | ||
Hunting plc | 634 | 2,598 | ||
Hurricane Energy plc(1)(2) | 3,722 | 701 | ||
Ibstock plc | 9,058 | 32,221 | ||
IG Group Holdings plc | 7,897 | 68,468 | ||
IMI plc | 4,549 | 59,672 | ||
Impax Asset Management Group plc | 341 | 1,542 | ||
Inchcape plc | 7,680 | 56,926 | ||
Indivior plc(2) | 26,374 | 14,686 | ||
Informa plc | 2,543 | 22,685 | ||
InterContinental Hotels Group plc | 548 | 30,171 | ||
Intermediate Capital Group plc | 1,355 | 27,945 | ||
Intertek Group plc | 1,306 | 89,156 | ||
Investec plc | 6,738 | 34,172 | ||
IQE plc(1)(2) | 1,823 | 1,120 | ||
ITV plc | 49,427 | 74,659 | ||
IWG plc | 7,541 | 34,365 | ||
J D Wetherspoon plc | 2,002 | 34,783 | ||
J Sainsbury plc | 36,410 | 92,211 | ||
Jadestone Energy, Inc.(2) | 3,662 | 2,804 | ||
JD Sports Fashion plc | 6,244 | 59,679 | ||
John Laing Group plc | 4,121 | 17,851 | ||
John Wood Group plc | 5,698 | 27,172 | ||
Johnson Matthey plc | 653 | 21,572 | ||
Joules Group plc | 967 | 1,678 | ||
Just Group plc(2) | 12,054 | 11,450 | ||
Kainos Group plc | 1,400 | 13,417 | ||
KAZ Minerals plc | 2,721 | 14,765 | ||
Keller Group plc | 2,064 | 17,341 | ||
Keystone Law Group plc | 496 | 3,275 | ||
Kingfisher plc | 15,428 | 37,906 | ||
Lancashire Holdings Ltd. | 929 | 8,606 | ||
Learning Technologies Group plc(1) | 1,539 | 2,734 | ||
Legal & General Group plc | 31,464 | 106,115 | ||
Liberty Global plc, Class A(2) | 653 | 12,747 | ||
Liberty Global plc, Class C(2) | 1,735 | 32,254 | ||
Liontrust Asset Management plc | 1,013 | 14,502 | ||
Lloyds Banking Group plc ADR | 80,973 | 206,481 | ||
London Stock Exchange Group plc | 991 | 96,935 | ||
Lookers plc | 4,953 | 2,848 | ||
LSL Property Services plc | 360 | 1,459 | ||
Luceco plc | 1,761 | 2,520 | ||
Luxfer Holdings plc | 513 | 7,957 |
72
Shares | Value | |||
M&G plc(2) | 10,440 | $ | 26,814 | |
Man Group plc | 4,338 | 8,236 | ||
Marks & Spencer Group plc | 20,967 | 43,168 | ||
Marshalls plc | 1,772 | 16,715 | ||
Marston's plc | 21,729 | 25,271 | ||
McCarthy & Stone plc | 4,785 | 8,258 | ||
Mediclinic International plc | 3,028 | 13,400 | ||
Meggitt plc | 2,029 | 14,225 | ||
Micro Focus International plc ADR | 1,135 | 10,896 | ||
Mitchells & Butlers plc(2) | 5,131 | 22,057 | ||
Mitie Group plc | 1,955 | 3,561 | ||
Mondi plc | 5,922 | 119,859 | ||
Moneysupermarket.com Group plc | 8,856 | 35,521 | ||
Morgan Advanced Materials plc | 5,018 | 18,016 | ||
Morgan Sindall Group plc | 548 | 12,361 | ||
Morses Club plc | 755 | 1,056 | ||
Mortgage Advice Bureau Holdings Ltd. | 981 | 9,279 | ||
Motorpoint group plc | 2,630 | 10,364 | ||
N Brown Group plc | 6,165 | 4,604 | ||
National Express Group plc | 10,126 | 55,328 | ||
National Grid plc ADR(1) | 2,889 | 182,758 | ||
NCC Group plc | 671 | 1,794 | ||
Next plc | 1,781 | 140,785 | ||
Norcros plc | 1,313 | 3,596 | ||
Numis Corp. plc | 370 | 1,208 | ||
Ocado Group plc(2) | 3,943 | 54,522 | ||
On the Beach Group plc | 1,182 | 4,943 | ||
OneSavings Bank plc | 6,027 | 31,536 | ||
Pagegroup plc | 6,115 | 32,288 | ||
Pan African Resources plc | 58,863 | 9,269 | ||
Paragon Banking Group plc | 4,260 | 25,196 | ||
Pearson plc ADR(1) | 1,900 | 13,680 | ||
Pennon Group plc | 1,135 | 15,817 | ||
Persimmon plc | 1,582 | 58,106 | ||
Petrofac Ltd. | 6,960 | 28,826 | ||
Petropavlovsk plc(1)(2) | 98,499 | 23,355 | ||
Pharos Energy plc | 9,986 | 3,939 | ||
Phoenix Group Holdings plc | 7,432 | 66,475 | ||
Photo-Me International plc | 7,471 | 8,017 | ||
Playtech plc | 6,266 | 20,276 | ||
Plus500 Ltd. | 3,610 | 44,187 | ||
Polypipe Group plc | 1,652 | 11,376 | ||
Premier Foods plc(2) | 21,939 | 9,110 | ||
Premier Miton Group plc | 1,510 | 2,451 | ||
Premier Oil plc(1)(2) | 16,805 | 17,137 | ||
Prudential plc ADR(1) | 1,927 | 63,745 | ||
Purplebricks Group plc(2) | 773 | 882 |
73
Shares | Value | |||
PZ Cussons plc | 1,948 | $ | 4,455 | |
QinetiQ Group plc | 2,375 | 10,614 | ||
Quilter plc | 44,070 | 83,383 | ||
Rathbone Brothers plc | 344 | 7,364 | ||
Reach plc | 10,613 | 20,178 | ||
Reckitt Benckiser Group plc | 2,064 | 152,352 | ||
Redde Northgate plc(1) | 7,000 | 22,462 | ||
Redrow plc | 3,804 | 36,627 | ||
RELX plc ADR(1) | 8,446 | 203,971 | ||
Renishaw plc | 171 | 7,776 | ||
Rentokil Initial plc | 10,993 | 68,769 | ||
Restaurant Group plc (The) | 14,394 | 19,731 | ||
Restore plc | 1,652 | 9,631 | ||
Rhi Magnesita NV | 469 | 18,191 | ||
Rightmove plc | 13,617 | 108,927 | ||
Rio Tinto plc ADR | 6,655 | 312,319 | ||
RM plc | 2,000 | 6,766 | ||
Rockrose Energy plc | 92 | 1,662 | ||
Rolls-Royce Holdings plc ADR | 3,393 | 27,653 | ||
Rotork plc | 3,856 | 14,181 | ||
Royal Bank of Scotland Group plc ADR(1) | 14,408 | 66,709 | ||
Royal Dutch Shell plc, Class A ADR | 10,794 | 475,260 | ||
Royal Dutch Shell plc, Class B ADR(1) | 9,670 | 430,605 | ||
Royal Mail plc | 17,962 | 37,662 | ||
RPS Group plc | 4,544 | 7,160 | ||
RSA Insurance Group plc | 3,961 | 26,530 | ||
Sabre Insurance Group plc | 1,273 | 4,586 | ||
Saga plc | 4,747 | 1,990 | ||
Sage Group plc (The) | 4,429 | 39,450 | ||
Savannah Petroleum plc(2) | 12,646 | 2,176 | ||
Savills plc | 935 | 13,085 | ||
Schroders plc | 536 | 19,710 | ||
Secure Trust Bank plc | 220 | 3,634 | ||
Senior plc | 3,444 | 6,198 | ||
Serco Group plc(2) | 5,166 | 10,179 | ||
Serica Energy plc(2) | 5,407 | 6,972 | ||
Severn Trent plc | 2,703 | 86,063 | ||
SIG plc | 7,230 | 5,908 | ||
Signature Aviation plc | 5,977 | 21,628 | ||
Sirius Real Estate Ltd. | 24,336 | 25,270 | ||
Smart Metering Systems plc | 231 | 1,432 | ||
Smith & Nephew plc ADR | 1,341 | 60,452 | ||
Smiths Group plc | 964 | 19,193 | ||
Softcat plc | 2,305 | 31,516 | ||
Spectris plc | 342 | 12,045 | ||
Speedy Hire plc | 15,510 | 15,397 | ||
Spirax-Sarco Engineering plc | 322 | 35,055 |
74
Shares | Value | |||
Spire Healthcare Group plc | 5,749 | $ | 8,612 | |
Spirent Communications plc | 6,767 | 18,460 | ||
SSE plc | 11,511 | 227,353 | ||
SSP Group plc | 7,058 | 45,973 | ||
St Modwen Properties plc | 3,829 | 23,713 | ||
St. James's Place plc | 9,389 | 123,847 | ||
Stagecoach Group plc | 5,131 | 8,537 | ||
Standard Chartered plc | 21,322 | 154,244 | ||
Standard Life Aberdeen plc | 10,369 | 37,263 | ||
Stobart Group Ltd. | 723 | 713 | ||
Stock Spirits Group plc | 1,389 | 3,458 | ||
Strix Group plc(1) | 913 | 1,992 | ||
STV Group plc | 218 | 1,175 | ||
Superdry plc | 1,702 | 6,793 | ||
Synthomer plc | 4,310 | 15,627 | ||
TalkTalk Telecom Group plc | 6,507 | 9,224 | ||
Tate & Lyle plc | 2,616 | 23,876 | ||
Taylor Wimpey plc | 16,015 | 42,029 | ||
Ted Baker plc | 431 | 1,624 | ||
Telecom Plus plc | 133 | 2,294 | ||
Tesco plc | 41,264 | 121,885 | ||
TI Fluid Systems plc | 1,803 | 4,721 | ||
Topps Tiles plc | 4,401 | 3,299 | ||
TP ICAP plc | 8,987 | 42,040 | ||
Tracsis plc | 138 | 1,404 | ||
Travis Perkins plc | 4,649 | 88,008 | ||
Tremor International Ltd.(2) | 565 | 1,197 | ||
TUI AG | 824 | 6,498 | ||
Tullow Oil plc | 32,030 | 14,136 | ||
U & I Group plc | 1,576 | 3,260 | ||
UDG Healthcare plc | 929 | 8,489 | ||
Ultra Electronics Holdings plc | 342 | 8,571 | ||
Unilever plc ADR | 3,392 | 182,931 | ||
United Utilities Group plc | 9,815 | 119,528 | ||
Urban & Civic plc | 1,253 | 5,649 | ||
Vectura Group plc | 2,850 | 3,221 | ||
Vertu Motors plc | 10,386 | 4,229 | ||
Vesuvius plc | 1,893 | 10,405 | ||
Victrex plc | 1,239 | 33,772 | ||
Virgin Money UK plc(2) | 11,467 | 22,838 | ||
Vistry Group plc | 5,415 | 89,229 | ||
Vodafone Group plc ADR | 14,315 | 250,512 | ||
Watkin Jones plc | 426 | 1,399 | ||
Weir Group plc (The) | 447 | 7,578 | ||
WH Smith plc | 1,742 | 43,370 | ||
Whitbread plc | 1,008 | 50,812 | ||
Wincanton plc | 567 | 1,921 |
75
Shares | Value | |||
WM Morrison Supermarkets plc | 22,555 | $ | 50,005 | |
WPP plc ADR(1) | 412 | 19,891 | ||
Yellow Cake plc(2) | 1,829 | 4,281 | ||
14,383,496 | ||||
TOTAL COMMON STOCKS (Cost $104,569,147) | 97,874,958 | |||
RIGHTS† | ||||
Hong Kong† | ||||
Guotai Junan International Holdings Ltd.(1)(2) | 19,333 | 25 | ||
Spain† | ||||
ACS Actividades de Construccion y Servicios SA(1)(2) | 377 | 166 | ||
TOTAL RIGHTS (Cost $184) | 191 | |||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $43,006) | 43,006 | 43,006 | ||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 2.7% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $2,625,734) | 2,625,734 | 2,625,734 | ||
TOTAL INVESTMENT SECURITIES — 102.4% (Cost $107,238,071) | 100,543,889 | |||
OTHER ASSETS AND LIABILITIES — (2.4)% | (2,309,542 | ) | ||
TOTAL NET ASSETS — 100.0% | $ | 98,234,347 |
MARKET SECTOR DIVERSIFICATION | ||
(as a % of net assets) | ||
Financials | 19.3 | % |
Industrials | 15.9 | % |
Consumer Discretionary | 12.2 | % |
Materials | 10.1 | % |
Health Care | 8.2 | % |
Consumer Staples | 7.0 | % |
Information Technology | 6.9 | % |
Energy | 5.8 | % |
Communication Services | 5.7 | % |
Utilities | 5.5 | % |
Real Estate | 3.0 | % |
Cash and Equivalents* | 0.4 | % |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
76
NOTES TO SCHEDULE OF INVESTMENTS | ||
ADR | - | American Depositary Receipt |
CVA | - | Certificaten Van Aandelen |
SDR | - | Swedish Depositary Receipt |
† | Category is less than 0.05% of total net assets. |
(1) | Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $5,287,935. 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. |
(2) | Non-income producing. |
(3) | Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $5,565,838, which includes securities collateral of $2,940,104. |
See Notes to Financial Statements.
77
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $104,612,337) — including $5,287,935 of securities on loan | $ | 97,918,155 | |
Investment made with cash collateral received for securities on loan, at value (cost of $2,625,734) | 2,625,734 | ||
Total investment securities, at value (cost of $107,238,071) | 100,543,889 | ||
Foreign currency holdings, at value (cost of $26,854) | 26,954 | ||
Receivable for investments sold | 28,305 | ||
Receivable for capital shares sold | 2,417,835 | ||
Dividends and interest receivable | 196,231 | ||
Securities lending receivable | 3,566 | ||
103,216,780 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 2,625,734 | ||
Payable for investments purchased | 2,337,503 | ||
Accrued management fees | 19,196 | ||
4,982,433 | |||
Net Assets | $ | 98,234,347 | |
Shares outstanding (unlimited number of shares authorized) | 2,050,001 | ||
Net Asset Value Per Share | $ | 47.92 | |
Net Assets Consist of: | |||
Capital paid in | $ | 104,840,025 | |
Distributable earnings | (6,605,678 | ) | |
$ | 98,234,347 |
See Notes to Financial Statements.
78
Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $46,733) | $ | 593,337 | |
Securities lending, net | 12,984 | ||
Interest | 653 | ||
606,974 | |||
Expenses: | |||
Management fees | 85,015 | ||
Other expenses | 46 | ||
85,061 | |||
Net investment income (loss) | 521,913 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | (112,680 | ) | |
Foreign currency translation transactions | (6,700 | ) | |
(119,380 | ) | ||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | (6,694,182 | ) | |
Translation of assets and liabilities in foreign currencies | 971 | ||
(6,693,211 | ) | ||
Net realized and unrealized gain (loss) | (6,812,591 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (6,290,678 | ) |
(1) | September 24, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
79
Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 521,913 | |
Net realized gain (loss) | (119,380 | ) | |
Change in net unrealized appreciation (depreciation) | (6,693,211 | ) | |
Net increase (decrease) in net assets resulting from operations | (6,290,678 | ) | |
Distributions to Shareholders | |||
From earnings | (315,000 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 104,840,025 | ||
Net increase (decrease) in net assets | 98,234,347 | ||
Net Assets | |||
End of period | $ | 98,234,347 | |
Transactions in Shares of the Fund | |||
Sold | 2,050,001 |
(1) | September 24, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
80
Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis International Equity ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek long-term capital appreciation. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on September 24, 2019.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
81
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 2,625,605 | — | — | — | $ | 2,625,605 | |||||
Rights | 129 | — | — | — | 129 | |||||||
Total Borrowings | $ | 2,625,734 | — | — | — | $ | 2,625,734 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,625,734 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 65% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.23%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 were $38,516,149 and $6,435,581, respectively.
Securities received in-kind through subscriptions for the period ended February 29, 2020 were $72,569,828.
There were no securities delivered in-kind through redemptions during the period.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 50,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a basket of securities (and an amount of cash) that the fund specifies each day. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
6. 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.
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• | 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.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Common Stocks | ||||||||
Australia | $ | 942,895 | $ | 5,262,319 | — | |||
Belgium | 132,988 | 730,452 | — | |||||
Canada | 5,477 | 9,204,009 | — | |||||
Denmark | 579,080 | 1,184,784 | — | |||||
Finland | 45,604 | 857,214 | — | |||||
France | 1,865,316 | 7,248,852 | — | |||||
Germany | 1,473,164 | 5,937,362 | — | |||||
Hong Kong | 365,854 | 2,641,857 | — | |||||
Israel | 174,194 | 535,673 | — | |||||
Italy | 154,386 | 2,147,439 | — | |||||
Japan | 2,452,626 | 19,269,429 | — | |||||
Netherlands | 1,680,595 | 1,804,559 | — | |||||
Norway | 76,568 | 672,672 | — | |||||
Singapore | 141,018 | 1,068,345 | — | |||||
Spain | 454,851 | 2,042,164 | — | |||||
Sweden | 215,107 | 2,751,652 | — | |||||
Switzerland | 3,873,837 | 4,251,552 | — | |||||
United Kingdom | 6,060,417 | 8,323,079 | — | |||||
Other Countries | — | 1,247,568 | — | |||||
Rights | — | 191 | — | |||||
Temporary Cash Investments | 43,006 | — | — | |||||
Temporary Cash Investments - Securities Lending Collateral | 2,625,734 | — | — | |||||
$ | 23,362,717 | $ | 77,181,172 | — |
7. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
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There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing a significant portion of assets in one country or region may accentuate these risks.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 107,238,092 | |
Gross tax appreciation of investments | $ | 2,540,664 | |
Gross tax depreciation of investments | (9,234,867 | ) | |
Net tax appreciation (depreciation) of investments | $ | (6,694,203 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
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Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $50.00 | 0.32 | (2.24) | (1.92) | (0.16) | $47.92 | (3.89)% | 0.23%(5) | 1.41%(5) | 9% | $98,234 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | September 24, 2019 (fund inception) through February 29, 2020 (unaudited). |
(5) | Annualized. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019, the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
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The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
90
Notes |
91
Notes |
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Notes |
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Notes |
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Notes |
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Notes |
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Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96053 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ International Small Cap Value ETF (AVDV) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
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Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
BE Semiconductor Industries NV | 1.3% |
Valiant Holding AG | 1.2% |
Galenica AG | 1.1% |
Unione di Banche Italiane SpA | 0.8% |
Quilter plc | 0.8% |
Conzzeta AG | 0.8% |
SimCorp A/S | 0.8% |
IMI plc | 0.7% |
Yamana Gold, Inc. | 0.7% |
Dialog Semiconductor plc | 0.6% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.7% |
Rights | —* |
Total Equity Exposure | 99.7% |
Temporary Cash Investments | 0.1% |
Temporary Cash Investments - Securities Lending Collateral | 1.9% |
Other Assets and Liabilities | (1.7)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets |
Japan | 26.4% |
United Kingdom | 16.6% |
Canada | 8.7% |
Australia | 6.8% |
Sweden | 5.9% |
Germany | 5.5% |
Switzerland | 5.1% |
Italy | 3.4% |
France | 3.3% |
Netherlands | 2.5% |
Spain | 2.0% |
Other Countries | 13.5% |
Cash and Equivalents* | 0.3% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
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Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $950.50(2) | $1.53(3) | 0.36% |
Hypothetical | $1,000 | $1,023.07(4) | $1.81(4) | 0.36% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from September 24, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 159, the number of days in the period from September 24, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the fund had been available throughout the entire period and are calculated using the fund's annualized expense ratio listed in the table above. |
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Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | ||||
COMMON STOCKS — 99.7% | |||||
Australia — 6.8% | |||||
Adairs Ltd. | 7,130 | $ | 11,227 | ||
Adelaide Brighton Ltd.(1) | 17,887 | 34,418 | |||
Alkane Resources Ltd.(2) | 35,278 | 18,153 | |||
Alliance Aviation Services Ltd. | 7,502 | 11,455 | |||
Asaleo Care Ltd.(2) | 27,993 | 19,129 | |||
Austal Ltd. | 18,733 | 42,230 | |||
Australian Finance Group Ltd. | 13,455 | 22,563 | |||
Bank of Queensland Ltd.(1) | 26,809 | 129,370 | |||
Beach Energy Ltd. | 163,281 | 183,130 | |||
Boral Ltd. | 86,252 | 256,450 | |||
Castile Resources Pty Ltd.(2) | 6,630 | 691 | |||
Cedar Woods Properties Ltd. | 4,309 | 19,614 | |||
Codan Ltd. | 9,103 | 42,781 | |||
Coronado Global Resources, Inc. | 17,639 | 18,525 | |||
Costa Group Holdings Ltd. | 5,278 | 10,142 | |||
CSR Ltd. | 17,738 | 48,822 | |||
Dicker Data Ltd. | 4,368 | 16,909 | |||
Eclipx Group Ltd.(2) | 26,908 | 25,053 | |||
Emeco Holdings Ltd.(1)(2) | 30,801 | 37,795 | |||
Genworth Mortgage Insurance Australia Ltd.(1) | 15,345 | 31,911 | |||
Grange Resources Ltd. | 25,420 | 3,737 | |||
IGO Ltd. | 42,445 | 143,482 | |||
Iluka Resources Ltd. | 33,436 | 179,293 | |||
Infigen Energy | 44,380 | 18,450 | |||
Inghams Group Ltd.(1) | 22,237 | 49,524 | |||
MACA Ltd. | 16,616 | 9,766 | |||
Macmahon Holdings Ltd. | 64,852 | 11,822 | |||
McMillan Shakespeare Ltd. | 5,995 | 41,968 | |||
McPherson's Ltd. | 12,902 | 17,716 | |||
Mineral Resources Ltd. | 15,328 | 164,410 | |||
MNF Group Ltd. | 2,175 | 5,671 | |||
Myer Holdings Ltd.(2) | 34,878 | 7,753 | |||
MyState Ltd. | 6,200 | 23,593 | |||
New Hope Corp. Ltd.(1) | 23,079 | 21,797 | |||
Nick Scali Ltd.(1) | 3,999 | 18,518 | |||
NRW Holdings Ltd. | 25,048 | 39,599 | |||
OFX Group Ltd. | 13,291 | 11,233 | |||
OZ Minerals Ltd. | 21,255 | 123,900 | |||
Pacific Current Group Ltd. | 5,457 | 20,598 | |||
Perenti Global Ltd. | 61,504 | 53,367 | |||
Perpetual Ltd.(1) | 758 | 18,614 |
5
Shares | Value | ||||
Perseus Mining Ltd.(2) | 120,528 | $ | 82,242 | ||
Platinum Asset Management Ltd.(1) | 15,841 | 42,337 | |||
Ramelius Resources Ltd. | 72,330 | 54,823 | |||
Red 5 Ltd.(2) | 91,419 | 18,836 | |||
Regis Resources Ltd. | 41,557 | 109,381 | |||
Resimac Group Ltd. | 3,340 | 2,881 | |||
Resolute Mining Ltd.(1)(2) | 51,320 | 34,002 | |||
Sandfire Resources Ltd. | 11,253 | 31,112 | |||
Saracen Mineral Holdings Ltd.(2) | 65,072 | 161,869 | |||
Senex Energy Ltd.(2) | 104,487 | 17,137 | |||
Servcorp Ltd. | 4,154 | 11,478 | |||
Seven West Media Ltd.(2) | 40,362 | 4,287 | |||
Sigma Healthcare Ltd. | 85,560 | 30,742 | |||
Sims Ltd.(1) | 13,857 | 86,206 | |||
Southern Cross Media Group Ltd. | 36,840 | 16,157 | |||
St. Barbara Ltd. | 41,731 | 64,507 | |||
Stanmore Coal Ltd. | 4,957 | 2,622 | |||
Village Roadshow Ltd. | 5,239 | 11,929 | |||
Viva Energy Group Ltd. | 82,996 | 93,961 | |||
Wagners Holding Co. Ltd. | 3,162 | 2,858 | |||
Western Areas Ltd. | 22,773 | 35,704 | |||
Westgold Resources Ltd.(2) | 31,620 | 42,291 | |||
Whitehaven Coal Ltd. | 48,114 | 63,010 | |||
2,985,551 | |||||
Austria — 0.8% | |||||
AT&S Austria Technologie & Systemtechnik AG | 2,751 | 48,267 | |||
IMMOFINANZ AG(2) | 4,851 | 125,173 | |||
Oesterreichische Post AG(1) | 2,394 | 77,088 | |||
POLYTEC Holding AG | 1,116 | 7,869 | |||
UNIQA Insurance Group AG | 7,135 | 64,666 | |||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 2,015 | 49,083 | |||
372,146 | |||||
Belgium — 1.9% | |||||
Bekaert SA | 11,256 | 244,562 | |||
bpost SA | 16,747 | 138,867 | |||
Deceuninck NV | 18,697 | 35,552 | |||
Orange Belgium SA | 9,661 | 185,609 | |||
Recticel SA | 5,331 | 39,895 | |||
Tessenderlo Group SA(2) | 6,311 | 190,473 | |||
834,958 | |||||
Canada — 8.7% | |||||
Advantage Oil & Gas Ltd.(1)(2) | 9,152 | 13,773 | |||
ARC Resources Ltd.(1) | 24,097 | 104,844 | |||
Argonaut Gold, Inc.(2) | 11,222 | 10,785 | |||
AutoCanada, Inc. | 1,922 | 16,181 | |||
B2Gold Corp. | 69,952 | 279,339 | |||
Baytex Energy Corp.(2) | 23,022 | 21,268 |
6
Shares | Value | ||||
Birchcliff Energy Ltd.(1) | 10,075 | $ | 11,334 | ||
Bird Construction, Inc. | 1,922 | 8,391 | |||
Canacol Energy Ltd. | 8,562 | 27,301 | |||
Canadian Western Bank | 5,053 | 112,561 | |||
Capital Power Corp. | 6,572 | 164,269 | |||
Cascades, Inc. | 6,490 | 52,752 | |||
Celestica, Inc.(2) | 5,425 | 34,193 | |||
CES Energy Solutions Corp. | 14,600 | 22,081 | |||
China Gold International Resources Corp. Ltd.(2) | 13,547 | 10,597 | |||
Chorus Aviation, Inc.(1) | 5,022 | 24,282 | |||
Crescent Point Energy Corp.(1) | 39,897 | 108,493 | |||
CRH Medical Corp.(2) | 4,247 | 13,890 | |||
Dorel Industries, Inc., Class B | 701 | 1,938 | |||
Dundee Precious Metals, Inc.(2) | 9,388 | 36,720 | |||
Enerflex Ltd. | 2,300 | 12,680 | |||
Enerplus Corp.(1) | 13,521 | 58,728 | |||
Ensign Energy Services, Inc. | 3,875 | 6,063 | |||
Equitable Group, Inc. | 1,140 | 75,674 | |||
ERO Copper Corp.(2) | 4,015 | 43,044 | |||
Exchange Income Corp. | 775 | 23,575 | |||
First National Financial Corp. | 1,073 | 27,460 | |||
Fortuna Silver Mines, Inc.(1)(2) | 9,672 | 28,319 | |||
Freehold Royalties Ltd.(1) | 5,797 | 26,000 | |||
Frontera Energy Corp.(1) | 3,581 | 20,249 | |||
Genworth MI Canada, Inc.(1) | 2,325 | 90,332 | |||
goeasy Ltd. | 1,015 | 47,345 | |||
Gran Colombia Gold Corp.(2) | 3,875 | 16,427 | |||
Hardwoods Distribution, Inc. | 1,550 | 17,275 | |||
High Liner Foods, Inc. | 1,550 | 8,511 | |||
HLS Therapeutics, Inc.(1) | 725 | 11,505 | |||
Home Capital Group, Inc.(2) | 3,521 | 74,630 | |||
Hudbay Minerals, Inc. | 7,347 | 17,899 | |||
Hudson's Bay Co. | 5,600 | 45,601 | |||
IAMGOLD Corp.(2) | 26,680 | 75,930 | |||
Innergex Renewable Energy, Inc. | 5,833 | 85,523 | |||
Kelt Exploration Ltd.(1)(2) | 11,625 | 27,715 | |||
Kirkland Lake Gold Ltd. | 5,403 | 174,257 | |||
Largo Resources Ltd.(2) | 10,447 | 7,005 | |||
Leagold Mining Corp.(2) | 9,300 | 22,518 | |||
Linamar Corp. | 2,797 | 76,934 | |||
Martinrea International, Inc. | 5,022 | 43,027 | |||
Mountain Province Diamonds, Inc.(1)(2) | 10,075 | 6,755 | |||
New Gold, Inc.(2) | 42,952 | 32,960 | |||
Norbord, Inc. | 2,900 | 77,024 | |||
North American Construction Group Ltd.(1) | 1,550 | 14,354 | |||
Northland Power, Inc.(1) | 6,732 | 149,661 | |||
NuVista Energy Ltd.(2) | 18,741 | 27,646 |
7
Shares | Value | ||||
Ovintiv, Inc. | 7,740 | $ | 89,437 | ||
Paramount Resources Ltd., A Shares(1)(2) | 2,395 | 7,637 | |||
Parex Resources, Inc.(2) | 9,300 | 127,210 | |||
Peyto Exploration & Development Corp.(1) | 10,441 | 17,113 | |||
Precision Drilling Corp.(2) | 9,672 | 11,962 | |||
Real Matters, Inc.(2) | 5,425 | 54,927 | |||
Roxgold, Inc.(2) | 17,122 | 10,970 | |||
Russel Metals, Inc.(1) | 3,472 | 50,958 | |||
Secure Energy Services, Inc. | 6,100 | 18,224 | |||
SEMAFO, Inc.(2) | 23,626 | 46,821 | |||
Seven Generations Energy Ltd., Class A(2) | 19,447 | 79,976 | |||
Silvercorp Metals, Inc. | 11,401 | 36,269 | |||
Surge Energy, Inc.(1) | 13,950 | 9,042 | |||
Tamarack Valley Energy Ltd.(2) | 10,075 | 9,683 | |||
Teranga Gold Corp.(2) | 7,750 | 39,955 | |||
Tidewater Midstream and Infrastructure Ltd. | 12,441 | 8,435 | |||
TORC Oil & Gas Ltd.(1) | 10,075 | 24,545 | |||
Torex Gold Resources, Inc.(2) | 5,425 | 71,862 | |||
Total Energy Services, Inc. | 1,550 | 5,970 | |||
Tourmaline Oil Corp. | 10,075 | 83,693 | |||
Trican Well Service Ltd.(1)(2) | 11,625 | 7,535 | |||
Vermilion Energy, Inc.(1) | 5,797 | 58,132 | |||
Wajax Corp. | 1,550 | 15,208 | |||
Whitecap Resources, Inc.(1) | 31,747 | 93,189 | |||
Yamana Gold, Inc. | 74,650 | 290,869 | |||
3,817,240 | |||||
Denmark — 1.8% | |||||
D/S Norden A/S | 967 | 11,363 | |||
H+H International A/S, B Shares(2) | 1,798 | 32,466 | |||
Jyske Bank A/S(2) | 1,554 | 53,582 | |||
Drilling Co. of 1972 A/S (The)(2) | 2,604 | 115,032 | |||
Per Aarsleff Holding A/S | 2,511 | 74,064 | |||
SimCorp A/S | 3,494 | 336,372 | |||
Spar Nord Bank A/S | 3,869 | 32,840 | |||
TORM plc(2) | 3,162 | 24,189 | |||
Zealand Pharma A/S(2) | 2,854 | 103,657 | |||
783,565 | |||||
Finland — 1.2% | |||||
Aktia Bank Oyj | 4,308 | 48,900 | |||
Citycon Oyj(1) | 5,897 | 58,393 | |||
Finnair Oyj | 4,774 | 25,309 | |||
HKScan Oyj, A Shares(2) | 8,574 | 18,020 | |||
Kemira Oyj | 9,614 | 122,475 | |||
Outokumpu Oyj | 18,569 | 70,836 | |||
Uponor Oyj | 5,285 | 69,432 | |||
YIT Oyj | 16,554 | 109,965 | |||
523,330 |
8
Shares | Value | ||||
France — 3.3% | |||||
Air France-KLM(2) | 6,551 | $ | 50,962 | ||
Albioma SA | 3,654 | 119,854 | |||
APERAM SA | 3,227 | 97,335 | |||
Bigben Interactive | 2,015 | 32,776 | |||
CGG SA(2) | 81,731 | 224,575 | |||
Cie Plastic Omnium SA | 2,544 | 57,089 | |||
Derichebourg SA | 12,593 | 42,707 | |||
Eramet(1) | 62 | 2,056 | |||
Etablissements Maurel et Prom SA | 7,226 | 18,416 | |||
Eutelsat Communications SA | 3,865 | 52,521 | |||
FIGEAC-AERO(2) | 1,085 | 8,710 | |||
Gaztransport Et Technigaz SA | 2,398 | 213,735 | |||
Iliad SA | 205 | 28,810 | |||
Innate Pharma SA(2) | 2,834 | 20,215 | |||
Kaufman & Broad SA | 2,511 | 100,964 | |||
LISI | 2,151 | 66,860 | |||
Maisons du Monde SA | 5,551 | 68,374 | |||
Metropole Television SA | 3,441 | 50,801 | |||
Nexans SA | 3,847 | 175,702 | |||
Television Francaise 1 | 6,045 | 46,546 | |||
1,479,008 | |||||
Germany — 5.5% | |||||
Aareal Bank AG | 5,301 | 145,696 | |||
AURELIUS Equity Opportunities SE & Co. KGaA | 2,239 | 65,592 | |||
Aurubis AG | 1,007 | 47,582 | |||
Bauer AG | 1,178 | 18,298 | |||
Borussia Dortmund GmbH & Co. KGaA | 7,192 | 61,352 | |||
CropEnergies AG | 2,449 | 25,381 | |||
Deutsche Pfandbriefbank AG | 11,436 | 161,876 | |||
Deutz AG | 6,326 | 29,972 | |||
Dialog Semiconductor plc(2) | 8,321 | 282,869 | |||
Draegerwerk AG & Co. KGaA, Preference Shares | 888 | 56,954 | |||
Elmos Semiconductor AG | 1,147 | 27,069 | |||
ElringKlinger AG(2) | 3,224 | 21,500 | |||
Encavis AG | 10,519 | 122,185 | |||
Flatex AG(2) | 1,064 | 32,373 | |||
Gerresheimer AG | 1,000 | 72,255 | |||
Hamburger Hafen und Logistik AG | 2,635 | 55,755 | |||
Hornbach Holding AG & Co. KGaA | 597 | 33,635 | |||
HUGO BOSS AG | 3,108 | 136,103 | |||
JOST Werke AG | 1,627 | 55,086 | |||
Jungheinrich AG, Preference Shares | 4,386 | 88,314 | |||
K+S AG | 19,696 | 161,580 | |||
Kloeckner & Co. SE | 6,138 | 34,037 | |||
Krones AG | 1,938 | 122,085 | |||
Leoni AG(2) | 1,752 | 17,441 |
9
Shares | Value | ||||
MLP SE | 4,766 | $ | 25,766 | ||
PVA TePla AG(2) | 1,271 | 17,311 | |||
RHOEN-KLINIKUM AG | 1,519 | 30,301 | |||
SAF-Holland SA | 4,805 | 29,322 | |||
Salzgitter AG | 2,145 | 35,525 | |||
Siltronic AG | 1,949 | 183,513 | |||
Sixt Leasing SE | 1,395 | 29,237 | |||
Stabilus SA | 2,051 | 109,823 | |||
VERBIO Vereinigte BioEnergie AG | 2,573 | 26,668 | |||
Wacker Chemie AG | 541 | 37,961 | |||
Wuestenrot & Wuerttembergische AG | 2,201 | 41,613 | |||
2,442,030 | |||||
Hong Kong — 1.8% | |||||
Aeon Credit Service Asia Co. Ltd. | 10,000 | 7,605 | |||
Asia Allied Infrastructure Holdings Ltd. | 34,000 | 2,797 | |||
BOCOM International Holdings Co. Ltd. | 94,000 | 12,785 | |||
Bright Smart Securities & Commodities Group Ltd. | 62,000 | 8,534 | |||
Chow Sang Sang Holdings International Ltd. | 31,000 | 36,703 | |||
Convenience Retail Asia Ltd. | 56,000 | 25,695 | |||
Crystal International Group Ltd. | 44,000 | 13,607 | |||
Dah Sing Financial Holdings Ltd. | 13,600 | 48,038 | |||
Emperor Capital Group Ltd. | 264,000 | 5,703 | |||
Emperor International Holdings Ltd. | 62,000 | 11,816 | |||
Far East Consortium International Ltd. | 110,000 | 48,071 | |||
FSE Services Group Ltd. | 5,000 | 2,464 | |||
Get Nice Financial Group Ltd. | 16,000 | 1,476 | |||
Get Nice Holdings Ltd. | 810,000 | 19,084 | |||
Guotai Junan International Holdings Ltd. | 434,000 | 72,340 | |||
Hengdeli Holdings Ltd. | 232,000 | 8,912 | |||
Hongkong & Shanghai Hotels Ltd. (The) | 32,000 | 32,758 | |||
Johnson Electric Holdings Ltd. | 52,000 | 120,656 | |||
K Wah International Holdings Ltd. | 148,000 | 71,693 | |||
Lippo China Resources Ltd. | 50,000 | 1,159 | |||
Minmetals Land Ltd. | 58,000 | 9,500 | |||
Pico Far East Holdings Ltd. | 66,000 | 16,684 | |||
Shun Tak Holdings Ltd. | 264,000 | 113,156 | |||
Singamas Container Holdings Ltd. | 264,000 | 25,371 | |||
Soundwill Holdings Ltd. | 2,500 | 2,957 | |||
Sun Hung Kai & Co. Ltd. | 74,000 | 33,172 | |||
United Laboratories International Holdings Ltd. (The)(1) | 62,000 | 41,302 | |||
Xin Point Holdings Ltd. | 9,000 | 1,915 | |||
795,953 | |||||
Ireland — 0.3% | |||||
Dalata Hotel Group plc | 25,906 | 118,865 | |||
FBD Holdings plc | 439 | 4,217 | |||
123,082 | |||||
Israel — 1.5% | |||||
Adgar Investment and Development Ltd. | 2,465 | 5,535 |
10
Shares | Value | ||||
Ashtrom Group Ltd. | 1,451 | $ | 21,233 | ||
Caesarstone Ltd.(1) | 1,916 | 20,712 | |||
Camtek Ltd. | 2,278 | 22,580 | |||
Carasso Motors Ltd. | 3,180 | 13,340 | |||
Cellcom Israel Ltd.(2) | 2,100 | 7,602 | |||
El Al Israel Airlines(2) | 23,128 | 4,688 | |||
Equital Ltd.(2) | 1,256 | 30,399 | |||
FIBI Holdings Ltd. | 1,793 | 54,684 | |||
First International Bank of Israel Ltd. | 2,548 | 68,296 | |||
Gazit-Globe Ltd. | 4,060 | 47,176 | |||
Israel Corp. Ltd. (The)(2) | 112 | 15,631 | |||
Menora Mivtachim Holdings Ltd. | 1,595 | 18,567 | |||
Naphtha Israel Petroleum Corp. Ltd.(2) | 1,990 | 8,284 | |||
Oil Refineries Ltd. | 105,906 | 36,043 | |||
Partner Communications Co. Ltd.(2) | 5,488 | 26,660 | |||
Paz Oil Co. Ltd. | 504 | 55,037 | |||
Phoenix Holdings Ltd. (The) | 8,290 | 41,620 | |||
Shikun & Binui Ltd. | 16,512 | 89,739 | |||
Tower Semiconductor Ltd.(2) | 4,717 | 88,625 | |||
ZUR Shamir Holdings Ltd. | 1,036 | 3,941 | |||
680,392 | |||||
Italy — 3.4% | |||||
Aeffe SpA(2) | 2,201 | 3,306 | |||
Arnoldo Mondadori Editore SpA(2) | 10,333 | 17,725 | |||
ASTM SpA | 1,235 | 30,749 | |||
Banca Farmafactoring SpA | 11,978 | 73,277 | |||
Banca IFIS SpA | 3,562 | 54,546 | |||
Banca Popolare di Sondrio SCPA | 67,044 | 160,120 | |||
Banco di Desio e della Brianza SpA | 3,915 | 12,138 | |||
Cairo Communication SpA | 15,429 | 37,318 | |||
Cementir Holding NV | 3,351 | 21,621 | |||
Danieli & C Officine Meccaniche SpA | 4,004 | 60,543 | |||
Danieli & C Officine Meccaniche SpA, Preference Shares | 12,889 | 120,276 | |||
ERG SpA | 5,661 | 132,440 | |||
Esprinet SpA | 361 | 1,965 | |||
FNM SpA | 12,035 | 9,044 | |||
Geox SpA | 8,765 | 8,978 | |||
Juventus Football Club SpA(2) | 673 | 733 | |||
La Doria SpA | 921 | 8,352 | |||
Maire Tecnimont SpA | 9,894 | 25,560 | |||
Massimo Zanetti Beverage Group SpA | 1,189 | 6,883 | |||
Mediaset SpA(2) | 36,724 | 85,936 | |||
OVS SpA(2) | 75,341 | 123,581 | |||
RAI Way SpA | 8,778 | 52,930 | |||
Reno de Medici SpA | 18,096 | 12,882 | |||
Saras SpA | 14,887 | 17,581 | |||
Sogefi SpA(2) | 4,118 | 4,907 |
11
Shares | Value | ||||
Unione di Banche Italiane SpA | 89,003 | $ | 366,341 | ||
Unipol Gruppo SpA | 7,359 | 36,695 | |||
1,486,427 | |||||
Japan — 26.4% | |||||
A&D Co. Ltd. | 900 | 6,442 | |||
Adastria Co. Ltd.(1) | 1,300 | 21,044 | |||
ADEKA Corp. | 2,200 | 28,818 | |||
Aeon Fantasy Co. Ltd. | 100 | 1,738 | |||
AEON Financial Service Co. Ltd.(1) | 4,000 | 57,775 | |||
Airport Facilities Co. Ltd. | 500 | 2,124 | |||
Aisan Industry Co. Ltd. | 1,400 | 8,057 | |||
Akatsuki, Inc. | 100 | 3,818 | |||
Alconix Corp. | 900 | 9,230 | |||
Alinco, Inc. | 500 | 4,469 | |||
Alps Alpine Co. Ltd. | 1,600 | 24,587 | |||
Amuse, Inc. | 200 | 4,161 | |||
AOKI Holdings, Inc. | 1,200 | 10,069 | |||
Aoyama Trading Co. Ltd. | 400 | 4,527 | |||
Aozora Bank Ltd. | 3,800 | 94,787 | |||
Arcland Sakamoto Co. Ltd. | 900 | 9,084 | |||
Artnature, Inc. | 700 | 4,246 | |||
Asahi Co. Ltd. | 700 | 7,069 | |||
Asahi Holdings, Inc. | 600 | 13,611 | |||
Asanuma Corp. | 400 | 16,432 | |||
Asia Pile Holdings Corp. | 1,400 | 6,033 | |||
Bunka Shutter Co. Ltd. | 3,100 | 22,164 | |||
Carta Holdings, Inc. | 400 | 3,589 | |||
Cawachi Ltd. | 600 | 11,136 | |||
Chiba Kogyo Bank Ltd. (The) | 2,000 | 5,224 | |||
Chubu Shiryo Co. Ltd. | 300 | 3,942 | |||
Cleanup Corp. | 600 | 2,928 | |||
CMIC Holdings Co. Ltd. | 200 | 2,532 | |||
Coca-Cola Bottlers Japan Holdings, Inc. | 6,800 | 158,123 | |||
CONEXIO Corp. | 200 | 2,502 | |||
Cosmo Energy Holdings Co. Ltd. | 3,100 | 51,860 | |||
Credit Saison Co. Ltd. | 10,100 | 145,970 | |||
CTI Engineering Co. Ltd. | 500 | 8,279 | |||
Cybernet Systems Co. Ltd. | 400 | 2,408 | |||
Dai Nippon Toryo Co. Ltd. | 800 | 6,647 | |||
Dai-ichi Seiko Co. Ltd.(1) | 500 | 9,158 | |||
Daicel Corp. | 12,800 | 109,899 | |||
Daido Metal Co. Ltd. | 3,100 | 16,799 | |||
Daido Steel Co. Ltd. | 400 | 14,471 | |||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 300 | 2,111 | |||
Daiki Aluminium Industry Co. Ltd. | 1,300 | 7,015 | |||
Daikoku Denki Co. Ltd. | 300 | 3,473 | |||
Daikyonishikawa Corp. | 1,200 | 6,702 |
12
Shares | Value | ||||
Daio Paper Corp.(1) | 2,600 | $ | 34,404 | ||
Daiwabo Holdings Co. Ltd. | 900 | 45,393 | |||
DCM Holdings Co. Ltd.(1) | 6,400 | 58,195 | |||
Denka Co. Ltd. | 3,500 | 87,818 | |||
Denyo Co. Ltd. | 300 | 5,141 | |||
DIC Corp. | 3,100 | 73,079 | |||
DyDo Group Holdings, Inc. | 400 | 12,960 | |||
Eagle Industry Co. Ltd. | 1,400 | 10,562 | |||
Eco's Co. Ltd. | 300 | 3,933 | |||
EDION Corp. | 6,200 | 51,939 | |||
Electric Power Development Co. Ltd. | 8,100 | 173,330 | |||
ES-Con Japan Ltd. | 600 | 3,844 | |||
Exedy Corp. | 1,300 | 24,112 | |||
F.C.C. Co. Ltd. | 1,800 | 32,005 | |||
Ferrotec Holdings Corp.(1) | 1,900 | 11,744 | |||
FIDEA Holdings Co. Ltd. | 6,200 | 6,300 | |||
Foster Electric Co. Ltd. | 800 | 10,599 | |||
Fudo Tetra Corp. | 300 | 4,082 | |||
Fuji Co. Ltd.(1) | 700 | 10,394 | |||
Fujibo Holdings, Inc. | 400 | 10,849 | |||
Fujikura Ltd. | 12,800 | 40,813 | |||
Fujimori Kogyo Co. Ltd. | 300 | 7,943 | |||
Fukuyama Transporting Co. Ltd. | 500 | 14,925 | |||
Furukawa Battery Co. Ltd. (The) | 500 | 2,795 | |||
Furukawa Electric Co. Ltd. | 1,700 | 37,205 | |||
Furuno Electric Co. Ltd. | 500 | 4,229 | |||
Furyu Corp. | 200 | 1,912 | |||
Futaba Industrial Co. Ltd. | 3,600 | 18,993 | |||
Fuyo General Lease Co. Ltd. | 1,100 | 61,846 | |||
G-7 Holdings, Inc. | 600 | 12,205 | |||
G-Tekt Corp. | 900 | 10,810 | |||
Gecoss Corp. | 600 | 4,939 | |||
Geo Holdings Corp. | 1,000 | 10,842 | |||
GMO Financial Holdings, Inc. | 3,100 | 15,010 | |||
Goldcrest Co. Ltd. | 500 | 7,706 | |||
GS Yuasa Corp. | 3,300 | 58,004 | |||
GungHo Online Entertainment, Inc.(1) | 900 | 14,206 | |||
H2O Retailing Corp. | 4,100 | 31,511 | |||
Hagihara Industries, Inc. | 200 | 2,766 | |||
Hamakyorex Co. Ltd. | 700 | 18,195 | |||
Hanwa Co. Ltd. | 1,900 | 38,778 | |||
Harima Chemicals Group, Inc. | 300 | 2,586 | |||
Haseko Corp. | 16,000 | 203,574 | |||
Hazama Ando Corp. | 12,600 | 91,874 | |||
Heiwa Real Estate Co. Ltd. | 1,700 | 47,639 | |||
Heiwado Co. Ltd. | 1,700 | 26,305 | |||
Hirano Tecseed Co. Ltd. | 400 | 4,420 |
13
Shares | Value | ||||
Hiroshima Bank Ltd. (The) | 9,300 | $ | 40,199 | ||
HIS Co. Ltd. | 1,500 | 29,508 | |||
Hitachi Capital Corp. | 3,400 | 86,621 | |||
Hitachi Transport System Ltd. | 700 | 18,787 | |||
Hitachi Zosen Corp. | 12,400 | 43,872 | |||
Hokuetsu Corp. | 5,400 | 21,855 | |||
Hokuetsu Industries Co. Ltd. | 700 | 7,191 | |||
Hokuhoku Financial Group, Inc. | 3,100 | 26,201 | |||
Honeys Holdings Co. Ltd. | 800 | 8,500 | |||
Hosiden Corp. | 3,100 | 26,662 | |||
Hosokawa Micron Corp. | 200 | 9,096 | |||
I-Net Corp./Kanagawa | 300 | 3,466 | |||
Ichigo, Inc.(1) | 14,200 | 42,985 | |||
Ichikoh Industries Ltd. | 700 | 4,317 | |||
Ichinen Holdings Co. Ltd. | 1,400 | 14,811 | |||
IDEA Consultants, Inc. | 200 | 3,098 | |||
IDOM, Inc. | 2,600 | 12,280 | |||
Iino Kaiun Kaisha Ltd. | 3,500 | 10,684 | |||
Inabata & Co. Ltd. | 1,000 | 11,586 | |||
Ines Corp. | 1,000 | 13,604 | |||
Internet Initiative Japan, Inc.(1) | 1,200 | 33,473 | |||
Isetan Mitsukoshi Holdings Ltd. | 15,100 | 98,468 | |||
Itochu Enex Co. Ltd. | 700 | 5,440 | |||
Itoki Corp. | 1,800 | 5,945 | |||
IwaiCosmo Holdings, Inc. | 400 | 4,136 | |||
Iwatani Corp. | 1,400 | 45,874 | |||
Izumi Co. Ltd. | 900 | 24,531 | |||
J Front Retailing Co. Ltd. | 11,500 | 121,667 | |||
Jaccs Co. Ltd. | 1,000 | 19,987 | |||
Japan Aviation Electronics Industry Ltd. | 3,100 | 49,516 | |||
Japan Transcity Corp. | 1,200 | 4,765 | |||
Japan Wool Textile Co. Ltd. (The) | 3,100 | 25,624 | |||
JDC Corp. | 2,100 | 9,836 | |||
JGC Holdings Corp. | 11,800 | 144,045 | |||
Joshin Denki Co. Ltd. | 900 | 14,958 | |||
JTEKT Corp. | 9,800 | 94,897 | |||
JVCKenwood Corp. | 12,400 | 25,046 | |||
K's Holdings Corp. | 6,700 | 73,564 | |||
Kaga Electronics Co. Ltd. | 1,200 | 21,875 | |||
Kamei Corp. | 400 | 3,638 | |||
Kanamoto Co. Ltd. | 1,700 | 37,490 | |||
Kandenko Co. Ltd. | 5,000 | 42,219 | |||
Kaneka Corp. | 500 | 13,401 | |||
Kanematsu Corp. | 4,300 | 46,511 | |||
Kanto Denka Kogyo Co. Ltd. | 3,300 | 27,989 | |||
Kasai Kogyo Co. Ltd. | 700 | 4,261 | |||
KAWADA TECHNOLOGIES, Inc. | 200 | 10,344 |
14
Shares | Value | ||||
Kawasaki Heavy Industries Ltd. | 4,700 | $ | 84,703 | ||
Keikyu Corp. | 11,400 | 172,491 | |||
KFC Holdings Japan Ltd. | 300 | 6,703 | |||
Kinden Corp. | 5,500 | 82,591 | |||
Kintetsu World Express, Inc. | 500 | 7,802 | |||
Kitz Corp. | 3,500 | 20,760 | |||
Kiyo Bank Ltd. (The) | 3,100 | 40,757 | |||
KNT-CT Holdings Co. Ltd.(2) | 100 | 868 | |||
Kobe Steel Ltd. | 13,000 | 48,041 | |||
Kohnan Shoji Co. Ltd. | 1,400 | 28,151 | |||
Komeri Co. Ltd. | 1,400 | 25,251 | |||
Kondotec, Inc. | 600 | 5,281 | |||
Krosaki Harima Corp. | 200 | 10,172 | |||
Kumagai Gumi Co. Ltd. | 1,700 | 45,010 | |||
Kuraray Co. Ltd. | 13,700 | 141,906 | |||
Kurita Water Industries Ltd. | 2,100 | 54,085 | |||
Kuriyama Holdings Corp. | 400 | 2,338 | |||
KYB Corp.(2) | 900 | 19,865 | |||
Kyoei Steel Ltd. | 800 | 12,068 | |||
Kyudenko Corp. | 1,700 | 45,350 | |||
Lawson, Inc.(1) | 1,800 | 96,667 | |||
Leopalace21 Corp.(2) | 13,400 | 39,666 | |||
Life Corp.(1) | 700 | 15,210 | |||
LIXIL VIVA Corp. | 1,100 | 20,806 | |||
Macnica Fuji Electronics Holdings, Inc. | 2,700 | 37,590 | |||
Maeda Corp.(1) | 6,500 | 57,881 | |||
Maeda Road Construction Co. Ltd.(1) | 2,600 | 76,784 | |||
Marudai Food Co. Ltd. | 300 | 4,898 | |||
Maruwa Co. Ltd. | 200 | 12,676 | |||
Maruzen Showa Unyu Co. Ltd. | 200 | 4,428 | |||
Mazda Motor Corp. | 12,900 | 89,024 | |||
Meidensha Corp. | 1,400 | 22,400 | |||
Meiko Electronics Co. Ltd. | 1,000 | 14,738 | |||
Meisei Industrial Co. Ltd. | 700 | 4,697 | |||
Micronics Japan Co. Ltd.(1) | 600 | 5,240 | |||
Mimasu Semiconductor Industry Co. Ltd. | 1,000 | 18,387 | |||
Ministop Co. Ltd.(1) | 600 | 7,954 | |||
Mitani Sangyo Co. Ltd. | 1,200 | 3,658 | |||
Mitsuba Corp. | 1,300 | 7,323 | |||
Mitsubishi Materials Corp. | 6,200 | 140,853 | |||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 30,000 | 169,147 | |||
Mitsuboshi Belting Ltd. | 400 | 5,449 | |||
Mitsui Chemicals, Inc. | 7,200 | 154,924 | |||
Mitsui E&S Holdings Co. Ltd.(2) | 4,100 | 29,269 | |||
Mitsui Mining & Smelting Co. Ltd.(1) | 2,700 | 64,282 | |||
Mitsui-Soko Holdings Co. Ltd. | 1,200 | 17,352 | |||
Mizuho Leasing Co. Ltd. | 1,500 | 39,425 |
15
Shares | Value | ||||
Modec, Inc. | 700 | $ | 11,720 | ||
Moriroku Holdings Co. Ltd. | 300 | 5,279 | |||
Musashi Seimitsu Industry Co. Ltd. | 2,100 | 22,935 | |||
Nachi-Fujikoshi Corp. | 700 | 22,929 | |||
Nankai Electric Railway Co. Ltd. | 6,200 | 136,589 | |||
NEC Capital Solutions Ltd. | 400 | 7,825 | |||
NHK Spring Co. Ltd. | 9,300 | 70,486 | |||
Nichi-iko Pharmaceutical Co. Ltd. | 600 | 6,433 | |||
Nichias Corp. | 1,600 | 32,936 | |||
Nichireki Co. Ltd. | 900 | 10,796 | |||
Nifco, Inc. | 3,500 | 84,608 | |||
Nihon House Holdings Co. Ltd. | 2,100 | 7,611 | |||
Nihon Tokushu Toryo Co. Ltd. | 200 | 1,849 | |||
Nikkon Holdings Co. Ltd. | 2,600 | 49,988 | |||
Nippon Carbon Co. Ltd.(1) | 500 | 16,544 | |||
Nippon Chemical Industrial Co. Ltd. | 300 | 6,426 | |||
Nippon Coke & Engineering Co. Ltd. | 9,300 | 5,623 | |||
Nippon Express Co. Ltd. | 3,700 | 176,469 | |||
Nippon Koei Co. Ltd. | 700 | 19,124 | |||
Nippon Light Metal Holdings Co. Ltd. | 31,700 | 55,475 | |||
Nippon Paper Industries Co. Ltd. | 3,100 | 44,750 | |||
Nippon Seiki Co. Ltd. | 3,100 | 40,777 | |||
Nippon Steel Trading Corp. | 500 | 20,227 | |||
Nippon Yakin Kogyo Co. Ltd. | 410 | 6,446 | |||
Nippon Yusen KK | 6,700 | 95,193 | |||
Nipro Corp.(1) | 6,300 | 66,910 | |||
Nishi-Nippon Financial Holdings, Inc. | 3,100 | 17,697 | |||
Nishi-Nippon Railroad Co. Ltd. | 2,400 | 52,574 | |||
Nishimatsu Construction Co. Ltd. | 3,100 | 64,969 | |||
Nishio Rent All Co. Ltd. | 1,000 | 24,494 | |||
Nisshin Group Holdings Co. Ltd. | 400 | 1,688 | |||
Nisshin Oillio Group Ltd. (The) | 1,200 | 36,953 | |||
Nisshinbo Holdings, Inc. | 9,500 | 80,403 | |||
Nittoc Construction Co. Ltd. | 700 | 4,945 | |||
Nojima Corp. | 1,700 | 30,757 | |||
Noritz Corp. | 1,100 | 11,225 | |||
NS United Kaiun Kaisha Ltd. | 300 | 4,736 | |||
NTN Corp. | 21,700 | 52,025 | |||
NuFlare Technology, Inc. | 100 | 11,014 | |||
Oji Holdings Corp. | 25,400 | 120,372 | |||
Oki Electric Industry Co. Ltd. | 3,800 | 41,767 | |||
Okuwa Co. Ltd. | 400 | 4,911 | |||
Onward Holdings Co. Ltd.(1) | 3,900 | 18,883 | |||
Organo Corp. | 300 | 17,606 | |||
Orient Corp. | 27,900 | 34,218 | |||
Osaka Organic Chemical Industry Ltd. | 600 | 8,289 | |||
OSJB Holdings Corp. | 5,300 | 12,369 |
16
Shares | Value | ||||
Pacific Industrial Co. Ltd. | 3,100 | $ | 33,604 | ||
PAL GROUP Holdings Co. Ltd. | 800 | 10,708 | |||
Pasco Corp.(2) | 200 | 2,923 | |||
Pasona Group, Inc. | 300 | 3,075 | |||
Penta-Ocean Construction Co. Ltd. | 19,400 | 102,914 | |||
Press Kogyo Co. Ltd. | 6,300 | 17,994 | |||
PS Mitsubishi Construction Co. Ltd. | 3,100 | 16,515 | |||
Renaissance, Inc. | 400 | 5,090 | |||
Rengo Co. Ltd. | 6,200 | 42,425 | |||
Retail Partners Co. Ltd. | 400 | 2,562 | |||
Ricoh Leasing Co. Ltd. | 700 | 24,023 | |||
Riken Technos Corp. | 3,200 | 12,509 | |||
Round One Corp. | 3,300 | 24,607 | |||
Ryobi Ltd. | 1,100 | 14,230 | |||
Sakura Internet, Inc. | 500 | 2,324 | |||
Sala Corp. | 3,300 | 16,833 | |||
San-Ai Oil Co. Ltd. | 2,600 | 22,615 | |||
Sanki Engineering Co. Ltd. | 3,100 | 36,428 | |||
Sankyo Tateyama, Inc. | 900 | 9,009 | |||
Sanoh Industrial Co. Ltd.(1) | 1,600 | 12,386 | |||
Sapporo Holdings Ltd. | 3,200 | 63,994 | |||
Sawada Holdings Co. Ltd. | 800 | 7,377 | |||
SBI Holdings, Inc. | 4,400 | 88,229 | |||
SBS Holdings, Inc. | 800 | 11,799 | |||
SEC Carbon Ltd.(1) | 100 | 6,551 | |||
Seibu Holdings, Inc. | 6,700 | 94,567 | |||
Seikitokyu Kogyo Co. Ltd. | 1,900 | 14,216 | |||
Seino Holdings Co. Ltd. | 5,800 | 62,617 | |||
Senko Group Holdings Co. Ltd. | 6,600 | 48,246 | |||
Senshukai Co. Ltd. | 1,500 | 5,806 | |||
Seven Bank Ltd. | 8,800 | 23,106 | |||
Shibuya Corp. | 600 | 14,844 | |||
Shin Nippon Air Technologies Co. Ltd. | 200 | 3,422 | |||
Shinagawa Refractories Co. Ltd. | 100 | 2,409 | |||
Shindengen Electric Manufacturing Co. Ltd. | 300 | 8,316 | |||
Shinko Electric Industries Co. Ltd. | 3,400 | 37,124 | |||
Shinmaywa Industries Ltd. | 1,200 | 13,510 | |||
Shinnihon Corp. | 1,300 | 9,075 | |||
Shinoken Group Co. Ltd.(1) | 3,100 | 29,538 | |||
Shinsei Bank Ltd. | 8,500 | 112,662 | |||
Showa Corp. | 100 | 2,119 | |||
Showa Denko KK | 5,700 | 122,371 | |||
Sinko Industries Ltd. | 300 | 4,190 | |||
SK-Electronics Co. Ltd. | 200 | 2,102 | |||
SKY Perfect JSAT Holdings, Inc. | 6,200 | 26,603 | |||
Sotetsu Holdings, Inc. | 600 | 13,616 | |||
St. Marc Holdings Co. Ltd. | 500 | 8,923 |
17
Shares | Value | ||||
Starts Corp., Inc. | 1,300 | $ | 26,708 | ||
Studio Alice Co. Ltd. | 300 | 4,302 | |||
Sugi Holdings Co. Ltd. | 1,400 | 66,150 | |||
SUMCO Corp. | 14,400 | 217,033 | |||
Sumida Corp. | 1,200 | 10,511 | |||
Sumitomo Densetsu Co. Ltd. | 700 | 14,629 | |||
Sumitomo Forestry Co. Ltd. | 7,600 | 112,790 | |||
Sumitomo Mitsui Construction Co. Ltd. | 9,500 | 48,053 | |||
Sumitomo Osaka Cement Co. Ltd. | 1,100 | 37,509 | |||
Sumitomo Riko Co. Ltd. | 1,500 | 9,955 | |||
Sumitomo Rubber Industries Ltd. | 10,100 | 104,578 | |||
Sumitomo Seika Chemicals Co. Ltd. | 100 | 2,592 | |||
Suruga Bank Ltd.(1)(2) | 8,800 | 32,367 | |||
SWCC Showa Holdings Co. Ltd. | 1,400 | 14,071 | |||
T-Gaia Corp.(1) | 900 | 17,006 | |||
Taiheiyo Cement Corp. | 4,700 | 115,322 | |||
Taikisha Ltd. | 1,300 | 37,249 | |||
Taiyo Yuden Co. Ltd.(1) | 6,300 | 174,954 | |||
Takamatsu Construction Group Co. Ltd. | 900 | 19,414 | |||
Takamiya Co. Ltd. | 600 | 2,881 | |||
Takara Leben Co. Ltd. | 4,300 | 16,932 | |||
Takara Standard Co. Ltd. | 500 | 7,064 | |||
Takashimaya Co. Ltd.(1) | 6,900 | 64,287 | |||
Takeei Corp. | 1,000 | 7,992 | |||
Takuma Co. Ltd. | 2,100 | 22,963 | |||
Taoka Chemical Co. Ltd. | 100 | 5,301 | |||
TECHNO ASSOCIE Co. Ltd. | 400 | 3,353 | |||
Teijin Ltd. | 9,300 | 152,327 | |||
Toa Oil Co. Ltd.(2) | 200 | 3,625 | |||
Tobishima Corp. | 600 | 6,473 | |||
Toda Corp. | 13,000 | 77,378 | |||
TOKAI Holdings Corp. | 6,200 | 50,605 | |||
Tokai Rika Co. Ltd. | 3,100 | 46,385 | |||
Token Corp. | 100 | 6,918 | |||
Tokuyama Corp.(1) | 3,100 | 69,364 | |||
Tokyo Century Corp. | 1,700 | 70,157 | |||
Tokyo Electron Device Ltd. | 100 | 2,107 | |||
TOMONY Holdings, Inc. | 3,100 | 8,631 | |||
Toppan Forms Co. Ltd. | 3,100 | 29,546 | |||
Topre Corp. | 1,700 | 22,047 | |||
Torii Pharmaceutical Co. Ltd. | 300 | 8,954 | |||
Tosei Corp. | 700 | 7,516 | |||
Tosoh Corp. | 11,300 | 154,025 | |||
Towa Pharmaceutical Co. Ltd. | 300 | 5,941 | |||
Toyo Construction Co. Ltd. | 3,400 | 14,463 | |||
Toyo Gosei Co. Ltd. | 200 | 6,799 | |||
Toyo Seikan Group Holdings Ltd. | 5,800 | 94,691 |
18
Shares | Value | ||||
Toyo Tanso Co. Ltd. | 200 | $ | 3,116 | ||
Toyo Tire Corp. | 6,400 | 84,710 | |||
Toyobo Co. Ltd.(1) | 3,900 | 48,768 | |||
Toyoda Gosei Co. Ltd. | 4,000 | 84,957 | |||
Toyota Boshoku Corp. | 3,700 | 50,810 | |||
TPR Co. Ltd. | 900 | 12,462 | |||
TS Tech Co. Ltd. | 3,100 | 80,351 | |||
Tsubakimoto Chain Co. | 600 | 16,282 | |||
Tsukishima Kikai Co. Ltd. | 1,700 | 19,507 | |||
UACJ Corp. | 1,700 | 29,702 | |||
Ube Industries Ltd. | 3,600 | 65,330 | |||
Uchida Yoko Co. Ltd. | 500 | 23,027 | |||
Unipres Corp. | 1,400 | 15,040 | |||
Valor Holdings Co. Ltd. | 1,300 | 19,617 | |||
Vertex Corp. | 400 | 6,190 | |||
VT Holdings Co. Ltd. | 3,100 | 10,362 | |||
Wacom Co. Ltd. | 5,400 | 16,587 | |||
Wakachiku Construction Co. Ltd. | 500 | 6,394 | |||
Wakita & Co. Ltd. | 1,400 | 11,269 | |||
Warabeya Nichiyo Holdings Co. Ltd.(1) | 500 | 7,510 | |||
Xebio Holdings Co. Ltd. | 900 | 8,172 | |||
YAMABIKO Corp. | 1,900 | 15,270 | |||
Yamato Corp. | 700 | 3,901 | |||
Yokohama Reito Co. Ltd. | 2,600 | 20,495 | |||
Yokohama Rubber Co. Ltd. (The) | 6,200 | 100,286 | |||
Yorozu Corp. | 500 | 5,937 | |||
Yuasa Trading Co. Ltd. | 600 | 16,869 | |||
Yurtec Corp. | 800 | 4,185 | |||
Zeon Corp. | 1,100 | 10,445 | |||
11,616,929 | |||||
Netherlands — 2.5% | |||||
AerCap Holdings NV(2) | 741 | 38,591 | |||
ASR Nederland NV | 127 | 4,242 | |||
BE Semiconductor Industries NV | 14,584 | 569,988 | |||
Fugro NV CVA(2) | 9,269 | 75,142 | |||
Heijmans NV CVA(2) | 5,572 | 45,265 | |||
Koninklijke BAM Groep NV | 35,103 | 97,246 | |||
Koninklijke Volkerwessels NV | 276 | 6,708 | |||
NIBC Holding NV | 5,332 | 57,151 | |||
Pharming Group NV(1)(2) | 145,078 | 180,265 | |||
SIF Holding NV(1) | 2,099 | 30,565 | |||
1,105,163 | |||||
New Zealand — 0.7% | |||||
Air New Zealand Ltd. | 79,126 | 112,041 | |||
New Zealand Refining Co. Ltd. (The) | 32,550 | 24,784 | |||
Oceania Healthcare Ltd. | 40,362 | 28,391 | |||
SKYCITY Entertainment Group Ltd. | 76,736 | 153,871 |
19
Shares | Value | ||||
Tourism Holdings Ltd. | 10,478 | $ | 16,199 | ||
335,286 | |||||
Norway — 1.8% | |||||
Avance Gas Holding Ltd.(2) | 5,084 | 22,011 | |||
BW Energy Ltd.(2) | 2,232 | 4,040 | |||
BW LPG Ltd. | 3,200 | 20,216 | |||
BW Offshore Ltd.(2) | 10,943 | 41,915 | |||
DNO ASA(1) | 41,292 | 28,591 | |||
Elkem ASA | 20,305 | 39,522 | |||
Hoegh LNG Holdings Ltd. | 4,712 | 10,765 | |||
Komplett Bank ASA(2) | 9,021 | 6,866 | |||
Norwegian Finans Holding ASA(2) | 14,632 | 137,343 | |||
Ocean Yield ASA(1) | 6,758 | 27,797 | |||
Odfjell Drilling Ltd.(2) | 8,264 | 21,148 | |||
PGS ASA(2) | 50,004 | 70,625 | |||
Selvaag Bolig ASA | 5,270 | 33,387 | |||
SpareBank 1 Nord Norge | 10,788 | 83,694 | |||
Sparebank 1 Oestlandet | 4,251 | 42,634 | |||
SpareBank 1 SMN | 11,343 | 114,569 | |||
Sparebanken Vest | 5,983 | 43,437 | |||
Stolt-Nielsen Ltd. | 2,542 | 27,940 | |||
Wallenius Wilhelmsen ASA | 9,331 | 17,675 | |||
794,175 | |||||
Portugal — 0.3% | |||||
Semapa-Sociedade de Investimento e Gestao | 9,855 | 123,485 | |||
Singapore — 1.4% | |||||
Accordia Golf Trust | 177,900 | 78,576 | |||
Banyan Tree Holdings Ltd. | 29,800 | 7,558 | |||
Boustead Singapore Ltd. | 42,200 | 22,062 | |||
BRC Asia Ltd. | 13,000 | 15,424 | |||
China Sunsine Chemical Holdings Ltd. | 91,300 | 28,031 | |||
Chip Eng Seng Corp. Ltd. | 65,100 | 27,569 | |||
Food Empire Holdings Ltd. | 20,500 | 9,848 | |||
Frencken Group Ltd. | 62,900 | 37,894 | |||
Golden Agri-Resources Ltd. | 1,339,300 | 191,172 | |||
GuocoLand Ltd. | 2,200 | 2,664 | |||
Hong Leong Asia Ltd.(2) | 45,400 | 17,759 | |||
Hour Glass Ltd. (The) | 29,900 | 15,703 | |||
Hutchison Port Holdings TrustU Shares | 464,400 | 68,254 | |||
Indofood Agri Resources Ltd. | 38,700 | 8,611 | |||
Koufu Group Ltd. | 17,800 | 9,077 | |||
Mewah International, Inc. | 23,000 | 3,715 | |||
Sembcorp Marine Ltd.(1)(2) | 71,100 | 55,777 | |||
Sunningdale Tech Ltd. | 24,800 | 21,540 | |||
621,234 | |||||
Spain — 2.0% | |||||
Acerinox SA | 18,644 | 175,177 |
20
Shares | Value | ||||
Atresmedia Corp. de Medios de Comunicacion SA(1) | 8,527 | $ | 31,280 | ||
Construcciones y Auxiliar de Ferrocarriles SA | 2,263 | 98,702 | |||
Ence Energia y Celulosa SA(1) | 9,255 | 33,267 | |||
Ercros SA | 5,363 | 13,599 | |||
Gestamp Automocion SA | 1,193 | 4,175 | |||
Mediaset Espana Comunicacion SA | 17,236 | 87,354 | |||
Melia Hotels International SA | 13,901 | 96,367 | |||
Neinor Homes SA(2) | 9,734 | 111,770 | |||
Sacyr SA | 47,544 | 127,477 | |||
Tecnicas Reunidas SA(2) | 3,739 | 84,642 | |||
863,810 | |||||
Sweden — 5.9% | |||||
Bilia AB, A Shares | 15,611 | 150,766 | |||
Bure Equity AB | 6,425 | 121,578 | |||
Clas Ohlson AB, B Shares | 10,975 | 108,670 | |||
Collector AB(1)(2) | 3,317 | 9,281 | |||
Dios Fastigheter AB | 8,409 | 75,275 | |||
Eolus Vind AB, B Shares | 3,120 | 45,034 | |||
Granges AB | 13,204 | 106,611 | |||
Haldex AB | 3,721 | 17,655 | |||
Hexatronic Group AB | 4,437 | 24,722 | |||
Hoist Finance AB(2) | 12,414 | 59,112 | |||
Holmen AB, B Shares | 9,387 | 265,572 | |||
Karo Pharma AB(2) | 6,234 | 26,293 | |||
Klovern AB, B Shares | 56,141 | 128,986 | |||
Kungsleden AB | 17,861 | 183,890 | |||
Maha Energy AB(2) | 6,789 | 10,388 | |||
Mekonomen AB(2) | 7,844 | 61,992 | |||
Modern Times Group MTG AB, B Shares(2) | 10,385 | 91,865 | |||
Momentum Group AB, Class B | 2,480 | 28,693 | |||
Mycronic AB | 9,300 | 131,860 | |||
NetEnt AB(2) | 11,109 | 28,456 | |||
Nobina AB | 13,038 | 91,173 | |||
Nolato AB, B Shares | 2,105 | 111,043 | |||
Nordic Entertainment Group AB, B Shares | 6,015 | 181,611 | |||
Nordic Waterproofing Holding AS | 1,780 | 18,895 | |||
NP3 Fastigheter AB | 2,387 | 27,763 | |||
Nyfosa AB(2) | 15,041 | 123,189 | |||
Orexo AB(2) | 1,147 | 6,646 | |||
Pandox AB | 7,240 | 135,150 | |||
RaySearch Laboratories AB(2) | 2,883 | 25,324 | |||
Resurs Holding AB | 10,602 | 57,616 | |||
SAS AB(2) | 14,577 | 15,259 | |||
Scandi Standard AB | 5,894 | 38,815 | |||
SkiStar AB | 5,535 | 54,916 | |||
Tethys Oil AB | 4,526 | 30,035 | |||
2,594,134 |
21
Shares | Value | ||||
Switzerland — 5.1% | |||||
Aryzta AG(2) | 121,771 | $ | 104,595 | ||
Autoneum Holding AG(1) | 643 | 63,410 | |||
Bossard Holding AG, Class A | 825 | 113,086 | |||
Conzzeta AG | 350 | 356,973 | |||
EFG International AG(2) | 33,857 | 195,343 | |||
Galenica AG(2) | 7,111 | 479,821 | |||
Huber + Suhner AG | 1,152 | 77,294 | |||
Kudelski SA(2) | 64 | 301 | |||
Leonteq AG(2) | 4,444 | 200,954 | |||
Schmolz + Bickenbach AG(1)(2) | 145,242 | 27,587 | |||
Valiant Holding AG | 5,385 | 536,585 | |||
Zehnder Group AG | 1,907 | 89,943 | |||
2,245,892 | |||||
United Kingdom — 16.6% | |||||
Aggreko plc | 23,192 | 205,445 | |||
Amigo Holdings plc | 7,812 | 3,592 | |||
Anglo Asian Mining plc | 7,859 | 12,001 | |||
ASOS plc(2) | 994 | 38,284 | |||
Bank of Georgia Group plc | 2,581 | 56,236 | |||
Biffa plc | 19,309 | 65,116 | |||
Britvic plc | 16,352 | 179,374 | |||
Cairn Energy plc(2) | 61,268 | 111,125 | |||
Centamin plc | 110,689 | 183,139 | |||
Central Asia Metals plc | 10,469 | 25,382 | |||
Chemring Group plc | 24,641 | 76,789 | |||
Close Brothers Group plc | 11,705 | 194,257 | |||
Coats Group plc | 119,942 | 91,533 | |||
Computacenter plc | 6,866 | 142,870 | |||
Crest Nicholson Holdings plc | 21,361 | 124,924 | |||
Dart Group plc | 7,863 | 124,833 | |||
Devro plc | 15,719 | 30,298 | |||
Diversified Gas & Oil plc | 38,425 | 39,310 | |||
Drax Group plc | 18,889 | 66,166 | |||
easyJet plc | 1,515 | 21,647 | |||
EnQuest plc(2) | 171,123 | 45,281 | |||
Ferrexpo plc | 17,519 | 29,570 | |||
Forterra plc | 16,797 | 71,195 | |||
Galliford Try Holdings plc | 8,340 | 16,534 | |||
Go-Ahead Group plc (The) | 3,651 | 91,898 | |||
Greggs plc | 8,162 | 220,084 | |||
Griffin Mining Ltd.(2) | 10,602 | 7,111 | |||
Gulf Keystone Petroleum Ltd. | 18,560 | 35,448 | |||
Gym Group plc (The) | 13,175 | 44,415 | |||
Hill & Smith Holdings plc | 6,076 | 106,398 | |||
Hochschild Mining plc | 21,199 | 43,327 | |||
Howden Joinery Group plc | 16,215 | 134,459 |
22
Shares | Value | ||||
Ibstock plc | 31,237 | $ | 111,117 | ||
IG Group Holdings plc | 31,258 | 271,009 | |||
IMI plc | 22,894 | 300,313 | |||
Inchcape plc | 36,562 | 271,007 | |||
Indivior plc(2) | 38,533 | 21,456 | |||
J D Wetherspoon plc | 5,951 | 103,395 | |||
J Sainsbury plc | 98,915 | 250,511 | |||
Jadestone Energy, Inc.(2) | 27,342 | 20,935 | |||
KAZ Minerals plc | 14,107 | 76,548 | |||
Keller Group plc | 7,055 | 59,274 | |||
Lookers plc | 14,570 | 8,376 | |||
Luceco plc | 7,285 | 10,426 | |||
Luxfer Holdings plc | 1,102 | 17,092 | |||
Marks & Spencer Group plc | 54,527 | 112,262 | |||
Marston's plc | 69,071 | 80,329 | |||
Mitchells & Butlers plc(2) | 18,395 | 79,076 | |||
Morgan Sindall Group plc | 3,021 | 68,145 | |||
N Brown Group plc | 13,573 | 10,136 | |||
Pagegroup plc | 26,827 | 141,649 | |||
Pan African Resources plc | 216,482 | 34,088 | |||
Petrofac Ltd. | 19,927 | 82,532 | |||
Pharos Energy plc | 20,126 | 7,938 | |||
Photo-Me International plc | 26,363 | 28,290 | |||
Plus500 Ltd. | 8,886 | 108,767 | |||
Premier Oil plc(2) | 59,437 | 60,613 | |||
Quilter plc | 191,045 | 361,469 | |||
Reach plc | 31,371 | 59,645 | |||
Redde Northgate plc(1) | 13,788 | 44,243 | |||
Redrow plc | 18,069 | 173,977 | |||
Rhi Magnesita NV | 1,777 | 68,925 | |||
RPS Group plc | 15,285 | 24,085 | |||
Serica Energy plc(2) | 14,529 | 18,733 | |||
Sirius Real Estate Ltd. | 84,071 | 87,297 | |||
Speedy Hire plc | 46,951 | 46,610 | |||
St. James's Place plc | 9,283 | 122,448 | |||
Superdry plc | 3,286 | 13,114 | |||
Tate & Lyle plc | 15,159 | 138,354 | |||
Taylor Wimpey plc | 56,025 | 147,029 | |||
Ted Baker plc | 806 | 3,037 | |||
TP ICAP plc | 38,638 | 180,744 | |||
Travis Perkins plc | 14,622 | 276,803 | |||
Tremor International Ltd.(2) | 9,393 | 19,893 | |||
Tullow Oil plc | 22,878 | 10,097 | |||
Vistry Group plc | 16,744 | 275,909 | |||
WM Morrison Supermarkets plc | 123,103 | 272,920 | |||
7,318,657 | |||||
TOTAL COMMON STOCKS (Cost $47,879,919) | 43,942,447 |
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Shares | Value | ||||
RIGHTS† | |||||
Hong Kong† | |||||
Guotai Junan International Holdings Ltd.(1) (Cost $—) | 144,666 | $ | 186 | ||
TEMPORARY CASH INVESTMENTS — 0.1% | |||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $24,332) | 24,332 | 24,332 | |||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.9% | |||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $829,148) | 829,148 | 829,148 | |||
TOTAL INVESTMENT SECURITIES — 101.7% (Cost $48,733,399) | 44,796,113 | ||||
OTHER ASSETS AND LIABILITIES — (1.7)% | (758,813 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 44,037,300 |
MARKET SECTOR DIVERSIFICATION | ||
(as a % of net assets) | ||
Industrials | 21.2 | % |
Materials | 19.1 | % |
Financials | 15.6 | % |
Consumer Discretionary | 14.7 | % |
Energy | 7.6 | % |
Information Technology | 6.2 | % |
Consumer Staples | 4.4 | % |
Real Estate | 3.0 | % |
Health Care | 2.8 | % |
Communication Services | 2.7 | % |
Utilities | 2.4 | % |
Cash and Equivalents* | 0.3 | % |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||
CVA | - | Certificaten Van Aandelen |
† | Category is less than 0.05% of total net assets. |
(1) | Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,500,182. 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. |
(2) | Non-income producing. |
(3) | Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $1,596,283, which includes securities collateral of $767,135. |
See Notes to Financial Statements.
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Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $47,904,251) — including $1,500,182 of securities on loan | $ | 43,966,965 | |
Investment made with cash collateral received for securities on loan, at value (cost of $829,148) | 829,148 | ||
Total investment securities, at value (cost of $48,733,399) | 44,796,113 | ||
Foreign currency holdings, at value (cost of $15,911) | 15,815 | ||
Receivable for investments sold | 561,273 | ||
Dividends and interest receivable | 65,380 | ||
Securities lending receivable | 1,122 | ||
45,439,703 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 829,148 | ||
Payable for investments purchased | 559,350 | ||
Accrued management fees | 13,905 | ||
1,402,403 | |||
Net Assets | $ | 44,037,300 | |
Shares outstanding (unlimited number of shares authorized) | 930,001 | ||
Net Asset Value Per Share | $ | 47.35 | |
Net Assets Consist of: | |||
Capital paid in | $ | 48,125,399 | |
Distributable earnings | (4,088,099 | ) | |
$ | 44,037,300 |
See Notes to Financial Statements.
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Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $27,666) | $ | 319,104 | |
Securities lending, net | 4,554 | ||
Interest | 484 | ||
324,142 | |||
Expenses: | |||
Management fees | 59,560 | ||
Other expenses | 97 | ||
59,657 | |||
Net investment income (loss) | 264,485 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | (255,644 | ) | |
Foreign currency translation transactions | 10,554 | ||
(245,090 | ) | ||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | (3,937,286 | ) | |
Translation of assets and liabilities in foreign currencies | (192 | ) | |
(3,937,478 | ) | ||
Net realized and unrealized gain (loss) | (4,182,568 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (3,918,083 | ) |
(1) | September 24, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
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Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 264,485 | |
Net realized gain (loss) | (245,090 | ) | |
Change in net unrealized appreciation (depreciation) | (3,937,478 | ) | |
Net increase (decrease) in net assets resulting from operations | (3,918,083 | ) | |
Distributions to Shareholders | |||
From earnings | (170,016 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 48,125,399 | ||
Net increase (decrease) in net assets | 44,037,300 | ||
Net Assets | |||
End of period | $ | 44,037,300 | |
Transactions in Shares of the Fund | |||
Sold | 930,001 |
(1) | September 24, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis International Small Cap Value ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek long-term capital appreciation. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on September 24, 2019.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
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Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 829,148 | — | — | — | $ | 829,148 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 829,148 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 40% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.36%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 were $14,868,816 and $7,558,837, respectively.
Securities received in-kind through subscriptions for the period ended February 29, 2020 were $40,789,872. There were no securities delivered in-kind through redemptions during the period.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 30,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a basket of securities (and an amount of cash) that the fund specifies each day. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
6. 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, |
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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.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Common Stocks | $ | 76,395 | $ | 43,866,052 | — | |||
Rights | — | 186 | — | |||||
Temporary Cash Investments | 24,332 | — | — | |||||
Temporary Cash Investments - Securities Lending Collateral | 829,148 | — | — | |||||
$ | 929,875 | $ | 43,866,238 | — |
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing a significant portion of assets in one country or region may accentuate these risks.
The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater
risk and market fluctuations than a fund investing in larger, more established companies.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 48,738,170 | |
Gross tax appreciation of investments | $ | 1,416,645 | |
Gross tax depreciation of investments | (5,358,702 | ) | |
Net tax appreciation (depreciation) of investments | $ | (3,942,057 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
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Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $50.00 | 0.37 | (2.82) | (2.45) | (0.20) | $47.35 | (4.95)% | 0.36%(5) | 1.60%(5) | 22% | $44,037 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | September 24, 2019 (fund inception) through February 29, 2020 (unaudited). |
(5) | Annualized. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019, the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
33
The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
36
Notes |
37
Notes |
38
Notes |
39
Notes |
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Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96054 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ U.S. Equity ETF (AVUS) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Apple, Inc. | 3.7% |
Microsoft Corp. | 3.2% |
Amazon.com, Inc. | 2.2% |
Alphabet, Inc.* | 2.0% |
Facebook, Inc., Class A | 1.5% |
Johnson & Johnson | 1.2% |
JPMorgan Chase & Co. | 1.2% |
Verizon Communications, Inc. | 1.0% |
Mastercard, Inc., Class A | 0.9% |
Visa, Inc., Class A | 0.7% |
*Includes all classes of the issuer held by the fund. | |
Top Five Industries | % of net assets |
Banks | 6.6% |
Software | 5.4% |
IT Services | 4.7% |
Semiconductors and Semiconductor Equipment | 4.6% |
Oil, Gas and Consumable Fuels | 4.1% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.8% |
Rights | —* |
Total Equity Exposure | 99.8% |
Temporary Cash Investments | —* |
Temporary Cash Investments - Securities Lending Collateral | 0.2% |
Other Assets and Liabilities | —* |
*Category is less than 0.05% of total net assets.
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $982.50(2) | $0.65(3) | 0.15% |
Hypothetical | $1,000 | $1,024.12(4) | $0.75(4) | 0.15% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from September 24, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 159, the number of days in the period from September 24, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the fund had been available throughout the entire period and are calculated using the fund's annualized expense ratio listed in the table above. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 99.8% | ||||
Aerospace and Defense — 1.6% | ||||
AAR Corp. | 872 | $ | 30,128 | |
Aerojet Rocketdyne Holdings, Inc.(1) | 2,093 | 103,143 | ||
AeroVironment, Inc.(1) | 134 | 6,886 | ||
Arconic, Inc. | 2,870 | 84,234 | ||
Astronics Corp.(1) | 428 | 8,676 | ||
Axon Enterprise, Inc.(1) | 206 | 15,938 | ||
Boeing Co. (The) | 1,317 | 362,320 | ||
BWX Technologies, Inc. | 1,674 | 91,802 | ||
Cubic Corp. | 824 | 44,859 | ||
Curtiss-Wright Corp. | 418 | 50,135 | ||
Ducommun, Inc.(1) | 206 | 9,198 | ||
General Dynamics Corp. | 650 | 103,798 | ||
HEICO Corp. | 206 | 22,217 | ||
HEICO Corp., Class A | 317 | 28,001 | ||
Hexcel Corp. | 1,871 | 120,923 | ||
Huntington Ingalls Industries, Inc. | 479 | 98,449 | ||
L3Harris Technologies, Inc. | 877 | 173,409 | ||
Lockheed Martin Corp. | 1,207 | 446,433 | ||
Mercury Systems, Inc.(1) | 317 | 23,287 | ||
Moog, Inc., Class A | 317 | 24,447 | ||
National Presto Industries, Inc. | 34 | 2,672 | ||
Northrop Grumman Corp. | 535 | 175,929 | ||
Park Aerospace Corp. | 249 | 3,464 | ||
Parsons Corp.(1) | 530 | 20,718 | ||
Raytheon Co. | 539 | 101,634 | ||
Spirit AeroSystems Holdings, Inc., Class A | 2,019 | 106,684 | ||
Teledyne Technologies, Inc.(1) | 206 | 69,488 | ||
Textron, Inc. | 1,094 | 44,416 | ||
TransDigm Group, Inc. | 173 | 96,501 | ||
Triumph Group, Inc. | 318 | 6,042 | ||
United Technologies Corp. | 1,545 | 201,761 | ||
Vectrus, Inc.(1) | 206 | 10,730 | ||
2,688,322 | ||||
Air Freight and Logistics — 0.7% | ||||
Air Transport Services Group, Inc.(1) | 1,411 | 25,257 | ||
Atlas Air Worldwide Holdings, Inc.(1) | 539 | 14,402 | ||
CH Robinson Worldwide, Inc. | 1,427 | 98,320 | ||
Echo Global Logistics, Inc.(1) | 234 | 4,317 | ||
Expeditors International of Washington, Inc. | 2,204 | 155,206 | ||
FedEx Corp. | 2,204 | 311,139 | ||
Forward Air Corp. | 539 | 31,807 |
5
Shares | Value | |||
Hub Group, Inc., Class A(1) | 821 | $ | 37,955 | |
United Parcel Service, Inc., Class B | 5,266 | 476,520 | ||
XPO Logistics, Inc.(1) | 428 | 31,659 | ||
1,186,582 | ||||
Airlines — 0.8% | ||||
Alaska Air Group, Inc. | 2,441 | 123,173 | ||
Allegiant Travel Co. | 400 | 54,216 | ||
American Airlines Group, Inc. | 872 | 16,612 | ||
Delta Air Lines, Inc. | 7,447 | 343,530 | ||
Hawaiian Holdings, Inc. | 1,316 | 27,478 | ||
JetBlue Airways Corp.(1) | 6,739 | 106,341 | ||
Mesa Air Group, Inc.(1) | 506 | 2,920 | ||
SkyWest, Inc. | 1,205 | 54,707 | ||
Southwest Airlines Co. | 6,739 | 311,274 | ||
Spirit Airlines, Inc.(1) | 1,715 | 48,792 | ||
United Airlines Holdings, Inc.(1) | 3,536 | 217,782 | ||
1,306,825 | ||||
Auto Components — 0.7% | ||||
Adient plc(1) | 872 | 20,867 | ||
American Axle & Manufacturing Holdings, Inc.(1) | 3,105 | 19,655 | ||
Aptiv plc | 2,870 | 224,176 | ||
Autoliv, Inc. | 1,961 | 130,858 | ||
BorgWarner, Inc. | 4,422 | 139,735 | ||
Cooper Tire & Rubber Co. | 1,218 | 31,047 | ||
Cooper-Standard Holdings, Inc.(1) | 293 | 5,063 | ||
Dana, Inc. | 3,165 | 45,513 | ||
Delphi Technologies plc(1) | 1,316 | 18,582 | ||
Fox Factory Holding Corp.(1) | 206 | 13,060 | ||
Gentex Corp. | 6,295 | 168,076 | ||
Gentherm, Inc.(1) | 761 | 31,034 | ||
Goodyear Tire & Rubber Co. (The) | 5,144 | 49,820 | ||
LCI Industries | 586 | 56,578 | ||
Lear Corp. | 1,341 | 149,119 | ||
Modine Manufacturing Co.(1) | 1,316 | 9,817 | ||
Motorcar Parts of America, Inc.(1) | 129 | 2,159 | ||
Standard Motor Products, Inc. | 206 | 9,064 | ||
Stoneridge, Inc.(1) | 539 | 11,912 | ||
Tenneco, Inc., Class A | 1,790 | 16,414 | ||
Veoneer, Inc.(1)(2) | 872 | 10,734 | ||
Visteon Corp.(1) | 428 | 27,837 | ||
XPEL, Inc.(1) | 283 | 3,654 | ||
1,194,774 | ||||
Automobiles — 0.8% | ||||
Ford Motor Co. | 51,930 | 361,433 | ||
General Motors Co. | 14,255 | 434,777 | ||
Harley-Davidson, Inc. | 3,736 | 113,836 | ||
Tesla, Inc.(1) | 539 | 360,047 |
6
Shares | Value | |||
Thor Industries, Inc. | 430 | $ | 32,426 | |
Winnebago Industries, Inc. | 858 | 44,522 | ||
1,347,041 | ||||
Banks — 6.6% | ||||
1st Source Corp. | 206 | 8,662 | ||
Allegiance Bancshares, Inc. | 317 | 10,515 | ||
Amalgamated Bank, Class A | 265 | 4,243 | ||
Amerant Bancorp, Inc.(1) | 650 | 11,999 | ||
American National Bankshares, Inc. | 125 | 3,861 | ||
Ameris Bancorp | 808 | 27,617 | ||
Arrow Financial Corp. | 211 | 6,682 | ||
Associated Banc-Corp. | 1,839 | 31,134 | ||
Atlantic Capital Bancshares, Inc.(1) | 351 | 6,364 | ||
Atlantic Union Bankshares Corp. | 872 | 25,933 | ||
Banc of California, Inc. | 872 | 13,368 | ||
BancFirst Corp. | 297 | 15,236 | ||
Bancorp, Inc. (The)(1) | 1,674 | 20,373 | ||
BancorpSouth Bank | 1,087 | 26,599 | ||
Bank First Corp. | 86 | 5,091 | ||
Bank of America Corp. | 38,726 | 1,103,691 | ||
Bank of Commerce Holdings | 304 | 3,178 | ||
Bank of Hawaii Corp. | 743 | 55,294 | ||
Bank of Marin Bancorp | 206 | 7,855 | ||
Bank OZK | 1,999 | 50,755 | ||
BankUnited, Inc. | 1,536 | 45,619 | ||
Banner Corp. | 489 | 22,318 | ||
Bar Harbor Bankshares | 194 | 3,961 | ||
Baycom Corp.(1) | 168 | 3,580 | ||
BCB Bancorp, Inc. | 298 | 3,379 | ||
Berkshire Hills Bancorp, Inc. | 648 | 15,818 | ||
BOK Financial Corp. | 317 | 22,951 | ||
Boston Private Financial Holdings, Inc. | 1,649 | 16,086 | ||
Bridge Bancorp, Inc. | 428 | 11,779 | ||
Brookline Bancorp, Inc. | 1,094 | 15,174 | ||
Bryn Mawr Bank Corp. | 317 | 10,537 | ||
Business First Bancshares, Inc. | 177 | 4,260 | ||
Byline Bancorp, Inc. | 361 | 6,318 | ||
Cadence BanCorp | 1,116 | 15,758 | ||
Camden National Corp. | 206 | 8,448 | ||
Capital City Bank Group, Inc. | 165 | 4,397 | ||
Carolina Financial Corp. | 317 | 10,271 | ||
Cathay General Bancorp. | 1,094 | 33,673 | ||
CBTX, Inc. | 169 | 4,217 | ||
CenterState Bank Corp. | 1,324 | 26,785 | ||
Central Pacific Financial Corp. | 571 | 13,658 | ||
Central Valley Community Bancorp | 196 | 3,371 | ||
CIT Group, Inc. | 1,316 | 52,258 |
7
Shares | Value | |||
Citigroup, Inc. | 14,340 | $ | 910,016 | |
Citizens & Northern Corp. | 176 | 3,993 | ||
Citizens Financial Group, Inc. | 4,519 | 143,207 | ||
City Holding Co. | 206 | 14,404 | ||
Civista Bancshares, Inc. | 202 | 3,866 | ||
CNB Financial Corp. | 324 | 8,123 | ||
Codorus Valley Bancorp, Inc. | 173 | 3,564 | ||
Columbia Banking System, Inc. | 761 | 25,265 | ||
Comerica, Inc. | 1,538 | 80,960 | ||
Commerce Bancshares, Inc. | 1,273 | 77,704 | ||
Community Bank System, Inc. | 502 | 30,527 | ||
Community Bankers Trust Corp. | 437 | 3,570 | ||
Community Trust Bancorp, Inc. | 206 | 7,968 | ||
ConnectOne Bancorp, Inc. | 539 | 11,324 | ||
Cullen/Frost Bankers, Inc. | 428 | 33,551 | ||
Customers Bancorp, Inc.(1) | 650 | 13,189 | ||
CVB Financial Corp. | 1,427 | 26,457 | ||
Dime Community Bancshares, Inc. | 60 | 1,007 | ||
Eagle Bancorp, Inc. | 317 | 11,862 | ||
East West Bancorp, Inc. | 2,691 | 104,249 | ||
Enterprise Financial Services Corp. | 317 | 12,132 | ||
Equity Bancshares, Inc., Class A(1) | 234 | 6,126 | ||
F.N.B. Corp. | 3,964 | 39,997 | ||
Farmers & Merchants Bancorp, Inc. | 67 | 1,782 | ||
Farmers National Banc Corp. | 393 | 5,907 | ||
FB Financial Corp. | 317 | 10,325 | ||
Fifth Third Bancorp | 6,744 | 164,554 | ||
Financial Institutions, Inc. | 428 | 11,517 | ||
First BanCorp | 1,982 | 15,737 | ||
First Bancorp/Southern Pines NC | 419 | 13,450 | ||
First Bancshares, Inc. (The) | 317 | 9,459 | ||
First Busey Corp. | 720 | 15,890 | ||
First Business Financial Services, Inc. | 146 | 3,504 | ||
First Choice Bancorp | 186 | 4,213 | ||
First Citizens BancShares, Inc., Class A | 79 | 35,811 | ||
First Commonwealth Financial Corp. | 1,316 | 15,529 | ||
First Community Bankshares, Inc. | 325 | 8,502 | ||
First Financial Bancorp | 1,094 | 22,536 | ||
First Financial Bankshares, Inc. | 1,316 | 37,822 | ||
First Financial Corp. | 206 | 8,230 | ||
First Foundation, Inc. | 872 | 12,622 | ||
First Hawaiian, Inc. | 1,649 | 39,494 | ||
First Horizon National Corp. | 3,964 | 52,840 | ||
First Internet Bancorp | 147 | 3,571 | ||
First Interstate BancSystem, Inc., Class A | 428 | 14,578 | ||
First Merchants Corp. | 592 | 20,708 | ||
First Mid Bancshares, Inc. | 317 | 8,930 |
8
Shares | Value | |||
First Midwest Bancorp, Inc. | 1,211 | $ | 21,980 | |
First of Long Island Corp. (The) | 539 | 11,163 | ||
First Republic Bank | 983 | 98,860 | ||
Flushing Financial Corp. | 548 | 9,949 | ||
Franklin Financial Network, Inc. | 191 | 6,397 | ||
Fulton Financial Corp. | 2,204 | 31,848 | ||
German American Bancorp, Inc. | 317 | 9,462 | ||
Glacier Bancorp, Inc. | 983 | 36,656 | ||
Great Southern Bancorp, Inc. | 265 | 13,597 | ||
Great Western Bancorp, Inc. | 741 | 19,911 | ||
Guaranty Bancshares, Inc. | 130 | 3,589 | ||
Hancock Whitney Corp. | 872 | 29,212 | ||
Hanmi Financial Corp. | 650 | 10,140 | ||
Heartland Financial USA, Inc. | 497 | 21,296 | ||
Heritage Commerce Corp. | 1,094 | 11,224 | ||
Heritage Financial Corp. | 428 | 9,925 | ||
Hilltop Holdings, Inc. | 1,205 | 25,100 | ||
Home BancShares, Inc. | 1,982 | 33,218 | ||
HomeTrust Bancshares, Inc. | 435 | 10,336 | ||
Hope Bancorp, Inc. | 1,760 | 21,490 | ||
Horizon Bancorp, Inc. | 761 | 11,430 | ||
Howard Bancorp, Inc.(1) | 236 | 3,717 | ||
Huntington Bancshares, Inc. | 16,237 | 199,228 | ||
IBERIABANK Corp. | 650 | 39,123 | ||
Independent Bank Corp. (Massachusetts) | 284 | 19,179 | ||
Independent Bank Corp. (Michigan) | 547 | 10,705 | ||
Independent Bank Group, Inc. | 317 | 14,674 | ||
International Bancshares Corp. | 1,033 | 35,225 | ||
Investar Holding Corp. | 140 | 2,990 | ||
Investors Bancorp, Inc. | 2,870 | 30,250 | ||
JPMorgan Chase & Co. | 16,613 | 1,928,935 | ||
KeyCorp | 14,708 | 240,476 | ||
Lakeland Bancorp, Inc. | 872 | 12,561 | ||
Lakeland Financial Corp. | 439 | 17,942 | ||
Live Oak Bancshares, Inc. | 650 | 9,991 | ||
M&T Bank Corp. | 872 | 122,411 | ||
Macatawa Bank Corp. | 1,214 | 11,703 | ||
MainStreet Bancshares, Inc.(1) | 72 | 1,460 | ||
Mercantile Bank Corp. | 317 | 9,095 | ||
Metropolitan Bank Holding Corp.(1) | 82 | 3,506 | ||
Midland States Bancorp, Inc. | 428 | 10,195 | ||
MidWestOne Financial Group, Inc. | 429 | 12,325 | ||
MVB Financial Corp. | 299 | 5,274 | ||
National Bank Holdings Corp., Class A | 373 | 11,410 | ||
NBT Bancorp, Inc. | 510 | 17,182 | ||
Nicolet Bankshares, Inc.(1) | 95 | 6,313 | ||
Northeast Bank | 198 | 3,524 |
9
Shares | Value | |||
Northrim BanCorp, Inc. | 126 | $ | 4,404 | |
OFG Bancorp | 1,304 | 21,829 | ||
Old National Bancorp | 1,982 | 31,236 | ||
Old Second Bancorp, Inc. | 987 | 10,502 | ||
Opus Bank | 539 | 12,758 | ||
Origin Bancorp, Inc. | 317 | 9,586 | ||
Orrstown Financial Services, Inc. | 185 | 3,293 | ||
Pacific Premier Bancorp, Inc. | 811 | 20,948 | ||
PacWest Bancorp | 1,279 | 40,468 | ||
Park National Corp. | 147 | 12,836 | ||
Parke Bancorp, Inc. | 260 | 4,801 | ||
PCB Bancorp. | 203 | 2,714 | ||
Peapack Gladstone Financial Corp. | 428 | 11,749 | ||
People's United Financial, Inc. | 3,841 | 53,736 | ||
People's Utah Bancorp | 428 | 10,259 | ||
Peoples Bancorp, Inc. | 317 | 9,050 | ||
Pinnacle Financial Partners, Inc. | 650 | 34,216 | ||
PNC Financial Services Group, Inc. (The) | 2,749 | 347,474 | ||
Popular, Inc. | 1,649 | 79,119 | ||
Preferred Bank | 352 | 17,998 | ||
Premier Financial Bancorp, Inc. | 186 | 3,097 | ||
Prosperity Bancshares, Inc. | 774 | 50,000 | ||
QCR Holdings, Inc. | 317 | 12,065 | ||
RBB Bancorp | 320 | 5,398 | ||
Regions Financial Corp. | 9,831 | 132,915 | ||
Reliant Bancorp, Inc. | 129 | 2,561 | ||
Renasant Corp. | 690 | 19,548 | ||
Republic Bancorp, Inc., Class A | 228 | 8,149 | ||
S&T Bancorp, Inc. | 474 | 15,580 | ||
Sandy Spring Bancorp, Inc. | 516 | 15,872 | ||
Seacoast Banking Corp. of Florida(1) | 428 | 10,657 | ||
ServisFirst Bancshares, Inc. | 948 | 32,753 | ||
Sierra Bancorp | 428 | 10,195 | ||
Signature Bank | 887 | 110,964 | ||
Simmons First National Corp., Class A | 1,279 | 27,345 | ||
SmartFinancial, Inc. | 190 | 3,608 | ||
South Plains Financial, Inc. | 237 | 4,747 | ||
South State Corp. | 368 | 25,068 | ||
Southern First Bancshares, Inc.(1) | 318 | 12,122 | ||
Southern National Bancorp of Virginia, Inc. | 364 | 5,165 | ||
Southside Bancshares, Inc. | 317 | 10,214 | ||
Spirit of Texas Bancshares, Inc.(1) | 159 | 2,932 | ||
Sterling Bancorp | 2,592 | 42,975 | ||
Stock Yards Bancorp, Inc. | 317 | 11,076 | ||
Summit Financial Group, Inc. | 234 | 5,129 | ||
SVB Financial Group(1) | 428 | 89,092 | ||
Synovus Financial Corp. | 2,426 | 70,403 |
10
Shares | Value | |||
TCF Financial Corp. | 983 | $ | 35,821 | |
Texas Capital Bancshares, Inc.(1) | 983 | 46,280 | ||
Tompkins Financial Corp. | 182 | 14,465 | ||
Towne Bank | 761 | 17,549 | ||
TriCo Bancshares | 317 | 10,721 | ||
TriState Capital Holdings, Inc.(1) | 546 | 10,849 | ||
Triumph Bancorp, Inc.(1) | 317 | 10,737 | ||
Truist Financial Corp. | 8,370 | 386,192 | ||
Trustmark Corp. | 761 | 20,471 | ||
U.S. Bancorp | 9,057 | 420,607 | ||
UMB Financial Corp. | 610 | 35,472 | ||
Umpqua Holdings Corp. | 2,803 | 43,138 | ||
United Bankshares, Inc. | 872 | 25,183 | ||
United Community Banks, Inc. | 1,094 | 27,098 | ||
United Security Bancshares | 344 | 2,979 | ||
Univest Financial Corp. | 428 | 10,015 | ||
Valley National Bancorp | 5,421 | 50,415 | ||
Veritex Holdings, Inc. | 539 | 12,974 | ||
Washington Trust Bancorp, Inc. | 297 | 12,747 | ||
Webster Financial Corp. | 980 | 37,211 | ||
Wells Fargo & Co. | 22,766 | 929,991 | ||
WesBanco, Inc. | 885 | 27,090 | ||
West Bancorporation, Inc. | 545 | 11,145 | ||
Westamerica Bancorporation | 317 | 18,329 | ||
Western Alliance Bancorp | 1,811 | 83,378 | ||
Wintrust Financial Corp. | 650 | 34,717 | ||
Zions Bancorp N.A. | 3,086 | 123,286 | ||
11,067,281 | ||||
Beverages — 1.2% | ||||
Boston Beer Co., Inc. (The), Class A(1) | 130 | 48,203 | ||
Brown-Forman Corp., Class A | 324 | 19,016 | ||
Brown-Forman Corp., Class B | 2,808 | 172,439 | ||
Coca-Cola Co. (The) | 8,615 | 460,816 | ||
Coca-Cola Consolidated, Inc. | 95 | 18,656 | ||
Constellation Brands, Inc., Class A | 1,094 | 188,584 | ||
Keurig Dr Pepper, Inc. | 872 | 24,311 | ||
MGP Ingredients, Inc.(2) | 117 | 3,365 | ||
Molson Coors Beverage Co., Class B | 1,395 | 69,206 | ||
Monster Beverage Corp.(1) | 2,537 | 158,334 | ||
National Beverage Corp.(1)(2) | 206 | 8,712 | ||
New Age Beverages Corp.(1) | 1,060 | 2,141 | ||
PepsiCo, Inc. | 6,406 | 845,784 | ||
2,019,567 | ||||
Biotechnology — 2.4% | ||||
AbbVie, Inc. | 2,432 | 208,447 | ||
ACADIA Pharmaceuticals, Inc.(1) | 428 | 18,293 | ||
ADMA Biologics, Inc.(1) | 40 | 117 |
11
Shares | Value | |||
Agenus, Inc.(1) | 3,432 | $ | 8,683 | |
Agios Pharmaceuticals, Inc.(1) | 155 | 7,359 | ||
Aimmune Therapeutics, Inc.(1)(2) | 253 | 6,024 | ||
Akebia Therapeutics, Inc.(1) | 740 | 6,564 | ||
Alexion Pharmaceuticals, Inc.(1) | 985 | 92,620 | ||
Alkermes plc(1) | 650 | 13,546 | ||
Allogene Therapeutics, Inc.(1)(2) | 12 | 324 | ||
Alnylam Pharmaceuticals, Inc.(1) | 543 | 63,889 | ||
Amgen, Inc. | 3,064 | 611,973 | ||
Anika Therapeutics, Inc.(1) | 206 | 8,603 | ||
Ardelyx, Inc.(1) | 516 | 3,571 | ||
Arena Pharmaceuticals, Inc.(1) | 1,538 | 68,595 | ||
Arrowhead Pharmaceuticals, Inc.(1) | 2,648 | 93,633 | ||
Assembly Biosciences, Inc.(1) | 138 | 2,501 | ||
Atara Biotherapeutics, Inc.(1) | 182 | 2,211 | ||
Atreca, Inc., Class A(1) | 148 | 3,499 | ||
Avid Bioservices, Inc.(1) | 1,340 | 8,442 | ||
Avrobio, Inc.(1) | 650 | 12,545 | ||
Beyondspring, Inc.(1) | 15 | 238 | ||
Biogen, Inc.(1) | 1,987 | 612,771 | ||
BioMarin Pharmaceutical, Inc.(1) | 539 | 48,709 | ||
BioSpecifics Technologies Corp.(1) | 54 | 2,980 | ||
Bluebird Bio, Inc.(1) | 95 | 6,871 | ||
Blueprint Medicines Corp.(1) | 6 | 325 | ||
Coherus Biosciences, Inc.(1) | 489 | 9,462 | ||
Cyclerion Therapeutics, Inc.(1) | 6 | 26 | ||
Cytokinetics, Inc.(1) | 1,212 | 16,895 | ||
Deciphera Pharmaceuticals, Inc.(1) | 317 | 16,877 | ||
Eagle Pharmaceuticals, Inc.(1) | 317 | 14,550 | ||
Editas Medicine, Inc.(1) | 539 | 11,955 | ||
Eiger BioPharmaceuticals, Inc.(1) | 191 | 1,813 | ||
Emergent BioSolutions, Inc.(1) | 478 | 28,049 | ||
Enanta Pharmaceuticals, Inc.(1) | 133 | 6,767 | ||
Exact Sciences Corp.(1) | 470 | 38,046 | ||
Exelixis, Inc.(1) | 4,186 | 77,818 | ||
FibroGen, Inc.(1) | 317 | 13,251 | ||
G1 Therapeutics, Inc.(1) | 293 | 5,256 | ||
Gilead Sciences, Inc. | 11,059 | 767,052 | ||
Gossamer Bio, Inc.(1) | 850 | 11,160 | ||
Halozyme Therapeutics, Inc.(1) | 761 | 14,893 | ||
Harpoon Therapeutics, Inc.(1) | 163 | 2,500 | ||
Heron Therapeutics, Inc.(1) | 283 | 5,278 | ||
ImmunoGen, Inc.(1) | 3,744 | 16,661 | ||
Incyte Corp.(1) | 872 | 65,758 | ||
Intellia Therapeutics, Inc.(1)(2) | 172 | 2,296 | ||
Ionis Pharmaceuticals, Inc.(1) | 428 | 21,734 | ||
Ironwood Pharmaceuticals, Inc.(1) | 387 | 4,659 |
12
Shares | Value | |||
Kadmon Holdings, Inc.(1) | 1,285 | $ | 5,962 | |
Karyopharm Therapeutics, Inc.(1) | 1,501 | 24,526 | ||
Kura Oncology, Inc.(1) | 549 | 6,626 | ||
Ligand Pharmaceuticals, Inc.(1)(2) | 95 | 8,892 | ||
MacroGenics, Inc.(1) | 208 | 1,824 | ||
Mirati Therapeutics, Inc.(1) | 95 | 8,502 | ||
Mirum Pharmaceuticals, Inc.(1)(2) | 318 | 5,266 | ||
Moderna, Inc.(1) | 761 | 19,733 | ||
Momenta Pharmaceuticals, Inc.(1) | 539 | 15,248 | ||
Myriad Genetics, Inc.(1) | 428 | 7,541 | ||
Neurocrine Biosciences, Inc.(1) | 317 | 30,020 | ||
OPKO Health, Inc.(1)(2) | 2,915 | 4,372 | ||
PDL BioPharma, Inc.(1) | 866 | 2,944 | ||
Pfenex, Inc.(1) | 293 | 3,399 | ||
Protagonist Therapeutics, Inc.(1) | 3 | 23 | ||
Prothena Corp. plc(1) | 298 | 3,177 | ||
Radius Health, Inc.(1) | 428 | 9,014 | ||
Regeneron Pharmaceuticals, Inc.(1) | 536 | 238,289 | ||
REGENXBIO, Inc.(1) | 134 | 5,360 | ||
Retrophin, Inc.(1) | 171 | 2,650 | ||
Sage Therapeutics, Inc.(1) | 1 | 47 | ||
Sangamo Therapeutics, Inc.(1) | 1,205 | 10,279 | ||
Sarepta Therapeutics, Inc.(1) | 95 | 10,875 | ||
Seattle Genetics, Inc.(1) | 317 | 36,094 | ||
Solid Biosciences, Inc.(1)(2) | 3 | 10 | ||
Spectrum Pharmaceuticals, Inc.(1) | 195 | 558 | ||
Syndax Pharmaceuticals, Inc.(1) | 1,323 | 12,449 | ||
TCR2 Therapeutics, Inc.(1) | 127 | 1,509 | ||
Turning Point Therapeutics, Inc.(1) | 348 | 17,250 | ||
United Therapeutics Corp.(1) | 809 | 83,295 | ||
Vanda Pharmaceuticals, Inc.(1) | 351 | 3,872 | ||
Veracyte, Inc.(1) | 428 | 10,567 | ||
Vericel Corp.(1) | 545 | 8,415 | ||
Vertex Pharmaceuticals, Inc.(1) | 1,316 | 294,823 | ||
Viking Therapeutics, Inc.(1)(2) | 356 | 2,108 | ||
Voyager Therapeutics, Inc.(1) | 761 | 8,295 | ||
Xencor, Inc.(1) | 428 | 13,906 | ||
3,983,809 | ||||
Building Products — 0.8% | ||||
AAON, Inc. | 419 | 23,049 | ||
Advanced Drainage Systems, Inc. | 1,205 | 50,441 | ||
Allegion plc | 872 | 100,271 | ||
AO Smith Corp. | 1,205 | 47,658 | ||
Apogee Enterprises, Inc. | 650 | 19,624 | ||
Armstrong Flooring, Inc.(1) | 185 | 488 | ||
Armstrong World Industries, Inc. | 1,205 | 120,681 | ||
Builders FirstSource, Inc.(1) | 2,196 | 49,871 |
13
Shares | Value | |||
CSW Industrials, Inc. | 206 | $ | 13,563 | |
Fortune Brands Home & Security, Inc. | 539 | 33,283 | ||
Gibraltar Industries, Inc.(1) | 507 | 25,690 | ||
Insteel Industries, Inc. | 417 | 8,294 | ||
JELD-WEN Holding, Inc.(1) | 1,427 | 26,828 | ||
Johnson Controls International plc | 4,186 | 153,082 | ||
Lennox International, Inc. | 95 | 21,672 | ||
Masco Corp. | 1,039 | 42,931 | ||
Masonite International Corp.(1) | 704 | 51,744 | ||
Owens Corning | 2,315 | 130,774 | ||
Patrick Industries, Inc. | 494 | 26,098 | ||
PGT Innovations, Inc.(1) | 1,205 | 18,280 | ||
Quanex Building Products Corp. | 773 | 12,986 | ||
Simpson Manufacturing Co., Inc. | 997 | 79,192 | ||
Trane Technologies plc | 873 | 112,652 | ||
Trex Co., Inc.(1) | 1,427 | 136,493 | ||
Universal Forest Products, Inc. | 1,538 | 72,071 | ||
1,377,716 | ||||
Capital Markets — 3.5% | ||||
Affiliated Managers Group, Inc. | 206 | 15,495 | ||
Ameriprise Financial, Inc. | 2,093 | 295,741 | ||
Ares Management Corp., Class A | 539 | 18,644 | ||
Artisan Partners Asset Management, Inc., Class A | 1,370 | 39,155 | ||
Assetmark Financial Holdings, Inc.(1) | 84 | 2,225 | ||
B. Riley Financial, Inc. | 626 | 14,811 | ||
Bank of New York Mellon Corp. (The) | 5,663 | 225,954 | ||
BGC Partners, Inc., Class A | 2,981 | 13,891 | ||
BlackRock, Inc. | 541 | 250,488 | ||
Cboe Global Markets, Inc. | 539 | 61,446 | ||
Charles Schwab Corp. (The) | 6,850 | 279,138 | ||
CME Group, Inc. | 1,764 | 350,719 | ||
Cohen & Steers, Inc. | 539 | 33,768 | ||
Cowen, Inc., Class A | 878 | 13,144 | ||
Diamond Hill Investment Group, Inc. | 95 | 12,039 | ||
E*TRADE Financial Corp. | 2,759 | 126,307 | ||
Eaton Vance Corp. | 1,982 | 81,777 | ||
Evercore, Inc., Class A | 604 | 40,239 | ||
FactSet Research Systems, Inc. | 317 | 84,319 | ||
Federated Hermes, Inc. | 650 | 18,753 | ||
Franklin Resources, Inc. | 1,649 | 35,882 | ||
Goldman Sachs Group, Inc. (The) | 2,660 | 534,048 | ||
Hamilton Lane, Inc., Class A | 399 | 24,794 | ||
Houlihan Lokey, Inc. | 317 | 16,237 | ||
Interactive Brokers Group, Inc., Class A | 206 | 10,527 | ||
Intercontinental Exchange, Inc. | 2,318 | 206,812 | ||
INTL FCStone, Inc.(1) | 317 | 14,439 | ||
Invesco Ltd. | 2,537 | 36,533 |
14
Shares | Value | |||
Janus Henderson Group plc | 2,850 | $ | 60,420 | |
KKR & Co., Inc., Class A | 3,314 | 94,780 | ||
Lazard Ltd., Class A | 2,426 | 86,899 | ||
Legg Mason, Inc. | 1,094 | 54,503 | ||
LPL Financial Holdings, Inc. | 761 | 60,484 | ||
MarketAxess Holdings, Inc. | 206 | 66,812 | ||
Moelis & Co., Class A | 748 | 23,906 | ||
Moody's Corp. | 1,316 | 315,880 | ||
Morgan Stanley | 10,836 | 487,945 | ||
Morningstar, Inc. | 206 | 30,261 | ||
MSCI, Inc. | 270 | 79,769 | ||
Nasdaq, Inc. | 319 | 32,713 | ||
Northern Trust Corp. | 2,437 | 213,871 | ||
Oppenheimer Holdings, Inc., Class A | 169 | 4,010 | ||
Piper Sandler Cos. | 284 | 19,903 | ||
Pzena Investment Management, Inc., Class A | 317 | 2,070 | ||
Raymond James Financial, Inc. | 1,982 | 165,755 | ||
S&P Global, Inc. | 1,639 | 435,827 | ||
Safeguard Scientifics, Inc. | 195 | 1,722 | ||
SEI Investments Co. | 1,760 | 96,290 | ||
State Street Corp. | 1,649 | 112,313 | ||
Stifel Financial Corp. | 1,205 | 65,600 | ||
T. Rowe Price Group, Inc. | 3,092 | 364,887 | ||
TD Ameritrade Holding Corp. | 1,616 | 68,244 | ||
Victory Capital Holdings, Inc., Class A | 242 | 4,784 | ||
Virtu Financial, Inc., Class A | 161 | 3,028 | ||
Virtus Investment Partners, Inc. | 141 | 15,566 | ||
Waddell & Reed Financial, Inc., Class A | 1,427 | 19,636 | ||
WisdomTree Investments, Inc. | 688 | 2,793 | ||
5,847,996 | ||||
Chemicals — 2.3% | ||||
AdvanSix, Inc.(1) | 488 | 7,091 | ||
Air Products & Chemicals, Inc. | 1,427 | 313,383 | ||
Albemarle Corp. | 1,271 | 104,031 | ||
Ashland Global Holdings, Inc. | 936 | 66,961 | ||
Axalta Coating Systems Ltd.(1) | 2,286 | 56,967 | ||
Balchem Corp. | 184 | 17,381 | ||
Cabot Corp. | 1,234 | 46,127 | ||
Celanese Corp. | 1,982 | 185,793 | ||
CF Industries Holdings, Inc. | 1,538 | 56,691 | ||
Chase Corp. | 95 | 8,435 | ||
Chemours Co. (The) | 4,847 | 72,026 | ||
Corteva, Inc. | 9,276 | 252,307 | ||
Dow, Inc. | 5,982 | 241,733 | ||
DuPont de Nemours, Inc. | 5,272 | 226,169 | ||
Eastman Chemical Co. | 872 | 53,637 | ||
Ecolab, Inc. | 989 | 178,465 |
15
Shares | Value | |||
Element Solutions, Inc.(1) | 1,316 | $ | 13,673 | |
Ferro Corp.(1) | 2,636 | 30,630 | ||
Flotek Industries, Inc.(1) | 762 | 1,204 | ||
FMC Corp. | 1,205 | 112,186 | ||
FutureFuel Corp. | 209 | 2,126 | ||
GCP Applied Technologies, Inc.(1) | 820 | 15,965 | ||
H.B. Fuller Co. | 206 | 8,081 | ||
Hawkins, Inc. | 317 | 11,333 | ||
Huntsman Corp. | 983 | 18,618 | ||
Ingevity Corp.(1) | 260 | 11,710 | ||
Innospec, Inc. | 512 | 44,309 | ||
International Flavors & Fragrances, Inc.(2) | 206 | 24,675 | ||
Intrepid Potash, Inc.(1) | 2,205 | 3,903 | ||
Koppers Holdings, Inc.(1) | 428 | 9,356 | ||
Kronos Worldwide, Inc. | 244 | 2,438 | ||
Linde plc | 2,211 | 422,323 | ||
Livent Corp.(1) | 3,914 | 34,952 | ||
LyondellBasell Industries NV, Class A | 3,595 | 256,899 | ||
Minerals Technologies, Inc. | 493 | 22,121 | ||
Mosaic Co. (The) | 4,276 | 72,820 | ||
NewMarket Corp. | 198 | 76,941 | ||
Olin Corp. | 3,447 | 55,807 | ||
Orion Engineered Carbons SA | 1,951 | 27,724 | ||
PolyOne Corp. | 913 | 22,606 | ||
PPG Industries, Inc. | 1,316 | 137,456 | ||
PQ Group Holdings, Inc.(1) | 343 | 4,552 | ||
Quaker Chemical Corp. | 69 | 10,872 | ||
Rayonier Advanced Materials, Inc. | 961 | 2,354 | ||
RPM International, Inc. | 656 | 42,056 | ||
Scotts Miracle-Gro Co. (The) | 650 | 68,894 | ||
Sensient Technologies Corp. | 600 | 29,508 | ||
Sherwin-Williams Co. (The) | 433 | 223,753 | ||
Stepan Co. | 394 | 34,605 | ||
Trecora Resources(1) | 63 | 356 | ||
Tredegar Corp. | 852 | 14,535 | ||
Trinseo SA | 1,067 | 23,346 | ||
Tronox Holdings plc, Class A | 2,613 | 19,179 | ||
Valvoline, Inc. | 872 | 17,004 | ||
Westlake Chemical Corp. | 620 | 34,639 | ||
WR Grace & Co. | 1,031 | 58,313 | ||
3,911,019 | ||||
Commercial Services and Supplies — 0.9% | ||||
ABM Industries, Inc. | 319 | 10,502 | ||
ACCO Brands Corp. | 542 | 4,341 | ||
ADT, Inc.(2) | 714 | 4,563 | ||
Brady Corp., Class A | 512 | 24,238 | ||
Brink's Co. (The) | 607 | 47,522 |
16
Shares | Value | |||
Casella Waste Systems, Inc., Class A(1) | 761 | $ | 36,870 | |
Cimpress plc(1)(2) | 255 | 29,685 | ||
Cintas Corp. | 428 | 114,165 | ||
Clean Harbors, Inc.(1) | 983 | 68,338 | ||
Copart, Inc.(1) | 2,204 | 186,194 | ||
Covanta Holding Corp. | 1,204 | 16,085 | ||
Deluxe Corp. | 206 | 6,860 | ||
Ennis, Inc. | 650 | 13,065 | ||
Harsco Corp.(1) | 650 | 7,794 | ||
Healthcare Services Group, Inc. | 539 | 14,844 | ||
Heritage-Crystal Clean, Inc.(1) | 149 | 3,923 | ||
Herman Miller, Inc. | 1,710 | 58,550 | ||
HNI Corp. | 888 | 29,153 | ||
IAA, Inc.(1) | 535 | 22,855 | ||
Interface, Inc. | 983 | 14,342 | ||
KAR Auction Services, Inc.(2) | 1,538 | 29,607 | ||
Kimball International, Inc., Class B | 1,164 | 18,834 | ||
Knoll, Inc. | 830 | 14,641 | ||
McGrath RentCorp | 692 | 48,059 | ||
Mobile Mini, Inc. | 317 | 12,360 | ||
MSA Safety, Inc. | 206 | 25,064 | ||
PICO Holdings, Inc.(1) | 252 | 2,392 | ||
Pitney Bowes, Inc. | 1,165 | 3,984 | ||
Quad/Graphics, Inc. | 653 | 3,134 | ||
Republic Services, Inc. | 428 | 38,631 | ||
Rollins, Inc. | 650 | 24,336 | ||
SP Plus Corp.(1) | 229 | 8,361 | ||
Steelcase, Inc., Class A | 2,091 | 33,916 | ||
Stericycle, Inc.(1) | 86 | 4,939 | ||
Team, Inc.(1) | 650 | 8,275 | ||
Tetra Tech, Inc. | 317 | 25,636 | ||
UniFirst Corp. | 188 | 34,932 | ||
US Ecology, Inc. | 206 | 8,664 | ||
Viad Corp. | 187 | 9,387 | ||
VSE Corp. | 116 | 3,416 | ||
Waste Connections, Inc. | 1,094 | 105,560 | ||
Waste Management, Inc. | 2,981 | 330,325 | ||
1,508,342 | ||||
Communications Equipment — 0.6% | ||||
Arista Networks, Inc.(1) | 95 | 18,346 | ||
Ciena Corp.(1) | 1,538 | 59,136 | ||
Cisco Systems, Inc. | 12,369 | 493,894 | ||
Comtech Telecommunications Corp. | 428 | 11,992 | ||
EchoStar Corp., Class A(1) | 761 | 26,574 | ||
Extreme Networks, Inc.(1) | 1,760 | 8,853 | ||
F5 Networks, Inc.(1) | 428 | 51,339 | ||
Infinera Corp.(1) | 2,537 | 17,252 |
17
Shares | Value | |||
InterDigital, Inc. | 206 | $ | 10,895 | |
Juniper Networks, Inc. | 1,538 | 32,636 | ||
Lumentum Holdings, Inc.(1) | 1,393 | 108,403 | ||
Motorola Solutions, Inc. | 545 | 90,296 | ||
NETGEAR, Inc.(1) | 602 | 11,360 | ||
NetScout Systems, Inc.(1) | 540 | 13,878 | ||
Ubiquiti, Inc.(2) | 95 | 12,888 | ||
ViaSat, Inc.(1) | 428 | 24,610 | ||
Viavi Solutions, Inc.(1) | 1,982 | 26,143 | ||
1,018,495 | ||||
Construction and Engineering — 0.3% | ||||
AECOM(1) | 317 | 14,246 | ||
Aegion Corp.(1) | 650 | 11,706 | ||
Ameresco, Inc., Class A(1) | 278 | 6,266 | ||
Arcosa, Inc. | 539 | 23,155 | ||
Argan, Inc. | 72 | 3,005 | ||
Comfort Systems USA, Inc. | 317 | 13,384 | ||
Construction Partners, Inc., Class A(1) | 344 | 5,851 | ||
Dycom Industries, Inc.(1) | 526 | 15,549 | ||
EMCOR Group, Inc. | 537 | 41,306 | ||
Fluor Corp. | 650 | 6,058 | ||
Great Lakes Dredge & Dock Corp.(1) | 1,871 | 18,149 | ||
IES Holdings, Inc.(1) | 131 | 3,054 | ||
Jacobs Engineering Group, Inc. | 542 | 50,048 | ||
MasTec, Inc.(1) | 1,538 | 75,485 | ||
MYR Group, Inc.(1) | 317 | 8,087 | ||
Northwest Pipe Co.(1) | 155 | 4,890 | ||
Orion Group Holdings, Inc.(1) | 497 | 1,953 | ||
Primoris Services Corp. | 872 | 16,551 | ||
Quanta Services, Inc. | 943 | 35,957 | ||
Sterling Construction Co., Inc.(1) | 878 | 11,993 | ||
Tutor Perini Corp.(1) | 346 | 5,017 | ||
Valmont Industries, Inc. | 500 | 58,110 | ||
WillScot Corp.(1) | 761 | 13,348 | ||
443,168 | ||||
Construction Materials — 0.2% | ||||
Eagle Materials, Inc. | 934 | 73,721 | ||
Martin Marietta Materials, Inc. | 507 | 115,358 | ||
Summit Materials, Inc., Class A(1) | 539 | 10,532 | ||
US Concrete, Inc.(1) | 250 | 6,710 | ||
Vulcan Materials Co. | 983 | 118,215 | ||
324,536 | ||||
Consumer Finance — 1.4% | ||||
Ally Financial, Inc. | 7,183 | 180,078 | ||
American Express Co. | 5,185 | 569,987 | ||
Capital One Financial Corp. | 4,963 | 438,034 | ||
Credit Acceptance Corp.(1) | 189 | 76,205 |
18
Shares | Value | |||
Discover Financial Services | 4,408 | $ | 289,077 | |
Elevate Credit, Inc.(1) | 841 | 2,775 | ||
Encore Capital Group, Inc.(1) | 317 | 11,780 | ||
Enova International, Inc.(1) | 539 | 10,360 | ||
FirstCash, Inc. | 206 | 15,846 | ||
Green Dot Corp., Class A(1) | 539 | 18,412 | ||
LendingClub Corp.(1) | 872 | 9,601 | ||
LendingTree, Inc.(1) | 4 | 1,103 | ||
Navient Corp. | 5,390 | 60,530 | ||
Nelnet, Inc., Class A | 512 | 27,187 | ||
OneMain Holdings, Inc. | 2,056 | 75,558 | ||
PRA Group, Inc.(1) | 539 | 20,924 | ||
Regional Management Corp.(1) | 430 | 11,029 | ||
Santander Consumer USA Holdings, Inc. | 2,635 | 64,294 | ||
SLM Corp. | 10,103 | 104,768 | ||
Synchrony Financial | 9,734 | 283,259 | ||
World Acceptance Corp.(1) | 95 | 7,419 | ||
2,278,226 | ||||
Containers and Packaging — 0.7% | ||||
Amcor Plc | 3,853 | 35,910 | ||
AptarGroup, Inc. | 691 | 69,839 | ||
Ardagh Group SA | 68 | 1,192 | ||
Avery Dennison Corp. | 1,039 | 118,955 | ||
Ball Corp. | 1,427 | 100,547 | ||
Berry Global Group, Inc.(1) | 1,519 | 57,661 | ||
Crown Holdings, Inc.(1) | 1,094 | 77,127 | ||
Graphic Packaging Holding Co. | 2,981 | 40,303 | ||
Greif, Inc., Class A | 33 | 1,166 | ||
International Paper Co. | 5,947 | 219,801 | ||
O-I Glass, Inc. | 1,316 | 14,213 | ||
Packaging Corp. of America | 1,760 | 159,491 | ||
Sealed Air Corp. | 428 | 12,973 | ||
Silgan Holdings, Inc. | 591 | 16,920 | ||
Sonoco Products Co. | 1,238 | 59,684 | ||
UFP Technologies, Inc.(1) | 85 | 4,193 | ||
WestRock Co. | 4,486 | 149,160 | ||
1,139,135 | ||||
Distributors — 0.2% | ||||
Core-Mark Holding Co., Inc. | 428 | 9,848 | ||
Funko, Inc., Class A(1)(2) | 194 | 1,573 | ||
Genuine Parts Co. | 947 | 82,616 | ||
LKQ Corp.(1) | 1,316 | 38,927 | ||
Pool Corp. | 761 | 160,541 | ||
Weyco Group, Inc. | 41 | 900 | ||
294,405 | ||||
Diversified Consumer Services — 0.2% | ||||
Adtalem Global Education, Inc.(1) | 317 | 9,786 |
19
Shares | Value | |||
American Public Education, Inc.(1) | 118 | $ | 2,627 | |
Bright Horizons Family Solutions, Inc.(1) | 229 | 35,987 | ||
Chegg, Inc.(1) | 317 | 12,430 | ||
Collectors Universe, Inc. | 428 | 9,846 | ||
frontdoor, Inc.(1) | 432 | 18,317 | ||
Graham Holdings Co., Class B | 30 | 15,086 | ||
Grand Canyon Education, Inc.(1) | 190 | 15,329 | ||
H&R Block, Inc. | 2,426 | 50,145 | ||
K12, Inc.(1) | 368 | 7,316 | ||
Laureate Education, Inc., Class A(1) | 983 | 18,382 | ||
OneSpaWorld Holdings Ltd.(2) | 761 | 9,299 | ||
Perdoceo Education Corp.(1) | 1,806 | 26,964 | ||
Service Corp. International | 983 | 46,978 | ||
ServiceMaster Global Holdings, Inc.(1) | 269 | 9,622 | ||
Universal Technical Institute, Inc.(1) | 404 | 2,990 | ||
WW International, Inc.(1) | 317 | 9,510 | ||
300,614 | ||||
Diversified Financial Services — 0.9% | ||||
Banco Latinoamericano de Comercio Exterior SA, E Shares | 650 | 11,622 | ||
Berkshire Hathaway, Inc., Class B(1) | 5,103 | 1,052,953 | ||
Cannae Holdings, Inc.(1) | 650 | 24,238 | ||
Equitable Holdings, Inc. | 5,407 | 115,710 | ||
FGL Holdings | 3,901 | 44,627 | ||
Jefferies Financial Group, Inc. | 4,408 | 86,882 | ||
Marlin Business Services Corp. | 179 | 3,519 | ||
Voya Financial, Inc. | 1,668 | 87,804 | ||
1,427,355 | ||||
Diversified Telecommunication Services — 1.7% | ||||
AT&T, Inc. | 30,076 | 1,059,277 | ||
ATN International, Inc. | 206 | 11,103 | ||
CenturyLink, Inc. | 5,851 | 70,622 | ||
Cogent Communications Holdings, Inc. | 206 | 15,040 | ||
GCI Liberty, Inc., Class A(1) | 872 | 60,264 | ||
Intelsat SA(1) | 4 | 15 | ||
Iridium Communications, Inc.(1) | 872 | 23,605 | ||
Verizon Communications, Inc. | 29,641 | 1,605,357 | ||
Vonage Holdings Corp.(1) | 1,094 | 9,802 | ||
2,855,085 | ||||
Electric Utilities — 2.3% | ||||
ALLETE, Inc. | 650 | 44,844 | ||
Alliant Energy Corp. | 2,345 | 122,221 | ||
American Electric Power Co., Inc. | 4,388 | 391,673 | ||
Avangrid, Inc. | 392 | 19,479 | ||
Duke Energy Corp. | 1,873 | 171,754 | ||
Edison International | 3,631 | 243,967 | ||
Entergy Corp. | 2,648 | 309,578 | ||
Evergy, Inc. | 2,335 | 152,592 |
20
Shares | Value | |||
Eversource Energy | 1,427 | $ | 123,379 | |
Exelon Corp. | 9,040 | 389,714 | ||
FirstEnergy Corp. | 4,014 | 178,744 | ||
Hawaiian Electric Industries, Inc. | 1,959 | 83,924 | ||
IDACORP, Inc. | 605 | 58,467 | ||
MGE Energy, Inc. | 206 | 14,696 | ||
NextEra Energy, Inc. | 1,157 | 292,443 | ||
NRG Energy, Inc. | 765 | 25,406 | ||
OGE Energy Corp. | 1,794 | 68,351 | ||
Otter Tail Corp. | 317 | 15,409 | ||
Pinnacle West Capital Corp. | 1,760 | 157,502 | ||
PNM Resources, Inc. | 992 | 46,703 | ||
Portland General Electric Co. | 1,768 | 96,197 | ||
PPL Corp. | 5,558 | 166,796 | ||
Southern Co. (The) | 5,697 | 343,871 | ||
Spark Energy, Inc., Class A(2) | 129 | 1,104 | ||
Xcel Energy, Inc. | 5,970 | 372,050 | ||
3,890,864 | ||||
Electrical Equipment — 0.5% | ||||
Acuity Brands, Inc. | 377 | 38,778 | ||
Allied Motion Technologies, Inc. | 68 | 2,621 | ||
AMETEK, Inc. | 983 | 84,538 | ||
Atkore International Group, Inc.(1) | 1,094 | 40,380 | ||
AZZ, Inc. | 317 | 11,694 | ||
Eaton Corp. plc | 2,093 | 189,877 | ||
Emerson Electric Co. | 2,254 | 144,504 | ||
Encore Wire Corp. | 317 | 15,523 | ||
Generac Holdings, Inc.(1) | 317 | 32,648 | ||
GrafTech International Ltd. | 82 | 669 | ||
Hubbell, Inc. | 317 | 42,237 | ||
LSI Industries, Inc. | 509 | 3,380 | ||
nVent Electric plc | 539 | 12,941 | ||
Plug Power, Inc.(1)(2) | 4,408 | 19,131 | ||
Powell Industries, Inc. | 122 | 4,078 | ||
Regal Beloit Corp. | 637 | 49,457 | ||
Rockwell Automation, Inc. | 650 | 119,275 | ||
Sensata Technologies Holding plc(1) | 637 | 25,990 | ||
Sunrun, Inc.(1) | 2,426 | 46,919 | ||
Thermon Group Holdings, Inc.(1) | 176 | 3,092 | ||
TPI Composites, Inc.(1) | 650 | 15,431 | ||
903,163 | ||||
Electronic Equipment, Instruments and Components — 1.0% | ||||
Amphenol Corp., Class A | 872 | 79,945 | ||
Arrow Electronics, Inc.(1) | 1,094 | 73,364 | ||
Avnet, Inc. | 1,982 | 60,808 | ||
Badger Meter, Inc. | 428 | 25,770 | ||
Benchmark Electronics, Inc. | 983 | 26,718 |
21
Shares | Value | |||
CDW Corp. | 1,205 | $ | 137,635 | |
Cognex Corp. | 872 | 38,839 | ||
Coherent, Inc.(1) | 428 | 55,088 | ||
Corning, Inc. | 5,407 | 129,011 | ||
CTS Corp. | 428 | 11,158 | ||
Dolby Laboratories, Inc., Class A | 650 | 42,705 | ||
ePlus, Inc.(1) | 210 | 15,910 | ||
Fabrinet(1) | 317 | 17,473 | ||
FARO Technologies, Inc.(1) | 206 | 11,791 | ||
Flex Ltd.(1) | 11,147 | 123,843 | ||
FLIR Systems, Inc. | 872 | 37,034 | ||
II-VI, Inc.(1)(2) | 650 | 19,298 | ||
Insight Enterprises, Inc.(1) | 206 | 11,349 | ||
IPG Photonics Corp.(1) | 118 | 15,061 | ||
Itron, Inc.(1) | 95 | 7,205 | ||
Jabil, Inc. | 3,425 | 109,771 | ||
Keysight Technologies, Inc.(1) | 1,316 | 124,704 | ||
Knowles Corp.(1) | 650 | 10,803 | ||
Littelfuse, Inc. | 95 | 15,170 | ||
Methode Electronics, Inc. | 428 | 13,122 | ||
National Instruments Corp. | 1,205 | 48,537 | ||
Novanta, Inc.(1) | 95 | 8,475 | ||
OSI Systems, Inc.(1) | 206 | 16,742 | ||
Plexus Corp.(1) | 206 | 13,668 | ||
Rogers Corp.(1) | 95 | 11,020 | ||
Sanmina Corp.(1) | 1,760 | 46,270 | ||
SYNNEX Corp. | 206 | 25,756 | ||
TE Connectivity Ltd. | 2,648 | 219,440 | ||
Trimble, Inc.(1) | 428 | 16,897 | ||
TTM Technologies, Inc.(1) | 1,982 | 25,746 | ||
Vishay Intertechnology, Inc. | 1,871 | 34,988 | ||
Zebra Technologies Corp., Class A(1) | 206 | 43,460 | ||
1,724,574 | ||||
Energy Equipment and Services — 0.6% | ||||
Apergy Corp.(1) | 428 | 7,961 | ||
Archrock, Inc. | 3,809 | 26,853 | ||
Aspen Aerogels, Inc.(1) | 287 | 2,282 | ||
Baker Hughes Co. | 539 | 8,672 | ||
Cactus, Inc., Class A | 1,169 | 31,925 | ||
Core Laboratories NV | 206 | 5,529 | ||
DMC Global, Inc. | 317 | 11,431 | ||
Dril-Quip, Inc.(1) | 489 | 17,418 | ||
Era Group, Inc.(1) | 323 | 3,165 | ||
Exterran Corp.(1) | 991 | 5,054 | ||
Frank's International NV(1) | 634 | 2,485 | ||
Geospace Technologies Corp.(1) | 184 | 2,269 | ||
Halliburton Co. | 15,140 | 256,774 |
22
Shares | Value | |||
Helix Energy Solutions Group, Inc.(1) | 1,649 | $ | 11,065 | |
Helmerich & Payne, Inc. | 1,870 | 68,984 | ||
Liberty Oilfield Services, Inc., Class A | 749 | 5,011 | ||
Matrix Service Co.(1) | 761 | 9,193 | ||
Nabors Industries Ltd. | 5,740 | 10,102 | ||
National Energy Services Reunited Corp.(1) | 167 | 1,388 | ||
National Oilwell Varco, Inc. | 6,554 | 122,625 | ||
Newpark Resources, Inc.(1) | 1,760 | 6,178 | ||
NexTier Oilfield Solutions, Inc.(1) | 2,777 | 12,941 | ||
Oceaneering International, Inc.(1) | 2,365 | 24,927 | ||
Oil States International, Inc.(1) | 983 | 7,776 | ||
Patterson-UTI Energy, Inc. | 4,762 | 27,286 | ||
ProPetro Holding Corp.(1) | 1,427 | 12,501 | ||
RPC, Inc.(2) | 759 | 2,611 | ||
Schlumberger Ltd. | 4,567 | 123,720 | ||
SEACOR Holdings, Inc.(1) | 206 | 7,684 | ||
SEACOR Marine Holdings, Inc.(1) | 251 | 1,995 | ||
Select Energy Services, Inc., Class A(1) | 666 | 4,329 | ||
Solaris Oilfield Infrastructure, Inc., Class A | 983 | 10,420 | ||
TechnipFMC plc | 2,315 | 34,355 | ||
TETRA Technologies, Inc.(1) | 2,135 | 2,690 | ||
Tidewater, Inc.(1) | 267 | 3,709 | ||
Transocean Ltd.(1) | 5,494 | 18,405 | ||
US Silica Holdings, Inc.(2) | 469 | 2,153 | ||
Valaris plc(1)(2) | 1,982 | 7,314 | ||
921,180 | ||||
Entertainment — 1.1% | ||||
Activision Blizzard, Inc. | 2,759 | 160,381 | ||
Cinemark Holdings, Inc. | 872 | 22,637 | ||
Electronic Arts, Inc.(1) | 1,760 | 178,411 | ||
IMAX Corp.(1) | 761 | 11,856 | ||
Liberty Media Corp.-Liberty Braves, Class C(1) | 428 | 11,120 | ||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 1,205 | 47,067 | ||
Live Nation Entertainment, Inc.(1) | 650 | 39,501 | ||
Madison Square Garden Co. (The), Class A(1) | 95 | 25,443 | ||
Marcus Corp. (The) | 317 | 8,470 | ||
Netflix, Inc.(1) | 1,767 | 652,076 | ||
Roku, Inc.(1) | 206 | 23,416 | ||
Take-Two Interactive Software, Inc.(1) | 1,538 | 165,304 | ||
Walt Disney Co. (The) | 3,555 | 418,246 | ||
World Wrestling Entertainment, Inc., Class A(2) | 95 | 4,443 | ||
Zynga, Inc., Class A(1) | 3,742 | 25,109 | ||
1,793,480 | ||||
Food and Staples Retailing — 1.7% | ||||
Andersons, Inc. (The) | 342 | 6,283 | ||
BJ's Wholesale Club Holdings, Inc.(1) | 483 | 9,303 | ||
Casey's General Stores, Inc. | 961 | 156,662 |
23
Shares | Value | |||
Costco Wholesale Corp. | 2,937 | $ | 825,708 | |
HF Foods Group, Inc.(1) | 349 | 6,251 | ||
Ingles Markets, Inc., Class A | 428 | 15,310 | ||
Kroger Co. (The) | 13,871 | 390,191 | ||
Performance Food Group Co.(1) | 761 | 32,266 | ||
PriceSmart, Inc. | 387 | 21,552 | ||
SpartanNash Co. | 1,101 | 13,685 | ||
Sprouts Farmers Market, Inc.(1) | 2,296 | 36,690 | ||
Sysco Corp. | 3,853 | 256,802 | ||
United Natural Foods, Inc.(1) | 806 | 5,215 | ||
US Foods Holding Corp.(1) | 850 | 28,594 | ||
Village Super Market, Inc., Class A | 436 | 8,960 | ||
Walgreens Boots Alliance, Inc. | 5,899 | 269,938 | ||
Walmart, Inc. | 6,295 | 677,846 | ||
Weis Markets, Inc. | 317 | 11,808 | ||
2,773,064 | ||||
Food Products — 1.3% | ||||
Archer-Daniels-Midland Co. | 4,152 | 156,323 | ||
B&G Foods, Inc.(2) | 958 | 14,178 | ||
Beyond Meat, Inc.(1) | 19 | 1,703 | ||
Bunge Ltd. | 3,170 | 148,831 | ||
Cal-Maine Foods, Inc. | 206 | 7,187 | ||
Calavo Growers, Inc. | 265 | 19,199 | ||
Campbell Soup Co. | 1,760 | 79,411 | ||
Conagra Brands, Inc. | 983 | 26,236 | ||
Darling Ingredients, Inc.(1) | 2,240 | 57,568 | ||
Flowers Foods, Inc. | 2,511 | 54,062 | ||
Fresh Del Monte Produce, Inc. | 428 | 11,736 | ||
General Mills, Inc. | 1,982 | 97,118 | ||
Hain Celestial Group, Inc. (The)(1) | 650 | 15,424 | ||
Hershey Co. (The) | 1,862 | 268,109 | ||
Hormel Foods Corp. | 1,871 | 77,834 | ||
Hostess Brands, Inc.(1) | 1,205 | 15,316 | ||
Ingredion, Inc. | 845 | 70,388 | ||
J&J Snack Foods Corp. | 196 | 31,521 | ||
J.M. Smucker Co. (The) | 650 | 66,943 | ||
John B Sanfilippo & Son, Inc. | 270 | 18,951 | ||
Kellogg Co. | 1,316 | 79,579 | ||
Kraft Heinz Co. (The) | 1,982 | 49,094 | ||
Lamb Weston Holdings, Inc. | 2,075 | 180,297 | ||
Lancaster Colony Corp. | 206 | 29,757 | ||
Landec Corp.(1) | 287 | 2,945 | ||
Limoneira Co. | 86 | 1,436 | ||
McCormick & Co., Inc. | 324 | 47,366 | ||
Mondelez International, Inc., Class A | 5,185 | 273,768 | ||
Pilgrim's Pride Corp.(1) | 983 | 20,800 | ||
Post Holdings, Inc.(1) | 206 | 20,860 |
24
Shares | Value | |||
Sanderson Farms, Inc. | 195 | $ | 24,094 | |
Seaboard Corp. | 2 | 6,830 | ||
Seneca Foods Corp., Class A(1) | 126 | 4,375 | ||
Tootsie Roll Industries, Inc.(2) | 320 | 10,266 | ||
TreeHouse Foods, Inc.(1) | 206 | 7,851 | ||
Tyson Foods, Inc., Class A | 1,538 | 104,323 | ||
2,101,679 | ||||
Gas Utilities — 0.2% | ||||
Atmos Energy Corp. | 761 | 78,573 | ||
Chesapeake Utilities Corp. | 153 | 13,082 | ||
National Fuel Gas Co. | 943 | 34,523 | ||
New Jersey Resources Corp. | 595 | 21,009 | ||
Northwest Natural Holding Co. | 428 | 28,150 | ||
ONE Gas, Inc. | 511 | 41,974 | ||
South Jersey Industries, Inc. | 959 | 25,941 | ||
Southwest Gas Holdings, Inc. | 733 | 47,410 | ||
Spire, Inc. | 209 | 15,685 | ||
Star Group LP | 523 | 4,697 | ||
UGI Corp. | 1,393 | 50,204 | ||
361,248 | ||||
Health Care Equipment and Supplies — 2.3% | ||||
Abbott Laboratories | 4,707 | 362,580 | ||
ABIOMED, Inc.(1) | 147 | 22,088 | ||
Align Technology, Inc.(1) | 320 | 69,872 | ||
AngioDynamics, Inc.(1) | 269 | 3,091 | ||
Apyx Medical Corp.(1) | 313 | 1,894 | ||
Atrion Corp. | 10 | 6,163 | ||
Avanos Medical, Inc.(1) | 317 | 10,274 | ||
Axogen, Inc.(1) | 762 | 9,434 | ||
Baxter International, Inc. | 3,629 | 302,913 | ||
Becton Dickinson and Co. | 630 | 149,827 | ||
Boston Scientific Corp.(1) | 2,981 | 111,460 | ||
Cantel Medical Corp. | 3 | 189 | ||
Cardiovascular Systems, Inc.(1) | 206 | 7,750 | ||
Cooper Cos., Inc. (The) | 317 | 102,889 | ||
CryoLife, Inc.(1) | 545 | 13,968 | ||
Danaher Corp. | 1,494 | 216,002 | ||
DENTSPLY SIRONA, Inc. | 1,205 | 59,334 | ||
DexCom, Inc.(1) | 229 | 63,204 | ||
Edwards Lifesciences Corp.(1) | 1,094 | 224,095 | ||
FONAR Corp.(1) | 118 | 2,358 | ||
Globus Medical, Inc., Class A(1) | 698 | 31,571 | ||
Haemonetics Corp.(1) | 460 | 49,832 | ||
Hill-Rom Holdings, Inc. | 206 | 19,786 | ||
Hologic, Inc.(1) | 983 | 46,319 | ||
ICU Medical, Inc.(1) | 217 | 42,491 | ||
IDEXX Laboratories, Inc.(1) | 1,205 | 306,685 |
25
Shares | Value | |||
Inogen, Inc.(1) | 88 | $ | 4,029 | |
Insulet Corp.(1) | 118 | 22,416 | ||
Integer Holdings Corp.(1) | 159 | 14,337 | ||
Integra LifeSciences Holdings Corp.(1) | 317 | 16,516 | ||
Intuitive Surgical, Inc.(1) | 319 | 170,333 | ||
Lantheus Holdings, Inc.(1) | 958 | 14,897 | ||
LivaNova plc(1) | 1,290 | 89,939 | ||
Masimo Corp.(1) | 390 | 63,699 | ||
Medtronic plc | 3,448 | 347,110 | ||
Meridian Bioscience, Inc. | 407 | 3,252 | ||
Mesa Laboratories, Inc.(2) | 22 | 5,264 | ||
Natus Medical, Inc.(1) | 767 | 20,617 | ||
Neogen Corp.(1) | 317 | 19,258 | ||
Nevro Corp.(1) | 162 | 21,084 | ||
Novocure Ltd.(1) | 206 | 14,986 | ||
NuVasive, Inc.(1) | 277 | 18,229 | ||
OraSure Technologies, Inc.(1) | 394 | 2,376 | ||
Orthofix Medical, Inc.(1) | 287 | 10,143 | ||
Oxford Immunotec Global plc(1) | 302 | 3,980 | ||
Penumbra, Inc.(1) | 95 | 15,757 | ||
Quidel Corp.(1) | 318 | 24,562 | ||
ResMed, Inc. | 872 | 138,613 | ||
Shockwave Medical, Inc.(1) | 431 | 17,300 | ||
Sientra, Inc.(1) | 346 | 1,450 | ||
STERIS plc | 428 | 67,889 | ||
Stryker Corp. | 924 | 176,105 | ||
Surmodics, Inc.(1) | 318 | 11,101 | ||
Tandem Diabetes Care, Inc.(1) | 10 | 747 | ||
Teleflex, Inc. | 114 | 38,192 | ||
Utah Medical Products, Inc. | 44 | 3,846 | ||
Varex Imaging Corp.(1) | 430 | 9,985 | ||
Varian Medical Systems, Inc.(1) | 317 | 38,981 | ||
West Pharmaceutical Services, Inc. | 761 | 114,576 | ||
Zimmer Biomet Holdings, Inc. | 983 | 133,835 | ||
3,891,473 | ||||
Health Care Providers and Services — 1.9% | ||||
Acadia Healthcare Co., Inc.(1) | 317 | 9,383 | ||
Amedisys, Inc.(1) | 206 | 35,846 | ||
AmerisourceBergen Corp. | 872 | 73,527 | ||
AMN Healthcare Services, Inc.(1) | 317 | 23,331 | ||
Anthem, Inc. | 888 | 228,296 | ||
BioTelemetry, Inc.(1) | 26 | 1,111 | ||
Brookdale Senior Living, Inc.(1) | 5,074 | 33,336 | ||
Cardinal Health, Inc. | 1,205 | 62,805 | ||
Centene Corp.(1) | 4,144 | 219,715 | ||
Chemed Corp. | 159 | 66,402 | ||
Cigna Corp.(1) | 546 | 99,885 |
26
Shares | Value | |||
CorVel Corp.(1) | 206 | $ | 14,202 | |
Cross Country Healthcare, Inc.(1) | 1,877 | 17,794 | ||
CVS Health Corp. | 2,595 | 153,572 | ||
DaVita, Inc.(1) | 206 | 15,990 | ||
Encompass Health Corp. | 428 | 32,031 | ||
Ensign Group, Inc. (The) | 828 | 36,846 | ||
Guardant Health, Inc.(1) | 228 | 19,827 | ||
HCA Healthcare, Inc. | 762 | 96,782 | ||
HealthEquity, Inc.(1) | 322 | 22,859 | ||
Henry Schein, Inc.(1) | 983 | 59,904 | ||
Humana, Inc. | 920 | 294,106 | ||
InfuSystem Holdings, Inc.(1) | 522 | 5,533 | ||
Joint Corp. (The)(1) | 295 | 4,375 | ||
Laboratory Corp. of America Holdings(1) | 228 | 40,057 | ||
LHC Group, Inc.(1) | 95 | 11,539 | ||
Magellan Health, Inc.(1) | 287 | 17,223 | ||
McKesson Corp. | 1,094 | 153,007 | ||
Molina Healthcare, Inc.(1) | 1,077 | 131,986 | ||
National HealthCare Corp. | 95 | 7,050 | ||
National Research Corp. | 268 | 14,737 | ||
Owens & Minor, Inc. | 2,426 | 16,570 | ||
Patterson Cos., Inc. | 761 | 18,104 | ||
Pennant Group, Inc. (The)(1) | 321 | 8,721 | ||
Premier, Inc., Class A(1) | 1,158 | 34,080 | ||
Providence Service Corp. (The)(1) | 60 | 3,707 | ||
Quest Diagnostics, Inc. | 430 | 45,606 | ||
R1 RCM, Inc.(1) | 412 | 5,059 | ||
RadNet, Inc.(1) | 879 | 17,958 | ||
Select Medical Holdings Corp.(1) | 392 | 9,384 | ||
Triple-S Management Corp., Class B(1) | 166 | 2,488 | ||
UnitedHealth Group, Inc. | 3,273 | 834,484 | ||
Universal Health Services, Inc., Class B | 934 | 115,573 | ||
3,114,791 | ||||
Health Care Technology — 0.3% | ||||
Allscripts Healthcare Solutions, Inc.(1) | 1,208 | 9,108 | ||
Cerner Corp. | 4,519 | 313,031 | ||
Change Healthcare, Inc.(1)(2) | 423 | 5,748 | ||
Evolent Health, Inc., Class A(1) | 478 | 4,417 | ||
HealthStream, Inc.(1) | 428 | 10,409 | ||
HMS Holdings Corp.(1) | 435 | 9,992 | ||
NextGen Healthcare, Inc.(1) | 271 | 3,545 | ||
Simulations Plus, Inc. | 653 | 21,262 | ||
Teladoc Health, Inc.(1) | 95 | 11,871 | ||
Veeva Systems, Inc., Class A(1) | 650 | 92,280 | ||
Vocera Communications, Inc.(1) | 322 | 7,854 | ||
489,517 |
27
Shares | Value | |||
Hotels, Restaurants and Leisure — 1.9% | ||||
Aramark | 1,719 | $ | 59,718 | |
BJ's Restaurants, Inc. | 317 | 10,445 | ||
Bloomin' Brands, Inc. | 1,320 | 23,747 | ||
Boyd Gaming Corp. | 428 | 11,432 | ||
Brinker International, Inc. | 160 | 5,496 | ||
Caesars Entertainment Corp.(1) | 3,631 | 46,150 | ||
Carnival Corp. | 2,759 | 92,316 | ||
Carrols Restaurant Group, Inc.(1) | 62 | 256 | ||
Century Casinos, Inc.(1) | 239 | 1,668 | ||
Cheesecake Factory, Inc. (The)(2) | 625 | 22,269 | ||
Chipotle Mexican Grill, Inc.(1) | 206 | 159,357 | ||
Choice Hotels International, Inc. | 142 | 12,962 | ||
Churchill Downs, Inc. | 501 | 62,946 | ||
Chuy's Holdings, Inc.(1) | 539 | 11,556 | ||
Cracker Barrel Old Country Store, Inc. | 587 | 84,135 | ||
Darden Restaurants, Inc. | 1,760 | 171,600 | ||
Dave & Buster's Entertainment, Inc. | 317 | 10,464 | ||
Denny's Corp.(1) | 539 | 9,384 | ||
Dine Brands Global, Inc. | 32 | 2,619 | ||
Domino's Pizza, Inc. | 95 | 32,249 | ||
Dunkin' Brands Group, Inc. | 317 | 21,087 | ||
Eldorado Resorts, Inc.(1)(2) | 317 | 15,907 | ||
Extended Stay America, Inc. | 2,870 | 31,512 | ||
Fiesta Restaurant Group, Inc.(1) | 147 | 1,420 | ||
Golden Entertainment, Inc.(1) | 600 | 9,768 | ||
Hilton Grand Vacations, Inc.(1) | 2,739 | 73,022 | ||
Hilton Worldwide Holdings, Inc. | 875 | 85,050 | ||
Hyatt Hotels Corp., Class A | 501 | 38,376 | ||
J Alexander's Holdings, Inc.(1) | 301 | 2,471 | ||
Jack in the Box, Inc. | 95 | 6,542 | ||
Las Vegas Sands Corp. | 3,742 | 218,196 | ||
Lindblad Expeditions Holdings, Inc.(1) | 872 | 10,377 | ||
Marriott International, Inc., Class A | 1,649 | 204,476 | ||
Marriott Vacations Worldwide Corp. | 206 | 19,937 | ||
McDonald's Corp. | 1,988 | 386,010 | ||
MGM Resorts International | 3,314 | 81,392 | ||
Monarch Casino & Resort, Inc.(1) | 206 | 9,740 | ||
Norwegian Cruise Line Holdings Ltd.(1) | 3,092 | 115,208 | ||
Papa John's International, Inc. | 84 | 4,839 | ||
Penn National Gaming, Inc.(1) | 3,287 | 97,196 | ||
Planet Fitness, Inc., Class A(1) | 317 | 21,394 | ||
Playa Hotels & Resorts NV(1) | 1,649 | 8,740 | ||
RCI Hospitality Holdings, Inc. | 119 | 2,398 | ||
Red Lion Hotels Corp.(1) | 171 | 439 | ||
Red Robin Gourmet Burgers, Inc.(1) | 428 | 11,770 | ||
Red Rock Resorts, Inc., Class A | 1,886 | 38,870 |
28
Shares | Value | |||
Royal Caribbean Cruises Ltd. | 1,026 | $ | 82,501 | |
Ruth's Hospitality Group, Inc. | 650 | 12,434 | ||
Scientific Games Corp., Class A(1) | 241 | 4,396 | ||
SeaWorld Entertainment, Inc.(1) | 1,427 | 38,829 | ||
Six Flags Entertainment Corp. | 275 | 6,952 | ||
Starbucks Corp. | 3,652 | 286,426 | ||
Texas Roadhouse, Inc. | 1,359 | 76,403 | ||
Twin River Worldwide Holdings, Inc. | 539 | 14,014 | ||
Vail Resorts, Inc. | 206 | 43,798 | ||
Wendy's Co. (The) | 1,871 | 35,324 | ||
Wingstop, Inc. | 95 | 8,023 | ||
Wyndham Destinations, Inc. | 376 | 15,002 | ||
Wyndham Hotels & Resorts, Inc. | 206 | 10,496 | ||
Wynn Resorts Ltd. | 1,760 | 190,045 | ||
Yum! Brands, Inc. | 983 | 87,733 | ||
3,259,282 | ||||
Household Durables — 1.0% | ||||
Beazer Homes USA, Inc.(1) | 983 | 12,052 | ||
Cavco Industries, Inc.(1) | 95 | 19,163 | ||
Century Communities, Inc.(1) | 428 | 14,265 | ||
D.R. Horton, Inc. | 3,203 | 170,624 | ||
Ethan Allen Interiors, Inc. | 650 | 8,580 | ||
Garmin Ltd. | 983 | 86,887 | ||
Green Brick Partners, Inc.(1) | 360 | 3,938 | ||
Helen of Troy Ltd.(1) | 118 | 19,423 | ||
Hooker Furniture Corp. | 81 | 1,524 | ||
Installed Building Products, Inc.(1) | 317 | 20,938 | ||
KB Home | 1,400 | 45,626 | ||
La-Z-Boy, Inc. | 1,087 | 31,143 | ||
Legacy Housing Corp.(1) | 63 | 905 | ||
Leggett & Platt, Inc. | 539 | 21,377 | ||
Lennar Corp., Class A | 2,315 | 139,687 | ||
LGI Homes, Inc.(1) | 211 | 15,899 | ||
Lifetime Brands, Inc. | 86 | 547 | ||
M.D.C. Holdings, Inc. | 761 | 29,938 | ||
M/I Homes, Inc.(1) | 500 | 18,615 | ||
Meritage Homes Corp.(1) | 1,094 | 69,425 | ||
Mohawk Industries, Inc.(1) | 483 | 58,516 | ||
Newell Brands, Inc. | 8,278 | 127,730 | ||
NVR, Inc.(1) | 55 | 201,695 | ||
PulteGroup, Inc. | 4,852 | 195,050 | ||
Sonos, Inc.(1) | 1,760 | 20,310 | ||
Taylor Morrison Home Corp.(1) | 2,184 | 49,184 | ||
Tempur Sealy International, Inc.(1) | 539 | 40,290 | ||
Toll Brothers, Inc. | 1,674 | 61,988 | ||
TopBuild Corp.(1) | 95 | 9,595 | ||
TRI Pointe Group, Inc.(1) | 1,982 | 30,384 |
29
Shares | Value | |||
Turtle Beach Corp.(1)(2) | 89 | $ | 588 | |
Universal Electronics, Inc.(1) | 432 | 18,239 | ||
Whirlpool Corp. | 621 | 79,401 | ||
ZAGG, Inc.(1)(2) | 153 | 1,028 | ||
1,624,554 | ||||
Household Products — 0.9% | ||||
Central Garden & Pet Co.(1) | 35 | 937 | ||
Central Garden & Pet Co., Class A(1) | 428 | 10,833 | ||
Church & Dwight Co., Inc. | 1,316 | 91,488 | ||
Clorox Co. (The) | 1,195 | 190,507 | ||
Colgate-Palmolive Co. | 2,204 | 148,924 | ||
Energizer Holdings, Inc. | 474 | 20,377 | ||
Kimberly-Clark Corp. | 983 | 128,960 | ||
Procter & Gamble Co. (The) | 7,945 | 899,613 | ||
Spectrum Brands Holdings, Inc. | 317 | 17,083 | ||
WD-40 Co. | 95 | 16,387 | ||
1,525,109 | ||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||
AES Corp. | 11,762 | 196,778 | ||
Clearway Energy, Inc., Class A | 761 | 15,441 | ||
Clearway Energy, Inc., Class C | 872 | 18,347 | ||
NextEra Energy Partners LP | 527 | 30,392 | ||
Ormat Technologies, Inc. | 744 | 51,842 | ||
TerraForm Power, Inc., Class A | 2,235 | 41,996 | ||
Vistra Energy Corp. | 7,911 | 152,128 | ||
506,924 | ||||
Industrial Conglomerates — 0.6% | ||||
3M Co. | 1,655 | 246,992 | ||
Carlisle Cos., Inc. | 779 | 113,181 | ||
General Electric Co. | 18,613 | 202,509 | ||
Honeywell International, Inc. | 2,656 | 430,724 | ||
Raven Industries, Inc. | 317 | 9,101 | ||
Roper Technologies, Inc. | 209 | 73,505 | ||
1,076,012 | ||||
Insurance — 3.7% | ||||
Aflac, Inc. | 6,184 | 264,984 | ||
Alleghany Corp.(1) | 156 | 104,871 | ||
Allstate Corp. (The) | 2,741 | 288,490 | ||
Ambac Financial Group, Inc.(1) | 650 | 12,493 | ||
American Equity Investment Life Holding Co. | 1,395 | 35,266 | ||
American Financial Group, Inc. | 872 | 80,590 | ||
American International Group, Inc. | 7,944 | 334,919 | ||
American National Insurance Co. | 126 | 12,393 | ||
AMERISAFE, Inc. | 362 | 23,592 | ||
Aon plc | 1,094 | 227,552 | ||
Arch Capital Group Ltd.(1) | 4,075 | 164,752 | ||
Argo Group International Holdings Ltd. | 368 | 20,704 |
30
Shares | Value | |||
Arthur J. Gallagher & Co. | 650 | $ | 63,369 | |
Assurant, Inc. | 894 | 107,807 | ||
Assured Guaranty Ltd. | 1,205 | 49,176 | ||
Athene Holding Ltd., Class A(1) | 2,331 | 96,154 | ||
Axis Capital Holdings Ltd. | 1,144 | 64,201 | ||
Brighthouse Financial, Inc.(1) | 1,496 | 53,617 | ||
Brown & Brown, Inc. | 539 | 23,182 | ||
Chubb Ltd. | 1,871 | 271,351 | ||
Cincinnati Financial Corp. | 1,205 | 112,354 | ||
Citizens, Inc.(1)(2) | 540 | 3,154 | ||
CNA Financial Corp. | 206 | 8,565 | ||
CNO Financial Group, Inc. | 3,031 | 48,557 | ||
Crawford & Co., Class A | 573 | 4,263 | ||
Employers Holdings, Inc. | 645 | 24,858 | ||
Enstar Group Ltd.(1) | 139 | 24,796 | ||
Erie Indemnity Co., Class A | 206 | 29,442 | ||
Everest Re Group Ltd. | 317 | 78,578 | ||
FBL Financial Group, Inc., Class A | 128 | 6,113 | ||
Fidelity National Financial, Inc. | 3,742 | 145,040 | ||
First American Financial Corp. | 1,760 | 100,496 | ||
Genworth Financial, Inc., Class A(1) | 7,072 | 27,581 | ||
Globe Life, Inc. | 983 | 91,085 | ||
Greenlight Capital Re Ltd., A Shares(1) | 397 | 3,351 | ||
Hallmark Financial Services, Inc.(1) | 238 | 3,375 | ||
Hanover Insurance Group, Inc. (The) | 428 | 50,735 | ||
Hartford Financial Services Group, Inc. (The) | 6,406 | 319,980 | ||
HCI Group, Inc. | 85 | 3,614 | ||
Heritage Insurance Holdings, Inc. | 364 | 4,062 | ||
Horace Mann Educators Corp. | 1,262 | 49,130 | ||
James River Group Holdings Ltd. | 287 | 11,598 | ||
Kemper Corp. | 650 | 44,746 | ||
Kinsale Capital Group, Inc. | 255 | 30,975 | ||
Lincoln National Corp. | 1,649 | 74,848 | ||
Loews Corp. | 2,315 | 105,633 | ||
Markel Corp.(1) | 95 | 112,252 | ||
Marsh & McLennan Cos., Inc. | 1,430 | 149,521 | ||
MBIA, Inc.(1) | 1,316 | 10,265 | ||
Mercury General Corp. | 284 | 12,300 | ||
MetLife, Inc. | 5,851 | 249,955 | ||
National General Holdings Corp. | 1,615 | 31,444 | ||
National Western Life Group, Inc., Class A | 30 | 7,168 | ||
Old Republic International Corp. | 3,997 | 78,821 | ||
Palomar Holdings, Inc.(1) | 258 | 13,109 | ||
Primerica, Inc. | 972 | 108,222 | ||
Principal Financial Group, Inc. | 3,536 | 156,963 | ||
ProAssurance Corp. | 722 | 19,602 | ||
Progressive Corp. (The) | 6,628 | 484,904 |
31
Shares | Value | |||
Prudential Financial, Inc. | 2,315 | $ | 174,667 | |
Reinsurance Group of America, Inc. | 650 | 79,319 | ||
RenaissanceRe Holdings Ltd. | 428 | 72,931 | ||
RLI Corp. | 428 | 34,403 | ||
Safety Insurance Group, Inc. | 247 | 19,449 | ||
Selective Insurance Group, Inc. | 761 | 42,449 | ||
State Auto Financial Corp. | 324 | 8,094 | ||
Stewart Information Services Corp. | 317 | 11,469 | ||
Third Point Reinsurance Ltd.(1) | 1,316 | 11,739 | ||
Travelers Cos., Inc. (The) | 2,981 | 357,154 | ||
Trupanion, Inc.(1)(2) | 135 | 4,150 | ||
United Fire Group, Inc. | 287 | 11,004 | ||
Universal Insurance Holdings, Inc. | 744 | 15,393 | ||
Unum Group | 3,066 | 71,468 | ||
Watford Holdings Ltd.(1) | 539 | 12,305 | ||
White Mountains Insurance Group Ltd. | 40 | 39,604 | ||
Willis Towers Watson plc | 229 | 43,338 | ||
WR Berkley Corp. | 1,316 | 88,356 | ||
6,238,210 | ||||
Interactive Media and Services — 3.7% | ||||
Alphabet, Inc., Class A(1) | 1,180 | 1,580,315 | ||
Alphabet, Inc., Class C(1) | 1,279 | 1,713,003 | ||
Facebook, Inc., Class A(1) | 13,123 | 2,525,784 | ||
IAC/InterActiveCorp(1) | 206 | 42,012 | ||
Match Group, Inc.(1)(2) | 539 | 35,035 | ||
Snap, Inc., Class A(1) | 3,026 | 42,878 | ||
TripAdvisor, Inc. | 428 | 10,037 | ||
Twitter, Inc.(1) | 3,846 | 127,687 | ||
Yelp, Inc.(1) | 428 | 13,383 | ||
Zillow Group, Inc., Class A(1) | 429 | 23,882 | ||
Zillow Group, Inc., Class C(1) | 539 | 30,082 | ||
6,144,098 | ||||
Internet and Direct Marketing Retail — 2.7% | ||||
1-800-Flowers.com, Inc., Class A(1) | 199 | 3,590 | ||
Amazon.com, Inc.(1) | 1,918 | 3,613,032 | ||
Booking Holdings, Inc.(1) | 318 | 539,220 | ||
eBay, Inc. | 4,963 | 171,918 | ||
Etsy, Inc.(1) | 317 | 18,326 | ||
Expedia Group, Inc. | 428 | 42,209 | ||
Grubhub, Inc.(1) | 206 | 9,911 | ||
MercadoLibre, Inc.(1) | 118 | 72,692 | ||
PetMed Express, Inc. | 647 | 17,081 | ||
Rubicon Project, Inc. (The)(1) | 470 | 5,335 | ||
Shutterstock, Inc.(1) | 321 | 12,371 | ||
Stamps.com, Inc.(1) | 264 | 37,253 | ||
Wayfair, Inc., Class A(1)(2) | 95 | 6,005 | ||
4,548,943 |
32
Shares | Value | |||
IT Services — 4.7% | ||||
Accenture plc, Class A | 3,092 | $ | 558,384 | |
Akamai Technologies, Inc.(1) | 1,760 | 152,258 | ||
Alliance Data Systems Corp. | 459 | 39,419 | ||
Amdocs Ltd. | 1,982 | 126,352 | ||
Automatic Data Processing, Inc. | 2,204 | 341,047 | ||
Black Knight, Inc.(1) | 540 | 36,023 | ||
Booz Allen Hamilton Holding Corp. | 1,316 | 93,831 | ||
Broadridge Financial Solutions, Inc. | 1,205 | 125,754 | ||
CACI International, Inc., Class A(1) | 5 | 1,225 | ||
Cardtronics plc, Class A(1) | 428 | 15,524 | ||
Cass Information Systems, Inc. | 206 | 9,672 | ||
Cognizant Technology Solutions Corp., Class A | 3,853 | 234,763 | ||
CoreLogic, Inc. | 317 | 14,382 | ||
CSG Systems International, Inc. | 872 | 38,586 | ||
DXC Technology Co. | 2,204 | 53,138 | ||
EPAM Systems, Inc.(1) | 428 | 95,530 | ||
Euronet Worldwide, Inc.(1) | 428 | 53,089 | ||
EVERTEC, Inc. | 650 | 19,292 | ||
Fidelity National Information Services, Inc. | 1,812 | 253,173 | ||
Fiserv, Inc.(1) | 2,544 | 278,212 | ||
FleetCor Technologies, Inc.(1) | 321 | 85,319 | ||
Gartner, Inc.(1) | 428 | 55,379 | ||
Genpact Ltd. | 761 | 29,268 | ||
Global Payments, Inc. | 879 | 161,710 | ||
GoDaddy, Inc., Class A(1) | 428 | 29,951 | ||
International Business Machines Corp. | 3,631 | 472,575 | ||
Jack Henry & Associates, Inc. | 650 | 98,631 | ||
KBR, Inc. | 1,427 | 37,045 | ||
Leidos Holdings, Inc. | 428 | 43,934 | ||
LiveRamp Holdings, Inc.(1) | 206 | 7,301 | ||
Mastercard, Inc., Class A | 5,043 | 1,463,731 | ||
MAXIMUS, Inc. | 650 | 40,963 | ||
MongoDB, Inc.(1)(2) | 95 | 14,488 | ||
NIC, Inc. | 1,538 | 28,130 | ||
Okta, Inc.(1) | 206 | 26,380 | ||
Paychex, Inc. | 2,759 | 213,767 | ||
PayPal Holdings, Inc.(1) | 7,858 | 848,585 | ||
Perspecta, Inc. | 650 | 16,230 | ||
Sabre Corp. | 2,648 | 36,053 | ||
Science Applications International Corp. | 210 | 16,827 | ||
Square, Inc., Class A(1) | 428 | 35,665 | ||
Switch, Inc., Class A | 872 | 12,504 | ||
Sykes Enterprises, Inc.(1) | 539 | 17,076 | ||
TTEC Holdings, Inc. | 428 | 16,020 | ||
Twilio, Inc., Class A(1) | 317 | 35,707 | ||
VeriSign, Inc.(1) | 317 | 60,151 |
33
Shares | Value | |||
Visa, Inc., Class A | 6,879 | $ | 1,250,327 | |
Western Union Co. (The) | 4,630 | 103,666 | ||
WEX, Inc.(1) | 206 | 38,571 | ||
7,835,608 | ||||
Leisure Products — 0.3% | ||||
Acushnet Holdings Corp. | 547 | 13,921 | ||
American Outdoor Brands Corp.(1) | 284 | 2,829 | ||
Brunswick Corp. | 1,863 | 99,112 | ||
Callaway Golf Co. | 650 | 11,037 | ||
Clarus Corp. | 151 | 1,746 | ||
Hasbro, Inc. | 1,551 | 119,815 | ||
Johnson Outdoors, Inc., Class A | 34 | 2,122 | ||
Malibu Boats, Inc., Class A(1) | 694 | 30,494 | ||
Marine Products Corp. | 117 | 1,472 | ||
MasterCraft Boat Holdings, Inc.(1) | 138 | 2,231 | ||
Mattel, Inc.(1)(2) | 1,205 | 14,207 | ||
Polaris, Inc. | 1,197 | 98,788 | ||
Sturm Ruger & Co., Inc. | 78 | 3,747 | ||
Vista Outdoor, Inc.(1) | 664 | 4,880 | ||
YETI Holdings, Inc.(1)(2) | 539 | 16,305 | ||
422,706 | ||||
Life Sciences Tools and Services — 0.6% | ||||
Agilent Technologies, Inc. | 1,205 | 92,869 | ||
Bio-Rad Laboratories, Inc., Class A(1) | 115 | 40,482 | ||
Bio-Techne Corp. | 116 | 21,911 | ||
Bruker Corp. | 1,417 | 61,725 | ||
Charles River Laboratories International, Inc.(1) | 95 | 14,779 | ||
Illumina, Inc.(1) | 321 | 85,280 | ||
IQVIA Holdings, Inc.(1) | 324 | 45,195 | ||
Luminex Corp. | 387 | 9,582 | ||
Medpace Holdings, Inc.(1) | 95 | 8,544 | ||
Mettler-Toledo International, Inc.(1) | 261 | 183,144 | ||
PerkinElmer, Inc. | 95 | 8,212 | ||
PRA Health Sciences, Inc.(1) | 206 | 19,405 | ||
Repligen Corp.(1) | 206 | 17,634 | ||
Syneos Health, Inc.(1) | 206 | 13,050 | ||
Thermo Fisher Scientific, Inc. | 858 | 249,507 | ||
Waters Corp.(1) | 990 | 192,941 | ||
1,064,260 | ||||
Machinery — 2.6% | ||||
AGCO Corp. | 894 | 54,024 | ||
Alamo Group, Inc. | 95 | 10,523 | ||
Albany International Corp., Class A | 650 | 41,646 | ||
Allison Transmission Holdings, Inc. | 1,215 | 49,329 | ||
Astec Industries, Inc. | 736 | 27,637 | ||
Barnes Group, Inc. | 487 | 26,152 | ||
Caterpillar, Inc. | 3,742 | 464,906 |
34
Shares | Value | |||
CIRCOR International, Inc.(1) | 541 | $ | 19,465 | |
Colfax Corp.(1) | 991 | 33,169 | ||
Columbus McKinnon Corp. | 468 | 14,550 | ||
Commercial Vehicle Group, Inc.(1) | 526 | 2,293 | ||
Crane Co. | 247 | 16,784 | ||
Cummins, Inc. | 2,211 | 334,502 | ||
Deere & Co. | 3,283 | 513,724 | ||
Donaldson Co., Inc. | 2,342 | 105,577 | ||
Douglas Dynamics, Inc. | 206 | 8,967 | ||
Dover Corp. | 539 | 55,377 | ||
Energy Recovery, Inc.(1) | 1,104 | 10,863 | ||
Enerpac Tool Group Corp. | 539 | 11,518 | ||
EnPro Industries, Inc. | 398 | 21,472 | ||
ESCO Technologies, Inc. | 276 | 25,094 | ||
Federal Signal Corp. | 650 | 18,850 | ||
Flowserve Corp. | 872 | 35,046 | ||
Fortive Corp. | 428 | 29,601 | ||
Franklin Electric Co., Inc. | 640 | 33,082 | ||
Gardner Denver Holdings, Inc.(1) | 983 | 32,233 | ||
Gorman-Rupp Co. (The) | 321 | 10,269 | ||
Graco, Inc. | 2,625 | 129,465 | ||
Greenbrier Cos., Inc. (The) | 428 | 10,370 | ||
Helios Technologies, Inc. | 317 | 12,601 | ||
Hurco Cos., Inc. | 46 | 1,296 | ||
Hyster-Yale Materials Handling, Inc. | 45 | 2,166 | ||
IDEX Corp. | 317 | 46,916 | ||
Illinois Tool Works, Inc. | 1,871 | 313,916 | ||
ITT, Inc. | 1,203 | 72,360 | ||
John Bean Technologies Corp. | 319 | 30,898 | ||
Kennametal, Inc. | 1,897 | 52,737 | ||
Lincoln Electric Holdings, Inc. | 1,209 | 99,005 | ||
Lindsay Corp. | 115 | 11,388 | ||
Lydall, Inc.(1) | 513 | 6,110 | ||
Manitowoc Co., Inc. (The)(1) | 195 | 2,432 | ||
Mayville Engineering Co., Inc.(1) | 3 | 22 | ||
Meritor, Inc.(1) | 983 | 22,304 | ||
Middleby Corp. (The)(1) | 148 | 16,548 | ||
Miller Industries, Inc. | 206 | 6,120 | ||
Mueller Industries, Inc. | 1,396 | 39,060 | ||
Mueller Water Products, Inc., Class A | 3,314 | 36,288 | ||
Navistar International Corp.(1) | 121 | 4,394 | ||
Nordson Corp. | 191 | 27,752 | ||
Oshkosh Corp. | 1,417 | 102,237 | ||
PACCAR, Inc. | 5,259 | 351,827 | ||
Park-Ohio Holdings Corp. | 244 | 5,983 | ||
Parker-Hannifin Corp. | 650 | 120,101 | ||
Pentair plc | 470 | 18,513 |
35
Shares | Value | |||
Proto Labs, Inc.(1) | 209 | $ | 18,317 | |
RBC Bearings, Inc.(1) | 209 | 35,779 | ||
REV Group, Inc. | 369 | 2,889 | ||
Rexnord Corp. | 428 | 12,480 | ||
Snap-on, Inc. | 780 | 112,905 | ||
Spartan Motors, Inc. | 983 | 14,499 | ||
SPX Corp.(1) | 317 | 13,292 | ||
SPX FLOW, Inc.(1) | 1,051 | 38,656 | ||
Standex International Corp. | 232 | 14,716 | ||
Stanley Black & Decker, Inc. | 428 | 61,504 | ||
Tennant Co. | 230 | 16,454 | ||
Terex Corp. | 1,898 | 41,775 | ||
Timken Co. (The) | 1,299 | 58,247 | ||
Toro Co. (The) | 723 | 51,644 | ||
TriMas Corp.(1) | 428 | 10,850 | ||
Trinity Industries, Inc. | 2,231 | 45,401 | ||
Wabash National Corp. | 1,316 | 14,450 | ||
Watts Water Technologies, Inc., Class A | 320 | 30,051 | ||
Welbilt, Inc.(1) | 1,205 | 15,930 | ||
Westinghouse Air Brake Technologies Corp. | 539 | 37,029 | ||
Woodward, Inc. | 628 | 64,810 | ||
Xylem, Inc. | 650 | 50,271 | ||
4,311,411 | ||||
Marine — 0.1% | ||||
Costamare, Inc. | 2,204 | 14,392 | ||
Genco Shipping & Trading Ltd. | 6 | 46 | ||
Kirby Corp.(1) | 552 | 35,190 | ||
Matson, Inc. | 1,055 | 35,037 | ||
Scorpio Bulkers, Inc. | 2,204 | 7,097 | ||
91,762 | ||||
Media — 1.2% | ||||
Altice USA, Inc., Class A(1) | 2,759 | 71,348 | ||
AMC Networks, Inc., Class A(1) | 206 | 6,386 | ||
Cable One, Inc. | 95 | 149,437 | ||
Charter Communications, Inc., Class A(1) | 502 | 247,571 | ||
Comcast Corp., Class A | 16,798 | 679,143 | ||
Discovery, Inc., Class A(1)(2) | 428 | 11,000 | ||
Discovery, Inc., Class C(1) | 1,094 | 27,459 | ||
DISH Network Corp., Class A(1) | 3,425 | 114,806 | ||
Fox Corp., Class A | 3,536 | 108,697 | ||
Fox Corp., Class B(1) | 1,538 | 46,832 | ||
Gannett Co., Inc. | 886 | 3,721 | ||
Interpublic Group of Cos., Inc. (The) | 983 | 20,997 | ||
John Wiley & Sons, Inc., Class A | 206 | 7,661 | ||
Liberty Broadband Corp., Class A(1) | 95 | 11,750 | ||
Liberty Broadband Corp., Class C(1) | 983 | 123,750 | ||
Liberty Media Corp.-Liberty SiriusXM, Class C(1) | 1,316 | 58,720 |
36
Shares | Value | |||
Liberty Media Corp.-Liberty SiriusXM(1) | 650 | $ | 29,035 | |
Meredith Corp.(2) | 317 | 8,353 | ||
New York Times Co. (The), Class A | 1,982 | 74,246 | ||
News Corp., Class A | 3,314 | 40,017 | ||
News Corp., Class B | 983 | 12,228 | ||
Nexstar Media Group, Inc., Class A | 206 | 23,686 | ||
Omnicom Group, Inc. | 1,316 | 91,172 | ||
Scholastic Corp. | 317 | 10,172 | ||
Sinclair Broadcast Group, Inc., Class A | 317 | 7,358 | ||
Sirius XM Holdings, Inc. | 3,425 | 21,714 | ||
TEGNA, Inc. | 983 | 14,077 | ||
ViacomCBS, Inc., Class B | 2,883 | 70,951 | ||
2,092,287 | ||||
Metals and Mining — 0.7% | ||||
AK Steel Holding Corp.(1) | 7,072 | 16,336 | ||
Alcoa Corp.(1) | 2,576 | 35,729 | ||
Allegheny Technologies, Inc.(1) | 1,721 | 29,412 | ||
Carpenter Technology Corp. | 649 | 23,851 | ||
Century Aluminum Co.(1) | 400 | 2,320 | ||
Cleveland-Cliffs, Inc.(2) | 5,296 | 30,770 | ||
Coeur Mining, Inc.(1) | 6,211 | 25,838 | ||
Commercial Metals Co. | 3,651 | 66,667 | ||
Compass Minerals International, Inc. | 306 | 16,692 | ||
Freeport-McMoRan, Inc. | 8,499 | 84,650 | ||
Haynes International, Inc. | 180 | 4,556 | ||
Hecla Mining Co. | 6,961 | 18,377 | ||
Kaiser Aluminum Corp. | 425 | 40,184 | ||
Materion Corp. | 246 | 11,154 | ||
McEwen Mining, Inc.(1) | 14,915 | 13,423 | ||
Newmont Corp. | 5,631 | 251,311 | ||
Nucor Corp. | 3,203 | 132,444 | ||
Olympic Steel, Inc. | 168 | 2,024 | ||
Reliance Steel & Aluminum Co. | 1,471 | 150,469 | ||
Royal Gold, Inc. | 650 | 62,705 | ||
Ryerson Holding Corp.(1) | 348 | 2,899 | ||
Schnitzer Steel Industries, Inc., Class A | 650 | 10,712 | ||
Steel Dynamics, Inc. | 4,795 | 127,691 | ||
SunCoke Energy, Inc. | 2,093 | 9,649 | ||
United States Steel Corp.(2) | 3,331 | 26,715 | ||
Warrior Met Coal, Inc. | 1,668 | 29,557 | ||
Worthington Industries, Inc. | 593 | 18,857 | ||
1,244,992 | ||||
Multi-Utilities — 1.0% | ||||
Ameren Corp. | 3,222 | 254,538 | ||
Avista Corp. | 766 | 36,117 | ||
Black Hills Corp. | 210 | 15,162 | ||
CenterPoint Energy, Inc. | 2,537 | 58,402 |
37
Shares | Value | |||
CMS Energy Corp. | 2,471 | $ | 149,298 | |
Consolidated Edison, Inc. | 2,537 | 199,966 | ||
Dominion Energy, Inc. | 1,321 | 103,276 | ||
DTE Energy Co. | 1,113 | 124,289 | ||
MDU Resources Group, Inc. | 1,061 | 29,422 | ||
NiSource, Inc. | 3,564 | 96,299 | ||
NorthWestern Corp. | 435 | 30,598 | ||
Public Service Enterprise Group, Inc. | 4,075 | 209,088 | ||
Sempra Energy | 2,531 | 353,783 | ||
Unitil Corp. | 372 | 20,958 | ||
WEC Energy Group, Inc. | 761 | 70,263 | ||
1,751,459 | ||||
Multiline Retail — 0.9% | ||||
Big Lots, Inc. | 1,144 | 18,087 | ||
Dillard's, Inc., Class A(2) | 206 | 11,596 | ||
Dollar General Corp. | 1,871 | 281,211 | ||
Dollar Tree, Inc.(1) | 2,859 | 237,383 | ||
Kohl's Corp. | 3,015 | 118,037 | ||
Macy's, Inc. | 6,264 | 82,873 | ||
Nordstrom, Inc.(2) | 2,975 | 103,232 | ||
Ollie's Bargain Outlet Holdings, Inc.(1) | 3 | 153 | ||
Target Corp. | 5,953 | 613,159 | ||
1,465,731 | ||||
Oil, Gas and Consumable Fuels — 4.1% | ||||
Amplify Energy Corp. | 321 | 1,342 | ||
Antero Midstream Corp.(2) | 1,871 | 8,158 | ||
Antero Resources Corp.(1)(2) | 3,536 | 5,658 | ||
Apache Corp. | 7,717 | 192,308 | ||
Arch Coal, Inc., Class A(2) | 206 | 10,372 | ||
Berry Corp. | 1,316 | 8,383 | ||
Bonanza Creek Energy, Inc.(1) | 489 | 7,966 | ||
Cabot Oil & Gas Corp. | 6,434 | 89,626 | ||
Callon Petroleum Co.(1) | 5,675 | 12,882 | ||
Centennial Resource Development, Inc., Class A(1) | 4,084 | 9,679 | ||
Cheniere Energy, Inc.(1) | 781 | 40,057 | ||
Chevron Corp. | 10,817 | 1,009,659 | ||
Cimarex Energy Co. | 2,515 | 83,121 | ||
Clean Energy Fuels Corp.(1) | 993 | 2,244 | ||
CNX Resources Corp.(1) | 2,179 | 11,570 | ||
Comstock Resources, Inc.(1)(2) | 413 | 2,474 | ||
Concho Resources, Inc. | 1,200 | 81,624 | ||
ConocoPhillips | 11,608 | 562,059 | ||
CONSOL Energy, Inc.(1) | 434 | 2,469 | ||
Continental Resources, Inc. | 1,304 | 24,711 | ||
Contura Energy, Inc.(1) | 428 | 2,435 | ||
CVR Energy, Inc. | 728 | 20,690 | ||
Delek US Holdings, Inc. | 1,787 | 38,206 |
38
Shares | Value | |||
Denbury Resources, Inc.(1) | 10,719 | $ | 8,065 | |
Devon Energy Corp. | 8,112 | 131,739 | ||
DHT Holdings, Inc. | 2,204 | 12,232 | ||
Diamond S Shipping, Inc.(1) | 1,205 | 12,411 | ||
Diamondback Energy, Inc. | 1,651 | 102,362 | ||
Dorian LPG Ltd.(1) | 1,099 | 12,221 | ||
EnLink Midstream LLC(1) | 2,548 | 9,708 | ||
EOG Resources, Inc. | 6,078 | 384,494 | ||
EQT Corp. | 2,916 | 17,117 | ||
Equitrans Midstream Corp. | 159 | 1,123 | ||
Evolution Petroleum Corp. | 435 | 2,049 | ||
Extraction Oil & Gas, Inc.(1)(2) | 691 | 476 | ||
Exxon Mobil Corp. | 17,352 | 892,587 | ||
GasLog Ltd. | 6 | 34 | ||
Goodrich Petroleum Corp.(1) | 68 | 362 | ||
Gran Tierra Energy, Inc.(1) | 9,387 | 7,200 | ||
Green Plains, Inc. | 1,260 | 15,107 | ||
Gulfport Energy Corp.(1) | 2,054 | 1,683 | ||
Hallador Energy Co. | 345 | 445 | ||
Hess Corp. | 3,742 | 210,226 | ||
HollyFrontier Corp. | 3,479 | 117,173 | ||
International Seaways, Inc.(1) | 348 | 6,922 | ||
Kinder Morgan, Inc. | 9,498 | 182,077 | ||
Kosmos Energy Ltd. | 12,382 | 37,765 | ||
Laredo Petroleum, Inc.(1) | 5,296 | 5,720 | ||
Magnolia Oil & Gas Corp., Class A(1) | 3,210 | 24,107 | ||
Marathon Oil Corp. | 14,693 | 121,658 | ||
Marathon Petroleum Corp. | 2,430 | 115,231 | ||
Matador Resources Co.(1) | 2,803 | 27,021 | ||
Montage Resources Corp.(1)(2) | 306 | 1,068 | ||
Murphy Oil Corp. | 4,201 | 79,189 | ||
NACCO Industries, Inc., Class A | 115 | 4,740 | ||
NextDecade Corp.(1) | 176 | 674 | ||
Noble Energy, Inc. | 6,850 | 108,435 | ||
Nordic American Tankers Ltd. | 1,884 | 6,066 | ||
Northern Oil and Gas, Inc.(1) | 6,850 | 9,933 | ||
Oasis Petroleum, Inc.(1) | 3,964 | 6,481 | ||
Occidental Petroleum Corp. | 8,602 | 281,629 | ||
ONEOK, Inc. | 4,963 | 331,131 | ||
Overseas Shipholding Group, Inc., Class A(1) | 941 | 1,619 | ||
Panhandle Oil and Gas, Inc., Class A | 128 | 851 | ||
Par Pacific Holdings, Inc.(1) | 1,094 | 18,149 | ||
Parsley Energy, Inc., Class A | 5,530 | 74,102 | ||
PBF Energy, Inc., Class A | 761 | 17,039 | ||
PDC Energy, Inc.(1) | 2,176 | 41,409 | ||
Peabody Energy Corp. | 983 | 5,741 | ||
Penn Virginia Corp.(1) | 317 | 5,040 |
39
Shares | Value | |||
Phillips 66 | 2,648 | $ | 198,229 | |
Pioneer Natural Resources Co. | 2,121 | 260,416 | ||
Plains GP Holdings LP, Class A(1) | 539 | 7,422 | ||
QEP Resources, Inc. | 5,036 | 11,331 | ||
Range Resources Corp.(2) | 2,870 | 7,950 | ||
Rattler Midstream LP | 100 | 1,259 | ||
Renewable Energy Group, Inc.(1) | 275 | 7,274 | ||
REX American Resources Corp.(1) | 50 | 3,501 | ||
Ring Energy, Inc.(1)(2) | 767 | 1,081 | ||
Scorpio Tankers, Inc. | 801 | 15,844 | ||
SFL Corp. Ltd. | 1,868 | 22,678 | ||
SM Energy Co. | 2,962 | 19,460 | ||
Southwestern Energy Co.(1)(2) | 7,944 | 11,280 | ||
Tallgrass Energy LP, Class A | 1,570 | 34,650 | ||
Talos Energy, Inc.(1) | 591 | 8,392 | ||
Targa Resources Corp. | 2,139 | 69,304 | ||
Teekay Corp.(1)(2) | 1,669 | 6,109 | ||
Teekay Tankers Ltd., Class A(1) | 424 | 7,017 | ||
VAALCO Energy, Inc.(1) | 35 | 70 | ||
Valero Energy Corp. | 5,217 | 345,626 | ||
Whiting Petroleum Corp.(1)(2) | 1,427 | 2,640 | ||
Williams Cos., Inc. (The) | 5,162 | 98,336 | ||
World Fuel Services Corp. | 696 | 19,683 | ||
WPX Energy, Inc.(1) | 7,569 | 70,619 | ||
6,910,475 | ||||
Paper and Forest Products — 0.1% | ||||
Boise Cascade Co. | 1,170 | 41,512 | ||
Clearwater Paper Corp.(1) | 241 | 6,572 | ||
Domtar Corp. | 1,442 | 41,486 | ||
Louisiana-Pacific Corp. | 2,561 | 72,861 | ||
Mercer International, Inc. | 983 | 8,709 | ||
Neenah, Inc. | 401 | 23,166 | ||
P.H. Glatfelter Co. | 872 | 12,435 | ||
Schweitzer-Mauduit International, Inc. | 703 | 23,705 | ||
Verso Corp., Class A(1) | 817 | 13,325 | ||
243,771 | ||||
Personal Products — 0.3% | ||||
Coty, Inc., Class A | 571 | 5,270 | ||
Edgewell Personal Care Co.(1) | 428 | 12,994 | ||
Estee Lauder Cos., Inc. (The), Class A | 2,016 | 370,137 | ||
Herbalife Nutrition Ltd.(1) | 317 | 10,258 | ||
Inter Parfums, Inc. | 95 | 5,706 | ||
Lifevantage Corp.(1) | 407 | 4,847 | ||
Medifast, Inc.(2) | 272 | 22,606 | ||
Nature's Sunshine Products, Inc.(1) | 123 | 1,009 | ||
Nu Skin Enterprises, Inc., Class A | 962 | 23,588 | ||
USANA Health Sciences, Inc.(1) | 177 | 11,700 |
40
Shares | Value | |||
Youngevity International, Inc.(1) | 237 | $ | 261 | |
468,376 | ||||
Pharmaceuticals — 4.0% | ||||
Akorn, Inc.(1) | 57 | 66 | ||
Allergan plc | 1,427 | 272,086 | ||
Amphastar Pharmaceuticals, Inc.(1) | 300 | 4,617 | ||
ANI Pharmaceuticals, Inc.(1) | 128 | 6,145 | ||
Bristol-Myers Squibb Co. | 20,463 | 1,208,545 | ||
Catalent, Inc.(1) | 1,871 | 96,413 | ||
Collegium Pharmaceutical, Inc.(1) | 761 | 18,074 | ||
Corcept Therapeutics, Inc.(1) | 2,760 | 34,831 | ||
Durect Corp.(1) | 173 | 306 | ||
Elanco Animal Health, Inc.(1) | 1,205 | 33,017 | ||
Eli Lilly & Co. | 4,413 | 556,612 | ||
Horizon Therapeutics plc(1) | 1,848 | 63,239 | ||
Innoviva, Inc.(1) | 1,205 | 16,231 | ||
Intersect ENT, Inc.(1) | 438 | 10,451 | ||
Intra-Cellular Therapies, Inc.(1) | 237 | 5,001 | ||
Jazz Pharmaceuticals plc(1) | 1,030 | 118,017 | ||
Johnson & Johnson | 15,468 | 2,080,137 | ||
Lannett Co., Inc.(1)(2) | 1,374 | 11,954 | ||
Mallinckrodt plc(1)(2) | 640 | 2,739 | ||
Merck & Co., Inc. | 13,249 | 1,014,343 | ||
Mylan NV(1) | 3,853 | 66,233 | ||
MyoKardia, Inc.(1) | 210 | 13,312 | ||
Nektar Therapeutics(1) | 650 | 13,526 | ||
NGM Biopharmaceuticals, Inc.(1)(2) | 242 | 4,366 | ||
Omeros Corp.(1) | 763 | 9,087 | ||
Perrigo Co. plc | 1,061 | 53,782 | ||
Pfizer, Inc. | 13,151 | 439,506 | ||
Phibro Animal Health Corp., Class A | 539 | 13,610 | ||
Prestige Consumer Healthcare, Inc.(1) | 885 | 33,064 | ||
Reata Pharmaceuticals, Inc., Class A(1) | 83 | 16,164 | ||
Revance Therapeutics, Inc.(1) | 359 | 8,300 | ||
SIGA Technologies, Inc.(1) | 1,549 | 7,737 | ||
Strongbridge Biopharma plc(1) | 596 | 1,651 | ||
Supernus Pharmaceuticals, Inc.(1) | 631 | 11,352 | ||
Theravance Biopharma, Inc.(1) | 153 | 3,726 | ||
Verrica Pharmaceuticals, Inc.(1) | 128 | 1,519 | ||
Zoetis, Inc. | 3,710 | 494,283 | ||
6,744,042 | ||||
Professional Services — 0.5% | ||||
Acacia Research Corp.(1) | 871 | 2,003 | ||
ASGN, Inc.(1) | 206 | 10,446 | ||
Barrett Business Services, Inc. | 123 | 7,368 | ||
BG Staffing, Inc. | 164 | 2,529 | ||
CBIZ, Inc.(1) | 539 | 14,036 |
41
Shares | Value | |||
CoStar Group, Inc.(1) | 115 | $ | 76,773 | |
CRA International, Inc. | 238 | 11,069 | ||
Equifax, Inc. | 761 | 108,092 | ||
Exponent, Inc. | 539 | 39,697 | ||
Franklin Covey Co.(1) | 123 | 3,868 | ||
FTI Consulting, Inc.(1) | 317 | 35,691 | ||
Heidrick & Struggles International, Inc. | 435 | 9,700 | ||
IHS Markit Ltd. | 761 | 54,214 | ||
InnerWorkings, Inc.(1) | 391 | 1,228 | ||
Kelly Services, Inc., Class A | 539 | 8,953 | ||
Kforce, Inc. | 539 | 16,418 | ||
Korn Ferry | 798 | 27,914 | ||
ManpowerGroup, Inc. | 1,154 | 87,635 | ||
Nielsen Holdings plc | 1,104 | 20,104 | ||
Resources Connection, Inc. | 877 | 10,989 | ||
Robert Half International, Inc. | 2,239 | 112,868 | ||
TransUnion | 872 | 77,538 | ||
TriNet Group, Inc.(1) | 509 | 26,906 | ||
TrueBlue, Inc.(1) | 650 | 9,672 | ||
Verisk Analytics, Inc. | 872 | 135,256 | ||
910,967 | ||||
Real Estate Management and Development — 0.2% | ||||
CBRE Group, Inc., Class A(1) | 2,537 | 142,427 | ||
Consolidated-Tomoka Land Co. | 95 | 5,463 | ||
Cushman & Wakefield plc(1) | 650 | 11,823 | ||
Forestar Group, Inc.(1) | 161 | 2,880 | ||
FRP Holdings, Inc.(1) | 117 | 5,292 | ||
Howard Hughes Corp. (The)(1) | 428 | 46,173 | ||
Jones Lang LaSalle, Inc. | 428 | 63,246 | ||
Kennedy-Wilson Holdings, Inc. | 983 | 19,866 | ||
Marcus & Millichap, Inc.(1) | 494 | 15,788 | ||
Newmark Group, Inc., Class A | 1,427 | 13,628 | ||
RE/MAX Holdings, Inc., Class A | 573 | 16,703 | ||
RMR Group, Inc. (The), Class A | 206 | 7,676 | ||
St. Joe Co. (The)(1) | 762 | 14,989 | ||
Tejon Ranch Co.(1) | 280 | 4,222 | ||
Trinity Place Holdings, Inc.(1) | 285 | 938 | ||
371,114 | ||||
Road and Rail — 1.9% | ||||
AMERCO | 172 | 55,472 | ||
ArcBest Corp. | 673 | 13,332 | ||
Avis Budget Group, Inc.(1) | 428 | 13,857 | ||
CSX Corp. | 8,274 | 582,903 | ||
Daseke, Inc.(1) | 664 | 2,191 | ||
Heartland Express, Inc. | 1,094 | 19,594 | ||
Hertz Global Holdings, Inc.(1) | 2,804 | 35,863 | ||
J.B. Hunt Transport Services, Inc. | 1,846 | 178,028 |
42
Shares | Value | |||
Kansas City Southern | 1,344 | $ | 202,514 | |
Knight-Swift Transportation Holdings, Inc. | 1,488 | 47,527 | ||
Landstar System, Inc. | 872 | 88,046 | ||
Lyft, Inc., Class A(1) | 872 | 33,241 | ||
Marten Transport Ltd. | 983 | 19,208 | ||
Norfolk Southern Corp. | 2,661 | 485,233 | ||
Old Dominion Freight Line, Inc. | 1,251 | 242,444 | ||
Ryder System, Inc. | 1,286 | 48,919 | ||
Saia, Inc.(1) | 761 | 66,443 | ||
Schneider National, Inc., Class B | 983 | 17,606 | ||
Uber Technologies, Inc.(1) | 1,322 | 44,776 | ||
Union Pacific Corp. | 5,629 | 899,570 | ||
Universal Logistics Holdings, Inc. | 10 | 154 | ||
Werner Enterprises, Inc. | 1,387 | 46,603 | ||
3,143,524 | ||||
Semiconductors and Semiconductor Equipment — 4.6% | ||||
Advanced Energy Industries, Inc.(1) | 317 | 18,854 | ||
Advanced Micro Devices, Inc.(1) | 2,870 | 130,528 | ||
Ambarella, Inc.(1) | 206 | 12,247 | ||
Amkor Technology, Inc.(1) | 1,538 | 16,049 | ||
Analog Devices, Inc. | 1,095 | 119,410 | ||
Applied Materials, Inc. | 11,486 | 667,566 | ||
Broadcom, Inc. | 877 | 239,088 | ||
Cabot Microelectronics Corp. | 118 | 16,435 | ||
CEVA, Inc.(1) | 429 | 12,188 | ||
Cirrus Logic, Inc.(1) | 872 | 59,854 | ||
Cree, Inc.(1) | 650 | 29,074 | ||
Diodes, Inc.(1) | 761 | 33,492 | ||
Enphase Energy, Inc.(1) | 761 | 37,266 | ||
Entegris, Inc. | 983 | 52,414 | ||
First Solar, Inc.(1) | 602 | 27,554 | ||
FormFactor, Inc.(1) | 650 | 14,540 | ||
Inphi Corp.(1) | 206 | 15,380 | ||
Intel Corp. | 21,756 | 1,207,893 | ||
KLA Corp. | 872 | 134,035 | ||
Kulicke & Soffa Industries, Inc. | 539 | 12,305 | ||
Lam Research Corp. | 1,982 | 581,578 | ||
Lattice Semiconductor Corp.(1) | 872 | 15,652 | ||
Marvell Technology Group Ltd. | 3,425 | 72,952 | ||
Maxim Integrated Products, Inc. | 3,536 | 196,672 | ||
Microchip Technology, Inc. | 761 | 69,030 | ||
Micron Technology, Inc.(1) | 12,368 | 650,062 | ||
MKS Instruments, Inc. | 317 | 31,760 | ||
Monolithic Power Systems, Inc. | 206 | 32,680 | ||
NVIDIA Corp. | 2,097 | 566,337 | ||
ON Semiconductor Corp.(1) | 4,630 | 86,396 | ||
Onto Innovation, Inc.(1) | 353 | 10,791 |
43
Shares | Value | |||
Photronics, Inc.(1) | 1,205 | $ | 15,002 | |
Power Integrations, Inc. | 206 | 17,932 | ||
Qorvo, Inc.(1) | 1,760 | 177,021 | ||
QUALCOMM, Inc. | 8,152 | 638,302 | ||
Rambus, Inc.(1) | 1,316 | 18,398 | ||
Semtech Corp.(1) | 206 | 8,135 | ||
Silicon Laboratories, Inc.(1) | 318 | 28,200 | ||
Skyworks Solutions, Inc. | 2,327 | 233,119 | ||
SMART Global Holdings, Inc.(1) | 428 | 11,488 | ||
SolarEdge Technologies, Inc.(1) | 539 | 67,224 | ||
Synaptics, Inc.(1) | 761 | 50,264 | ||
Teradyne, Inc. | 3,203 | 188,208 | ||
Texas Instruments, Inc. | 6,749 | 770,331 | ||
Ultra Clean Holdings, Inc.(1) | 983 | 20,555 | ||
Universal Display Corp. | 322 | 51,130 | ||
Xilinx, Inc. | 1,760 | 146,942 | ||
Xperi Corp. | 650 | 11,174 | ||
7,623,507 | ||||
Software — 5.4% | ||||
Adobe, Inc.(1) | 1,218 | 420,356 | ||
Alarm.com Holdings, Inc.(1) | 1 | 48 | ||
Alteryx, Inc., Class A(1) | 85 | 11,868 | ||
Anaplan, Inc.(1) | 206 | 9,258 | ||
ANSYS, Inc.(1) | 324 | 78,470 | ||
Appfolio, Inc., Class A(1) | 95 | 11,682 | ||
Aspen Technology, Inc.(1) | 1,205 | 128,345 | ||
Autodesk, Inc.(1) | 539 | 102,884 | ||
Avalara, Inc.(1) | 206 | 17,458 | ||
Blackbaud, Inc. | 539 | 36,544 | ||
Cadence Design Systems, Inc.(1) | 1,538 | 101,723 | ||
CDK Global, Inc. | 206 | 9,480 | ||
Cerence, Inc.(1) | 7 | 152 | ||
Ceridian HCM Holding, Inc.(1) | 206 | 14,570 | ||
Citrix Systems, Inc. | 872 | 90,156 | ||
Cloudera, Inc.(1) | 1,427 | 12,700 | ||
CommVault Systems, Inc.(1) | 206 | 8,590 | ||
Cornerstone OnDemand, Inc.(1) | 317 | 13,007 | ||
Coupa Software, Inc.(1) | 118 | 17,670 | ||
DocuSign, Inc.(1) | 206 | 17,780 | ||
Dropbox, Inc., Class A(1) | 650 | 12,714 | ||
Fair Isaac Corp.(1) | 206 | 77,462 | ||
Fortinet, Inc.(1) | 2,093 | 213,612 | ||
Guidewire Software, Inc.(1) | 430 | 47,132 | ||
HubSpot, Inc.(1) | 118 | 21,175 | ||
Intuit, Inc. | 1,415 | 376,178 | ||
j2 Global, Inc. | 317 | 27,684 | ||
Manhattan Associates, Inc.(1) | 1,316 | 88,646 |
44
Shares | Value | |||
Microsoft Corp. | 32,854 | $ | 5,322,677 | |
MicroStrategy, Inc., Class A(1) | 7 | 946 | ||
Mimecast Ltd.(1) | 317 | 12,550 | ||
NortonLifeLock, Inc. | 1,538 | 29,268 | ||
Nuance Communications, Inc.(1) | 761 | 16,453 | ||
Oracle Corp. (New York) | 8,168 | 403,989 | ||
Palo Alto Networks, Inc.(1) | 206 | 38,032 | ||
Paycom Software, Inc.(1) | 946 | 267,387 | ||
Paylocity Holding Corp.(1) | 319 | 41,317 | ||
Pegasystems, Inc. | 95 | 8,597 | ||
Progress Software Corp. | 317 | 11,821 | ||
Proofpoint, Inc.(1) | 95 | 10,132 | ||
PTC, Inc.(1) | 95 | 7,177 | ||
Q2 Holdings, Inc.(1) | 206 | 15,526 | ||
Qualys, Inc.(1) | 317 | 25,417 | ||
RealPage, Inc.(1) | 206 | 13,205 | ||
RingCentral, Inc., Class A(1) | 95 | 22,396 | ||
salesforce.com, Inc.(1) | 1,763 | 300,415 | ||
ServiceNow, Inc.(1) | 713 | 232,502 | ||
Smartsheet, Inc., Class A(1) | 317 | 14,677 | ||
Splunk, Inc.(1) | 317 | 46,704 | ||
SS&C Technologies Holdings, Inc. | 317 | 17,593 | ||
Synopsys, Inc.(1) | 429 | 59,172 | ||
Teradata Corp.(1) | 539 | 10,748 | ||
Trade Desk, Inc. (The), Class A(1) | 95 | 27,289 | ||
Tyler Technologies, Inc.(1) | 117 | 36,662 | ||
Verint Systems, Inc.(1) | 229 | 12,568 | ||
VMware, Inc., Class A(1) | 206 | 24,827 | ||
Workday, Inc., Class A(1) | 317 | 54,920 | ||
Workiva, Inc.(1) | 317 | 13,549 | ||
Zendesk, Inc.(1) | 228 | 18,083 | ||
Zscaler, Inc.(1) | 206 | 10,710 | ||
9,094,653 | ||||
Specialty Retail — 3.2% | ||||
Aaron's, Inc. | 1,749 | 68,788 | ||
Abercrombie & Fitch Co., Class A | 872 | 11,449 | ||
Advance Auto Parts, Inc. | 939 | 124,868 | ||
America's Car-Mart, Inc.(1) | 46 | 4,727 | ||
American Eagle Outfitters, Inc. | 1,982 | 25,528 | ||
Asbury Automotive Group, Inc.(1) | 391 | 34,658 | ||
At Home Group, Inc.(1)(2) | 408 | 2,040 | ||
AutoNation, Inc.(1) | 1,982 | 84,691 | ||
AutoZone, Inc.(1) | 63 | 65,048 | ||
Bed Bath & Beyond, Inc.(2) | 3,653 | 39,489 | ||
Best Buy Co., Inc. | 3,631 | 274,685 | ||
Boot Barn Holdings, Inc.(1) | 317 | 9,722 | ||
Buckle, Inc. (The) | 812 | 18,376 |
45
Shares | Value | |||
Burlington Stores, Inc.(1) | 983 | $ | 212,584 | |
Caleres, Inc. | 1,276 | 14,712 | ||
Camping World Holdings, Inc., Class A(2) | 231 | 3,160 | ||
CarMax, Inc.(1) | 3,425 | 299,037 | ||
Carvana Co.(1)(2) | 95 | 7,877 | ||
Cato Corp. (The), Class A | 761 | 12,305 | ||
Chico's FAS, Inc. | 1,764 | 7,074 | ||
Children's Place, Inc. (The) | 317 | 18,259 | ||
Citi Trends, Inc. | 305 | 6,030 | ||
Conn's, Inc.(1)(2) | 243 | 1,980 | ||
Designer Brands, Inc., Class A | 86 | 1,162 | ||
Dick's Sporting Goods, Inc. | 1,382 | 50,319 | ||
Express, Inc.(1) | 923 | 3,415 | ||
Five Below, Inc.(1) | 539 | 52,256 | ||
Floor & Decor Holdings, Inc., Class A(1) | 761 | 38,849 | ||
Foot Locker, Inc. | 1,745 | 63,256 | ||
GameStop Corp., Class A(2) | 690 | 2,484 | ||
Gap, Inc. (The) | 6,417 | 91,956 | ||
Genesco, Inc.(1) | 486 | 16,723 | ||
Group 1 Automotive, Inc. | 206 | 17,557 | ||
Guess?, Inc. | 842 | 13,640 | ||
Haverty Furniture Cos., Inc. | 441 | 7,418 | ||
Hibbett Sports, Inc.(1) | 543 | 10,599 | ||
Home Depot, Inc. (The) | 2,875 | 626,290 | ||
Hudson Ltd., Class A(1) | 1,094 | 10,185 | ||
L Brands, Inc. | 650 | 14,079 | ||
Lithia Motors, Inc., Class A | 585 | 69,709 | ||
Lowe's Cos., Inc. | 6,299 | 671,284 | ||
Lumber Liquidators Holdings, Inc.(1)(2) | 369 | 3,616 | ||
MarineMax, Inc.(1) | 207 | 3,505 | ||
Monro, Inc. | 210 | 11,785 | ||
Murphy USA, Inc.(1) | 863 | 84,143 | ||
O'Reilly Automotive, Inc.(1) | 650 | 239,668 | ||
Office Depot, Inc. | 16,658 | 39,146 | ||
Penske Automotive Group, Inc. | 206 | 9,480 | ||
Rent-A-Center, Inc. | 1,649 | 35,107 | ||
RH(1) | 74 | 13,424 | ||
Ross Stores, Inc. | 4,297 | 467,428 | ||
Sally Beauty Holdings, Inc.(1) | 296 | 3,682 | ||
Shoe Carnival, Inc.(2) | 325 | 9,721 | ||
Signet Jewelers Ltd. | 1,185 | 27,634 | ||
Sleep Number Corp.(1) | 116 | 5,110 | ||
Sonic Automotive, Inc., Class A | 428 | 11,984 | ||
Sportsman's Warehouse Holdings, Inc.(1) | 1,301 | 7,806 | ||
Tilly's, Inc., Class A | 599 | 3,894 | ||
TJX Cos., Inc. (The) | 11,369 | 679,866 | ||
Tractor Supply Co. | 2,093 | 185,251 |
46
Shares | Value | |||
Ulta Beauty, Inc.(1) | 872 | $ | 224,183 | |
Urban Outfitters, Inc.(1) | 1,750 | 41,143 | ||
Williams-Sonoma, Inc. | 761 | 47,479 | ||
Zumiez, Inc.(1) | 428 | 11,355 | ||
5,274,678 | ||||
Technology Hardware, Storage and Peripherals — 4.0% | ||||
Apple, Inc. | 22,362 | 6,112,876 | ||
Dell Technologies, Inc., Class C(1) | 317 | 12,826 | ||
Hewlett Packard Enterprise Co. | 3,536 | 45,225 | ||
HP, Inc. | 4,075 | 84,719 | ||
NCR Corp.(1) | 539 | 13,583 | ||
NetApp, Inc. | 1,205 | 56,298 | ||
Pure Storage, Inc., Class A(1) | 761 | 11,613 | ||
Seagate Technology plc | 3,964 | 190,074 | ||
Stratasys Ltd.(1)(2) | 539 | 8,624 | ||
Western Digital Corp. | 761 | 42,281 | ||
Xerox Holdings Corp. | 1,871 | 60,246 | ||
6,638,365 | ||||
Textiles, Apparel and Luxury Goods — 1.4% | ||||
Capri Holdings Ltd.(1) | 4,051 | 104,597 | ||
Carter's, Inc. | 1,071 | 97,964 | ||
Columbia Sportswear Co. | 209 | 16,992 | ||
Crocs, Inc.(1) | 2,215 | 57,967 | ||
Deckers Outdoor Corp.(1) | 615 | 106,887 | ||
Fossil Group, Inc.(1) | 1,094 | 5,022 | ||
G-III Apparel Group Ltd.(1) | 539 | 12,052 | ||
Hanesbrands, Inc. | 2,426 | 32,120 | ||
Kontoor Brands, Inc. | 34 | 1,147 | ||
lululemon athletica, Inc.(1) | 1,427 | 310,244 | ||
Movado Group, Inc. | 127 | 1,867 | ||
NIKE, Inc., Class B | 8,726 | 779,930 | ||
Oxford Industries, Inc. | 361 | 21,801 | ||
PVH Corp. | 1,056 | 78,260 | ||
Ralph Lauren Corp. | 428 | 45,158 | ||
Rocky Brands, Inc. | 127 | 3,092 | ||
Skechers U.S.A., Inc., Class A(1) | 2,304 | 76,216 | ||
Steven Madden Ltd. | 1,483 | 48,494 | ||
Tapestry, Inc. | 4,800 | 112,560 | ||
Under Armour, Inc., Class A(1) | 1,649 | 23,399 | ||
Under Armour, Inc., Class C(1) | 1,649 | 20,580 | ||
Unifi, Inc.(1) | 209 | 4,466 | ||
Vera Bradley, Inc.(1) | 239 | 1,974 | ||
VF Corp. | 3,964 | 285,408 | ||
Vince Holding Corp.(1) | 46 | 497 | ||
Wolverine World Wide, Inc. | 428 | 11,252 | ||
2,259,946 | ||||
Thrifts and Mortgage Finance — 0.5% | ||||
Axos Financial, Inc.(1) | 1,165 | 29,020 |
47
Shares | Value | |||
Bridgewater Bancshares, Inc.(1) | 423 | $ | 5,287 | |
Columbia Financial, Inc.(1) | 872 | 13,533 | ||
Essent Group Ltd. | 1,871 | 81,650 | ||
Federal Agricultural Mortgage Corp., Class C | 249 | 18,690 | ||
First Defiance Financial Corp. | 881 | 21,069 | ||
Flagstar Bancorp, Inc. | 534 | 17,024 | ||
Home Bancorp, Inc. | 125 | 4,134 | ||
HomeStreet, Inc. | 428 | 11,595 | ||
Kearny Financial Corp. | 1,073 | 11,706 | ||
Merchants Bancorp | 208 | 3,748 | ||
Meridian Bancorp, Inc. | 754 | 12,449 | ||
Meta Financial Group, Inc. | 640 | 21,024 | ||
MGIC Investment Corp. | 6,739 | 81,070 | ||
Mr. Cooper Group, Inc.(1) | 2,138 | 27,431 | ||
New York Community Bancorp, Inc. | 5,884 | 63,606 | ||
NMI Holdings, Inc., Class A(1) | 1,427 | 33,306 | ||
Northfield Bancorp, Inc. | 761 | 10,753 | ||
Northwest Bancshares, Inc. | 1,094 | 15,196 | ||
OceanFirst Financial Corp. | 638 | 13,041 | ||
OP Bancorp | 290 | 2,566 | ||
PCSB Financial Corp. | 208 | 3,819 | ||
PennyMac Financial Services, Inc. | 1,107 | 39,033 | ||
Provident Financial Services, Inc. | 650 | 12,987 | ||
Radian Group, Inc. | 4,407 | 93,605 | ||
Southern Missouri Bancorp, Inc. | 154 | 5,054 | ||
Sterling Bancorp, Inc. | 3 | 21 | ||
Territorial Bancorp, Inc. | 126 | 3,203 | ||
TFS Financial Corp. | 761 | 15,555 | ||
TrustCo Bank Corp. NY | 1,760 | 12,074 | ||
Walker & Dunlop, Inc. | 925 | 59,986 | ||
Washington Federal, Inc. | 1,205 | 36,138 | ||
Waterstone Financial, Inc. | 762 | 12,672 | ||
Western New England Bancorp, Inc. | 361 | 3,191 | ||
WSFS Financial Corp. | 692 | 23,846 | ||
819,082 | ||||
Trading Companies and Distributors — 0.7% | ||||
Air Lease Corp. | 2,648 | 101,577 | ||
Applied Industrial Technologies, Inc. | 506 | 29,849 | ||
BMC Stock Holdings, Inc.(1) | 2,018 | 49,502 | ||
CAI International, Inc.(1) | 166 | 4,107 | ||
Fastenal Co. | 7,195 | 246,213 | ||
GATX Corp. | 893 | 63,876 | ||
General Finance Corp.(1) | 198 | 1,542 | ||
GMS, Inc.(1) | 539 | 12,316 | ||
H&E Equipment Services, Inc. | 951 | 22,596 | ||
HD Supply Holdings, Inc.(1) | 539 | 20,493 | ||
Herc Holdings, Inc.(1) | 714 | 26,189 |
48
Shares | Value | |||
Kaman Corp. | 810 | $ | 44,923 | |
Lawson Products, Inc.(1) | 53 | 2,120 | ||
MRC Global, Inc.(1) | 1,098 | 9,553 | ||
MSC Industrial Direct Co., Inc., Class A | 802 | 49,580 | ||
NOW, Inc.(1) | 1,094 | 9,660 | ||
Rush Enterprises, Inc., Class A | 708 | 29,679 | ||
SiteOne Landscape Supply, Inc.(1) | 428 | 42,479 | ||
Systemax, Inc. | 539 | 11,244 | ||
Textainer Group Holdings Ltd.(1) | 1,226 | 10,114 | ||
Titan Machinery, Inc.(1) | 31 | 313 | ||
Transcat, Inc.(1) | 63 | 1,820 | ||
Triton International Ltd. | 1,427 | 49,046 | ||
United Rentals, Inc.(1) | 539 | 71,407 | ||
Univar Solutions, Inc.(1) | 391 | 6,643 | ||
Veritiv Corp.(1) | 500 | 6,020 | ||
W.W. Grainger, Inc. | 793 | 220,089 | ||
Watsco, Inc. | 206 | 32,338 | ||
WESCO International, Inc.(1) | 206 | 8,357 | ||
1,183,645 | ||||
Transportation Infrastructure† | ||||
Macquarie Infrastructure Corp. | 761 | 29,869 | ||
Water Utilities — 0.1% | ||||
American States Water Co. | 389 | 29,794 | ||
American Water Works Co., Inc. | 761 | 94,105 | ||
Artesian Resources Corp., Class A | 116 | 3,982 | ||
California Water Service Group | 206 | 9,880 | ||
Consolidated Water Co. Ltd. | 178 | 2,876 | ||
Essential Utilities, Inc. | 1,649 | 70,924 | ||
Global Water Resources, Inc. | 135 | 1,613 | ||
SJW Group | 274 | 16,763 | ||
York Water Co. (The) | 85 | 3,595 | ||
233,532 | ||||
Wireless Telecommunication Services — 0.2% | ||||
Shenandoah Telecommunications Co. | 650 | 28,880 | ||
Sprint Corp.(1) | 9,276 | 85,246 | ||
T-Mobile US, Inc.(1) | 2,981 | 268,767 | ||
Telephone & Data Systems, Inc. | 1,094 | 22,033 | ||
404,926 | ||||
TOTAL COMMON STOCKS (Cost $175,225,971) | 167,043,146 | |||
RIGHTS† | ||||
Pharmaceuticals† | ||||
Bristol-Myers Squibb Co.(1) (Cost $11,892) | 5,583 | 18,703 | ||
TEMPORARY CASH INVESTMENTS† | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $67,460) | 67,460 | 67,460 |
49
Shares | Value | |||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.2% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $263,817) | 263,817 | $ | 263,817 | |
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $175,569,140) | 167,393,126 | |||
OTHER ASSETS AND LIABILITIES† | 31,867 | |||
TOTAL NET ASSETS — 100.0% | $ | 167,424,993 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(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 $520,799. 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 market value of the collateral held by the fund was $538,565, which includes securities collateral of $274,748. |
See Notes to Financial Statements.
50
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $175,305,323) — including $520,799 of securities on loan | $ | 167,129,309 | |
Investment made with cash collateral received for securities on loan, at value (cost of $263,817) | 263,817 | ||
Total investment securities, at value (cost of $175,569,140) | 167,393,126 | ||
Dividends and interest receivable | 316,566 | ||
Securities lending receivable | 527 | ||
167,710,219 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 263,817 | ||
Accrued management fees | 21,409 | ||
285,226 | |||
Net Assets | $ | 167,424,993 | |
Shares outstanding (unlimited number of shares authorized) | 3,420,001 | ||
Net Asset Value Per Share | $ | 48.95 | |
Net Assets Consist of: | |||
Capital paid in | $ | 175,141,475 | |
Distributable earnings | (7,716,482 | ) | |
$ | 167,424,993 |
See Notes to Financial Statements.
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Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $167) | $ | 1,205,732 | |
Securities lending, net | 2,258 | ||
Interest | 917 | ||
1,208,907 | |||
Expenses: | |||
Management fees | 89,752 | ||
Net investment income (loss) | 1,119,155 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | (68,527 | ) | |
Futures contract transactions | (906 | ) | |
(69,433 | ) | ||
Change in net unrealized appreciation (depreciation) on investments | (8,176,014 | ) | |
Net realized and unrealized gain (loss) | (8,245,447 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (7,126,292 | ) |
(1) | September 24, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
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Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 1,119,155 | |
Net realized gain (loss) | (69,433 | ) | |
Change in net unrealized appreciation (depreciation) | (8,176,014 | ) | |
Net increase (decrease) in net assets resulting from operations | (7,126,292 | ) | |
Distributions to Shareholders | |||
From earnings | (590,190 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 175,141,475 | ||
Net increase (decrease) in net assets | 167,424,993 | ||
Net Assets | |||
End of period | $ | 167,424,993 | |
Transactions in Shares of the Fund | |||
Sold | 3,420,001 |
(1) | September 24, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis U.S. Equity ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek long-term capital appreciation. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on September 24, 2019.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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 net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
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Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 263,817 | — | — | — | $ | 263,817 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 263,817 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 68% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.15%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 were $12,178,778 and $3,832,598, respectively.
Securities received in-kind through subscriptions for the period ended February 29, 2020 were $167,295,322. There were no securities delivered in-kind through redemptions during the period.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 30,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a basket of securities (and an amount of cash) that the fund specifies each day. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
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6. 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.
7. Derivative Instruments
Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the fund participated in equity price risk derivative instruments for temporary investment purposes.
At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the period from September 24, 2019 (fund inception) through February 29, 2020, the effect of equity price risk derivative instruments on the Statement of Operations was $(906) in net realized gain (loss) on futures contract transactions.
8. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
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9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 175,569,467 | |
Gross tax appreciation of investments | $ | 5,093,866 | |
Gross tax depreciation of investments | (13,270,207 | ) | |
Net tax appreciation (depreciation) of investments | $ | (8,176,341 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
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Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $50.00 | 0.43 | (1.29) | (0.86) | (0.19) | $48.95 | (1.75)% | 0.15%(5) | 1.87%(5) | 3% | $167,425 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | September 24, 2019 (fund inception) through February 29, 2020 (unaudited). |
(5) | Annualized. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019, the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
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The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
63
Notes |
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Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96055 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ U.S. Small Cap Value ETF (AVUV) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
For the first several months of the period, market optimism was strong, largely due to accommodative central bank policy. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed stock investors’ earlier fears about global growth. Against this backdrop, key stock benchmarks hit record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, while government bonds and other higher-quality assets rallied. Overall, for the entire reporting period, U.S. and global stocks generally increased modestly but underperformed U.S. and global bonds.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Penn National Gaming, Inc. | 0.9% |
Vishay Intertechnology, Inc. | 0.8% |
Texas Roadhouse, Inc. | 0.8% |
BankUnited, Inc. | 0.7% |
Bank of Hawaii Corp. | 0.7% |
GATX Corp. | 0.7% |
Bank OZK | 0.7% |
Iridium Communications, Inc. | 0.7% |
Murphy USA, Inc. | 0.7% |
Timken Co. (The) | 0.7% |
Top Five Industries | % of net assets |
Banks | 15.1% |
Oil, Gas and Consumable Fuels | 7.3% |
Specialty Retail | 6.2% |
Hotels, Restaurants and Leisure | 4.4% |
Machinery | 4.3% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.8% |
Temporary Cash Investments | 0.1% |
Temporary Cash Investments - Securities Lending Collateral | 1.1% |
Other Assets and Liabilities | (1.0)% |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | $1,000 | $882.50(2) | $1.02(3) | 0.25% |
Hypothetical | $1,000 | $1,023.62(4) | $1.26(4) | 0.25% |
(1) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from September 24, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 159, the number of days in the period from September 24, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the fund had been available throughout the entire period and are calculated using the fund's annualized expense ratio listed in the table above. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 99.8% | ||||
Aerospace and Defense — 0.7% | ||||
AAR Corp. | 5,082 | $ | 175,583 | |
Aerojet Rocketdyne Holdings, Inc.(1) | 5,270 | 259,705 | ||
Parsons Corp.(1) | 608 | 23,767 | ||
459,055 | ||||
Air Freight and Logistics — 0.7% | ||||
Atlas Air Worldwide Holdings, Inc.(1) | 2,493 | 66,613 | ||
Forward Air Corp. | 2,632 | 155,314 | ||
Hub Group, Inc., Class A(1) | 4,634 | 214,230 | ||
436,157 | ||||
Airlines — 1.9% | ||||
Allegiant Travel Co. | 2,325 | 315,131 | ||
Hawaiian Holdings, Inc. | 8,898 | 185,790 | ||
Mesa Air Group, Inc.(1) | 3,913 | 22,578 | ||
SkyWest, Inc. | 8,290 | 376,366 | ||
Spirit Airlines, Inc.(1) | 10,115 | 287,772 | ||
1,187,637 | ||||
Auto Components — 3.5% | ||||
American Axle & Manufacturing Holdings, Inc.(1) | 17,668 | 111,838 | ||
Cooper Tire & Rubber Co. | 7,788 | 198,516 | ||
Cooper-Standard Holdings, Inc.(1) | 1,904 | 32,901 | ||
Dana, Inc. | 20,782 | 298,845 | ||
Delphi Technologies plc(1) | 10,516 | 148,486 | ||
Gentherm, Inc.(1) | 5,054 | 206,102 | ||
Goodyear Tire & Rubber Co. (The) | 33,595 | 325,368 | ||
LCI Industries | 3,703 | 357,525 | ||
Modine Manufacturing Co.(1) | 8,237 | 61,448 | ||
Stoneridge, Inc.(1) | 4,418 | 97,638 | ||
Tenneco, Inc., Class A | 11,519 | 105,629 | ||
Visteon Corp.(1) | 3,699 | 240,583 | ||
2,184,879 | ||||
Banks — 15.1% | ||||
1st Source Corp. | 1,144 | 48,105 | ||
ACNB Corp. | 1,027 | 31,303 | ||
Amalgamated Bank, Class A | 2,209 | 35,366 | ||
Amerant Bancorp, Inc.(1) | 3,345 | 61,749 | ||
Arrow Financial Corp. | 1,879 | 59,508 | ||
Associated Banc-Corp. | 23,928 | 405,101 | ||
Banc of California, Inc. | 5,878 | 90,110 | ||
BancFirst Corp. | 2,507 | 128,609 | ||
Bancorp, Inc. (The)(1) | 9,197 | 111,927 | ||
Bank of Commerce Holdings | 2,564 | 26,807 |
5
Shares | Value | |||
Bank of Hawaii Corp. | 6,126 | $ | 455,897 | |
Bank OZK | 17,305 | 439,374 | ||
BankFinancial Corp. | 1,712 | 19,414 | ||
BankUnited, Inc. | 15,431 | 458,301 | ||
Bankwell Financial Group, Inc. | 764 | 21,751 | ||
Banner Corp. | 3,983 | 181,784 | ||
BCB Bancorp, Inc. | 2,209 | 25,050 | ||
Boston Private Financial Holdings, Inc. | 13,924 | 135,829 | ||
Bridge Bancorp, Inc. | 2,379 | 65,470 | ||
Byline Bancorp, Inc. | 3,487 | 61,022 | ||
Cadence BanCorp | 7,940 | 112,113 | ||
Cathay General Bancorp. | 12,319 | 379,179 | ||
CB Financial Services, Inc. | 581 | 17,029 | ||
Central Pacific Financial Corp. | 4,552 | 108,884 | ||
Central Valley Community Bancorp | 1,669 | 28,707 | ||
City Holding Co. | 2,071 | 144,804 | ||
CNB Financial Corp. | 2,229 | 55,881 | ||
Codorus Valley Bancorp, Inc. | 1,356 | 27,934 | ||
Community Bankers Trust Corp. | 3,203 | 26,169 | ||
County Bancorp, Inc. | 718 | 17,692 | ||
Customers Bancorp, Inc.(1) | 4,055 | 82,276 | ||
Dime Community Bancshares, Inc. | 725 | 12,166 | ||
Eagle Bancorp, Inc. | 4,268 | 159,709 | ||
Enterprise Financial Services Corp. | 1,177 | 45,044 | ||
Farmers National Banc Corp. | 3,771 | 56,678 | ||
Financial Institutions, Inc. | 2,280 | 61,355 | ||
First BanCorp | 14,097 | 111,930 | ||
First Bancorp, Inc. | 608 | 15,504 | ||
First Business Financial Services, Inc. | 1,089 | 26,136 | ||
First Choice Bancorp | 1,459 | 33,046 | ||
First Foundation, Inc. | 5,901 | 85,417 | ||
First Internet Bancorp | 1,286 | 31,237 | ||
First Mid Bancshares, Inc. | 1,854 | 52,227 | ||
First of Long Island Corp. (The) | 3,071 | 63,600 | ||
First United Corp. | 1,002 | 21,673 | ||
Franklin Financial Services Corp. | 576 | 17,868 | ||
Great Southern Bancorp, Inc. | 1,996 | 102,415 | ||
Hanmi Financial Corp. | 4,698 | 73,289 | ||
Hawthorn Bancshares, Inc. | 789 | 17,153 | ||
Heritage Commerce Corp. | 5,878 | 60,308 | ||
Hilltop Holdings, Inc. | 11,016 | 229,463 | ||
Hope Bancorp, Inc. | 15,579 | 190,220 | ||
Independent Bank Corp. (Michigan) | 3,345 | 65,462 | ||
International Bancshares Corp. | 9,405 | 320,710 | ||
Lakeland Bancorp, Inc. | 6,762 | 97,407 | ||
Lakeland Financial Corp. | 3,771 | 154,121 | ||
Macatawa Bank Corp. | 4,126 | 39,775 |
6
Shares | Value | |||
Mackinac Financial Corp. | 1,286 | $ | 17,991 | |
Mercantile Bank Corp. | 2,422 | 69,487 | ||
Metropolitan Bank Holding Corp.(1) | 718 | 30,694 | ||
Midland States Bancorp, Inc. | 3,487 | 83,060 | ||
MidWestOne Financial Group, Inc. | 1,996 | 57,345 | ||
MutualFirst Financial, Inc. | 804 | 26,934 | ||
MVB Financial Corp. | 2,307 | 40,695 | ||
Northeast Bank | 1,428 | 25,418 | ||
Northrim BanCorp, Inc. | 899 | 31,420 | ||
OFG Bancorp | 8,741 | 146,324 | ||
Old Second Bancorp, Inc. | 4,623 | 49,189 | ||
Orrstown Financial Services, Inc. | 1,499 | 26,682 | ||
Parke Bancorp, Inc. | 1,529 | 28,279 | ||
PCB Bancorp. | 1,925 | 25,737 | ||
Peapack Gladstone Financial Corp. | 2,564 | 70,382 | ||
People's Utah Bancorp | 2,493 | 59,757 | ||
Preferred Bank | 2,422 | 123,837 | ||
Premier Financial Bancorp, Inc. | 1,712 | 28,505 | ||
QCR Holdings, Inc. | 2,209 | 84,075 | ||
RBB Bancorp | 2,280 | 38,464 | ||
Red River Bancshares, Inc.(1) | 396 | 20,584 | ||
Republic Bancorp, Inc., Class A | 1,739 | 62,152 | ||
Sandy Spring Bancorp, Inc. | 4,570 | 140,573 | ||
SB One Bancorp | 1,144 | 25,076 | ||
ServisFirst Bancshares, Inc. | 7,250 | 250,487 | ||
Sierra Bancorp | 2,067 | 49,236 | ||
SmartFinancial, Inc. | 1,507 | 28,618 | ||
Southern First Bancshares, Inc.(1) | 1,039 | 39,607 | ||
Southern National Bancorp of Virginia, Inc. | 3,003 | 42,613 | ||
Stock Yards Bancorp, Inc. | 2,699 | 94,303 | ||
Summit Financial Group, Inc. | 1,599 | 35,050 | ||
Texas Capital Bancshares, Inc.(1) | 8,475 | 399,003 | ||
TriCo Bancshares | 1,265 | 42,782 | ||
TriState Capital Holdings, Inc.(1) | 3,629 | 72,108 | ||
UMB Financial Corp. | 515 | 29,947 | ||
United Community Banks, Inc. | 12,290 | 304,423 | ||
United Security Bancshares | 2,280 | 19,745 | ||
Unity Bancorp, Inc. | 1,090 | 18,672 | ||
Valley National Bancorp | 10,565 | 98,254 | ||
Washington Trust Bancorp, Inc. | 2,209 | 94,810 | ||
West Bancorporation, Inc. | 2,209 | 45,174 | ||
Western Alliance Bancorp | 6,655 | 306,396 | ||
Wintrust Financial Corp. | 2,316 | 123,698 | ||
9,414,644 | ||||
Beverages — 0.1% | ||||
National Beverage Corp.(1)(2) | 1,286 | 54,385 | ||
New Age Beverages Corp.(1) | 11,791 | 23,818 | ||
78,203 |
7
Shares | Value | |||
Biotechnology — 0.8% | ||||
Arena Pharmaceuticals, Inc.(1) | 8,760 | $ | 390,696 | |
Eagle Pharmaceuticals, Inc.(1) | 1,746 | 80,141 | ||
United Therapeutics Corp.(1) | 263 | 27,079 | ||
497,916 | ||||
Building Products — 1.5% | ||||
Apogee Enterprises, Inc. | 3,507 | 105,877 | ||
Armstrong Flooring, Inc.(1) | 2,138 | 5,644 | ||
Masonite International Corp.(1) | 3,984 | 292,824 | ||
Quanex Building Products Corp. | 4,870 | 81,816 | ||
Universal Forest Products, Inc. | 8,977 | 420,662 | ||
906,823 | ||||
Capital Markets — 2.0% | ||||
B. Riley Financial, Inc. | 2,443 | 57,801 | ||
Diamond Hill Investment Group, Inc. | 434 | 55,001 | ||
Evercore, Inc., Class A | 5,063 | 337,297 | ||
GAIN Capital Holdings, Inc. | 2,235 | 13,187 | ||
INTL FCStone, Inc.(1) | 2,493 | 113,556 | ||
Moelis & Co., Class A | 6,469 | 206,749 | ||
Oppenheimer Holdings, Inc., Class A | 1,215 | 28,832 | ||
Piper Sandler Cos. | 2,067 | 144,855 | ||
Virtus Investment Partners, Inc. | 931 | 102,783 | ||
Waddell & Reed Financial, Inc., Class A | 12,575 | 173,032 | ||
1,233,093 | ||||
Chemicals — 2.9% | ||||
AdvanSix, Inc.(1) | 4,905 | 71,270 | ||
AgroFresh Solutions, Inc.(1) | 3,446 | 7,547 | ||
Cabot Corp. | 8,693 | 324,944 | ||
Chemours Co. (The) | 17,927 | 266,395 | ||
Ferro Corp.(1) | 6,540 | 75,995 | ||
Flotek Industries, Inc.(1) | 6,185 | 9,772 | ||
Hawkins, Inc. | 1,570 | 56,127 | ||
Intrepid Potash, Inc.(1) | 15,840 | 28,037 | ||
Kronos Worldwide, Inc. | 2,635 | 26,324 | ||
Livent Corp.(1) | 19,847 | 177,234 | ||
LSB Industries, Inc.(1) | 4,048 | 7,893 | ||
Olin Corp. | 3,221 | 52,148 | ||
Orion Engineered Carbons SA | 3,733 | 53,046 | ||
Rayonier Advanced Materials, Inc. | 12,287 | 30,103 | ||
Sensient Technologies Corp. | 624 | 30,688 | ||
Stepan Co. | 3,061 | 268,848 | ||
Tredegar Corp. | 5,404 | 92,192 | ||
Trinseo SA | 8,036 | 175,828 | ||
Tronox Holdings plc, Class A | 8,812 | 64,680 | ||
1,819,071 | ||||
Commercial Services and Supplies — 1.6% | ||||
Civeo Corp.(1) | 13,853 | 16,208 | ||
Ennis, Inc. | 3,315 | 66,632 |
8
Shares | Value | |||
Herman Miller, Inc. | 4,368 | $ | 149,560 | |
Kimball International, Inc., Class B | 6,398 | 103,520 | ||
McGrath RentCorp | 4,278 | 297,107 | ||
Quad/Graphics, Inc. | 5,901 | 28,325 | ||
Steelcase, Inc., Class A | 15,725 | 255,059 | ||
Team, Inc.(1) | 4,084 | 51,989 | ||
968,400 | ||||
Communications Equipment — 0.4% | ||||
EchoStar Corp., Class A(1) | 3,199 | 111,709 | ||
InterDigital, Inc. | 1,804 | 95,414 | ||
NETGEAR, Inc.(1) | 3,901 | 73,612 | ||
280,735 | ||||
Construction and Engineering — 1.3% | ||||
Aegion Corp.(1) | 2,454 | 44,197 | ||
Great Lakes Dredge & Dock Corp.(1) | 11,226 | 108,892 | ||
MYR Group, Inc.(1) | 2,351 | 59,974 | ||
Northwest Pipe Co.(1) | 1,782 | 56,222 | ||
Primoris Services Corp. | 4,974 | 94,407 | ||
Tutor Perini Corp.(1) | 3,741 | 54,244 | ||
Valmont Industries, Inc. | 3,291 | 382,480 | ||
800,416 | ||||
Construction Materials — 0.5% | ||||
Eagle Materials, Inc. | 3,744 | 295,514 | ||
Consumer Finance — 1.5% | ||||
Elevate Credit, Inc.(1) | 5,262 | 17,365 | ||
Navient Corp. | 35,299 | 396,408 | ||
Nelnet, Inc., Class A | 2,658 | 141,140 | ||
Oportun Financial Corp.(1)(2) | 1,251 | 26,308 | ||
Regional Management Corp.(1) | 1,428 | 36,628 | ||
SLM Corp. | 31,616 | 327,858 | ||
945,707 | ||||
Diversified Consumer Services — 0.3% | ||||
Collectors Universe, Inc. | 1,154 | 26,548 | ||
Perdoceo Education Corp.(1) | 11,796 | 176,114 | ||
202,662 | ||||
Diversified Financial Services — 0.7% | ||||
Alerus Financial Corp. | 1,285 | 26,291 | ||
FGL Holdings | 33,299 | 380,941 | ||
Marlin Business Services Corp. | 1,286 | 25,283 | ||
On Deck Capital, Inc.(1) | 6,515 | 22,737 | ||
455,252 | ||||
Diversified Telecommunication Services — 0.7% | ||||
Iridium Communications, Inc.(1) | 16,162 | 437,505 | ||
Electrical Equipment — 0.5% | ||||
Encore Wire Corp. | 3,132 | 153,374 | ||
LSI Industries, Inc. | 3,710 | 24,634 | ||
Powell Industries, Inc. | 1,291 | 43,158 |
9
Shares | Value | |||
Sunrun, Inc.(1) | 1,617 | $ | 31,273 | |
TPI Composites, Inc.(1) | 3,274 | 77,725 | ||
330,164 | ||||
Electronic Equipment, Instruments and Components — 4.3% | ||||
Arlo Technologies, Inc.(1) | 4,618 | 15,147 | ||
Avnet, Inc. | 9,892 | 303,487 | ||
Bel Fuse, Inc., Class B | 831 | 9,507 | ||
Benchmark Electronics, Inc. | 7,108 | 193,195 | ||
Coherent, Inc.(1) | 1,807 | 232,579 | ||
Jabil, Inc. | 9,737 | 312,071 | ||
Methode Electronics, Inc. | 6,195 | 189,939 | ||
Plexus Corp.(1) | 5,201 | 345,086 | ||
Sanmina Corp.(1) | 12,962 | 340,771 | ||
TTM Technologies, Inc.(1) | 17,703 | 229,962 | ||
Vishay Intertechnology, Inc. | 25,316 | 473,409 | ||
Vishay Precision Group, Inc.(1) | 1,570 | 43,128 | ||
2,688,281 | ||||
Energy Equipment and Services — 2.3% | ||||
Archrock, Inc. | 26,065 | 183,758 | ||
Covia Holdings Corp.(1)(2) | 3,558 | 5,479 | ||
DMC Global, Inc. | 1,925 | 69,416 | ||
Exterran Corp.(1) | 5,898 | 30,080 | ||
Helix Energy Solutions Group, Inc.(1) | 19,604 | 131,543 | ||
Liberty Oilfield Services, Inc., Class A | 6,515 | 43,585 | ||
Matrix Service Co.(1) | 3,998 | 48,296 | ||
Nabors Industries Ltd. | 70,053 | 123,293 | ||
Newpark Resources, Inc.(1) | 14,135 | 49,614 | ||
NexTier Oilfield Solutions, Inc.(1) | 29,121 | 135,704 | ||
Oceaneering International, Inc.(1) | 14,749 | 155,454 | ||
Patterson-UTI Energy, Inc. | 29,828 | 170,914 | ||
ProPetro Holding Corp.(1) | 8,244 | 72,217 | ||
RPC, Inc.(2) | 7,849 | 27,001 | ||
Select Energy Services, Inc., Class A(1) | 8,735 | 56,778 | ||
Smart Sand, Inc.(1)(2) | 2,777 | 4,527 | ||
Solaris Oilfield Infrastructure, Inc., Class A | 4,765 | 50,509 | ||
TETRA Technologies, Inc.(1) | 24,570 | 30,958 | ||
US Silica Holdings, Inc.(2) | 6,302 | 28,926 | ||
1,418,052 | ||||
Entertainment — 0.4% | ||||
Eros International plc(1)(2) | 10,325 | 23,851 | ||
IMAX Corp.(1) | 6,942 | 108,156 | ||
Marcus Corp. (The) | 3,558 | 95,070 | ||
227,077 | ||||
Food and Staples Retailing — 0.9% | ||||
Ingles Markets, Inc., Class A | 3,345 | 119,651 | ||
Natural Grocers by Vitamin Cottage, Inc. | 1,854 | 12,793 | ||
PriceSmart, Inc. | 3,435 | 191,295 |
10
Shares | Value | |||
SpartanNash Co. | 6,395 | $ | 79,490 | |
United Natural Foods, Inc.(1) | 4,049 | 26,197 | ||
Village Super Market, Inc., Class A | 1,570 | 32,263 | ||
Weis Markets, Inc. | 2,422 | 90,219 | ||
551,908 | ||||
Food Products — 0.3% | ||||
B&G Foods, Inc.(2) | 2,538 | 37,562 | ||
Farmer Brothers Co.(1) | 2,048 | 25,293 | ||
Fresh Del Monte Produce, Inc. | 105 | 2,879 | ||
John B Sanfilippo & Son, Inc. | 1,499 | 105,215 | ||
Seneca Foods Corp., Class A(1) | 860 | 29,859 | ||
200,808 | ||||
Health Care Equipment and Supplies — 0.1% | ||||
FONAR Corp.(1) | 860 | 17,183 | ||
Orthofix Medical, Inc.(1) | 1,388 | 49,052 | ||
66,235 | ||||
Health Care Providers and Services — 1.2% | ||||
Brookdale Senior Living, Inc.(1) | 34,585 | 227,224 | ||
Ensign Group, Inc. (The) | 3,718 | 165,451 | ||
InfuSystem Holdings, Inc.(1) | 2,280 | 24,168 | ||
Owens & Minor, Inc. | 13,639 | 93,154 | ||
Patterson Cos., Inc. | 9,841 | 234,117 | ||
744,114 | ||||
Hotels, Restaurants and Leisure — 4.4% | ||||
BJ's Restaurants, Inc. | 3,054 | 100,629 | ||
Bluegreen Vacations Corp.(2) | 860 | 6,674 | ||
Carrols Restaurant Group, Inc.(1) | 2,938 | 12,119 | ||
Cheesecake Factory, Inc. (The)(2) | 6,009 | 214,101 | ||
Chuy's Holdings, Inc.(1) | 2,251 | 48,261 | ||
Cracker Barrel Old Country Store, Inc. | 2,446 | 350,585 | ||
Extended Stay America, Inc. | 27,459 | 301,500 | ||
Golden Entertainment, Inc.(1) | 2,848 | 46,365 | ||
Habit Restaurants, Inc. (The), Class A(1) | 2,990 | 41,740 | ||
Hilton Grand Vacations, Inc.(1) | 10,900 | 290,594 | ||
J Alexander's Holdings, Inc.(1) | 2,209 | 18,136 | ||
Lindblad Expeditions Holdings, Inc.(1) | 3,393 | 40,377 | ||
ONE Group Hospitality, Inc. (The)(1) | 2,921 | 10,662 | ||
Penn National Gaming, Inc.(1) | 18,447 | 545,478 | ||
Playa Hotels & Resorts NV(1) | 11,678 | 61,893 | ||
Potbelly Corp.(1) | 2,209 | 11,045 | ||
RCI Hospitality Holdings, Inc. | 1,215 | 24,482 | ||
Red Robin Gourmet Burgers, Inc.(1) | 2,635 | 72,463 | ||
Texas Roadhouse, Inc. | 8,346 | 469,212 | ||
Twin River Worldwide Holdings, Inc. | 2,381 | 61,906 | ||
2,728,222 | ||||
Household Durables — 2.2% | ||||
Beazer Homes USA, Inc.(1) | 5,759 | 70,605 | ||
Ethan Allen Interiors, Inc. | 3,913 | 51,652 |
11
Shares | Value | |||
Hamilton Beach Brands Holding Co., Class A | 860 | $ | 9,976 | |
iRobot Corp.(1) | 673 | 32,297 | ||
La-Z-Boy, Inc. | 7,179 | 205,679 | ||
Legacy Housing Corp.(1) | 860 | 12,358 | ||
Meritage Homes Corp.(1) | 4,979 | 315,967 | ||
Sonos, Inc.(1) | 9,074 | 104,714 | ||
Taylor Morrison Home Corp.(1) | 4,167 | 93,841 | ||
TRI Pointe Group, Inc.(1) | 21,273 | 326,115 | ||
Turtle Beach Corp.(1)(2) | 1,712 | 11,316 | ||
Universal Electronics, Inc.(1) | 2,493 | 105,255 | ||
VOXX International Corp.(1) | 2,365 | 8,774 | ||
1,348,549 | ||||
Independent Power and Renewable Electricity Producers — 0.6% | ||||
Ormat Technologies, Inc. | 3,071 | 213,987 | ||
TerraForm Power, Inc., Class A | 7,752 | 145,660 | ||
359,647 | ||||
Insurance — 3.7% | ||||
Ambac Financial Group, Inc.(1) | 4,026 | 77,380 | ||
American Equity Investment Life Holding Co. | 14,065 | 355,563 | ||
AMERISAFE, Inc. | 2,699 | 175,894 | ||
CNO Financial Group, Inc. | 22,803 | 365,304 | ||
Crawford & Co., Class A | 2,105 | 15,661 | ||
Employers Holdings, Inc. | 5,262 | 202,797 | ||
Genworth Financial, Inc., Class A(1) | 77,753 | 303,237 | ||
HCI Group, Inc. | 605 | 25,725 | ||
Horace Mann Educators Corp. | 7,413 | 288,588 | ||
National General Holdings Corp. | 11,510 | 224,100 | ||
National Western Life Group, Inc., Class A | 109 | 26,043 | ||
Safety Insurance Group, Inc. | 1,190 | 93,701 | ||
Universal Insurance Holdings, Inc. | 5,333 | 110,340 | ||
Watford Holdings Ltd.(1) | 2,699 | 61,618 | ||
2,325,951 | ||||
Interactive Media and Services — 0.1% | ||||
Cars.com, Inc.(1) | 6,351 | 57,667 | ||
Internet and Direct Marketing Retail — 0.4% | ||||
PetMed Express, Inc. | 2,564 | 67,690 | ||
Stamps.com, Inc.(1) | 1,457 | 205,597 | ||
273,287 | ||||
IT Services — 0.5% | ||||
Net 1 UEPS Technologies, Inc.(1) | 5,434 | 18,639 | ||
NIC, Inc. | 7,839 | 143,375 | ||
Sykes Enterprises, Inc.(1) | 5,198 | 164,673 | ||
326,687 | ||||
Leisure Products — 0.3% | ||||
Malibu Boats, Inc., Class A(1) | 2,989 | 131,336 | ||
Vista Outdoor, Inc.(1) | 8,525 | 62,659 | ||
193,995 |
12
Shares | Value | |||
Machinery — 4.3% | ||||
Albany International Corp., Class A | 4,084 | $ | 261,662 | |
Astec Industries, Inc. | 4,406 | 165,445 | ||
Commercial Vehicle Group, Inc.(1) | 5,546 | 24,181 | ||
EnPro Industries, Inc. | 3,158 | 170,374 | ||
Kennametal, Inc. | 12,039 | 334,684 | ||
Lydall, Inc.(1) | 2,635 | 31,383 | ||
Manitex International, Inc.(1) | 74 | 410 | ||
Mayville Engineering Co., Inc.(1) | 829 | 6,043 | ||
Miller Industries, Inc. | 1,570 | 46,645 | ||
Mueller Industries, Inc. | 8,043 | 225,043 | ||
Mueller Water Products, Inc., Class A | 19,163 | 209,835 | ||
Park-Ohio Holdings Corp. | 1,286 | 31,533 | ||
REV Group, Inc. | 3,641 | 28,509 | ||
Spartan Motors, Inc. | 5,442 | 80,270 | ||
SPX FLOW, Inc.(1) | 1,562 | 57,450 | ||
Terex Corp. | 8,478 | 186,601 | ||
Timken Co. (The) | 9,411 | 421,989 | ||
Trinity Industries, Inc. | 16,187 | 329,405 | ||
Wabash National Corp. | 7,005 | 76,915 | ||
2,688,377 | ||||
Marine — 0.6% | ||||
Costamare, Inc. | 8,197 | 53,526 | ||
Eagle Bulk Shipping, Inc.(1)(2) | 5,620 | 18,658 | ||
Genco Shipping & Trading Ltd. | 1,792 | 13,763 | ||
Matson, Inc. | 6,378 | 211,813 | ||
Pangaea Logistics Solutions Ltd. | 2,635 | 7,246 | ||
Safe Bulkers, Inc.(1) | 10,090 | 13,319 | ||
Scorpio Bulkers, Inc. | 10,161 | 32,719 | ||
351,044 | ||||
Media — 0.3% | ||||
Cumulus Media, Inc., Class A(1) | 2,280 | 27,474 | ||
Entercom Communications Corp., Class A | 22,442 | 77,874 | ||
Entravision Communications Corp., Class A | 8,670 | 17,426 | ||
Gannett Co., Inc. | 7,759 | 32,588 | ||
Townsquare Media, Inc., Class A | 1,357 | 12,091 | ||
Tribune Publishing Co. | 885 | 10,151 | ||
177,604 | ||||
Metals and Mining — 3.5% | ||||
AK Steel Holding Corp.(1) | 36,216 | 83,659 | ||
Alcoa Corp.(1) | 16,452 | 228,189 | ||
Allegheny Technologies, Inc.(1) | 17,209 | 294,102 | ||
Carpenter Technology Corp. | 4,991 | 183,419 | ||
Cleveland-Cliffs, Inc.(2) | 37,212 | 216,202 | ||
Coeur Mining, Inc.(1) | 42,526 | 176,908 | ||
Commercial Metals Co. | 14,491 | 264,606 | ||
Kaiser Aluminum Corp. | 2,422 | 229,000 |
13
Shares | Value | |||
Olympic Steel, Inc. | 1,073 | $ | 12,930 | |
Schnitzer Steel Industries, Inc., Class A | 4,339 | 71,507 | ||
SunCoke Energy, Inc. | 16,549 | 76,291 | ||
United States Steel Corp.(2) | 20,669 | 165,765 | ||
Warrior Met Coal, Inc. | 9,380 | 166,213 | ||
2,168,791 | ||||
Multiline Retail — 0.2% | ||||
Big Lots, Inc. | 4,339 | 68,600 | ||
Dillard's, Inc., Class A(2) | 1,357 | 76,385 | ||
144,985 | ||||
Oil, Gas and Consumable Fuels — 7.3% | ||||
Amplify Energy Corp. | 4,690 | 19,604 | ||
Antero Midstream Corp.(2) | 31,585 | 137,711 | ||
Antero Resources Corp.(1)(2) | 16,869 | 26,990 | ||
Arch Coal, Inc., Class A | 2,706 | 136,247 | ||
Berry Corp. | 12,288 | 78,275 | ||
Bonanza Creek Energy, Inc.(1) | 2,801 | 45,628 | ||
Callon Petroleum Co.(1) | 63,243 | 143,562 | ||
Centennial Resource Development, Inc., Class A(1) | 21,142 | 50,107 | ||
CNX Resources Corp.(1) | 24,712 | 131,221 | ||
Comstock Resources, Inc.(1)(2) | 3,569 | 21,378 | ||
CONSOL Energy, Inc.(1) | 4,197 | 23,881 | ||
Contura Energy, Inc.(1) | 3,338 | 18,993 | ||
CVR Energy, Inc. | 2,952 | 83,896 | ||
Delek US Holdings, Inc. | 11,821 | 252,733 | ||
Denbury Resources, Inc.(1) | 87,982 | 66,198 | ||
DHT Holdings, Inc. | 19,835 | 110,084 | ||
Dorian LPG Ltd.(1) | 5,546 | 61,672 | ||
Earthstone Energy, Inc., Class A(1) | 1,996 | 7,685 | ||
EnLink Midstream LLC | 24,324 | 92,674 | ||
EQT Corp. | 31,456 | 184,647 | ||
Evolution Petroleum Corp. | 4,552 | 21,440 | ||
Extraction Oil & Gas, Inc.(1)(2) | 11,686 | 8,046 | ||
GasLog Ltd. | 16 | 90 | ||
Goodrich Petroleum Corp.(1) | 1,783 | 9,503 | ||
Gran Tierra Energy, Inc.(1) | 60,425 | 46,346 | ||
Green Plains, Inc. | 7,965 | 95,500 | ||
Gulfport Energy Corp.(1) | 25,990 | 21,301 | ||
Hallador Energy Co. | 4,126 | 5,323 | ||
HighPoint Resources Corp.(1) | 10,871 | 7,400 | ||
Kosmos Energy Ltd. | 64,693 | 197,314 | ||
Laredo Petroleum, Inc.(1) | 39,981 | 43,179 | ||
Magnolia Oil & Gas Corp., Class A(1) | 20,669 | 155,224 | ||
Matador Resources Co.(1) | 19,810 | 190,968 | ||
Montage Resources Corp.(1)(2) | 2,280 | 7,957 | ||
Murphy Oil Corp. | 10,809 | 203,750 | ||
NACCO Industries, Inc., Class A | 647 | 26,669 |
14
Shares | Value | |||
Northern Oil and Gas, Inc.(1) | 53,751 | $ | 77,939 | |
Oasis Petroleum, Inc.(1) | 25,633 | 41,910 | ||
Overseas Shipholding Group, Inc., Class A(1) | 7,463 | 12,836 | ||
Panhandle Oil and Gas, Inc., Class A | 1,570 | 10,441 | ||
Par Pacific Holdings, Inc.(1) | 7,676 | 127,345 | ||
Parsley Energy, Inc., Class A | 3,012 | 40,361 | ||
PBF Energy, Inc., Class A | 14,798 | 331,327 | ||
PDC Energy, Inc.(1) | 14,869 | 282,957 | ||
Peabody Energy Corp. | 9,451 | 55,194 | ||
Penn Virginia Corp.(1) | 3,058 | 48,622 | ||
QEP Resources, Inc. | 33,848 | 76,158 | ||
Range Resources Corp.(2) | 21,237 | 58,826 | ||
Ring Energy, Inc.(1)(2) | 5,049 | 7,119 | ||
SandRidge Energy, Inc.(1) | 5,901 | 12,156 | ||
Scorpio Tankers, Inc. | 111 | 2,196 | ||
SFL Corp. Ltd. | 13,467 | 163,489 | ||
SilverBow Resources, Inc.(1) | 789 | 2,217 | ||
SM Energy Co. | 20,512 | 134,764 | ||
Southwestern Energy Co.(1)(2) | 87,511 | 124,266 | ||
Talos Energy, Inc.(1) | 5,162 | 73,300 | ||
Teekay Corp.(1)(2) | 6,332 | 23,175 | ||
Teekay Tankers Ltd., Class A(1) | 3,428 | 56,733 | ||
VAALCO Energy, Inc.(1) | 6,682 | 13,364 | ||
Whiting Petroleum Corp.(1)(2) | 16,829 | 31,134 | ||
4,541,025 | ||||
Paper and Forest Products — 2.1% | ||||
Boise Cascade Co. | 6,895 | 244,635 | ||
Domtar Corp. | 8,387 | 241,294 | ||
Louisiana-Pacific Corp. | 14,538 | 413,606 | ||
Mercer International, Inc. | 6,469 | 57,315 | ||
Neenah, Inc. | 2,564 | 148,122 | ||
Schweitzer-Mauduit International, Inc. | 4,084 | 137,713 | ||
Verso Corp., Class A(1) | 5,682 | 92,673 | ||
1,335,358 | ||||
Personal Products — 0.7% | ||||
Lifevantage Corp.(1) | 1,641 | 19,544 | ||
Medifast, Inc.(2) | 560 | 46,542 | ||
Nu Skin Enterprises, Inc., Class A | 9,751 | 239,095 | ||
USANA Health Sciences, Inc.(1) | 1,641 | 108,470 | ||
413,651 | ||||
Pharmaceuticals — 0.6% | ||||
ANI Pharmaceuticals, Inc.(1) | 98 | 4,705 | ||
Corcept Therapeutics, Inc.(1) | 2,943 | 37,140 | ||
Innoviva, Inc.(1) | 9,421 | 126,901 | ||
Lannett Co., Inc.(1)(2) | 10,373 | 90,245 | ||
Supernus Pharmaceuticals, Inc.(1) | 5,021 | 90,328 | ||
349,319 |
15
Shares | Value | |||
Professional Services — 0.5% | ||||
Acacia Research Corp.(1) | 8,244 | $ | 18,961 | |
BG Staffing, Inc. | 1,286 | 19,830 | ||
CRA International, Inc. | 1,002 | 46,603 | ||
Heidrick & Struggles International, Inc. | 1,854 | 41,344 | ||
Kforce, Inc. | 3,345 | 101,889 | ||
TrueBlue, Inc.(1) | 5,262 | 78,299 | ||
306,926 | ||||
Real Estate Management and Development — 0.5% | ||||
Altisource Portfolio Solutions SA(1)(2) | 718 | 11,409 | ||
Consolidated-Tomoka Land Co. | 718 | 41,292 | ||
FRP Holdings, Inc.(1) | 1,215 | 54,955 | ||
Marcus & Millichap, Inc.(1) | 3,071 | 98,149 | ||
RE/MAX Holdings, Inc., Class A | 3,070 | 89,491 | ||
RMR Group, Inc. (The), Class A | 28 | 1,043 | ||
296,339 | ||||
Road and Rail — 3.0% | ||||
ArcBest Corp. | 4,694 | 92,988 | ||
Daseke, Inc.(1) | 2,513 | 8,293 | ||
Heartland Express, Inc. | 7,321 | 131,119 | ||
Hertz Global Holdings, Inc.(1) | 15,307 | 195,776 | ||
Landstar System, Inc. | 2,326 | 234,856 | ||
Marten Transport Ltd. | 7,498 | 146,511 | ||
Ryder System, Inc. | 9,753 | 371,004 | ||
Saia, Inc.(1) | 4,267 | 372,552 | ||
Schneider National, Inc., Class B | 4,136 | 74,076 | ||
Universal Logistics Holdings, Inc. | 18 | 277 | ||
US Xpress Enterprises, Inc., Class A(1) | 2,280 | 9,827 | ||
Werner Enterprises, Inc. | 7,918 | 266,045 | ||
1,903,324 | ||||
Semiconductors and Semiconductor Equipment — 1.8% | ||||
Amkor Technology, Inc.(1) | 12,162 | 126,910 | ||
Diodes, Inc.(1) | 6,990 | 307,630 | ||
Photronics, Inc.(1) | 9,318 | 116,009 | ||
SMART Global Holdings, Inc.(1) | 2,351 | 63,101 | ||
Synaptics, Inc.(1) | 5,731 | 378,533 | ||
Ultra Clean Holdings, Inc.(1) | 7,818 | 163,474 | ||
1,155,657 | ||||
Software† | ||||
Ideanomics, Inc.(1) | 1,312 | 473 | ||
Intelligent Systems Corp.(1) | 258 | 9,461 | ||
9,934 | ||||
Specialty Retail — 6.2% | ||||
Abercrombie & Fitch Co., Class A | 10,499 | 137,852 | ||
American Eagle Outfitters, Inc. | 21,968 | 282,948 | ||
AutoNation, Inc.(1) | 5,668 | 242,194 | ||
Barnes & Noble Education, Inc.(1) | 4,126 | 13,657 | ||
Bed Bath & Beyond, Inc.(2) | 21,899 | 236,728 |
16
Shares | Value | |||
Buckle, Inc. (The) | 4,907 | $ | 111,045 | |
Caleres, Inc. | 5,512 | 63,553 | ||
Cato Corp. (The), Class A | 3,487 | 56,385 | ||
Children's Place, Inc. (The) | 2,137 | 123,091 | ||
Citi Trends, Inc. | 1,570 | 31,039 | ||
Conn's, Inc.(1)(2) | 1,996 | 16,267 | ||
Dick's Sporting Goods, Inc. | 9,170 | 333,880 | ||
Express, Inc.(1) | 5,830 | 21,571 | ||
GameStop Corp., Class A(2) | 5,620 | 20,232 | ||
Genesco, Inc.(1) | 2,280 | 78,455 | ||
Guess?, Inc. | 3,942 | 63,860 | ||
Haverty Furniture Cos., Inc. | 1,497 | 25,180 | ||
Hibbett Sports, Inc.(1) | 3,132 | 61,137 | ||
Hudson Ltd., Class A(1) | 5,475 | 50,972 | ||
Lithia Motors, Inc., Class A | 3,291 | 392,156 | ||
Lumber Liquidators Holdings, Inc.(1)(2) | 4,208 | 41,238 | ||
Murphy USA, Inc.(1) | 4,380 | 427,050 | ||
Office Depot, Inc. | 107,114 | 251,718 | ||
Rent-A-Center, Inc. | 8,694 | 185,095 | ||
Shoe Carnival, Inc.(2) | 1,215 | 36,341 | ||
Signet Jewelers Ltd. | 9,701 | 226,227 | ||
Sonic Automotive, Inc., Class A | 999 | 27,972 | ||
Sportsman's Warehouse Holdings, Inc.(1) | 5,404 | 32,424 | ||
Tilly's, Inc., Class A | 2,919 | 18,974 | ||
TravelCenters of America, Inc.(1) | 647 | 7,822 | ||
Urban Outfitters, Inc.(1) | 10,377 | 243,963 | ||
3,861,026 | ||||
Textiles, Apparel and Luxury Goods — 1.4% | ||||
Crocs, Inc.(1) | 7,633 | 199,756 | ||
Culp, Inc. | 1,570 | 14,318 | ||
Deckers Outdoor Corp.(1) | 1,751 | 304,324 | ||
Fossil Group, Inc.(1) | 8,522 | 39,116 | ||
G-III Apparel Group Ltd.(1) | 5,356 | 119,760 | ||
Oxford Industries, Inc. | 2,493 | 150,552 | ||
Vera Bradley, Inc.(1) | 2,571 | 21,237 | ||
849,063 | ||||
Thrifts and Mortgage Finance — 3.8% | ||||
Axos Financial, Inc.(1) | 8,883 | 221,276 | ||
Bridgewater Bancshares, Inc.(1) | 3,274 | 40,925 | ||
Federal Agricultural Mortgage Corp., Class C | 1,712 | 128,503 | ||
First Defiance Financial Corp. | 539 | 12,890 | ||
Flagstar Bancorp, Inc. | 4,907 | 156,435 | ||
FS Bancorp, Inc. | 649 | 31,016 | ||
Hingham Institution for Savings | 243 | 44,459 | ||
Home Bancorp, Inc. | 959 | 31,714 | ||
HomeStreet, Inc. | 3,700 | 100,233 | ||
Luther Burbank Corp. | 2,067 | 21,559 | ||
Merchants Bancorp | 2,209 | 39,806 |
17
Shares | Value | |||
Meta Financial Group, Inc. | 2,395 | $ | 78,676 | |
Mr. Cooper Group, Inc.(1) | 9,496 | 121,834 | ||
NMI Holdings, Inc., Class A(1) | 10,266 | 239,608 | ||
OceanFirst Financial Corp. | 9 | 184 | ||
OP Bancorp | 1,925 | 17,036 | ||
PennyMac Financial Services, Inc. | 7,197 | 253,766 | ||
Riverview Bancorp, Inc. | 3,274 | 21,117 | ||
Severn Bancorp, Inc. | 1,570 | 12,591 | ||
Southern Missouri Bancorp, Inc. | 1,039 | 34,100 | ||
Sterling Bancorp, Inc. | 2,635 | 18,445 | ||
Territorial Bancorp, Inc. | 1,073 | 27,276 | ||
TrustCo Bank Corp. NY | 14,298 | 98,084 | ||
Walker & Dunlop, Inc. | 3,731 | 241,955 | ||
Washington Federal, Inc. | 11,214 | 336,308 | ||
Waterstone Financial, Inc. | 3,274 | 54,447 | ||
2,384,243 | ||||
Trading Companies and Distributors — 3.5% | ||||
Air Lease Corp. | 9,540 | 365,954 | ||
BMC Stock Holdings, Inc.(1) | 12,338 | 302,651 | ||
CAI International, Inc.(1) | 1,914 | 47,352 | ||
GATX Corp. | 6,354 | 454,502 | ||
H&E Equipment Services, Inc. | 4,552 | 108,156 | ||
Herc Holdings, Inc.(1) | 4,208 | 154,350 | ||
Kaman Corp. | 4,348 | 241,140 | ||
NOW, Inc.(1) | 10,680 | 94,304 | ||
Rush Enterprises, Inc., Class A | 375 | 15,720 | ||
Systemax, Inc. | 1,815 | 37,861 | ||
Textainer Group Holdings Ltd.(1) | 2,560 | 21,120 | ||
Triton International Ltd. | 10,116 | 347,687 | ||
Veritiv Corp.(1) | 1,925 | 23,177 | ||
2,213,974 | ||||
Wireless Telecommunication Services — 1.1% | ||||
Shenandoah Telecommunications Co. | 8,249 | 366,503 | ||
Telephone & Data Systems, Inc. | 14,062 | 283,209 | ||
United States Cellular Corp.(1) | 1,925 | 60,464 | ||
710,176 | ||||
TOTAL COMMON STOCKS (Cost $72,398,212) | 62,305,129 | |||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $69,345) | 69,345 | 69,345 | ||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.1% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $673,734) | 673,734 | 673,734 | ||
TOTAL INVESTMENT SECURITIES — 101.0% (Cost $73,141,291) | 63,048,208 | |||
OTHER ASSETS AND LIABILITIES — (1.0)% | (631,328 | ) | ||
TOTAL NET ASSETS — 100.0% | $ | 62,416,880 |
18
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(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 $839,432. 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 market value of the collateral held by the fund was $867,111, which includes securities collateral of $193,377. |
See Notes to Financial Statements
19
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $72,467,557) — including $839,432 of securities on loan | $ | 62,374,474 | |
Investment made with cash collateral received for securities on loan, at value (cost of $673,734) | 673,734 | ||
Total investment securities, at value (cost of $73,141,291) | 63,048,208 | ||
Receivable for investments sold | 151,287 | ||
Receivable for capital shares sold | 1,773,460 | ||
Dividends and interest receivable | 90,525 | ||
Securities lending receivable | 1,090 | ||
65,064,570 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 673,734 | ||
Payable for investments purchased | 1,960,799 | ||
Accrued management fees | 13,157 | ||
2,647,690 | |||
Net Assets | $ | 62,416,880 | |
Shares outstanding (unlimited number of shares authorized) | 1,420,001 | ||
Net Asset Value Per Share | $ | 43.96 | |
Net Assets Consist of: | |||
Capital paid in | $ | 72,776,222 | |
Distributable earnings | (10,359,342 | ) | |
$ | 62,416,880 |
See Notes to Financial Statements.
20
Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $102) | $ | 416,825 | |
Securities lending, net | 5,381 | ||
Interest | 363 | ||
422,569 | |||
Expenses: | |||
Management fees | 52,601 | ||
Net investment income (loss) | 369,968 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on investment transactions | (421,155 | ) | |
Change in net unrealized appreciation (depreciation) on investments | (10,093,083 | ) | |
Net realized and unrealized gain (loss) | (10,514,238 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (10,144,270 | ) |
(1) | September 24, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
21
Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 369,968 | |
Net realized gain (loss) | (421,155 | ) | |
Change in net unrealized appreciation (depreciation) | (10,093,083 | ) | |
Net increase (decrease) in net assets resulting from operations | (10,144,270 | ) | |
Distributions to Shareholders | |||
From earnings | (215,072 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 72,776,222 | ||
Net increase (decrease) in net assets | 62,416,880 | ||
Net Assets | |||
End of period | $ | 62,416,880 | |
Transactions in Shares of the Fund | |||
Sold | 1,420,001 |
(1) | September 24, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
22
Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis U.S. Small Cap Value ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek long-term capital appreciation. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on September 24, 2019.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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 net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
23
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
24
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 673,734 | — | — | — | $ | 673,734 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 673,734 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 34% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.25%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 29, 2020 were $8,665,912 and $7,938,378, respectively.
Securities received in-kind through subscriptions for the period ended February 29, 2020 were $72,113,141. There were no securities delivered in-kind through redemptions during the period.
5. Capital Share Transactions
The fund’s shares may only be purchased and sold on a national securities exchange through a broker-dealer. The price of the fund’s shares is based on market price, and because ETF shares trade at market prices rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares that have been aggregated into blocks of 20,000 shares or multiples thereof (Creation Units) to authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a basket of securities (and an amount of cash) that the fund specifies each day. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in proceeds from shares sold in the Statement of Changes in Net Assets.
6. 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, |
25
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.
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 73,167,243 | |
Gross tax appreciation of investments | $ | 942,950 | |
Gross tax depreciation of investments | (11,061,985 | ) | |
Net tax appreciation (depreciation) of investments | $ | (10,119,035 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
26
Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||
2020(4) | $50.00 | 0.40 | (6.23) | (5.83) | (0.21) | $43.96 | (11.75)% | 0.25%(5) | 1.76%(5) | 19% | $62,417 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Excludes securities received or delivered in-kind. |
(4) | September 24, 2019 (fund inception) through February 29, 2020 (unaudited). |
(5) | Annualized. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019, the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
28
The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
29
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
31
Notes |
32
Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96056 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ Emerging Markets Equity Fund | |
Institutional Class (AVEEX) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
When the funds launched in early December, investor optimism was strong, largely due to dovish central bank policy in the U.S. and Europe. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed investors' global growth fears. Against this backdrop, key stock benchmarks rose to record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, leaving broad global equity benchmarks with losses for the reporting period. In general, U.S. stocks fared better than non-U.S. developed markets stocks, large-cap stocks held up better than small-cap stocks, and growth stocks fared better than value stocks. Emerging markets stocks proved slightly more resilient, declining but outperforming their developed markets counterparts.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Samsung Electronics Co. Ltd. GDR | 3.8% |
Tencent Holdings Ltd. | 3.1% |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3.0% |
Alibaba Group Holding Ltd. ADR | 2.6% |
Reliance Industries Ltd. GDR | 1.9% |
China Construction Bank Corp., H Shares | 1.4% |
Axis Bank Ltd. GDR | 1.3% |
Infosys Ltd. ADR | 1.1% |
Ping An Insurance Group Co. of China Ltd. ADR | 1.0% |
JD.com, Inc. ADR | 0.9% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.7% |
Rights | —* |
Warrants | —* |
Total Equity Exposure | 99.7% |
Temporary Cash Investments | 0.1% |
Temporary Cash Investments - Securities Lending Collateral | 0.5% |
Other Assets and Liabilities | (0.3)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets |
China | 33.8% |
Taiwan | 14.6% |
South Korea | 13.7% |
Brazil | 8.2% |
India | 6.0% |
South Africa | 4.9% |
Russia | 3.5% |
Thailand | 2.9% |
Mexico | 2.7% |
Malaysia | 2.2% |
Indonesia | 2.0% |
Other Countries | 5.2% |
Cash and Equivalents* | 0.3% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
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Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | ||||
Institutional Class | $1,000 | $953.50(2) | $0.77(3) | 0.33% |
Hypothetical | ||||
Institutional Class | $1,000 | $1,023.22(4) | $1.66(4) | 0.33% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from December 4, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 88, the number of days in the period from December 4, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the class had been available throughout the entire period and are calculated using the class's annualized expense ratio listed in the table above. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 99.7% | ||||
Brazil — 8.2% | ||||
AES Tiete Energia SA | 2,500 | $ | 8,385 | |
Aliansce Sonae Shopping Centers SA(1) | 200 | 2,035 | ||
Alpargatas SA Preference Shares | 300 | 2,090 | ||
Alupar Investimento SA | 700 | 4,367 | ||
Ambev SA ADR | 4,958 | 15,915 | ||
Anima Holding SA | 200 | 1,519 | ||
Arezzo Industria e Comercio SA | 200 | 2,688 | ||
Atacadao SA | 600 | 2,732 | ||
Azul SA ADR(1) | 139 | 4,101 | ||
B2W Cia Digital(1) | 300 | 4,176 | ||
B3 SA - Brasil Bolsa Balcao | 1,800 | 18,958 | ||
Banco ABC Brasil SA Preference Shares | 700 | 3,098 | ||
Banco Bradesco SA | 1,800 | 11,069 | ||
Banco Bradesco SA ADR | 5,614 | 38,063 | ||
Banco BTG Pactual SA | 700 | 10,441 | ||
Banco do Brasil SA ADR(2) | 1,764 | 18,610 | ||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 1,000 | 4,003 | ||
Banco Mercantil do Brasil SA Preference Shares | 400 | 1,332 | ||
Banco Santander Brasil SA ADR | 1,044 | 9,093 | ||
BB Seguridade Participacoes SA | 1,100 | 7,798 | ||
BR Malls Participacoes SA | 5,500 | 20,047 | ||
BR Properties SA(1) | 1,800 | 5,438 | ||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 300 | 1,234 | ||
Braskem SA ADR(2) | 251 | 3,037 | ||
BRF SA ADR(1) | 2,869 | 17,271 | ||
Camil Alimentos SA | 600 | 1,120 | ||
CCR SA | 5,400 | 19,526 | ||
Centrais Eletricas Brasileiras SA ADR(2) | 194 | 1,500 | ||
Centrais Eletricas Brasileiras SA, Class B Preference Shares | 200 | 1,596 | ||
Cia Brasileira de Distribuicao ADR | 145 | 2,356 | ||
Cia de Locacao das Americas | 2,100 | 9,815 | ||
Cia de Saneamento Basico do Estado de Sao Paulo ADR | 864 | 11,258 | ||
Cia de Saneamento de Minas Gerais-COPASA | 300 | 4,043 | ||
Cia de Saneamento do Parana | 200 | 4,452 | ||
Cia de Saneamento do Parana Preference Shares | 1,600 | 7,102 | ||
Cia de Transmissao de Energia Eletrica Paulista Preference Shares | 400 | 1,923 | ||
Cia Energetica de Minas Gerais ADR | 434 | 1,315 | ||
Cia Energetica de Sao Paulo, Class B Preference Shares | 1,100 | 7,975 | ||
Cia Ferro Ligas da Bahia - FERBASA Preference Shares | 300 | 1,188 | ||
Cia Hering | 300 | 1,509 | ||
Cia Paranaense de Energia ADR | 452 | 7,169 |
5
Shares | Value | |||
Cia Siderurgica Nacional SA ADR(2) | 2,007 | $ | 4,937 | |
Cielo SA | 2,200 | 3,340 | ||
Cogna Educacao | 1,400 | 3,106 | ||
Construtora Tenda SA | 300 | 2,328 | ||
Cosan Logistica SA(1) | 1,600 | 6,405 | ||
Cosan SA | 300 | 4,872 | ||
Cristal Pigmentos do Brasil SA Preference Shares | 200 | 1,113 | ||
CVC Brasil Operadora e Agencia de Viagens SA | 400 | 2,311 | ||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 1,100 | 7,170 | ||
Direcional Engenharia SA | 400 | 1,332 | ||
Dommo Energia SA(1) | 1,400 | 395 | ||
Duratex SA | 2,000 | 7,549 | ||
EcoRodovias Infraestrutura e Logistica SA(1) | 1,700 | 5,889 | ||
EDP - Energias do Brasil SA | 400 | 1,798 | ||
Embraer SA ADR(1) | 918 | 13,990 | ||
Enauta Participacoes SA | 700 | 2,052 | ||
Energisa SA | 100 | 1,185 | ||
Eneva SA(1) | 600 | 5,623 | ||
Engie Brasil Energia SA | 1,000 | 10,653 | ||
Equatorial Energia SA | 1,600 | 8,680 | ||
Eucatex SA Industria e Comercio Preference Shares | 700 | 1,025 | ||
Even Construtora e Incorporadora SA(1) | 700 | 2,251 | ||
Ez Tec Empreendimentos e Participacoes SA | 200 | 2,065 | ||
Fleury SA | 1,400 | 9,195 | ||
Fras-Le SA | 1,000 | 1,319 | ||
Gafisa SA(1) | 800 | 1,233 | ||
Gerdau SA ADR(2) | 4,989 | 18,659 | ||
Gol Linhas Aereas Inteligentes SA ADR(2) | 87 | 986 | ||
Grazziotin SA Preference Shares | 200 | 1,422 | ||
Grendene SA | 800 | 1,710 | ||
Grupo SBF SA(1) | 800 | 7,800 | ||
Guararapes Confeccoes SA | 800 | 4,846 | ||
Hapvida Participacoes e Investimentos SA | 300 | 3,663 | ||
Helbor Empreendimentos SA(1) | 3,600 | 2,745 | ||
Hypera SA | 500 | 3,836 | ||
Iguatemi Empresa de Shopping Centers SA | 200 | 2,227 | ||
Industrias Romi SA | 300 | 977 | ||
Instituto Hermes Pardini SA | 200 | 1,246 | ||
Iochpe Maxion SA | 900 | 3,898 | ||
IRB Brasil Resseguros S/A | 3,100 | 22,821 | ||
Itau Unibanco Holding SA ADR | 8,475 | 59,918 | ||
JBS SA | 3,200 | 16,029 | ||
Jereissati Participacoes SA | 200 | 1,597 | ||
JHSF Participacoes SA | 2,600 | 3,837 | ||
JSL SA | 400 | 2,433 | ||
Kepler Weber SA | 200 | 1,266 | ||
Klabin SA | 5,000 | 21,557 |
6
Shares | Value | |||
Light SA | 1,100 | $ | 5,279 | |
Localiza Rent a Car SA | 2,180 | 23,770 | ||
LOG Commercial Properties e Participacoes SA | 500 | 3,044 | ||
Lojas Americanas SA Preference Shares | 1,615 | 9,372 | ||
Lojas Renner SA | 2,200 | 25,710 | ||
M Dias Branco SA | 200 | 1,789 | ||
Magazine Luiza SA | 2,600 | 28,954 | ||
Mahle-Metal Leve SA | 300 | 1,821 | ||
Marcopolo SA Preference Shares | 4,800 | 5,184 | ||
Marfrig Global Foods SA(1) | 400 | 1,062 | ||
Marisa Lojas SA(1) | 1,500 | 4,334 | ||
Metalurgica Gerdau SA Preference Shares | 1,900 | 3,323 | ||
Mills Estruturas e Servicos de Engenharia SA(1) | 600 | 1,132 | ||
Minerva SA(1) | 300 | 763 | ||
Movida Participacoes SA | 1,200 | 4,777 | ||
MRV Engenharia e Participacoes SA | 1,300 | 5,582 | ||
Multiplan Empreendimentos Imobiliarios SA | 400 | 2,728 | ||
Natura & Co. Holding SA | 1,800 | 18,141 | ||
Notre Dame Intermedica Participacoes SA | 1,700 | 23,383 | ||
Odontoprev SA | 500 | 1,726 | ||
Omega Geracao SA(1) | 200 | 1,738 | ||
Paranapanema SA(1) | 200 | 885 | ||
Petro Rio SA(1) | 800 | 6,945 | ||
Petrobras Distribuidora SA | 2,400 | 13,771 | ||
Petroleo Brasileiro SA ADR | 3,527 | 42,677 | ||
Petroleo Brasileiro SA ADR Preference Shares | 4,880 | 54,949 | ||
Porto Seguro SA | 600 | 8,025 | ||
Portobello SA | 1,500 | 1,707 | ||
Profarma Distribuidora de Produtos Farmaceuticos SA(1) | 1,200 | 1,538 | ||
Qualicorp Consultoria e Corretora de Seguros SA | 800 | 6,029 | ||
Raia Drogasil SA | 500 | 13,214 | ||
Randon SA Implementos e Participacoes Preference Shares | 1,700 | 4,395 | ||
Rumo SA(1) | 3,900 | 18,384 | ||
Santos Brasil Participacoes SA | 600 | 777 | ||
Sao Carlos Empreendimentos e Participacoes SA | 100 | 1,055 | ||
Sao Martinho SA | 1,700 | 9,979 | ||
Ser Educacional SA | 200 | 1,145 | ||
SLC Agricola SA | 300 | 1,349 | ||
Smiles Fidelidade SA | 400 | 2,925 | ||
Sul America SA | 1,700 | 20,262 | ||
Suzano SA ADR(1)(2) | 562 | 4,766 | ||
Tegma Gestao Logistica SA | 400 | 3,131 | ||
Telefonica Brasil SA ADR | 1,317 | 15,712 | ||
Tim Participacoes SA ADR | 767 | 13,829 | ||
TOTVS SA | 400 | 6,288 | ||
Transmissora Alianca de Energia Eletrica SA | 1,900 | 12,615 | ||
Trisul SA | 300 | 947 |
7
Shares | Value | |||
Tupy SA | 700 | $ | 3,397 | |
Ultrapar Participacoes SA ADR(2) | 2,068 | 8,582 | ||
Unipar Carbocloro SA Preference Shares | 300 | 1,788 | ||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 2,800 | 5,109 | ||
Vale SA ADR | 6,793 | 66,707 | ||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 600 | 1,951 | ||
Via Varejo SA(1) | 900 | 2,761 | ||
Vulcabras Azaleia SA(1) | 600 | 1,040 | ||
WEG SA | 1,300 | 12,442 | ||
Wiz Solucoes e Corretagem de Seguros SA | 600 | 1,878 | ||
YDUQS Part | 1,400 | 15,732 | ||
1,158,934 | ||||
Chile — 0.9% | ||||
AES Gener SA | 23,287 | 3,429 | ||
Aguas Andinas SA, A Shares | 11,167 | 3,823 | ||
Banco de Chile | 91,896 | 8,095 | ||
Banco de Credito e Inversiones SA | 200 | 7,458 | ||
Banco Santander Chile ADR | 128 | 2,313 | ||
Besalco SA | 2,057 | 827 | ||
CAP SA | 490 | 2,774 | ||
Cencosud SA | 1,518 | 1,782 | ||
Cia Sud Americana de Vapores SA(1) | 41,453 | 1,216 | ||
Colbun SA | 44,493 | 5,587 | ||
Embotelladora Andina SA, Class B Preference Shares | 2,255 | 5,445 | ||
Empresa Nacional de Telecomunicaciones SA(1) | 1,355 | 7,131 | ||
Empresas CMPC SA | 4,642 | 9,365 | ||
Empresas COPEC SA(1) | 773 | 6,001 | ||
Enel Americas SA ADR | 2,409 | 20,717 | ||
Enel Chile SA | 40,653 | 3,628 | ||
Engie Energia Chile SA | 2,659 | 3,429 | ||
Grupo Security SA | 6,950 | 1,385 | ||
Inversiones Aguas Metropolitanas SA | 1,416 | 1,229 | ||
Itau CorpBanca | 230,881 | 847 | ||
Latam Airlines Group SA ADR(2) | 802 | 5,454 | ||
Parque Arauco SA | 1,251 | 2,570 | ||
Ripley Corp. SA | 3,501 | 1,370 | ||
SACI Falabella | 1,000 | 3,326 | ||
Salfacorp SA | 2,048 | 959 | ||
Sociedad Quimica y Minera de Chile SA ADR | 335 | 9,172 | ||
119,332 | ||||
China — 33.8% | ||||
21Vianet Group, Inc. ADR(1) | 290 | 4,344 | ||
360 Finance, Inc. ADR(1) | 206 | 1,722 | ||
361 Degrees International Ltd. | 6,000 | 1,085 | ||
3SBio, Inc.(1) | 3,000 | 3,130 | ||
51job, Inc. ADR(1) | 74 | 5,533 |
8
Shares | Value | |||
58.com, Inc. ADR(1) | 133 | $ | 7,338 | |
AAC Technologies Holdings, Inc. | 2,500 | 16,569 | ||
Agile Group Holdings Ltd. | 4,000 | 5,662 | ||
Agricultural Bank of China Ltd., H Shares | 50,000 | 20,139 | ||
Air China Ltd., H Shares | 4,000 | 3,260 | ||
Ajisen China Holdings Ltd. | 4,000 | 1,008 | ||
AK Medical Holdings Ltd. | 2,000 | 4,172 | ||
Alibaba Group Holding Ltd. ADR(1) | 1,740 | 361,920 | ||
Alibaba Health Information Technology Ltd.(1) | 6,000 | 11,645 | ||
Alibaba Pictures Group Ltd.(1) | 20,000 | 2,718 | ||
Aluminum Corp. of China Ltd., H Shares(1) | 6,000 | 1,615 | ||
Angang Steel Co. Ltd., H Shares | 4,000 | 1,344 | ||
Anhui Conch Cement Co. Ltd., H Shares | 4,000 | 29,583 | ||
Anhui Expressway Co. Ltd., H Shares | 2,000 | 1,123 | ||
ANTA Sports Products Ltd. | 5,000 | 40,677 | ||
Anton Oilfield Services Group(2) | 12,000 | 1,151 | ||
Aoyuan Healthy Life Group Co. Ltd.(1) | 2,000 | 2,167 | ||
Asia Cement China Holdings Corp. | 3,500 | 4,669 | ||
Atlas Corp.(2) | 453 | 4,802 | ||
Autohome, Inc. ADR(1) | 201 | 15,612 | ||
AVIC International Holdings Ltd., H Shares(1) | 4,000 | 4,277 | ||
AviChina Industry & Technology Co. Ltd., H Shares | 4,000 | 1,750 | ||
BAIC Motor Corp. Ltd., H Shares | 13,000 | 6,408 | ||
Baidu, Inc. ADR(1) | 802 | 96,224 | ||
BAIOO Family Interactive Ltd. | 10,000 | 1,480 | ||
Bank of China Ltd., H Shares | 197,000 | 78,368 | ||
Bank of Chongqing Co. Ltd., H Shares | 5,500 | 2,993 | ||
Bank of Communications Co. Ltd., H Shares | 11,000 | 7,105 | ||
BBMG Corp., H Shares | 5,000 | 1,416 | ||
Beijing Capital International Airport Co. Ltd., H Shares | 16,000 | 12,459 | ||
Beijing Capital Land Ltd., H Shares | 6,000 | 1,630 | ||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares | 200 | 2,009 | ||
Beijing Enterprises Clean Energy Group Ltd.(1) | 120,000 | 821 | ||
Beijing Enterprises Holdings Ltd. | 1,500 | 6,365 | ||
Beijing Enterprises Water Group Ltd.(1) | 16,000 | 7,415 | ||
Beijing North Star Co. Ltd., H Shares | 4,000 | 1,111 | ||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 1,000 | 1,679 | ||
BOC Aviation Ltd. | 1,800 | 15,666 | ||
Bosideng International Holdings Ltd. | 10,000 | 2,869 | ||
Bright Scholar Education Holdings Ltd. ADR | 109 | 885 | ||
Brilliance China Automotive Holdings Ltd. | 10,000 | 8,537 | ||
BYD Co. Ltd., H Shares(2) | 500 | 3,087 | ||
BYD Electronic International Co. Ltd.(2) | 3,000 | 5,726 | ||
CA Cultural Technology Group Ltd. | 4,000 | 1,083 | ||
Canadian Solar, Inc.(1) | 474 | 9,670 | ||
CanSino Biologics, Inc., H Shares(1) | 200 | 2,051 | ||
Canvest Environmental Protection Group Co. Ltd. | 3,000 | 1,420 |
9
Shares | Value | |||
CAR, Inc.(1)(2) | 7,000 | $ | 4,370 | |
Central China Real Estate Ltd. | 8,000 | 4,734 | ||
CGN New Energy Holdings Co. Ltd.(1) | 14,000 | 2,135 | ||
CGN Power Co. Ltd., H Shares | 23,000 | 5,628 | ||
Changyou.com Ltd. ADR(2) | 183 | 1,969 | ||
Chaowei Power Holdings Ltd. | 4,000 | 1,267 | ||
Cheetah Mobile, Inc. ADR | 309 | 899 | ||
China Aircraft Leasing Group Holdings Ltd. | 1,000 | 968 | ||
China BlueChemical Ltd., H Shares | 6,000 | 1,147 | ||
China Cinda Asset Management Co. Ltd., H Shares | 31,000 | 6,538 | ||
China CITIC Bank Corp. Ltd., H Shares | 30,000 | 15,702 | ||
China Coal Energy Co. Ltd., H Shares | 13,000 | 4,228 | ||
China Communications Construction Co. Ltd., H Shares | 6,000 | 4,506 | ||
China Communications Services Corp. Ltd., H Shares | 16,000 | 12,510 | ||
China Conch Venture Holdings Ltd. | 5,500 | 26,934 | ||
China Construction Bank Corp., H Shares | 247,000 | 201,216 | ||
China Customer Relations Centers, Inc.(1) | 94 | 710 | ||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 12,000 | 968 | ||
China Dongxiang Group Co. Ltd. | 15,000 | 1,510 | ||
China East Education Holdings Ltd.(1) | 3,500 | 7,205 | ||
China Eastern Airlines Corp. Ltd., H Shares(1) | 2,000 | 854 | ||
China Education Group Holdings Ltd. | 3,000 | 4,299 | ||
China Energy Development Holdings Ltd.(1) | 48,000 | 1,135 | ||
China Everbright Bank Co. Ltd., H Shares | 10,000 | 4,035 | ||
China Everbright Greentech Ltd. | 3,000 | 1,464 | ||
China Everbright International Ltd. | 18,000 | 12,062 | ||
China Everbright Ltd. | 4,000 | 6,760 | ||
China Evergrande Group(2) | 5,000 | 11,351 | ||
China First Capital Group Ltd.(1) | 28,000 | 771 | ||
China Foods Ltd. | 8,000 | 2,966 | ||
China Galaxy Securities Co. Ltd., H Shares | 13,000 | 7,248 | ||
China Gas Holdings Ltd. | 2,800 | 10,302 | ||
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A | 8,000 | 5,065 | ||
China Harmony New Energy Auto Holding Ltd. | 7,500 | 3,728 | ||
China High Speed Transmission Equipment Group Co. Ltd. | 8,000 | 5,120 | ||
China Hongqiao Group Ltd. | 3,500 | 1,893 | ||
China Huarong Asset Management Co. Ltd., H Shares | 24,000 | 3,297 | ||
China International Capital Corp. Ltd., H Shares(2) | 7,600 | 14,169 | ||
China Jinmao Holdings Group Ltd. | 48,000 | 35,358 | ||
China Lesso Group Holdings Ltd. | 11,000 | 16,637 | ||
China Life Insurance Co. Ltd. ADR(2) | 2,387 | 28,262 | ||
China Lilang Ltd. | 2,000 | 1,305 | ||
China Literature Ltd.(1)(2) | 1,000 | 4,555 | ||
China Logistics Property Holdings Co. Ltd.(1) | 3,000 | 1,161 | ||
China Longyuan Power Group Corp. Ltd., H Shares | 13,000 | 6,840 | ||
China Maple Leaf Educational Systems Ltd.(2) | 4,000 | 1,405 | ||
China Medical System Holdings Ltd. | 10,000 | 12,394 |
10
Shares | Value | |||
China Meidong Auto Holdings Ltd. | 4,000 | $ | 5,918 | |
China Mengniu Dairy Co. Ltd.(1) | 16,000 | 57,086 | ||
China Merchants Bank Co. Ltd., H Shares | 10,000 | 46,277 | ||
China Merchants Land Ltd.(1) | 8,000 | 1,199 | ||
China Merchants Port Holdings Co. Ltd. | 4,000 | 5,924 | ||
China Minsheng Banking Corp. Ltd., H Shares | 24,500 | 16,640 | ||
China Mobile Ltd. ADR | 2,500 | 99,550 | ||
China Modern Dairy Holdings Ltd.(1) | 11,000 | 1,327 | ||
China Molybdenum Co. Ltd., H Shares | 9,000 | 3,412 | ||
China National Building Material Co. Ltd., H Shares | 26,000 | 30,390 | ||
China New Higher Education Group Ltd. | 5,000 | 1,710 | ||
China Oil & Gas Group Ltd.(1) | 40,000 | 1,407 | ||
China Oilfield Services Ltd., H Shares | 10,000 | 12,910 | ||
China Oriental Group Co. Ltd. | 6,000 | 2,068 | ||
China Overseas Grand Oceans Group Ltd. | 8,000 | 5,518 | ||
China Overseas Land & Investment Ltd. | 6,000 | 20,299 | ||
China Pacific Insurance Group Co. Ltd., H Shares | 5,600 | 18,605 | ||
China Petroleum & Chemical Corp. ADR(2) | 406 | 20,925 | ||
China Power International Development Ltd. | 21,000 | 3,932 | ||
China Railway Construction Corp. Ltd., H Shares | 3,500 | 4,045 | ||
China Railway Group Ltd., H Shares | 5,000 | 2,850 | ||
China Railway Signal & Communication Corp. Ltd., H Shares | 3,000 | 1,546 | ||
China Reinsurance Group Corp., H Shares | 13,000 | 1,780 | ||
China Resources Beer Holdings Co. Ltd. | 4,000 | 18,642 | ||
China Resources Cement Holdings Ltd. | 18,000 | 22,813 | ||
China Resources Gas Group Ltd. | 2,000 | 10,026 | ||
China Resources Land Ltd. | 14,000 | 65,132 | ||
China Resources Medical Holdings Co. Ltd. | 2,000 | 1,043 | ||
China Resources Power Holdings Co. Ltd. | 16,000 | 19,114 | ||
China SCE Group Holdings Ltd. | 23,000 | 12,634 | ||
China Shenhua Energy Co. Ltd., H Shares | 5,500 | 9,594 | ||
China Shineway Pharmaceutical Group Ltd. | 1,000 | 874 | ||
China South City Holdings Ltd. | 30,000 | 3,331 | ||
China Southern Airlines Co. Ltd., H Shares | 6,000 | 3,143 | ||
China State Construction International Holdings Ltd. | 10,000 | 8,172 | ||
China Sunshine Paper Holdings Co. Ltd. | 7,000 | 1,158 | ||
China Suntien Green Energy Corp. Ltd., H Shares | 14,000 | 3,429 | ||
China Taiping Insurance Holdings Co. Ltd. | 3,400 | 7,020 | ||
China Telecom Corp. Ltd. ADR(2) | 441 | 16,701 | ||
China Tower Corp. Ltd., H Shares | 68,000 | 16,617 | ||
China Traditional Chinese Medicine Holdings Co. Ltd. | 12,000 | 6,329 | ||
China Travel International Investment Hong Kong Ltd. | 8,000 | 1,275 | ||
China Unicom (Hong Kong) Ltd. ADR | 2,205 | 17,684 | ||
China Vanke Co. Ltd., H Shares | 5,500 | 21,355 | ||
China Water Affairs Group Ltd. | 2,000 | 1,600 | ||
China XLX Fertiliser Ltd. | 4,000 | 1,236 | ||
China Yongda Automobiles Services Holdings Ltd. | 8,000 | 7,651 |
11
Shares | Value | |||
China Youzan Ltd.(1) | 32,000 | $ | 3,257 | |
China Yuchai International Ltd. | 138 | 1,714 | ||
China Yuhua Education Corp. Ltd. | 16,000 | 12,355 | ||
China ZhengTong Auto Services Holdings Ltd. | 9,000 | 2,522 | ||
China Zhongwang Holdings Ltd. | 6,400 | 2,164 | ||
Chinasoft International Ltd.(1) | 10,000 | 6,202 | ||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 13,000 | 5,909 | ||
CIFI Holdings Group Co. Ltd. | 10,000 | 7,726 | ||
CIMC Enric Holdings Ltd. | 2,000 | 1,054 | ||
CITIC Ltd. | 22,000 | 24,629 | ||
CITIC Resources Holdings Ltd. | 18,000 | 986 | ||
CITIC Securities Co. Ltd., H Shares | 6,500 | 14,055 | ||
CNOOC Ltd. ADR | 696 | 96,278 | ||
COFCO Meat Holdings Ltd.(1) | 4,000 | 1,009 | ||
Colour Life Services Group Co. Ltd.(1)(2) | 2,000 | 1,068 | ||
Concord New Energy Group Ltd. | 30,000 | 1,312 | ||
Consun Pharmaceutical Group Ltd. | 3,000 | 1,476 | ||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 4,000 | 1,574 | ||
COSCO SHIPPING International Hong Kong Co. Ltd. | 4,000 | 1,185 | ||
COSCO SHIPPING Ports Ltd. | 4,000 | 2,674 | ||
Country Garden Holdings Co. Ltd. | 24,000 | 32,114 | ||
Country Garden Services Holdings Co. Ltd. | 5,000 | 19,658 | ||
CPMC Holdings Ltd. | 3,000 | 1,157 | ||
CRRC Corp. Ltd., H Shares | 8,000 | 5,177 | ||
CSPC Pharmaceutical Group Ltd. | 12,000 | 27,539 | ||
DaFa Properties Group Ltd. | 2,000 | 1,271 | ||
Dali Foods Group Co. Ltd. | 11,000 | 7,251 | ||
Daqo New Energy Corp. ADR(1) | 40 | 2,623 | ||
Datang International Power Generation Co. Ltd., H Shares | 6,000 | 943 | ||
Dawnrays Pharmaceutical Holdings Ltd. | 7,000 | 1,188 | ||
Dexin China Holdings Co. Ltd.(1) | 5,000 | 2,053 | ||
Digital China Holdings Ltd. | 3,000 | 1,514 | ||
Dongfeng Motor Group Co. Ltd., Class H | 10,000 | 7,959 | ||
Dongyue Group Ltd. | 6,000 | 3,149 | ||
E-House China Enterprise Holdings Ltd. | 1,200 | 1,093 | ||
ENN Energy Holdings Ltd. | 2,800 | 31,377 | ||
Essex Bio-technology Ltd. | 2,000 | 1,422 | ||
Ever Sunshine Lifestyle Services Group Ltd. | 4,000 | 4,095 | ||
Fanhua, Inc. ADR(2) | 253 | 5,136 | ||
Fantasia Holdings Group Co. Ltd.(1) | 6,000 | 1,160 | ||
Far East Horizon Ltd. | 5,000 | 4,392 | ||
FinVolution Group ADR | 416 | 824 | ||
Fosun International Ltd. | 7,500 | 9,652 | ||
Fountain SET Holdings Ltd. | 6,000 | 911 | ||
Fu Shou Yuan International Group Ltd. | 4,000 | 3,413 | ||
Fufeng Group Ltd.(1) | 4,000 | 1,562 | ||
Fuyao Glass Industry Group Co. Ltd., H Shares | 1,200 | 3,455 |
12
Shares | Value | |||
GCL New Energy Holdings Ltd.(1) | 48,000 | $ | 866 | |
GCL-Poly Energy Holdings Ltd.(1) | 33,000 | 1,594 | ||
GDS Holdings Ltd. ADR(1) | 262 | 15,188 | ||
Geely Automobile Holdings Ltd. | 21,000 | 38,125 | ||
Gemdale Properties & Investment Corp. Ltd. | 44,000 | 7,857 | ||
Genertec Universal Medical Group Co. Ltd. | 2,000 | 1,388 | ||
Genscript Biotech Corp.(1) | 6,000 | 12,553 | ||
GF Securities Co. Ltd., H Shares | 2,400 | 2,900 | ||
Global Cord Blood Corp.(1) | 225 | 886 | ||
Glory Sun Financial Group Ltd. | 32,000 | 1,032 | ||
Goodbaby International Holdings Ltd.(1) | 10,000 | 1,701 | ||
Great Wall Motor Co. Ltd., H Shares | 8,500 | 6,197 | ||
Greatview Aseptic Packaging Co. Ltd. | 3,000 | 1,179 | ||
Greenland Hong Kong Holdings Ltd. | 8,000 | 3,135 | ||
Greentown Service Group Co. Ltd. | 12,000 | 15,052 | ||
Guangdong Investment Ltd. | 4,000 | 7,562 | ||
Guangzhou Automobile Group Co. Ltd., H Shares | 8,000 | 8,996 | ||
Guangzhou R&F Properties Co. Ltd., H Shares | 2,400 | 3,771 | ||
Guorui Properties Ltd. | 5,000 | 893 | ||
Guotai Junan Securities Co. Ltd., H Shares | 1,000 | 1,688 | ||
Haichang Ocean Park Holdings Ltd.(1) | 8,000 | 785 | ||
Haidilao International Holding Ltd.(2) | 1,000 | 4,128 | ||
Haier Electronics Group Co. Ltd. | 4,000 | 11,409 | ||
Haitian International Holdings Ltd. | 4,000 | 7,903 | ||
Haitong Securities Co. Ltd., H Shares | 6,400 | 6,945 | ||
Hansoh Pharmaceutical Group Co. Ltd.(1) | 2,000 | 6,916 | ||
Harbin Electric Co. Ltd., H Shares(1) | 4,000 | 1,085 | ||
Hebei Construction Group Corp. Ltd., H Shares | 3,000 | 1,800 | ||
Hengan International Group Co. Ltd. | 2,000 | 14,958 | ||
Hi Sun Technology China Ltd.(1) | 21,000 | 2,952 | ||
HKC Holdings Ltd. | 2,000 | 1,595 | ||
Hollysys Automation Technologies Ltd. | 229 | 3,467 | ||
Hopson Development Holdings Ltd. | 6,000 | 5,440 | ||
Hua Hong Semiconductor Ltd.(2) | 3,000 | 6,619 | ||
Huabao International Holdings Ltd. | 3,000 | 1,190 | ||
Huadian Power International Corp. Ltd., H Shares | 4,000 | 1,213 | ||
Huami Corp. ADR(1) | 250 | 3,550 | ||
Huaneng Power International, Inc., H Shares | 8,000 | 3,242 | ||
Huatai Securities Co. Ltd., H Shares | 2,600 | 4,561 | ||
Huaxi Holdings Co. Ltd. | 4,000 | 1,022 | ||
Huazhu Group Ltd. ADR | 462 | 15,592 | ||
Huifu Payment Ltd.(1) | 2,800 | 1,054 | ||
HUYA, Inc. ADR(1) | 252 | 4,992 | ||
IGG, Inc. | 5,000 | 3,675 | ||
IMAX China Holding, Inc. | 700 | 1,320 | ||
Industrial & Commercial Bank of China Ltd., H Shares | 148,000 | 101,983 | ||
Inspur International Ltd. | 4,000 | 1,651 |
13
Shares | Value | |||
iQIYI, Inc. ADR(1) | 62 | $ | 1,391 | |
JD.com, Inc. ADR(1) | 3,274 | 126,082 | ||
Jiangsu Expressway Co. Ltd., H Shares | 6,000 | 6,972 | ||
Jiangxi Copper Co. Ltd., H Shares | 3,000 | 3,539 | ||
Jiayuan International Group Ltd.(1) | 4,000 | 1,579 | ||
Jingrui Holdings Ltd. | 6,000 | 1,920 | ||
JinkoSolar Holding Co. Ltd. ADR(1) | 158 | 3,609 | ||
JNBY Design Ltd.(2) | 1,000 | 1,071 | ||
Kaisa Group Holdings Ltd.(1) | 22,000 | 9,868 | ||
Kandi Technologies Group, Inc.(1)(2) | 205 | 771 | ||
Kasen International Holdings Ltd.(1)(2) | 3,000 | 546 | ||
Kingboard Holdings Ltd. | 6,000 | 16,026 | ||
Kingboard Laminates Holdings Ltd. | 11,500 | 11,618 | ||
Kingdee International Software Group Co. Ltd. | 10,000 | 12,907 | ||
Kingsoft Corp. Ltd.(1)(2) | 3,000 | 9,860 | ||
Kunlun Energy Co. Ltd. | 16,000 | 11,234 | ||
KWG Group Holdings Ltd.(1) | 14,000 | 20,699 | ||
Lee & Man Chemical Co. Ltd. | 4,000 | 1,851 | ||
Lee & Man Paper Manufacturing Ltd. | 6,000 | 4,720 | ||
Lee's Pharmaceutical Holdings Ltd. | 2,000 | 1,012 | ||
Lenovo Group Ltd. | 24,000 | 14,941 | ||
LexinFintech Holdings Ltd. ADR(1)(2) | 388 | 4,516 | ||
Li Ning Co. Ltd. | 18,500 | 49,116 | ||
Logan Property Holdings Co. Ltd. | 4,000 | 6,887 | ||
Longfor Group Holdings Ltd. | 3,000 | 13,992 | ||
Lonking Holdings Ltd. | 18,000 | 5,055 | ||
Luye Pharma Group Ltd. | 9,500 | 5,850 | ||
Maanshan Iron & Steel Co. Ltd., H Shares(2) | 4,000 | 1,470 | ||
Maoyan Entertainment(1) | 800 | 1,168 | ||
Meitu, Inc.(1) | 5,500 | 1,309 | ||
Meituan Dianping, Class B(1) | 1,500 | 19,204 | ||
Metallurgical Corp. of China Ltd., H Shares | 5,000 | 959 | ||
Midea Real Estate Holding Ltd. | 600 | 1,728 | ||
MMG Ltd.(1) | 8,000 | 1,660 | ||
Modern Land China Co. Ltd. | 10,000 | 1,356 | ||
Momo, Inc. ADR | 940 | 26,433 | ||
Mulsanne Group Holding Ltd.(1) | 2,500 | 2,252 | ||
Nam Tai Property, Inc.(1)(2) | 124 | 843 | ||
NetDragon Websoft Holdings Ltd. | 1,000 | 2,749 | ||
NetEase, Inc. ADR | 187 | 59,599 | ||
New China Life Insurance Co. Ltd., H Shares | 1,300 | 4,997 | ||
New Oriental Education & Technology Group, Inc. ADR(1) | 389 | 49,749 | ||
Nexteer Automotive Group Ltd. | 4,000 | 2,970 | ||
Nine Dragons Paper Holdings Ltd. | 13,000 | 15,293 | ||
NIO, Inc. ADR(1)(2) | 381 | 1,574 | ||
Niu Technologies ADR(1) | 119 | 1,014 | ||
Noah Holdings Ltd. ADR(1) | 83 | 2,356 |
14
Shares | Value | |||
OneSmart International Education Group Ltd. ADR(1) | 516 | $ | 2,807 | |
Oshidori International Holdings Ltd. | 18,000 | 1,716 | ||
Pacific Millennium Packaging Group Corp. | 2,000 | 1,187 | ||
Pacific Online Ltd. | 6,000 | 1,226 | ||
PAX Global Technology Ltd. | 4,000 | 1,999 | ||
People's Insurance Co. Group of China Ltd. (The), H Shares | 15,000 | 5,351 | ||
PetroChina Co. Ltd. ADR | 483 | 18,866 | ||
Phoenix New Media Ltd. ADR | 318 | 553 | ||
PICC Property & Casualty Co. Ltd., H Shares | 16,000 | 16,711 | ||
Pinduoduo, Inc. ADR(1) | 143 | 5,117 | ||
Ping An Healthcare and Technology Co. Ltd.(1)(2) | 800 | 7,931 | ||
Ping An Insurance Group Co. of China Ltd. ADR(2) | 6,529 | 146,837 | ||
Poly Property Group Co. Ltd. | 19,000 | 7,204 | ||
Postal Savings Bank of China Co. Ltd., H Shares | 15,000 | 9,518 | ||
Pou Sheng International Holdings Ltd. | 10,000 | 2,565 | ||
Powerlong Real Estate Holdings Ltd. | 7,000 | 4,403 | ||
Prinx Chengshan Cayman Holding Ltd. | 1,000 | 1,028 | ||
PW Medtech Group Ltd.(1) | 7,000 | 1,015 | ||
Qingling Motors Co. Ltd., H Shares | 6,000 | 1,311 | ||
Qudian, Inc. ADR(1)(2) | 1,559 | 4,085 | ||
Redsun Properties Group Ltd. | 4,000 | 1,262 | ||
Road King Infrastructure Ltd. | 1,000 | 1,720 | ||
Ronshine China Holdings Ltd.(1)(2) | 5,500 | 6,143 | ||
Scholar Education Group | 1,000 | 1,327 | ||
Semiconductor Manufacturing International Corp.(1)(2) | 9,500 | 18,706 | ||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 8,000 | 10,342 | ||
Shanghai Electric Group Co. Ltd., H Shares | 4,000 | 1,135 | ||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., H Shares | 2,000 | 1,143 | ||
Shanghai Haohai Biological Technology Co. Ltd., H Shares(1) | 200 | 1,023 | ||
Shanghai Industrial Holdings Ltd.(1) | 4,000 | 7,099 | ||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 1,500 | 2,756 | ||
Sheng Ye Capital Ltd. | 2,000 | 1,793 | ||
Shenzhen Expressway Co. Ltd., H Shares | 6,000 | 7,296 | ||
Shenzhen International Holdings Ltd. | 8,500 | 16,357 | ||
Shenzhen Investment Ltd. | 24,000 | 8,112 | ||
Shenzhou International Group Holdings Ltd. | 2,100 | 26,050 | ||
Shimao Property Holdings Ltd. | 6,500 | 23,483 | ||
Shirble Department Store Holdings China Ltd.(1) | 8,000 | 1,349 | ||
Shougang Concord International Enterprises Co. Ltd. | 36,000 | 1,560 | ||
Shougang Fushan Resources Group Ltd. | 12,000 | 2,321 | ||
Shui On Land Ltd. | 34,500 | 6,900 | ||
Sihuan Pharmaceutical Holdings Group Ltd. | 13,000 | 1,529 | ||
Silver Grant International Holdings Group Ltd.(1) | 8,000 | 1,167 | ||
Sina Corp.(1) | 249 | 8,155 | ||
Sino Biopharmaceutical Ltd. | 12,000 | 17,649 | ||
Sino-Ocean Group Holding Ltd. | 10,000 | 3,666 | ||
Sinofert Holdings Ltd.(1) | 12,000 | 1,204 |
15
Shares | Value | |||
Sinopec Engineering Group Co. Ltd., H Shares | 6,000 | $ | 2,963 | |
Sinopec Kantons Holdings Ltd. | 4,000 | 1,625 | ||
Sinopec Shanghai Petrochemical Co. Ltd. ADR | 48 | 1,221 | ||
Sinopharm Group Co. Ltd., H Shares | 2,800 | 8,759 | ||
Sinotrans Ltd., H Shares | 4,000 | 1,142 | ||
Sinotruk Hong Kong Ltd. | 5,500 | 10,674 | ||
Skyfame Realty Holdings Ltd. | 12,000 | 1,558 | ||
Skyworth Group Ltd.(1) | 8,000 | 2,022 | ||
Sogou, Inc. ADR(1)(2) | 215 | 914 | ||
SOHO China Ltd. | 11,000 | 4,007 | ||
Sohu.com Ltd. ADR(1) | 102 | 972 | ||
Sparkle Roll Group Ltd.(1) | 32,000 | 972 | ||
SSY Group Ltd. | 10,000 | 8,479 | ||
Sun Art Retail Group Ltd. | 9,000 | 11,580 | ||
Sun King Power Electronics Group | 8,000 | 1,350 | ||
Sunac China Holdings Ltd. | 6,000 | 33,091 | ||
Sunny Optical Technology Group Co. Ltd. | 2,600 | 40,854 | ||
TAL Education Group ADR(1) | 286 | 15,556 | ||
TCL Electronics Holdings Ltd. | 3,000 | 1,667 | ||
Tencent Holdings Ltd. | 8,900 | 438,996 | ||
Tencent Music Entertainment Group ADR(1) | 145 | 1,759 | ||
Texhong Textile Group Ltd. | 1,000 | 1,050 | ||
Tian Ge Interactive Holdings Ltd.(1) | 5,000 | 1,116 | ||
Tiangong International Co. Ltd. | 4,000 | 1,402 | ||
Tianjin Port Development Holdings Ltd. | 12,000 | 1,068 | ||
Tianli Education International Holdings Ltd. | 5,000 | 2,623 | ||
Tianneng Power International Ltd. | 4,000 | 2,959 | ||
Times China Holdings Ltd. | 3,000 | 5,606 | ||
Tingyi Cayman Islands Holding Corp. | 14,000 | 25,453 | ||
Tong Ren Tang Technologies Co. Ltd., H Shares | 2,000 | 1,854 | ||
Tongda Group Holdings Ltd. | 40,000 | 3,848 | ||
TravelSky Technology Ltd., H Shares | 2,000 | 3,938 | ||
Trigiant Group Ltd.(1) | 6,000 | 1,527 | ||
Trip.com Group Ltd. ADR(1) | 636 | 19,309 | ||
Truly International Holdings Ltd.(1) | 8,000 | 1,088 | ||
Tsingtao Brewery Co. Ltd., H Shares | 2,000 | 10,362 | ||
Uni-President China Holdings Ltd. | 5,000 | 5,170 | ||
United Strength Power Holdings Ltd. | 2,000 | 1,463 | ||
Vinda International Holdings Ltd. | 4,000 | 10,334 | ||
Vipshop Holdings Ltd. ADR(1) | 3,981 | 51,076 | ||
Want Want China Holdings Ltd. | 30,000 | 23,354 | ||
Wasion Holdings Ltd. | 6,000 | 2,448 | ||
Weibo Corp. ADR(1) | 197 | 8,302 | ||
Weichai Power Co. Ltd., H Shares | 3,000 | 5,958 | ||
West China Cement Ltd. | 28,000 | 4,564 | ||
Wharf Holdings Ltd. (The)(2) | 6,000 | 12,749 | ||
Wisdom Education International Holdings Co. Ltd. | 4,000 | 1,537 |
16
Shares | Value | |||
WuXi AppTec Co. Ltd., H Shares | 100 | $ | 1,489 | |
Wuxi Biologics Cayman, Inc.(1) | 500 | 7,290 | ||
Xiamen International Port Co. Ltd., H Shares | 8,000 | 928 | ||
Xiaomi Corp., Class B(1)(2) | 15,000 | 24,429 | ||
Xingda International Holdings Ltd. | 9,000 | 2,675 | ||
Xinyi Solar Holdings Ltd. | 16,000 | 12,634 | ||
XTEP International Holdings Ltd. | 4,000 | 1,623 | ||
Xunlei Ltd. ADR(1) | 202 | 879 | ||
Yadea Group Holdings Ltd. | 6,000 | 1,592 | ||
Yanzhou Coal Mining Co. Ltd., H Shares | 8,000 | 6,107 | ||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares | 1,200 | 7,268 | ||
Yihai International Holding Ltd.(1) | 2,000 | 13,491 | ||
Yincheng International Holding Co. Ltd.(1) | 4,000 | 1,371 | ||
Yixin Group Ltd.(1)(2) | 7,000 | 1,520 | ||
Yongsheng Advanced Materials Co. Ltd. | 5,000 | 1,225 | ||
YuanShengTai Dairy Farm Ltd.(1) | 25,000 | 870 | ||
Yuexiu Property Co. Ltd. | 28,000 | 5,749 | ||
Yuexiu Transport Infrastructure Ltd. | 8,000 | 6,237 | ||
Yum China Holdings, Inc. | 1,904 | 83,376 | ||
Yuzhou Properties Co. Ltd. | 14,000 | 6,842 | ||
Zhaojin Mining Industry Co. Ltd., H Shares | 3,500 | 4,240 | ||
Zhejiang Expressway Co. Ltd., H Shares | 4,000 | 3,043 | ||
Zhenro Properties Group Ltd. | 6,000 | 3,924 | ||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1) | 800 | 3,418 | ||
Zhongliang Holdings Group Co. Ltd. | 6,500 | 4,706 | ||
Zhongsheng Group Holdings Ltd. | 5,500 | 21,138 | ||
Zhou Hei Ya International Holdings Co. Ltd. | 8,000 | 4,276 | ||
Zhuzhou CRRC Times Electric Co. Ltd., H Shares | 900 | 3,138 | ||
Zijin Mining Group Co. Ltd., H Shares | 14,000 | 6,334 | ||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 4,600 | 3,850 | ||
ZTE Corp., H Shares(1) | 1,400 | 5,844 | ||
ZTO Express Cayman, Inc. ADR | 931 | 21,841 | ||
4,756,468 | ||||
Colombia — 0.4% | ||||
Avianca Holdings SA Preference Shares | 2,431 | 1,133 | ||
Banco Davivienda SA Preference Shares | 467 | 5,573 | ||
Bancolombia SA | 337 | 3,735 | ||
Bancolombia SA ADR | 165 | 7,834 | ||
Cementos Argos SA | 1,760 | 2,651 | ||
Corp. Financiera Colombiana SA(1) | 1,004 | 9,186 | ||
Ecopetrol SA ADR | 547 | 9,655 | ||
Grupo Argos SA | 1,873 | 7,983 | ||
Grupo Aval Acciones y Valores SA Preference Shares | 3,792 | 1,562 | ||
Interconexion Electrica SA ESP | 1,404 | 7,421 | ||
56,733 | ||||
Czech Republic — 0.2% | ||||
CEZ AS | 434 | 8,317 |
17
Shares | Value | |||
Komercni banka AS | 63 | $ | 1,934 | |
Moneta Money Bank AS | 3,101 | 10,306 | ||
20,557 | ||||
Egypt — 0.1% | ||||
Commercial International Bank Egypt S.A.E. GDR | 4,098 | 20,102 | ||
Greece — 0.3% | ||||
Aegean Airlines SA | 410 | 2,868 | ||
Alpha Bank AE(1) | 2,608 | 3,749 | ||
Attica Bank SA(1) | 2,201 | 501 | ||
Eurobank Ergasias SA(1) | 3,058 | 1,929 | ||
Fourlis Holdings SA(1) | 301 | 1,635 | ||
GEK Terna Holding Real Estate Construction SA(1) | 747 | 5,051 | ||
Hellenic Petroleum SA | 215 | 1,487 | ||
Hellenic Telecommunications Organization SA | 265 | 3,760 | ||
JUMBO SA | 106 | 1,664 | ||
Motor Oil Hellas Corinth Refineries SA | 207 | 3,405 | ||
Mytilineos SA | 418 | 3,176 | ||
National Bank of Greece SA(1) | 1,785 | 3,967 | ||
Piraeus Bank SA(1) | 1,645 | 3,670 | ||
Public Power Corp. SA(1) | 523 | 1,716 | ||
Terna Energy SA(1) | 135 | 1,127 | ||
Titan Cement International SA(1) | 149 | 2,102 | ||
Viohalco SA(1) | 450 | 1,330 | ||
43,137 | ||||
Hungary — 0.3% | ||||
Magyar Telekom Telecommunications plc | 6,103 | 7,931 | ||
MOL Hungarian Oil & Gas plc | 1,508 | 11,686 | ||
OTP Bank Nyrt | 470 | 20,475 | ||
Richter Gedeon Nyrt | 290 | 5,893 | ||
45,985 | ||||
India — 6.0% | ||||
Axis Bank Ltd. GDR | 3,812 | 181,595 | ||
Dr Reddy's Laboratories Ltd. ADR | 1,238 | 49,718 | ||
ICICI Bank Ltd. ADR | 2,492 | 34,564 | ||
Infosys Ltd. ADR | 14,709 | 148,120 | ||
Reliance Industries Ltd. GDR | 7,337 | 269,757 | ||
State Bank of India GDR(1) | 247 | 10,865 | ||
Tata Motors Ltd. ADR(1) | 7,796 | 71,411 | ||
Vedanta Ltd. ADR | 9,912 | 65,122 | ||
Wipro Ltd. ADR | 2,528 | 8,722 | ||
839,874 | ||||
Indonesia — 2.0% | ||||
Ace Hardware Indonesia Tbk PT | 16,900 | 1,785 | ||
Adaro Energy Tbk PT | 119,000 | 9,751 | ||
Agung Podomoro Land Tbk PT(1) | 80,200 | 733 | ||
AKR Corporindo Tbk PT | 5,100 | 936 | ||
Alam Sutera Realty Tbk PT(1) | 59,300 | 630 |
18
Shares | Value | |||
Aneka Tambang Tbk | 31,700 | $ | 1,272 | |
Astra International Tbk PT | 50,800 | 19,762 | ||
Bank Central Asia Tbk PT | 9,700 | 21,167 | ||
Bank Mandiri Persero Tbk PT | 47,800 | 23,940 | ||
Bank Negara Indonesia Persero Tbk PT | 16,700 | 8,228 | ||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 14,700 | 906 | ||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 24,900 | 1,067 | ||
Bank Rakyat Indonesia Persero Tbk PT | 101,700 | 29,693 | ||
Bank Tabungan Negara Persero Tbk PT | 27,700 | 3,246 | ||
Bank Tabungan Pensiunan Nasional Syariah Tbk PT(1) | 6,300 | 1,657 | ||
Barito Pacific Tbk PT(1) | 21,200 | 1,458 | ||
Bukit Asam Tbk PT | 20,400 | 3,184 | ||
Bumi Serpong Damai Tbk PT(1) | 24,500 | 1,720 | ||
Charoen Pokphand Indonesia Tbk PT | 15,500 | 6,172 | ||
Ciputra Development Tbk PT | 36,000 | 2,398 | ||
Erajaya Swasembada Tbk PT | 19,200 | 2,196 | ||
Global Mediacom Tbk PT(1) | 53,600 | 1,162 | ||
Indah Kiat Pulp & Paper Corp Tbk PT | 26,000 | 10,310 | ||
Indika Energy Tbk PT | 12,700 | 671 | ||
Indo Tambangraya Megah Tbk PT | 1,900 | 1,496 | ||
Indocement Tunggal Prakarsa Tbk PT | 1,500 | 1,575 | ||
Indofood CBP Sukses Makmur Tbk PT | 4,800 | 3,437 | ||
Indofood Sukses Makmur Tbk PT | 26,800 | 12,143 | ||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 11,200 | 964 | ||
Jasa Marga Persero Tbk PT | 13,300 | 4,338 | ||
Kalbe Farma Tbk PT | 18,300 | 1,571 | ||
Kresna Graha Investama Tbk PT(1) | 28,000 | 921 | ||
Link Net Tbk PT | 9,300 | 2,271 | ||
Lippo Karawaci Tbk PT(1) | 201,500 | 3,212 | ||
Matahari Department Store Tbk PT | 13,500 | 2,954 | ||
Medco Energi Internasional Tbk PT(1) | 59,100 | 2,617 | ||
Media Nusantara Citra Tbk PT | 40,300 | 3,609 | ||
Mitra Adiperkasa Tbk PT | 70,300 | 3,922 | ||
Pabrik Kertas Tjiwi Kimia Tbk PT | 8,400 | 3,512 | ||
Pakuwon Jati Tbk PT | 27,500 | 1,024 | ||
Panin Financial Tbk PT(1) | 50,100 | 880 | ||
Perusahaan Gas Negara Tbk PT | 38,500 | 3,434 | ||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 14,800 | 1,001 | ||
PP Persero Tbk PT | 10,100 | 848 | ||
PT Adi Sarana Armada Tbk(1) | 18,500 | 632 | ||
PT Bank Pan Indonesia Tbk(1) | 16,900 | 1,283 | ||
PT Buana Lintas Lautan Tbk(1) | 81,100 | 836 | ||
PT Buyung Poetra Sembada | 17,000 | 984 | ||
PT Indosat Tbk(1) | 13,500 | 1,919 | ||
PT Japfa Comfeed Indonesia Tbk | 12,700 | 1,250 | ||
PT Malindo Feedmill Tbk | 13,400 | 635 | ||
PT Ramayana Lestari Sentosa Tbk | 13,500 | 969 |
19
Shares | Value | |||
PT Rimo International Lestari Tbk(1) | 329,900 | $ | 1,150 | |
PT Selamat Sempurna Tbk | 11,000 | 1,129 | ||
PT Surya Esa Perkasa Tbk(1) | 52,700 | 606 | ||
Puradelta Lestari Tbk PT | 105,100 | 1,729 | ||
Salim Ivomas Pratama Tbk PT(1) | 44,700 | 864 | ||
Sawit Sumbermas Sarana Tbk PT | 16,200 | 916 | ||
Semen Gresik Persero Tbk PT | 6,400 | 4,632 | ||
Siloam International Hospitals Tbk PT(1) | 2,000 | 896 | ||
Sri Rejeki Isman Tbk PT | 54,600 | 757 | ||
Summarecon Agung Tbk PT | 14,200 | 839 | ||
Surya Citra Media Tbk PT | 19,300 | 1,526 | ||
Surya Semesta Internusa Tbk PT | 20,600 | 931 | ||
Telekomunikasi Indonesia Persero Tbk PT ADR | 1,217 | 29,512 | ||
Tower Bersama Infrastructure Tbk PT | 32,500 | 2,519 | ||
Tunas Baru Lampung Tbk PT | 24,900 | 1,067 | ||
Unilever Indonesia Tbk PT | 13,000 | 6,184 | ||
United Tractors Tbk PT | 5,000 | 5,784 | ||
Waskita Beton Precast Tbk PT | 48,300 | 628 | ||
Waskita Karya Persero Tbk PT | 11,200 | 757 | ||
Wijaya Karya Persero Tbk PT | 7,800 | 1,032 | ||
XL Axiata Tbk PT(1) | 26,500 | 4,802 | ||
286,541 | ||||
Malaysia — 2.2% | ||||
7-Eleven Malaysia Holdings Bhd, Class B | 3,000 | 999 | ||
Aeon Co. M Bhd | 5,500 | 1,801 | ||
AEON Credit Service M Bhd | 500 | 1,635 | ||
AirAsia Group Bhd | 8,300 | 1,998 | ||
Alliance Bank Malaysia Bhd | 2,800 | 1,542 | ||
AMMB Holdings Bhd | 9,700 | 8,514 | ||
ATA IMS Bhd | 2,900 | 1,039 | ||
Axiata Group Bhd | 2,100 | 2,093 | ||
Berjaya Corp. Bhd(1) | 17,400 | 887 | ||
Bermaz Auto Bhd | 4,200 | 1,769 | ||
Bumi Armada Bhd(1) | 18,600 | 1,409 | ||
Bursa Malaysia Bhd | 700 | 919 | ||
Carlsberg Brewery Malaysia Bhd | 400 | 3,027 | ||
CIMB Group Holdings Bhd | 12,400 | 14,247 | ||
Coastal Contracts Bhd(1) | 3,400 | 911 | ||
D&O Green Technologies Bhd | 5,600 | 937 | ||
Dagang NeXchange Bhd | 15,500 | 795 | ||
Dayang Enterprise Holdings Bhd(1) | 2,900 | 1,624 | ||
Dialog Group Bhd | 14,600 | 11,568 | ||
DiGi.Com Bhd | 5,000 | 4,892 | ||
DRB-Hicom Bhd | 5,900 | 3,130 | ||
Dufu Technology Corp. Bhd | 1,400 | 1,424 | ||
Econpile Holdings Bhd | 5,500 | 867 | ||
Ekovest Bhd | 9,600 | 1,480 |
20
Shares | Value | |||
FGV Holdings Bhd(1) | 16,100 | $ | 4,418 | |
Fraser & Neave Holdings Bhd | 200 | 1,458 | ||
Frontken Corp. Bhd | 3,300 | 1,792 | ||
Gamuda Bhd | 9,500 | 7,459 | ||
Genting Bhd | 6,300 | 7,397 | ||
Genting Malaysia Bhd | 11,100 | 7,620 | ||
Genting Plantations Bhd | 300 | 713 | ||
Globetronics Technology Bhd | 3,900 | 1,936 | ||
Hai-O Enterprise Bhd | 2,000 | 902 | ||
HAP Seng Consolidated Bhd | 500 | 1,063 | ||
Hartalega Holdings Bhd | 2,600 | 3,825 | ||
Hengyuan Refining Co. Bhd(1) | 1,000 | 854 | ||
Hibiscus Petroleum Bhd(1) | 7,000 | 1,266 | ||
Hong Leong Bank Bhd | 600 | 2,182 | ||
Hong Leong Financial Group Bhd | 300 | 1,089 | ||
Hong Leong Industries Bhd | 400 | 886 | ||
IHH Healthcare Bhd | 1,300 | 1,766 | ||
IJM Corp. Bhd | 6,100 | 2,820 | ||
Inari Amertron Bhd | 11,800 | 4,002 | ||
IOI Corp. Bhd | 2,300 | 2,275 | ||
JAKS Resources Bhd(1) | 4,300 | 1,287 | ||
Jaya Tiasa Holdings Bhd(1) | 5,700 | 777 | ||
Kossan Rubber Industries | 1,300 | 1,481 | ||
KPJ Healthcare Bhd | 8,200 | 1,880 | ||
KSL Holdings Bhd(1) | 5,500 | 926 | ||
Kuala Lumpur Kepong Bhd | 400 | 2,064 | ||
Land & General Bhd | 29,900 | 886 | ||
LBS Bina Group Bhd | 8,700 | 960 | ||
Leong Hup International Bhd | 5,600 | 922 | ||
Lii Hen Industries Bhd | 1,400 | 960 | ||
Lotte Chemical Titan Holding Bhd | 1,900 | 712 | ||
Mah Sing Group Bhd | 6,700 | 1,077 | ||
Malakoff Corp. Bhd | 6,800 | 1,411 | ||
Malayan Banking Bhd | 5,800 | 11,615 | ||
Malaysia Airports Holdings Bhd | 900 | 1,412 | ||
Malaysia Building Society Bhd | 5,500 | 1,007 | ||
Malaysia Marine and Heavy Engineering Holdings Bhd(1) | 4,700 | 836 | ||
Malaysian Pacific Industries Bhd | 700 | 1,813 | ||
Malaysian Resources Corp. Bhd | 9,900 | 1,338 | ||
Matrix Concepts Holdings Bhd | 2,600 | 1,198 | ||
Maxis Bhd | 4,100 | 5,281 | ||
Media Prima Bhd(1) | 15,000 | 631 | ||
Mega First Corp. Bhd | 2,100 | 2,532 | ||
MISC Bhd | 2,500 | 4,500 | ||
MKH Bhd | 2,900 | 954 | ||
MMC Corp. Bhd | 5,600 | 1,178 | ||
Muhibbah Engineering M Bhd | 2,000 | 762 |
21
Shares | Value | |||
My EG Services Bhd | 3,700 | $ | 989 | |
Naim Holdings Bhd(1) | 4,300 | 1,088 | ||
Nestle Malaysia Bhd | 100 | 3,385 | ||
OCK Group Bhd(1) | 7,100 | 902 | ||
OSK Holdings Bhd | 6,600 | 1,456 | ||
Padini Holdings Bhd | 2,100 | 1,504 | ||
Paramount Corp. Bhd | 3,400 | 1,041 | ||
Perak Transit Bhd | 16,700 | 792 | ||
Petronas Chemicals Group Bhd | 4,000 | 5,135 | ||
Petronas Dagangan Bhd | 900 | 4,863 | ||
Petronas Gas Bhd | 1,000 | 3,953 | ||
Poh Huat Resources Holdings Bhd | 2,800 | 863 | ||
PPB Group Bhd | 500 | 2,142 | ||
Press Metal Aluminium Holdings Bhd | 1,700 | 1,884 | ||
Public Bank Bhd | 2,300 | 9,330 | ||
QL Resources Bhd | 1,500 | 2,904 | ||
Ranhill Holdings Bhd | 3,700 | 829 | ||
RHB Bank Bhd | 4,600 | 6,067 | ||
Sam Engineering & Equipment M Bhd | 600 | 1,061 | ||
Sapura Energy Bhd | 43,200 | 1,910 | ||
Sarawak Oil Palms Bhd | 1,400 | 1,102 | ||
Serba Dinamik Holdings Bhd | 4,000 | 2,110 | ||
Sime Darby Bhd | 4,000 | 1,898 | ||
Sime Darby Plantation Bhd | 2,900 | 3,433 | ||
Sime Darby Property Bhd | 5,400 | 993 | ||
SKP Resources Bhd | 5,100 | 1,609 | ||
SP Setia Bhd Group | 3,200 | 970 | ||
Sunway Bhd | 10,600 | 4,451 | ||
Supermax Corp. Bhd | 4,467 | 1,668 | ||
Syarikat Takaful Malaysia Keluarga Bhd | 1,400 | 1,577 | ||
Ta Ann Holdings Bhd(1) | 1,700 | 1,215 | ||
TA Enterprise Bhd | 7,300 | 1,022 | ||
Telekom Malaysia Bhd | 4,700 | 4,125 | ||
Tenaga Nasional Bhd | 9,600 | 27,554 | ||
Thong Guan Industries Bhd | 1,200 | 1,109 | ||
TIME dotCom Bhd | 1,500 | 3,320 | ||
Top Glove Corp. Bhd | 2,900 | 3,856 | ||
Tropicana Corp. Bhd | 4,600 | 955 | ||
Uchi Technologies Bhd | 1,500 | 948 | ||
UEM Sunrise Bhd(1) | 6,800 | 959 | ||
Unisem M Bhd | 3,800 | 1,822 | ||
UOA Development Bhd | 3,100 | 1,434 | ||
Velesto Energy Bhd(1) | 22,900 | 1,639 | ||
ViTrox Corp. Bhd | 600 | 1,198 | ||
Vizione Holdings Bhd(1) | 5,100 | 871 | ||
VS Industry Bhd | 10,700 | 3,274 | ||
Wah Seong Corp. Bhd(1) | 4,100 | 1,128 |
22
Shares | Value | |||
WCT Holdings Bhd(1) | 7,300 | $ | 1,132 | |
Westports Holdings Bhd | 3,100 | 2,529 | ||
Yinson Holdings Bhd | 700 | 1,188 | ||
YTL Corp. Bhd | 4,800 | 962 | ||
309,779 | ||||
Mexico — 2.7% | ||||
Alfa SAB de CV, Series A | 19,300 | 12,423 | ||
Alsea SAB de CV(1) | 4,700 | 9,559 | ||
America Movil SAB de CV, Class L ADR | 2,562 | 40,685 | ||
Arca Continental SAB de CV | 300 | 1,654 | ||
Banco del Bajio SA | 2,700 | 4,228 | ||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR | 281 | 1,812 | ||
Bolsa Mexicana de Valores SAB de CV | 1,400 | 2,974 | ||
Cemex SAB de CV ADR | 708 | 2,322 | ||
Coca-Cola Femsa SAB de CV | 2,000 | 11,193 | ||
Consorcio ARA SAB de CV(2) | 4,900 | 889 | ||
Controladora Vuela Cia de Aviacion SAB de CV ADR(1) | 753 | 7,568 | ||
Corp. Inmobiliaria Vesta SAB de CV | 4,500 | 7,154 | ||
Credito Real SAB de CV SOFOM ER | 1,900 | 2,017 | ||
El Puerto de Liverpool SAB de CV, Class C1 | 600 | 2,835 | ||
Fomento Economico Mexicano SAB de CV ADR | 160 | 13,022 | ||
Genomma Lab Internacional SAB de CV, Class B(1) | 6,800 | 6,979 | ||
Gentera SAB de CV | 9,800 | 9,430 | ||
Gruma SAB de CV, B Shares | 1,560 | 15,056 | ||
Grupo Aeromexico SAB de CV(1) | 1,800 | 1,085 | ||
Grupo Aeroportuario del Centro Norte SAB de CV ADR | 318 | 16,561 | ||
Grupo Aeroportuario del Pacifico SAB de CV ADR | 164 | 17,774 | ||
Grupo Aeroportuario del Sureste SAB de CV ADR | 43 | 7,181 | ||
Grupo Bimbo SAB de CV, Series A | 1,700 | 2,564 | ||
Grupo Carso SAB de CV | 1,200 | 3,345 | ||
Grupo Cementos de Chihuahua SAB de CV | 400 | 1,985 | ||
Grupo Comercial Chedraui SA de CV | 1,300 | 1,783 | ||
Grupo Financiero Banorte SAB de CV | 6,900 | 37,727 | ||
Grupo Financiero Inbursa SAB de CV | 7,400 | 8,027 | ||
Grupo GICSA SAB de CV(1) | 8,000 | 2,678 | ||
Grupo Industrial Saltillo SAB de CV | 1,800 | 1,965 | ||
Grupo Mexico SAB de CV, Series B | 11,600 | 27,410 | ||
Grupo Rotoplas SAB de CV(1) | 1,700 | 1,282 | ||
Grupo Televisa SAB ADR | 1,641 | 15,425 | ||
Grupo Traxion SAB de CV(1) | 1,500 | 1,161 | ||
Hoteles City Express SAB de CV(1) | 1,300 | 788 | ||
Industrias Bachoco SAB de CV | 700 | 2,528 | ||
Industrias Penoles SAB de CV | 780 | 7,016 | ||
Infraestructura Energetica Nova SAB de CV | 1,300 | 5,706 | ||
Kimberly-Clark de Mexico SAB de CV, A Shares | 5,000 | 9,518 | ||
La Comer SAB de CV(1) | 2,600 | 3,078 | ||
Nemak SAB de CV | 5,900 | 1,948 |
23
Shares | Value | |||
Orbia Advance Corp. SAB de CV | 1,900 | $ | 3,741 | |
Promotora y Operadora de Infraestructura SAB de CV | 800 | 7,838 | ||
Qualitas Controladora SAB de CV | 1,700 | 7,298 | ||
Regional SAB de CV | 2,000 | 11,126 | ||
Telesites SAB de CV(1) | 10,400 | 7,910 | ||
Unifin Financiera SAB de CV | 700 | 1,088 | ||
Wal-Mart de Mexico SAB de CV | 5,700 | 16,046 | ||
385,382 | ||||
Peru — 0.4% | ||||
Cia de Minas Buenaventura SAA ADR | 1,104 | 12,310 | ||
Credicorp Ltd. | 163 | 29,547 | ||
Southern Copper Corp. | 237 | 7,975 | ||
49,832 | ||||
Philippines — 1.1% | ||||
Aboitiz Equity Ventures, Inc. | 4,100 | 3,407 | ||
Aboitiz Power Corp. | 3,700 | 2,010 | ||
Alliance Global Group, Inc.(1) | 13,200 | 2,603 | ||
Ayala Corp. | 870 | 11,292 | ||
Ayala Land, Inc. | 15,500 | 11,901 | ||
Ayalaland Logistics Holdings Corp.(1) | 17,000 | 667 | ||
Bank of the Philippine Islands | 3,100 | 4,514 | ||
BDO Unibank, Inc. | 3,690 | 10,027 | ||
Cebu Air, Inc. | 1,890 | 2,730 | ||
Century Pacific Food, Inc. | 6,000 | 1,729 | ||
Chelsea Logistics and Infrastructure Holdings Corp.(1) | 9,200 | 644 | ||
Cosco Capital, Inc. | 18,400 | 2,250 | ||
D&L Industries, Inc. | 6,700 | 952 | ||
DMCI Holdings, Inc. | 16,300 | 1,691 | ||
DoubleDragon Properties Corp.(1) | 2,700 | 896 | ||
East West Banking Corp.(1) | 5,400 | 1,167 | ||
EEI Corp. | 5,000 | 781 | ||
Filinvest Land, Inc. | 41,000 | 991 | ||
First Gen Corp. | 9,700 | 3,510 | ||
Ginebra San Miguel, Inc. | 1,300 | 888 | ||
Global Ferronickel Holdings, Inc.(1) | 35,000 | 670 | ||
Globe Telecom, Inc. | 175 | 6,120 | ||
GT Capital Holdings, Inc. | 270 | 3,734 | ||
Integrated Micro-Electronics, Inc. | 6,600 | 637 | ||
International Container Terminal Services, Inc. | 3,900 | 8,057 | ||
JG Summit Holdings, Inc. | 5,010 | 6,665 | ||
Jollibee Foods Corp. | 480 | 1,603 | ||
Manila Electric Co. | 470 | 2,492 | ||
Manila Water Co., Inc. | 2,800 | 642 | ||
Max's Group, Inc. | 4,100 | 707 | ||
Megaworld Corp. | 23,000 | 1,537 | ||
Metro Pacific Investments Corp. | 72,000 | 4,327 | ||
Metropolitan Bank & Trust Co. | 5,320 | 5,863 |
24
Shares | Value | |||
Nickel Asia Corp. | 18,000 | $ | 765 | |
Petron Corp. | 15,000 | 986 | ||
Pilipinas Shell Petroleum Corp. | 1,600 | 805 | ||
PLDT, Inc. ADR | 388 | 7,372 | ||
Puregold Price Club, Inc. | 8,000 | 5,803 | ||
Robinsons Land Corp. | 6,000 | 2,487 | ||
Security Bank Corp. | 870 | 2,623 | ||
Semirara Mining & Power Corp. | 8,100 | 3,064 | ||
SM Investments Corp. | 225 | 4,306 | ||
SM Prime Holdings, Inc. | 8,100 | 6,075 | ||
Universal Robina Corp. | 1,010 | 2,829 | ||
Vista Land & Lifescapes, Inc. | 13,800 | 1,697 | ||
Wilcon Depot, Inc. | 2,700 | 958 | ||
147,474 | ||||
Poland — 0.9% | ||||
Alior Bank SA(1) | 357 | 1,930 | ||
AmRest Holdings SE(1) | 410 | 4,183 | ||
Asseco Poland SA | 101 | 1,569 | ||
Bank Millennium SA(1) | 1,565 | 1,933 | ||
Bank Polska Kasa Opieki SA | 174 | 3,927 | ||
CCC SA | 89 | 1,635 | ||
CD Projekt SA | 133 | 9,491 | ||
Ciech SA(1) | 149 | 1,338 | ||
Cyfrowy Polsat SA | 476 | 3,075 | ||
Dino Polska SA(1) | 40 | 1,468 | ||
Enea SA(1) | 1,082 | 1,552 | ||
Eurocash SA | 512 | 2,377 | ||
Famur SA | 1,310 | 871 | ||
Grupa Azoty SA(1) | 224 | 1,163 | ||
Grupa Lotos SA | 431 | 6,553 | ||
Jastrzebska Spolka Weglowa SA | 271 | 939 | ||
KGHM Polska Miedz SA(1) | 678 | 12,336 | ||
KRUK SA | 176 | 6,200 | ||
LPP SA | 6 | 10,625 | ||
Lubelski Wegiel Bogdanka SA | 109 | 458 | ||
mBank SA(1) | 58 | 4,413 | ||
Neuca SA | 24 | 2,275 | ||
Orange Polska SA(1) | 5,654 | 8,963 | ||
PGE Polska Grupa Energetyczna SA(1) | 892 | 1,025 | ||
PKP Cargo SA | 196 | 633 | ||
PLAY Communications SA | 669 | 5,227 | ||
Polski Koncern Naftowy ORLEN SA | 697 | 10,504 | ||
Polskie Gornictwo Naftowe i Gazownictwo SA | 5,582 | 4,579 | ||
Powszechna Kasa Oszczednosci Bank Polski SA | 1,136 | 9,097 | ||
Powszechny Zaklad Ubezpieczen SA | 685 | 6,129 | ||
Santander Bank Polska SA | 19 | 1,228 | ||
Tauron Polska Energia SA(1) | 4,640 | 1,311 | ||
129,007 |
25
Shares | Value | |||
Russia — 3.5% | ||||
Gazprom PJSC ADR | 10,104 | $ | 61,417 | |
Globaltrans Investment plc GDR | 1,675 | 12,499 | ||
LUKOIL PJSC ADR | 1,399 | 121,634 | ||
Magnit PJSC GDR | 1,244 | 13,849 | ||
Mail.ru Group Ltd. GDR(1) | 87 | 1,691 | ||
MMC Norilsk Nickel PJSC ADR | 2,396 | 72,585 | ||
Mobile TeleSystems PJSC ADR | 1,922 | 18,643 | ||
Novatek PJSC GDR | 78 | 11,305 | ||
Novolipetsk Steel PJSC GDR | 290 | 5,529 | ||
O'Key Group SA GDR | 1,578 | 1,938 | ||
PhosAgro PJSC GDR | 351 | 3,905 | ||
Ros Agro plc GDR | 125 | 1,131 | ||
Rosneft Oil Co. PJSC GDR | 2,965 | 18,064 | ||
Sberbank of Russia PJSC ADR (London) | 3,371 | 47,813 | ||
Severstal PJSC GDR | 454 | 5,529 | ||
Tatneft PJSC ADR | 976 | 58,504 | ||
TMK PJSC GDR | 573 | 1,717 | ||
VTB Bank PJSC GDR | 8,804 | 11,269 | ||
X5 Retail Group NV GDR | 529 | 16,540 | ||
485,562 | ||||
South Africa — 4.9% | ||||
Absa Group Ltd. | 2,128 | 18,227 | ||
Adcock Ingram Holdings Ltd. | 305 | 792 | ||
Advtech Ltd. | 2,317 | 1,379 | ||
AECI Ltd. | 849 | 5,652 | ||
African Oxygen Ltd. | 915 | 1,114 | ||
African Rainbow Minerals Ltd. | 531 | 4,623 | ||
Afrimat Ltd. | 756 | 1,370 | ||
Alexander Forbes Group Holdings Ltd. | 4,775 | 1,439 | ||
Anglo American Platinum Ltd. | 106 | 7,299 | ||
AngloGold Ashanti Ltd. ADR | 1,345 | 23,470 | ||
Aspen Pharmacare Holdings Ltd.(1) | 2,183 | 14,341 | ||
Astral Foods Ltd. | 317 | 3,822 | ||
AVI Ltd. | 1,424 | 6,683 | ||
Balwin Properties Ltd. | 4,197 | 909 | ||
Barloworld Ltd. | 1,806 | 9,458 | ||
Bid Corp. Ltd. | 577 | 10,488 | ||
Bidvest Group Ltd. (The) | 811 | 9,630 | ||
Blue Label Telecoms Ltd.(1) | 5,048 | 805 | ||
Brait SE(1) | 4,194 | 1,737 | ||
Capitec Bank Holdings Ltd. | 84 | 7,084 | ||
Cashbuild Ltd. | 72 | 745 | ||
City Lodge Hotels Ltd. | 189 | 601 | ||
Clicks Group Ltd. | 906 | 13,983 | ||
Coronation Fund Managers Ltd. | 861 | 2,204 | ||
Curro Holdings Ltd. | 896 | 655 |
26
Shares | Value | |||
DataTec Ltd. | 2,210 | $ | 4,346 | |
Dis-Chem Pharmacies Ltd. | 1,100 | 1,523 | ||
Discovery Ltd. | 859 | 5,273 | ||
DRDGOLD Ltd. | 2,645 | 1,697 | ||
EOH Holdings Ltd.(1) | 1,194 | 241 | ||
EPP NV | 3,537 | 3,607 | ||
Exxaro Resources Ltd. | 1,339 | 9,848 | ||
Famous Brands Ltd. | 293 | 1,040 | ||
FirstRand Ltd. | 6,309 | 22,412 | ||
Foschini Group Ltd. (The) | 585 | 4,661 | ||
Gold Fields Ltd. ADR | 5,050 | 29,946 | ||
Harmony Gold Mining Co. Ltd. ADR(1) | 5,026 | 17,088 | ||
Impala Platinum Holdings Ltd.(1) | 3,246 | 26,270 | ||
Imperial Logistics Ltd. | 426 | 1,279 | ||
Investec Ltd. | 1,146 | 5,948 | ||
JSE Ltd. | 799 | 5,151 | ||
KAP Industrial Holdings Ltd. | 12,206 | 2,319 | ||
Kumba Iron Ore Ltd. | 158 | 2,953 | ||
Lewis Group Ltd. | 508 | 867 | ||
Liberty Holdings Ltd. | 1,009 | 6,072 | ||
Life Healthcare Group Holdings Ltd. | 3,939 | 5,561 | ||
Massmart Holdings Ltd.(1) | 349 | 1,032 | ||
Metair Investments Ltd. | 1,914 | 2,542 | ||
MiX Telematics Ltd. ADR | 83 | 1,101 | ||
Momentum Metropolitan Holdings | 7,818 | 9,132 | ||
Motus Holdings Ltd. | 1,693 | 7,966 | ||
Mpact Ltd. | 965 | 788 | ||
Mr Price Group Ltd. | 956 | 9,435 | ||
MTN Group Ltd. | 4,935 | 23,342 | ||
MultiChoice Group(1) | 1,603 | 9,408 | ||
Murray & Roberts Holdings Ltd. | 1,453 | 866 | ||
Nampak Ltd.(1) | 4,076 | 873 | ||
Naspers Ltd., N Shares ADR | 1,821 | 56,761 | ||
Nedbank Group Ltd. | 1,028 | 11,977 | ||
NEPI Rockcastle plc | 1,369 | 10,047 | ||
Netcare Ltd. | 9,771 | 11,702 | ||
Northam Platinum Ltd.(1) | 1,379 | 9,807 | ||
Oceana Group Ltd. | 464 | 1,654 | ||
Old Mutual Ltd. | 11,677 | 11,796 | ||
Omnia Holdings Ltd.(1) | 2,481 | 3,961 | ||
Pepkor Holdings Ltd. | 861 | 863 | ||
Peregrine Holdings Ltd. | 1,307 | 1,512 | ||
Pick n Pay Stores Ltd. | 1,527 | 5,559 | ||
PPC Ltd.(1) | 7,668 | 737 | ||
Rand Merchant Investment Holdings Ltd. | 3,626 | 5,980 | ||
Raubex Group Ltd. | 1,373 | 1,850 | ||
Remgro Ltd. | 1,766 | 18,136 |
27
Shares | Value | |||
Reunert Ltd. | 1,335 | $ | 4,806 | |
RMB Holdings Ltd. | 1,739 | 7,897 | ||
Royal Bafokeng Platinum Ltd.(1) | 876 | 2,829 | ||
Sanlam Ltd. | 2,520 | 10,818 | ||
Sappi Ltd.(1) | 5,271 | 9,867 | ||
Sasol Ltd. ADR(1) | 1,697 | 20,958 | ||
Shoprite Holdings Ltd. | 1,124 | 8,104 | ||
Sibanye Stillwater Ltd. ADR(1)(2) | 1,866 | 15,786 | ||
SPAR Group Ltd. (The) | 743 | 8,078 | ||
Standard Bank Group Ltd. | 2,400 | 23,041 | ||
Sun International Ltd.(1) | 488 | 992 | ||
Super Group Ltd.(1) | 1,412 | 1,938 | ||
Telkom SA SOC Ltd. | 1,510 | 2,585 | ||
Tiger Brands Ltd. | 714 | 7,021 | ||
Trencor Ltd.(1) | 1,689 | 935 | ||
Truworths International Ltd. | 1,793 | 5,266 | ||
Tsogo Sun Gaming Ltd. | 3,616 | 2,134 | ||
Tsogo Sun Hotels Ltd.(1) | 3,866 | 753 | ||
Vodacom Group Ltd. | 1,730 | 12,425 | ||
Wilson Bayly Holmes-Ovcon Ltd. | 577 | 3,652 | ||
Woolworths Holdings Ltd. | 3,379 | 7,931 | ||
Zeder Investments Ltd. | 8,750 | 2,418 | ||
685,673 | ||||
South Korea — 13.7% | ||||
AfreecaTV Co. Ltd. | 68 | 3,114 | ||
Amorepacific Corp. | 51 | 6,860 | ||
AMOREPACIFIC Group | 58 | 3,001 | ||
Aprogen KIC, Inc.(1) | 437 | 872 | ||
Aprogen pharmaceuticals, Inc.(1) | 724 | 915 | ||
Asiana Airlines, Inc.(1) | 1,097 | 3,663 | ||
BGF retail Co. Ltd. | 30 | 3,746 | ||
BH Co. Ltd.(1) | 157 | 2,373 | ||
BNK Financial Group, Inc. | 2,114 | 10,734 | ||
Boditech Med, Inc. | 98 | 963 | ||
Celltrion Healthcare Co. Ltd.(1) | 96 | 5,268 | ||
Celltrion, Inc.(1) | 112 | 15,652 | ||
Cheil Worldwide, Inc. | 192 | 3,093 | ||
CJ CheilJedang Corp. | 49 | 9,930 | ||
CJ Corp. | 49 | 3,286 | ||
CJ ENM Co. Ltd. | 30 | 3,140 | ||
CJ Logistics Corp.(1) | 31 | 3,420 | ||
Com2uSCorp | 44 | 3,566 | ||
Coway Co. Ltd. | 144 | 8,216 | ||
Daelim Industrial Co. Ltd. | 122 | 7,273 | ||
Daesang Corp. | 199 | 3,234 | ||
Daewoo Engineering & Construction Co. Ltd.(1) | 1,018 | 3,440 | ||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1) | 196 | 3,633 |
28
Shares | Value | |||
Daishin Securities Co. Ltd. | 202 | $ | 1,562 | |
Daou Technology, Inc. | 207 | 2,744 | ||
Dawonsys Co. Ltd. | 146 | 1,942 | ||
DB HiTek Co. Ltd. | 507 | 10,067 | ||
DB Insurance Co. Ltd. | 343 | 12,331 | ||
DGB Financial Group, Inc. | 623 | 2,906 | ||
Dong-A Socio Holdings Co. Ltd. | 49 | 3,449 | ||
Dongjin Semichem Co. Ltd. | 277 | 3,356 | ||
DongKook Pharmaceutical Co. Ltd. | 27 | 1,872 | ||
Dongkuk Steel Mill Co. Ltd.(1) | 483 | 1,859 | ||
Douzone Bizon Co. Ltd. | 61 | 4,349 | ||
E-MART, Inc. | 155 | 13,648 | ||
Eo Technics Co. Ltd. | 17 | 1,254 | ||
F&F Co. Ltd. | 44 | 3,420 | ||
Feelux Co. Ltd.(1) | 311 | 1,374 | ||
Fila Holdings Corp. | 91 | 2,888 | ||
Grand Korea Leisure Co. Ltd. | 242 | 3,395 | ||
GS Engineering & Construction Corp. | 283 | 6,109 | ||
GS Holdings Corp. | 446 | 15,257 | ||
GS Retail Co. Ltd. | 123 | 3,549 | ||
Hana Financial Group, Inc. | 2,011 | 51,923 | ||
Hana Tour Service, Inc. | 48 | 1,695 | ||
Handsome Co. Ltd. | 74 | 1,502 | ||
Hanjin Kal Corp. | 120 | 6,663 | ||
Hanjin Transportation Co. Ltd. | 119 | 3,054 | ||
Hankook Tire & Technology Co. Ltd. | 672 | 14,312 | ||
Hanon Systems | 415 | 3,630 | ||
Hansol Chemical Co. Ltd. | 45 | 3,468 | ||
Hansol Paper Co. Ltd. | 319 | 3,394 | ||
Hansol Technics Co. Ltd.(1) | 511 | 3,019 | ||
Hanwha Aerospace Co. Ltd.(1) | 134 | 3,064 | ||
Hanwha Corp. | 379 | 6,388 | ||
Hanwha Investment & Securities Co. Ltd.(1) | 1,230 | 1,811 | ||
Hanwha Life Insurance Co. Ltd. | 1,969 | 2,716 | ||
Hanwha Solutions Corp. | 248 | 3,638 | ||
HDC Hyundai Development Co-Engineering & Construction, E Shares | 178 | 2,642 | ||
Hite Jinro Co. Ltd. | 173 | 3,803 | ||
HLB, Inc.(1) | 47 | 3,722 | ||
Hotel Shilla Co. Ltd. | 73 | 4,904 | ||
HS Industries Co. Ltd. | 121 | 1,094 | ||
Hyosung Advanced Materials Corp.(1) | 16 | 1,097 | ||
Hyosung Corp. | 57 | 3,249 | ||
Hyundai Bioscience Co. Ltd.(1) | 161 | 1,442 | ||
Hyundai Construction Equipment Co. Ltd.(1) | 148 | 2,494 | ||
Hyundai Department Store Co. Ltd. | 57 | 3,367 | ||
Hyundai Engineering & Construction Co. Ltd. | 110 | 3,138 | ||
Hyundai Glovis Co. Ltd. | 60 | 6,120 |
29
Shares | Value | |||
Hyundai Heavy Industries Holdings Co. Ltd. | 21 | $ | 4,726 | |
Hyundai Marine & Fire Insurance Co. Ltd. | 509 | 9,437 | ||
Hyundai Mipo Dockyard Co. Ltd. | 101 | 3,054 | ||
Hyundai Mobis Co. Ltd. | 122 | 21,319 | ||
Hyundai Motor Co. | 135 | 12,911 | ||
Hyundai Steel Co. | 167 | 3,275 | ||
Hyundai Wia Corp. | 94 | 3,008 | ||
ICD Co. Ltd. | 248 | 3,409 | ||
Iljin Materials Co. Ltd.(1) | 112 | 4,376 | ||
Industrial Bank of Korea | 1,167 | 9,206 | ||
Inscobee, Inc.(1) | 756 | 1,743 | ||
Interflex Co. Ltd.(1) | 276 | 2,853 | ||
IS Dongseo Co. Ltd. | 141 | 3,132 | ||
JB Financial Group Co. Ltd. | 1,526 | 6,338 | ||
Jeil Pharmaceutical Co. Ltd. | 24 | 554 | ||
Jejuair Co. Ltd.(1) | 113 | 1,896 | ||
JW Holdings Corp. | 377 | 1,569 | ||
Kakao Corp. | 109 | 15,740 | ||
Kangwon Land, Inc. | 154 | 2,906 | ||
KB Financial Group, Inc. ADR | 2,932 | 94,616 | ||
KC Co. Ltd. | 241 | 2,825 | ||
KCC Corp. | 34 | 4,713 | ||
KCC Glass Corp.(1) | 16 | 350 | ||
KEPCO Plant Service & Engineering Co. Ltd. | 121 | 3,335 | ||
KIWOOM Securities Co. Ltd. | 76 | 4,182 | ||
Koh Young Technology, Inc. | 46 | 3,647 | ||
Kolon Industries, Inc. | 95 | 2,669 | ||
Korea Aerospace Industries Ltd. | 282 | 6,027 | ||
Korea Electric Power Corp. ADR | 2,740 | 24,085 | ||
Korea Investment Holdings Co. Ltd. | 235 | 12,291 | ||
Korea Line Corp.(1) | 210 | 2,964 | ||
Korea Petrochemical Ind Co. Ltd. | 26 | 1,855 | ||
Korea Real Estate Investment & Trust Co. Ltd. | 2,088 | 3,306 | ||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1) | 75 | 6,409 | ||
Korea Zinc Co. Ltd. | 22 | 7,553 | ||
Korean Air Lines Co. Ltd. | 456 | 8,512 | ||
Korean Reinsurance Co. | 545 | 3,671 | ||
Kumho Petrochemical Co. Ltd. | 60 | 2,977 | ||
Kyobo Securities Co. Ltd. | 138 | 870 | ||
LEENO Industrial, Inc. | 24 | 1,604 | ||
LG Chem Ltd. | 53 | 16,423 | ||
LG Corp. | 182 | 10,187 | ||
LG Display Co. Ltd. ADR(2) | 2,486 | 14,419 | ||
LG Household & Health Care Ltd. | 20 | 20,479 | ||
LG Innotek Co. Ltd. | 141 | 15,486 | ||
LG Uplus Corp. | 721 | 7,871 | ||
Lotte Chemical Corp. | 24 | 3,699 |
30
Shares | Value | |||
Lotte Chilsung Beverage Co. Ltd. | 28 | $ | 2,614 | |
Lotte Corp. | 231 | 5,569 | ||
LOTTE Fine Chemical Co. Ltd. | 103 | 2,840 | ||
Lotte Shopping Co. Ltd. | 35 | 2,777 | ||
LS Corp. | 134 | 4,009 | ||
LS Industrial Systems Co. Ltd. | 140 | 5,054 | ||
Mando Corp. | 357 | 8,951 | ||
Mcnex Co. Ltd. | 129 | 3,545 | ||
MegaStudyEdu Co. Ltd. | 64 | 2,194 | ||
Meritz Financial Group, Inc. | 383 | 3,241 | ||
Meritz Fire & Marine Insurance Co. Ltd. | 314 | 3,799 | ||
Meritz Securities Co. Ltd. | 1,200 | 3,430 | ||
Mirae Asset Daewoo Co. Ltd. | 647 | 3,413 | ||
NAVER Corp. | 362 | 52,614 | ||
NCSoft Corp. | 34 | 18,317 | ||
Neowiz(1) | 283 | 3,928 | ||
NH Investment & Securities Co. Ltd. | 357 | 2,963 | ||
NHN KCP Corp. | 110 | 2,690 | ||
NICE Information Service Co. Ltd. | 139 | 1,794 | ||
OCI Co. Ltd. | 74 | 3,067 | ||
Orion Corp/Republic of Korea | 69 | 5,408 | ||
Pan Ocean Co. Ltd.(1) | 1,048 | 3,295 | ||
Partron Co. Ltd. | 345 | 2,622 | ||
Pearl Abyss Corp.(1) | 25 | 3,667 | ||
Poongsan Corp. | 160 | 2,726 | ||
POSCO ADR | 2,523 | 101,652 | ||
Posco International Corp. | 429 | 5,308 | ||
RFHIC Corp. | 133 | 3,248 | ||
S-1 Corp. | 59 | 3,993 | ||
Samjin Pharmaceutical Co. Ltd. | 50 | 927 | ||
Samsung Biologics Co. Ltd.(1) | 15 | 5,807 | ||
Samsung C&T Corp. | 141 | 12,391 | ||
Samsung Card Co. Ltd. | 109 | 3,040 | ||
Samsung Electro-Mechanics Co. Ltd. | 130 | 13,810 | ||
Samsung Electronics Co. Ltd. GDR | 469 | 531,670 | ||
Samsung Engineering Co. Ltd.(1) | 1,038 | 12,136 | ||
Samsung Fire & Marine Insurance Co. Ltd. | 106 | 17,266 | ||
Samsung Heavy Industries Co. Ltd.(1) | 655 | 3,178 | ||
Samsung SDI Co. Ltd. | 58 | 14,495 | ||
Samsung SDS Co. Ltd. | 46 | 6,366 | ||
Samsung Securities Co. Ltd. | 178 | 4,893 | ||
Samwha Capacitor Co. Ltd. | 70 | 3,497 | ||
Samyang Foods Co. Ltd. | 51 | 3,632 | ||
Seah Besteel Corp. | 93 | 842 | ||
Seegene, Inc.(1) | 123 | 3,673 | ||
Seoul Semiconductor Co. Ltd. | 276 | 3,391 | ||
SFA Engineering Corp. | 105 | 3,212 |
31
Shares | Value | |||
SFA Semicon Co. Ltd.(1) | 1,161 | $ | 5,323 | |
Shinhan Financial Group Co. Ltd. ADR | 2,040 | 54,550 | ||
Shinsegae, Inc. | 39 | 7,704 | ||
SK Chemicals Co. Ltd. | 77 | 3,627 | ||
SK Discovery Co. Ltd. | 88 | 1,583 | ||
SK Hynix, Inc. | 1,251 | 90,296 | ||
SK Materials Co. Ltd. | 25 | 3,073 | ||
SK Networks Co. Ltd. | 1,462 | 5,271 | ||
SK Telecom Co. Ltd. ADR | 1,981 | 38,055 | ||
SKC Co. Ltd. | 96 | 4,152 | ||
SM Entertainment Co. Ltd.(1) | 126 | 2,989 | ||
Soulbrain Co. Ltd. | 64 | 4,608 | ||
Studio Dragon Corp.(1) | 61 | 3,696 | ||
Taeyoung Engineering & Construction Co. Ltd. | 291 | 3,161 | ||
TES Co. Ltd. | 187 | 3,255 | ||
Tokai Carbon Korea Co. Ltd. | 67 | 3,713 | ||
Value Added Technology Co. Ltd. | 38 | 812 | ||
Vieworks Co. Ltd. | 33 | 825 | ||
Winix, Inc. | 64 | 1,230 | ||
Wonik Materials Co. Ltd. | 174 | 3,319 | ||
Woori Financial Group, Inc. | 2,222 | 17,784 | ||
Yuhan Corp. | 19 | 3,388 | ||
1,927,917 | ||||
Taiwan — 14.6% | ||||
A-DATA Technology Co. Ltd. | 2,000 | 4,305 | ||
Ability Enterprise Co. Ltd. | 2,000 | 916 | ||
AcBel Polytech, Inc. | 2,000 | 1,499 | ||
Accton Technology Corp. | 1,000 | 5,219 | ||
Ace Pillar Co. Ltd. | 2,000 | 1,253 | ||
Acer, Inc. | 3,000 | 1,581 | ||
ACES Electronic Co. Ltd. | 2,000 | 1,616 | ||
Advanced International Multitech Co. Ltd. | 1,000 | 1,195 | ||
Advantech Co. Ltd. | 1,000 | 9,493 | ||
Airmate Cayman International Co. Ltd.(1) | 1,000 | 916 | ||
Airtac International Group | 1,000 | 15,071 | ||
Allis Electric Co. Ltd. | 2,000 | 1,282 | ||
Alltek Technology Corp. | 2,000 | 1,252 | ||
Alpha Networks, Inc.(1) | 2,000 | 1,359 | ||
Altek Corp. | 2,000 | 1,307 | ||
Amazing Microelectronic Corp. | 1,000 | 2,884 | ||
Ampire Co. Ltd. | 2,000 | 1,285 | ||
AMPOC Far-East Co. Ltd. | 2,000 | 1,785 | ||
AmTRAN Technology Co. Ltd.(1) | 3,000 | 899 | ||
Apacer Technology, Inc. | 1,000 | 1,312 | ||
APCB, Inc. | 2,000 | 1,515 | ||
Apex International Co. Ltd. | 1,000 | 1,747 | ||
Arcadyan Technology Corp. | 1,000 | 2,478 |
32
Shares | Value | |||
Ardentec Corp. | 3,000 | $ | 2,544 | |
ASE Technology Holding Co. Ltd. ADR | 6,072 | 27,931 | ||
Asia Cement Corp. | 8,000 | 11,467 | ||
Asia Pacific Telecom Co. Ltd.(1) | 2,621 | 607 | ||
Asia Polymer Corp. | 3,000 | 1,358 | ||
Asustek Computer, Inc. | 3,000 | 20,079 | ||
AU Optronics Corp. ADR(2) | 2,535 | 7,782 | ||
Audix Corp. | 1,000 | 1,341 | ||
AVY Precision Technology, Inc.(1) | 1,000 | 942 | ||
Bank of Kaohsiung Co. Ltd. | 4,000 | 1,284 | ||
BenQ Materials Corp. | 2,000 | 1,217 | ||
BES Engineering Corp. | 8,000 | 1,838 | ||
Bin Chuan Enterprise Co. Ltd. | 2,000 | 1,163 | ||
Bizlink Holding, Inc. | 1,000 | 6,085 | ||
Brighton-Best International Taiwan, Inc. | 1,000 | 935 | ||
Capital Securities Corp. | 9,000 | 2,885 | ||
Career Technology MFG. Co. Ltd. | 1,000 | 1,020 | ||
Casetek Holdings Ltd. | 1,000 | 1,337 | ||
Catcher Technology Co. Ltd. | 3,000 | 22,667 | ||
Cathay Financial Holding Co. Ltd. | 19,000 | 24,617 | ||
Central Reinsurance Co. Ltd. | 2,000 | 1,309 | ||
Chailease Holding Co. Ltd. | 1,000 | 3,685 | ||
ChainQui Construction Development Co. Ltd. | 2,000 | 1,355 | ||
Chang Hwa Commercial Bank Ltd. | 7,000 | 5,302 | ||
Chang Wah Technology Co. Ltd. | 1,000 | 892 | ||
Channel Well Technology Co. Ltd. | 2,000 | 1,515 | ||
Charoen Pokphand Enterprise | 1,000 | 2,028 | ||
CHC Healthcare Group | 1,000 | 1,183 | ||
Cheng Loong Corp. | 4,000 | 3,097 | ||
Cheng Shin Rubber Industry Co. Ltd. | 9,000 | 11,627 | ||
Cheng Uei Precision Industry Co. Ltd. | 1,000 | 1,175 | ||
Chia Chang Co. Ltd. | 1,000 | 1,198 | ||
Chia Hsin Cement Corp. | 2,000 | 1,294 | ||
Chicony Electronics Co. Ltd. | 4,000 | 10,852 | ||
Chicony Power Technology Co. Ltd. | 1,000 | 1,908 | ||
Chilisin Electronics Corp. | 1,000 | 3,413 | ||
Chin-Poon Industrial Co. Ltd. | 2,000 | 1,927 | ||
China Airlines Ltd. | 9,000 | 2,370 | ||
China Bills Finance Corp. | 3,000 | 1,500 | ||
China Chemical & Pharmaceutical Co. Ltd. | 2,000 | 1,341 | ||
China Development Financial Holding Corp. | 55,000 | 16,316 | ||
China General Plastics Corp. | 2,000 | 1,256 | ||
China Life Insurance Co. Ltd.(1) | 10,000 | 7,840 | ||
China Man-Made Fiber Corp. | 6,000 | 1,412 | ||
China Metal Products | 1,000 | 948 | ||
China Motor Corp. | 1,000 | 1,152 | ||
China Petrochemical Development Corp. | 10,000 | 2,604 |
33
Shares | Value | |||
China Steel Corp. | 12,000 | $ | 8,996 | |
Chinese Maritime Transport Ltd. | 1,000 | 854 | ||
Ching Feng Home Fashions Co. Ltd.(1) | 1,000 | 1,135 | ||
Chipbond Technology Corp. | 3,000 | 5,648 | ||
ChipMOS Technologies, Inc. | 4,000 | 3,870 | ||
Chroma ATE, Inc. | 1,000 | 4,544 | ||
Chung Hung Steel Corp. | 4,000 | 1,162 | ||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 4,000 | 3,374 | ||
Chunghwa Telecom Co. Ltd. ADR | 722 | 25,386 | ||
Clevo Co. | 3,000 | 2,907 | ||
CMC Magnetics Corp.(1) | 7,000 | 1,758 | ||
Co-Tech Development Corp. | 1,000 | 1,157 | ||
Compal Electronics, Inc. | 18,000 | 10,832 | ||
Compeq Manufacturing Co. Ltd. | 7,000 | 8,523 | ||
Concord Securities Co. Ltd.(1) | 4,000 | 916 | ||
Coretronic Corp. | 3,000 | 3,586 | ||
Creative Sensor, Inc. | 2,000 | 1,350 | ||
CTBC Financial Holding Co. Ltd. | 56,000 | 41,451 | ||
CTCI Corp. | 3,000 | 3,639 | ||
CyberTAN Technology, Inc. | 3,000 | 1,407 | ||
Delta Electronics, Inc. | 1,000 | 4,527 | ||
Dimerco Express Corp. | 2,000 | 1,728 | ||
Dyaco International, Inc. | 1,000 | 1,213 | ||
Dynamic Electronics Co. Ltd.(1) | 3,000 | 1,411 | ||
E Ink Holdings, Inc. | 1,000 | 969 | ||
E-LIFE MALL Corp. | 1,000 | 2,184 | ||
E.Sun Financial Holding Co. Ltd. | 18,000 | 16,999 | ||
Edom Technology Co. Ltd. | 2,000 | 1,005 | ||
Elite Material Co. Ltd. | 1,000 | 3,829 | ||
Elite Semiconductor Memory Technology, Inc. | 2,000 | 2,199 | ||
Elitegroup Computer Systems Co. Ltd.(1) | 3,000 | 1,087 | ||
Epistar Corp.(1) | 9,000 | 8,237 | ||
Eson Precision Ind Co. Ltd. | 1,000 | 1,064 | ||
Eternal Materials Co. Ltd. | 4,000 | 3,516 | ||
Eva Airways Corp. | 10,000 | 3,883 | ||
Evergreen International Storage & Transport Corp. | 3,000 | 1,349 | ||
Evergreen Marine Corp. Taiwan Ltd.(1) | 11,000 | 4,087 | ||
Everlight Chemical Industrial Corp. | 2,000 | 968 | ||
Everlight Electronics Co. Ltd. | 1,000 | 1,021 | ||
Excellence Opto, Inc. | 2,000 | 1,474 | ||
Excelsior Medical Co. Ltd. | 1,000 | 1,727 | ||
Far Eastern Department Stores Ltd. | 7,000 | 5,444 | ||
Far Eastern International Bank | 10,000 | 3,863 | ||
Far Eastern New Century Corp. | 9,000 | 8,255 | ||
Far EasTone Telecommunications Co. Ltd. | 2,000 | 4,333 | ||
Farglory F T Z Investment Holding Co. Ltd. | 2,000 | 1,417 | ||
Farglory Land Development Co. Ltd. | 2,000 | 2,455 |
34
Shares | Value | |||
Federal Corp.(1) | 3,000 | $ | 1,114 | |
First Financial Holding Co. Ltd. | 16,000 | 12,353 | ||
First Steamship Co. Ltd. | 3,000 | 878 | ||
FLEXium Interconnect, Inc. | 1,000 | 3,623 | ||
FocalTech Systems Co. Ltd.(1) | 2,000 | 1,919 | ||
Formosa Advanced Technologies Co. Ltd. | 1,000 | 1,293 | ||
Formosa Chemicals & Fibre Corp. | 2,000 | 5,357 | ||
Formosa International Hotels Corp. | 1,000 | 4,790 | ||
Formosa Optical Technology Co. Ltd. | 1,000 | 2,094 | ||
Formosa Petrochemical Corp. | 1,000 | 2,787 | ||
Formosa Plastics Corp. | 2,000 | 5,884 | ||
Formosa Taffeta Co. Ltd. | 1,000 | 1,095 | ||
Formosan Rubber Group, Inc. | 2,000 | 1,209 | ||
Founding Construction & Development Co. Ltd. | 2,000 | 1,034 | ||
Foxconn Technology Co. Ltd. | 6,000 | 11,463 | ||
Foxsemicon Integrated Technology, Inc. | 1,000 | 5,248 | ||
FSP Technology, Inc. | 2,000 | 1,331 | ||
Fubon Financial Holding Co. Ltd. | 20,000 | 28,838 | ||
Fulgent Sun International Holding Co. Ltd. | 1,000 | 3,401 | ||
Full Wang International Development Co. Ltd. | 2,000 | 1,005 | ||
Fusheng Precision Co. Ltd. | 1,000 | 6,221 | ||
G Shank Enterprise Co. Ltd. | 2,000 | 1,425 | ||
Gemtek Technology Corp.(1) | 2,000 | 1,468 | ||
General Interface Solution Holding Ltd. | 1,000 | 3,153 | ||
Genesys Logic, Inc. | 1,000 | 964 | ||
Getac Technology Corp. | 2,000 | 3,207 | ||
Giant Manufacturing Co. Ltd. | 1,000 | 5,309 | ||
Gigabyte Technology Co. Ltd. | 3,000 | 5,045 | ||
Global Brands Manufacture Ltd. | 2,000 | 904 | ||
Globalwafers Co. Ltd. | 1,000 | 13,078 | ||
Globe Union Industrial Corp. | 2,000 | 1,071 | ||
Gloria Material Technology Corp. | 2,000 | 1,098 | ||
Gold Circuit Electronics Ltd.(1) | 2,000 | 925 | ||
Goldsun Building Materials Co. Ltd. | 7,000 | 2,919 | ||
Grand Pacific Petrochemical(1) | 3,000 | 1,596 | ||
Grape King Bio Ltd. | 1,000 | 7,166 | ||
Greatek Electronics, Inc. | 2,000 | 3,079 | ||
GTM Holdings Corp. | 2,000 | 1,458 | ||
Hannstar Board Corp. | 1,000 | 1,155 | ||
HannStar Display Corp. | 10,000 | 2,118 | ||
HannsTouch Solution, Inc.(1) | 3,000 | 1,060 | ||
Highlight Tech Corp. | 2,000 | 1,734 | ||
Highwealth Construction Corp. | 1,000 | 1,463 | ||
Hiroca Holdings Ltd. | 1,000 | 1,859 | ||
Hitron Technology, Inc. | 1,000 | 754 | ||
Ho Tung Chemical Corp. | 6,000 | 1,545 | ||
Holiday Entertainment Co. Ltd. | 1,000 | 2,145 |
35
Shares | Value | |||
Holy Stone Enterprise Co. Ltd. | 1,000 | $ | 3,136 | |
Hon Hai Precision Industry Co. Ltd. | 32,000 | 82,093 | ||
Hong Pu Real Estate Development Co. Ltd. | 2,000 | 1,518 | ||
Hong YI Fiber Industry Co. | 2,000 | 1,206 | ||
Hotai Motor Co. Ltd. | 1,000 | 20,195 | ||
Hsing TA Cement Co. | 2,000 | 1,095 | ||
HTC Corp. | 4,000 | 4,429 | ||
Hu Lane Associate, Inc. | 1,000 | 2,544 | ||
Hua Nan Financial Holdings Co. Ltd. | 12,000 | 8,420 | ||
Huaku Development Co. Ltd. | 2,000 | 5,613 | ||
Huang Hsiang Construction Corp. | 1,000 | 1,067 | ||
Hung Ching Development & Construction Co. Ltd. | 2,000 | 1,288 | ||
Hung Sheng Construction Ltd.(1) | 2,400 | 1,592 | ||
I-Sheng Electric Wire & Cable Co. Ltd. | 1,000 | 1,450 | ||
IBF Financial Holdings Co. Ltd. | 10,000 | 3,716 | ||
Ichia Technologies, Inc. | 2,000 | 941 | ||
Innodisk Corp. | 1,000 | 5,789 | ||
Innolux Corp. | 32,000 | 8,130 | ||
Inpaq Technology Co. Ltd. | 1,000 | 1,024 | ||
Integrated Service Technology, Inc.(1) | 1,000 | 1,251 | ||
International CSRC Investment Holdings Co. | 3,000 | 2,627 | ||
Inventec Corp. | 9,000 | 6,795 | ||
ITE Technology, Inc. | 1,000 | 1,412 | ||
Jih Sun Financial Holdings Co. Ltd. | 5,000 | 1,634 | ||
K Laser Technology, Inc. | 2,000 | 1,037 | ||
Kenda Rubber Industrial Co. Ltd. | 1,000 | 914 | ||
Kenmec Mechanical Engineering Co. Ltd.(1) | 2,000 | 998 | ||
Kindom Development Co. Ltd. | 2,000 | 1,685 | ||
King Yuan Electronics Co. Ltd. | 8,000 | 8,383 | ||
King's Town Bank Co. Ltd. | 1,000 | 1,198 | ||
Kinik Co. | 1,000 | 2,016 | ||
Kinpo Electronics | 9,000 | 3,833 | ||
Kinsus Interconnect Technology Corp. | 2,000 | 3,273 | ||
KS Terminals, Inc. | 1,000 | 1,298 | ||
Kung Sing Engineering Corp.(1) | 4,000 | 1,021 | ||
Kuoyang Construction Co. Ltd. | 1,000 | 520 | ||
L&K Engineering Co. Ltd. | 1,000 | 921 | ||
Lextar Electronics Corp. | 3,000 | 1,507 | ||
Lien Hwa Industrial Holdings Corp. | 1,000 | 1,241 | ||
Lingsen Precision Industries Ltd.(1) | 4,000 | 1,386 | ||
Lite-On Technology Corp. | 10,000 | 14,143 | ||
Long Da Construction & Development Corp. | 2,000 | 925 | ||
Longchen Paper & Packaging Co. Ltd. | 3,000 | 1,762 | ||
Longwell Co. | 1,000 | 1,938 | ||
Lumax International Corp. Ltd. | 1,000 | 2,304 | ||
Lung Yen Life Service Corp. | 3,000 | 5,968 | ||
Macauto Industrial Co. Ltd. | 2,000 | 4,902 |
36
Shares | Value | |||
Macronix International | 5,000 | $ | 5,231 | |
MediaTek, Inc. | 2,000 | 23,106 | ||
Mega Financial Holding Co. Ltd. | 18,000 | 19,002 | ||
Meiloon Industrial Co. | 2,000 | 1,448 | ||
Mercuries & Associates Holding Ltd.(1) | 4,000 | 2,814 | ||
Mercuries Life Insurance Co. Ltd.(1) | 10,000 | 3,764 | ||
Merida Industry Co. Ltd. | 1,000 | 4,818 | ||
Merry Electronics Co. Ltd. | 1,000 | 4,503 | ||
Micro-Star International Co. Ltd. | 4,000 | 11,822 | ||
Microbio Co. Ltd.(1) | 2,000 | 946 | ||
Mitac Holdings Corp. | 2,000 | 2,175 | ||
Mobiletron Electronics Co. Ltd. | 1,000 | 1,084 | ||
Namchow Holdings Co. Ltd. | 1,000 | 1,604 | ||
Nan Kang Rubber Tire Co. Ltd. | 3,000 | 4,200 | ||
Nan Ren Lake Leisure Amusement Co. Ltd. | 2,000 | 627 | ||
Nan Ya Plastics Corp. | 5,000 | 11,031 | ||
Nan Ya Printed Circuit Board Corp.(1) | 1,000 | 1,677 | ||
Nantex Industry Co. Ltd. | 1,000 | 995 | ||
Nanya Technology Corp. | 2,000 | 4,876 | ||
Nichidenbo Corp. | 1,000 | 1,645 | ||
Novatek Microelectronics Corp. | 1,000 | 6,335 | ||
O-Bank Co. Ltd.(1) | 4,000 | 988 | ||
O-TA Precision Industry Co. Ltd. | 1,000 | 1,319 | ||
OptoTech Corp. | 2,000 | 1,424 | ||
Orient Semiconductor Electronics Ltd.(1) | 4,000 | 1,647 | ||
Oriental Union Chemical Corp. | 2,000 | 1,296 | ||
Pan Jit International, Inc. | 2,000 | 1,538 | ||
Pan-International Industrial Corp. | 2,000 | 1,254 | ||
Pegatron Corp. | 3,000 | 6,082 | ||
Plotech Co. Ltd. | 2,000 | 1,095 | ||
Pou Chen Corp. | 11,000 | 12,114 | ||
Powertech Technology, Inc. | 4,000 | 12,931 | ||
President Chain Store Corp. | 1,000 | 9,699 | ||
President Securities Corp. | 4,000 | 1,789 | ||
Primax Electronics Ltd. | 3,000 | 4,681 | ||
Prince Housing & Development Corp. | 7,000 | 2,456 | ||
Promate Electronic Co. Ltd. | 1,000 | 1,109 | ||
Qisda Corp. | 2,000 | 1,211 | ||
Quanta Computer, Inc. | 2,000 | 4,017 | ||
Quanta Storage, Inc. | 1,000 | 996 | ||
Radiant Opto-Electronics Corp. | 3,000 | 9,441 | ||
Radium Life Tech Co. Ltd. | 2,000 | 653 | ||
Realtek Semiconductor Corp. | 1,000 | 7,210 | ||
Rechi Precision Co. Ltd. | 2,000 | 1,346 | ||
Rich Development Co. Ltd. | 6,000 | 1,811 | ||
Roo Hsing Co. Ltd.(1) | 3,000 | 980 | ||
Ruentex Development Co. Ltd.(1) | 2,000 | 2,662 |
37
Shares | Value | |||
Ruentex Industries Ltd.(1) | 1,000 | $ | 2,181 | |
Ruentex Materials Co. Ltd. | 1,000 | 1,411 | ||
Sampo Corp. | 2,000 | 1,220 | ||
San Fang Chemical Industry Co. Ltd. | 2,000 | 1,435 | ||
San Far Property Ltd.(1) | 2,000 | 1,306 | ||
Sanyang Motor Co. Ltd. | 2,000 | 1,336 | ||
SCI Pharmtech, Inc. | 1,000 | 3,950 | ||
SDI Corp. | 1,000 | 1,894 | ||
Sercomm Corp. | 1,000 | 2,382 | ||
Shan-Loong Transportation Co. Ltd. | 2,000 | 1,956 | ||
Shanghai Commercial & Savings Bank Ltd. (The) | 4,000 | 6,537 | ||
Sheng Yu Steel Co. Ltd. | 2,000 | 1,270 | ||
ShenMao Technology, Inc. | 2,000 | 1,422 | ||
Shin Kong Financial Holding Co. Ltd. | 45,000 | 13,396 | ||
Shin Zu Shing Co. Ltd. | 1,000 | 4,460 | ||
Shining Building Business Co. Ltd.(1) | 3,000 | 872 | ||
Shinkong Insurance Co. Ltd. | 1,000 | 1,266 | ||
Shinkong Synthetic Fibers Corp. | 4,000 | 1,602 | ||
Sigurd Microelectronics Corp. | 3,000 | 3,283 | ||
Simplo Technology Co. Ltd. | 1,000 | 9,154 | ||
Sinbon Electronics Co. Ltd. | 1,000 | 4,160 | ||
Sincere Navigation Corp. | 2,000 | 870 | ||
Sino-American Silicon Products, Inc. | 3,000 | 10,042 | ||
Sinon Corp. | 2,000 | 1,267 | ||
SinoPac Financial Holdings Co. Ltd. | 23,000 | 9,723 | ||
Sinyi Realty, Inc. | 1,000 | 945 | ||
Sirtec International Co. Ltd. | 1,000 | 942 | ||
Sitronix Technology Corp. | 1,000 | 4,596 | ||
Siward Crystal Technology Co. Ltd. | 2,000 | 1,181 | ||
Soft-World International Corp. | 1,000 | 2,619 | ||
Solar Applied Materials Technology Co.(1) | 2,000 | 1,419 | ||
Sonix Technology Co. Ltd. | 1,000 | 1,111 | ||
Standard Foods Corp. | 3,000 | 6,621 | ||
Sunonwealth Electric Machine Industry Co. Ltd. | 1,000 | 1,269 | ||
Supreme Electronics Co. Ltd. | 3,000 | 2,992 | ||
Sweeten Real Estate Development Co. Ltd. | 2,000 | 1,335 | ||
Synnex Technology International Corp. | 6,000 | 7,338 | ||
T3EX Global Holdings Corp. | 2,000 | 1,482 | ||
Ta Ya Electric Wire & Cable | 2,000 | 645 | ||
Tai-Saw Technology Co. Ltd. | 2,000 | 1,378 | ||
Taichung Commercial Bank Co. Ltd. | 11,000 | 4,449 | ||
Taiflex Scientific Co. Ltd. | 1,000 | 1,492 | ||
Tainan Spinning Co. Ltd. | 3,000 | 981 | ||
Taishin Financial Holding Co. Ltd. | 17,000 | 7,867 | ||
Taisun Enterprise Co. Ltd. | 2,000 | 1,558 | ||
Taita Chemical Co. Ltd. | 3,000 | 908 | ||
Taiwan Business Bank | 12,000 | 4,698 |
38
Shares | Value | |||
Taiwan Cement Corp. | 19,000 | $ | 25,987 | |
Taiwan Cogeneration Corp. | 2,000 | 2,213 | ||
Taiwan Cooperative Financial Holding Co. Ltd. | 13,000 | 8,885 | ||
Taiwan Fertilizer Co. Ltd. | 1,000 | 1,570 | ||
Taiwan Fire & Marine Insurance Co. Ltd. | 2,000 | 1,351 | ||
Taiwan FU Hsing Industrial Co. Ltd. | 1,000 | 1,333 | ||
Taiwan Glass Industry Corp. | 6,000 | 1,966 | ||
Taiwan High Speed Rail Corp. | 2,000 | 2,230 | ||
Taiwan Hon Chuan Enterprise Co. Ltd. | 2,000 | 3,829 | ||
Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 2,000 | 1,198 | ||
Taiwan Land Development Corp.(1) | 4,000 | 944 | ||
Taiwan Mobile Co. Ltd. | 2,000 | 6,895 | ||
Taiwan Paiho Ltd. | 1,000 | 2,198 | ||
Taiwan PCB Techvest Co. Ltd. | 2,000 | 2,090 | ||
Taiwan Sakura Corp. | 1,000 | 1,519 | ||
Taiwan Secom Co. Ltd. | 2,000 | 5,813 | ||
Taiwan Semiconductor Co. Ltd. | 1,000 | 1,382 | ||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 7,740 | 416,722 | ||
Taiwan Shin Kong Security Co. Ltd. | 1,000 | 1,256 | ||
Taiwan Styrene Monomer | 2,000 | 1,204 | ||
Taiwan Surface Mounting Technology Corp. | 2,000 | 5,840 | ||
Taiwan TEA Corp. | 2,000 | 1,035 | ||
Taiwan Union Technology Corp. | 1,000 | 4,202 | ||
Tatung Co. Ltd.(1) | 2,000 | 1,354 | ||
Te Chang Construction Co. Ltd. | 1,000 | 976 | ||
Teco Electric and Machinery Co. Ltd. | 3,000 | 2,612 | ||
Tera Autotech Corp. | 1,000 | 901 | ||
Test Research, Inc. | 1,000 | 1,664 | ||
Test Rite International Co. Ltd. | 2,000 | 1,317 | ||
Thye Ming Industrial Co. Ltd. | 1,000 | 1,015 | ||
Ton Yi Industrial Corp. | 4,000 | 1,394 | ||
Tong Hsing Electronic Industries Ltd. | 1,000 | 4,769 | ||
Tong Yang Industry Co. Ltd. | 2,000 | 2,510 | ||
Tong-Tai Machine & Tool Co. Ltd. | 2,000 | 1,039 | ||
Topoint Technology Co. Ltd. | 2,000 | 1,279 | ||
TPK Holding Co. Ltd.(1) | 2,000 | 2,862 | ||
Transcend Information, Inc. | 1,000 | 2,516 | ||
Tripod Technology Corp. | 2,000 | 6,884 | ||
Tsann Kuen Enterprise Co. Ltd. | 2,000 | 1,048 | ||
TSRC Corp. | 2,000 | 1,397 | ||
TTY Biopharm Co. Ltd. | 1,000 | 2,572 | ||
Tung Ho Steel Enterprise Corp. | 2,000 | 1,461 | ||
TXC Corp. | 2,000 | 3,081 | ||
TYC Brother Industrial Co. Ltd. | 2,000 | 1,544 | ||
Tyntek Corp. | 3,000 | 1,248 | ||
U-Ming Marine Transport Corp. | 1,000 | 954 | ||
Uni-President Enterprises Corp. | 4,000 | 9,599 |
39
Shares | Value | |||
Unimicron Technology Corp. | 7,000 | $ | 8,877 | |
Union Bank Of Taiwan(1) | 5,000 | 1,799 | ||
Union Insurance Co. Ltd. | 2,000 | 1,323 | ||
Unitech Printed Circuit Board Corp. | 5,000 | 4,280 | ||
United Integrated Services Co. Ltd. | 1,000 | 5,928 | ||
United Microelectronics Corp. | 51,000 | 25,201 | ||
Univacco Technology, Inc. | 2,000 | 1,575 | ||
Universal Cement Corp. | 2,000 | 1,159 | ||
UPC Technology Corp. | 4,000 | 1,292 | ||
USI Corp. | 6,000 | 2,313 | ||
Vanguard International Semiconductor Corp. | 4,000 | 9,565 | ||
Wafer Works Corp. | 2,000 | 2,179 | ||
Wah Lee Industrial Corp. | 1,000 | 1,783 | ||
Walsin Lihwa Corp. | 11,000 | 4,999 | ||
Walsin Technology Corp. | 2,000 | 13,584 | ||
Walton Advanced Engineering, Inc. | 3,000 | 982 | ||
Wan Hai Lines Ltd. | 3,000 | 1,690 | ||
Wei Chuan Foods Corp. | 2,000 | 1,317 | ||
Weikeng Industrial Co. Ltd. | 2,000 | 1,095 | ||
Well Shin Technology Co. Ltd. | 1,000 | 1,526 | ||
Weltrend Semiconductor | 2,000 | 1,406 | ||
Win Semiconductors Corp. | 1,000 | 8,785 | ||
Winbond Electronics Corp. | 13,000 | 6,675 | ||
Winstek Semiconductor Co. Ltd. | 2,000 | 1,597 | ||
Wisdom Marine Lines Co. Ltd.(1) | 2,000 | 1,783 | ||
Wistron Corp. | 15,000 | 13,114 | ||
Wiwynn Corp. | 1,000 | 23,128 | ||
WPG Holdings Ltd. | 2,000 | 2,532 | ||
WUS Printed Circuit Co. Ltd. | 2,000 | 2,055 | ||
Xxentria Technology Materials Corp. | 1,000 | 2,027 | ||
Yageo Corp. | 1,000 | 13,065 | ||
Yang Ming Marine Transport Corp.(1) | 5,000 | 1,121 | ||
YC INOX Co. Ltd. | 2,000 | 1,675 | ||
YCC Parts Manufacturing Co. Ltd. | 1,000 | 1,464 | ||
Yem Chio Co. Ltd. | 3,000 | 1,054 | ||
YFY, Inc. | 9,000 | 4,124 | ||
Yieh Phui Enterprise Co. Ltd. | 5,000 | 1,488 | ||
Yonyu Plastics Co. Ltd. | 1,000 | 1,079 | ||
Youngtek Electronics Corp. | 1,000 | 1,578 | ||
Yuanta Financial Holding Co. Ltd. | 36,000 | 22,508 | ||
Yulon Finance Corp. | 1,000 | 3,476 | ||
Yulon Motor Co. Ltd. | 2,000 | 1,323 | ||
YungShin Global Holding Corp. | 1,000 | 1,493 | ||
Yungtay Engineering Co. Ltd. | 1,000 | 1,922 | ||
Zenitron Corp. | 2,000 | 1,318 | ||
Zero One Technology Co. Ltd. | 2,000 | 1,958 | ||
Zhen Ding Technology Holding Ltd. | 3,000 | 11,036 |
40
Shares | Value | |||
Zig Sheng Industrial Co. Ltd. | 4,000 | $ | 899 | |
2,054,760 | ||||
Thailand — 2.9% | ||||
Advanced Info Service PCL NVDR | 3,000 | 19,308 | ||
AEON Thana Sinsap Thailand PCL NVDR | 500 | 2,196 | ||
Airports of Thailand PCL NVDR | 5,900 | 11,157 | ||
Amanah Leasing PCL | 9,200 | 937 | ||
AP Thailand PCL NVDR | 8,900 | 1,718 | ||
Asia Sermkij Leasing PCL NVDR | 1,200 | 875 | ||
B Grimm Power PCL NVDR | 5,600 | 8,157 | ||
Bangchak Corp. PCL NVDR | 7,000 | 5,391 | ||
Bangkok Airways PCL NVDR | 4,300 | 634 | ||
Bangkok Aviation Fuel Services PCL NVDR | 1,000 | 754 | ||
Bangkok Bank PCL NVDR | 1,200 | 5,060 | ||
Bangkok Chain Hospital PCL NVDR | 5,900 | 2,451 | ||
Bangkok Dusit Medical Services PCL NVDR | 15,400 | 10,840 | ||
Bangkok Expressway & Metro PCL NVDR | 11,100 | 3,256 | ||
Bangkok Land PCL NVDR | 61,200 | 1,978 | ||
Bangkok Life Assurance PCL NVDR | 1,500 | 737 | ||
Banpu PCL NVDR | 19,300 | 4,346 | ||
Banpu Power PCL NVDR | 1,800 | 670 | ||
BCPG PCL NVDR | 3,600 | 1,670 | ||
BEC World PCL NVDR(1) | 5,100 | 709 | ||
Berli Jucker PCL NVDR | 1,000 | 1,158 | ||
BTS Group Holdings PCL NVDR | 7,200 | 2,489 | ||
Bumrungrad Hospital PCL NVDR | 1,800 | 7,334 | ||
Cal-Comp Electronics Thailand PCL NVDR | 24,300 | 1,292 | ||
Carabao Group PCL NVDR | 500 | 1,137 | ||
Central Pattana PCL NVDR | 4,900 | 8,241 | ||
Central Plaza Hotel PCL NVDR | 1,900 | 1,108 | ||
Central Retail Corp. PCL NVDR(1) | 1,741 | 1,738 | ||
CH Karnchang PCL NVDR | 1,600 | 970 | ||
Charoen Pokphand Foods PCL NVDR | 6,900 | 5,851 | ||
Chularat Hospital PCL NVDR | 11,500 | 910 | ||
CK Power PCL NVDR | 6,000 | 719 | ||
Com7 PCL NVDR | 3,300 | 2,324 | ||
CP ALL PCL NVDR | 7,900 | 16,474 | ||
Diamond Building Products PCL NVDR | 5,000 | 911 | ||
Dohome PCL(1) | 3,000 | 803 | ||
Dynasty Ceramic PCL NVDR | 19,200 | 1,049 | ||
Eastern Polymer Group PCL NVDR | 4,300 | 551 | ||
Eastern Water Resources Development and Management PCL NVDR | 2,900 | 988 | ||
Ekachai Medical Care PCL NVDR | 4,700 | 734 | ||
Electricity Generating PCL NVDR | 400 | 3,484 | ||
Energy Absolute PCL NVDR | 800 | 1,009 | ||
Erawan Group PCL (The) NVDR | 8,700 | 987 | ||
Esso Thailand PCL NVDR | 4,400 | 859 |
41
Shares | Value | |||
GFPT PCL NVDR | 2,600 | $ | 892 | |
Global Power Synergy PCL NVDR | 800 | 1,616 | ||
Gulf Energy Development PCL NVDR | 500 | 2,659 | ||
Gunkul Engineering PCL NVDR | 30,600 | 2,388 | ||
Haad Thip PCL NVDR | 1,400 | 885 | ||
Hana Microelectronics PCL NVDR | 2,900 | 3,080 | ||
Home Product Center PCL NVDR | 17,600 | 7,145 | ||
Ichitan Group PCL NVDR | 5,600 | 907 | ||
Indorama Ventures PCL NVDR | 10,600 | 8,755 | ||
Intouch Holdings PCL NVDR | 1,600 | 2,781 | ||
IRPC PCL NVDR | 25,100 | 1,791 | ||
Italian-Thai Development PCL NVDR | 23,100 | 861 | ||
Jay Mart PCL NVDR | 5,000 | 1,089 | ||
JMT Network Services PCL NVDR | 2,100 | 1,213 | ||
JWD Infologistics PCL NVDR | 3,900 | 779 | ||
Kasikornbank PCL NVDR | 1,100 | 4,154 | ||
KCE Electronics PCL NVDR | 7,800 | 5,472 | ||
KGI Securities Thailand PCL NVDR | 14,400 | 1,962 | ||
Kiatnakin Bank PCL NVDR | 1,200 | 2,359 | ||
Krung Thai Bank PCL NVDR | 9,000 | 4,023 | ||
Krungthai Card PCL NVDR | 3,900 | 4,745 | ||
Land & Houses PCL NVDR | 9,800 | 2,595 | ||
LPN Development PCL NVDR | 6,600 | 887 | ||
Major Cineplex Group PCL NVDR | 4,800 | 2,905 | ||
MBK PCL NVDR | 6,500 | 3,662 | ||
MC Group PCL NVDR | 4,300 | 1,291 | ||
MCS Steel PCL NVDR | 3,400 | 972 | ||
Mega Lifesciences PCL NVDR | 2,400 | 1,904 | ||
Minor International PCL NVDR | 13,500 | 12,044 | ||
MK Real Estate Development PCL NVDR | 10,100 | 935 | ||
MK Restaurants Group PCL NVDR | 600 | 1,155 | ||
Muangthai Capital PCL NVDR | 1,900 | 3,436 | ||
Noble Development PCL NVDR | 2,700 | 1,288 | ||
Nusasiri PCL NVDR(1) | 94,600 | 1,258 | ||
Polyplex Thailand PCL NVDR | 2,400 | 866 | ||
Precious Shipping PCL NVDR(1) | 4,300 | 628 | ||
Premier Marketing PCL NVDR | 3,900 | 756 | ||
Prima Marine PCL NVDR | 5,000 | 756 | ||
Property Perfect PCL NVDR | 37,000 | 733 | ||
PTG Energy PCL NVDR | 4,900 | 2,240 | ||
PTT Exploration & Production PCL NVDR | 3,800 | 12,868 | ||
PTT Global Chemical PCL NVDR | 5,300 | 6,937 | ||
PTT PCL NVDR | 23,500 | 29,061 | ||
Quality Houses PCL NVDR | 33,900 | 2,444 | ||
Raimon Land PCL NVDR | 40,600 | 875 | ||
Rajthanee Hospital PCL NVDR | 1,400 | 1,015 | ||
Ratch Group PCL NVDR | 1,100 | 2,056 |
42
Shares | Value | |||
Ratchthani Leasing PCL NVDR | 9,300 | $ | 1,504 | |
Regional Container Lines PCL NVDR(1) | 8,100 | 573 | ||
Rojana Industrial Park PCL NVDR | 6,800 | 949 | ||
RS PCL NVDR | 2,400 | 811 | ||
S 11 Group PCL NVDR | 4,200 | 861 | ||
Sansiri PCL NVDR | 41,500 | 942 | ||
SEAFCO PCL NVDR | 5,200 | 923 | ||
Siam Cement PCL (The) NVDR | 1,600 | 15,733 | ||
Siam Commercial Bank PCL (The) NVDR | 1,800 | 4,980 | ||
Siam Future Development PCL NVDR | 5,800 | 980 | ||
Siam Global House PCL NVDR | 5,200 | 2,260 | ||
Siamgas & Petrochemicals PCL NVDR | 3,700 | 927 | ||
Singha Estate PCL NVDR | 20,100 | 1,347 | ||
Sino-Thai Engineering & Construction PCL NVDR | 4,500 | 2,186 | ||
SNC Former PCL NVDR | 2,800 | 676 | ||
Somboon Advance Technology PCL NVDR | 2,000 | 843 | ||
SPCG PCL NVDR | 4,900 | 2,720 | ||
Sri Trang Agro-Industry PCL NVDR | 7,000 | 2,614 | ||
Srisawad Corp. PCL NVDR | 3,700 | 7,977 | ||
Star Petroleum Refining PCL NVDR | 18,400 | 4,688 | ||
STP & I PCL NVDR | 7,300 | 1,089 | ||
Supalai PCL NVDR | 5,100 | 2,662 | ||
Super Energy Corp. PCL NVDR | 129,100 | 1,597 | ||
Susco PCL NVDR | 10,600 | 800 | ||
Taokaenoi Food & Marketing PCL NVDR | 2,900 | 747 | ||
Thai Airways International PCL NVDR(1) | 6,800 | 855 | ||
Thai Oil PCL NVDR | 5,400 | 7,415 | ||
Thai Union Group PCL NVDR | 8,800 | 4,242 | ||
Thai Vegetable Oil PCL NVDR | 3,400 | 2,964 | ||
Thaifoods Group PCL NVDR | 9,500 | 1,013 | ||
Thanachart Capital PCL NVDR | 1,200 | 2,007 | ||
Thoresen Thai Agencies PCL NVDR | 7,000 | 613 | ||
Tipco Asphalt PCL NVDR | 1,400 | 846 | ||
Tisco Financial Group PCL NVDR | 1,000 | 3,123 | ||
TMB Bank PCL NVDR | 80,600 | 2,828 | ||
TOA Paint Thailand PCL NVDR | 2,300 | 2,263 | ||
Total Access Communication PCL NVDR | 2,500 | 2,895 | ||
TPI Polene PCL NVDR | 23,700 | 946 | ||
TPI Polene Power PCL NVDR | 10,200 | 1,294 | ||
TQM Corp. PCL NVDR | 700 | 1,615 | ||
True Corp. PCL NVDR | 53,700 | 5,655 | ||
TTW PCL NVDR | 2,500 | 1,108 | ||
U City PCL NVDR(1) | 30,800 | 1,219 | ||
Unique Engineering & Construction PCL NVDR | 4,000 | 810 | ||
Univanich Palm Oil PCL NVDR | 5,800 | 845 | ||
VGI PCL NVDR | 3,100 | 654 | ||
Vinythai PCL NVDR | 1,500 | 1,122 |
43
Shares | Value | |||
WHA Corp. PCL NVDR | 9,100 | $ | 802 | |
WP Energy PCL NVDR | 5,900 | 808 | ||
Zen Corp. Group PCL NVDR(1) | 2,200 | 646 | ||
411,064 | ||||
Turkey — 0.6% | ||||
Akbank T.A.S.(1) | 4,365 | 4,790 | ||
Aksa Akrilik Kimya Sanayii AS | 1,279 | 1,647 | ||
Aksa Enerji Uretim AS(1) | 1,740 | 1,003 | ||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 267 | 944 | ||
Arcelik AS(1) | 470 | 1,412 | ||
Aselsan Elektronik Sanayi Ve Ticaret AS | 307 | 1,366 | ||
Aygaz AS | 474 | 887 | ||
Bagfas Bandirma Gubre Fabrikalari AS(1) | 416 | 974 | ||
Bera Holding AS(1) | 2,301 | 1,291 | ||
BIM Birlesik Magazalar AS | 1,089 | 8,414 | ||
Cemtas Celik Makina Sanayi Ve Ticaret AS | 729 | 749 | ||
Coca-Cola Icecek AS | 165 | 1,203 | ||
Dogan Sirketler Grubu Holding AS | 3,552 | 1,003 | ||
Eregli Demir ve Celik Fabrikalari TAS | 4,817 | 6,582 | ||
Ford Otomotiv Sanayi AS | 106 | 1,335 | ||
Haci Omer Sabanci Holding AS | 1,285 | 1,767 | ||
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1) | 856 | 1,286 | ||
Is Yatirim Menkul Degerler AS | 1,327 | 1,017 | ||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 3,111 | 1,313 | ||
KOC Holding AS | 659 | 1,862 | ||
Koza Altin Isletmeleri AS(1) | 75 | 879 | ||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 1,078 | 1,961 | ||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares(1) | 128 | 1,108 | ||
Migros Ticaret AS(1) | 260 | 930 | ||
NET Holding AS(1) | 2,629 | 875 | ||
Nuh Cimento Sanayi AS | 462 | 702 | ||
Pegasus Hava Tasimaciligi AS(1) | 201 | 1,756 | ||
Petkim Petrokimya Holding AS(1) | 2,348 | 1,406 | ||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 1,189 | 1,264 | ||
Sok Marketler Ticaret AS(1) | 577 | 790 | ||
TAV Havalimanlari Holding AS | 626 | 2,094 | ||
Tekfen Holding AS | 309 | 758 | ||
Trakya Cam Sanayii AS | 2,741 | 1,485 | ||
Tupras Turkiye Petrol Rafinerileri AS(1) | 210 | 3,435 | ||
Turk Hava Yollari AO(1) | 2,207 | 4,339 | ||
Turk Traktor ve Ziraat Makineleri AS(1) | 120 | 1,172 | ||
Turkcell Iletisim Hizmetleri AS ADR | 1,021 | 5,575 | ||
Turkiye Garanti Bankasi AS(1) | 4,024 | 6,358 | ||
Turkiye Halk Bankasi AS(1) | 2,141 | 2,079 | ||
Turkiye Is Bankasi AS, C Shares(1) | 3,390 | 3,139 | ||
Turkiye Sinai Kalkinma Bankasi AS(1) | 10,264 | 1,881 | ||
Turkiye Vakiflar Bankasi TAO, D Shares(1) | 3,470 | 2,990 |
44
Shares | Value | |||
Vestel Elektronik Sanayi ve Ticaret AS(1) | 502 | $ | 1,155 | |
Zorlu Enerji Elektrik Uretim AS(1) | 4,083 | 881 | ||
89,857 | ||||
TOTAL COMMON STOCKS (Cost $14,920,271) | 14,023,970 | |||
RIGHTS† | ||||
South Korea† | ||||
HDC Hyundai Development Co-Engineering & Construction(1) (Cost $—) | 89 | 204 | ||
WARRANTS† | ||||
Thailand† | ||||
BTS Group Holdings PCL(1) (Cost $—) | 720 | 19 | ||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $19,091) | 19,091 | 19,091 | ||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.5% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $72,217) | 72,217 | 72,217 | ||
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $15,011,579) | 14,115,501 | |||
OTHER ASSETS AND LIABILITIES — (0.3)% | (41,716 | ) | ||
TOTAL NET ASSETS — 100.0% | $ | 14,073,785 |
MARKET SECTOR DIVERSIFICATION | ||
(as a % of net assets) | ||
Financials | 20.1 | % |
Information Technology | 17.8 | % |
Consumer Discretionary | 12.6 | % |
Communication Services | 10.1 | % |
Energy | 7.8 | % |
Industrials | 7.6 | % |
Materials | 7.5 | % |
Consumer Staples | 5.3 | % |
Real Estate | 4.7 | % |
Health Care | 3.1 | % |
Utilities | 3.1 | % |
Cash and Equivalents* | 0.3 | % |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
45
NOTES TO SCHEDULE OF INVESTMENTS | ||
ADR | - | American Depositary Receipt |
GDR | - | Global Depositary Receipt |
NVDR | - | Non-Voting Depositary Receipt |
† | Category is less than 0.05% of total net assets. |
(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 $453,495. 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 market value of the collateral held by the fund was $477,719, which includes securities collateral of $405,502. |
See Notes to Financial Statements.
46
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $14,939,362) — including $453,495 of securities on loan | $ | 14,043,284 | |
Investment made with cash collateral received for securities on loan, at value (cost of $72,217) | 72,217 | ||
Total investment securities, at value (cost of $15,011,579) | 14,115,501 | ||
Cash | 355 | ||
Foreign currency holdings, at value (cost of $3,096) | 3,070 | ||
Receivable for investments sold | 5,404 | ||
Dividends and interest receivable | 25,356 | ||
Securities lending receivable | 292 | ||
14,149,978 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 72,217 | ||
Accrued management fees | 3,976 | ||
76,193 | |||
Net Assets | $ | 14,073,785 | |
Institutional Class Capital Shares | |||
Shares outstanding (unlimited number of shares authorized) | 1,480,583 | ||
Net Asset Value Per Share | $ | 9.51 | |
Net Assets Consist of: | |||
Capital paid in | $ | 14,923,330 | |
Distributable earnings | (849,545 | ) | |
$ | 14,073,785 |
See Notes to Financial Statements.
47
Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $8,917) | $ | 51,483 | |
Interest | 1,224 | ||
Securities lending, net | 335 | ||
53,042 | |||
Expenses: | |||
Management fees | 11,681 | ||
Net investment income (loss) | 41,361 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | 206 | ||
Futures contract transactions | 55,139 | ||
Foreign currency translation transactions | (12,495 | ) | |
42,850 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | (896,078 | ) | |
Translation of assets and liabilities in foreign currencies | (792 | ) | |
(896,870 | ) | ||
Net realized and unrealized gain (loss) | (854,020 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (812,659 | ) |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
48
Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 41,361 | |
Net realized gain (loss) | 42,850 | ||
Change in net unrealized appreciation (depreciation) | (896,870 | ) | |
Net increase (decrease) in net assets resulting from operations | (812,659 | ) | |
Distributions to Shareholders | |||
From earnings | (36,886 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 14,956,420 | ||
Proceeds from reinvestment of distributions | 36,886 | ||
Payments for shares redeemed | (69,976 | ) | |
Net increase (decrease) in net assets from capital share transactions | 14,923,330 | ||
Net increase (decrease) in net assets | 14,073,785 | ||
Net Assets | |||
End of period | $ | 14,073,785 | |
Transactions in Shares of the Fund | |||
Sold | 1,483,816 | ||
Issued in reinvestment of distributions | 3,471 | ||
Redeemed | (6,704 | ) | |
Net increase (decrease) in shares of the fund | 1,480,583 |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
49
Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek long-term capital appreciation. The fund offers the Institutional Class. The Institutional Class commenced sale on December 4, 2019, the fund's inception date.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported net asset value per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
50
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
51
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 72,217 | — | — | — | $ | 72,217 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 72,217 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 88% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.33%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 29, 2020 were $14,931,495 and $12,993, respectively.
5. 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.
52
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Common Stocks | ||||||||
Brazil | $ | 435,400 | $ | 723,534 | — | |||
Chile | 37,656 | 81,676 | — | |||||
China | 1,514,562 | 3,241,906 | — | |||||
Colombia | 17,489 | 39,244 | — | |||||
India | 377,657 | 462,217 | — | |||||
Indonesia | 29,512 | 257,029 | — | |||||
Mexico | 122,350 | 263,032 | — | |||||
Peru | 49,832 | — | — | |||||
Philippines | 7,372 | 140,102 | — | |||||
Russia | 21,712 | 463,850 | — | |||||
South Africa | 165,110 | 520,563 | — | |||||
South Korea | 327,377 | 1,600,540 | — | |||||
Taiwan | 477,821 | 1,576,939 | — | |||||
Turkey | 5,575 | 84,282 | — | |||||
Other Countries | — | 979,631 | — | |||||
Rights | — | 204 | — | |||||
Warrants | — | 19 | — | |||||
Temporary Cash Investments | 19,091 | — | — | |||||
Temporary Cash Investments - Securities Lending Collateral | 72,217 | — | — | |||||
$ | 3,680,733 | $ | 10,434,768 | — |
6. Derivative Instruments
Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, the fund participated in equity price risk derivative instruments for temporary investment purposes.
At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the period from December 4, 2019 (fund inception) through February 29, 2020, the effect of equity price risk derivative instruments on the Statement of Operations was $55,139 in net realized gain (loss) on futures contract transactions.
53
7. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 15,011,698 | |
Gross tax appreciation of investments | $ | 422,975 | |
Gross tax depreciation of investments | (1,319,172 | ) | |
Net tax appreciation (depreciation) of investments | $ | (896,197 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
54
Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Institutional Class | |||||||||||||
2020(3) | $10.00 | 0.03 | (0.49) | (0.46) | (0.03) | $9.51 | (4.65)% | 0.33%(4) | 1.16%(4) | 0% | $14,074 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | December 4, 2019 (fund inception) through February 29, 2020 (unaudited). |
(4) | Annualized. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019, the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
56
The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
57
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
58
Notes |
59
Notes |
60
Notes |
61
Notes |
62
Notes |
63
Notes |
64
Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96057 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ International Equity Fund | |
Institutional Class (AVDEX) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
When the funds launched in early December, investor optimism was strong, largely due to dovish central bank policy in the U.S. and Europe. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed investors' global growth fears. Against this backdrop, key stock benchmarks rose to record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, leaving broad global equity benchmarks with losses for the reporting period. In general, U.S. stocks fared better than non-U.S. developed markets stocks, large-cap stocks held up better than small-cap stocks, and growth stocks fared better than value stocks. Emerging markets stocks proved slightly more resilient, declining but outperforming their developed markets counterparts.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Roche Holding AG ADR | 1.3% |
Royal Dutch Shell plc* | 0.8% |
Novartis AG ADR | 0.7% |
Nestle SA ADR | 0.7% |
Toyota Motor Corp. ADR | 0.7% |
AstraZeneca plc ADR | 0.6% |
BP plc ADR | 0.6% |
Total SA ADR | 0.5% |
Novo Nordisk A/S ADR | 0.5% |
GlaxoSmithKline plc ADR | 0.5% |
*Includes all classes of the issuer held by the fund. | |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.1% |
Rights | —* |
Total Equity Exposure | 99.1% |
Temporary Cash Investments | 0.4% |
Temporary Cash Investments - Securities Lending Collateral | 2.7% |
Other Assets and Liabilities | (2.2)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets |
Japan | 22.7% |
United Kingdom | 14.6% |
France | 9.2% |
Canada | 9.2% |
Switzerland | 8.1% |
Germany | 7.3% |
Australia | 6.1% |
Netherlands | 3.5% |
Hong Kong | 3.1% |
Sweden | 2.9% |
Spain | 2.6% |
Italy | 2.3% |
Other Countries | 7.5% |
Cash and Equivalents* | 0.9% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | ||||
Institutional Class | $1,000 | $917.00(2) | $0.53(3) | 0.23% |
Hypothetical | ||||
Institutional Class | $1,000 | $1,023.72(4) | $1.16(4) | 0.23% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from December 4, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 88, the number of days in the period from December 4, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the class had been available throughout the entire period and are calculated using the class's annualized expense ratio listed in the table above. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 99.1% | ||||
Australia — 6.1% | ||||
Adelaide Brighton Ltd.(1) | 466 | $ | 897 | |
Afterpay Ltd.(2) | 48 | 1,054 | ||
AGL Energy Ltd. | 532 | 6,567 | ||
Alkane Resources Ltd.(2) | 2,522 | 1,298 | ||
Altium Ltd. | 68 | 1,340 | ||
Alumina Ltd. | 1,034 | 1,291 | ||
AMP Ltd.(2) | 2,851 | 3,127 | ||
Ansell Ltd. | 61 | 1,165 | ||
APA Group | 1,132 | 7,825 | ||
Appen Ltd. | 62 | 849 | ||
ARB Corp. Ltd. | 79 | 871 | ||
Ardent Leisure Group Ltd.(2) | 1,272 | 744 | ||
Aristocrat Leisure Ltd. | 400 | 8,586 | ||
Asaleo Care Ltd.(2) | 1,434 | 980 | ||
ASX Ltd. | 45 | 2,142 | ||
Atlassian Corp. plc, Class A(2) | 71 | 10,292 | ||
Aurizon Holdings Ltd. | 3,018 | 9,361 | ||
AusNet Services | 3,132 | 3,424 | ||
Austal Ltd. | 1,005 | 2,266 | ||
Australia & New Zealand Banking Group Ltd. | 1,902 | 30,378 | ||
Australian Ethical Investment Ltd. | 409 | 987 | ||
Australian Finance Group Ltd. | 567 | 951 | ||
Australian Pharmaceutical Industries Ltd. | 1,170 | 912 | ||
Bank of Queensland Ltd. | 594 | 2,866 | ||
Beach Energy Ltd. | 4,960 | 5,563 | ||
Bendigo & Adelaide Bank Ltd. | 463 | 2,785 | ||
BHP Group Ltd. ADR(1) | 848 | 36,727 | ||
Bingo Industries Ltd.(1) | 515 | 944 | ||
BlueScope Steel Ltd. | 1,328 | 10,171 | ||
Boral Ltd. | 1,716 | 5,102 | ||
Brambles Ltd. | 2,005 | 15,434 | ||
Brickworks Ltd. | 141 | 1,658 | ||
Caltex Australia Ltd. | 120 | 2,517 | ||
carsales.com Ltd. | 313 | 3,238 | ||
Cedar Woods Properties Ltd. | 198 | 901 | ||
Challenger Ltd. | 1,417 | 8,207 | ||
CIMIC Group Ltd. | 85 | 1,332 | ||
Class Ltd. | 662 | 674 | ||
Cleanaway Waste Management Ltd. | 700 | 1,043 | ||
Coca-Cola Amatil Ltd. | 911 | 6,723 | ||
Cochlear Ltd. | 63 | 8,398 |
5
Shares | Value | |||
Codan Ltd. | 230 | $ | 1,081 | |
Coles Group Ltd. | 321 | 2,927 | ||
Collins Foods Ltd. | 144 | 817 | ||
Commonwealth Bank of Australia | 918 | 48,209 | ||
Computershare Ltd. | 149 | 1,473 | ||
Costa Group Holdings Ltd. | 578 | 1,111 | ||
Credit Corp. Group Ltd.(1) | 55 | 1,170 | ||
Crown Resorts Ltd. | 501 | 3,345 | ||
CSL Ltd. ADR(1) | 397 | 39,422 | ||
CSR Ltd. | 1,446 | 3,980 | ||
Dicker Data Ltd. | 234 | 906 | ||
Domino's Pizza Enterprises Ltd.(1) | 94 | 3,393 | ||
Downer EDI Ltd. | 361 | 1,316 | ||
Eclipx Group Ltd.(2) | 917 | 854 | ||
Emeco Holdings Ltd.(2) | 717 | 880 | ||
EML Payments Ltd.(2) | 318 | 756 | ||
Evolution Mining Ltd. | 2,132 | 5,693 | ||
FlexiGroup Ltd. | 743 | 749 | ||
Flight Centre Travel Group Ltd.(1) | 35 | 742 | ||
Fortescue Metals Group Ltd. | 1,851 | 12,075 | ||
Genworth Mortgage Insurance Australia Ltd.(1) | 576 | 1,198 | ||
GrainCorp Ltd., A Shares(2) | 185 | 924 | ||
Harvey Norman Holdings Ltd.(1) | 562 | 1,337 | ||
IDP Education Ltd. | 236 | 3,244 | ||
IGO Ltd. | 1,395 | 4,716 | ||
Iluka Resources Ltd. | 569 | 3,051 | ||
Incitec Pivot Ltd. | 717 | 1,259 | ||
Infigen Energy | 4,194 | 1,743 | ||
Infomedia Ltd. | 879 | 1,194 | ||
Inghams Group Ltd.(1) | 456 | 1,016 | ||
Insurance Australia Group Ltd. | 1,080 | 4,430 | ||
IOOF Holdings Ltd.(1) | 255 | 948 | ||
IPH Ltd. | 175 | 946 | ||
IRESS Ltd. | 114 | 866 | ||
James Hardie Industries plc | 787 | 14,313 | ||
JB Hi-Fi Ltd.(1) | 147 | 3,544 | ||
Johns Lyng Group Ltd. | 704 | 1,167 | ||
Jumbo Interactive Ltd.(1) | 89 | 629 | ||
Karoon Energy Ltd.(2) | 1,342 | 748 | ||
Lendlease Group | 354 | 4,009 | ||
Lovisa Holdings Ltd. | 134 | 833 | ||
Macmahon Holdings Ltd. | 6,093 | 1,111 | ||
Macquarie Group Ltd. | 219 | 18,966 | ||
Magellan Financial Group Ltd. | 212 | 7,478 | ||
Mayne Pharma Group Ltd.(2) | 3,287 | 694 | ||
McMillan Shakespeare Ltd. | 218 | 1,526 | ||
Medibank Pvt Ltd. | 3,581 | 6,500 |
6
Shares | Value | |||
Metcash Ltd. | 1,428 | $ | 2,264 | |
Mineral Resources Ltd. | 480 | 5,148 | ||
Monadelphous Group Ltd. | 90 | 836 | ||
Myer Holdings Ltd.(2) | 2,868 | 637 | ||
National Australia Bank Ltd. | 2,155 | 34,789 | ||
Netwealth Group Ltd.(1) | 179 | 864 | ||
New Hope Corp. Ltd.(1) | 697 | 658 | ||
Newcrest Mining Ltd. | 544 | 9,391 | ||
NEXTDC Ltd.(2) | 229 | 1,158 | ||
nib holdings Ltd. | 536 | 1,606 | ||
Nine Entertainment Co. Holdings Ltd. | 831 | 846 | ||
Northern Star Resources Ltd. | 730 | 6,467 | ||
NRW Holdings Ltd. | 475 | 751 | ||
Nufarm Ltd.(2) | 709 | 2,344 | ||
Oil Search Ltd. | 3,103 | 10,894 | ||
Orica Ltd. | 516 | 6,555 | ||
Origin Energy Ltd. | 1,142 | 5,205 | ||
Orocobre Ltd.(2) | 535 | 914 | ||
Orora Ltd. | 3,138 | 5,521 | ||
OZ Minerals Ltd. | 693 | 4,040 | ||
Pacific Current Group Ltd. | 220 | 830 | ||
Peet Ltd. | 1,161 | 956 | ||
Pendal Group Ltd. | 182 | 860 | ||
Perenti Global Ltd. | 2,523 | 2,189 | ||
Perpetual Ltd. | 46 | 1,130 | ||
Perseus Mining Ltd.(2) | 3,732 | 2,546 | ||
Platinum Asset Management Ltd.(1) | 525 | 1,403 | ||
PolyNovo Ltd.(2) | 1,093 | 1,618 | ||
Premier Investments Ltd. | 77 | 833 | ||
Pro Medicus Ltd. | 76 | 1,005 | ||
PWR Holdings Ltd. | 302 | 848 | ||
Qantas Airways Ltd. | 1,469 | 5,267 | ||
QBE Insurance Group Ltd. | 661 | 5,760 | ||
Qube Holdings Ltd. | 720 | 1,352 | ||
Ramelius Resources Ltd. | 2,362 | 1,790 | ||
Ramsay Health Care Ltd. | 113 | 4,933 | ||
REA Group Ltd. | 52 | 3,281 | ||
Red 5 Ltd.(2) | 5,416 | 1,116 | ||
Regis Resources Ltd. | 1,272 | 3,348 | ||
Reliance Worldwide Corp. Ltd.(1) | 356 | 768 | ||
Resolute Mining Ltd.(1)(2) | 2,383 | 1,579 | ||
Rio Tinto Ltd. | 301 | 17,018 | ||
Sandfire Resources Ltd. | 368 | 1,017 | ||
Santos Ltd. | 3,040 | 13,322 | ||
Saracen Mineral Holdings Ltd.(2) | 2,347 | 5,838 | ||
SeaLink Travel Group Ltd. | 288 | 778 | ||
SEEK Ltd. | 136 | 1,803 |
7
Shares | Value | |||
Senex Energy Ltd.(2) | 4,432 | $ | 727 | |
Seven Group Holdings Ltd.(1) | 77 | 895 | ||
Sigma Healthcare Ltd. | 3,141 | 1,129 | ||
Silver Lake Resources Ltd.(2) | 1,240 | 1,317 | ||
Sims Ltd.(1) | 440 | 2,737 | ||
SmartGroup Corp. Ltd. | 213 | 872 | ||
Sonic Healthcare Ltd. | 153 | 2,836 | ||
South32 Ltd. | 3,985 | 5,730 | ||
Southern Cross Media Group Ltd. | 1,599 | 701 | ||
St. Barbara Ltd. | 2,123 | 3,282 | ||
Star Entertainment Grp Ltd. (The) | 886 | 2,095 | ||
Steadfast Group Ltd. | 492 | 1,179 | ||
Suncorp Group Ltd. | 562 | 4,079 | ||
Super Retail Group Ltd. | 202 | 1,052 | ||
Sydney Airport | 408 | 2,036 | ||
Technology One Ltd. | 487 | 2,467 | ||
Telstra Corp. Ltd. | 4,580 | 10,085 | ||
TPG Telecom Ltd. | 250 | 1,213 | ||
Transurban Group | 1,604 | 15,348 | ||
Treasury Wine Estates Ltd. | 389 | 2,797 | ||
Village Roadshow Ltd. | 468 | 1,066 | ||
Viva Energy Group Ltd. | 1,888 | 2,137 | ||
Washington H Soul Pattinson & Co. Ltd.(1) | 104 | 1,332 | ||
Wesfarmers Ltd. | 297 | 7,754 | ||
Western Areas Ltd. | 1,051 | 1,648 | ||
Westgold Resources Ltd.(2) | 1,194 | 1,597 | ||
Westpac Banking Corp. ADR(1) | 2,370 | 36,095 | ||
Whitehaven Coal Ltd. | 1,157 | 1,515 | ||
WiseTech Global Ltd. | 66 | 657 | ||
Woodside Petroleum Ltd. | 1,184 | 21,597 | ||
Woolworths Group Ltd. | 713 | 17,759 | ||
Worley Ltd. | 123 | 998 | ||
771,687 | ||||
Austria — 0.3% | ||||
Addiko Bank AG(2) | 63 | 948 | ||
ANDRITZ AG | 26 | 923 | ||
AT&S Austria Technologie & Systemtechnik AG | 84 | 1,474 | ||
BAWAG Group AG | 37 | 1,606 | ||
CA Immobilien Anlagen AG | 25 | 1,020 | ||
DO & CO. AG | 12 | 1,046 | ||
Erste Group Bank AG(2) | 137 | 4,726 | ||
EVN AG | 92 | 1,548 | ||
IMMOFINANZ AG(2) | 54 | 1,393 | ||
Lenzing AG | 11 | 741 | ||
Oesterreichische Post AG | 38 | 1,224 | ||
OMV AG | 105 | 4,442 | ||
Porr AG | 59 | 1,051 |
8
Shares | Value | |||
Raiffeisen Bank International AG | 155 | $ | 3,225 | |
S IMMO AG | 41 | 1,087 | ||
Telekom Austria AG(2) | 134 | 1,008 | ||
UNIQA Insurance Group AG | 193 | 1,749 | ||
Verbund AG | 36 | 1,708 | ||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 37 | 901 | ||
voestalpine AG | 131 | 2,892 | ||
Wienerberger AG | 86 | 2,195 | ||
36,907 | ||||
Belgium — 1.0% | ||||
Ackermans & van Haaren NV | 35 | 5,013 | ||
Ageas | 176 | 8,226 | ||
AGFA-Gevaert NV(2) | 226 | 1,004 | ||
Anheuser-Busch InBev SA ADR(1) | 214 | 12,491 | ||
Argenx SE ADR(2) | 39 | 5,514 | ||
Barco NV | 11 | 2,381 | ||
Bekaert SA | 97 | 2,108 | ||
bpost SA | 239 | 1,982 | ||
Cie d'Entreprises CFE | 16 | 1,410 | ||
Colruyt SA | 46 | 2,132 | ||
D'ieteren SA | 37 | 2,167 | ||
Econocom Group SA | 704 | 2,013 | ||
Elia Group SA | 24 | 2,397 | ||
Euronav NV | 360 | 3,314 | ||
EVS Broadcast Equipment SA | 45 | 897 | ||
Fagron | 136 | 2,872 | ||
Galapagos NV ADR(1)(2) | 51 | 10,779 | ||
Gimv NV | 35 | 2,022 | ||
KBC Group NV | 215 | 14,319 | ||
Kinepolis Group NV | 39 | 2,058 | ||
Melexis NV | 44 | 3,067 | ||
Mithra Pharmaceuticals SA(1)(2) | 34 | 836 | ||
Ontex Group NV | 102 | 1,543 | ||
Orange Belgium SA | 88 | 1,691 | ||
Proximus SADP | 225 | 5,612 | ||
Recticel SA | 118 | 883 | ||
Solvay SA | 119 | 10,872 | ||
Tessenderlo Group SA(2) | 63 | 1,901 | ||
UCB SA | 80 | 7,415 | ||
Umicore SA | 196 | 8,213 | ||
127,132 | ||||
Canada — 9.2% | ||||
Advantage Oil & Gas Ltd.(1)(2) | 600 | 903 | ||
Aecon Group, Inc. | 100 | 1,170 | ||
Agnico Eagle Mines Ltd. | 100 | 4,745 | ||
Air Canada(2) | 200 | 5,103 | ||
Alacer Gold Corp.(2) | 500 | 2,261 |
9
Shares | Value | |||
Alamos Gold, Inc., Class A | 500 | $ | 2,909 | |
Alaris Royalty Corp. | 100 | 1,479 | ||
Algonquin Power & Utilities Corp. | 700 | 10,639 | ||
Alimentation Couche-Tard, Inc., B Shares | 500 | 15,183 | ||
AltaGas Ltd. | 200 | 2,991 | ||
ARC Resources Ltd.(1) | 1,100 | 4,786 | ||
Argonaut Gold, Inc.(2) | 700 | 673 | ||
Aritzia, Inc.(2) | 300 | 4,944 | ||
Asanko Gold, Inc.(2) | 1,100 | 959 | ||
Atco Ltd., Class I | 100 | 3,731 | ||
Atrium Mortgage Investment Corp. | 100 | 1,026 | ||
Aurinia Pharmaceuticals, Inc.(2) | 100 | 1,752 | ||
AutoCanada, Inc. | 100 | 842 | ||
B2Gold Corp. | 2,700 | 10,782 | ||
Badger Daylighting Ltd.(1) | 100 | 2,339 | ||
Bank of Montreal | 500 | 33,977 | ||
Bank of Nova Scotia (The) | 700 | 36,621 | ||
Barrick Gold Corp. | 800 | 15,258 | ||
Bausch Health Cos., Inc.(2) | 300 | 6,647 | ||
Baytex Energy Corp.(2) | 1,000 | 924 | ||
BCE, Inc. | 100 | 4,392 | ||
Birchcliff Energy Ltd. | 700 | 787 | ||
Bird Construction, Inc. | 300 | 1,310 | ||
Bombardier, Inc., B Shares(2) | 700 | 501 | ||
Brookfield Asset Management, Inc., Class A | 300 | 17,941 | ||
BRP, Inc. | 100 | 4,100 | ||
CAE, Inc. | 200 | 5,351 | ||
Cameco Corp. | 700 | 6,055 | ||
Canacol Energy Ltd. | 500 | 1,594 | ||
Canada Goose Holdings, Inc.(2) | 100 | 2,757 | ||
Canadian Imperial Bank of Commerce | 400 | 30,444 | ||
Canadian National Railway Co. | 400 | 33,910 | ||
Canadian Natural Resources Ltd. | 1,600 | 41,185 | ||
Canadian Pacific Railway Ltd. | 100 | 24,784 | ||
Canadian Utilities Ltd., A Shares(1) | 200 | 5,918 | ||
Canadian Western Bank | 200 | 4,455 | ||
Canfor Corp.(2) | 100 | 830 | ||
Capital Power Corp. | 300 | 7,499 | ||
Cascades, Inc. | 300 | 2,438 | ||
CCL Industries, Inc., Class B | 100 | 3,301 | ||
Celestica, Inc.(2) | 300 | 1,891 | ||
Cenovus Energy, Inc. | 1,700 | 12,501 | ||
Centerra Gold, Inc.(2) | 400 | 2,527 | ||
CES Energy Solutions Corp. | 800 | 1,210 | ||
CGI, Inc.(2) | 100 | 7,026 | ||
Chorus Aviation, Inc. | 200 | 967 | ||
CI Financial Corp. | 200 | 3,321 |
10
Shares | Value | |||
Computer Modelling Group Ltd. | 200 | $ | 1,039 | |
Corus Entertainment, Inc., B Shares | 300 | 941 | ||
Cott Corp. | 100 | 1,418 | ||
Crescent Point Energy Corp.(1) | 1,600 | 4,351 | ||
CRH Medical Corp.(2) | 400 | 1,308 | ||
Dollarama, Inc. | 100 | 2,940 | ||
DREAM Unlimited Corp., Class A | 200 | 1,900 | ||
Dundee Precious Metals, Inc.(2) | 400 | 1,565 | ||
ECN Capital Corp. | 300 | 1,227 | ||
Eldorado Gold Corp.(2) | 300 | 2,604 | ||
Element Fleet Management Corp. | 1,000 | 9,357 | ||
Emera, Inc. | 200 | 8,428 | ||
Empire Co. Ltd., Class A | 200 | 4,469 | ||
Enbridge, Inc. | 700 | 26,055 | ||
Endeavour Mining Corp.(2) | 100 | 1,766 | ||
Enerflex Ltd. | 200 | 1,103 | ||
Enerplus Corp. | 400 | 1,737 | ||
Enghouse Systems Ltd. | 100 | 3,792 | ||
Equitable Group, Inc. | 100 | 6,638 | ||
ERO Copper Corp.(2) | 100 | 1,072 | ||
Exco Technologies Ltd. | 200 | 1,068 | ||
Extendicare, Inc.(1) | 200 | 1,155 | ||
Finning International, Inc. | 400 | 5,918 | ||
First Majestic Silver Corp.(1)(2) | 100 | 755 | ||
First National Financial Corp. | 100 | 2,559 | ||
First Quantum Minerals Ltd. | 900 | 6,652 | ||
Fortis, Inc. | 100 | 4,047 | ||
Fortuna Silver Mines, Inc.(2) | 500 | 1,464 | ||
Franco-Nevada Corp. | 100 | 10,736 | ||
Frontera Energy Corp. | 200 | 1,131 | ||
Genworth MI Canada, Inc. | 100 | 3,885 | ||
George Weston Ltd. | 100 | 7,528 | ||
Gibson Energy, Inc. | 300 | 5,726 | ||
Gildan Activewear, Inc. | 100 | 2,422 | ||
Gran Colombia Gold Corp.(2) | 300 | 1,272 | ||
Great-West Lifeco, Inc. | 100 | 2,352 | ||
Hardwoods Distribution, Inc. | 100 | 1,115 | ||
High Liner Foods, Inc. | 200 | 1,098 | ||
Home Capital Group, Inc.(2) | 200 | 4,239 | ||
Hudson's Bay Co. | 300 | 2,443 | ||
Husky Energy, Inc. | 500 | 2,380 | ||
Hydro One Ltd. | 300 | 6,021 | ||
iA Financial Corp., Inc. | 200 | 9,520 | ||
IAMGOLD Corp.(2) | 1,300 | 3,700 | ||
IGM Financial, Inc. | 100 | 2,666 | ||
Imperial Oil Ltd. | 200 | 4,379 | ||
Innergex Renewable Energy, Inc. | 200 | 2,932 |
11
Shares | Value | |||
Intact Financial Corp. | 100 | $ | 10,839 | |
Inter Pipeline Ltd.(1) | 700 | 10,357 | ||
Interfor Corp.(2) | 100 | 889 | ||
Intertape Polymer Group, Inc. | 100 | 1,057 | ||
Ivanhoe Mines Ltd., Class A(2) | 500 | 1,166 | ||
Kelt Exploration Ltd.(1)(2) | 400 | 954 | ||
Keyera Corp. | 300 | 7,201 | ||
Kinross Gold Corp.(2) | 2,900 | 14,584 | ||
Kirkland Lake Gold Ltd. | 430 | 13,868 | ||
Knight Therapeutics, Inc.(2) | 200 | 994 | ||
Labrador Iron Ore Royalty Corp. | 100 | 1,451 | ||
Laurentian Bank of Canada(1) | 100 | 2,845 | ||
Linamar Corp. | 100 | 2,751 | ||
Loblaw Cos. Ltd. | 200 | 9,909 | ||
Lundin Mining Corp. | 2,100 | 10,717 | ||
Magna International, Inc. | 500 | 22,757 | ||
Major Drilling Group International, Inc.(2) | 300 | 1,033 | ||
Manulife Financial Corp. | 1,700 | 28,573 | ||
Martinrea International, Inc. | 300 | 2,570 | ||
MEG Energy Corp.(2) | 600 | 2,763 | ||
Methanex Corp. | 200 | 5,758 | ||
Metro, Inc. | 100 | 3,895 | ||
Morneau Shepell, Inc. | 100 | 2,469 | ||
Mullen Group Ltd. | 200 | 1,170 | ||
National Bank of Canada | 500 | 25,990 | ||
New Gold, Inc.(2) | 2,600 | 1,995 | ||
Norbord, Inc. | 100 | 2,656 | ||
North American Construction Group Ltd.(1) | 100 | 926 | ||
North West Co., Inc. (The) | 100 | 1,914 | ||
Northland Power, Inc. | 200 | 4,446 | ||
Nutrien Ltd. | 300 | 12,125 | ||
NuVista Energy Ltd.(2) | 600 | 885 | ||
OceanaGold Corp. | 600 | 876 | ||
Onex Corp. | 100 | 5,614 | ||
Open Text Corp. | 200 | 8,374 | ||
Osisko Gold Royalties Ltd.(1) | 200 | 1,644 | ||
Ovintiv, Inc. | 300 | 3,467 | ||
Pan American Silver Corp.(1) | 200 | 3,959 | ||
Parex Resources, Inc.(2) | 400 | 5,471 | ||
Parkland Fuel Corp.(1) | 100 | 3,144 | ||
Pason Systems, Inc. | 200 | 1,834 | ||
Pembina Pipeline Corp. | 300 | 10,806 | ||
Pizza Pizza Royalty Corp. | 200 | 1,348 | ||
Power Corp. of Canada | 205 | 4,531 | ||
PrairieSky Royalty Ltd. | 100 | 928 | ||
Pretium Resources, Inc.(2) | 200 | 1,423 | ||
Quarterhill, Inc. | 800 | 1,079 |
12
Shares | Value | |||
Quebecor, Inc., Class B | 100 | $ | 2,336 | |
Real Matters, Inc.(2) | 200 | 2,025 | ||
Restaurant Brands International, Inc. | 100 | 5,894 | ||
Ritchie Bros Auctioneers, Inc. | 100 | 3,966 | ||
Rogers Communications, Inc., Class B | 200 | 9,165 | ||
Royal Bank of Canada | 800 | 59,494 | ||
Russel Metals, Inc.(1) | 200 | 2,935 | ||
Sandstorm Gold Ltd.(2) | 200 | 1,168 | ||
Saputo, Inc. | 100 | 2,783 | ||
Secure Energy Services, Inc. | 400 | 1,195 | ||
SEMAFO, Inc.(2) | 1,000 | 1,982 | ||
Seven Generations Energy Ltd., Class A(2) | 900 | 3,701 | ||
Shaw Communications, Inc., B Shares | 700 | 12,115 | ||
Sienna Senior Living, Inc. | 100 | 1,275 | ||
Sleep Country Canada Holdings, Inc. | 200 | 2,722 | ||
SNC-Lavalin Group, Inc. | 100 | 2,324 | ||
SSR Mining, Inc.(2) | 200 | 3,129 | ||
Sun Life Financial, Inc. | 300 | 12,961 | ||
Suncor Energy, Inc. | 1,200 | 33,070 | ||
Superior Plus Corp. | 200 | 1,495 | ||
Tamarack Valley Energy Ltd.(2) | 800 | 769 | ||
TC Energy Corp. | 400 | 20,849 | ||
Teck Resources Ltd., Class B | 500 | 5,029 | ||
TELUS Corp. | 100 | 3,609 | ||
Teranga Gold Corp.(2) | 400 | 2,062 | ||
Tervita Corp.(2) | 200 | 1,036 | ||
TFI International, Inc. | 100 | 3,084 | ||
Timbercreek Financial Corp. | 200 | 1,427 | ||
TORC Oil & Gas Ltd. | 400 | 974 | ||
Torex Gold Resources, Inc.(2) | 300 | 3,974 | ||
Toromont Industries Ltd. | 100 | 4,944 | ||
Toronto-Dominion Bank (The) | 800 | 41,149 | ||
Tourmaline Oil Corp. | 700 | 5,815 | ||
TransAlta Corp. | 800 | 5,990 | ||
TransAlta Renewables, Inc. | 100 | 1,223 | ||
Transcontinental, Inc., Class A | 200 | 2,417 | ||
Tricon Capital Group, Inc. | 400 | 3,376 | ||
Vermilion Energy, Inc.(1) | 500 | 5,014 | ||
Viemed Healthcare, Inc.(2) | 200 | 998 | ||
Wajax Corp. | 100 | 981 | ||
Wesdome Gold Mines Ltd.(2) | 200 | 1,272 | ||
West Fraser Timber Co. Ltd. | 100 | 3,734 | ||
Wheaton Precious Metals Corp. | 200 | 5,687 | ||
Whitecap Resources, Inc. | 1,500 | 4,403 | ||
WSP Global, Inc. | 100 | 6,591 | ||
Yamana Gold, Inc. | 2,600 | 10,131 | ||
1,162,790 |
13
Shares | Value | |||
Denmark — 1.7% | ||||
ALK-Abello A/S(2) | 5 | $ | 1,291 | |
Ambu A/S, B Shares | 70 | 1,589 | ||
AP Moller - Maersk A/S, A Shares | 3 | 2,859 | ||
AP Moller - Maersk A/S, B Shares | 5 | 5,108 | ||
Bavarian Nordic A/S(2) | 40 | 1,312 | ||
Carlsberg A/S, B Shares | 25 | 3,315 | ||
Chr Hansen Holding A/S | 22 | 1,578 | ||
Coloplast A/S, B Shares | 54 | 7,294 | ||
D/S Norden A/S | 67 | 787 | ||
Danske Bank A/S | 425 | 6,607 | ||
Demant A/S(2) | 33 | 1,016 | ||
Dfds A/S | 69 | 2,397 | ||
Drilling Co. of 1972 A/S (The)(2) | 45 | 1,988 | ||
DSV Panalpina A/S | 124 | 12,522 | ||
FLSmidth & Co. A/S | 34 | 1,180 | ||
Genmab A/S ADR(2) | 388 | 8,839 | ||
GN Store Nord A/S | 104 | 5,851 | ||
H Lundbeck A/S | 92 | 3,183 | ||
H+H International A/S, B Shares(2) | 62 | 1,120 | ||
ISS A/S | 46 | 834 | ||
Jyske Bank A/S(2) | 65 | 2,241 | ||
NKT A/S(2) | 48 | 1,191 | ||
Novo Nordisk A/S ADR | 1,119 | 65,048 | ||
Novozymes A/S, B Shares | 143 | 7,289 | ||
Orsted A/S | 141 | 14,510 | ||
Pandora A/S | 296 | 13,486 | ||
Per Aarsleff Holding A/S | 45 | 1,327 | ||
Ringkjoebing Landbobank A/S | 38 | 2,519 | ||
Rockwool International A/S, B Shares | 8 | 1,859 | ||
Royal Unibrew A/S | 26 | 2,238 | ||
Schouw & Co. A/S | 14 | 1,059 | ||
SimCorp A/S | 28 | 2,696 | ||
Solar A/S, B Shares | 25 | 1,064 | ||
Spar Nord Bank A/S | 147 | 1,248 | ||
Sydbank A/S | 109 | 2,030 | ||
Topdanmark A/S | 28 | 1,224 | ||
TORM plc(2) | 105 | 803 | ||
Tryg A/S | 66 | 1,840 | ||
Vestas Wind Systems A/S | 258 | 25,289 | ||
219,631 | ||||
Finland — 0.9% | ||||
Aktia Bank Oyj | 104 | 1,181 | ||
CapMan Oyj, B Shares | 696 | 1,853 | ||
Cargotec Oyj, B Shares | 96 | 2,792 | ||
Caverion OYJ | 180 | 1,260 | ||
Citycon Oyj(1) | 126 | 1,248 |
14
Shares | Value | |||
Elisa Oyj | 136 | $ | 7,817 | |
Finnair Oyj | 156 | 827 | ||
Fortum Oyj | 314 | 6,736 | ||
Huhtamaki Oyj | 59 | 2,455 | ||
Kemira Oyj | 210 | 2,675 | ||
Kesko Oyj, B Shares | 84 | 5,694 | ||
Kone Oyj, B Shares(1) | 122 | 6,886 | ||
Konecranes Oyj | 32 | 960 | ||
Marimekko Oyj | 28 | 975 | ||
Metsa Board Oyj | 417 | 2,420 | ||
Metso Oyj | 143 | 4,641 | ||
Neste Oyj | 189 | 7,464 | ||
Nokia Oyj ADR(1) | 1,527 | 5,909 | ||
Nokian Renkaat Oyj | 72 | 1,872 | ||
Oriola Oyj, B Shares | 441 | 951 | ||
Orion Oyj, Class B | 71 | 2,824 | ||
Outokumpu Oyj | 622 | 2,373 | ||
Outotec Oyj(2) | 383 | 1,982 | ||
Sampo Oyj, A Shares | 136 | 5,585 | ||
Sanoma Oyj | 97 | 1,114 | ||
Stora Enso Oyj, R Shares(1) | 749 | 9,049 | ||
TietoEVRY Oyj | 97 | 2,774 | ||
Tokmanni Group Corp. | 92 | 1,233 | ||
UPM-Kymmene Oyj | 606 | 18,642 | ||
Uponor Oyj | 135 | 1,774 | ||
Valmet Oyj | 69 | 1,651 | ||
Wartsila OYJ Abp | 102 | 1,062 | ||
YIT Oyj | 374 | 2,484 | ||
119,163 | ||||
France — 9.2% | ||||
Accor SA | 180 | 6,624 | ||
Aeroports de Paris | 51 | 7,550 | ||
Air France-KLM(2) | 751 | 5,842 | ||
Air Liquide SA | 333 | 45,440 | ||
Airbus SE | 307 | 37,523 | ||
AKWEL | 46 | 744 | ||
Albioma SA | 74 | 2,427 | ||
ALD SA | 176 | 2,348 | ||
Alstom SA | 482 | 23,696 | ||
Alten SA | 75 | 8,445 | ||
Amundi SA | 45 | 3,262 | ||
APERAM SA | 62 | 1,870 | ||
ArcelorMittal SA(1) | 1,104 | 15,787 | ||
Arkema SA | 231 | 21,914 | ||
Atos SE | 34 | 2,556 | ||
Aubay | 27 | 846 | ||
AXA SA ADR | 1,389 | 32,072 |
15
Shares | Value | |||
Beneteau SA(1) | 88 | $ | 844 | |
Bigben Interactive | 62 | 1,008 | ||
BioMerieux | 46 | 4,263 | ||
BNP Paribas SA ADR | 1,600 | 38,704 | ||
Bollore SA | 241 | 832 | ||
Bouygues SA | 283 | 11,266 | ||
Bureau Veritas SA | 407 | 9,959 | ||
Capgemini SE | 95 | 10,481 | ||
Carrefour SA | 601 | 10,430 | ||
Casino Guichard Perrachon SA(1) | 23 | 896 | ||
Cegedim SA(2) | 32 | 944 | ||
CGG SA(2) | 2,695 | 7,405 | ||
Cie de Saint-Gobain | 804 | 28,608 | ||
Cie des Alpes | 32 | 814 | ||
Cie Generale des Etablissements Michelin SCA | 303 | 32,413 | ||
Cie Plastic Omnium SA | 211 | 4,735 | ||
CNP Assurances | 176 | 2,771 | ||
Coface SA | 233 | 2,572 | ||
Credit Agricole SA | 1,295 | 15,582 | ||
Danone SA ADR | 638 | 8,945 | ||
Dassault Aviation SA | 2 | 2,084 | ||
Dassault Systemes SE | 30 | 4,740 | ||
Derichebourg SA | 307 | 1,041 | ||
Edenred | 102 | 5,355 | ||
Eiffage SA | 189 | 20,205 | ||
Electricite de France SA | 676 | 9,507 | ||
Elis SA | 165 | 2,901 | ||
Engie SA | 1,184 | 19,816 | ||
EssilorLuxottica SA | 128 | 17,642 | ||
Eurazeo SE | 29 | 1,947 | ||
Eurofins Scientific SE | 9 | 4,540 | ||
Euronext NV | 131 | 10,936 | ||
Eutelsat Communications SA | 544 | 7,392 | ||
Faurecia SE | 272 | 12,442 | ||
Gaztransport Et Technigaz SA | 38 | 3,387 | ||
Getlink SE | 902 | 14,654 | ||
Hermes International | 23 | 16,275 | ||
Iliad SA | 42 | 5,903 | ||
Imerys SA(1) | 27 | 1,069 | ||
Ingenico Group SA | 20 | 2,834 | ||
Innate Pharma SA(2) | 164 | 1,170 | ||
Interparfums SA | 25 | 857 | ||
Ipsen SA | 46 | 2,987 | ||
IPSOS | 38 | 1,175 | ||
Kaufman & Broad SA | 60 | 2,413 | ||
Kering SA | 64 | 36,746 | ||
L'Oreal SA | 94 | 25,281 |
16
Shares | Value | |||
Lagardere SCA | 77 | $ | 1,338 | |
Legrand SA | 131 | 10,113 | ||
LISI | 56 | 1,741 | ||
LNA Sante SA | 19 | 963 | ||
LVMH Moet Hennessy Louis Vuitton SE | 139 | 57,348 | ||
Maisons du Monde SA | 78 | 961 | ||
Metropole Television SA | 61 | 901 | ||
MGI Digital Graphic Technology(2) | 17 | 911 | ||
Natixis SA | 946 | 3,858 | ||
Nexans SA | 106 | 4,841 | ||
Nexity SA | 115 | 5,323 | ||
Orange SA ADR | 1,088 | 14,557 | ||
Orpea | 46 | 5,953 | ||
Pernod Ricard SA | 86 | 14,005 | ||
Peugeot SA | 1,164 | 22,697 | ||
Publicis Groupe SA | 92 | 3,559 | ||
Quadient | 48 | 1,028 | ||
Remy Cointreau SA | 13 | 1,320 | ||
Renault SA | 201 | 5,988 | ||
Rexel SA | 412 | 5,077 | ||
Rubis SCA | 26 | 1,417 | ||
Safran SA | 188 | 26,118 | ||
Sanofi ADR | 671 | 31,034 | ||
Sartorius Stedim Biotech | 18 | 3,434 | ||
Schneider Electric SE | 161 | 16,410 | ||
SCOR SE | 174 | 6,262 | ||
SEB SA | 20 | 2,679 | ||
SES SA | 488 | 5,667 | ||
Societe BIC SA | 15 | 912 | ||
Societe Generale SA ADR | 5,023 | 28,129 | ||
Sodexo SA | 35 | 3,396 | ||
Sopra Steria Group | 19 | 3,088 | ||
SPIE SA | 214 | 4,123 | ||
STMicroelectronics NV (New York) | 1,586 | 43,456 | ||
Suez | 139 | 2,191 | ||
Teleperformance | 15 | 3,662 | ||
Television Francaise 1 | 128 | 986 | ||
Thales SA | 11 | 1,115 | ||
Total SA ADR | 1,544 | 66,608 | ||
Trigano SA | 15 | 1,140 | ||
Ubisoft Entertainment SA(2) | 114 | 8,598 | ||
Valeo SA | 787 | 20,348 | ||
Vallourec SA(1)(2) | 895 | 1,746 | ||
Veolia Environnement SA | 754 | 21,824 | ||
Vicat SA | 24 | 938 | ||
Vilmorin & Cie SA | 19 | 840 | ||
Vinci SA | 448 | 45,570 |
17
Shares | Value | |||
Virbac SA(2) | 7 | $ | 1,593 | |
Vivendi SA | 148 | 3,806 | ||
Worldline SA(2) | 18 | 1,392 | ||
1,168,681 | ||||
Germany — 7.3% | ||||
Aareal Bank AG | 110 | 3,023 | ||
adidas AG | 144 | 40,121 | ||
ADLER Real Estate AG(2) | 76 | 952 | ||
ADO Properties SA | 26 | 771 | ||
ADVA Optical Networking SE(2) | 117 | 783 | ||
Allianz SE | 194 | 41,908 | ||
Amadeus Fire AG | 9 | 1,258 | ||
Aroundtown SA | 990 | 8,568 | ||
AURELIUS Equity Opportunities SE & Co. KGaA | 44 | 1,289 | ||
Aurubis AG | 57 | 2,693 | ||
BASF SE | 664 | 38,977 | ||
Bayer AG ADR | 2,651 | 47,771 | ||
Bayerische Motoren Werke AG ADR(1) | 1,114 | 24,107 | ||
Bayerische Motoren Werke AG, Preference Shares | 58 | 2,978 | ||
Bechtle AG | 62 | 8,137 | ||
Befesa SA | 28 | 916 | ||
Beiersdorf AG | 46 | 4,833 | ||
Bertrandt AG | 18 | 847 | ||
Bijou Brigitte AG | 20 | 902 | ||
Borussia Dortmund GmbH & Co. KGaA | 115 | 981 | ||
Brenntag AG | 145 | 6,475 | ||
Carl Zeiss Meditec AG | 14 | 1,473 | ||
Cewe Stiftung & Co. KGAA | 15 | 1,597 | ||
Commerzbank AG | 982 | 5,660 | ||
CompuGroup Medical SE | 24 | 1,505 | ||
Continental AG | 114 | 12,911 | ||
Covestro AG | 357 | 13,636 | ||
CropEnergies AG | 109 | 1,130 | ||
CTS Eventim AG & Co. KGaA | 144 | 7,616 | ||
Daimler AG | 672 | 27,986 | ||
Delivery Hero SE(2) | 32 | 2,405 | ||
Dermapharm Holding SE | 25 | 1,048 | ||
Deutsche Bank AG | 2,116 | 18,452 | ||
Deutsche Beteiligungs AG | 23 | 831 | ||
Deutsche Boerse AG | 49 | 7,718 | ||
Deutsche EuroShop AG | 85 | 2,079 | ||
Deutsche Lufthansa AG | 323 | 4,163 | ||
Deutsche Pfandbriefbank AG | 259 | 3,666 | ||
Deutsche Post AG ADR(1) | 967 | 28,952 | ||
Deutsche Telekom AG | 1,977 | 32,333 | ||
Deutsche Wohnen SE | 257 | 10,374 | ||
Deutz AG | 173 | 820 |
18
Shares | Value | |||
Dialog Semiconductor plc(2) | 238 | $ | 8,091 | |
DIC Asset AG | 66 | 1,153 | ||
Draegerwerk AG & Co. KGaA, Preference Shares | 17 | 1,090 | ||
Duerr AG | 130 | 4,054 | ||
E.ON SE | 627 | 7,240 | ||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 10 | 1,691 | ||
Elmos Semiconductor AG | 32 | 755 | ||
ElringKlinger AG(2) | 121 | 807 | ||
Encavis AG | 295 | 3,427 | ||
Energiekontor AG | 43 | 957 | ||
Evonik Industries AG | 226 | 5,603 | ||
Flatex AG(2) | 42 | 1,278 | ||
Fraport AG Frankfurt Airport Services Worldwide | 87 | 5,475 | ||
Freenet AG | 45 | 878 | ||
Fresenius Medical Care AG & Co. KGaA ADR | 73 | 2,799 | ||
Fresenius SE & Co. KGaA | 85 | 4,006 | ||
FUCHS PETROLUB SE, Preference Shares | 124 | 4,760 | ||
GEA Group AG | 67 | 1,774 | ||
Gerresheimer AG | 85 | 6,142 | ||
Grand City Properties SA | 89 | 2,086 | ||
GRENKE AG | 26 | 2,425 | ||
Hamburger Hafen und Logistik AG | 72 | 1,523 | ||
Hannover Rueck SE | 52 | 9,264 | ||
HeidelbergCement AG | 85 | 5,056 | ||
Henkel AG & Co. KGaA | 88 | 7,497 | ||
Henkel AG & Co. KGaA, Preference Shares | 152 | 14,096 | ||
HOCHTIEF AG | 9 | 886 | ||
Hornbach Baumarkt AG | 49 | 923 | ||
Hornbach Holding AG & Co. KGaA | 35 | 1,972 | ||
HUGO BOSS AG | 87 | 3,810 | ||
Hypoport AG(2) | 4 | 1,344 | ||
Indus Holding AG | 30 | 1,074 | ||
Infineon Technologies AG ADR(1) | 762 | 15,804 | ||
Innogy SE | 150 | 7,162 | ||
Isra Vision AG | 40 | 2,210 | ||
Jenoptik AG | 49 | 1,154 | ||
JOST Werke AG | 29 | 982 | ||
Jungheinrich AG, Preference Shares | 81 | 1,631 | ||
K+S AG | 249 | 2,043 | ||
KION Group AG | 76 | 4,037 | ||
Kloeckner & Co. SE | 236 | 1,309 | ||
Knorr-Bremse AG | 45 | 4,560 | ||
Krones AG | 24 | 1,512 | ||
Lanxess AG | 229 | 11,992 | ||
LEG Immobilien AG | 30 | 3,585 | ||
Leoni AG(2) | 81 | 806 | ||
LPKF Laser & Electronics AG(2) | 62 | 1,415 |
19
Shares | Value | |||
Merck KGaA | 40 | $ | 4,837 | |
METRO AG | 459 | 5,308 | ||
MLP SE | 192 | 1,038 | ||
MorphoSys AG(2) | 9 | 952 | ||
MTU Aero Engines AG | 90 | 21,995 | ||
Muenchener Rueckversicherungs-Gesellschaft AG | 92 | 23,459 | ||
Nemetschek SE | 80 | 4,989 | ||
New Work SE | 4 | 1,075 | ||
Norma Group SE | 62 | 2,032 | ||
OHB SE | 22 | 853 | ||
PATRIZIA AG | 52 | 1,203 | ||
Pfeiffer Vacuum Technology AG | 6 | 907 | ||
Porsche Automobil Holding SE, Preference Shares | 168 | 10,470 | ||
ProSiebenSat.1 Media SE | 245 | 2,978 | ||
publity AG | 24 | 893 | ||
Puma SE | 36 | 2,767 | ||
QIAGEN NV(2) | 69 | 2,477 | ||
Rational AG | 5 | 3,361 | ||
Rheinmetall AG | 18 | 1,647 | ||
Rocket Internet SE(2) | 49 | 1,075 | ||
RTL Group SA | 47 | 1,968 | ||
RWE AG | 717 | 24,730 | ||
S&T AG | 46 | 1,011 | ||
SAF-Holland SA | 128 | 781 | ||
Salzgitter AG | 53 | 878 | ||
SAP SE ADR(1) | 253 | 31,263 | ||
Sartorius AG, Preference Shares | 32 | 7,335 | ||
Scout24 AG | 55 | 3,607 | ||
Siemens AG ADR(1) | 639 | 32,838 | ||
Siemens Healthineers AG | 72 | 2,914 | ||
Siltronic AG | 74 | 6,968 | ||
Sixt SE | 20 | 1,755 | ||
Sixt SE, Preference Shares | 24 | 1,462 | ||
Software AG | 36 | 1,175 | ||
Stabilus SA | 84 | 4,498 | ||
STO SE & Co. KGaA, Preference Shares | 9 | 932 | ||
STRATEC SE | 14 | 1,004 | ||
Stroeer SE & Co. KGaA | 51 | 3,804 | ||
Symrise AG | 76 | 7,402 | ||
TAG Immobilien AG | 170 | 4,116 | ||
Tele Columbus AG(2) | 308 | 897 | ||
Telefonica Deutschland Holding AG | 1,895 | 4,960 | ||
thyssenkrupp AG(2) | 382 | 3,688 | ||
Traffic Systems SE | 40 | 969 | ||
Uniper SE | 163 | 4,817 | ||
United Internet AG | 81 | 2,437 | ||
Varta AG(2) | 17 | 1,282 |
20
Shares | Value | |||
VERBIO Vereinigte BioEnergie AG | 88 | $ | 912 | |
Villeroy & Boch AG, Preference Shares | 64 | 885 | ||
Volkswagen AG | 27 | 4,534 | ||
Volkswagen AG, Preference Shares | 165 | 27,050 | ||
Vonovia SE | 451 | 24,226 | ||
Vossloh AG | 28 | 1,108 | ||
Wacker Chemie AG | 25 | 1,754 | ||
Washtec AG | 18 | 967 | ||
Wirecard AG | 96 | 12,309 | ||
Wuestenrot & Wuerttembergische AG | 47 | 889 | ||
Zalando SE(2) | 34 | 1,489 | ||
zooplus AG(2) | 11 | 1,092 | ||
929,805 | ||||
Hong Kong — 3.1% | ||||
AIA Group Ltd. ADR(1) | 844 | 33,515 | ||
ASM Pacific Technology Ltd. | 100 | 1,207 | ||
Bank of East Asia Ltd. (The) | 600 | 1,272 | ||
BeiGene Ltd. ADR(2) | 9 | 1,425 | ||
BOC Hong Kong Holdings Ltd. | 3,000 | 10,366 | ||
Budweiser Brewing Co. APAC Ltd.(2) | 300 | 909 | ||
Chow Sang Sang Holdings International Ltd. | 1,000 | 1,184 | ||
CK Asset Holdings Ltd. | 2,000 | 12,591 | ||
CK Hutchison Holdings Ltd. | 2,500 | 21,909 | ||
CK Infrastructure Holdings Ltd. | 500 | 3,424 | ||
CLP Holdings Ltd. | 2,000 | 21,074 | ||
Comba Telecom Systems Holdings Ltd. | 6,000 | 2,413 | ||
Convenience Retail Asia Ltd. | 4,000 | 1,835 | ||
Dah Sing Banking Group Ltd. | 800 | 993 | ||
Dah Sing Financial Holdings Ltd. | 400 | 1,413 | ||
Dairy Farm International Holdings Ltd. | 200 | 960 | ||
Esprit Holdings Ltd.(2) | 5,100 | 856 | ||
Far East Consortium International Ltd. | 3,000 | 1,311 | ||
FIH Mobile Ltd.(1)(2) | 6,000 | 917 | ||
First Pacific Co. Ltd. | 6,000 | 1,692 | ||
Galaxy Entertainment Group Ltd. | 2,000 | 13,356 | ||
Get Nice Holdings Ltd. | 34,000 | 801 | ||
Giordano International Ltd. | 4,000 | 949 | ||
Guotai Junan International Holdings Ltd. | 8,000 | 1,333 | ||
Haitong International Securities Group Ltd. | 4,000 | 1,170 | ||
Hang Lung Group Ltd. | 2,000 | 5,030 | ||
Hang Lung Properties Ltd. | 2,000 | 4,407 | ||
Hang Seng Bank Ltd. | 400 | 8,281 | ||
Henderson Land Development Co. Ltd. | 1,000 | 4,618 | ||
HKBN Ltd. | 1,500 | 2,689 | ||
HKT Trust & HKT Ltd. | 3,000 | 4,499 | ||
Hong Kong & China Gas Co. Ltd. | 4,000 | 7,733 | ||
Hong Kong Exchanges & Clearing Ltd. | 700 | 23,151 |
21
Shares | Value | |||
Hongkong & Shanghai Hotels Ltd. (The) | 1,000 | $ | 1,024 | |
Hongkong Land Holdings Ltd. | 1,100 | 5,446 | ||
Hysan Development Co. Ltd. | 1,000 | 3,628 | ||
Jardine Matheson Holdings Ltd. | 100 | 5,468 | ||
Jardine Strategic Holdings Ltd. | 100 | 2,904 | ||
Johnson Electric Holdings Ltd. | 1,000 | 2,320 | ||
K Wah International Holdings Ltd. | 3,000 | 1,453 | ||
Kerry Properties Ltd. | 1,000 | 2,866 | ||
Man Wah Holdings Ltd. | 4,400 | 3,215 | ||
Melco International Development Ltd. | 2,000 | 4,136 | ||
Melco Resorts & Entertainment Ltd. ADR | 400 | 6,936 | ||
MGM China Holdings Ltd.(1) | 800 | 1,092 | ||
Minth Group Ltd. | 2,000 | 7,083 | ||
MTR Corp. Ltd. | 1,000 | 5,660 | ||
New World Development Co. Ltd. | 11,000 | 14,263 | ||
Oriental Watch Holdings | 4,000 | 874 | ||
Pacific Basin Shipping Ltd. | 16,000 | 2,378 | ||
Pacific Textiles Holdings Ltd. | 3,000 | 1,878 | ||
PCCW Ltd. | 5,000 | 3,015 | ||
Pico Far East Holdings Ltd. | 4,000 | 1,011 | ||
Power Assets Holdings Ltd. | 1,500 | 10,726 | ||
Sands China Ltd. | 2,000 | 9,393 | ||
Shangri-La Asia Ltd. | 2,000 | 1,742 | ||
Shun Tak Holdings Ltd. | 4,000 | 1,714 | ||
Sino Land Co. Ltd. | 6,000 | 8,031 | ||
SITC International Holdings Co. Ltd. | 3,000 | 3,498 | ||
SJM Holdings Ltd. | 4,000 | 4,574 | ||
SmarTone Telecommunications Holdings Ltd. | 1,500 | 1,064 | ||
Sun Hung Kai Properties Ltd. | 1,000 | 14,322 | ||
SUNeVision Holdings Ltd. | 2,000 | 1,298 | ||
Swire Pacific Ltd., Class A | 500 | 4,542 | ||
Swire Properties Ltd. | 400 | 1,193 | ||
Techtronic Industries Co. Ltd. | 1,000 | 8,174 | ||
Texwinca Holdings Ltd. | 4,000 | 861 | ||
United Laboratories International Holdings Ltd. (The)(1) | 2,000 | 1,332 | ||
Value Partners Group Ltd. | 2,000 | 1,124 | ||
VTech Holdings Ltd. | 400 | 3,515 | ||
WH Group Ltd. | 15,000 | 15,396 | ||
Wharf Real Estate Investment Co. Ltd.(1) | 1,000 | 4,582 | ||
Wheelock & Co. Ltd. | 1,000 | 7,661 | ||
Wynn Macau Ltd. | 2,400 | 4,888 | ||
Xinyi Glass Holdings Ltd. | 4,000 | 4,978 | ||
Yue Yuen Industrial Holdings Ltd. | 500 | 1,212 | ||
391,753 | ||||
Ireland — 0.5% | ||||
AIB Group plc | 433 | 1,033 | ||
Bank of Ireland Group plc | 2,410 | 9,056 |
22
Shares | Value | |||
C&C Group plc | 303 | $ | 1,273 | |
Cairn Homes plc(2) | 752 | 1,009 | ||
CRH plc | 545 | 18,385 | ||
Dalata Hotel Group plc | 525 | 2,409 | ||
FBD Holdings plc | 108 | 1,037 | ||
Glanbia plc | 192 | 2,257 | ||
Glenveagh Properties plc(2) | 1,162 | 972 | ||
Kerry Group plc, A Shares | 52 | 6,549 | ||
Kingspan Group plc | 85 | 5,383 | ||
Smurfit Kappa Group plc | 399 | 13,414 | ||
62,777 | ||||
Israel — 0.7% | ||||
Airport City Ltd.(2) | 77 | 1,470 | ||
Alony Hetz Properties & Investments Ltd. | 70 | 1,148 | ||
Amot Investments Ltd. | 141 | 1,062 | ||
Ashtrom Group Ltd. | 80 | 1,171 | ||
AudioCodes Ltd. | 42 | 941 | ||
Azrieli Group Ltd. | 13 | 949 | ||
Bank Hapoalim BM | 537 | 4,189 | ||
Bank Leumi Le-Israel BM | 685 | 4,442 | ||
Bayside Land Corp. | 2 | 1,655 | ||
Bezeq The Israeli Telecommunication Corp. Ltd.(2) | 1,257 | 920 | ||
Caesarstone Ltd. | 67 | 724 | ||
Camtek Ltd. | 100 | 991 | ||
Check Point Software Technologies Ltd.(2) | 57 | 5,917 | ||
Clal Insurance Enterprises Holdings Ltd.(2) | 66 | 689 | ||
CyberArk Software Ltd.(2) | 36 | 3,769 | ||
Danel Adir Yeoshua Ltd. | 12 | 1,062 | ||
Elbit Systems Ltd. | 11 | 1,636 | ||
Equital Ltd.(2) | 35 | 847 | ||
Fattal Holdings 1998 Ltd. | 7 | 846 | ||
FIBI Holdings Ltd. | 30 | 915 | ||
First International Bank of Israel Ltd. | 60 | 1,608 | ||
FMS Enterprises Migun Ltd. | 27 | 856 | ||
Fox Wizel Ltd. | 26 | 1,106 | ||
Gazit-Globe Ltd. | 96 | 1,116 | ||
Harel Insurance Investments & Financial Services Ltd. | 123 | 719 | ||
Hilan Ltd. | 26 | 999 | ||
IDI Insurance Co. Ltd. | 30 | 851 | ||
Industrial Buildings Corp. Ltd.(2) | 386 | 1,098 | ||
Inrom Construction Industries Ltd. | 234 | 978 | ||
Israel Chemicals Ltd. | 434 | 1,587 | ||
Israel Corp. Ltd. (The)(2) | 6 | 837 | ||
Israel Discount Bank Ltd., A Shares | 1,203 | 5,017 | ||
Ituran Location and Control Ltd. | 43 | 984 | ||
Matrix IT Ltd. | 57 | 1,054 | ||
Maytronics Ltd. | 124 | 1,006 | ||
Mediterranean Towers Ltd. | 327 | 964 |
23
Shares | Value | |||
Melisron Ltd. | 16 | $ | 991 | |
Mellanox Technologies Ltd.(2) | 23 | 2,747 | ||
Menora Mivtachim Holdings Ltd. | 69 | 803 | ||
Mizrahi Tefahot Bank Ltd. | 114 | 2,919 | ||
Nice Ltd. ADR(2) | 17 | 2,785 | ||
Oil Refineries Ltd. | 2,871 | 977 | ||
Partner Communications Co. Ltd.(2) | 236 | 1,147 | ||
Paz Oil Co. Ltd. | 16 | 1,747 | ||
Phoenix Holdings Ltd. (The) | 164 | 823 | ||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 18 | 1,005 | ||
Sapiens International Corp. NV | 45 | 1,050 | ||
Shapir Engineering and Industry Ltd. | 187 | 1,311 | ||
Shikun & Binui Ltd. | 404 | 2,196 | ||
Shufersal Ltd. | 233 | 1,462 | ||
Strauss Group Ltd. | 44 | 1,326 | ||
Summit Real Estate Holdings Ltd. | 79 | 1,262 | ||
Teva Pharmaceutical Industries Ltd. ADR(2) | 359 | 4,139 | ||
Tower Semiconductor Ltd.(2) | 155 | 2,912 | ||
Wix.com Ltd.(2) | 9 | 1,206 | ||
88,931 | ||||
Italy — 2.3% | ||||
A2A SpA | 3,412 | 5,973 | ||
ACEA SpA | 151 | 3,177 | ||
Amplifon SpA | 94 | 2,707 | ||
Anima Holding SpA | 197 | 866 | ||
Assicurazioni Generali SpA | 298 | 5,363 | ||
ASTM SpA | 66 | 1,643 | ||
Atlantia SpA | 153 | 3,283 | ||
Autogrill SpA | 123 | 998 | ||
Azimut Holding SpA | 253 | 5,407 | ||
Banca Farmafactoring SpA | 249 | 1,523 | ||
Banca Generali SpA | 100 | 3,113 | ||
Banca IFIS SpA | 69 | 1,057 | ||
Banca Mediolanum SpA | 100 | 815 | ||
Banca Monte dei Paschi di Siena SpA(2) | 639 | 1,295 | ||
Banca Popolare di Sondrio SCPA | 1,594 | 3,807 | ||
Banco BPM SpA(2) | 2,168 | 4,772 | ||
BPER Banca | 690 | 2,753 | ||
Brunello Cucinelli SpA | 31 | 1,031 | ||
Buzzi Unicem SpA | 42 | 924 | ||
Carel Industries SpA | 66 | 817 | ||
Cerved Group SpA | 259 | 2,461 | ||
CNH Industrial NV | 1,344 | 12,647 | ||
Credito Emiliano SpA | 173 | 904 | ||
Credito Valtellinese SpA(2) | 13,527 | 1,123 | ||
Danieli & C Officine Meccaniche SpA, Preference Shares | 89 | 830 | ||
Davide Campari-Milano SpA | 111 | 925 |
24
Shares | Value | |||
De' Longhi SpA | 48 | $ | 833 | |
DiaSorin SpA | 8 | 911 | ||
Enav SpA | 224 | 1,349 | ||
Enel SpA | 4,612 | 38,619 | ||
Eni SpA ADR | 704 | 17,600 | ||
ERG SpA | 47 | 1,100 | ||
Esprinet SpA | 190 | 1,034 | ||
Ferrari NV | 75 | 11,852 | ||
Fiat Chrysler Automobiles NV | 1,222 | 15,276 | ||
Fincantieri SpA(2) | 1,013 | 805 | ||
FinecoBank Banca Fineco SpA | 304 | 3,215 | ||
Freni Brembo SpA | 175 | 1,749 | ||
Hera SpA | 415 | 1,779 | ||
IMA Industria Macchine Automatiche SpA | 17 | 1,061 | ||
Infrastrutture Wireless Italiane SpA | 103 | 1,060 | ||
Intesa Sanpaolo SpA | 9,563 | 23,287 | ||
Iren SpA | 1,731 | 5,364 | ||
Italgas SpA | 873 | 5,340 | ||
Juventus Football Club SpA(2) | 718 | 782 | ||
Leonardo SpA | 170 | 1,746 | ||
Maire Tecnimont SpA | 377 | 974 | ||
MARR SpA | 45 | 834 | ||
Mediaset SpA(2) | 524 | 1,226 | ||
Mediobanca Banca di Credito Finanziario SpA | 495 | 4,510 | ||
Moncler SpA | 191 | 7,465 | ||
OVS SpA(2) | 539 | 884 | ||
Piaggio & C SpA | 317 | 762 | ||
Pirelli & C SpA | 223 | 1,053 | ||
Poste Italiane SpA | 395 | 4,245 | ||
Prysmian SpA | 251 | 6,040 | ||
RAI Way SpA | 251 | 1,513 | ||
Recordati SpA | 48 | 2,063 | ||
Saipem SpA(2) | 754 | 2,892 | ||
Salini Impregilo SpA(2) | 532 | 788 | ||
Salvatore Ferragamo SpA | 77 | 1,223 | ||
Saras SpA | 2,214 | 2,615 | ||
Sesa SpA | 25 | 1,324 | ||
Snam SpA | 2,613 | 12,979 | ||
Societa Cattolica di Assicurazioni SC | 128 | 936 | ||
Technogym SpA | 145 | 1,520 | ||
Telecom Italia SpA/Milano(2) | 4,503 | 2,503 | ||
Telecom Italia SpA/Milano, Preference Shares | 2,984 | 1,673 | ||
Tenaris SA ADR | 95 | 1,729 | ||
Terna Rete Elettrica Nazionale SpA | 453 | 2,999 | ||
UniCredit SpA | 1,167 | 15,020 | ||
Unione di Banche Italiane SpA | 1,591 | 6,549 | ||
Unipol Gruppo SpA | 571 | 2,847 | ||
294,142 |
25
Shares | Value | |||
Japan — 22.7% | ||||
77 Bank Ltd. (The) | 100 | $ | 1,287 | |
A&D Co. Ltd. | 200 | 1,432 | ||
Acom Co. Ltd. | 300 | 1,230 | ||
ADEKA Corp. | 100 | 1,310 | ||
Advantest Corp. | 200 | 9,054 | ||
Aeon Co. Ltd. | 700 | 13,018 | ||
AEON Financial Service Co. Ltd. | 100 | 1,444 | ||
Aeon Mall Co. Ltd. | 100 | 1,415 | ||
AGC, Inc. | 200 | 5,703 | ||
Ai Holdings Corp. | 100 | 1,408 | ||
Aida Engineering Ltd. | 200 | 1,482 | ||
Aiful Corp.(2) | 500 | 1,221 | ||
Air Water, Inc. | 200 | 2,686 | ||
Aisan Industry Co. Ltd. | 200 | 1,151 | ||
Aisin Seiki Co. Ltd. | 200 | 6,344 | ||
Ajinomoto Co., Inc. | 400 | 6,747 | ||
Alconix Corp. | 100 | 1,026 | ||
Alfresa Holdings Corp. | 100 | 1,789 | ||
Alps Alpine Co. Ltd. | 400 | 6,147 | ||
Amada Holdings Co. Ltd. | 300 | 2,784 | ||
Amano Corp. | 100 | 2,470 | ||
ANA Holdings, Inc. | 100 | 2,688 | ||
Anritsu Corp. | 100 | 1,633 | ||
AOKI Holdings, Inc. | 100 | 839 | ||
Aoyama Trading Co. Ltd. | 100 | 1,132 | ||
Aozora Bank Ltd. | 200 | 4,989 | ||
Arcs Co. Ltd. | 100 | 1,595 | ||
Argo Graphics, Inc. | 100 | 3,022 | ||
Arisawa Manufacturing Co. Ltd. | 200 | 1,492 | ||
Artnature, Inc. | 200 | 1,213 | ||
Aruhi Corp. | 200 | 2,925 | ||
Asahi Diamond Industrial Co. Ltd. | 200 | 974 | ||
Asahi Group Holdings Ltd. | 200 | 7,674 | ||
Asahi Intecc Co. Ltd. | 100 | 2,435 | ||
Asahi Kasei Corp. | 900 | 7,465 | ||
Asia Pile Holdings Corp. | 200 | 862 | ||
Asics Corp. | 100 | 1,062 | ||
Astellas Pharma, Inc. | 1,600 | 25,090 | ||
Atom Corp. | 200 | 1,675 | ||
Awa Bank Ltd. (The) | 100 | 2,017 | ||
Axial Retailing, Inc. | 100 | 3,170 | ||
Azbil Corp. | 100 | 2,468 | ||
Bandai Namco Holdings, Inc. | 100 | 4,968 | ||
Bando Chemical Industries Ltd. | 200 | 1,287 | ||
Bank of Kyoto Ltd. (The) | 100 | 3,381 | ||
Bank of Okinawa Ltd. (The) | 100 | 2,860 |
26
Shares | Value | |||
Bank of the Ryukyus Ltd. | 100 | $ | 935 | |
Belluna Co. Ltd. | 200 | 1,002 | ||
Benefit One, Inc. | 100 | 1,520 | ||
Benesse Holdings, Inc. | 100 | 2,571 | ||
Bridgestone Corp. | 500 | 16,649 | ||
Broadleaf Co. Ltd. | 200 | 827 | ||
Brother Industries Ltd. | 300 | 5,393 | ||
Bunka Shutter Co. Ltd. | 200 | 1,430 | ||
Calbee, Inc. | 100 | 2,569 | ||
Canon, Inc. ADR | 209 | 5,256 | ||
Capcom Co. Ltd. | 100 | 2,716 | ||
Casio Computer Co. Ltd. | 400 | 6,847 | ||
Central Glass Co. Ltd. | 100 | 1,932 | ||
Central Japan Railway Co. | 100 | 16,423 | ||
Chiba Bank Ltd. (The) | 600 | 2,943 | ||
Chilled & Frozen Logistics Holdings Co. Ltd. | 100 | 1,005 | ||
Chubu Electric Power Co., Inc. | 400 | 5,243 | ||
Chugai Pharmaceutical Co. Ltd. | 100 | 10,818 | ||
Chugoku Bank Ltd. (The) | 200 | 1,582 | ||
Chugoku Electric Power Co., Inc. (The) | 200 | 2,671 | ||
Citizen Watch Co. Ltd. | 300 | 1,180 | ||
Cleanup Corp. | 200 | 976 | ||
CMK Corp. | 200 | 862 | ||
Coca-Cola Bottlers Japan Holdings, Inc. | 200 | 4,651 | ||
Colowide Co. Ltd. | 100 | 1,640 | ||
COMSYS Holdings Corp. | 100 | 2,460 | ||
Concordia Financial Group Ltd. | 1,200 | 4,108 | ||
Cosmo Energy Holdings Co. Ltd. | 100 | 1,673 | ||
Create Restaurants Holdings, Inc. | 200 | 1,581 | ||
Credit Saison Co. Ltd. | 400 | 5,781 | ||
Curves Holdings Co. Ltd.(2) | 100 | 695 | ||
Dai Nippon Printing Co. Ltd. | 200 | 4,871 | ||
Dai-ichi Life Holdings, Inc. | 900 | 12,243 | ||
Daibiru Corp. | 100 | 1,111 | ||
Daicel Corp. | 400 | 3,434 | ||
Daido Metal Co. Ltd. | 200 | 1,084 | ||
Daifuku Co. Ltd. | 100 | 5,912 | ||
Daiho Corp. | 100 | 2,153 | ||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 200 | 1,407 | ||
Daiichi Sankyo Co. Ltd. | 200 | 12,175 | ||
Daiichikosho Co. Ltd. | 100 | 4,075 | ||
Daiki Aluminium Industry Co. Ltd. | 200 | 1,079 | ||
Daikin Industries Ltd. | 100 | 13,579 | ||
Daikyonishikawa Corp. | 200 | 1,117 | ||
Daio Paper Corp. | 100 | 1,323 | ||
Daishi Hokuetsu Financial Group, Inc. | 100 | 2,063 | ||
Daito Trust Construction Co. Ltd. | 100 | 10,294 |
27
Shares | Value | |||
Daiwa House Industry Co. Ltd. | 300 | $ | 8,260 | |
Daiwa Securities Group, Inc. | 1,000 | 4,238 | ||
DCM Holdings Co. Ltd. | 200 | 1,819 | ||
Denka Co. Ltd. | 100 | 2,509 | ||
Denso Corp. | 300 | 11,655 | ||
Dentsu Group, Inc. | 100 | 2,595 | ||
Dexerials Corp. | 100 | 731 | ||
DIC Corp. | 200 | 4,715 | ||
Digital Garage, Inc. | 100 | 3,115 | ||
Dip Corp. | 100 | 2,413 | ||
DMG Mori Co. Ltd. | 200 | 2,504 | ||
Dowa Holdings Co. Ltd. | 100 | 3,285 | ||
DTS Corp. | 100 | 1,822 | ||
Duskin Co. Ltd. | 100 | 2,580 | ||
Eagle Industry Co. Ltd. | 200 | 1,509 | ||
East Japan Railway Co. | 200 | 15,389 | ||
Ebara Corp. | 200 | 4,734 | ||
EDION Corp. | 200 | 1,675 | ||
Ehime Bank Ltd. (The) | 100 | 939 | ||
Eisai Co. Ltd. | 100 | 7,349 | ||
Electric Power Development Co. Ltd. | 200 | 4,280 | ||
en-japan, Inc. | 100 | 2,770 | ||
eRex Co. Ltd. | 100 | 1,189 | ||
Exedy Corp. | 100 | 1,855 | ||
F.C.C. Co. Ltd. | 100 | 1,778 | ||
FamilyMart Co. Ltd. | 200 | 4,399 | ||
Fancl Corp. | 100 | 2,512 | ||
FANUC Corp. | 100 | 16,550 | ||
Ferrotec Holdings Corp. | 200 | 1,236 | ||
Foster Electric Co. Ltd. | 100 | 1,325 | ||
France Bed Holdings Co. Ltd. | 200 | 1,587 | ||
Fuji Co. Ltd. | 100 | 1,485 | ||
Fuji Corp/Aichi | 100 | 1,655 | ||
Fujibo Holdings, Inc. | 100 | 2,712 | ||
FUJIFILM Holdings Corp. | 100 | 4,869 | ||
Fujikura Ltd. | 700 | 2,232 | ||
Fujimori Kogyo Co. Ltd. | 100 | 2,648 | ||
Fujitec Co. Ltd. | 100 | 1,385 | ||
Fujitsu General Ltd. | 100 | 1,984 | ||
Fujitsu Ltd. | 200 | 21,107 | ||
Fukui Computer Holdings, Inc. | 100 | 2,485 | ||
Fukuoka Financial Group, Inc. | 200 | 3,026 | ||
Furukawa Electric Co. Ltd. | 100 | 2,189 | ||
Furuno Electric Co. Ltd. | 100 | 846 | ||
Futaba Industrial Co. Ltd. | 200 | 1,055 | ||
Fuyo General Lease Co. Ltd. | 100 | 5,622 | ||
G-Tekt Corp. | 100 | 1,201 |
28
Shares | Value | |||
Geo Holdings Corp. | 100 | $ | 1,084 | |
Glory Ltd. | 100 | 2,650 | ||
GMO Financial Holdings, Inc. | 200 | 968 | ||
GMO Internet, Inc. | 100 | 1,681 | ||
GNI Group Ltd.(2) | 100 | 1,218 | ||
Goldcrest Co. Ltd. | 100 | 1,541 | ||
GS Yuasa Corp. | 100 | 1,758 | ||
Gunma Bank Ltd. (The) | 300 | 901 | ||
H-One Co. Ltd. | 200 | 1,140 | ||
H2O Retailing Corp. | 200 | 1,537 | ||
Hachijuni Bank Ltd. (The) | 500 | 1,701 | ||
Hakuhodo DY Holdings, Inc. | 100 | 1,160 | ||
Hamamatsu Photonics KK | 100 | 3,956 | ||
Hankyu Hanshin Holdings, Inc. | 300 | 9,845 | ||
Hanwa Co. Ltd. | 100 | 2,041 | ||
Haseko Corp. | 700 | 8,906 | ||
Hazama Ando Corp. | 500 | 3,646 | ||
Heiwa Corp. | 100 | 1,861 | ||
Heiwado Co. Ltd. | 100 | 1,547 | ||
Hino Motors Ltd. | 400 | 3,287 | ||
Hiroshima Bank Ltd. (The) | 300 | 1,297 | ||
Hitachi Capital Corp. | 100 | 2,548 | ||
Hitachi Construction Machinery Co. Ltd. | 100 | 2,447 | ||
Hitachi High-Tech Corp. | 100 | 7,434 | ||
Hitachi Ltd. | 600 | 20,126 | ||
Hitachi Metals Ltd. | 100 | 1,458 | ||
Hitachi Transport System Ltd. | 100 | 2,684 | ||
Hitachi Zosen Corp. | 500 | 1,769 | ||
Hogy Medical Co. Ltd. | 100 | 2,862 | ||
Hokkaido Electric Power Co., Inc. | 300 | 1,304 | ||
Hokko Chemical Industry Co. Ltd. | 200 | 1,006 | ||
Hokkoku Bank Ltd. (The) | 100 | 2,553 | ||
Hokuetsu Corp. | 200 | 809 | ||
Hokuetsu Industries Co. Ltd. | 100 | 1,027 | ||
Hokuhoku Financial Group, Inc. | 100 | 845 | ||
Hokuriku Electric Power Co.(2) | 200 | 1,362 | ||
Hokuto Corp. | 200 | 3,404 | ||
Honda Motor Co. Ltd. ADR | 1,056 | 27,097 | ||
Honeys Holdings Co. Ltd. | 100 | 1,063 | ||
Hoosiers Holdings | 200 | 1,149 | ||
Horiba Ltd. | 100 | 5,427 | ||
Hosiden Corp. | 100 | 860 | ||
Hoya Corp. ADR(1) | 216 | 18,924 | ||
Hulic Co. Ltd. | 600 | 6,698 | ||
Hyakugo Bank Ltd. (The) | 400 | 1,132 | ||
I-Net Corp./Kanagawa | 100 | 1,155 | ||
Ibiden Co. Ltd. | 200 | 4,395 |
29
Shares | Value | |||
Ichigo, Inc. | 600 | $ | 1,816 | |
Ichikoh Industries Ltd. | 200 | 1,233 | ||
Ichinen Holdings Co. Ltd. | 100 | 1,058 | ||
Idemitsu Kosan Co. Ltd. | 300 | 7,348 | ||
IHI Corp. | 100 | 2,092 | ||
Iida Group Holdings Co. Ltd. | 100 | 1,348 | ||
Iino Kaiun Kaisha Ltd. | 400 | 1,221 | ||
Inaba Denki Sangyo Co. Ltd. | 100 | 2,208 | ||
Inabata & Co. Ltd. | 100 | 1,159 | ||
Ines Corp. | 100 | 1,360 | ||
Infomart Corp. | 200 | 1,199 | ||
INPEX Corp. | 1,200 | 10,446 | ||
Internet Initiative Japan, Inc. | 100 | 2,789 | ||
Isetan Mitsukoshi Holdings Ltd. | 400 | 2,608 | ||
Ishihara Sangyo Kaisha Ltd. | 100 | 659 | ||
Isuzu Motors Ltd. | 400 | 3,741 | ||
Ito En Ltd. | 100 | 4,400 | ||
ITOCHU Corp. | 400 | 9,094 | ||
Itochu Techno-Solutions Corp. | 100 | 2,812 | ||
Itoham Yonekyu Holdings, Inc. | 200 | 1,102 | ||
IwaiCosmo Holdings, Inc. | 100 | 1,034 | ||
Iwatani Corp. | 100 | 3,277 | ||
Iyo Bank Ltd. (The) | 300 | 1,349 | ||
J Front Retailing Co. Ltd. | 600 | 6,348 | ||
Jaccs Co. Ltd. | 100 | 1,999 | ||
Jafco Co. Ltd. | 100 | 3,788 | ||
Japan Airlines Co. Ltd. | 100 | 2,476 | ||
Japan Aviation Electronics Industry Ltd. | 100 | 1,597 | ||
Japan Exchange Group, Inc. | 400 | 6,701 | ||
Japan Lifeline Co. Ltd. | 100 | 1,239 | ||
Japan Material Co. Ltd. | 100 | 1,184 | ||
Japan Petroleum Exploration Co. Ltd. | 100 | 2,173 | ||
Japan Post Bank Co. Ltd. | 200 | 1,780 | ||
Japan Post Holdings Co. Ltd. | 800 | 6,958 | ||
Japan Post Insurance Co. Ltd. | 100 | 1,524 | ||
Japan Steel Works Ltd. (The) | 200 | 2,896 | ||
Japan Wool Textile Co. Ltd. (The) | 200 | 1,653 | ||
JCU Corp. | 100 | 2,318 | ||
JDC Corp. | 200 | 937 | ||
JFE Holdings, Inc. | 400 | 3,687 | ||
JGC Holdings Corp. | 400 | 4,883 | ||
JSR Corp. | 100 | 1,747 | ||
JTEKT Corp. | 300 | 2,905 | ||
Juroku Bank Ltd. (The) | 200 | 3,397 | ||
JVCKenwood Corp. | 500 | 1,010 | ||
JXTG Holdings, Inc. | 3,100 | 12,417 | ||
K's Holdings Corp. | 400 | 4,392 |
30
Shares | Value | |||
Kadokawa Corp.(2) | 200 | $ | 2,670 | |
Kaga Electronics Co. Ltd. | 100 | 1,823 | ||
Kagome Co. Ltd. | 100 | 2,154 | ||
Kajima Corp. | 500 | 5,362 | ||
Kakaku.com, Inc. | 300 | 6,410 | ||
Kamei Corp. | 100 | 909 | ||
Kamigumi Co. Ltd. | 100 | 1,917 | ||
Kanamoto Co. Ltd. | 100 | 2,205 | ||
Kandenko Co. Ltd. | 200 | 1,689 | ||
Kaneka Corp. | 100 | 2,680 | ||
Kanematsu Corp. | 200 | 2,163 | ||
Kansai Electric Power Co., Inc. (The) | 500 | 5,427 | ||
Kansai Mirai Financial Group, Inc. | 200 | 937 | ||
Kansai Paint Co. Ltd. | 100 | 2,177 | ||
Kanto Denka Kogyo Co. Ltd. | 200 | 1,696 | ||
Kao Corp. | 200 | 14,555 | ||
Kasai Kogyo Co. Ltd. | 200 | 1,217 | ||
Katitas Co. Ltd. | 100 | 3,390 | ||
Kato Sangyo Co. Ltd. | 100 | 2,774 | ||
Kawasaki Heavy Industries Ltd. | 200 | 3,604 | ||
Kawasaki Kisen Kaisha Ltd.(2) | 200 | 2,233 | ||
KDDI Corp. | 1,100 | 31,086 | ||
Keihan Holdings Co. Ltd. | 100 | 4,047 | ||
Keikyu Corp. | 400 | 6,052 | ||
Keisei Electric Railway Co. Ltd. | 100 | 3,191 | ||
Keiyo Bank Ltd. (The) | 200 | 939 | ||
Kenedix, Inc. | 200 | 1,075 | ||
Kewpie Corp. | 100 | 1,836 | ||
Kikkoman Corp. | 100 | 4,618 | ||
Kinden Corp. | 100 | 1,502 | ||
Kintetsu Group Holdings Co. Ltd. | 200 | 8,626 | ||
Kintetsu World Express, Inc. | 100 | 1,560 | ||
Kirin Holdings Co. Ltd. | 400 | 7,661 | ||
Kitanotatsujin Corp. | 200 | 962 | ||
Kito Corp. | 100 | 1,276 | ||
Kitz Corp. | 200 | 1,186 | ||
Kiyo Bank Ltd. (The) | 100 | 1,315 | ||
Koatsu Gas Kogyo Co. Ltd. | 200 | 1,221 | ||
Kobe Bussan Co. Ltd. | 100 | 3,658 | ||
Kobe Steel Ltd. | 300 | 1,109 | ||
Kohnan Shoji Co. Ltd. | 100 | 2,011 | ||
Koito Manufacturing Co. Ltd. | 100 | 4,030 | ||
Kokuyo Co. Ltd. | 100 | 1,411 | ||
Komatsu Ltd. | 300 | 6,023 | ||
Komeri Co. Ltd. | 100 | 1,804 | ||
Komori Corp. | 100 | 758 | ||
Konami Holdings Corp. | 100 | 3,621 |
31
Shares | Value | |||
Konica Minolta, Inc. | 200 | $ | 1,097 | |
Koshidaka Holdings Co. Ltd. | 100 | 528 | ||
Kotobuki Spirits Co. Ltd. | 100 | 4,906 | ||
Kubota Corp. | 400 | 5,602 | ||
Kumagai Gumi Co. Ltd. | 100 | 2,648 | ||
Kuraray Co. Ltd. | 600 | 6,215 | ||
Kurita Water Industries Ltd. | 100 | 2,575 | ||
KYB Corp.(2) | 100 | 2,207 | ||
Kyocera Corp. | 100 | 6,268 | ||
Kyowa Exeo Corp. | 200 | 4,355 | ||
Kyudenko Corp. | 100 | 2,668 | ||
Kyushu Electric Power Co., Inc. | 300 | 2,169 | ||
Kyushu Financial Group, Inc. | 400 | 1,359 | ||
Kyushu Railway Co. | 200 | 6,001 | ||
Lasertec Corp. | 200 | 9,069 | ||
Lawson, Inc. | 100 | 5,370 | ||
LINE Corp. ADR(2) | 22 | 1,082 | ||
Lion Corp. | 300 | 5,011 | ||
LIXIL Group Corp. | 200 | 2,991 | ||
LIXIL VIVA Corp. | 100 | 1,892 | ||
M&A Capital Partners Co. Ltd.(2) | 100 | 2,964 | ||
M3, Inc. | 200 | 5,144 | ||
Mabuchi Motor Co. Ltd. | 100 | 3,453 | ||
Macnica Fuji Electronics Holdings, Inc. | 100 | 1,392 | ||
Maeda Corp. | 300 | 2,671 | ||
Maeda Road Construction Co. Ltd. | 100 | 2,953 | ||
Makino Milling Machine Co. Ltd. | 100 | 3,375 | ||
Makita Corp. | 200 | 6,860 | ||
Marubeni Corp. | 700 | 4,628 | ||
Marui Group Co. Ltd. | 300 | 5,782 | ||
Matsumotokiyoshi Holdings Co. Ltd. | 100 | 3,267 | ||
Maxell Holdings Ltd. | 100 | 1,200 | ||
Mazda Motor Corp. | 500 | 3,451 | ||
McDonald's Holdings Co. Japan Ltd. | 100 | 4,223 | ||
MCJ Co. Ltd. | 200 | 1,148 | ||
Mebuki Financial Group, Inc. | 1,000 | 1,945 | ||
Medipal Holdings Corp. | 200 | 3,642 | ||
Megmilk Snow Brand Co. Ltd. | 100 | 2,010 | ||
Meidensha Corp. | 100 | 1,600 | ||
Meiko Electronics Co. Ltd. | 100 | 1,474 | ||
Meisei Industrial Co. Ltd. | 200 | 1,342 | ||
Meitec Corp. | 100 | 4,707 | ||
Mercari, Inc.(2) | 100 | 2,282 | ||
METAWATER Co. Ltd. | 100 | 3,519 | ||
Micronics Japan Co. Ltd. | 100 | 873 | ||
Mie Kotsu Group Holdings, Inc. | 200 | 902 | ||
Mimasu Semiconductor Industry Co. Ltd. | 100 | 1,839 |
32
Shares | Value | |||
MINEBEA MITSUMI, Inc. | 600 | $ | 10,511 | |
Ministop Co. Ltd. | 100 | 1,326 | ||
Miraca Holdings, Inc. | 100 | 2,511 | ||
Mirait Holdings Corp. | 100 | 1,318 | ||
MISUMI Group, Inc. | 100 | 2,096 | ||
Mitsuba Corp. | 200 | 1,127 | ||
Mitsubishi Chemical Holdings Corp. | 1,100 | 7,366 | ||
Mitsubishi Corp. ADR | 176 | 8,661 | ||
Mitsubishi Electric Corp. | 900 | 11,358 | ||
Mitsubishi Estate Co. Ltd. | 400 | 6,893 | ||
Mitsubishi Gas Chemical Co., Inc. | 200 | 3,006 | ||
Mitsubishi Heavy Industries Ltd. | 200 | 6,306 | ||
Mitsubishi Materials Corp. | 200 | 4,544 | ||
Mitsubishi Motors Corp. | 600 | 1,983 | ||
Mitsubishi UFJ Financial Group, Inc. ADR | 6,949 | 33,842 | ||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 800 | 4,511 | ||
Mitsuboshi Belting Ltd. | 100 | 1,362 | ||
Mitsui & Co. Ltd. | 700 | 11,527 | ||
Mitsui Chemicals, Inc. | 300 | 6,455 | ||
Mitsui E&S Holdings Co. Ltd.(2) | 200 | 1,428 | ||
Mitsui Fudosan Co. Ltd. | 300 | 6,950 | ||
Mitsui Matsushima Holdings Co. Ltd. | 100 | 936 | ||
Mitsui Mining & Smelting Co. Ltd. | 200 | 4,762 | ||
Mitsui OSK Lines Ltd. | 300 | 6,179 | ||
Mitsui-Soko Holdings Co. Ltd. | 100 | 1,446 | ||
Mizuho Financial Group, Inc. ADR(1) | 6,145 | 16,284 | ||
Mizuho Leasing Co. Ltd. | 100 | 2,628 | ||
Mizuno Corp. | 100 | 1,979 | ||
Modec, Inc. | 100 | 1,674 | ||
MonotaRO Co. Ltd. | 100 | 2,218 | ||
Morinaga & Co. Ltd. | 100 | 3,962 | ||
Morinaga Milk Industry Co. Ltd. | 100 | 3,542 | ||
MS&AD Insurance Group Holdings, Inc. | 400 | 12,863 | ||
Murata Manufacturing Co. Ltd. | 400 | 21,469 | ||
Musashi Seimitsu Industry Co. Ltd. | 100 | 1,092 | ||
Nabtesco Corp. | 100 | 2,676 | ||
Nagase & Co. Ltd. | 100 | 1,197 | ||
Nagoya Railroad Co. Ltd. | 300 | 7,820 | ||
Nankai Electric Railway Co. Ltd. | 200 | 4,406 | ||
Nanto Bank Ltd. (The) | 100 | 1,984 | ||
NEC Corp. | 300 | 11,198 | ||
NEC Networks & System Integration Corp. | 100 | 3,740 | ||
NET One Systems Co. Ltd. | 100 | 2,153 | ||
Nexon Co. Ltd. | 100 | 1,585 | ||
NGK Insulators Ltd. | 300 | 4,693 | ||
NGK Spark Plug Co. Ltd. | 200 | 3,267 | ||
NH Foods Ltd. | 100 | 3,778 |
33
Shares | Value | |||
NHK Spring Co. Ltd. | 300 | $ | 2,274 | |
Nichi-iko Pharmaceutical Co. Ltd. | 100 | 1,072 | ||
Nichias Corp. | 100 | 2,059 | ||
Nichicon Corp. | 100 | 735 | ||
Nichiha Corp. | 100 | 2,077 | ||
NichiiGakkan Co. Ltd. | 100 | 1,038 | ||
Nichirei Corp. | 100 | 2,541 | ||
Nichireki Co. Ltd. | 100 | 1,200 | ||
Nidec Corp. ADR | 194 | 5,673 | ||
Nifco, Inc. | 200 | 4,835 | ||
Nihon Dempa Kogyo Co. Ltd.(2) | 200 | 731 | ||
Nihon House Holdings Co. Ltd. | 300 | 1,087 | ||
Nihon M&A Center, Inc. | 100 | 2,985 | ||
Nihon Nohyaku Co. Ltd. | 200 | 932 | ||
Nihon Parkerizing Co. Ltd. | 100 | 914 | ||
Nihon Plast Co. Ltd. | 200 | 1,075 | ||
Nihon Unisys Ltd. | 100 | 3,055 | ||
Nikkiso Co. Ltd. | 100 | 889 | ||
Nikkon Holdings Co. Ltd. | 100 | 1,923 | ||
Nikon Corp. | 100 | 1,022 | ||
Nippo Corp. | 100 | 2,259 | ||
Nippon Air Conditioning Services Co. Ltd. | 200 | 1,274 | ||
Nippon Carbon Co. Ltd. | 100 | 3,309 | ||
Nippon Densetsu Kogyo Co. Ltd. | 100 | 1,816 | ||
Nippon Electric Glass Co. Ltd. | 100 | 1,676 | ||
Nippon Express Co. Ltd. | 100 | 4,769 | ||
Nippon Flour Mills Co. Ltd. | 100 | 1,482 | ||
Nippon Kayaku Co. Ltd. | 100 | 1,100 | ||
Nippon Light Metal Holdings Co. Ltd. | 800 | 1,400 | ||
Nippon Paint Holdings Co. Ltd. | 100 | 4,545 | ||
Nippon Paper Industries Co. Ltd. | 100 | 1,444 | ||
Nippon Seiki Co. Ltd. | 100 | 1,315 | ||
Nippon Sheet Glass Co. Ltd. | 200 | 893 | ||
Nippon Signal Co. Ltd. | 100 | 1,060 | ||
Nippon Steel Corp. | 400 | 4,482 | ||
Nippon Suisan Kaisha Ltd. | 200 | 943 | ||
Nippon Telegraph & Telephone Corp. | 800 | 18,716 | ||
Nippon Yusen KK | 300 | 4,262 | ||
Nipro Corp. | 300 | 3,186 | ||
Nishi-Nippon Financial Holdings, Inc. | 200 | 1,142 | ||
Nishi-Nippon Railroad Co. Ltd. | 100 | 2,191 | ||
Nishimatsu Construction Co. Ltd. | 100 | 2,096 | ||
Nissan Motor Co. Ltd. | 1,200 | 5,134 | ||
Nissha Co. Ltd. | 100 | 777 | ||
Nisshin Group Holdings Co. Ltd. | 200 | 844 | ||
Nisshin Oillio Group Ltd. (The) | 100 | 3,079 | ||
Nisshin Seifun Group, Inc. | 100 | 1,686 |
34
Shares | Value | |||
Nisshinbo Holdings, Inc. | 400 | $ | 3,385 | |
Nissin Electric Co. Ltd. | 100 | 953 | ||
Nitori Holdings Co. Ltd. | 100 | 13,858 | ||
Nitto Denko Corp. | 200 | 9,972 | ||
Nitto Kogyo Corp. | 100 | 1,745 | ||
Nittoc Construction Co. Ltd. | 200 | 1,413 | ||
Nojima Corp. | 100 | 1,809 | ||
NOK Corp. | 200 | 2,523 | ||
Nomura Co. Ltd. | 100 | 907 | ||
North Pacific Bank Ltd. | 500 | 940 | ||
NSK Ltd. | 200 | 1,519 | ||
NTN Corp. | 1,000 | 2,397 | ||
NTT Data Corp. | 700 | 8,485 | ||
NTT DOCOMO, Inc. | 800 | 21,621 | ||
Obayashi Corp. | 1,000 | 10,043 | ||
Odakyu Electric Railway Co. Ltd. | 300 | 5,776 | ||
Ogaki Kyoritsu Bank Ltd. (The) | 100 | 1,868 | ||
Oji Holdings Corp. | 900 | 4,265 | ||
Oki Electric Industry Co. Ltd. | 200 | 2,198 | ||
Okinawa Electric Power Co., Inc. (The) | 100 | 1,733 | ||
Okuwa Co. Ltd. | 100 | 1,228 | ||
Olympus Corp. | 800 | 14,469 | ||
Omron Corp. | 200 | 10,754 | ||
Ono Pharmaceutical Co. Ltd. | 100 | 2,040 | ||
Onward Holdings Co. Ltd. | 200 | 968 | ||
Open House Co. Ltd. | 200 | 5,086 | ||
Optorun Co. Ltd. | 100 | 2,640 | ||
Organo Corp. | 100 | 5,869 | ||
Orient Corp. | 1,100 | 1,349 | ||
Oriental Land Co. Ltd. | 100 | 11,339 | ||
ORIX Corp. ADR | 254 | 20,290 | ||
Osaka Gas Co. Ltd. | 200 | 3,224 | ||
OSAKA Titanium Technologies Co. Ltd. | 100 | 1,015 | ||
OSG Corp. | 100 | 1,494 | ||
Otsuka Corp. | 100 | 4,313 | ||
Otsuka Holdings Co. Ltd. | 100 | 3,766 | ||
Outsourcing, Inc. | 100 | 723 | ||
Pacific Industrial Co. Ltd. | 100 | 1,084 | ||
Pan Pacific International Holdings Corp. | 600 | 9,889 | ||
Panasonic Corp. | 2,700 | 25,669 | ||
Park24 Co. Ltd. | 200 | 3,894 | ||
Penta-Ocean Construction Co. Ltd. | 800 | 4,244 | ||
PeptiDream, Inc.(2) | 100 | 3,970 | ||
Persol Holdings Co. Ltd. | 100 | 1,320 | ||
Pigeon Corp. | 100 | 3,371 | ||
Pilot Corp. | 100 | 3,242 | ||
Piolax, Inc. | 100 | 1,429 |
35
Shares | Value | |||
Poletowin Pitcrew Holdings, Inc. | 100 | $ | 769 | |
Press Kogyo Co. Ltd. | 300 | 857 | ||
Pressance Corp. | 100 | 1,054 | ||
Prestige International, Inc. | 200 | 1,540 | ||
PS Mitsubishi Construction Co. Ltd. | 200 | 1,065 | ||
Raito Kogyo Co. Ltd. | 100 | 1,235 | ||
Rakuten, Inc. | 200 | 1,668 | ||
Recruit Holdings Co. Ltd. | 500 | 17,362 | ||
Relia, Inc. | 100 | 1,113 | ||
Relo Group, Inc. | 100 | 2,179 | ||
Renesas Electronics Corp.(2) | 500 | 2,992 | ||
Rengo Co. Ltd. | 200 | 1,369 | ||
Resona Holdings, Inc. | 1,900 | 7,167 | ||
Resorttrust, Inc. | 100 | 1,317 | ||
Ricoh Co. Ltd. | 1,100 | 10,190 | ||
Rohm Co. Ltd. | 100 | 6,530 | ||
Rohto Pharmaceutical Co. Ltd. | 100 | 2,893 | ||
Rorze Corp. | 100 | 3,044 | ||
Round One Corp. | 100 | 746 | ||
Ryobi Ltd. | 100 | 1,294 | ||
Ryohin Keikaku Co. Ltd. | 200 | 2,716 | ||
S-Pool, Inc. | 200 | 1,266 | ||
Sakata INX Corp. | 100 | 870 | ||
Sakura Internet, Inc. | 200 | 930 | ||
Sala Corp. | 200 | 1,020 | ||
San-A Co. Ltd. | 100 | 3,614 | ||
San-Ai Oil Co. Ltd. | 200 | 1,740 | ||
San-In Godo Bank Ltd. (The) | 200 | 1,007 | ||
Sanden Holdings Corp.(2) | 200 | 947 | ||
Sanei Architecture Planning Co. Ltd. | 100 | 1,199 | ||
Sanken Electric Co. Ltd. | 100 | 2,356 | ||
Sanki Engineering Co. Ltd. | 100 | 1,175 | ||
Sankyo Tateyama, Inc. | 100 | 1,001 | ||
Sankyu, Inc. | 100 | 4,245 | ||
Sanoh Industrial Co. Ltd. | 100 | 774 | ||
Santen Pharmaceutical Co. Ltd. | 200 | 3,210 | ||
Sanwa Holdings Corp. | 300 | 2,746 | ||
Sapporo Holdings Ltd. | 100 | 2,000 | ||
Sato Holdings Corp. | 100 | 2,245 | ||
Sawada Holdings Co. Ltd. | 200 | 1,844 | ||
SBI Holdings, Inc. | 400 | 8,021 | ||
SBS Holdings, Inc. | 100 | 1,475 | ||
SCSK Corp. | 100 | 5,282 | ||
Secom Co. Ltd. | 100 | 7,918 | ||
Sega Sammy Holdings, Inc. | 100 | 1,327 | ||
Seibu Holdings, Inc. | 300 | 4,234 | ||
Seikitokyu Kogyo Co. Ltd. | 200 | 1,496 |
36
Shares | Value | |||
Seiko Epson Corp. | 400 | $ | 5,639 | |
Seiko Holdings Corp. | 100 | 1,931 | ||
Seino Holdings Co. Ltd. | 200 | 2,159 | ||
Seiren Co. Ltd. | 100 | 1,264 | ||
Sekisui Chemical Co. Ltd. | 300 | 4,542 | ||
Sekisui House Ltd. | 900 | 17,619 | ||
Senko Group Holdings Co. Ltd. | 200 | 1,462 | ||
Seria Co. Ltd. | 100 | 2,655 | ||
Seven & i Holdings Co. Ltd. | 600 | 20,489 | ||
Seven Bank Ltd. | 1,000 | 2,626 | ||
SG Holdings Co. Ltd. | 100 | 1,953 | ||
Sharp Corp. | 300 | 3,477 | ||
Shiga Bank Ltd. (The) | 100 | 2,247 | ||
Shikoku Bank Ltd. (The) | 200 | 1,554 | ||
Shikoku Chemicals Corp. | 100 | 997 | ||
Shikoku Electric Power Co., Inc. | 300 | 2,282 | ||
Shimachu Co. Ltd. | 100 | 2,446 | ||
Shimadzu Corp. | 100 | 2,421 | ||
Shimizu Corp. | 900 | 8,158 | ||
Shin-Etsu Chemical Co. Ltd. | 200 | 22,369 | ||
Shin-Etsu Polymer Co. Ltd. | 200 | 1,557 | ||
Shinmaywa Industries Ltd. | 100 | 1,126 | ||
Shinnihon Corp. | 200 | 1,396 | ||
Shinoken Group Co. Ltd. | 100 | 953 | ||
Shinsei Bank Ltd. | 300 | 3,976 | ||
Shionogi & Co. Ltd. | 100 | 5,398 | ||
Ship Healthcare Holdings, Inc. | 100 | 4,052 | ||
Shiseido Co. Ltd. ADR | 127 | 7,554 | ||
Shizuoka Bank Ltd. (The) | 400 | 2,515 | ||
Showa Denko KK | 200 | 4,294 | ||
Sinko Industries Ltd. | 200 | 2,794 | ||
Sintokogio Ltd. | 200 | 1,456 | ||
SKY Perfect JSAT Holdings, Inc. | 300 | 1,287 | ||
Skylark Holdings Co. Ltd. | 200 | 2,993 | ||
SMC Corp. ADR(1) | 343 | 6,689 | ||
SMS Co. Ltd. | 100 | 1,964 | ||
Sodick Co. Ltd. | 200 | 1,335 | ||
Softbank Corp. | 700 | 9,156 | ||
SoftBank Group Corp. | 500 | 23,035 | ||
Sojitz Corp. | 700 | 2,016 | ||
Solasto Corp. | 100 | 907 | ||
Sompo Holdings, Inc. | 300 | 11,035 | ||
Sony Corp. ADR | 800 | 49,760 | ||
Sony Financial Holdings, Inc. | 100 | 1,991 | ||
Sotetsu Holdings, Inc. | 100 | 2,269 | ||
Square Enix Holdings Co. Ltd. | 100 | 4,042 | ||
Stanley Electric Co. Ltd. | 200 | 4,859 |
37
Shares | Value | |||
Starts Corp., Inc. | 100 | $ | 2,054 | |
Subaru Corp. | 600 | 14,501 | ||
Sugi Holdings Co. Ltd. | 100 | 4,725 | ||
SUMCO Corp. | 500 | 7,536 | ||
Sumida Corp. | 100 | 876 | ||
Sumitomo Chemical Co. Ltd. | 1,700 | 6,160 | ||
Sumitomo Corp. | 600 | 8,564 | ||
Sumitomo Electric Industries Ltd. | 900 | 10,683 | ||
Sumitomo Forestry Co. Ltd. | 400 | 5,936 | ||
Sumitomo Heavy Industries Ltd. | 100 | 2,161 | ||
Sumitomo Metal Mining Co. Ltd. | 200 | 4,946 | ||
Sumitomo Mitsui Construction Co. Ltd. | 300 | 1,517 | ||
Sumitomo Mitsui Financial Group, Inc. ADR(1) | 3,909 | 24,900 | ||
Sumitomo Mitsui Trust Holdings, Inc. | 300 | 10,234 | ||
Sumitomo Osaka Cement Co. Ltd. | 100 | 3,410 | ||
Sumitomo Realty & Development Co. Ltd. | 300 | 9,465 | ||
Sumitomo Riko Co. Ltd. | 200 | 1,327 | ||
Sumitomo Rubber Industries Ltd. | 400 | 4,142 | ||
Sumitomo Warehouse Co. Ltd. (The) | 100 | 1,188 | ||
Sundrug Co. Ltd. | 100 | 3,117 | ||
Suntory Beverage & Food Ltd. | 100 | 3,801 | ||
Suruga Bank Ltd.(2) | 400 | 1,471 | ||
Sushiro Global Holdings Ltd. | 100 | 7,128 | ||
Suzuki Motor Corp. | 400 | 16,304 | ||
SWCC Showa Holdings Co. Ltd. | 200 | 2,010 | ||
Sysmex Corp. | 100 | 6,387 | ||
Systena Corp. | 100 | 1,310 | ||
T&D Holdings, Inc. | 500 | 4,891 | ||
T-Gaia Corp. | 100 | 1,890 | ||
Tadano Ltd. | 200 | 1,662 | ||
Taiheiyo Cement Corp. | 100 | 2,454 | ||
Taikisha Ltd. | 100 | 2,865 | ||
Taisei Corp. | 300 | 10,224 | ||
Taiyo Nippon Sanso Corp. | 100 | 1,786 | ||
Taiyo Yuden Co. Ltd. | 300 | 8,331 | ||
Takamatsu Construction Group Co. Ltd. | 100 | 2,157 | ||
Takara Holdings, Inc. | 200 | 1,543 | ||
Takara Leben Co. Ltd. | 300 | 1,181 | ||
Takara Standard Co. Ltd. | 100 | 1,413 | ||
Takashimaya Co. Ltd. | 300 | 2,795 | ||
Takeda Pharmaceutical Co. Ltd. ADR(2) | 684 | 11,833 | ||
Takeei Corp. | 100 | 799 | ||
Takeuchi Manufacturing Co. Ltd. | 100 | 1,523 | ||
Takuma Co. Ltd. | 100 | 1,093 | ||
Tama Home Co. Ltd. | 100 | 1,171 | ||
Tamura Corp. | 200 | 930 | ||
Tatsuta Electric Wire and Cable Co. Ltd. | 200 | 954 |
38
Shares | Value | |||
TDK Corp. | 200 | $ | 19,219 | |
TechnoPro Holdings, Inc. | 100 | 5,930 | ||
Teijin Ltd. | 400 | 6,552 | ||
Terumo Corp. | 200 | 6,407 | ||
THK Co. Ltd. | 100 | 2,271 | ||
TIS, Inc. | 100 | 5,931 | ||
Toagosei Co. Ltd. | 200 | 1,986 | ||
Tobu Railway Co. Ltd. | 300 | 9,036 | ||
TOC Co. Ltd. | 200 | 1,264 | ||
Tocalo Co. Ltd. | 100 | 878 | ||
Toda Corp. | 500 | 2,976 | ||
Toho Bank Ltd. (The) | 500 | 1,014 | ||
Toho Holdings Co. Ltd. | 100 | 1,883 | ||
Tohoku Electric Power Co., Inc. | 500 | 4,382 | ||
Tokai Carbon Co. Ltd. | 300 | 2,669 | ||
TOKAI Holdings Corp. | 300 | 2,449 | ||
Tokai Rika Co. Ltd. | 100 | 1,496 | ||
Tokio Marine Holdings, Inc. | 400 | 21,416 | ||
Tokuyama Corp. | 200 | 4,475 | ||
Tokyo Century Corp. | 100 | 4,127 | ||
Tokyo Dome Corp. | 200 | 1,525 | ||
Tokyo Electric Power Co. Holdings, Inc.(2) | 1,100 | 4,170 | ||
Tokyo Electron Ltd. | 100 | 20,555 | ||
Tokyo Gas Co. Ltd. | 100 | 2,019 | ||
Tokyo Steel Manufacturing Co. Ltd. | 200 | 1,271 | ||
Tokyo Tatemono Co. Ltd. | 200 | 2,720 | ||
Tokyu Construction Co. Ltd. | 200 | 1,251 | ||
Tokyu Corp. | 500 | 7,653 | ||
Tokyu Fudosan Holdings Corp. | 400 | 2,517 | ||
TOMONY Holdings, Inc. | 300 | 835 | ||
Tomy Co. Ltd. | 100 | 883 | ||
Topcon Corp. | 200 | 1,978 | ||
Toppan Forms Co. Ltd. | 100 | 953 | ||
Toppan Printing Co. Ltd. | 300 | 5,288 | ||
Topre Corp. | 100 | 1,297 | ||
Toray Industries, Inc. | 1,200 | 6,957 | ||
Toridoll Holdings Corp. | 100 | 2,047 | ||
Torii Pharmaceutical Co. Ltd. | 100 | 2,985 | ||
Tosei Corp. | 100 | 1,074 | ||
Toshiba Corp. | 100 | 2,701 | ||
Toshiba TEC Corp. | 100 | 3,737 | ||
Tosoh Corp. | 400 | 5,452 | ||
Totetsu Kogyo Co. Ltd. | 100 | 2,612 | ||
TOTO Ltd. | 100 | 3,770 | ||
Towa Bank Ltd. (The) | 200 | 1,284 | ||
Towa Pharmaceutical Co. Ltd. | 100 | 1,980 | ||
Toyo Seikan Group Holdings Ltd. | 100 | 1,633 |
39
Shares | Value | |||
Toyo Suisan Kaisha Ltd. | 100 | $ | 4,006 | |
Toyo Tire Corp. | 200 | 2,647 | ||
Toyobo Co. Ltd. | 200 | 2,501 | ||
Toyoda Gosei Co. Ltd. | 200 | 4,248 | ||
Toyota Boshoku Corp. | 200 | 2,747 | ||
Toyota Industries Corp. | 100 | 5,265 | ||
Toyota Motor Corp. ADR | 673 | 87,995 | ||
Toyota Tsusho Corp. | 200 | 6,009 | ||
TPR Co. Ltd. | 200 | 2,769 | ||
Trend Micro, Inc. | 100 | 4,959 | ||
TS Tech Co. Ltd. | 100 | 2,592 | ||
Tsukishima Kikai Co. Ltd. | 100 | 1,147 | ||
Tsukui Corp. | 200 | 914 | ||
Tsumura & Co. | 200 | 4,643 | ||
UACJ Corp. | 100 | 1,747 | ||
Ube Industries Ltd. | 200 | 3,629 | ||
Unicharm Corp. | 100 | 3,245 | ||
Unipres Corp. | 100 | 1,074 | ||
United Super Markets Holdings, Inc. | 200 | 1,583 | ||
Universal Entertainment Corp.(2) | 100 | 2,736 | ||
Ushio, Inc. | 100 | 1,247 | ||
USS Co. Ltd. | 100 | 1,576 | ||
UT Group Co. Ltd. | 200 | 3,955 | ||
Valor Holdings Co. Ltd. | 100 | 1,509 | ||
VT Holdings Co. Ltd. | 300 | 1,003 | ||
Wacom Co. Ltd. | 400 | 1,229 | ||
Wakita & Co. Ltd. | 100 | 805 | ||
Welcia Holdings Co. Ltd. | 100 | 6,078 | ||
West Japan Railway Co. | 200 | 14,106 | ||
World Co. Ltd. | 100 | 1,885 | ||
Yakult Honsha Co. Ltd. | 100 | 4,561 | ||
YAMABIKO Corp. | 100 | 804 | ||
Yamada Denki Co. Ltd. | 600 | 2,878 | ||
Yamaguchi Financial Group, Inc. | 200 | 1,059 | ||
Yamaha Corp. | 100 | 4,878 | ||
Yamaha Motor Co. Ltd. | 600 | 9,541 | ||
Yamaichi Electronics Co. Ltd. | 100 | 1,523 | ||
Yamato Corp. | 200 | 1,115 | ||
Yamato Holdings Co. Ltd. | 100 | 1,570 | ||
Yamazaki Baking Co. Ltd. | 100 | 1,697 | ||
Yamazen Corp. | 200 | 1,599 | ||
Yaskawa Electric Corp. | 100 | 3,110 | ||
Yellow Hat Ltd. | 100 | 1,344 | ||
Yokogawa Bridge Holdings Corp. | 100 | 1,799 | ||
Yokogawa Electric Corp. | 100 | 1,630 | ||
Yokohama Reito Co. Ltd. | 200 | 1,577 | ||
Yokohama Rubber Co. Ltd. (The) | 300 | 4,853 |
40
Shares | Value | |||
Yorozu Corp. | 100 | $ | 1,187 | |
Yoshinoya Holdings Co. Ltd. | 100 | 1,988 | ||
Yotai Refractories Co. Ltd. | 200 | 1,183 | ||
Yuasa Trading Co. Ltd. | 100 | 2,811 | ||
Yumeshin Holdings Co. Ltd. | 200 | 1,312 | ||
Yurtec Corp. | 200 | 1,046 | ||
Z Holdings Corp. | 2,300 | 8,315 | ||
Zenkoku Hosho Co. Ltd. | 100 | 3,738 | ||
Zensho Holdings Co. Ltd. | 100 | 1,823 | ||
Zeon Corp. | 200 | 1,899 | ||
2,880,579 | ||||
Netherlands — 3.5% | ||||
Aalberts NV | 243 | 9,206 | ||
ABN AMRO Bank NV CVA | 251 | 3,515 | ||
Accell Group NV | 69 | 1,895 | ||
Adyen NV(2) | 7 | 6,210 | ||
Aegon NV | 3,130 | 10,579 | ||
AerCap Holdings NV(2) | 284 | 14,791 | ||
Akzo Nobel NV | 86 | 6,904 | ||
Alfen Beheer BV(2) | 69 | 2,090 | ||
Altice Europe NV(2) | 285 | 1,535 | ||
AMG Advanced Metallurgical Group NV | 95 | 2,228 | ||
ASM International NV | 101 | 11,843 | ||
ASML Holding NV (New York) | 201 | 55,619 | ||
ASR Nederland NV | 374 | 12,494 | ||
Basic-Fit NV(2) | 101 | 3,396 | ||
BE Semiconductor Industries NV | 276 | 10,787 | ||
Boskalis Westminster | 159 | 3,494 | ||
Coca-Cola European Partners plc | 202 | 10,294 | ||
Constellium SE(2) | 73 | 905 | ||
Corbion NV | 95 | 3,456 | ||
Flow Traders | 54 | 1,290 | ||
Fugro NV CVA(2) | 269 | 2,181 | ||
Heineken Holding NV | 20 | 1,768 | ||
Heineken NV | 81 | 8,123 | ||
IMCD NV | 44 | 3,608 | ||
ING Groep NV ADR | 3,768 | 35,758 | ||
InterXion Holding NV(2) | 186 | 15,789 | ||
Just Eat Takeaway(2) | 22 | 1,922 | ||
Kendrion NV | 45 | 905 | ||
Koninklijke Ahold Delhaize NV | 1,251 | 29,360 | ||
Koninklijke BAM Groep NV | 431 | 1,194 | ||
Koninklijke DSM NV ADR(1) | 697 | 19,530 | ||
Koninklijke KPN NV | 6,913 | 16,891 | ||
Koninklijke Philips NV(1) | 241 | 10,339 | ||
Koninklijke Vopak NV | 182 | 8,703 | ||
Nederland Apparatenfabriek | 19 | 986 |
41
Shares | Value | |||
NN Group NV | 502 | $ | 17,186 | |
NXP Semiconductors NV | 185 | 21,033 | ||
Pharming Group NV(2) | 2,374 | 2,950 | ||
PostNL NV | 483 | 737 | ||
Prosus NV(2) | 119 | 8,437 | ||
Randstad NV | 240 | 12,454 | ||
SBM Offshore NV | 202 | 3,189 | ||
Signify NV | 190 | 5,680 | ||
TKH Group NV CVA | 118 | 5,361 | ||
Unilever NV (New York) | 531 | 28,016 | ||
Wolters Kluwer NV | 105 | 7,717 | ||
442,348 | ||||
New Zealand — 0.3% | ||||
a2 Milk Co. Ltd.(2) | 165 | 1,659 | ||
Air New Zealand Ltd. | 903 | 1,279 | ||
Arvida Group Ltd. | 960 | 1,011 | ||
Auckland International Airport Ltd. | 475 | 2,313 | ||
Chorus Ltd. | 680 | 2,834 | ||
Contact Energy Ltd. | 264 | 1,107 | ||
Fisher & Paykel Healthcare Corp. Ltd. | 168 | 2,711 | ||
Fletcher Building Ltd. | 840 | 2,732 | ||
Genesis Energy Ltd. | 552 | 1,049 | ||
Hallenstein Glasson Holdings Ltd. | 237 | 710 | ||
Infratil Ltd. | 578 | 1,846 | ||
Kathmandu Holdings Ltd. | 507 | 969 | ||
Mercury NZ Ltd. | 826 | 2,464 | ||
Meridian Energy Ltd. | 564 | 1,632 | ||
Metlifecare Ltd. | 271 | 1,166 | ||
New Zealand Refining Co. Ltd. (The) | 788 | 600 | ||
Ryman Healthcare Ltd. | 101 | 955 | ||
Sanford Ltd. | 199 | 885 | ||
SKYCITY Entertainment Group Ltd. | 947 | 1,899 | ||
Spark New Zealand Ltd. | 1,441 | 4,016 | ||
Summerset Group Holdings Ltd. | 218 | 1,058 | ||
Synlait Milk Ltd.(2) | 167 | 621 | ||
Z Energy Ltd. | 517 | 1,304 | ||
36,820 | ||||
Norway — 0.7% | ||||
Adevinta ASA(2) | 94 | 997 | ||
Aker BP ASA | 110 | 2,611 | ||
Atea ASA(2) | 72 | 818 | ||
Austevoll Seafood ASA | 108 | 966 | ||
Avance Gas Holding Ltd.(2) | 187 | 810 | ||
Bakkafrost P/F | 34 | 2,147 | ||
Borregaard ASA | 101 | 1,082 | ||
Bouvet ASA | 26 | 1,086 | ||
BW Energy Ltd.(2) | 49 | 89 |
42
Shares | Value | |||
BW LPG Ltd. | 210 | $ | 1,327 | |
BW Offshore Ltd.(2) | 245 | 938 | ||
DNB ASA | 566 | 9,468 | ||
DNO ASA | 928 | 643 | ||
Elkem ASA | 447 | 870 | ||
Entra ASA | 98 | 1,544 | ||
Equinor ASA ADR(1) | 668 | 10,387 | ||
Frontline Ltd. | 96 | 786 | ||
Gjensidige Forsikring ASA | 102 | 2,079 | ||
Golden Ocean Group Ltd. | 201 | 805 | ||
Grieg Seafood ASA | 66 | 843 | ||
Kongsberg Gruppen ASA | 66 | 1,101 | ||
Leroy Seafood Group ASA | 159 | 990 | ||
Mowi ASA(1) | 249 | 5,277 | ||
Nordic Semiconductor ASA(2) | 175 | 942 | ||
Norsk Hydro ASA | 1,136 | 3,333 | ||
Norway Royal Salmon ASA | 39 | 906 | ||
Norwegian Finans Holding ASA(2) | 272 | 2,553 | ||
Odfjell Drilling Ltd.(2) | 354 | 906 | ||
Orkla ASA | 286 | 2,403 | ||
PGS ASA(2) | 1,017 | 1,436 | ||
Salmar ASA | 30 | 1,354 | ||
Sbanken ASA | 137 | 930 | ||
Schibsted ASA, B Shares | 39 | 938 | ||
Selvaag Bolig ASA | 147 | 931 | ||
SpareBank 1 Nord Norge | 222 | 1,722 | ||
Sparebank 1 Oestlandet | 104 | 1,043 | ||
SpareBank 1 SMN | 201 | 2,030 | ||
SpareBank 1 SR-Bank ASA | 164 | 1,578 | ||
Sparebanken More | 30 | 1,050 | ||
Sparebanken Vest | 211 | 1,532 | ||
Stolt-Nielsen Ltd. | 82 | 901 | ||
Storebrand ASA | 365 | 2,367 | ||
Subsea 7 SA | 437 | 3,842 | ||
Telenor ASA | 279 | 4,544 | ||
TGS NOPEC Geophysical Co. ASA | 149 | 3,410 | ||
Tomra Systems ASA | 35 | 1,114 | ||
Yara International ASA | 46 | 1,682 | ||
91,111 | ||||
Portugal — 0.2% | ||||
Banco Comercial Portugues SA, R Shares | 4,784 | 863 | ||
EDP - Energias de Portugal SA | 1,428 | 6,668 | ||
Galp Energia SGPS SA | 451 | 6,191 | ||
Jeronimo Martins SGPS SA | 195 | 3,440 | ||
REN - Redes Energeticas Nacionais SGPS SA | 1,227 | 3,416 | ||
Sonae SGPS SA | 1,952 | 1,532 | ||
22,110 |
43
Shares | Value | |||
Singapore — 1.2% | ||||
Accordia Golf Trust | 2,000 | $ | 883 | |
AEM Holdings Ltd. | 1,000 | 1,528 | ||
CapitaLand Ltd. | 1,600 | 4,090 | ||
City Developments Ltd. | 900 | 6,310 | ||
ComfortDelGro Corp. Ltd. | 3,000 | 4,231 | ||
DBS Group Holdings Ltd. ADR | 324 | 22,541 | ||
Frencken Group Ltd. | 1,500 | 904 | ||
Golden Agri-Resources Ltd. | 9,900 | 1,413 | ||
GuocoLand Ltd. | 800 | 969 | ||
Hour Glass Ltd. (The) | 1,700 | 893 | ||
Hutchison Port Holdings Trust, U Shares | 9,500 | 1,396 | ||
Jardine Cycle & Carriage Ltd. | 100 | 1,927 | ||
Keppel Corp. Ltd. | 600 | 2,743 | ||
Keppel Infrastructure Trust | 4,100 | 1,538 | ||
NetLink NBN Trust | 1,500 | 1,058 | ||
OUE Ltd. | 1,000 | 995 | ||
Oversea-Chinese Banking Corp. Ltd. | 2,000 | 15,354 | ||
Oxley Holdings Ltd. | 3,800 | 845 | ||
Raffles Medical Group Ltd. | 1,900 | 1,356 | ||
Rex International Holding Ltd.(2) | 7,900 | 1,126 | ||
SATS Ltd. | 300 | 877 | ||
Sembcorp Industries Ltd. | 1,900 | 2,524 | ||
Sembcorp Marine Ltd.(2) | 1,900 | 1,491 | ||
Sheng Siong Group Ltd. | 1,600 | 1,430 | ||
Singapore Airlines Ltd. | 1,000 | 5,791 | ||
Singapore Exchange Ltd. | 1,400 | 8,608 | ||
Singapore Post Ltd. | 4,500 | 2,543 | ||
Singapore Press Holdings Ltd.(1) | 2,000 | 2,713 | ||
Singapore Technologies Engineering Ltd. | 1,900 | 5,744 | ||
Singapore Telecommunications Ltd. | 4,000 | 8,657 | ||
StarHub Ltd. | 1,000 | 1,070 | ||
UMS Holdings Ltd. | 1,600 | 1,033 | ||
United Overseas Bank Ltd. | 1,100 | 19,516 | ||
UOL Group Ltd. | 1,400 | 7,490 | ||
Venture Corp. Ltd. | 100 | 1,198 | ||
Vicom Ltd. | 200 | 1,137 | ||
Wilmar International Ltd. | 3,000 | 8,547 | ||
Wing Tai Holdings Ltd. | 800 | 1,122 | ||
Yangzijiang Shipbuilding Holdings Ltd. | 3,500 | 2,418 | ||
Yanlord Land Group Ltd. | 1,200 | 1,006 | ||
157,015 | ||||
Spain — 2.6% | ||||
Acciona SA(1) | 61 | 7,738 | ||
Acerinox SA | 309 | 2,903 | ||
ACS Actividades de Construccion y Servicios SA | 64 | 1,928 | ||
Aena SME SA | 68 | 10,946 |
44
Shares | Value | |||
Almirall SA | 122 | $ | 1,599 | |
Amadeus IT Group SA | 254 | 17,997 | ||
Applus Services SA | 84 | 949 | ||
Banco Bilbao Vizcaya Argentaria SA ADR | 6,392 | 30,426 | ||
Banco de Sabadell SA | 10,524 | 9,272 | ||
Banco Santander SA ADR | 4,612 | 16,880 | ||
Bankia SA | 1,112 | 1,773 | ||
Bankinter SA | 1,013 | 6,020 | ||
Bolsas y Mercados Espanoles SHMSF SA | 136 | 5,193 | ||
CaixaBank SA | 4,067 | 10,516 | ||
Cellnex Telecom SA | 131 | 6,410 | ||
Cia de Distribucion Integral Logista Holdings SA | 44 | 894 | ||
Construcciones y Auxiliar de Ferrocarriles SA | 43 | 1,876 | ||
Ebro Foods SA | 96 | 1,816 | ||
Enagas SA | 325 | 8,423 | ||
Ence Energia y Celulosa SA(1) | 332 | 1,193 | ||
Endesa SA | 346 | 8,913 | ||
Ercros SA | 385 | 976 | ||
Faes Farma SA | 176 | 849 | ||
Ferrovial SA | 615 | 17,657 | ||
Fomento de Construcciones y Contratas SA | 120 | 1,427 | ||
Gestamp Automocion SA | 217 | 759 | ||
Grifols SA | 122 | 3,927 | ||
Grupo Catalana Occidente SA | 69 | 2,166 | ||
Iberdrola SA | 2,984 | 34,151 | ||
Industria de Diseno Textil SA | 695 | 21,631 | ||
Liberbank SA | 2,918 | 906 | ||
Mapfre SA | 364 | 820 | ||
Masmovil Ibercom SA(2) | 46 | 922 | ||
Mediaset Espana Comunicacion SA | 230 | 1,166 | ||
Melia Hotels International SA | 378 | 2,620 | ||
Miquel y Costas & Miquel SA | 58 | 868 | ||
Naturgy Energy Group SA | 63 | 1,474 | ||
Neinor Homes SA(2) | 162 | 1,860 | ||
Prosegur Cash SA | 627 | 918 | ||
Prosegur Cia de Seguridad SA | 329 | 1,233 | ||
Red Electrica Corp. SA | 820 | 15,729 | ||
Repsol SA | 2,151 | 24,419 | ||
Sacyr SA | 1,181 | 3,167 | ||
Siemens Gamesa Renewable Energy SA | 141 | 2,280 | ||
Talgo SA(2) | 319 | 1,864 | ||
Tecnicas Reunidas SA(2) | 117 | 2,649 | ||
Telefonica SA ADR | 2,727 | 16,117 | ||
Tubacex SA | 322 | 771 | ||
Unicaja Banco SA | 1,492 | 1,395 | ||
Viscofan SA | 71 | 3,826 | ||
Zardoya Otis SA | 200 | 1,506 | ||
323,718 |
45
Shares | Value | |||
Sweden — 2.9% | ||||
AAK AB | 88 | $ | 1,521 | |
AF POYRY AB | 67 | 1,526 | ||
Alfa Laval AB | 189 | 4,291 | ||
Amasten Fastighets AB(2) | 1,158 | 941 | ||
Assa Abloy AB, B Shares | 316 | 7,102 | ||
Atlas Copco AB, B Shares | 254 | 7,956 | ||
Atlas Copco AB ADR | 434 | 15,381 | ||
Atrium Ljungberg AB, B Shares | 56 | 1,142 | ||
Avanza Bank Holding AB | 146 | 1,453 | ||
Axfood AB | 47 | 875 | ||
Beijer Ref AB | 83 | 2,264 | ||
Bilia AB, A Shares | 264 | 2,550 | ||
BillerudKorsnas AB | 201 | 2,450 | ||
BioArctic AB | 99 | 749 | ||
BioGaia AB, B Shares | 25 | 1,140 | ||
Boliden AB | 382 | 8,091 | ||
Bonava AB, B Shares | 104 | 830 | ||
Bravida Holding AB | 274 | 2,512 | ||
Bure Equity AB | 83 | 1,571 | ||
Castellum AB | 235 | 5,419 | ||
Catena AB | 31 | 1,033 | ||
Clas Ohlson AB, B Shares | 178 | 1,762 | ||
Cloetta AB, B Shares | 312 | 964 | ||
Dios Fastigheter AB | 130 | 1,164 | ||
Dometic Group AB | 104 | 883 | ||
Electrolux AB, Series B | 395 | 7,960 | ||
Elekta AB, B Shares(1) | 87 | 922 | ||
Embracer Group AB(2) | 141 | 1,376 | ||
Eolus Vind AB, B Shares | 99 | 1,429 | ||
Epiroc AB, A Shares | 770 | 8,907 | ||
Epiroc AB, B Shares | 454 | 5,089 | ||
Essity AB, B Shares | 281 | 8,427 | ||
Fabege AB | 170 | 2,796 | ||
Fastighets AB Balder, B Shares(2) | 76 | 3,594 | ||
Fortnox AB(2) | 88 | 1,715 | ||
Getinge AB, B Shares | 75 | 1,271 | ||
Granges AB | 204 | 1,647 | ||
Hennes & Mauritz AB, B Shares | 750 | 13,567 | ||
Hexagon AB, B Shares | 74 | 3,983 | ||
Hexpol AB | 230 | 1,738 | ||
Hoist Finance AB(2) | 298 | 1,419 | ||
Holmen AB, B Shares | 125 | 3,536 | ||
Hufvudstaden AB, A Shares | 85 | 1,529 | ||
Husqvarna AB, B Shares | 338 | 2,273 | ||
ICA Gruppen AB | 77 | 2,879 | ||
Indutrade AB | 83 | 2,706 |
46
Shares | Value | |||
JM AB | 56 | $ | 1,541 | |
Karo Pharma AB(2) | 252 | 1,063 | ||
Klovern AB, B Shares | 1,138 | 2,615 | ||
Kopparbergs Bryggeri AB, B Shares(2) | 56 | 847 | ||
Kungsleden AB | 252 | 2,594 | ||
Lifco AB, B Shares | 19 | 999 | ||
Lindab International AB | 104 | 1,254 | ||
Loomis AB, B Shares | 25 | 877 | ||
Lundin Petroleum AB | 73 | 2,081 | ||
Mekonomen AB(2) | 117 | 925 | ||
Millicom International Cellular SA SDR | 118 | 5,455 | ||
Modern Times Group MTG AB, B Shares(2) | 95 | 840 | ||
Munters Group AB(2) | 204 | 939 | ||
Mycronic AB | 179 | 2,538 | ||
NCC AB, B Shares | 65 | 1,151 | ||
NetEnt AB(2) | 455 | 1,166 | ||
Nibe Industrier AB, B Shares | 155 | 2,509 | ||
Nobia AB | 176 | 1,145 | ||
Nobina AB | 256 | 1,790 | ||
Nolato AB, B Shares | 28 | 1,477 | ||
Nordea Bank Abp | 1,740 | 13,919 | ||
Nordic Entertainment Group AB, B Shares | 97 | 2,929 | ||
NP3 Fastigheter AB | 89 | 1,035 | ||
Nyfosa AB(2) | 245 | 2,007 | ||
Pandox AB | 95 | 1,773 | ||
Paradox Interactive AB(1) | 70 | 978 | ||
Peab AB, Class B | 253 | 2,544 | ||
RaySearch Laboratories AB(2) | 89 | 782 | ||
Recipharm AB, B Shares | 69 | 953 | ||
Resurs Holding AB | 176 | 956 | ||
Saab AB, B Shares(1) | 109 | 2,983 | ||
Samhallsbyggnadsbolaget i Norden AB | 980 | 2,780 | ||
Sandvik AB | 911 | 15,149 | ||
SAS AB(2) | 644 | 674 | ||
Scandi Standard AB | 134 | 882 | ||
Scandic Hotels Group AB | 110 | 1,026 | ||
Securitas AB, B Shares | 136 | 1,855 | ||
Skandinaviska Enskilda Banken AB, A Shares | 1,173 | 11,260 | ||
Skanska AB, B Shares | 189 | 4,155 | ||
SKF AB, B Shares | 628 | 11,099 | ||
SkiStar AB | 80 | 794 | ||
Spotify Technology SA(2) | 40 | 5,485 | ||
SSAB AB, A Shares | 329 | 1,021 | ||
SSAB AB, B Shares | 1,243 | 3,607 | ||
Stillfront Group AB(2) | 27 | 1,203 | ||
Svenska Cellulosa AB SCA, B Shares | 597 | 5,734 | ||
Svenska Handelsbanken AB, A Shares | 1,087 | 11,006 |
47
Shares | Value | |||
Sweco AB, B Shares | 56 | $ | 1,801 | |
Swedbank AB, A Shares | 846 | 12,911 | ||
Swedish Orphan Biovitrum AB(2) | 63 | 1,083 | ||
Tele2 AB, B Shares | 267 | 3,887 | ||
Telefonaktiebolaget LM Ericsson ADR | 1,504 | 12,092 | ||
Telia Co. AB | 2,325 | 9,263 | ||
Tethys Oil AB | 134 | 889 | ||
Thule Group AB | 47 | 1,026 | ||
Trelleborg AB, B Shares | 239 | 3,712 | ||
Vitec Software Group AB, B Shares | 61 | 1,166 | ||
Volvo AB, B Shares | 1,086 | 16,952 | ||
Wallenstam AB, B Shares | 155 | 1,900 | ||
Wihlborgs Fastigheter AB | 157 | 3,015 | ||
366,425 | ||||
Switzerland — 8.1% | ||||
ABB Ltd. ADR(1) | 909 | 19,671 | ||
Adecco Group AG | 45 | 2,432 | ||
Alcon, Inc.(2) | 149 | 9,144 | ||
Allreal Holding AG(2) | 22 | 4,706 | ||
Aluflexpack AG(2) | 50 | 1,137 | ||
ams AG(2) | 302 | 10,646 | ||
APG SGA SA | 4 | 1,067 | ||
Arbonia AG(2) | 83 | 921 | ||
Aryzta AG(2) | 998 | 857 | ||
Baloise Holding AG | 62 | 9,996 | ||
Banque Cantonale Vaudoise | 3 | 2,416 | ||
Barry Callebaut AG | 3 | 6,207 | ||
Belimo Holding AG | 1 | 6,546 | ||
Bell Food Group AG | 4 | 1,032 | ||
BKW AG | 15 | 1,299 | ||
Bossard Holding AG, Class A | 13 | 1,782 | ||
Bucher Industries AG | 8 | 2,512 | ||
Cembra Money Bank AG | 51 | 5,779 | ||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 1 | 7,823 | ||
Cie Financiere Richemont SA | 312 | 21,427 | ||
Clariant AG(2) | 534 | 11,268 | ||
Comet Holding AG | 9 | 1,103 | ||
Conzzeta AG | 5 | 5,100 | ||
Credit Suisse Group AG ADR(2) | 3,224 | 36,367 | ||
Daetwyler Holding AG | 13 | 2,084 | ||
DKSH Holding AG | 28 | 1,593 | ||
dormakaba Holding AG(2) | 5 | 2,988 | ||
Dufry AG(2) | 11 | 805 | ||
EFG International AG(2) | 172 | 992 | ||
Emmi AG | 2 | 1,738 | ||
EMS-Chemie Holding AG | 8 | 4,719 | ||
Flughafen Zurich AG | 36 | 5,458 |
48
Shares | Value | |||
Forbo Holding AG | 3 | $ | 4,453 | |
Galenica AG(2) | 134 | 9,042 | ||
Geberit AG | 28 | 14,040 | ||
Georg Fischer AG | 12 | 10,391 | ||
Givaudan SA | 5 | 15,589 | ||
Gurit Holding AG | 1 | 1,491 | ||
Helvetia Holding AG | 47 | 6,279 | ||
Huber + Suhner AG | 17 | 1,141 | ||
Inficon Holding AG | 7 | 4,918 | ||
Interroll Holding AG | 1 | 1,791 | ||
Intershop Holding AG | 2 | 1,341 | ||
Julius Baer Group Ltd.(2) | 282 | 11,847 | ||
Kardex AG | 23 | 3,620 | ||
Komax Holding AG | 7 | 1,333 | ||
Kuehne + Nagel International AG | 74 | 10,845 | ||
LafargeHolcim Ltd.(2) | 396 | 18,481 | ||
Landis+Gyr Group AG(2) | 32 | 2,619 | ||
LEM Holding SA | 2 | 2,609 | ||
Liechtensteinische Landesbank AG | 17 | 1,079 | ||
Logitech International SA | 207 | 8,110 | ||
Lonza Group AG(2) | 27 | 10,790 | ||
Medacta Group SA(2) | 12 | 937 | ||
Mobilezone Holding AG(2) | 94 | 1,027 | ||
Mobimo Holding AG(2) | 10 | 3,002 | ||
Nestle SA ADR | 870 | 89,532 | ||
Novartis AG ADR | 1,111 | 93,280 | ||
Orior AG | 20 | 1,859 | ||
Partners Group Holding AG | 29 | 25,351 | ||
PSP Swiss Property AG | 59 | 8,735 | ||
Rieter Holding AG | 8 | 956 | ||
Roche Holding AG ADR | 4,146 | 165,384 | ||
Schindler Holding AG | 25 | 5,421 | ||
Schindler Holding AG, Bearer Participation Certificate | 51 | 11,475 | ||
Schweiter Technologies AG | 1 | 1,173 | ||
Sensirion Holding AG(2) | 25 | 917 | ||
SFS Group AG | 36 | 3,009 | ||
SGS SA | 2 | 4,984 | ||
Siegfried Holding AG(2) | 13 | 5,657 | ||
SIG Combibloc Group AG(2) | 72 | 1,074 | ||
Sika AG | 162 | 28,944 | ||
Sonova Holding AG | 12 | 2,874 | ||
St Galler Kantonalbank AG | 3 | 1,379 | ||
Stadler Rail AG(2) | 22 | 1,040 | ||
Straumann Holding AG | 4 | 3,757 | ||
Sulzer AG | 45 | 4,184 | ||
Sunrise Communications Group AG(2) | 71 | 5,781 | ||
Swatch Group AG (The) | 59 | 2,543 |
49
Shares | Value | |||
Swatch Group AG (The), Bearer Shares | 32 | $ | 7,418 | |
Swiss Life Holding AG | 51 | 23,438 | ||
Swiss Prime Site AG(2) | 103 | 12,418 | ||
Swiss Re AG | 206 | 19,671 | ||
Swisscom AG | 44 | 23,474 | ||
Swissquote Group Holding SA | 22 | 1,240 | ||
Tecan Group AG | 8 | 2,254 | ||
Temenos AG ADR | 40 | 5,700 | ||
u-blox Holding AG(2) | 11 | 865 | ||
UBS Group AG(2) | 4,845 | 53,295 | ||
Valiant Holding AG | 14 | 1,395 | ||
VAT Group AG(2) | 35 | 4,802 | ||
Vetropack Holding AG | 1 | 2,646 | ||
Vifor Pharma AG | 35 | 5,851 | ||
Vontobel Holding AG | 65 | 4,309 | ||
VZ Holding AG | 4 | 1,379 | ||
Ypsomed Holding AG(2) | 8 | 1,146 | ||
Zehnder Group AG | 27 | 1,273 | ||
Zurich Insurance Group AG | 128 | 49,814 | ||
1,030,087 | ||||
United Kingdom — 14.6% | ||||
3i Group plc | 618 | 8,057 | ||
Abcam plc | 58 | 864 | ||
Admiral Group plc | 328 | 8,958 | ||
Aggreko plc | 610 | 5,404 | ||
Anglo American plc ADR(1) | 2,954 | 34,355 | ||
Anglo Asian Mining plc | 529 | 808 | ||
Antofagasta plc | 363 | 3,544 | ||
Ashmore Group plc | 293 | 1,754 | ||
Ashtead Group plc | 878 | 27,483 | ||
ASOS plc(2) | 30 | 1,155 | ||
Associated British Foods plc | 104 | 3,030 | ||
Aston Martin Lagonda Global Holdings plc(2) | 154 | 683 | ||
AstraZeneca plc ADR | 1,748 | 76,562 | ||
Augean plc(2) | 438 | 1,072 | ||
Auto Trader Group plc | 1,262 | 8,516 | ||
Avast plc | 411 | 2,111 | ||
Avation plc | 288 | 954 | ||
AVEVA Group plc | 19 | 1,082 | ||
Aviva plc | 4,568 | 20,963 | ||
B&M European Value Retail SA | 596 | 2,565 | ||
BAE Systems plc ADR | 284 | 8,881 | ||
Bank of Georgia Group plc | 54 | 1,177 | ||
Barclays plc ADR(1) | 4,075 | 31,377 | ||
Barratt Developments plc | 759 | 7,456 | ||
Beazley plc | 264 | 1,817 | ||
Bellway plc | 161 | 7,765 |
50
Shares | Value | |||
Berkeley Group Holdings plc | 113 | $ | 6,950 | |
BHP Group plc ADR | 785 | 28,496 | ||
Biffa plc | 312 | 1,052 | ||
Bodycote plc | 355 | 3,503 | ||
boohoo Group plc(2) | 1,172 | 4,385 | ||
BP plc ADR | 2,430 | 76,035 | ||
Brewin Dolphin Holdings plc | 270 | 1,050 | ||
Britvic plc | 710 | 7,788 | ||
BT Group plc | 11,850 | 21,897 | ||
Bunzl plc | 109 | 2,649 | ||
Burberry Group plc | 689 | 15,052 | ||
Burford Capital Ltd. | 226 | 1,573 | ||
Cairn Energy plc(2) | 2,038 | 3,696 | ||
Capita plc(2) | 2,336 | 3,884 | ||
Capital & Counties Properties plc | 821 | 2,097 | ||
Carnival plc ADR | 53 | 1,687 | ||
Centamin plc | 1,232 | 2,038 | ||
Central Asia Metals plc | 539 | 1,307 | ||
Centrica plc | 986 | 925 | ||
Chemring Group plc | 1,059 | 3,300 | ||
Clinigen Group plc(2) | 90 | 833 | ||
Close Brothers Group plc | 253 | 4,199 | ||
CMC Markets plc | 540 | 1,045 | ||
Coats Group plc | 4,973 | 3,795 | ||
Coca-Cola HBC AG(2) | 194 | 6,179 | ||
Compass Group plc | 1,266 | 27,796 | ||
Computacenter plc | 91 | 1,894 | ||
ConvaTec Group plc | 730 | 1,931 | ||
Countryside Properties plc | 390 | 2,378 | ||
Cranswick plc | 36 | 1,550 | ||
Crest Nicholson Holdings plc | 631 | 3,690 | ||
Croda International plc | 165 | 9,676 | ||
CVS Group plc | 86 | 1,182 | ||
Daily Mail & General Trust plc | 93 | 888 | ||
Dart Group plc | 335 | 5,318 | ||
DCC plc | 44 | 3,165 | ||
Dechra Pharmaceuticals plc | 30 | 1,031 | ||
Devro plc | 465 | 896 | ||
DFS Furniture plc | 337 | 1,057 | ||
Diageo plc ADR | 295 | 41,863 | ||
Diploma plc | 69 | 1,677 | ||
Direct Line Insurance Group plc | 1,702 | 6,746 | ||
Diversified Gas & Oil plc | 2,732 | 2,795 | ||
Dixons Carphone plc | 686 | 1,098 | ||
Domino's Pizza Group plc | 273 | 1,041 | ||
Drax Group plc | 1,060 | 3,713 | ||
DS Smith plc | 1,268 | 5,174 |
51
Shares | Value | |||
Dunelm Group plc | 391 | $ | 5,470 | |
easyJet plc | 459 | 6,558 | ||
Eckoh plc | 1,273 | 918 | ||
Electrocomponents plc | 1,242 | 9,783 | ||
EMIS Group plc | 73 | 1,073 | ||
EnQuest plc(2) | 4,373 | 1,157 | ||
Essentra plc | 184 | 853 | ||
Euromoney Institutional Investor plc | 62 | 861 | ||
Evraz plc | 638 | 2,768 | ||
Experian plc ADR(1) | 439 | 14,702 | ||
Ferguson plc | 342 | 29,873 | ||
Ferrexpo plc | 550 | 928 | ||
Firstgroup plc(2) | 819 | 1,237 | ||
Forterra plc | 656 | 2,781 | ||
Frasers Group plc(2) | 541 | 2,696 | ||
Fresnillo plc | 133 | 1,030 | ||
Frontier Developments plc(2) | 65 | 951 | ||
G4S plc | 1,258 | 2,771 | ||
Galliford Try Holdings plc | 416 | 825 | ||
Games Workshop Group plc | 91 | 7,411 | ||
Gateley Holdings plc | 451 | 1,004 | ||
Genus plc | 25 | 1,020 | ||
GlaxoSmithKline plc ADR | 1,546 | 62,659 | ||
Glencore plc(2) | 13,675 | 34,990 | ||
Go-Ahead Group plc (The) | 148 | 3,725 | ||
Golar LNG Ltd. | 156 | 1,999 | ||
Grafton Group plc | 92 | 1,027 | ||
Grainger plc | 592 | 2,248 | ||
Greggs plc | 242 | 6,525 | ||
Gulf Keystone Petroleum Ltd. | 636 | 1,215 | ||
Gym Group plc (The) | 298 | 1,005 | ||
Halma plc | 119 | 2,968 | ||
Hargreaves Lansdown plc | 210 | 4,206 | ||
Hays plc | 2,224 | 3,991 | ||
Helical plc | 188 | 1,135 | ||
Hikma Pharmaceuticals plc | 115 | 2,654 | ||
Hill & Smith Holdings plc | 93 | 1,629 | ||
Hiscox Ltd. | 62 | 984 | ||
Hochschild Mining plc | 462 | 944 | ||
HomeServe plc | 206 | 3,195 | ||
Hotel Chocolat Group plc | 183 | 951 | ||
Howden Joinery Group plc | 1,324 | 10,979 | ||
HSBC Holdings plc ADR(1) | 1,507 | 50,590 | ||
Ibstock plc | 1,074 | 3,820 | ||
IG Group Holdings plc | 751 | 6,511 | ||
IMI plc | 549 | 7,202 | ||
Inchcape plc | 859 | 6,367 |
52
Shares | Value | |||
Indivior plc(2) | 1,994 | $ | 1,110 | |
Informa plc | 300 | 2,676 | ||
IntegraFin Holdings plc | 510 | 3,161 | ||
InterContinental Hotels Group plc | 41 | 2,257 | ||
Intermediate Capital Group plc | 145 | 2,990 | ||
International Personal Finance plc | 904 | 1,689 | ||
Intertek Group plc | 115 | 7,851 | ||
Investec plc | 1,082 | 5,487 | ||
ITV plc | 5,603 | 8,463 | ||
IWG plc | 912 | 4,156 | ||
J D Wetherspoon plc | 205 | 3,562 | ||
J Sainsbury plc | 4,387 | 11,110 | ||
Jadestone Energy, Inc.(2) | 2,676 | 2,049 | ||
JD Sports Fashion plc | 790 | 7,551 | ||
John Laing Group plc | 857 | 3,712 | ||
Johnson Matthey plc | 97 | 3,204 | ||
Judges Scientific plc | 18 | 1,126 | ||
Just Group plc(2) | 2,341 | 2,224 | ||
Kainos Group plc | 130 | 1,246 | ||
KAZ Minerals plc | 509 | 2,762 | ||
Keller Group plc | 139 | 1,168 | ||
Kingfisher plc | 3,058 | 7,513 | ||
Knights Group Holdings plc | 237 | 1,281 | ||
Lancashire Holdings Ltd. | 109 | 1,010 | ||
Legal & General Group plc | 3,655 | 12,327 | ||
Liberty Global plc, Class A(2) | 256 | 4,997 | ||
Liberty Global plc, Class C(2) | 653 | 12,139 | ||
Liontrust Asset Management plc | 155 | 2,219 | ||
Lloyds Banking Group plc ADR | 13,889 | 35,417 | ||
London Stock Exchange Group plc | 121 | 11,836 | ||
Luxfer Holdings plc | 57 | 884 | ||
M&G plc(2) | 2,371 | 6,090 | ||
Man Group plc | 522 | 991 | ||
Marks & Spencer Group plc | 4,005 | 8,246 | ||
Marshalls plc | 214 | 2,019 | ||
Marston's plc | 2,246 | 2,612 | ||
McCarthy & Stone plc | 553 | 954 | ||
Mediclinic International plc | 414 | 1,832 | ||
Meggitt plc | 327 | 2,293 | ||
Micro Focus International plc ADR | 162 | 1,555 | ||
Mitchells & Butlers plc(2) | 600 | 2,579 | ||
Mitie Group plc | 615 | 1,120 | ||
Mondi plc | 757 | 15,321 | ||
Moneysupermarket.com Group plc | 1,247 | 5,002 | ||
Morgan Advanced Materials plc | 653 | 2,344 | ||
Morgan Sindall Group plc | 55 | 1,241 | ||
Mortgage Advice Bureau Holdings Ltd. | 122 | 1,154 |
53
Shares | Value | |||
Motorpoint group plc | 7 | $ | 28 | |
Naked Wines plc(1) | 355 | 948 | ||
National Express Group plc | 283 | 1,546 | ||
National Grid plc ADR(1) | 369 | 23,343 | ||
Network International Holdings plc(2) | 582 | 4,028 | ||
Next plc | 250 | 19,762 | ||
NMC Health plc | 33 | 409 | ||
Norcros plc | 340 | 931 | ||
Ocado Group plc(2) | 466 | 6,444 | ||
On the Beach Group plc | 178 | 744 | ||
OneSavings Bank plc | 813 | 4,254 | ||
Pagegroup plc | 942 | 4,974 | ||
Paragon Banking Group plc | 548 | 3,241 | ||
Pearson plc ADR(1) | 140 | 1,008 | ||
Pennon Group plc | 714 | 9,950 | ||
Persimmon plc | 175 | 6,428 | ||
Petrofac Ltd. | 574 | 2,377 | ||
Petropavlovsk plc(1)(2) | 9,772 | 2,317 | ||
Phoenix Group Holdings plc | 764 | 6,834 | ||
Photo-Me International plc | 906 | 972 | ||
Playtech plc | 261 | 845 | ||
Plus500 Ltd. | 448 | 5,484 | ||
Premier Oil plc(2) | 3,028 | 3,088 | ||
Provident Financial plc | 260 | 1,357 | ||
Prudential plc ADR | 414 | 13,695 | ||
PZ Cussons plc | 381 | 871 | ||
QinetiQ Group plc | 372 | 1,663 | ||
Quilter plc | 5,486 | 10,380 | ||
Rathbone Brothers plc | 41 | 878 | ||
Reach plc | 1,198 | 2,278 | ||
Reckitt Benckiser Group plc | 214 | 15,796 | ||
Redde Northgate plc | 919 | 2,950 | ||
Redrow plc | 528 | 5,084 | ||
RELX plc ADR(1) | 1,107 | 26,734 | ||
Renishaw plc | 21 | 955 | ||
Rentokil Initial plc | 1,298 | 8,120 | ||
Restaurant Group plc (The) | 616 | 844 | ||
Restore plc | 170 | 991 | ||
Rhi Magnesita NV | 36 | 1,396 | ||
Rightmove plc | 1,837 | 14,695 | ||
Rio Tinto plc ADR | 943 | 44,255 | ||
Rolls-Royce Holdings plc ADR | 353 | 2,877 | ||
Rotork plc | 753 | 2,769 | ||
Royal Bank of Scotland Group plc ADR(1) | 2,727 | 12,626 | ||
Royal Dutch Shell plc, Class A ADR | 1,187 | 52,264 | ||
Royal Dutch Shell plc, Class B ADR(1) | 1,062 | 47,291 | ||
Royal Mail plc | 2,480 | 5,200 |
54
Shares | Value | |||
RPS Group plc | 912 | $ | 1,437 | |
RSA Insurance Group plc | 720 | 4,822 | ||
Sabre Insurance Group plc | 263 | 947 | ||
Saga plc | 1,626 | 682 | ||
Sage Group plc (The) | 590 | 5,255 | ||
Savills plc | 124 | 1,735 | ||
Schroders plc | 67 | 2,464 | ||
Serco Group plc(2) | 541 | 1,066 | ||
Serica Energy plc(2) | 638 | 823 | ||
Severn Trent plc | 98 | 3,120 | ||
SIG plc | 916 | 749 | ||
Sirius Real Estate Ltd. | 2,351 | 2,441 | ||
Smith & Nephew plc ADR | 175 | 7,889 | ||
Smiths Group plc | 180 | 3,584 | ||
Softcat plc | 235 | 3,213 | ||
Spectris plc | 60 | 2,113 | ||
Speedy Hire plc | 1,199 | 1,190 | ||
Spirax-Sarco Engineering plc | 43 | 4,681 | ||
Spire Healthcare Group plc | 642 | 962 | ||
Spirent Communications plc | 741 | 2,021 | ||
SSE plc | 1,358 | 26,822 | ||
SSP Group plc | 241 | 1,570 | ||
St Modwen Properties plc | 220 | 1,362 | ||
St. James's Place plc | 1,207 | 15,921 | ||
Stagecoach Group plc | 587 | 977 | ||
Standard Chartered plc | 2,620 | 18,953 | ||
Standard Life Aberdeen plc | 1,595 | 5,732 | ||
Stobart Group Ltd. | 1,118 | 1,103 | ||
Studio Retail Group plc(2) | 420 | 1,136 | ||
Superdry plc | 157 | 627 | ||
Synthomer plc | 743 | 2,694 | ||
TalkTalk Telecom Group plc | 883 | 1,252 | ||
Tate & Lyle plc | 662 | 6,042 | ||
Taylor Wimpey plc | 2,477 | 6,501 | ||
TEN Entertainment Group plc | 282 | 936 | ||
Tesco plc | 5,254 | 15,519 | ||
TI Fluid Systems plc | 394 | 1,032 | ||
Topps Tiles plc | 1,038 | 778 | ||
TP ICAP plc | 456 | 2,133 | ||
Trainline plc(2) | 174 | 1,058 | ||
Travis Perkins plc | 682 | 12,911 | ||
TUI AG | 150 | 1,183 | ||
Tullow Oil plc | 4,143 | 1,828 | ||
UDG Healthcare plc | 106 | 969 | ||
Ultra Electronics Holdings plc | 39 | 977 | ||
Unilever plc ADR | 430 | 23,190 | ||
United Utilities Group plc | 1,191 | 14,504 |
55
Shares | Value | |||
Urban & Civic plc | 233 | $ | 1,050 | |
Vertu Motors plc | 1,944 | 792 | ||
Vesuvius plc | 338 | 1,858 | ||
Victrex plc | 190 | 5,179 | ||
Virgin Money UK plc(2) | 2,836 | 5,648 | ||
Vistry Group plc | 604 | 9,953 | ||
Vodafone Group plc ADR | 2,492 | 43,610 | ||
Vp plc | 87 | 1,131 | ||
Weir Group plc (The) | 57 | 966 | ||
WH Smith plc | 236 | 5,876 | ||
Whitbread plc | 102 | 5,142 | ||
WM Morrison Supermarkets plc | 4,576 | 10,145 | ||
WPP plc ADR(1) | 58 | 2,800 | ||
1,844,064 | ||||
TOTAL COMMON STOCKS (Cost $13,775,542) | 12,567,676 | |||
RIGHTS† | ||||
Hong Kong† | ||||
Guotai Junan International Holdings Ltd.(2) | 2,666 | 4 | ||
Spain† | ||||
ACS Actividades de Construccion y Servicios SA(2) | 64 | 28 | ||
TOTAL RIGHTS (Cost $32) | 32 | |||
TEMPORARY CASH INVESTMENTS — 0.4% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $52,997) | 52,997 | 52,997 | ||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 2.7% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $342,402) | 342,402 | 342,402 | ||
TOTAL INVESTMENT SECURITIES — 102.2% (Cost $14,170,973) | 12,963,107 | |||
OTHER ASSETS AND LIABILITIES — (2.2)% | (282,417 | ) | ||
TOTAL NET ASSETS — 100.0% | $ | 12,680,690 |
56
MARKET SECTOR DIVERSIFICATION | ||
(as a % of net assets) | ||
Financials | 19.8 | % |
Industrials | 15.9 | % |
Consumer Discretionary | 12.1 | % |
Materials | 10.5 | % |
Health Care | 8.1 | % |
Information Technology | 7.3 | % |
Consumer Staples | 6.9 | % |
Energy | 6.0 | % |
Communication Services | 5.2 | % |
Utilities | 4.9 | % |
Real Estate | 2.4 | % |
Cash and Equivalents* | 0.9 | % |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other
assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||
ADR | - | American Depositary Receipt |
CVA | - | Certificaten Van Aandelen |
SDR | - | Swedish Depositary Receipt |
† | Category is less than 0.05% of total net assets. |
(1) | Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $742,873. 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. |
(2) | Non-income producing. |
(3) | Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $776,389, which includes securities collateral of $433,987. |
See Notes to Financial Statements.
57
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $13,828,571) — including $742,873 of securities on loan | $ | 12,620,705 | |
Investment made with cash collateral received for securities on loan, at value (cost of $342,402) | 342,402 | ||
Total investment securities, at value (cost of $14,170,973) | 12,963,107 | ||
Foreign currency holdings, at value (cost of $1,225) | 1,212 | ||
Receivable for investments sold | 41,056 | ||
Receivable for capital shares sold | 22,450 | ||
Dividends and interest receivable | 24,370 | ||
Securities lending receivable | 930 | ||
13,053,125 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 342,402 | ||
Payable for investments purchased | 27,567 | ||
Accrued management fees | 2,466 | ||
372,435 | |||
Net Assets | $ | 12,680,690 | |
Institutional Class Capital Shares | |||
Shares outstanding (unlimited number of shares authorized) | 1,384,772 | ||
Net Asset Value Per Share | $ | 9.16 | |
Net Assets Consist of: | |||
Capital paid in | $ | 13,858,534 | |
Distributable earnings | (1,177,844 | ) | |
$ | 12,680,690 |
See Notes to Financial Statements.
58
Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $3,793) | $ | 47,082 | |
Securities lending, net | 1,017 | ||
Interest | 300 | ||
48,399 | |||
Expenses: | |||
Management fees | 7,415 | ||
Net investment income (loss) | 40,984 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | (351 | ) | |
Foreign currency translation transactions | 3,514 | ||
3,163 | |||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | (1,207,866 | ) | |
Translation of assets and liabilities in foreign currencies | (85 | ) | |
(1,207,951 | ) | ||
Net realized and unrealized gain (loss) | (1,204,788 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,163,804 | ) |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
59
Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 40,984 | |
Net realized gain (loss) | 3,163 | ||
Change in net unrealized appreciation (depreciation) | (1,207,951 | ) | |
Net increase (decrease) in net assets resulting from operations | (1,163,804 | ) | |
Distributions to Shareholders | |||
From earnings | (14,040 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 13,907,797 | ||
Proceeds from reinvestment of distributions | 14,040 | ||
Payments for shares redeemed | (63,303 | ) | |
Net increase (decrease) in net assets from capital share transactions | 13,858,534 | ||
Net increase (decrease) in net assets | 12,680,690 | ||
Net Assets | |||
End of period | $ | 12,680,690 | |
Transactions in Shares of the Fund | |||
Sold | 1,389,684 | ||
Issued in reinvestment of distributions | 1,363 | ||
Redeemed | (6,275 | ) | |
Net increase (decrease) in shares of the fund | 1,384,772 |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
60
Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis International Equity Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek long-term capital appreciation. The fund offers the Institutional Class. The Institutional Class commenced sale on December 4, 2019, the fund's inception date.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
61
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 342,402 | — | — | — | $ | 342,402 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 342,402 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 94% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM
provides the fund with investment advisory and management services in exchange for a single, unified
management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.23%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 29, 2020 were $13,823,952 and $52,849, respectively.
5. 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.
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The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Common Stocks | ||||||||
Australia | $ | 122,536 | $ | 649,151 | — | |||
Belgium | 28,784 | 98,348 | — | |||||
Denmark | 73,887 | 145,744 | — | |||||
Finland | 5,909 | 113,254 | — | |||||
France | 279,292 | 889,389 | — | |||||
Germany | 204,463 | 725,342 | — | |||||
Hong Kong | 41,876 | 349,877 | — | |||||
Israel | 23,212 | 65,719 | — | |||||
Italy | 19,329 | 274,813 | — | |||||
Japan | 325,840 | 2,554,739 | — | |||||
Netherlands | 222,653 | 219,695 | — | |||||
Norway | 11,173 | 79,938 | — | |||||
Singapore | 22,541 | 134,474 | — | |||||
Spain | 63,423 | 260,295 | — | |||||
Sweden | 32,958 | 333,467 | — | |||||
Switzerland | 463,229 | 566,858 | — | |||||
United Kingdom | 785,780 | 1,058,284 | — | |||||
Other Countries | — | 1,321,404 | — | |||||
Rights | — | 32 | — | |||||
Temporary Cash Investments | 52,997 | — | — | |||||
Temporary Cash Investments - Securities Lending Collateral | 342,402 | — | — | |||||
$ | 3,122,284 | $ | 9,840,823 | — |
6. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing a significant portion of assets in one country or region may accentuate these risks.
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7. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 14,170,973 | |
Gross tax appreciation of investments | $ | 169,219 | |
Gross tax depreciation of investments | (1,377,085 | ) | |
Net tax appreciation (depreciation) of investments | $ | (1,207,866 | ) |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
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Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Institutional Class | |||||||||||||
2020(3) | $10.00 | 0.03 | (0.86) | (0.83) | (0.01) | $9.16 | (8.30)% | 0.23%(4) | 1.27%(4) | 0% | $12,681 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | December 4, 2019 (fund inception) through February 29, 2020 (unaudited). |
(4) | Annualized. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019, the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
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The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
70
Notes |
71
Notes |
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Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96058 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ International Small Cap Value Fund | |
Institutional Class (AVDVX) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
When the funds launched in early December, investor optimism was strong, largely due to dovish central bank policy in the U.S. and Europe. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed investors' global growth fears. Against this backdrop, key stock benchmarks rose to record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, leaving broad global equity benchmarks with losses for the reporting period. In general, U.S. stocks fared better than non-U.S. developed markets stocks, large-cap stocks held up better than small-cap stocks, and growth stocks fared better than value stocks. Emerging markets stocks proved slightly more resilient, declining but outperforming their developed markets counterparts.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Taylor Wimpey plc | 0.9% |
Banca Popolare di Sondrio SCPA | 0.8% |
ASR Nederland NV | 0.7% |
Dialog Semiconductor plc | 0.7% |
Travis Perkins plc | 0.7% |
WM Morrison Supermarkets plc | 0.6% |
J Sainsbury plc | 0.6% |
Direct Line Insurance Group plc | 0.6% |
Howden Joinery Group plc | 0.6% |
Valiant Holding AG | 0.6% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 98.3% |
Rights | —* |
Total Equity Exposure | 98.3% |
Temporary Cash Investments | 0.3% |
Temporary Cash Investments - Securities Lending Collateral | 1.9% |
Other Assets and Liabilities | (0.5)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets |
Japan | 26.8% |
United Kingdom | 16.5% |
Canada | 8.2% |
Australia | 6.5% |
Sweden | 5.5% |
Germany | 5.5% |
Switzerland | 4.7% |
Italy | 3.3% |
France | 3.2% |
Netherlands | 2.5% |
Spain | 2.0% |
Other Countries | 13.6% |
Cash and Equivalents* | 1.7% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | ||||
Institutional Class | $1,000 | $890.50(2) | $0.81(3) | 0.36% |
Hypothetical | ||||
Institutional Class | $1,000 | $1,023.07(4) | $1.81(4) | 0.36% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from December 4, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 88, the number of days in the period from December 4, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the class had been available throughout the entire period and are calculated using the class's annualized expense ratio listed in the table above. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 98.3% | ||||
Australia — 6.5% | ||||
Adairs Ltd. | 1,903 | $ | 2,996 | |
Adelaide Brighton Ltd.(1) | 2,980 | 5,734 | ||
Alkane Resources Ltd.(2) | 6,463 | 3,326 | ||
Alliance Aviation Services Ltd. | 1,390 | 2,122 | ||
Asaleo Care Ltd.(2) | 8,875 | 6,065 | ||
Aurelia Metals Ltd. | 13,692 | 3,520 | ||
Austal Ltd. | 6,220 | 14,022 | ||
Australian Finance Group Ltd. | 3,580 | 6,004 | ||
Australian Pharmaceutical Industries Ltd. | 7,797 | 6,076 | ||
Byron Energy Ltd.(2) | 7,834 | 1,336 | ||
Cardno Ltd.(2) | 4,477 | 1,227 | ||
Cedar Woods Properties Ltd. | 758 | 3,450 | ||
Class Ltd. | 1,392 | 1,417 | ||
Coronado Global Resources, Inc. | 2,917 | 3,064 | ||
Costa Group Holdings Ltd. | 2,697 | 5,182 | ||
CSR Ltd. | 9,300 | 25,597 | ||
Eclipx Group Ltd.(2) | 4,448 | 4,141 | ||
Emeco Holdings Ltd.(2) | 4,035 | 4,951 | ||
Fleetwood Corp. Ltd.(2) | 1,403 | 1,637 | ||
Genworth Mortgage Insurance Australia Ltd.(1) | 2,796 | 5,814 | ||
IGO Ltd. | 7,321 | 24,748 | ||
Iluka Resources Ltd. | 5,478 | 29,375 | ||
Infigen Energy | 19,740 | 8,206 | ||
Inghams Group Ltd.(1) | 3,509 | 7,815 | ||
Japara Healthcare Ltd. | 2,261 | 1,322 | ||
Macmahon Holdings Ltd. | 19,303 | 3,519 | ||
McMillan Shakespeare Ltd. | 898 | 6,287 | ||
McPherson's Ltd. | 1,589 | 2,182 | ||
Medusa Mining Ltd.(2) | 4,832 | 1,811 | ||
Metcash Ltd. | 11,385 | 18,053 | ||
Mineral Resources Ltd. | 2,669 | 28,628 | ||
Moelis Australia Ltd. | 558 | 1,820 | ||
Monash IVF Group Ltd. | 2,120 | 1,249 | ||
Mortgage Choice Ltd. | 1,714 | 1,098 | ||
Mosaic Brands Ltd. | 857 | 618 | ||
Myer Holdings Ltd.(2) | 13,897 | 3,089 | ||
New Hope Corp. Ltd.(1) | 3,829 | 3,616 | ||
Nick Scali Ltd.(1) | 568 | 2,630 | ||
NRW Holdings Ltd. | 6,259 | 9,895 | ||
OFX Group Ltd. | 2,284 | 1,930 | ||
Orora Ltd. | 17,554 | 30,884 |
5
Shares | Value | |||
OZ Minerals Ltd. | 4,583 | $ | 26,715 | |
Pacific Current Group Ltd. | 868 | 3,276 | ||
Perenti Global Ltd. | 12,079 | 10,481 | ||
Perpetual Ltd. | 694 | 17,042 | ||
Perseus Mining Ltd.(2) | 20,230 | 13,804 | ||
Platinum Asset Management Ltd.(1) | 4,390 | 11,733 | ||
Ramelius Resources Ltd. | 12,785 | 9,690 | ||
Red 5 Ltd.(2) | 14,673 | 3,023 | ||
Regis Resources Ltd. | 6,759 | 17,790 | ||
Resimac Group Ltd. | 2,857 | 2,465 | ||
Resolute Mining Ltd.(1)(2) | 14,144 | 9,371 | ||
Sandfire Resources Ltd. | 2,491 | 6,887 | ||
Saracen Mineral Holdings Ltd.(2) | 7,324 | 18,219 | ||
SeaLink Travel Group Ltd. | 1,510 | 4,080 | ||
Select Harvests Ltd. | 1,560 | 6,323 | ||
Senex Energy Ltd.(2) | 17,172 | 2,816 | ||
Seven West Media Ltd.(1)(2) | 13,848 | 1,471 | ||
Sigma Healthcare Ltd. | 22,134 | 7,953 | ||
Sims Ltd.(1) | 2,208 | 13,736 | ||
Southern Cross Media Group Ltd. | 5,953 | 2,611 | ||
St. Barbara Ltd. | 11,930 | 18,441 | ||
Tribune Resources Ltd. | 353 | 1,218 | ||
Village Roadshow Ltd. | 2,437 | 5,549 | ||
Viva Energy Group Ltd. | 15,764 | 17,847 | ||
Wagners Holding Co. Ltd. | 1,123 | 1,015 | ||
Western Areas Ltd. | 5,454 | 8,551 | ||
Westgold Resources Ltd.(2) | 5,179 | 6,927 | ||
Whitehaven Coal Ltd. | 12,054 | 15,786 | ||
561,276 | ||||
Austria — 0.8% | ||||
Addiko Bank AG(2) | 311 | 4,677 | ||
AT&S Austria Technologie & Systemtechnik AG | 854 | 14,984 | ||
FACC AG | 194 | 1,909 | ||
Kapsch TrafficCom AG | 106 | 2,462 | ||
Oesterreichische Post AG | 868 | 27,950 | ||
POLYTEC Holding AG | 469 | 3,307 | ||
Porr AG | 288 | 5,132 | ||
S IMMO AG | 136 | 3,607 | ||
Semperit AG Holding(2) | 288 | 3,464 | ||
Zumtobel Group AG(2) | 270 | 2,139 | ||
69,631 | ||||
Belgium — 1.9% | ||||
Bekaert SA | 2,183 | 47,431 | ||
Deceuninck NV | 3,907 | 7,429 | ||
Kinepolis Group NV | 293 | 15,460 | ||
Orange Belgium SA | 2,169 | 41,671 | ||
Sioen Industries NV | 225 | 4,629 |
6
Shares | Value | |||
Tessenderlo Group SA(2) | 1,557 | $ | 46,992 | |
Van de Velde NV | 101 | 2,754 | ||
166,366 | ||||
Canada — 8.2% | ||||
Advantage Oil & Gas Ltd.(1)(2) | 1,900 | 2,859 | ||
Algoma Central Corp. | 200 | 1,810 | ||
ARC Resources Ltd.(1) | 4,200 | 18,274 | ||
Argonaut Gold, Inc.(2) | 1,800 | 1,730 | ||
Asanko Gold, Inc.(2) | 2,000 | 1,743 | ||
AutoCanada, Inc. | 400 | 3,368 | ||
B2Gold Corp. | 12,500 | 49,916 | ||
Baytex Energy Corp.(2) | 4,200 | 3,880 | ||
Birchcliff Energy Ltd. | 1,800 | 2,025 | ||
Bird Construction, Inc. | 400 | 1,746 | ||
Bonavista Energy Corp. | 4,500 | 1,106 | ||
Canacol Energy Ltd. | 1,600 | 5,102 | ||
Capital Power Corp. | 1,400 | 34,994 | ||
Capstone Mining Corp.(2) | 4,000 | 1,907 | ||
Cardinal Energy Ltd.(1) | 1,100 | 1,582 | ||
Cascades, Inc. | 1,000 | 8,128 | ||
Celestica, Inc.(2) | 1,400 | 8,824 | ||
CES Energy Solutions Corp. | 2,000 | 3,025 | ||
China Gold International Resources Corp. Ltd.(2) | 1,900 | 1,486 | ||
Chorus Aviation, Inc. | 900 | 4,352 | ||
Clearwater Seafoods, Inc. | 400 | 1,401 | ||
Crescent Point Energy Corp.(1) | 7,300 | 19,851 | ||
CRH Medical Corp.(2) | 1,500 | 4,906 | ||
DIRTT Environmental Solutions(2) | 600 | 1,082 | ||
Element Fleet Management Corp. | 4,900 | 45,851 | ||
Enerflex Ltd. | 500 | 2,757 | ||
Enerplus Corp. | 2,600 | 11,293 | ||
Ensign Energy Services, Inc. | 900 | 1,408 | ||
Equitable Group, Inc. | 150 | 9,957 | ||
ERO Copper Corp.(2) | 300 | 3,216 | ||
Exco Technologies Ltd. | 300 | 1,603 | ||
Finning International, Inc. | 300 | 4,439 | ||
First National Financial Corp. | 200 | 5,118 | ||
Fortuna Silver Mines, Inc.(2) | 2,600 | 7,613 | ||
Frontera Energy Corp. | 700 | 3,958 | ||
goeasy Ltd. | 100 | 4,665 | ||
Gran Colombia Gold Corp.(2) | 700 | 2,967 | ||
Hardwoods Distribution, Inc. | 200 | 2,229 | ||
High Liner Foods, Inc. | 300 | 1,647 | ||
Hudbay Minerals, Inc. | 1,500 | 3,654 | ||
IAMGOLD Corp.(2) | 5,000 | 14,230 | ||
Kelt Exploration Ltd.(1)(2) | 1,400 | 3,338 | ||
Kinross Gold Corp.(2) | 6,400 | 32,185 |
7
Shares | Value | |||
Largo Resources Ltd.(2) | 2,200 | $ | 1,475 | |
Linamar Corp. | 600 | 16,504 | ||
Lundin Mining Corp. | 6,800 | 34,703 | ||
Magellan Aerospace Corp. | 200 | 1,703 | ||
Martinrea International, Inc. | 1,100 | 9,424 | ||
Methanex Corp. | 700 | 20,151 | ||
Mountain Province Diamonds, Inc.(2) | 1,800 | 1,207 | ||
Mullen Group Ltd.(1) | 1,100 | 6,433 | ||
Neo Performance Materials, Inc. | 200 | 1,188 | ||
New Gold, Inc.(2) | 9,300 | 7,137 | ||
North American Construction Group Ltd.(1) | 300 | 2,778 | ||
NuVista Energy Ltd.(2) | 2,700 | 3,983 | ||
Ovintiv, Inc. | 2,100 | 24,266 | ||
Paramount Resources Ltd., A Shares(1)(2) | 800 | 2,551 | ||
Parex Resources, Inc.(2) | 1,600 | 21,886 | ||
Peyto Exploration & Development Corp. | 1,000 | 1,639 | ||
Polaris Infrastructure, Inc. | 200 | 2,272 | ||
Precision Drilling Corp.(2) | 1,700 | 2,102 | ||
Real Matters, Inc.(2) | 900 | 9,112 | ||
Roxgold, Inc.(2) | 2,500 | 1,602 | ||
Russel Metals, Inc.(1) | 700 | 10,274 | ||
Secure Energy Services, Inc. | 900 | 2,689 | ||
SEMAFO, Inc.(2) | 3,700 | 7,332 | ||
Seven Generations Energy Ltd., Class A(2) | 3,900 | 16,039 | ||
Surge Energy, Inc.(1) | 2,100 | 1,361 | ||
Tamarack Valley Energy Ltd.(2) | 2,100 | 2,018 | ||
Teranga Gold Corp.(2) | 1,200 | 6,187 | ||
TORC Oil & Gas Ltd. | 1,500 | 3,654 | ||
Torex Gold Resources, Inc.(2) | 1,100 | 14,571 | ||
Total Energy Services, Inc. | 400 | 1,541 | ||
Tourmaline Oil Corp. | 2,400 | 19,937 | ||
TransAlta Corp. | 3,100 | 23,211 | ||
Trican Well Service Ltd.(1)(2) | 2,500 | 1,620 | ||
Vermilion Energy, Inc.(1) | 1,100 | 11,031 | ||
Wajax Corp. | 200 | 1,962 | ||
Whitecap Resources, Inc. | 4,800 | 14,090 | ||
Yamana Gold, Inc. | 12,600 | 49,095 | ||
705,953 | ||||
Denmark — 1.6% | ||||
Brodrene Hartmann A/S | 40 | 1,857 | ||
D/S Norden A/S | 492 | 5,781 | ||
Dfds A/S | 584 | 20,290 | ||
Drilling Co. of 1972 A/S (The)(2) | 399 | 17,626 | ||
H+H International A/S, B Shares(2) | 343 | 6,194 | ||
Jyske Bank A/S (The)(2) | 915 | 31,549 | ||
NKT A/S(2) | 233 | 5,784 | ||
NNIT A/S | 295 | 4,515 |
8
Shares | Value | |||
Per Aarsleff Holding A/S | 298 | $ | 8,790 | |
Solar A/S, B Shares | 70 | 2,979 | ||
Spar Nord Bank A/S | 845 | 7,172 | ||
Sydbank A/S | 1,165 | 21,700 | ||
TORM plc(2) | 712 | 5,447 | ||
139,684 | ||||
Finland — 1.2% | ||||
Atria Oyj | 396 | 3,650 | ||
Finnair Oyj | 1,165 | 6,176 | ||
HKScan Oyj, A Shares(2) | 3,016 | 6,339 | ||
Marimekko Oyj | 196 | 6,829 | ||
Outokumpu Oyj | 8,926 | 34,050 | ||
Verkkokauppa.com Oyj | 734 | 2,733 | ||
YIT Oyj | 7,101 | 47,170 | ||
106,947 | ||||
France — 3.2% | ||||
Air France-KLM(2) | 4,172 | 32,455 | ||
AKWEL | 113 | 1,827 | ||
Albioma SA | 408 | 13,383 | ||
Beneteau SA(1) | 275 | 2,638 | ||
Bigben Interactive | 179 | 2,912 | ||
Boiron SA | 41 | 1,465 | ||
Catana Group(2) | 626 | 2,015 | ||
Cegedim SA(2) | 68 | 2,007 | ||
CGG SA(2) | 11,812 | 32,456 | ||
Cie des Alpes | 206 | 5,240 | ||
Cie Plastic Omnium SA | 742 | 16,651 | ||
Coface SA(2) | 911 | 10,056 | ||
Derichebourg SA | 1,311 | 4,446 | ||
Etablissements Maurel et Prom SA | 584 | 1,488 | ||
Eutelsat Communications SA | 2,829 | 38,443 | ||
FIGEAC-AERO(2) | 125 | 1,003 | ||
Gaztransport Et Technigaz SA | 255 | 22,728 | ||
Groupe Crit | 26 | 1,693 | ||
Groupe Guillin | 90 | 1,388 | ||
Guerbet | 63 | 2,346 | ||
Innate Pharma SA(2) | 437 | 3,117 | ||
Kaufman & Broad SA | 270 | 10,856 | ||
LISI | 216 | 6,714 | ||
LNA Sante SA | 53 | 2,687 | ||
Maisons du Monde SA | 285 | 3,510 | ||
Mediawan SA(2) | 159 | 1,631 | ||
Metropole Television SA | 428 | 6,319 | ||
Nexans SA | 431 | 19,685 | ||
Synergie SA | 50 | 1,326 | ||
Television Francaise 1 | 339 | 2,610 | ||
Trigano SA | 51 | 3,875 |
9
Shares | Value | |||
Vallourec SA(1)(2) | 3,690 | $ | 7,197 | |
Vilmorin & Cie SA | 69 | 3,052 | ||
X-Fab Silicon Foundries SE(1)(2) | 347 | 1,696 | ||
Xilam Animation SA(2) | 33 | 1,382 | ||
272,297 | ||||
Germany — 5.5% | ||||
Aareal Bank AG | 905 | 24,873 | ||
AURELIUS Equity Opportunities SE & Co. KGaA | 482 | 14,120 | ||
Bauer AG | 101 | 1,569 | ||
Bertrandt AG | 112 | 5,272 | ||
Borussia Dortmund GmbH & Co. KGaA | 1,229 | 10,484 | ||
CENIT AG | 128 | 1,666 | ||
Centrotec SE | 106 | 1,714 | ||
CropEnergies AG | 666 | 6,902 | ||
Deutsche Pfandbriefbank AG | 2,710 | 38,360 | ||
Deutz AG | 2,197 | 10,409 | ||
Dialog Semiconductor plc(2) | 1,701 | 57,825 | ||
Einhell Germany AG, Preference Shares | 23 | 1,154 | ||
ElringKlinger AG(2) | 932 | 6,215 | ||
Encavis AG | 1,972 | 22,906 | ||
Hamburger Hafen und Logistik AG | 523 | 11,066 | ||
Hornbach Baumarkt AG | 166 | 3,128 | ||
Hornbach Holding AG & Co. KGaA | 197 | 11,099 | ||
HUGO BOSS AG | 762 | 33,369 | ||
JOST Werke AG | 314 | 10,631 | ||
Jungheinrich AG, Preference Shares | 876 | 17,639 | ||
K+S AG | 2,296 | 18,836 | ||
Kloeckner & Co. SE | 1,877 | 10,409 | ||
Krones AG | 302 | 19,025 | ||
Leifheit AG | 146 | 3,582 | ||
Leoni AG(2) | 353 | 3,514 | ||
LPKF Laser & Electronics AG(2) | 356 | 8,123 | ||
MBB SE | 34 | 2,188 | ||
Mutares SE & Co. KGaA | 177 | 2,078 | ||
OHB SE | 93 | 3,605 | ||
PVA TePla AG(2) | 181 | 2,465 | ||
RHOEN-KLINIKUM AG | 166 | 3,311 | ||
SAF-Holland SA | 431 | 2,630 | ||
Salzgitter AG | 767 | 12,703 | ||
Siltronic AG | 433 | 40,770 | ||
Sixt Leasing SE | 274 | 5,743 | ||
STO SE & Co. KGaA, Preference Shares | 42 | 4,351 | ||
Surteco Group SE | 65 | 1,623 | ||
Traffic Systems SE | 114 | 2,761 | ||
Villeroy & Boch AG, Preference Shares | 214 | 2,958 | ||
Wacker Chemie AG | 348 | 24,418 | ||
Wuestenrot & Wuerttembergische AG | 356 | 6,731 | ||
472,225 |
10
Shares | Value | |||
Hong Kong — 1.8% | ||||
Analogue Holdings Ltd. | 12,000 | $ | 1,731 | |
Chow Sang Sang Holdings International Ltd. | 7,000 | 8,288 | ||
Comba Telecom Systems Holdings Ltd. | 48,000 | 19,302 | ||
Cowell e Holdings, Inc. | 15,000 | 3,333 | ||
Crystal International Group Ltd. | 15,000 | 4,639 | ||
CSI Properties Ltd. | 90,000 | 3,070 | ||
Dah Sing Financial Holdings Ltd. | 4,000 | 14,129 | ||
Eagle Nice International Holdings Ltd. | 6,000 | 2,063 | ||
Emperor Capital Group Ltd.(2) | 72,000 | 1,555 | ||
Emperor International Holdings Ltd. | 10,000 | 1,906 | ||
FSE Services Group Ltd. | 4,000 | 1,972 | ||
Giordano International Ltd. | 20,000 | 4,743 | ||
Guotai Junan International Holdings Ltd. | 90,000 | 15,001 | ||
IT Ltd. | 6,000 | 1,191 | ||
Lai Sun Development Co. Ltd. | 3,900 | 4,738 | ||
Oriental Watch Holdings | 12,000 | 2,621 | ||
Regal Hotels International Holdings Ltd. | 8,000 | 3,582 | ||
Shun Tak Holdings Ltd. | 60,000 | 25,717 | ||
Singamas Container Holdings Ltd. | 44,000 | 4,228 | ||
SOCAM Development Ltd.(2) | 6,000 | 1,573 | ||
Sun Hung Kai & Co. Ltd. | 14,000 | 6,276 | ||
Tai Hing Group Holdings Ltd. | 8,000 | 1,357 | ||
Texwinca Holdings Ltd. | 30,000 | 6,459 | ||
United Laboratories International Holdings Ltd. (The)(1) | 26,000 | 17,320 | ||
156,794 | ||||
Ireland — 0.1% | ||||
FBD Holdings plc | 310 | 2,977 | ||
Permanent TSB Group Holdings plc(2) | 4,574 | 4,203 | ||
7,180 | ||||
Israel — 1.7% | ||||
Adgar Investment and Development Ltd. | 786 | 1,765 | ||
Ashtrom Group Ltd. | 389 | 5,692 | ||
Aspen Group Ltd. | 664 | 1,461 | ||
Caesarstone Ltd. | 261 | 2,821 | ||
Camtek Ltd. | 305 | 3,023 | ||
Carasso Motors Ltd. | 481 | 2,018 | ||
Cellcom Israel Ltd.(2) | 1,395 | 5,050 | ||
Delta Galil Industries Ltd. | 71 | 1,353 | ||
Dor Alon Energy in Israel 1988 Ltd.(2) | 81 | 1,775 | ||
Duniec Brothers Ltd. | 80 | 3,016 | ||
El Al Israel Airlines(2) | 6,775 | 1,373 | ||
Equital Ltd.(2) | 180 | 4,357 | ||
Fattal Holdings 1998 Ltd. | 52 | 6,283 | ||
FIBI Holdings Ltd. | 220 | 6,710 | ||
Fox Wizel Ltd. | 114 | 4,849 | ||
Gazit-Globe Ltd. | 1,033 | 12,003 |
11
Shares | Value | |||
IDI Insurance Co. Ltd. | 69 | $ | 1,958 | |
Israel Corp. Ltd. (The)(2) | 29 | 4,047 | ||
Mehadrin Ltd.(2) | 7 | 243 | ||
Menora Mivtachim Holdings Ltd. | 360 | 4,191 | ||
Naphtha Israel Petroleum Corp. Ltd.(2) | 318 | 1,324 | ||
Norstar Holdings, Inc. | 120 | 2,803 | ||
Oil Refineries Ltd. | 36,811 | 12,528 | ||
Partner Communications Co. Ltd.(2) | 1,509 | 7,330 | ||
Paz Oil Co. Ltd. | 146 | 15,943 | ||
Property & Building Corp. Ltd. | 28 | 2,882 | ||
Sarine Technologies Ltd. | 5,000 | 1,154 | ||
Scope Metals Group Ltd. | 69 | 1,522 | ||
Shikun & Binui Ltd. | 5,034 | 27,358 | ||
Tamar Petroleum Ltd. | 732 | 697 | ||
XLMedia plc | 2,423 | 676 | ||
ZUR Shamir Holdings Ltd. | 411 | 1,563 | ||
149,768 | ||||
Italy — 3.3% | ||||
Aeffe SpA(1)(2) | 1,035 | 1,555 | ||
Banca IFIS SpA | 1,453 | 22,250 | ||
Banca Popolare di Sondrio SCPA | 27,419 | 65,485 | ||
Banca Sistema SpA | 3,556 | 6,826 | ||
Banco di Desio e della Brianza SpA | 1,212 | 3,758 | ||
Cairo Communication SpA | 4,144 | 10,023 | ||
CIR SpA-Compagnie Industriali | 41,570 | 23,458 | ||
d'Amico International Shipping SA(2) | 37,719 | 3,917 | ||
Danieli & C Officine Meccaniche SpA | 740 | 11,189 | ||
Danieli & C Officine Meccaniche SpA, Preference Shares | 2,343 | 21,864 | ||
Elica SpA(2) | 1,324 | 4,584 | ||
Emak SpA | 1,742 | 1,521 | ||
Esprinet SpA | 2,160 | 11,755 | ||
FNM SpA | 8,359 | 6,282 | ||
Gefran SpA | 350 | 2,173 | ||
Geox SpA(1) | 5,241 | 5,368 | ||
Openjobmetis SpA agenzia per il lavoro | 643 | 4,863 | ||
OVS SpA(1)(2) | 15,122 | 24,805 | ||
Ratti SpA | 349 | 1,932 | ||
Reno de Medici SpA | 11,821 | 8,415 | ||
Saras SpA | 5,868 | 6,930 | ||
Sesa SpA | 544 | 28,814 | ||
Sogefi SpA(2) | 3,336 | 3,975 | ||
281,742 | ||||
Japan — 26.8% | ||||
A&D Co. Ltd. | 200 | 1,432 | ||
Adastria Co. Ltd. | 200 | 3,238 | ||
ADEKA Corp. | 600 | 7,859 | ||
Aeon Fantasy Co. Ltd. | 100 | 1,738 |
12
Shares | Value | |||
AEON Financial Service Co. Ltd. | 1,000 | $ | 14,444 | |
Aeon Mall Co. Ltd. | 700 | 9,902 | ||
Aichi Steel Corp. | 100 | 2,768 | ||
Airport Facilities Co. Ltd. | 400 | 1,699 | ||
Aisan Industry Co. Ltd. | 300 | 1,726 | ||
Alconix Corp. | 200 | 2,051 | ||
Alinco, Inc. | 200 | 1,788 | ||
Alps Alpine Co. Ltd. | 2,000 | 30,733 | ||
AOKI Holdings, Inc. | 300 | 2,517 | ||
Aoyama Trading Co. Ltd. | 200 | 2,264 | ||
Aoyama Zaisan Networks Co. Ltd. | 100 | 1,254 | ||
Arcland Sakamoto Co. Ltd. | 200 | 2,019 | ||
Arealink Co. Ltd. | 200 | 1,470 | ||
Artnature, Inc. | 300 | 1,820 | ||
Asahi Co. Ltd. | 200 | 2,020 | ||
Asahi Kogyosha Co. Ltd. | 100 | 2,577 | ||
Asanuma Corp. | 100 | 4,108 | ||
Bank of the Ryukyus Ltd. | 300 | 2,804 | ||
Bunka Shutter Co. Ltd. | 400 | 2,860 | ||
Carta Holdings, Inc. | 200 | 1,795 | ||
Cawachi Ltd. | 100 | 1,856 | ||
Chilled & Frozen Logistics Holdings Co. Ltd. | 200 | 2,009 | ||
Cleanup Corp. | 300 | 1,464 | ||
CMIC Holdings Co. Ltd. | 100 | 1,266 | ||
Coca-Cola Bottlers Japan Holdings, Inc. | 1,100 | 25,579 | ||
Cosmo Energy Holdings Co. Ltd. | 500 | 8,364 | ||
Credit Saison Co. Ltd. | 2,000 | 28,905 | ||
CTI Engineering Co. Ltd. | 100 | 1,656 | ||
Dai Nippon Toryo Co. Ltd. | 200 | 1,662 | ||
Dai-ichi Seiko Co. Ltd. | 100 | 1,832 | ||
Daicel Corp. | 2,100 | 18,030 | ||
Daido Metal Co. Ltd. | 300 | 1,626 | ||
Daiichi Jitsugyo Co. Ltd. | 100 | 3,079 | ||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 200 | 1,407 | ||
Daiki Aluminium Industry Co. Ltd. | 300 | 1,619 | ||
Daikoku Denki Co. Ltd. | 100 | 1,158 | ||
Daikyonishikawa Corp. | 400 | 2,234 | ||
Daio Paper Corp. | 600 | 7,939 | ||
Daito Pharmaceutical Co. Ltd. | 100 | 2,669 | ||
Daitron Co. Ltd. | 100 | 1,513 | ||
Daiwabo Holdings Co. Ltd. | 200 | 10,087 | ||
DCM Holdings Co. Ltd. | 900 | 8,184 | ||
Denka Co. Ltd. | 700 | 17,564 | ||
Denyo Co. Ltd. | 100 | 1,714 | ||
DIC Corp. | 700 | 16,502 | ||
DyDo Group Holdings, Inc. | 100 | 3,240 | ||
Eagle Industry Co. Ltd. | 200 | 1,509 |
13
Shares | Value | |||
Eco's Co. Ltd. | 100 | $ | 1,311 | |
EDION Corp. | 1,000 | 8,377 | ||
Electric Power Development Co. Ltd. | 1,300 | 27,818 | ||
eRex Co. Ltd. | 200 | 2,377 | ||
Eslead Corp. | 100 | 1,527 | ||
Exedy Corp. | 400 | 7,419 | ||
F.C.C. Co. Ltd. | 300 | 5,334 | ||
Ferrotec Holdings Corp. | 400 | 2,473 | ||
Foster Electric Co. Ltd. | 200 | 2,650 | ||
Fuji Co. Ltd. | 300 | 4,455 | ||
Fujikura Ltd. | 2,700 | 8,609 | ||
Fukuda Corp. | 100 | 3,613 | ||
Fukuoka Financial Group, Inc. | 1,100 | 16,642 | ||
Furukawa Electric Co. Ltd. | 500 | 10,943 | ||
Furuno Electric Co. Ltd. | 200 | 1,692 | ||
Futaba Industrial Co. Ltd. | 600 | 3,166 | ||
Fuyo General Lease Co. Ltd. | 200 | 11,245 | ||
G-7 Holdings, Inc. | 200 | 4,068 | ||
G-Tekt Corp. | 200 | 2,402 | ||
Geo Holdings Corp. | 200 | 2,168 | ||
Goldcrest Co. Ltd. | 200 | 3,082 | ||
GS Yuasa Corp. | 700 | 12,304 | ||
GungHo Online Entertainment, Inc. | 100 | 1,578 | ||
H-One Co. Ltd. | 200 | 1,140 | ||
H2O Retailing Corp. | 800 | 6,149 | ||
Halows Co. Ltd. | 100 | 2,291 | ||
Hamakyorex Co. Ltd. | 100 | 2,599 | ||
Hanwa Co. Ltd. | 300 | 6,123 | ||
Happinet Corp. | 200 | 2,128 | ||
Harima Chemicals Group, Inc. | 200 | 1,724 | ||
Haseko Corp. | 3,100 | 39,442 | ||
Hazama Ando Corp. | 2,400 | 17,500 | ||
Heiwa Real Estate Co. Ltd. | 300 | 8,407 | ||
Heiwado Co. Ltd. | 300 | 4,642 | ||
Hirano Tecseed Co. Ltd. | 100 | 1,105 | ||
Hiroshima Bank Ltd. (The) | 1,400 | 6,051 | ||
HIS Co. Ltd. | 300 | 5,902 | ||
Hitachi Capital Corp. | 700 | 17,834 | ||
Hitachi Transport System Ltd. | 200 | 5,368 | ||
Hitachi Zosen Corp. | 2,200 | 7,784 | ||
Hokkan Holdings Ltd. | 100 | 1,449 | ||
Hokuetsu Corp. | 900 | 3,642 | ||
Hokuetsu Industries Co. Ltd. | 200 | 2,054 | ||
Hokuhoku Financial Group, Inc. | 500 | 4,226 | ||
Honeys Holdings Co. Ltd. | 200 | 2,125 | ||
Hosiden Corp. | 400 | 3,440 | ||
Hosokawa Micron Corp. | 100 | 4,548 |
14
Shares | Value | |||
I-Net Corp./Kanagawa | 200 | $ | 2,310 | |
Ichikoh Industries Ltd. | 300 | 1,850 | ||
Ichinen Holdings Co. Ltd. | 200 | 2,116 | ||
Iino Kaiun Kaisha Ltd. | 600 | 1,832 | ||
IJTT Co. Ltd. | 400 | 1,916 | ||
Imasen Electric Industrial | 200 | 1,415 | ||
Inaba Denki Sangyo Co. Ltd. | 400 | 8,830 | ||
Ines Corp. | 200 | 2,721 | ||
Innotech Corp. | 200 | 1,733 | ||
Internet Initiative Japan, Inc. | 300 | 8,368 | ||
Iseki & Co. Ltd. | 100 | 1,061 | ||
Isetan Mitsukoshi Holdings Ltd. | 3,200 | 20,867 | ||
Itoki Corp. | 400 | 1,321 | ||
IwaiCosmo Holdings, Inc. | 200 | 2,068 | ||
Izumi Co. Ltd. | 200 | 5,451 | ||
J Front Retailing Co. Ltd. | 2,300 | 24,333 | ||
Jaccs Co. Ltd. | 200 | 3,997 | ||
Japan Aviation Electronics Industry Ltd. | 500 | 7,986 | ||
Japan Pulp & Paper Co. Ltd. | 100 | 3,215 | ||
Japan Transcity Corp. | 400 | 1,588 | ||
Japan Wool Textile Co. Ltd. (The) | 400 | 3,306 | ||
JDC Corp. | 300 | 1,405 | ||
JMS Co. Ltd. | 400 | 2,708 | ||
Joshin Denki Co. Ltd. | 200 | 3,324 | ||
JTEKT Corp. | 1,800 | 17,430 | ||
JVCKenwood Corp. | 1,500 | 3,030 | ||
K's Holdings Corp. | 2,200 | 24,155 | ||
Kaga Electronics Co. Ltd. | 200 | 3,646 | ||
Kamei Corp. | 200 | 1,819 | ||
Kanamoto Co. Ltd. | 400 | 8,821 | ||
Kandenko Co. Ltd. | 1,200 | 10,133 | ||
Kaneka Corp. | 200 | 5,360 | ||
Kanematsu Corp. | 800 | 8,653 | ||
Kanto Denka Kogyo Co. Ltd. | 400 | 3,393 | ||
Kasai Kogyo Co. Ltd. | 200 | 1,217 | ||
Kawasaki Heavy Industries Ltd. | 1,300 | 23,429 | ||
Keikyu Corp. | 1,900 | 28,749 | ||
Kewpie Corp. | 600 | 11,018 | ||
Ki-Star Real Estate Co. Ltd. | 100 | 1,292 | ||
Kintetsu World Express, Inc. | 300 | 4,681 | ||
Kitagawa Corp. | 200 | 3,192 | ||
Kito Corp. | 100 | 1,276 | ||
Kitz Corp. | 500 | 2,966 | ||
Kiyo Bank Ltd. (The) | 600 | 7,888 | ||
KNT-CT Holdings Co. Ltd.(2) | 200 | 1,736 | ||
Kobe Steel Ltd. | 1,500 | 5,543 | ||
Kohnan Shoji Co. Ltd. | 400 | 8,043 |
15
Shares | Value | |||
Komeri Co. Ltd. | 400 | $ | 7,215 | |
Kondotec, Inc. | 200 | 1,760 | ||
Kumagai Gumi Co. Ltd. | 300 | 7,943 | ||
Kuraray Co. Ltd. | 3,000 | 31,074 | ||
Kurimoto Ltd. | 100 | 1,683 | ||
Kuriyama Holdings Corp. | 200 | 1,169 | ||
KYB Corp.(2) | 200 | 4,415 | ||
Kyudenko Corp. | 400 | 10,671 | ||
Lawson, Inc. | 500 | 26,852 | ||
Life Corp. | 100 | 2,173 | ||
LIXIL VIVA Corp. | 200 | 3,783 | ||
Macnica Fuji Electronics Holdings, Inc. | 500 | 6,961 | ||
Maeda Corp. | 1,600 | 14,248 | ||
Maruha Nichiro Corp. | 200 | 4,252 | ||
Mazda Motor Corp. | 2,700 | 18,633 | ||
Mebuki Financial Group, Inc. | 5,500 | 10,699 | ||
Meiko Electronics Co. Ltd. | 200 | 2,948 | ||
Micronics Japan Co. Ltd. | 200 | 1,747 | ||
Mie Kotsu Group Holdings, Inc. | 300 | 1,354 | ||
Mimasu Semiconductor Industry Co. Ltd. | 200 | 3,677 | ||
Ministop Co. Ltd. | 200 | 2,651 | ||
Mitsuba Corp. | 300 | 1,690 | ||
Mitsubishi Materials Corp. | 1,100 | 24,990 | ||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 4,900 | 27,627 | ||
Mitsuboshi Belting Ltd. | 200 | 2,724 | ||
Mitsui Chemicals, Inc. | 1,500 | 32,276 | ||
Mitsui E&S Holdings Co. Ltd.(2) | 700 | 4,997 | ||
Mitsui Matsushima Holdings Co. Ltd. | 200 | 1,872 | ||
Mitsui Mining & Smelting Co. Ltd. | 500 | 11,904 | ||
Mitsui OSK Lines Ltd. | 1,100 | 22,657 | ||
Mitsui-Soko Holdings Co. Ltd. | 200 | 2,892 | ||
Miyazaki Bank Ltd. (The) | 100 | 1,987 | ||
Mizuho Leasing Co. Ltd. | 300 | 7,885 | ||
Modec, Inc. | 200 | 3,349 | ||
Moriroku Holdings Co. Ltd. | 100 | 1,760 | ||
Musashi Seimitsu Industry Co. Ltd. | 400 | 4,369 | ||
Nachi-Fujikoshi Corp. | 100 | 3,276 | ||
Nankai Electric Railway Co. Ltd. | 900 | 19,827 | ||
NEC Capital Solutions Ltd. | 100 | 1,956 | ||
NHK Spring Co. Ltd. | 1,400 | 10,611 | ||
Nichi-iko Pharmaceutical Co. Ltd. | 400 | 4,289 | ||
Nichireki Co. Ltd. | 200 | 2,399 | ||
Nichirin Co. Ltd. | 100 | 1,477 | ||
Nifco, Inc. | 800 | 19,339 | ||
Nihon House Holdings Co. Ltd. | 400 | 1,450 | ||
Nihon Tokushu Toryo Co. Ltd. | 200 | 1,849 | ||
Nippon Air Conditioning Services Co. Ltd. | 300 | 1,911 |
16
Shares | Value | |||
Nippon Carbon Co. Ltd. | 100 | $ | 3,309 | |
Nippon Chemical Industrial Co. Ltd. | 100 | 2,142 | ||
Nippon Coke & Engineering Co. Ltd. | 2,200 | 1,330 | ||
Nippon Koei Co. Ltd. | 100 | 2,732 | ||
Nippon Light Metal Holdings Co. Ltd. | 4,400 | 7,700 | ||
Nippon Paper Industries Co. Ltd. | 600 | 8,661 | ||
Nippon Seiki Co. Ltd. | 500 | 6,577 | ||
Nippon Sharyo Ltd.(2) | 100 | 2,386 | ||
Nippon Yakin Kogyo Co. Ltd. | 100 | 1,572 | ||
Nippon Yusen KK | 1,400 | 19,891 | ||
Nipro Corp. | 1,300 | 13,807 | ||
Nishi-Nippon Financial Holdings, Inc. | 800 | 4,567 | ||
Nishikawa Rubber Co. Ltd. | 200 | 3,117 | ||
Nishimatsu Construction Co. Ltd. | 600 | 12,575 | ||
Nishio Rent All Co. Ltd. | 200 | 4,899 | ||
Nisshin Group Holdings Co. Ltd. | 300 | 1,266 | ||
Nisshin Oillio Group Ltd. (The) | 200 | 6,159 | ||
Nisshinbo Holdings, Inc. | 1,900 | 16,081 | ||
Nissin Corp. | 100 | 1,365 | ||
Nittoc Construction Co. Ltd. | 300 | 2,119 | ||
Nojima Corp. | 300 | 5,428 | ||
NOK Corp. | 800 | 10,094 | ||
Noritz Corp. | 200 | 2,041 | ||
NS United Kaiun Kaisha Ltd. | 100 | 1,579 | ||
NTN Corp. | 4,300 | 10,309 | ||
Oji Holdings Corp. | 7,800 | 36,965 | ||
Oki Electric Industry Co. Ltd. | 800 | 8,793 | ||
Okura Industrial Co. Ltd. | 200 | 2,754 | ||
Onward Holdings Co. Ltd. | 700 | 3,389 | ||
Organo Corp. | 100 | 5,869 | ||
Orient Corp. | 3,900 | 4,783 | ||
Osaka Organic Chemical Industry Ltd. | 200 | 2,763 | ||
OSAKA Titanium Technologies Co. Ltd. | 200 | 2,030 | ||
Oyo Corp. | 200 | 2,296 | ||
Pacific Industrial Co. Ltd. | 300 | 3,252 | ||
PAL GROUP Holdings Co. Ltd. | 200 | 2,677 | ||
Pasona Group, Inc. | 100 | 1,025 | ||
Penta-Ocean Construction Co. Ltd. | 3,100 | 16,445 | ||
Press Kogyo Co. Ltd. | 600 | 1,714 | ||
PS Mitsubishi Construction Co. Ltd. | 300 | 1,598 | ||
Renaissance, Inc. | 100 | 1,273 | ||
Rengo Co. Ltd. | 1,500 | 10,264 | ||
Ricoh Leasing Co. Ltd. | 200 | 6,864 | ||
Riken Technos Corp. | 400 | 1,564 | ||
Round One Corp. | 400 | 2,983 | ||
Ryobi Ltd. | 200 | 2,587 | ||
Sakura Internet, Inc. | 300 | 1,394 |
17
Shares | Value | |||
Sala Corp. | 400 | $ | 2,040 | |
Sanei Architecture Planning Co. Ltd. | 200 | 2,398 | ||
Sanken Electric Co. Ltd. | 200 | 4,713 | ||
Sankyo Tateyama, Inc. | 200 | 2,002 | ||
Sanoh Industrial Co. Ltd. | 400 | 3,096 | ||
Sapporo Holdings Ltd. | 700 | 13,999 | ||
Sawada Holdings Co. Ltd. | 200 | 1,844 | ||
SBI Holdings, Inc. | 1,200 | 24,062 | ||
SBS Holdings, Inc. | 100 | 1,475 | ||
Seibu Holdings, Inc. | 1,900 | 26,817 | ||
Seikitokyu Kogyo Co. Ltd. | 300 | 2,245 | ||
Seiren Co. Ltd. | 300 | 3,791 | ||
Senko Group Holdings Co. Ltd. | 1,200 | 8,772 | ||
Senshu Electric Co. Ltd. | 100 | 2,434 | ||
Senshukai Co. Ltd. | 400 | 1,548 | ||
Seven Bank Ltd. | 4,100 | 10,765 | ||
Shibusawa Warehouse Co. Ltd. (The) | 100 | 1,634 | ||
Shibuya Corp. | 100 | 2,474 | ||
Shikoku Bank Ltd. (The) | 200 | 1,554 | ||
Shin Nippon Air Technologies Co. Ltd. | 100 | 1,711 | ||
Shindengen Electric Manufacturing Co. Ltd. | 100 | 2,772 | ||
Shinmaywa Industries Ltd. | 200 | 2,252 | ||
Shinnihon Corp. | 200 | 1,396 | ||
Shinoken Group Co. Ltd. | 200 | 1,906 | ||
Shinwa Co. Ltd. | 100 | 1,762 | ||
Ship Healthcare Holdings, Inc. | 300 | 12,156 | ||
Showa Denko KK | 1,200 | 25,762 | ||
SK-Electronics Co. Ltd. | 100 | 1,051 | ||
SKY Perfect JSAT Holdings, Inc. | 1,200 | 5,149 | ||
Sotetsu Holdings, Inc. | 600 | 13,616 | ||
St. Marc Holdings Co. Ltd. | 100 | 1,785 | ||
Starts Corp., Inc. | 300 | 6,163 | ||
Stella Chemifa Corp. | 100 | 2,460 | ||
Sugi Holdings Co. Ltd. | 200 | 9,450 | ||
SUMCO Corp. | 2,600 | 39,186 | ||
Sumida Corp. | 200 | 1,752 | ||
Sumitomo Forestry Co. Ltd. | 1,400 | 20,777 | ||
Sumitomo Mitsui Construction Co. Ltd. | 1,600 | 8,093 | ||
Sumitomo Osaka Cement Co. Ltd. | 300 | 10,230 | ||
Sumitomo Riko Co. Ltd. | 600 | 3,982 | ||
Sumitomo Rubber Industries Ltd. | 2,000 | 20,708 | ||
Sumitomo Seika Chemicals Co. Ltd. | 100 | 2,592 | ||
Suruga Bank Ltd.(2) | 1,900 | 6,988 | ||
SWCC Showa Holdings Co. Ltd. | 200 | 2,010 | ||
T-Gaia Corp. | 200 | 3,779 | ||
Taiheiyo Cement Corp. | 1,200 | 29,444 | ||
Taikisha Ltd. | 300 | 8,596 |
18
Shares | Value | |||
Taiyo Yuden Co. Ltd. | 1,200 | $ | 33,324 | |
Takamatsu Construction Group Co. Ltd. | 200 | 4,314 | ||
Takara Leben Co. Ltd. | 700 | 2,756 | ||
Takara Standard Co. Ltd. | 200 | 2,825 | ||
Takashimaya Co. Ltd. | 1,200 | 11,180 | ||
Takeei Corp. | 200 | 1,599 | ||
Tama Home Co. Ltd. | 100 | 1,171 | ||
Techno Smart Corp. | 200 | 1,316 | ||
Tekken Corp. | 100 | 2,211 | ||
Tobishima Corp. | 200 | 2,158 | ||
Toda Corp. | 2,600 | 15,476 | ||
Toenec Corp. | 100 | 3,080 | ||
TOKAI Holdings Corp. | 1,100 | 8,978 | ||
Tokai Rika Co. Ltd. | 700 | 10,474 | ||
Token Corp. | 100 | 6,918 | ||
Tokuyama Corp. | 600 | 13,425 | ||
Tokyo Century Corp. | 500 | 20,634 | ||
Tomoku Co. Ltd. | 200 | 2,867 | ||
TOMONY Holdings, Inc. | 900 | 2,506 | ||
Topre Corp. | 300 | 3,891 | ||
Tosei Corp. | 200 | 2,147 | ||
Toshiba TEC Corp. | 200 | 7,473 | ||
Tosoh Corp. | 2,400 | 32,713 | ||
Totech Corp. | 200 | 3,902 | ||
Towa Pharmaceutical Co. Ltd. | 200 | 3,961 | ||
Toyo Gosei Co. Ltd. | 100 | 3,400 | ||
Toyo Kanetsu KK | 100 | 2,024 | ||
Toyo Seikan Group Holdings Ltd. | 800 | 13,061 | ||
Toyo Tanso Co. Ltd. | 100 | 1,558 | ||
Toyo Tire Corp. | 1,000 | 13,236 | ||
Toyobo Co. Ltd. | 900 | 11,254 | ||
Toyoda Gosei Co. Ltd. | 900 | 19,115 | ||
Toyota Boshoku Corp. | 900 | 12,359 | ||
TPR Co. Ltd. | 200 | 2,769 | ||
Trancom Co. Ltd. | 100 | 6,355 | ||
TS Tech Co. Ltd. | 400 | 10,368 | ||
Tsubakimoto Chain Co. | 200 | 5,427 | ||
Tsukishima Kikai Co. Ltd. | 300 | 3,442 | ||
UACJ Corp. | 300 | 5,242 | ||
Ube Industries Ltd. | 1,100 | 19,962 | ||
Uchida Yoko Co. Ltd. | 100 | 4,605 | ||
Unipres Corp. | 300 | 3,223 | ||
Valor Holdings Co. Ltd. | 200 | 3,018 | ||
Vertex Corp. | 100 | 1,547 | ||
VT Holdings Co. Ltd. | 500 | 1,671 | ||
Wacom Co. Ltd. | 1,100 | 3,379 | ||
Wakachiku Construction Co. Ltd. | 100 | 1,279 |
19
Shares | Value | |||
Wakita & Co. Ltd. | 300 | $ | 2,415 | |
Warabeya Nichiyo Holdings Co. Ltd. | 100 | 1,502 | ||
Xebio Holdings Co. Ltd. | 200 | 1,816 | ||
YAMABIKO Corp. | 300 | 2,411 | ||
Yaoko Co. Ltd. | 100 | 5,396 | ||
Yellow Hat Ltd. | 500 | 6,722 | ||
Yokohama Reito Co. Ltd. | 300 | 2,365 | ||
Yokohama Rubber Co. Ltd. (The) | 1,100 | 17,793 | ||
Yorozu Corp. | 200 | 2,375 | ||
Yuasa Trading Co. Ltd. | 100 | 2,811 | ||
Yurtec Corp. | 300 | 1,569 | ||
2,311,888 | ||||
Netherlands — 2.5% | ||||
AerCap Holdings NV(2) | 241 | 12,551 | ||
AFC Ajax NV | 61 | 1,220 | ||
AMG Advanced Metallurgical Group NV | 347 | 8,137 | ||
ASR Nederland NV | 1,868 | 62,403 | ||
BE Semiconductor Industries NV | 986 | 38,536 | ||
Flow Traders | 321 | 7,669 | ||
Fugro NV CVA(2) | 1,266 | 10,263 | ||
Heijmans NV CVA(2) | 190 | 1,544 | ||
Koninklijke BAM Groep NV | 1,818 | 5,036 | ||
Koninklijke Vopak NV | 969 | 46,335 | ||
Nederland Apparatenfabriek | 63 | 3,270 | ||
NIBC Holding NV | 215 | 2,304 | ||
Pharming Group NV(2) | 10,721 | 13,321 | ||
SIF Holding NV | 135 | 1,966 | ||
214,555 | ||||
New Zealand — 0.8% | ||||
Hallenstein Glasson Holdings Ltd. | 756 | 2,265 | ||
Metlifecare Ltd. | 4,689 | 20,181 | ||
New Zealand Refining Co. Ltd. (The) | 5,917 | 4,505 | ||
Oceania Healthcare Ltd. | 8,237 | 5,794 | ||
Sanford Ltd. | 1,027 | 4,566 | ||
Tourism Holdings Ltd. | 4,670 | 7,220 | ||
Warehouse Group Ltd. (The) | 1,456 | 1,964 | ||
Z Energy Ltd. | 7,572 | 19,100 | ||
65,595 | ||||
Norway — 1.8% | ||||
Avance Gas Holding Ltd.(2) | 1,075 | 4,654 | ||
BW Energy Ltd.(2) | 414 | 749 | ||
BW LPG Ltd. | 1,875 | 11,845 | ||
BW Offshore Ltd.(2) | 2,031 | 7,779 | ||
DNO ASA | 7,435 | 5,148 | ||
Elkem ASA | 5,025 | 9,781 | ||
Fjord1 ASA | 671 | 2,828 | ||
Hoegh LNG Holdings Ltd. | 923 | 2,109 |
20
Shares | Value | |||
Kitron ASA | 2,886 | $ | 3,233 | |
Komplett Bank ASA(2) | 2,201 | 1,675 | ||
Norwegian Finans Holding ASA(2) | 3,197 | 30,009 | ||
Ocean Yield ASA(1) | 1,337 | 5,499 | ||
Odfjell Drilling Ltd.(2) | 1,894 | 4,847 | ||
Pareto Bank ASA | 571 | 2,500 | ||
PGS ASA(2) | 10,121 | 14,295 | ||
Selvaag Bolig ASA | 953 | 6,038 | ||
SpareBank 1 Nord Norge | 2,091 | 16,222 | ||
Sparebank 1 Oestlandet | 716 | 7,181 | ||
Sparebanken More | 108 | 3,779 | ||
Sparebanken Vest | 1,718 | 12,473 | ||
Stolt-Nielsen Ltd. | 394 | 4,330 | ||
Wallenius Wilhelmsen ASA | 1,542 | 2,921 | ||
159,895 | ||||
Portugal — 0.3% | ||||
Ibersol SGPS SA | 309 | 2,777 | ||
Mota-Engil SGPS SA | 2,560 | 3,749 | ||
Semapa-Sociedade de Investimento e Gestao | 1,191 | 14,923 | ||
Sonae Capital SGPS SA | 3,383 | 2,507 | ||
23,956 | ||||
Singapore — 1.6% | ||||
Accordia Golf Trust | 36,500 | 16,121 | ||
BRC Asia Ltd. | 2,700 | 3,203 | ||
China Sunsine Chemical Holdings Ltd. | 12,000 | 3,684 | ||
Chip Eng Seng Corp. Ltd. | 13,100 | 5,548 | ||
Food Empire Holdings Ltd. | 7,400 | 3,555 | ||
Frencken Group Ltd. | 12,000 | 7,229 | ||
Fu Yu Corp. Ltd. | 20,700 | 3,688 | ||
Golden Agri-Resources Ltd. | 228,300 | 32,588 | ||
Hong Leong Asia Ltd.(2) | 8,300 | 3,247 | ||
Hutchison Port Holdings Trust, U Shares | 134,800 | 19,812 | ||
Lian Beng Group Ltd. | 5,800 | 2,051 | ||
OUE Ltd. | 10,900 | 10,845 | ||
Oxley Holdings Ltd. | 38,400 | 8,543 | ||
Penguin International Ltd. | 7,300 | 3,470 | ||
Rex International Holding Ltd.(2) | 47,800 | 6,815 | ||
Sunningdale Tech Ltd. | 5,000 | 4,343 | ||
134,742 | ||||
Spain — 2.0% | ||||
Acerinox SA | 2,989 | 28,084 | ||
Almirall SA | 969 | 12,701 | ||
Atresmedia Corp. de Medios de Comunicacion SA(1) | 937 | 3,437 | ||
Banco de Sabadell SA | 6,946 | 6,119 | ||
Construcciones y Auxiliar de Ferrocarriles SA | 308 | 13,434 | ||
Ence Energia y Celulosa SA(1) | 2,002 | 7,196 | ||
Ercros SA | 1,343 | 3,406 |
21
Shares | Value | |||
Fomento de Construcciones y Contratas SA | 803 | $ | 9,545 | |
Gestamp Automocion SA | 1,660 | 5,809 | ||
Grenergy Renovables(2) | 84 | 1,378 | ||
Mediaset Espana Comunicacion SA | 1,849 | 9,371 | ||
Melia Hotels International SA | 695 | 4,818 | ||
Neinor Homes SA(2) | 1,397 | 16,041 | ||
Sacyr SA | 8,381 | 22,471 | ||
Talgo SA(2) | 1,764 | 10,307 | ||
Tecnicas Reunidas SA(2) | 491 | 11,115 | ||
Tubacex SA | 1,612 | 3,861 | ||
169,093 | ||||
Sweden — 5.5% | ||||
AQ Group AB | 264 | 4,829 | ||
Arise AB(2) | 896 | 3,675 | ||
Bahnhof AB, B Shares | 1,096 | 2,777 | ||
Bilia AB, A Shares | 3,867 | 37,346 | ||
BioArctic AB(1) | 1,186 | 8,976 | ||
Bredband2 i Skandinavien AB | 21,892 | 3,135 | ||
Bulten AB | 560 | 3,988 | ||
Bure Equity AB | 1,682 | 31,828 | ||
Clas Ohlson AB, B Shares | 1,636 | 16,199 | ||
Collector AB(1)(2) | 844 | 2,362 | ||
CTT Systems AB | 192 | 4,457 | ||
Eolus Vind AB, B Shares | 941 | 13,582 | ||
G5 Entertainment AB | 312 | 2,731 | ||
Granges AB | 2,862 | 23,108 | ||
Haldex AB | 691 | 3,279 | ||
Hexatronic Group AB | 800 | 4,457 | ||
HIQ International AB(2) | 1,641 | 7,910 | ||
Hoist Finance AB(2) | 3,479 | 16,566 | ||
Karo Pharma AB(2) | 2,691 | 11,350 | ||
Klovern AB, B Shares | 14,038 | 32,253 | ||
Kopparbergs Bryggeri AB, B Shares | 529 | 8,005 | ||
Maha Energy AB(2) | 2,104 | 3,219 | ||
Mekonomen AB(2) | 1,566 | 12,376 | ||
Modern Times Group MTG AB, B Shares(2) | 2,487 | 22,000 | ||
Momentum Group AB, Class B | 899 | 10,401 | ||
Mycronic AB | 2,718 | 38,537 | ||
NetEnt AB(2) | 6,161 | 15,782 | ||
Nobina AB | 2,978 | 20,825 | ||
NP3 Fastigheter AB | 1,372 | 15,958 | ||
Orexo AB(2) | 480 | 2,781 | ||
Paradox Interactive AB(1) | 669 | 9,347 | ||
RaySearch Laboratories AB(2) | 842 | 7,396 | ||
Resurs Holding AB | 3,776 | 20,520 | ||
SAS AB(2) | 10,444 | 10,933 | ||
Scandi Standard AB | 1,566 | 10,313 |
22
Shares | Value | |||
Semcon AB | 398 | $ | 2,834 | |
Sintercast AB | 142 | 2,565 | ||
SkiStar AB | 1,364 | 13,533 | ||
SolTech Energy Sweden AB(2) | 2,171 | 3,438 | ||
Tethys Oil AB | 1,209 | 8,023 | ||
TF Bank AB | 180 | 2,114 | ||
475,708 | ||||
Switzerland — 4.7% | ||||
Aluflexpack AG(2) | 383 | 8,711 | ||
Aryzta AG(2) | 33,017 | 28,360 | ||
Autoneum Holding AG | 98 | 9,664 | ||
Bell Food Group AG | 74 | 19,095 | ||
Bossard Holding AG, Class A | 296 | 40,574 | ||
Calida Holding AG(2) | 234 | 7,720 | ||
EFG International AG(2) | 4,369 | 25,208 | ||
Gurit Holding AG | 15 | 22,372 | ||
Huber + Suhner AG | 319 | 21,403 | ||
Klingelnberg AG(2) | 117 | 2,269 | ||
Leonteq AG(2) | 469 | 21,208 | ||
Liechtensteinische Landesbank AG | 189 | 11,992 | ||
MCH Group AG(2) | 170 | 3,269 | ||
Phoenix Mecano AG | 23 | 10,294 | ||
Rieter Holding AG | 129 | 15,411 | ||
Schaffner Holding AG | 15 | 2,962 | ||
Schmolz + Bickenbach AG(2) | 15,959 | 3,031 | ||
Siegfried Holding AG(2) | 32 | 13,926 | ||
u-blox Holding AG(2) | 245 | 19,265 | ||
Valiant Holding AG | 522 | 52,014 | ||
Varia US Properties AG | 139 | 6,152 | ||
Vetropack Holding AG | 10 | 26,461 | ||
VP Bank AG | 64 | 10,351 | ||
Zehnder Group AG | 445 | 20,988 | ||
402,700 | ||||
United Kingdom — 16.5% | ||||
Aggreko plc | 3,010 | 26,664 | ||
Anglo Asian Mining plc | 891 | 1,361 | ||
Argentex Group plc(2) | 696 | 1,437 | ||
Augean plc(2) | 986 | 2,413 | ||
Bank of Georgia Group plc | 420 | 9,151 | ||
Bodycote plc | 2,123 | 20,951 | ||
Burford Capital Ltd. | 1,103 | 7,679 | ||
Cairn Energy plc(2) | 8,655 | 15,698 | ||
Centamin plc | 13,031 | 21,560 | ||
Central Asia Metals plc | 1,724 | 4,180 | ||
Circassia Pharmaceuticals plc(2) | 11,045 | 2,834 | ||
Close Brothers Group plc | 1,820 | 30,205 | ||
CMC Markets plc | 1,554 | 3,007 |
23
Shares | Value | |||
Coats Group plc | 12,103 | $ | 9,236 | |
Crest Nicholson Holdings plc | 2,385 | 13,948 | ||
Daily Mail & General Trust plc | 1,033 | 9,866 | ||
Dart Group plc | 1,415 | 22,465 | ||
Devro plc | 1,990 | 3,836 | ||
DFS Furniture plc | 1,924 | 6,036 | ||
Direct Line Insurance Group plc | 13,476 | 53,414 | ||
Diversified Gas & Oil plc | 6,823 | 6,980 | ||
Drax Group plc | 4,358 | 15,266 | ||
Dunelm Group plc | 817 | 11,430 | ||
easyJet plc | 2,307 | 32,964 | ||
Eckoh plc | 2,370 | 1,709 | ||
Electrocomponents plc | 4,652 | 36,644 | ||
EnQuest plc(2) | 16,066 | 4,251 | ||
Evraz plc | 2,695 | 11,691 | ||
Ferrexpo plc | 1,910 | 3,224 | ||
Forterra plc | 2,061 | 8,736 | ||
Frasers Group plc(2) | 1,291 | 6,434 | ||
Galliford Try Holdings plc | 1,741 | 3,451 | ||
Games Workshop Group plc | 267 | 21,744 | ||
GAN plc(1)(2) | 906 | 1,570 | ||
Go-Ahead Group plc (The) | 482 | 12,132 | ||
Golar LNG Ltd. | 570 | 7,305 | ||
Greggs plc | 876 | 23,621 | ||
Gulf Keystone Petroleum Ltd. | 2,324 | 4,439 | ||
Hays plc | 13,965 | 25,061 | ||
Hochschild Mining plc | 2,878 | 5,882 | ||
Howden Joinery Group plc | 6,389 | 52,979 | ||
Ibstock plc | 4,980 | 17,715 | ||
IG Group Holdings plc | 4,436 | 38,460 | ||
Inchcape plc | 4,435 | 32,873 | ||
Indivior plc(2) | 12,845 | 7,152 | ||
J D Wetherspoon plc | 665 | 11,554 | ||
J Sainsbury plc | 21,234 | 53,777 | ||
Jadestone Energy, Inc.(2) | 6,211 | 4,756 | ||
Joules Group plc | 516 | 895 | ||
KAZ Minerals plc | 2,698 | 14,640 | ||
Keller Group plc | 988 | 8,301 | ||
Knights Group Holdings plc | 443 | 2,395 | ||
Luxfer Holdings plc | 167 | 2,590 | ||
Marks & Spencer Group plc | 23,684 | 48,761 | ||
Marston's plc | 7,029 | 8,175 | ||
McBride plc(2) | 1,428 | 1,251 | ||
Mitchells & Butlers plc(2) | 2,241 | 9,634 | ||
N Brown Group plc | 1,163 | 868 | ||
Naked Wines plc(1) | 618 | 1,650 | ||
Norcros plc | 1,050 | 2,875 |
24
Shares | Value | |||
OneSavings Bank plc | 4,981 | $ | 26,063 | |
Pagegroup plc | 4,012 | 21,184 | ||
Petrofac Ltd. | 2,633 | 10,905 | ||
Petropavlovsk plc(1)(2) | 32,788 | 7,774 | ||
Pharos Energy plc | 2,309 | 911 | ||
Photo-Me International plc | 2,737 | 2,937 | ||
Plus500 Ltd. | 1,635 | 20,013 | ||
Premier Oil plc(2) | 13,543 | 13,811 | ||
Quilter plc | 24,445 | 46,252 | ||
Reach plc | 4,817 | 9,158 | ||
Redde Northgate plc | 2,920 | 9,371 | ||
Redrow plc | 2,731 | 26,295 | ||
Rhi Magnesita NV | 198 | 7,680 | ||
Royal Mail plc | 10,648 | 22,326 | ||
Secure Trust Bank plc | 121 | 1,999 | ||
Serica Energy plc(2) | 1,942 | 2,504 | ||
SIG plc | 4,134 | 3,378 | ||
Sirius Real Estate Ltd. | 10,892 | 11,310 | ||
Speedy Hire plc | 4,212 | 4,181 | ||
Spire Healthcare Group plc | 2,396 | 3,589 | ||
St. James's Place plc | 1,853 | 24,442 | ||
Stobart Group Ltd. | 3,533 | 3,486 | ||
Superdry plc | 492 | 1,964 | ||
Tate & Lyle plc | 5,070 | 46,273 | ||
Taylor Wimpey plc | 29,127 | 76,439 | ||
TI Fluid Systems plc | 2,236 | 5,855 | ||
Travis Perkins plc | 2,967 | 56,167 | ||
Tremor International Ltd.(2) | 946 | 2,003 | ||
Tullow Oil plc | 15,641 | 6,903 | ||
Vertu Motors plc | 3,181 | 1,295 | ||
Virgin Money UK plc(2) | 6,263 | 12,474 | ||
Vistry Group plc | 2,793 | 46,023 | ||
Vp plc | 235 | 3,055 | ||
WM Morrison Supermarkets plc | 24,536 | 54,396 | ||
1,424,192 | ||||
TOTAL COMMON STOCKS (Cost $9,627,374) | 8,472,187 | |||
RIGHTS† | ||||
Hong Kong† | ||||
Guotai Junan International Holdings Ltd.(1) (Cost $—) | 30,000 | 39 | ||
TEMPORARY CASH INVESTMENTS — 0.3% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $24,651) | 24,651 | 24,651 |
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Shares | Value | |||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.9% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $164,852) | 164,852 | $ | 164,852 | |
TOTAL INVESTMENT SECURITIES — 100.5% (Cost $9,816,877) | 8,661,729 | |||
OTHER ASSETS AND LIABILITIES — (0.5)% | (42,000 | ) | ||
TOTAL NET ASSETS — 100.0% | $ | 8,619,729 |
MARKET SECTOR DIVERSIFICATION | ||
(as a % of net assets) | ||
Industrials | 20.6 | % |
Materials | 18.0 | % |
Consumer Discretionary | 16.1 | % |
Financials | 15.3 | % |
Energy | 8.0 | % |
Information Technology | 6.2 | % |
Consumer Staples | 5.3 | % |
Communication Services | 2.7 | % |
Health Care | 2.6 | % |
Utilities | 1.8 | % |
Real Estate | 1.7 | % |
Cash and Equivalents* | 1.7 | % |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||
CVA | - | Certificaten Van Aandelen |
† | Category is less than 0.05% of total net assets. |
(1) | Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $239,929. 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. |
(2) | Non-income producing. |
(3) | Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $255,084, which includes securities collateral of $90,232. |
See Notes to Financial Statements.
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Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $9,652,025) — including $239,929 of securities on loan | $ | 8,496,877 | |
Investment made with cash collateral received for securities on loan, at value (cost of $164,852) | 164,852 | ||
Total investment securities, at value (cost of $9,816,877) | 8,661,729 | ||
Foreign currency holdings, at value (cost of $3,600) | 3,668 | ||
Receivable for capital shares sold | 171,465 | ||
Dividends and interest receivable | 16,147 | ||
Securities lending receivable | 192 | ||
8,853,201 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 164,852 | ||
Payable for investments purchased | 1,074 | ||
Payable for capital shares redeemed | 64,839 | ||
Accrued management fees | 2,707 | ||
233,472 | |||
Net Assets | $ | 8,619,729 | |
Institutional Class Capital Shares | |||
Shares outstanding (unlimited number of shares authorized) | 971,282 | ||
Net Asset Value Per Share | $ | 8.87 | |
Net Assets Consist of: | |||
Capital paid in | $ | 9,782,404 | |
Distributable earnings | (1,162,675 | ) | |
$ | 8,619,729 |
See Notes to Financial Statements.
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Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $2,310) | $ | 42,048 | |
Interest | 2,170 | ||
Securities lending, net | 201 | ||
44,419 | |||
Expenses: | |||
Management fees | 8,088 | ||
Foreign currency overdraft fees | 3,069 | ||
11,157 | |||
Fees reimbursed | (3,069 | ) | |
8,088 | |||
Net investment income (loss) | 36,331 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on: | |||
Investment transactions | (18,798 | ) | |
Foreign currency translation transactions | 9,297 | ||
(9,501 | ) | ||
Change in net unrealized appreciation (depreciation) on: | |||
Investments | (1,155,148 | ) | |
Translation of assets and liabilities in foreign currencies | 145 | ||
(1,155,003 | ) | ||
Net realized and unrealized gain (loss) | (1,164,504 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,128,173 | ) |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
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Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 36,331 | |
Net realized gain (loss) | (9,501 | ) | |
Change in net unrealized appreciation (depreciation) | (1,155,003 | ) | |
Net increase (decrease) in net assets resulting from operations | (1,128,173 | ) | |
Distributions to Shareholders | |||
From earnings | (34,502 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 10,221,713 | ||
Proceeds from reinvestment of distributions | 34,502 | ||
Payments for shares redeemed | (473,811 | ) | |
Net increase (decrease) in net assets from capital share transactions | 9,782,404 | ||
Net increase (decrease) in net assets | 8,619,729 | ||
Net Assets | |||
End of period | $ | 8,619,729 | |
Transactions in Shares of the Fund | |||
Sold | 1,016,490 | ||
Issued in reinvestment of distributions | 3,321 | ||
Redeemed | (48,529 | ) | |
Net increase (decrease) in shares of the fund | 971,282 |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open end management investment company. Avantis International Small Cap Value Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek long-term capital appreciation. The fund offers the Institutional Class. The Institutional Class commenced sale on December 4, 2019, the fund's inception date.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
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Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 164,852 | — | — | — | $ | 164,852 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 164,852 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 84% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.36%.
Other Expenses — The fund may incur other expenses including interest and/or overdraft fees, clearing exchange fees, proxy solicitation expenses, filing fees for foreign tax reclaims and other miscellaneous expenses. During the period ended February 29, 2020, the investment advisor voluntarily agreed to reimburse the fund for fees related to a foreign currency overdraft in the amount of $3,069. The impact of other expenses to the annualized ratio of operating expenses to average net assets for the period ended February 29, 2020 was 0.13% before reimbursement and 0.00% after reimbursement.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 29, 2020 were $9,913,733 and $286,679, respectively.
5. 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.
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The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 | Level 2 | Level 3 | ||||||
Assets | ||||||||
Investment Securities | ||||||||
Common Stocks | $ | 25,267 | $ | 8,446,920 | — | |||
Rights | — | 39 | — | |||||
Temporary Cash Investments | 24,651 | — | — | |||||
Temporary Cash Investments - Securities Lending Collateral | 164,852 | — | — | |||||
$ | 214,770 | $ | 8,446,959 | — |
6. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing a significant portion of assets in one country or region may accentuate these risks.
The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater
risk and market fluctuations than a fund investing in larger, more established companies.
7. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 9,816,877 | |
Gross tax appreciation of investments | $ | 143,254 | |
Gross tax depreciation of investments | (1,298,402 | ) | |
Net tax appreciation (depreciation) of investments | $ | (1,155,148 | ) |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
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Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
2020(3) | $10.00 | 0.04 | (1.13) | (1.09) | (0.04) | $8.87 | (10.95)% | 0.36%(4)(5) | 1.62%(4)(5) | 3% | $8,620 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | December 4, 2019 (fund inception) through February 29, 2020 (unaudited). |
(4) | Annualized. |
(5) | The annualized ratio of operating expenses to average net assets before expense reimbursement and the annualized ratio of net investment income (loss) to average net assets before expense reimbursement was 0.49% and 1.49%, respectively. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019, the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
35
The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
36
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
37
Notes |
38
Notes |
39
Notes |
40
Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96059 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ U.S. Equity Fund | |
Institutional Class (AVUSX) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
When the funds launched in early December, investor optimism was strong, largely due to dovish central bank policy in the U.S. and Europe. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed investors' global growth fears. Against this backdrop, key stock benchmarks rose to record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, leaving broad global equity benchmarks with losses for the reporting period. In general, U.S. stocks fared better than non-U.S. developed markets stocks, large-cap stocks held up better than small-cap stocks, and growth stocks fared better than value stocks. Emerging markets stocks proved slightly more resilient, declining but outperforming their developed markets counterparts.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Apple, Inc. | 3.2% |
Microsoft Corp. | 3.0% |
Amazon.com, Inc. | 1.9% |
Alphabet, Inc.* | 1.7% |
Facebook, Inc., Class A | 1.4% |
Johnson & Johnson | 1.2% |
JPMorgan Chase & Co. | 1.2% |
Intel Corp. | 0.9% |
Verizon Communications, Inc. | 0.9% |
Visa, Inc., Class A | 0.8% |
*Includes all classes of the issuer held by the fund. | |
Top Five Industries | % of net assets |
Banks | 6.7% |
Software | 5.4% |
Semiconductors and Semiconductor Equipment | 4.9% |
Oil, Gas and Consumable Fuels | 4.2% |
IT Services | 4.1% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 99.7% |
Temporary Cash Investments | 0.1% |
Temporary Cash Investments - Securities Lending Collateral | 0.2% |
Other Assets and Liabilities | —* |
*Category is less than 0.05% of total net assets.
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | ||||
Institutional Class | $1,000 | $932.40(2) | $0.35(3) | 0.15% |
Hypothetical | ||||
Institutional Class | $1,000 | $1,024.12(4) | $0.75(4) | 0.15% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from December 4, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 88, the number of days in the period from December 4, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the class had been available throughout the entire period and are calculated using the class's annualized expense ratio listed in the table above. |
4
Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 99.7% | ||||
Aerospace and Defense — 1.7% | ||||
AAR Corp. | 38 | $ | 1,313 | |
Aerojet Rocketdyne Holdings, Inc.(1) | 98 | 4,829 | ||
AeroVironment, Inc.(1) | 24 | 1,233 | ||
Arconic, Inc. | 144 | 4,226 | ||
Astronics Corp.(1) | 34 | 689 | ||
Axon Enterprise, Inc.(1) | 32 | 2,476 | ||
Boeing Co. (The) | 77 | 21,184 | ||
BWX Technologies, Inc. | 107 | 5,868 | ||
Cubic Corp. | 50 | 2,722 | ||
Curtiss-Wright Corp. | 35 | 4,198 | ||
Ducommun, Inc.(1) | 20 | 893 | ||
General Dynamics Corp. | 42 | 6,707 | ||
HEICO Corp. | 7 | 755 | ||
HEICO Corp., Class A | 13 | 1,148 | ||
Hexcel Corp. | 91 | 5,881 | ||
Huntington Ingalls Industries, Inc. | 30 | 6,166 | ||
L3Harris Technologies, Inc. | 35 | 6,921 | ||
Lockheed Martin Corp. | 84 | 31,069 | ||
Mercury Systems, Inc.(1) | 17 | 1,249 | ||
Moog, Inc., Class A | 27 | 2,082 | ||
Northrop Grumman Corp. | 36 | 11,838 | ||
Parsons Corp.(1) | 30 | 1,173 | ||
Raytheon Co. | 67 | 12,634 | ||
Spirit AeroSystems Holdings, Inc., Class A | 136 | 7,186 | ||
Teledyne Technologies, Inc.(1) | 10 | 3,373 | ||
Textron, Inc. | 91 | 3,695 | ||
TransDigm Group, Inc. | 10 | 5,578 | ||
United Technologies Corp. | 165 | 21,547 | ||
178,633 | ||||
Air Freight and Logistics — 0.7% | ||||
Air Transport Services Group, Inc.(1) | 128 | 2,291 | ||
Atlas Air Worldwide Holdings, Inc.(1) | 41 | 1,095 | ||
CH Robinson Worldwide, Inc. | 53 | 3,652 | ||
Expeditors International of Washington, Inc. | 143 | 10,070 | ||
FedEx Corp. | 145 | 20,470 | ||
Forward Air Corp. | 31 | 1,829 | ||
Hub Group, Inc., Class A(1) | 34 | 1,572 | ||
United Parcel Service, Inc., Class B | 342 | 30,948 | ||
XPO Logistics, Inc.(1) | 34 | 2,515 | ||
74,442 | ||||
Airlines — 0.8% | ||||
Alaska Air Group, Inc. | 166 | 8,376 |
5
Shares | Value | |||
Allegiant Travel Co. | 21 | $ | 2,846 | |
American Airlines Group, Inc. | 207 | 3,943 | ||
Delta Air Lines, Inc. | 465 | 21,451 | ||
Hawaiian Holdings, Inc. | 76 | 1,587 | ||
JetBlue Airways Corp.(1) | 401 | 6,328 | ||
SkyWest, Inc. | 92 | 4,177 | ||
Southwest Airlines Co. | 422 | 19,492 | ||
Spirit Airlines, Inc.(1) | 121 | 3,443 | ||
United Airlines Holdings, Inc.(1) | 224 | 13,796 | ||
85,439 | ||||
Auto Components — 0.8% | ||||
American Axle & Manufacturing Holdings, Inc.(1) | 142 | 899 | ||
Aptiv plc | 226 | 17,653 | ||
Autoliv, Inc. | 113 | 7,541 | ||
BorgWarner, Inc. | 339 | 10,712 | ||
Cooper Tire & Rubber Co. | 64 | 1,631 | ||
Dana, Inc. | 293 | 4,213 | ||
Delphi Technologies plc(1) | 81 | 1,144 | ||
Dorman Products, Inc.(1) | 13 | 788 | ||
Gentex Corp. | 314 | 8,384 | ||
Gentherm, Inc.(1) | 47 | 1,917 | ||
Goodyear Tire & Rubber Co. (The) | 538 | 5,211 | ||
LCI Industries | 51 | 4,924 | ||
Lear Corp. | 87 | 9,674 | ||
Standard Motor Products, Inc. | 19 | 836 | ||
Stoneridge, Inc.(1) | 39 | 862 | ||
Tenneco, Inc., Class A | 101 | 926 | ||
Veoneer, Inc.(1)(2) | 72 | 886 | ||
Visteon Corp.(1) | 46 | 2,992 | ||
81,193 | ||||
Automobiles — 0.8% | ||||
Ford Motor Co. | 2,617 | 18,214 | ||
General Motors Co. | 780 | 23,790 | ||
Harley-Davidson, Inc. | 224 | 6,825 | ||
Tesla, Inc.(1) | 41 | 27,388 | ||
Thor Industries, Inc. | 55 | 4,147 | ||
Winnebago Industries, Inc. | 49 | 2,543 | ||
82,907 | ||||
Banks — 6.7% | ||||
Allegiance Bancshares, Inc. | 27 | 896 | ||
Amerant Bancorp, Inc.(1) | 46 | 849 | ||
Ameris Bancorp | 45 | 1,538 | ||
Arrow Financial Corp. | 28 | 887 | ||
Associated Banc-Corp. | 120 | 2,032 | ||
Atlantic Union Bankshares Corp. | 48 | 1,428 | ||
Banc of California, Inc. | 64 | 981 | ||
BancFirst Corp. | 17 | 872 |
6
Shares | Value | |||
Bancorp, Inc. (The)(1) | 87 | $ | 1,059 | |
BancorpSouth Bank | 60 | 1,468 | ||
Bank of America Corp. | 2,336 | 66,576 | ||
Bank of Hawaii Corp. | 56 | 4,168 | ||
Bank of Marin Bancorp | 22 | 839 | ||
Bank OZK | 151 | 3,834 | ||
BankUnited, Inc. | 89 | 2,643 | ||
Banner Corp. | 23 | 1,050 | ||
Berkshire Hills Bancorp, Inc. | 34 | 830 | ||
BOK Financial Corp. | 21 | 1,520 | ||
Boston Private Financial Holdings, Inc. | 87 | 849 | ||
Bridge Bancorp, Inc. | 30 | 826 | ||
Brookline Bancorp, Inc. | 63 | 874 | ||
Bryn Mawr Bank Corp. | 25 | 831 | ||
Cadence BanCorp | 155 | 2,189 | ||
Camden National Corp. | 23 | 943 | ||
Carolina Financial Corp. | 24 | 778 | ||
Cathay General Bancorp. | 71 | 2,185 | ||
CenterState Bank Corp. | 75 | 1,517 | ||
Central Pacific Financial Corp. | 34 | 813 | ||
CIT Group, Inc. | 125 | 4,964 | ||
Citigroup, Inc. | 994 | 63,079 | ||
Citizens Financial Group, Inc. | 273 | 8,651 | ||
City Holding Co. | 13 | 909 | ||
CNB Financial Corp. | 32 | 802 | ||
Columbia Banking System, Inc. | 46 | 1,527 | ||
Comerica, Inc. | 179 | 9,423 | ||
Commerce Bancshares, Inc. | 104 | 6,348 | ||
Community Bank System, Inc. | 27 | 1,642 | ||
Community Trust Bancorp, Inc. | 22 | 851 | ||
ConnectOne Bancorp, Inc. | 40 | 840 | ||
Cullen/Frost Bankers, Inc. | 48 | 3,763 | ||
Customers Bancorp, Inc.(1) | 44 | 893 | ||
CVB Financial Corp. | 86 | 1,594 | ||
Dime Community Bancshares, Inc. | 49 | 822 | ||
Eagle Bancorp, Inc. | 56 | 2,096 | ||
East West Bancorp, Inc. | 199 | 7,709 | ||
Enterprise Financial Services Corp. | 22 | 842 | ||
F.N.B. Corp. | 218 | 2,200 | ||
FB Financial Corp. | 26 | 847 | ||
Fifth Third Bancorp | 492 | 12,005 | ||
Financial Institutions, Inc. | 31 | 834 | ||
First BanCorp | 173 | 1,374 | ||
First Bancorp/Southern Pines NC | 25 | 803 | ||
First Busey Corp. | 38 | 839 | ||
First Citizens BancShares, Inc., Class A | 4 | 1,813 | ||
First Commonwealth Financial Corp. | 70 | 826 |
7
Shares | Value | |||
First Financial Bancorp | 62 | $ | 1,277 | |
First Financial Bankshares, Inc. | 79 | 2,270 | ||
First Financial Corp. | 22 | 879 | ||
First Foundation, Inc. | 61 | 883 | ||
First Hawaiian, Inc. | 96 | 2,299 | ||
First Horizon National Corp. | 234 | 3,119 | ||
First Interstate BancSystem, Inc., Class A | 26 | 886 | ||
First Merchants Corp. | 38 | 1,329 | ||
First Midwest Bancorp, Inc. | 84 | 1,525 | ||
First of Long Island Corp. (The) | 40 | 828 | ||
First Republic Bank | 92 | 9,252 | ||
Flushing Financial Corp. | 47 | 853 | ||
Fulton Financial Corp. | 123 | 1,777 | ||
German American Bancorp, Inc. | 30 | 896 | ||
Glacier Bancorp, Inc. | 52 | 1,939 | ||
Great Southern Bancorp, Inc. | 16 | 821 | ||
Great Western Bancorp, Inc. | 42 | 1,129 | ||
Hancock Whitney Corp. | 65 | 2,178 | ||
Heartland Financial USA, Inc. | 26 | 1,114 | ||
Heritage Commerce Corp. | 80 | 821 | ||
Heritage Financial Corp. | 36 | 835 | ||
Hilltop Holdings, Inc. | 58 | 1,208 | ||
Home BancShares, Inc. | 117 | 1,961 | ||
Hope Bancorp, Inc. | 98 | 1,197 | ||
Horizon Bancorp, Inc. | 53 | 796 | ||
Huntington Bancshares, Inc. | 835 | 10,245 | ||
IBERIABANK Corp. | 38 | 2,287 | ||
Independent Bank Corp. (Massachusetts) | 22 | 1,486 | ||
Independent Bank Corp. (Michigan) | 45 | 881 | ||
Independent Bank Group, Inc. | 22 | 1,018 | ||
International Bancshares Corp. | 53 | 1,807 | ||
Investors Bancorp, Inc. | 168 | 1,771 | ||
JPMorgan Chase & Co. | 1,059 | 122,960 | ||
KeyCorp | 863 | 14,110 | ||
Lakeland Bancorp, Inc. | 59 | 850 | ||
Lakeland Financial Corp. | 25 | 1,022 | ||
M&T Bank Corp. | 90 | 12,634 | ||
Mercantile Bank Corp. | 28 | 803 | ||
Midland States Bancorp, Inc. | 35 | 834 | ||
MidWestOne Financial Group, Inc. | 28 | 804 | ||
National Bank Holdings Corp., Class A | 28 | 857 | ||
NBT Bancorp, Inc. | 29 | 977 | ||
Nicolet Bankshares, Inc.(1) | 14 | 930 | ||
OFG Bancorp | 52 | 870 | ||
Old National Bancorp | 104 | 1,639 | ||
Old Second Bancorp, Inc. | 75 | 798 | ||
Opus Bank | 40 | 947 | ||
Origin Bancorp, Inc. | 28 | 847 |
8
Shares | Value | |||
Pacific Premier Bancorp, Inc. | 45 | $ | 1,162 | |
PacWest Bancorp | 72 | 2,278 | ||
Park National Corp. | 10 | 873 | ||
Peapack Gladstone Financial Corp. | 33 | 906 | ||
People's United Financial, Inc. | 241 | 3,372 | ||
People's Utah Bancorp | 34 | 815 | ||
Peoples Bancorp, Inc. | 29 | 828 | ||
Pinnacle Financial Partners, Inc. | 43 | 2,264 | ||
PNC Financial Services Group, Inc. (The) | 171 | 21,614 | ||
Popular, Inc. | 87 | 4,174 | ||
Preferred Bank | 20 | 1,023 | ||
Prosperity Bancshares, Inc. | 43 | 2,778 | ||
QCR Holdings, Inc. | 24 | 913 | ||
Regions Financial Corp. | 755 | 10,208 | ||
Renasant Corp. | 34 | 963 | ||
Republic Bancorp, Inc., Class A | 22 | 786 | ||
S&T Bancorp, Inc. | 26 | 855 | ||
Sandy Spring Bancorp, Inc. | 28 | 861 | ||
Seacoast Banking Corp. of Florida(1) | 38 | 946 | ||
ServisFirst Bancshares, Inc. | 54 | 1,866 | ||
Sierra Bancorp | 35 | 834 | ||
Signature Bank | 62 | 7,756 | ||
Simmons First National Corp., Class A | 72 | 1,539 | ||
South State Corp. | 21 | 1,431 | ||
Southside Bancshares, Inc. | 28 | 902 | ||
Sterling Bancorp | 135 | 2,238 | ||
Stock Yards Bancorp, Inc. | 24 | 839 | ||
SVB Financial Group(1) | 65 | 13,530 | ||
Synovus Financial Corp. | 150 | 4,353 | ||
TCF Financial Corp. | 91 | 3,316 | ||
Texas Capital Bancshares, Inc.(1) | 39 | 1,836 | ||
Tompkins Financial Corp. | 11 | 874 | ||
Towne Bank | 42 | 969 | ||
TriCo Bancshares | 26 | 879 | ||
TriState Capital Holdings, Inc.(1) | 41 | 815 | ||
Triumph Bancorp, Inc.(1) | 28 | 948 | ||
Truist Financial Corp. | 464 | 21,409 | ||
Trustmark Corp. | 40 | 1,076 | ||
U.S. Bancorp | 555 | 25,774 | ||
UMB Financial Corp. | 34 | 1,977 | ||
Umpqua Holdings Corp. | 140 | 2,155 | ||
United Bankshares, Inc. | 53 | 1,531 | ||
United Community Banks, Inc. | 70 | 1,734 | ||
Univest Financial Corp. | 38 | 889 | ||
Valley National Bancorp | 235 | 2,185 | ||
Veritex Holdings, Inc. | 39 | 939 | ||
Washington Trust Bancorp, Inc. | 19 | 815 | ||
Webster Financial Corp. | 102 | 3,873 |
9
Shares | Value | |||
Wells Fargo & Co. | 1,390 | $ | 56,781 | |
WesBanco, Inc. | 38 | 1,163 | ||
Westamerica Bancorporation | 19 | 1,099 | ||
Western Alliance Bancorp | 109 | 5,018 | ||
Wintrust Financial Corp. | 85 | 4,540 | ||
Zions Bancorp N.A. | 210 | 8,389 | ||
710,911 | ||||
Beverages — 1.3% | ||||
Boston Beer Co., Inc. (The), Class A(1) | 8 | 2,966 | ||
Brown-Forman Corp., Class B | 109 | 6,694 | ||
Coca-Cola Co. (The) | 794 | 42,471 | ||
Coca-Cola Consolidated, Inc. | 3 | 589 | ||
Constellation Brands, Inc., Class A | 59 | 10,170 | ||
Keurig Dr Pepper, Inc.(2) | 35 | 976 | ||
Molson Coors Beverage Co., Class B | 115 | 5,705 | ||
Monster Beverage Corp.(1) | 167 | 10,422 | ||
National Beverage Corp.(1)(2) | 20 | 846 | ||
PepsiCo, Inc. | 416 | 54,925 | ||
135,764 | ||||
Biotechnology — 2.7% | ||||
AbbVie, Inc. | 219 | 18,771 | ||
ACADIA Pharmaceuticals, Inc.(1) | 43 | 1,838 | ||
Acceleron Pharma, Inc.(1) | 32 | 2,750 | ||
Agios Pharmaceuticals, Inc.(1) | 26 | 1,234 | ||
Aimmune Therapeutics, Inc.(1) | 27 | 643 | ||
Akebia Therapeutics, Inc.(1) | 228 | 2,022 | ||
Alexion Pharmaceuticals, Inc.(1) | 73 | 6,864 | ||
Alkermes plc(1) | 49 | 1,021 | ||
Alnylam Pharmaceuticals, Inc.(1) | 50 | 5,883 | ||
Amgen, Inc. | 203 | 40,545 | ||
Amicus Therapeutics, Inc.(1) | 74 | 706 | ||
Anika Therapeutics, Inc.(1) | 17 | 710 | ||
Arena Pharmaceuticals, Inc.(1) | 48 | 2,141 | ||
Arrowhead Pharmaceuticals, Inc.(1) | 166 | 5,870 | ||
Avid Bioservices, Inc.(1) | 123 | 775 | ||
Biogen, Inc.(1) | 141 | 43,483 | ||
BioMarin Pharmaceutical, Inc.(1) | 29 | 2,621 | ||
Bluebird Bio, Inc.(1) | 11 | 796 | ||
Blueprint Medicines Corp.(1) | 13 | 704 | ||
Bridgebio Pharma, Inc.(1) | 89 | 2,837 | ||
CRISPR Therapeutics AG(1) | 14 | 748 | ||
Deciphera Pharmaceuticals, Inc.(1) | 19 | 1,012 | ||
Eagle Pharmaceuticals, Inc.(1) | 19 | 872 | ||
Editas Medicine, Inc.(1) | 33 | 732 | ||
Emergent BioSolutions, Inc.(1) | 25 | 1,467 | ||
Exact Sciences Corp.(1) | 12 | 971 | ||
Exelixis, Inc.(1) | 164 | 3,049 | ||
FibroGen, Inc.(1) | 24 | 1,003 |
10
Shares | Value | |||
Forty Seven, Inc.(1) | 35 | $ | 2,030 | |
Gilead Sciences, Inc. | 640 | 44,390 | ||
Global Blood Therapeutics, Inc.(1) | 56 | 3,582 | ||
Gossamer Bio, Inc.(1) | 39 | 512 | ||
Halozyme Therapeutics, Inc.(1) | 52 | 1,018 | ||
Heron Therapeutics, Inc.(1) | 37 | 690 | ||
Incyte Corp.(1) | 66 | 4,977 | ||
Ionis Pharmaceuticals, Inc.(1) | 19 | 965 | ||
Ironwood Pharmaceuticals, Inc.(1) | 72 | 867 | ||
Karuna Therapeutics, Inc.(1) | 13 | 1,134 | ||
Ligand Pharmaceuticals, Inc.(1)(2) | 9 | 842 | ||
Mirati Therapeutics, Inc.(1) | 11 | 984 | ||
Moderna, Inc.(1) | 148 | 3,838 | ||
Myriad Genetics, Inc.(1) | 46 | 811 | ||
Neurocrine Biosciences, Inc.(1) | 36 | 3,409 | ||
PTC Therapeutics, Inc.(1) | 31 | 1,700 | ||
Regeneron Pharmaceuticals, Inc.(1) | 62 | 27,563 | ||
REGENXBIO, Inc.(1) | 22 | 880 | ||
Sage Therapeutics, Inc.(1) | 6 | 282 | ||
Sangamo Therapeutics, Inc.(1) | 86 | 734 | ||
Sarepta Therapeutics, Inc.(1) | 9 | 1,030 | ||
Seattle Genetics, Inc.(1) | 31 | 3,530 | ||
Spectrum Pharmaceuticals, Inc.(1) | 83 | 237 | ||
Turning Point Therapeutics, Inc.(1) | 32 | 1,586 | ||
Ultragenyx Pharmaceutical, Inc.(1) | 27 | 1,514 | ||
United Therapeutics Corp.(1) | 75 | 7,722 | ||
Vanda Pharmaceuticals, Inc.(1) | 59 | 651 | ||
Vertex Pharmaceuticals, Inc.(1) | 89 | 19,939 | ||
Xencor, Inc.(1) | 25 | 812 | ||
290,297 | ||||
Building Products — 0.7% | ||||
AAON, Inc. | 28 | 1,540 | ||
Advanced Drainage Systems, Inc. | 25 | 1,047 | ||
Allegion plc | 85 | 9,774 | ||
American Woodmark Corp.(1) | 7 | 586 | ||
AO Smith Corp. | 123 | 4,865 | ||
Apogee Enterprises, Inc. | 27 | 815 | ||
Armstrong World Industries, Inc. | 20 | 2,003 | ||
Builders FirstSource, Inc.(1) | 134 | 3,043 | ||
CSW Industrials, Inc. | 15 | 988 | ||
Fortune Brands Home & Security, Inc. | 51 | 3,149 | ||
Gibraltar Industries, Inc.(1) | 39 | 1,976 | ||
Insteel Industries, Inc. | 69 | 1,372 | ||
JELD-WEN Holding, Inc.(1) | 119 | 2,237 | ||
Johnson Controls International plc | 104 | 3,803 | ||
Lennox International, Inc. | 4 | 913 | ||
Masco Corp. | 67 | 2,769 | ||
Masonite International Corp.(1) | 61 | 4,484 |
11
Shares | Value | |||
Owens Corning | 157 | $ | 8,869 | |
Patrick Industries, Inc. | 35 | 1,849 | ||
PGT Innovations, Inc.(1) | 70 | 1,062 | ||
Quanex Building Products Corp. | 53 | 890 | ||
Simpson Manufacturing Co., Inc. | 71 | 5,640 | ||
Trane Technologies plc | 52 | 6,710 | ||
Trex Co., Inc.(1) | 45 | 4,304 | ||
Universal Forest Products, Inc. | 93 | 4,358 | ||
79,046 | ||||
Capital Markets — 3.9% | ||||
Affiliated Managers Group, Inc. | 34 | 2,558 | ||
Ameriprise Financial, Inc. | 151 | 21,336 | ||
Ares Management Corp., Class A | 30 | 1,038 | ||
Artisan Partners Asset Management, Inc., Class A | 129 | 3,687 | ||
B. Riley Financial, Inc. | 36 | 852 | ||
Bank of New York Mellon Corp. (The) | 404 | 16,120 | ||
BGC Partners, Inc., Class A | 176 | 820 | ||
BlackRock, Inc. | 36 | 16,668 | ||
Blackstone Group, Inc. (The), Class A | 181 | 9,745 | ||
Cboe Global Markets, Inc. | 30 | 3,420 | ||
Charles Schwab Corp. (The) | 807 | 32,885 | ||
CME Group, Inc. | 97 | 19,286 | ||
Cohen & Steers, Inc. | 30 | 1,880 | ||
Diamond Hill Investment Group, Inc. | 2 | 253 | ||
E*TRADE Financial Corp. | 258 | 11,811 | ||
Eaton Vance Corp. | 126 | 5,199 | ||
Evercore, Inc., Class A | 34 | 2,265 | ||
FactSet Research Systems, Inc. | 14 | 3,724 | ||
Federated Hermes, Inc. | 44 | 1,269 | ||
Franklin Resources, Inc. | 86 | 1,871 | ||
Goldman Sachs Group, Inc. (The) | 178 | 35,737 | ||
Hamilton Lane, Inc., Class A | 20 | 1,243 | ||
Houlihan Lokey, Inc. | 20 | 1,024 | ||
Interactive Brokers Group, Inc., Class A | 21 | 1,073 | ||
Intercontinental Exchange, Inc. | 121 | 10,796 | ||
INTL FCStone, Inc.(1) | 24 | 1,093 | ||
Invesco Ltd. | 332 | 4,781 | ||
Janus Henderson Group plc | 269 | 5,703 | ||
KKR & Co., Inc., Class A | 292 | 8,351 | ||
Lazard Ltd., Class A | 149 | 5,337 | ||
Legg Mason, Inc. | 49 | 2,441 | ||
LPL Financial Holdings, Inc. | 76 | 6,041 | ||
MarketAxess Holdings, Inc. | 14 | 4,541 | ||
Moelis & Co., Class A | 70 | 2,237 | ||
Moody's Corp. | 71 | 17,042 | ||
Morgan Stanley | 748 | 33,682 | ||
Morningstar, Inc. | 6 | 881 | ||
MSCI, Inc. | 19 | 5,613 |
12
Shares | Value | |||
Nasdaq, Inc. | 17 | $ | 1,743 | |
Northern Trust Corp. | 179 | 15,709 | ||
Piper Sandler Cos. | 13 | 911 | ||
Raymond James Financial, Inc. | 127 | 10,621 | ||
S&P Global, Inc. | 92 | 24,464 | ||
SEI Investments Co. | 111 | 6,073 | ||
State Street Corp. | 234 | 15,938 | ||
Stifel Financial Corp. | 72 | 3,920 | ||
T. Rowe Price Group, Inc. | 190 | 22,422 | ||
TD Ameritrade Holding Corp. | 217 | 9,164 | ||
Virtus Investment Partners, Inc. | 8 | 883 | ||
Waddell & Reed Financial, Inc., Class A | 88 | 1,211 | ||
417,362 | ||||
Chemicals — 2.4% | ||||
AdvanSix, Inc.(1) | 50 | 727 | ||
Air Products & Chemicals, Inc. | 106 | 23,279 | ||
Albemarle Corp. | 72 | 5,893 | ||
Ashland Global Holdings, Inc. | 25 | 1,789 | ||
Axalta Coating Systems Ltd.(1) | 163 | 4,062 | ||
Balchem Corp. | 11 | 1,039 | ||
Cabot Corp. | 72 | 2,691 | ||
Celanese Corp. | 131 | 12,280 | ||
CF Industries Holdings, Inc. | 70 | 2,580 | ||
Chase Corp. | 8 | 710 | ||
Chemours Co. (The) | 262 | 3,893 | ||
Corteva, Inc. | 392 | 10,662 | ||
Dow, Inc. | 638 | 25,782 | ||
DuPont de Nemours, Inc. | 520 | 22,308 | ||
Eastman Chemical Co. | 106 | 6,520 | ||
Ecolab, Inc. | 49 | 8,842 | ||
Ferro Corp.(1) | 279 | 3,242 | ||
FMC Corp. | 73 | 6,796 | ||
GCP Applied Technologies, Inc.(1) | 45 | 876 | ||
H.B. Fuller Co. | 20 | 785 | ||
Hawkins, Inc. | 24 | 858 | ||
Huntsman Corp. | 302 | 5,720 | ||
Ingevity Corp.(1) | 20 | 901 | ||
Innospec, Inc. | 29 | 2,510 | ||
International Flavors & Fragrances, Inc. | 9 | 1,078 | ||
Koppers Holdings, Inc.(1) | 27 | 590 | ||
Linde plc | 116 | 22,157 | ||
Livent Corp.(1) | 215 | 1,920 | ||
LyondellBasell Industries NV, Class A | 277 | 19,794 | ||
Minerals Technologies, Inc. | 24 | 1,077 | ||
Mosaic Co. (The) | 324 | 5,518 | ||
NewMarket Corp. | 12 | 4,663 | ||
Olin Corp. | 124 | 2,008 | ||
Orion Engineered Carbons SA | 100 | 1,421 |
13
Shares | Value | |||
PolyOne Corp. | 71 | $ | 1,758 | |
PPG Industries, Inc. | 80 | 8,356 | ||
Quaker Chemical Corp. | 9 | 1,418 | ||
RPM International, Inc. | 51 | 3,270 | ||
Scotts Miracle-Gro Co. (The) | 13 | 1,378 | ||
Sensient Technologies Corp. | 24 | 1,180 | ||
Sherwin-Williams Co. (The) | 28 | 14,469 | ||
Stepan Co. | 22 | 1,932 | ||
Tredegar Corp. | 55 | 938 | ||
Trinseo SA | 69 | 1,510 | ||
Tronox Holdings plc, Class A | 104 | 763 | ||
Valvoline, Inc. | 48 | 936 | ||
Westlake Chemical Corp. | 38 | 2,123 | ||
WR Grace & Co. | 81 | 4,581 | ||
259,583 | ||||
Commercial Services and Supplies — 0.8% | ||||
ACCO Brands Corp. | 111 | 889 | ||
ADT, Inc.(2) | 111 | 709 | ||
Brady Corp., Class A | 34 | 1,610 | ||
Brink's Co. (The) | 33 | 2,584 | ||
Casella Waste Systems, Inc., Class A(1) | 37 | 1,793 | ||
Cimpress plc(1)(2) | 8 | 931 | ||
Cintas Corp. | 24 | 6,402 | ||
Clean Harbors, Inc.(1) | 69 | 4,797 | ||
Copart, Inc.(1) | 123 | 10,391 | ||
Deluxe Corp. | 31 | 1,032 | ||
Ennis, Inc. | 49 | 985 | ||
Healthcare Services Group, Inc. | 88 | 2,424 | ||
Herman Miller, Inc. | 93 | 3,184 | ||
HNI Corp. | 58 | 1,904 | ||
IAA, Inc.(1) | 30 | 1,282 | ||
Interface, Inc. | 58 | 846 | ||
KAR Auction Services, Inc. | 64 | 1,232 | ||
Kimball International, Inc., Class B | 62 | 1,003 | ||
Knoll, Inc. | 46 | 811 | ||
McGrath RentCorp | 40 | 2,778 | ||
Mobile Mini, Inc. | 26 | 1,014 | ||
MSA Safety, Inc. | 18 | 2,190 | ||
Pitney Bowes, Inc. | 207 | 708 | ||
Republic Services, Inc. | 31 | 2,798 | ||
Rollins, Inc. | 55 | 2,059 | ||
Steelcase, Inc., Class A | 187 | 3,033 | ||
Stericycle, Inc.(1) | 15 | 862 | ||
Team, Inc.(1) | 60 | 764 | ||
Tetra Tech, Inc. | 21 | 1,698 | ||
UniFirst Corp. | 14 | 2,601 | ||
US Ecology, Inc. | 18 | 757 | ||
Viad Corp. | 16 | 803 |
14
Shares | Value | |||
Waste Connections, Inc. | 65 | $ | 6,272 | |
Waste Management, Inc. | 125 | 13,851 | ||
86,997 | ||||
Communications Equipment — 0.6% | ||||
Arista Networks, Inc.(1) | 48 | 9,270 | ||
Ciena Corp.(1) | 84 | 3,230 | ||
Cisco Systems, Inc. | 619 | 24,717 | ||
Comtech Telecommunications Corp. | 27 | 757 | ||
EchoStar Corp., Class A(1) | 52 | 1,816 | ||
Extreme Networks, Inc.(1) | 145 | 729 | ||
F5 Networks, Inc.(1) | 46 | 5,518 | ||
InterDigital, Inc. | 45 | 2,380 | ||
Juniper Networks, Inc. | 84 | 1,782 | ||
Lumentum Holdings, Inc.(1) | 98 | 7,626 | ||
Motorola Solutions, Inc. | 30 | 4,970 | ||
NETGEAR, Inc.(1) | 40 | 755 | ||
ViaSat, Inc.(1) | 27 | 1,552 | ||
Viavi Solutions, Inc.(1) | 142 | 1,873 | ||
66,975 | ||||
Construction and Engineering — 0.3% | ||||
AECOM(1) | 95 | 4,269 | ||
Aegion Corp.(1) | 37 | 666 | ||
Arcosa, Inc. | 34 | 1,461 | ||
Comfort Systems USA, Inc. | 35 | 1,478 | ||
Dycom Industries, Inc.(1) | 57 | 1,685 | ||
EMCOR Group, Inc. | 31 | 2,384 | ||
Fluor Corp. | 59 | 550 | ||
Great Lakes Dredge & Dock Corp.(1) | 92 | 892 | ||
Jacobs Engineering Group, Inc. | 17 | 1,570 | ||
MasTec, Inc.(1) | 96 | 4,712 | ||
MYR Group, Inc.(1) | 29 | 740 | ||
Northwest Pipe Co.(1) | 29 | 915 | ||
Primoris Services Corp. | 47 | 892 | ||
Quanta Services, Inc. | 71 | 2,707 | ||
Sterling Construction Co., Inc.(1) | 71 | 970 | ||
Tutor Perini Corp.(1) | 66 | 957 | ||
Valmont Industries, Inc. | 31 | 3,603 | ||
WillScot Corp.(1) | 77 | 1,350 | ||
31,801 | ||||
Construction Materials — 0.2% | ||||
Eagle Materials, Inc. | 51 | 4,026 | ||
Martin Marietta Materials, Inc. | 29 | 6,598 | ||
Summit Materials, Inc., Class A(1) | 41 | 801 | ||
US Concrete, Inc.(1) | 24 | 644 | ||
Vulcan Materials Co. | 49 | 5,893 | ||
17,962 | ||||
Consumer Finance — 1.3% | ||||
Ally Financial, Inc. | 391 | 9,802 |
15
Shares | Value | |||
American Express Co. | 338 | $ | 37,156 | |
Capital One Financial Corp. | 330 | 29,126 | ||
Credit Acceptance Corp.(1) | 7 | 2,822 | ||
Discover Financial Services | 271 | 17,772 | ||
Encore Capital Group, Inc.(1) | 43 | 1,598 | ||
Enova International, Inc.(1) | 44 | 846 | ||
FirstCash, Inc. | 12 | 923 | ||
Green Dot Corp., Class A(1) | 42 | 1,435 | ||
LendingTree, Inc.(1) | 2 | 552 | ||
Navient Corp. | 289 | 3,246 | ||
Nelnet, Inc., Class A | 24 | 1,274 | ||
OneMain Holdings, Inc. | 114 | 4,190 | ||
PRA Group, Inc.(1) | 28 | 1,087 | ||
Santander Consumer USA Holdings, Inc. | 121 | 2,952 | ||
SLM Corp. | 695 | 7,207 | ||
Synchrony Financial | 609 | 17,722 | ||
139,710 | ||||
Containers and Packaging — 0.6% | ||||
Amcor plc | 207 | 1,929 | ||
AptarGroup, Inc. | 36 | 3,639 | ||
Avery Dennison Corp. | 77 | 8,816 | ||
Ball Corp. | 70 | 4,932 | ||
Berry Global Group, Inc.(1) | 45 | 1,708 | ||
Crown Holdings, Inc.(1) | 15 | 1,057 | ||
Graphic Packaging Holding Co. | 145 | 1,960 | ||
International Paper Co. | 466 | 17,223 | ||
O-I Glass, Inc. | 101 | 1,091 | ||
Packaging Corp. of America | 114 | 10,331 | ||
Sealed Air Corp. | 28 | 849 | ||
Silgan Holdings, Inc. | 36 | 1,031 | ||
Sonoco Products Co. | 90 | 4,339 | ||
WestRock Co. | 279 | 9,277 | ||
68,182 | ||||
Distributors — 0.2% | ||||
Genuine Parts Co. | 92 | 8,026 | ||
LKQ Corp.(1) | 151 | 4,467 | ||
Pool Corp. | 38 | 8,016 | ||
20,509 | ||||
Diversified Consumer Services — 0.2% | ||||
Adtalem Global Education, Inc.(1) | 24 | 741 | ||
Bright Horizons Family Solutions, Inc.(1) | 13 | 2,043 | ||
Chegg, Inc.(1) | 27 | 1,059 | ||
Collectors Universe, Inc. | 31 | 713 | ||
frontdoor, Inc.(1) | 22 | 933 | ||
Graham Holdings Co., Class B | 1 | 503 | ||
Grand Canyon Education, Inc.(1) | 27 | 2,179 | ||
H&R Block, Inc. | 87 | 1,798 |
16
Shares | Value | |||
Laureate Education, Inc., Class A(1) | 59 | $ | 1,103 | |
OneSpaWorld Holdings Ltd. | 51 | 623 | ||
Perdoceo Education Corp.(1) | 58 | 866 | ||
Service Corp. International | 47 | 2,246 | ||
Strategic Education, Inc. | 6 | 884 | ||
WW International, Inc.(1) | 23 | 690 | ||
16,381 | ||||
Diversified Financial Services — 0.9% | ||||
Banco Latinoamericano de Comercio Exterior SA, E Shares | 47 | 840 | ||
Berkshire Hathaway, Inc., Class B(1) | 327 | 67,473 | ||
Cannae Holdings, Inc.(1) | 36 | 1,342 | ||
Equitable Holdings, Inc. | 429 | 9,181 | ||
FGL Holdings | 258 | 2,952 | ||
Jefferies Financial Group, Inc. | 348 | 6,859 | ||
Voya Financial, Inc. | 90 | 4,738 | ||
93,385 | ||||
Diversified Telecommunication Services — 1.6% | ||||
AT&T, Inc. | 1,679 | 59,135 | ||
CenturyLink, Inc. | 327 | 3,947 | ||
Cogent Communications Holdings, Inc. | 13 | 949 | ||
GCI Liberty, Inc., Class A(1) | 52 | 3,594 | ||
Iridium Communications, Inc.(1) | 102 | 2,761 | ||
Verizon Communications, Inc. | 1,758 | 95,213 | ||
165,599 | ||||
Electric Utilities — 2.1% | ||||
ALLETE, Inc. | 29 | 2,001 | ||
Alliant Energy Corp. | 185 | 9,642 | ||
American Electric Power Co., Inc. | 252 | 22,494 | ||
Avangrid, Inc. | 22 | 1,093 | ||
Duke Energy Corp. | 166 | 15,222 | ||
Edison International | 162 | 10,885 | ||
Entergy Corp. | 140 | 16,367 | ||
Evergy, Inc. | 153 | 9,999 | ||
Eversource Energy | 33 | 2,853 | ||
Exelon Corp. | 463 | 19,960 | ||
FirstEnergy Corp. | 245 | 10,910 | ||
Hawaiian Electric Industries, Inc. | 113 | 4,841 | ||
IDACORP, Inc. | 26 | 2,513 | ||
MGE Energy, Inc. | 13 | 927 | ||
NextEra Energy, Inc. | 103 | 26,034 | ||
NRG Energy, Inc. | 50 | 1,660 | ||
OGE Energy Corp. | 95 | 3,619 | ||
Otter Tail Corp. | 26 | 1,264 | ||
PG&E Corp.(1) | 336 | 5,208 | ||
Pinnacle West Capital Corp. | 60 | 5,369 | ||
PNM Resources, Inc. | 61 | 2,872 | ||
Portland General Electric Co. | 94 | 5,115 |
17
Shares | Value | |||
PPL Corp. | 380 | $ | 11,404 | |
Southern Co. (The) | 197 | 11,891 | ||
Xcel Energy, Inc. | 269 | 16,764 | ||
220,907 | ||||
Electrical Equipment — 0.7% | ||||
Acuity Brands, Inc. | 28 | 2,880 | ||
AMETEK, Inc. | 69 | 5,934 | ||
Atkore International Group, Inc.(1) | 78 | 2,879 | ||
AZZ, Inc. | 30 | 1,107 | ||
Eaton Corp. plc | 122 | 11,068 | ||
Emerson Electric Co. | 237 | 15,194 | ||
Encore Wire Corp. | 23 | 1,126 | ||
EnerSys | 43 | 2,648 | ||
Generac Holdings, Inc.(1) | 21 | 2,163 | ||
Hubbell, Inc. | 22 | 2,931 | ||
nVent Electric plc | 44 | 1,056 | ||
Regal Beloit Corp. | 37 | 2,873 | ||
Rockwell Automation, Inc. | 85 | 15,598 | ||
Sensata Technologies Holding plc(1) | 39 | 1,591 | ||
Thermon Group Holdings, Inc.(1) | 39 | 685 | ||
TPI Composites, Inc.(1) | 56 | 1,329 | ||
71,062 | ||||
Electronic Equipment, Instruments and Components — 1.4% | ||||
Amphenol Corp., Class A | 72 | 6,601 | ||
Arrow Electronics, Inc.(1) | 105 | 7,041 | ||
Avnet, Inc. | 138 | 4,234 | ||
AVX Corp. | 49 | 1,065 | ||
Badger Meter, Inc. | 38 | 2,288 | ||
Belden, Inc. | 19 | 759 | ||
Benchmark Electronics, Inc. | 57 | 1,549 | ||
CDW Corp. | 79 | 9,023 | ||
Cognex Corp. | 84 | 3,741 | ||
Coherent, Inc.(1) | 25 | 3,218 | ||
Corning, Inc. | 691 | 16,487 | ||
CTS Corp. | 37 | 965 | ||
Dolby Laboratories, Inc., Class A | 33 | 2,168 | ||
ePlus, Inc.(1) | 13 | 985 | ||
Fabrinet(1) | 24 | 1,323 | ||
FARO Technologies, Inc.(1) | 16 | 916 | ||
Flex Ltd.(1) | 935 | 10,388 | ||
FLIR Systems, Inc. | 57 | 2,421 | ||
II-VI, Inc.(1) | 40 | 1,188 | ||
Insight Enterprises, Inc.(1) | 19 | 1,047 | ||
IPG Photonics Corp.(1) | 21 | 2,680 | ||
Itron, Inc.(1) | 11 | 834 | ||
Jabil, Inc. | 276 | 8,846 | ||
Keysight Technologies, Inc.(1) | 92 | 8,718 |
18
Shares | Value | |||
Knowles Corp.(1) | 46 | $ | 765 | |
Littelfuse, Inc. | 12 | 1,916 | ||
Methode Electronics, Inc. | 93 | 2,851 | ||
National Instruments Corp. | 72 | 2,900 | ||
Novanta, Inc.(1) | 12 | 1,070 | ||
OSI Systems, Inc.(1) | 10 | 813 | ||
Plexus Corp.(1) | 46 | 3,052 | ||
Rogers Corp.(1) | 9 | 1,044 | ||
Sanmina Corp.(1) | 108 | 2,839 | ||
ScanSource, Inc.(1) | 28 | 796 | ||
SYNNEX Corp. | 51 | 6,377 | ||
TE Connectivity Ltd. | 178 | 14,751 | ||
Trimble, Inc.(1) | 33 | 1,303 | ||
TTM Technologies, Inc.(1) | 162 | 2,104 | ||
Vishay Intertechnology, Inc. | 218 | 4,077 | ||
Zebra Technologies Corp., Class A(1) | 18 | 3,797 | ||
148,940 | ||||
Energy Equipment and Services — 0.6% | ||||
Apergy Corp.(1) | 38 | 707 | ||
Archrock, Inc. | 214 | 1,509 | ||
Baker Hughes Co. | 86 | 1,384 | ||
Cactus, Inc., Class A | 103 | 2,813 | ||
Core Laboratories NV | 23 | 617 | ||
DMC Global, Inc. | 21 | 757 | ||
Dril-Quip, Inc.(1) | 23 | 819 | ||
Halliburton Co. | 891 | 15,111 | ||
Helix Energy Solutions Group, Inc.(1) | 155 | 1,040 | ||
Helmerich & Payne, Inc. | 137 | 5,054 | ||
Matrix Service Co.(1) | 49 | 592 | ||
Nabors Industries Ltd. | 498 | 877 | ||
National Oilwell Varco, Inc. | 468 | 8,756 | ||
NexTier Oilfield Solutions, Inc.(1) | 193 | 899 | ||
Oceaneering International, Inc.(1) | 79 | 833 | ||
Patterson-UTI Energy, Inc. | 362 | 2,074 | ||
ProPetro Holding Corp.(1) | 116 | 1,016 | ||
Schlumberger Ltd. | 397 | 10,755 | ||
SEACOR Holdings, Inc.(1) | 24 | 895 | ||
TechnipFMC plc | 100 | 1,484 | ||
Transocean Ltd.(1) | 547 | 1,833 | ||
59,825 | ||||
Entertainment — 1.4% | ||||
Activision Blizzard, Inc. | 206 | 11,975 | ||
Cinemark Holdings, Inc. | 40 | 1,039 | ||
Electronic Arts, Inc.(1) | 116 | 11,759 | ||
IMAX Corp.(1) | 47 | 732 | ||
Liberty Media Corp.-Liberty Braves, Class C(1) | 36 | 935 | ||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 56 | 2,187 |
19
Shares | Value | |||
Live Nation Entertainment, Inc.(1) | 40 | $ | 2,431 | |
Madison Square Garden Co. (The), Class A(1) | 11 | 2,946 | ||
Marcus Corp. (The) | 31 | 828 | ||
Netflix, Inc.(1) | 204 | 75,282 | ||
Roku, Inc.(1) | 12 | 1,364 | ||
Take-Two Interactive Software, Inc.(1) | 57 | 6,126 | ||
Walt Disney Co. (The) | 221 | 26,001 | ||
Zynga, Inc., Class A(1) | 160 | 1,074 | ||
144,679 | ||||
Food and Staples Retailing — 1.5% | ||||
BJ's Wholesale Club Holdings, Inc.(1) | 41 | 789 | ||
Casey's General Stores, Inc. | 50 | 8,151 | ||
Costco Wholesale Corp. | 175 | 49,199 | ||
Ingles Markets, Inc., Class A | 27 | 966 | ||
Kroger Co. (The) | 859 | 24,164 | ||
Performance Food Group Co.(1) | 28 | 1,187 | ||
PriceSmart, Inc. | 30 | 1,671 | ||
SpartanNash Co. | 67 | 833 | ||
Sprouts Farmers Market, Inc.(1) | 211 | 3,372 | ||
Sysco Corp. | 229 | 15,263 | ||
US Foods Holding Corp.(1) | 36 | 1,211 | ||
Walgreens Boots Alliance, Inc. | 338 | 15,467 | ||
Walmart, Inc. | 385 | 41,457 | ||
Weis Markets, Inc. | 25 | 931 | ||
164,661 | ||||
Food Products — 1.1% | ||||
Archer-Daniels-Midland Co. | 226 | 8,509 | ||
B&G Foods, Inc.(2) | 59 | 873 | ||
Bunge Ltd. | 169 | 7,934 | ||
Cal-Maine Foods, Inc. | 23 | 802 | ||
Calavo Growers, Inc. | 11 | 797 | ||
Campbell Soup Co. | 105 | 4,738 | ||
Conagra Brands, Inc. | 50 | 1,334 | ||
Darling Ingredients, Inc.(1) | 103 | 2,647 | ||
Flowers Foods, Inc. | 107 | 2,304 | ||
Fresh Del Monte Produce, Inc. | 30 | 823 | ||
General Mills, Inc. | 110 | 5,390 | ||
Hain Celestial Group, Inc. (The)(1) | 67 | 1,590 | ||
Hershey Co. (The) | 73 | 10,511 | ||
Hormel Foods Corp. | 106 | 4,410 | ||
Hostess Brands, Inc.(1) | 70 | 890 | ||
Ingredion, Inc. | 80 | 6,664 | ||
J&J Snack Foods Corp. | 8 | 1,286 | ||
J.M. Smucker Co. (The) | 26 | 2,678 | ||
John B Sanfilippo & Son, Inc. | 14 | 983 | ||
Kellogg Co. | 104 | 6,289 | ||
Kraft Heinz Co. (The) | 203 | 5,028 |
20
Shares | Value | |||
Lamb Weston Holdings, Inc. | 148 | $ | 12,860 | |
Lancaster Colony Corp. | 19 | 2,744 | ||
McCormick & Co., Inc. | 20 | 2,924 | ||
Mondelez International, Inc., Class A | 274 | 14,467 | ||
Pilgrim's Pride Corp.(1) | 41 | 868 | ||
Post Holdings, Inc.(1) | 11 | 1,114 | ||
Sanderson Farms, Inc. | 9 | 1,112 | ||
Simply Good Foods Co. (The)(1) | 80 | 1,765 | ||
TreeHouse Foods, Inc.(1) | 20 | 762 | ||
Tyson Foods, Inc., Class A | 70 | 4,748 | ||
119,844 | ||||
Gas Utilities — 0.2% | ||||
Atmos Energy Corp. | 55 | 5,679 | ||
Chesapeake Utilities Corp. | 12 | 1,026 | ||
National Fuel Gas Co. | 96 | 3,515 | ||
New Jersey Resources Corp. | 53 | 1,871 | ||
Northwest Natural Holding Co. | 38 | 2,499 | ||
ONE Gas, Inc. | 32 | 2,628 | ||
South Jersey Industries, Inc. | 61 | 1,650 | ||
Southwest Gas Holdings, Inc. | 35 | 2,264 | ||
Spire, Inc. | 17 | 1,276 | ||
UGI Corp. | 66 | 2,379 | ||
24,787 | ||||
Health Care Equipment and Supplies — 2.3% | ||||
Abbott Laboratories | 273 | 21,029 | ||
ABIOMED, Inc.(1) | 11 | 1,653 | ||
Align Technology, Inc.(1) | 54 | 11,791 | ||
Atrion Corp. | 1 | 616 | ||
Avanos Medical, Inc.(1) | 30 | 972 | ||
Baxter International, Inc. | 189 | 15,776 | ||
Becton Dickinson and Co. | 40 | 9,513 | ||
Boston Scientific Corp.(1) | 162 | 6,057 | ||
Cooper Cos., Inc. (The) | 12 | 3,895 | ||
Danaher Corp. | 94 | 13,591 | ||
DENTSPLY SIRONA, Inc. | 71 | 3,496 | ||
DexCom, Inc.(1) | 12 | 3,312 | ||
Edwards Lifesciences Corp.(1) | 64 | 13,110 | ||
Envista Holdings Corp.(1) | 68 | 1,726 | ||
Globus Medical, Inc., Class A(1) | 38 | 1,719 | ||
Haemonetics Corp.(1) | 20 | 2,167 | ||
Hill-Rom Holdings, Inc. | 9 | 864 | ||
Hologic, Inc.(1) | 28 | 1,319 | ||
ICU Medical, Inc.(1) | 11 | 2,154 | ||
IDEXX Laboratories, Inc.(1) | 58 | 14,762 | ||
Inogen, Inc.(1) | 11 | 504 | ||
Insulet Corp.(1) | 12 | 2,280 | ||
Integer Holdings Corp.(1) | 14 | 1,262 |
21
Shares | Value | |||
Integra LifeSciences Holdings Corp.(1) | 22 | $ | 1,146 | |
Intuitive Surgical, Inc.(1) | 31 | 16,553 | ||
Lantheus Holdings, Inc.(1) | 49 | 762 | ||
LivaNova plc(1) | 65 | 4,532 | ||
Masimo Corp.(1) | 27 | 4,410 | ||
Medtronic plc | 214 | 21,543 | ||
Merit Medical Systems, Inc.(1) | 28 | 1,008 | ||
Natus Medical, Inc.(1) | 49 | 1,317 | ||
Nevro Corp.(1) | 8 | 1,041 | ||
Novocure Ltd.(1) | 11 | 800 | ||
NuVasive, Inc.(1) | 14 | 921 | ||
Orthofix Medical, Inc.(1) | 22 | 777 | ||
Penumbra, Inc.(1) | 7 | 1,161 | ||
Quidel Corp.(1) | 17 | 1,313 | ||
ResMed, Inc. | 43 | 6,835 | ||
STERIS plc | 25 | 3,966 | ||
Stryker Corp. | 64 | 12,198 | ||
Teleflex, Inc. | 9 | 3,015 | ||
Varex Imaging Corp.(1) | 34 | 789 | ||
Varian Medical Systems, Inc.(1) | 48 | 5,903 | ||
West Pharmaceutical Services, Inc. | 42 | 6,324 | ||
Zimmer Biomet Holdings, Inc. | 75 | 10,211 | ||
240,093 | ||||
Health Care Providers and Services — 2.0% | ||||
Amedisys, Inc.(1) | 9 | 1,566 | ||
AmerisourceBergen Corp. | 61 | 5,144 | ||
AMN Healthcare Services, Inc.(1) | 25 | 1,840 | ||
Anthem, Inc. | 79 | 20,310 | ||
Brookdale Senior Living, Inc.(1) | 316 | 2,076 | ||
Cardinal Health, Inc. | 189 | 9,851 | ||
Centene Corp.(1) | 314 | 16,648 | ||
Chemed Corp. | 7 | 2,923 | ||
Cigna Corp.(1) | 51 | 9,330 | ||
CorVel Corp.(1) | 12 | 827 | ||
CVS Health Corp. | 240 | 14,203 | ||
DaVita, Inc.(1) | 13 | 1,009 | ||
Encompass Health Corp. | 24 | 1,796 | ||
Ensign Group, Inc. (The) | 33 | 1,469 | ||
Guardant Health, Inc.(1) | 13 | 1,130 | ||
HCA Healthcare, Inc. | 51 | 6,478 | ||
HealthEquity, Inc.(1) | 18 | 1,278 | ||
Henry Schein, Inc.(1) | 81 | 4,936 | ||
Humana, Inc. | 97 | 31,009 | ||
Laboratory Corp. of America Holdings(1) | 15 | 2,635 | ||
LHC Group, Inc.(1) | 7 | 850 | ||
Magellan Health, Inc.(1) | 12 | 720 | ||
McKesson Corp. | 72 | 10,070 |
22
Shares | Value | |||
Molina Healthcare, Inc.(1) | 52 | $ | 6,373 | |
National HealthCare Corp. | 11 | 816 | ||
National Research Corp. | 15 | 825 | ||
Owens & Minor, Inc. | 148 | 1,011 | ||
Patterson Cos., Inc. | 134 | 3,188 | ||
Premier, Inc., Class A(1) | 41 | 1,207 | ||
Quest Diagnostics, Inc. | 20 | 2,121 | ||
Tenet Healthcare Corp.(1) | 23 | 604 | ||
UnitedHealth Group, Inc. | 159 | 40,539 | ||
Universal Health Services, Inc., Class B | 45 | 5,568 | ||
210,350 | ||||
Health Care Technology — 0.2% | ||||
Allscripts Healthcare Solutions, Inc.(1) | 78 | 588 | ||
Cerner Corp. | 183 | 12,676 | ||
Change Healthcare, Inc.(1)(2) | 74 | 1,006 | ||
HealthStream, Inc.(1) | 34 | 827 | ||
Omnicell, Inc.(1) | 37 | 3,014 | ||
Teladoc Health, Inc.(1) | 14 | 1,750 | ||
Veeva Systems, Inc., Class A(1) | 20 | 2,839 | ||
22,700 | ||||
Hotels, Restaurants and Leisure — 1.9% | ||||
Aramark | 74 | 2,571 | ||
BJ's Restaurants, Inc. | 25 | 824 | ||
Bloomin' Brands, Inc. | 64 | 1,151 | ||
Boyd Gaming Corp. | 61 | 1,629 | ||
Brinker International, Inc. | 23 | 790 | ||
Caesars Entertainment Corp.(1) | 254 | 3,228 | ||
Carnival Corp. | 332 | 11,109 | ||
Cheesecake Factory, Inc. (The)(2) | 73 | 2,601 | ||
Chipotle Mexican Grill, Inc.(1) | 17 | 13,151 | ||
Choice Hotels International, Inc. | 10 | 913 | ||
Churchill Downs, Inc. | 35 | 4,397 | ||
Chuy's Holdings, Inc.(1) | 28 | 600 | ||
Cracker Barrel Old Country Store, Inc. | 30 | 4,300 | ||
Darden Restaurants, Inc. | 89 | 8,677 | ||
Dave & Buster's Entertainment, Inc. | 24 | 792 | ||
Domino's Pizza, Inc. | 12 | 4,074 | ||
Dunkin' Brands Group, Inc. | 16 | 1,064 | ||
Eldorado Resorts, Inc.(1)(2) | 27 | 1,355 | ||
Extended Stay America, Inc. | 150 | 1,647 | ||
Golden Entertainment, Inc.(1) | 55 | 895 | ||
Hilton Grand Vacations, Inc.(1) | 154 | 4,106 | ||
Hilton Worldwide Holdings, Inc. | 48 | 4,666 | ||
Hyatt Hotels Corp., Class A | 21 | 1,609 | ||
Las Vegas Sands Corp. | 307 | 17,901 | ||
Marriott International, Inc., Class A | 98 | 12,152 | ||
Marriott Vacations Worldwide Corp. | 8 | 774 |
23
Shares | Value | |||
McDonald's Corp. | 70 | $ | 13,592 | |
MGM Resorts International | 192 | 4,716 | ||
Norwegian Cruise Line Holdings Ltd.(1) | 260 | 9,688 | ||
Papa John's International, Inc. | 16 | 922 | ||
Penn National Gaming, Inc.(1) | 249 | 7,363 | ||
Planet Fitness, Inc., Class A(1) | 13 | 877 | ||
Playa Hotels & Resorts NV(1) | 128 | 678 | ||
Red Robin Gourmet Burgers, Inc.(1) | 36 | 990 | ||
Red Rock Resorts, Inc., Class A | 97 | 1,999 | ||
Royal Caribbean Cruises Ltd. | 65 | 5,227 | ||
Ruth's Hospitality Group, Inc. | 42 | 803 | ||
SeaWorld Entertainment, Inc.(1) | 102 | 2,775 | ||
Six Flags Entertainment Corp. | 18 | 455 | ||
Starbucks Corp. | 162 | 12,706 | ||
Texas Roadhouse, Inc. | 106 | 5,959 | ||
Twin River Worldwide Holdings, Inc. | 52 | 1,352 | ||
Vail Resorts, Inc. | 11 | 2,339 | ||
Wendy's Co. (The) | 88 | 1,661 | ||
Wingstop, Inc. | 10 | 845 | ||
Wyndham Destinations, Inc. | 21 | 838 | ||
Wyndham Hotels & Resorts, Inc. | 18 | 917 | ||
Wynn Resorts Ltd. | 140 | 15,117 | ||
Yum! Brands, Inc. | 35 | 3,124 | ||
201,919 | ||||
Household Durables — 1.0% | ||||
Beazer Homes USA, Inc.(1) | 65 | 797 | ||
Cavco Industries, Inc.(1) | 5 | 1,009 | ||
Century Communities, Inc.(1) | 35 | 1,166 | ||
D.R. Horton, Inc. | 290 | 15,448 | ||
Garmin Ltd. | 67 | 5,922 | ||
Helen of Troy Ltd.(1) | 8 | 1,317 | ||
Installed Building Products, Inc.(1) | 22 | 1,453 | ||
iRobot Corp.(1) | 32 | 1,536 | ||
KB Home | 73 | 2,379 | ||
La-Z-Boy, Inc. | 58 | 1,662 | ||
Leggett & Platt, Inc. | 56 | 2,221 | ||
Lennar Corp., Class A | 172 | 10,378 | ||
LGI Homes, Inc.(1) | 13 | 979 | ||
M.D.C. Holdings, Inc. | 36 | 1,416 | ||
M/I Homes, Inc.(1) | 29 | 1,080 | ||
Meritage Homes Corp.(1) | 55 | 3,490 | ||
Mohawk Industries, Inc.(1) | 44 | 5,331 | ||
Newell Brands, Inc. | 100 | 1,543 | ||
NVR, Inc.(1) | 4 | 14,669 | ||
PulteGroup, Inc. | 257 | 10,331 | ||
Skyline Champion Corp.(1) | 47 | 1,197 | ||
Sonos, Inc.(1) | 77 | 889 |
24
Shares | Value | |||
Taylor Morrison Home Corp.(1) | 180 | $ | 4,054 | |
Tempur Sealy International, Inc.(1) | 36 | 2,691 | ||
Toll Brothers, Inc. | 92 | 3,407 | ||
TopBuild Corp.(1) | 9 | 909 | ||
TRI Pointe Group, Inc.(1) | 231 | 3,541 | ||
Universal Electronics, Inc.(1) | 26 | 1,098 | ||
Whirlpool Corp. | 60 | 7,672 | ||
109,585 | ||||
Household Products — 0.7% | ||||
Central Garden & Pet Co., Class A(1) | 38 | 962 | ||
Church & Dwight Co., Inc. | 43 | 2,989 | ||
Clorox Co. (The) | 49 | 7,812 | ||
Colgate-Palmolive Co. | 106 | 7,162 | ||
Energizer Holdings, Inc. | 39 | 1,677 | ||
Kimberly-Clark Corp. | 62 | 8,134 | ||
Procter & Gamble Co. (The) | 415 | 46,991 | ||
Spectrum Brands Holdings, Inc. | 15 | 808 | ||
WD-40 Co. | 7 | 1,207 | ||
77,742 | ||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||
AES Corp. | 799 | 13,367 | ||
Clearway Energy, Inc., Class C | 51 | 1,073 | ||
NextEra Energy Partners LP | 28 | 1,615 | ||
Ormat Technologies, Inc. | 51 | 3,554 | ||
TerraForm Power, Inc., Class A | 75 | 1,409 | ||
Vistra Energy Corp. | 560 | 10,769 | ||
31,787 | ||||
Industrial Conglomerates — 0.9% | ||||
3M Co. | 202 | 30,146 | ||
Carlisle Cos., Inc. | 35 | 5,085 | ||
General Electric Co. | 2,369 | 25,775 | ||
Honeywell International, Inc. | 185 | 30,001 | ||
Raven Industries, Inc. | 29 | 833 | ||
Roper Technologies, Inc. | 14 | 4,924 | ||
96,764 | ||||
Insurance — 3.4% | ||||
Aflac, Inc. | 365 | 15,640 | ||
Alleghany Corp.(1) | 9 | 6,050 | ||
Allstate Corp. (The) | 173 | 18,208 | ||
Ambac Financial Group, Inc.(1) | 53 | 1,019 | ||
American Equity Investment Life Holding Co. | 176 | 4,449 | ||
American Financial Group, Inc. | 74 | 6,839 | ||
American International Group, Inc. | 495 | 20,869 | ||
American National Insurance Co. | 8 | 787 | ||
AMERISAFE, Inc. | 18 | 1,173 | ||
Aon plc | 75 | 15,600 | ||
Arch Capital Group Ltd.(1) | 190 | 7,682 |
25
Shares | Value | |||
Argo Group International Holdings Ltd. | 15 | $ | 844 | |
Arthur J. Gallagher & Co. | 43 | 4,192 | ||
Assurant, Inc. | 57 | 6,874 | ||
Assured Guaranty Ltd. | 66 | 2,693 | ||
Athene Holding Ltd., Class A(1) | 130 | 5,363 | ||
Axis Capital Holdings Ltd. | 40 | 2,245 | ||
Brighthouse Financial, Inc.(1) | 73 | 2,616 | ||
Brown & Brown, Inc. | 29 | 1,247 | ||
Chubb Ltd. | 110 | 15,953 | ||
Cincinnati Financial Corp. | 62 | 5,781 | ||
CNA Financial Corp. | 23 | 956 | ||
CNO Financial Group, Inc. | 123 | 1,970 | ||
Employers Holdings, Inc. | 29 | 1,118 | ||
Enstar Group Ltd.(1) | 7 | 1,249 | ||
Erie Indemnity Co., Class A | 6 | 858 | ||
Everest Re Group Ltd. | 21 | 5,206 | ||
Fidelity National Financial, Inc. | 244 | 9,457 | ||
First American Financial Corp. | 122 | 6,966 | ||
Genworth Financial, Inc., Class A(1) | 495 | 1,931 | ||
Globe Life, Inc. | 55 | 5,096 | ||
Hanover Insurance Group, Inc. (The) | 23 | 2,726 | ||
Hartford Financial Services Group, Inc. (The) | 338 | 16,883 | ||
Horace Mann Educators Corp. | 58 | 2,258 | ||
Kemper Corp. | 63 | 4,337 | ||
Lincoln National Corp. | 134 | 6,082 | ||
Loews Corp. | 161 | 7,346 | ||
Markel Corp.(1) | 6 | 7,090 | ||
Marsh & McLennan Cos., Inc. | 88 | 9,201 | ||
MBIA, Inc.(1) | 105 | 819 | ||
Mercury General Corp. | 31 | 1,343 | ||
MetLife, Inc. | 399 | 17,045 | ||
National General Holdings Corp. | 55 | 1,071 | ||
National Western Life Group, Inc., Class A | 6 | 1,434 | ||
Old Republic International Corp. | 193 | 3,806 | ||
Palomar Holdings, Inc.(1) | 19 | 965 | ||
Primerica, Inc. | 55 | 6,124 | ||
Principal Financial Group, Inc. | 209 | 9,278 | ||
ProAssurance Corp. | 33 | 896 | ||
Progressive Corp. (The) | 314 | 22,972 | ||
Prudential Financial, Inc. | 203 | 15,316 | ||
Reinsurance Group of America, Inc. | 41 | 5,003 | ||
RenaissanceRe Holdings Ltd. | 22 | 3,749 | ||
RLI Corp. | 20 | 1,608 | ||
Safety Insurance Group, Inc. | 10 | 787 | ||
Selective Insurance Group, Inc. | 27 | 1,506 | ||
Stewart Information Services Corp. | 23 | 832 | ||
Third Point Reinsurance Ltd.(1) | 140 | 1,249 |
26
Shares | Value | |||
Travelers Cos., Inc. (The) | 118 | $ | 14,138 | |
Universal Insurance Holdings, Inc. | 35 | 724 | ||
Unum Group | 179 | 4,173 | ||
White Mountains Insurance Group Ltd. | 3 | 2,970 | ||
Willis Towers Watson plc | 15 | 2,839 | ||
WR Berkley Corp. | 61 | 4,096 | ||
361,597 | ||||
Interactive Media and Services — 3.3% | ||||
Alphabet, Inc., Class A(1) | 68 | 91,069 | ||
Alphabet, Inc., Class C(1) | 68 | 91,075 | ||
Cargurus, Inc.(1) | 25 | 637 | ||
Cars.com, Inc.(1) | 79 | 717 | ||
Facebook, Inc., Class A(1) | 753 | 144,930 | ||
IAC/InterActiveCorp(1) | 10 | 2,039 | ||
Match Group, Inc.(1)(2) | 32 | 2,080 | ||
Pinterest, Inc., Class A(1) | 53 | 1,034 | ||
Snap, Inc., Class A(1) | 178 | 2,522 | ||
TripAdvisor, Inc. | 38 | 891 | ||
Twitter, Inc.(1) | 117 | 3,884 | ||
Yelp, Inc.(1) | 31 | 969 | ||
Zillow Group, Inc., Class A(1) | 25 | 1,392 | ||
Zillow Group, Inc., Class C(1) | 50 | 2,791 | ||
346,030 | ||||
Internet and Direct Marketing Retail — 2.5% | ||||
Amazon.com, Inc.(1) | 106 | 199,678 | ||
Booking Holdings, Inc.(1) | 22 | 37,305 | ||
eBay, Inc. | 241 | 8,348 | ||
Etsy, Inc.(1) | 30 | 1,734 | ||
Expedia Group, Inc. | 28 | 2,761 | ||
Grubhub, Inc.(1) | 23 | 1,107 | ||
MercadoLibre, Inc.(1) | 7 | 4,312 | ||
PetMed Express, Inc. | 45 | 1,188 | ||
Shutterstock, Inc. | 23 | 886 | ||
Stamps.com, Inc.(1) | 26 | 3,669 | ||
Wayfair, Inc., Class A(1)(2) | 11 | 695 | ||
261,683 | ||||
IT Services — 4.1% | ||||
Accenture plc, Class A | 230 | 41,536 | ||
Akamai Technologies, Inc.(1) | 113 | 9,776 | ||
Alliance Data Systems Corp. | 32 | 2,748 | ||
Amdocs Ltd. | 55 | 3,506 | ||
Automatic Data Processing, Inc. | 142 | 21,973 | ||
Black Knight, Inc.(1) | 19 | 1,267 | ||
Booz Allen Hamilton Holding Corp. | 50 | 3,565 | ||
Broadridge Financial Solutions, Inc. | 52 | 5,427 | ||
CACI International, Inc., Class A(1) | 4 | 980 | ||
Cardtronics plc, Class A(1) | 24 | 870 |
27
Shares | Value | |||
Cass Information Systems, Inc. | 18 | $ | 845 | |
Cognizant Technology Solutions Corp., Class A | 277 | 16,878 | ||
CoreLogic, Inc. | 24 | 1,089 | ||
CSG Systems International, Inc. | 43 | 1,903 | ||
DXC Technology Co. | 350 | 8,439 | ||
EPAM Systems, Inc.(1) | 33 | 7,366 | ||
Euronet Worldwide, Inc.(1) | 62 | 7,690 | ||
EVERTEC, Inc. | 34 | 1,009 | ||
ExlService Holdings, Inc.(1) | 18 | 1,344 | ||
Fidelity National Information Services, Inc. | 62 | 8,663 | ||
Fiserv, Inc.(1) | 69 | 7,546 | ||
FleetCor Technologies, Inc.(1) | 15 | 3,987 | ||
Gartner, Inc.(1) | 31 | 4,011 | ||
Genpact Ltd. | 51 | 1,961 | ||
Global Payments, Inc. | 53 | 9,750 | ||
GoDaddy, Inc., Class A(1) | 58 | 4,059 | ||
International Business Machines Corp. | 216 | 28,112 | ||
Jack Henry & Associates, Inc. | 36 | 5,463 | ||
KBR, Inc. | 95 | 2,466 | ||
Leidos Holdings, Inc. | 29 | 2,977 | ||
LiveRamp Holdings, Inc.(1) | 20 | 709 | ||
Mastercard, Inc., Class A | 259 | 75,175 | ||
MAXIMUS, Inc. | 37 | 2,332 | ||
MongoDB, Inc.(1)(2) | 8 | 1,220 | ||
NIC, Inc. | 100 | 1,829 | ||
Okta, Inc.(1) | 8 | 1,024 | ||
Paychex, Inc. | 179 | 13,869 | ||
PayPal Holdings, Inc.(1) | 237 | 25,594 | ||
Perspecta, Inc. | 40 | 999 | ||
Sabre Corp. | 149 | 2,029 | ||
Science Applications International Corp. | 11 | 881 | ||
Square, Inc., Class A(1) | 33 | 2,750 | ||
Switch, Inc., Class A | 66 | 946 | ||
Sykes Enterprises, Inc.(1) | 43 | 1,362 | ||
TTEC Holdings, Inc. | 24 | 898 | ||
Twilio, Inc., Class A(1) | 13 | 1,464 | ||
VeriSign, Inc.(1) | 17 | 3,226 | ||
Virtusa Corp.(1) | 23 | 1,015 | ||
Visa, Inc., Class A | 444 | 80,701 | ||
Western Union Co. (The) | 102 | 2,284 | ||
WEX, Inc.(1) | 9 | 1,685 | ||
439,198 | ||||
Leisure Products — 0.3% | ||||
Acushnet Holdings Corp. | 33 | 840 | ||
Brunswick Corp. | 111 | 5,905 | ||
Callaway Golf Co. | 51 | 866 | ||
Hasbro, Inc. | 93 | 7,184 |
28
Shares | Value | |||
Malibu Boats, Inc., Class A(1) | 53 | $ | 2,329 | |
Mattel, Inc.(1)(2) | 139 | 1,639 | ||
Polaris, Inc. | 76 | 6,272 | ||
Sturm Ruger & Co., Inc. | 29 | 1,393 | ||
Vista Outdoor, Inc.(1) | 142 | 1,044 | ||
YETI Holdings, Inc.(1) | 54 | 1,634 | ||
29,106 | ||||
Life Sciences Tools and Services — 0.7% | ||||
Agilent Technologies, Inc. | 98 | 7,553 | ||
Avantor, Inc.(1) | 89 | 1,402 | ||
Bio-Rad Laboratories, Inc., Class A(1) | 9 | 3,168 | ||
Bio-Techne Corp. | 8 | 1,511 | ||
Bruker Corp. | 68 | 2,962 | ||
Charles River Laboratories International, Inc.(1) | 12 | 1,867 | ||
Illumina, Inc.(1) | 23 | 6,111 | ||
IQVIA Holdings, Inc.(1) | 23 | 3,208 | ||
Medpace Holdings, Inc.(1) | 13 | 1,169 | ||
Mettler-Toledo International, Inc.(1) | 22 | 15,437 | ||
PerkinElmer, Inc. | 10 | 864 | ||
PRA Health Sciences, Inc.(1) | 15 | 1,413 | ||
Repligen Corp.(1) | 13 | 1,113 | ||
Syneos Health, Inc.(1) | 19 | 1,204 | ||
Thermo Fisher Scientific, Inc. | 57 | 16,576 | ||
Waters Corp.(1) | 45 | 8,770 | ||
74,328 | ||||
Machinery — 2.9% | ||||
AGCO Corp. | 30 | 1,813 | ||
Alamo Group, Inc. | 8 | 886 | ||
Albany International Corp., Class A | 42 | 2,691 | ||
Allison Transmission Holdings, Inc. | 66 | 2,680 | ||
Astec Industries, Inc. | 40 | 1,502 | ||
Barnes Group, Inc. | 29 | 1,557 | ||
Caterpillar, Inc. | 378 | 46,963 | ||
CIRCOR International, Inc.(1) | 18 | 648 | ||
Colfax Corp.(1) | 94 | 3,146 | ||
Columbus McKinnon Corp. | 30 | 933 | ||
Crane Co. | 19 | 1,291 | ||
Cummins, Inc. | 144 | 21,786 | ||
Deere & Co. | 212 | 33,174 | ||
Donaldson Co., Inc. | 158 | 7,123 | ||
Douglas Dynamics, Inc. | 18 | 784 | ||
Dover Corp. | 35 | 3,596 | ||
Enerpac Tool Group Corp. | 33 | 705 | ||
EnPro Industries, Inc. | 33 | 1,780 | ||
ESCO Technologies, Inc. | 34 | 3,091 | ||
Evoqua Water Technologies Corp.(1) | 50 | 1,048 | ||
Federal Signal Corp. | 37 | 1,073 |
29
Shares | Value | |||
Flowserve Corp. | 70 | $ | 2,813 | |
Fortive Corp. | 28 | 1,936 | ||
Franklin Electric Co., Inc. | 34 | 1,757 | ||
Gardner Denver Holdings, Inc.(1) | 88 | 2,886 | ||
Gorman-Rupp Co. (The) | 27 | 864 | ||
Graco, Inc. | 186 | 9,174 | ||
Greenbrier Cos., Inc. (The) | 35 | 848 | ||
Helios Technologies, Inc. | 23 | 914 | ||
Hillenbrand, Inc. | 34 | 796 | ||
IDEX Corp. | 20 | 2,960 | ||
Illinois Tool Works, Inc. | 119 | 19,966 | ||
ITT, Inc. | 87 | 5,233 | ||
John Bean Technologies Corp. | 17 | 1,647 | ||
Kadant, Inc. | 8 | 727 | ||
Kennametal, Inc. | 110 | 3,058 | ||
Lincoln Electric Holdings, Inc. | 89 | 7,288 | ||
Meritor, Inc.(1) | 44 | 998 | ||
Middleby Corp. (The)(1) | 8 | 894 | ||
Miller Industries, Inc. | 27 | 802 | ||
Mueller Industries, Inc. | 79 | 2,210 | ||
Mueller Water Products, Inc., Class A | 181 | 1,982 | ||
Nordson Corp. | 13 | 1,889 | ||
Oshkosh Corp. | 109 | 7,864 | ||
PACCAR, Inc. | 362 | 24,218 | ||
Parker-Hannifin Corp. | 37 | 6,836 | ||
Pentair plc | 40 | 1,576 | ||
Proto Labs, Inc.(1) | 10 | 876 | ||
RBC Bearings, Inc.(1) | 10 | 1,712 | ||
Rexnord Corp. | 32 | 933 | ||
Snap-on, Inc. | 62 | 8,974 | ||
Spartan Motors, Inc. | 56 | 826 | ||
SPX Corp.(1) | 21 | 881 | ||
SPX FLOW, Inc.(1) | 64 | 2,354 | ||
Standex International Corp. | 14 | 888 | ||
Stanley Black & Decker, Inc. | 24 | 3,449 | ||
Tennant Co. | 15 | 1,073 | ||
Terex Corp. | 110 | 2,421 | ||
Timken Co. (The) | 145 | 6,502 | ||
Toro Co. (The) | 43 | 3,071 | ||
TriMas Corp.(1) | 32 | 811 | ||
Trinity Industries, Inc. | 130 | 2,645 | ||
Wabash National Corp. | 68 | 747 | ||
Watts Water Technologies, Inc., Class A | 16 | 1,503 | ||
Welbilt, Inc.(1) | 90 | 1,190 | ||
Westinghouse Air Brake Technologies Corp. | 95 | 6,526 | ||
Woodward, Inc. | 38 | 3,922 | ||
Xylem, Inc. | 49 | 3,790 | ||
305,500 |
30
Shares | Value | |||
Marine† | ||||
Costamare, Inc. | 92 | $ | 601 | |
Kirby Corp.(1) | 32 | 2,040 | ||
Matson, Inc. | 58 | 1,926 | ||
4,567 | ||||
Media — 1.1% | ||||
Altice USA, Inc., Class A(1) | 170 | 4,396 | ||
AMC Networks, Inc., Class A(1) | 21 | 651 | ||
Cable One, Inc. | 3 | 4,719 | ||
Charter Communications, Inc., Class A(1) | 29 | 14,302 | ||
Comcast Corp., Class A | 958 | 38,732 | ||
Discovery, Inc., Class A(1)(2) | 31 | 797 | ||
Discovery, Inc., Class C(1) | 44 | 1,104 | ||
DISH Network Corp., Class A(1) | 238 | 7,978 | ||
Entercom Communications Corp., Class A | 264 | 916 | ||
Fox Corp., Class A | 247 | 7,593 | ||
Fox Corp., Class B(1) | 131 | 3,989 | ||
Gannett Co., Inc. | 150 | 630 | ||
Interpublic Group of Cos., Inc. (The) | 156 | 3,332 | ||
John Wiley & Sons, Inc., Class A | 21 | 781 | ||
Liberty Broadband Corp., Class A(1) | 9 | 1,113 | ||
Liberty Broadband Corp., Class C(1) | 56 | 7,050 | ||
Liberty Media Corp.-Liberty SiriusXM, Class C(1) | 21 | 937 | ||
Liberty Media Corp.-Liberty SiriusXM(1) | 20 | 893 | ||
New York Times Co. (The), Class A | 197 | 7,380 | ||
News Corp., Class A | 196 | 2,367 | ||
News Corp., Class B | 76 | 945 | ||
Nexstar Media Group, Inc., Class A | 9 | 1,035 | ||
Omnicom Group, Inc. | 60 | 4,157 | ||
Scholastic Corp. | 27 | 866 | ||
Sirius XM Holdings, Inc. | 218 | 1,382 | ||
TEGNA, Inc. | 52 | 745 | ||
ViacomCBS, Inc., Class B | 87 | 2,141 | ||
120,931 | ||||
Metals and Mining — 0.7% | ||||
AK Steel Holding Corp.(1) | 326 | 753 | ||
Alcoa Corp.(1) | 245 | 3,398 | ||
Allegheny Technologies, Inc.(1) | 136 | 2,324 | ||
Carpenter Technology Corp. | 35 | 1,286 | ||
Cleveland-Cliffs, Inc.(2) | 240 | 1,394 | ||
Coeur Mining, Inc.(1) | 207 | 861 | ||
Commercial Metals Co. | 207 | 3,780 | ||
Compass Minerals International, Inc. | 19 | 1,037 | ||
Freeport-McMoRan, Inc. | 700 | 6,972 | ||
Haynes International, Inc. | 22 | 557 | ||
Hecla Mining Co. | 494 | 1,304 | ||
Kaiser Aluminum Corp. | 24 | 2,269 |
31
Shares | Value | |||
Materion Corp. | 16 | $ | 725 | |
Newmont Corp. | 287 | 12,809 | ||
Nucor Corp. | 339 | 14,018 | ||
Reliance Steel & Aluminum Co. | 86 | 8,797 | ||
Royal Gold, Inc. | 34 | 3,280 | ||
Schnitzer Steel Industries, Inc., Class A | 45 | 742 | ||
Steel Dynamics, Inc. | 295 | 7,856 | ||
United States Steel Corp.(2) | 219 | 1,756 | ||
Warrior Met Coal, Inc. | 49 | 868 | ||
Worthington Industries, Inc. | 26 | 827 | ||
77,613 | ||||
Multi-Utilities — 1.0% | ||||
Ameren Corp. | 168 | 13,272 | ||
Avista Corp. | 42 | 1,980 | ||
Black Hills Corp. | 11 | 794 | ||
CenterPoint Energy, Inc. | 202 | 4,650 | ||
CMS Energy Corp. | 184 | 11,117 | ||
Consolidated Edison, Inc. | 151 | 11,902 | ||
Dominion Energy, Inc. | 117 | 9,147 | ||
DTE Energy Co. | 86 | 9,604 | ||
MDU Resources Group, Inc. | 64 | 1,775 | ||
NiSource, Inc. | 164 | 4,431 | ||
NorthWestern Corp. | 26 | 1,829 | ||
Public Service Enterprise Group, Inc. | 254 | 13,033 | ||
Sempra Energy | 130 | 18,171 | ||
Unitil Corp. | 16 | 902 | ||
WEC Energy Group, Inc. | 25 | 2,308 | ||
104,915 | ||||
Multiline Retail — 0.9% | ||||
Big Lots, Inc. | 108 | 1,708 | ||
Dillard's, Inc., Class A(2) | 14 | 788 | ||
Dollar General Corp. | 97 | 14,579 | ||
Dollar Tree, Inc.(1) | 173 | 14,364 | ||
Kohl's Corp. | 206 | 8,065 | ||
Macy's, Inc. | 406 | 5,371 | ||
Nordstrom, Inc.(2) | 188 | 6,524 | ||
Target Corp. | 431 | 44,393 | ||
95,792 | ||||
Oil, Gas and Consumable Fuels — 4.2% | ||||
Antero Midstream Corp.(2) | 222 | 968 | ||
Apache Corp. | 605 | 15,077 | ||
Arch Coal, Inc., Class A(2) | 13 | 655 | ||
Berry Corp. | 97 | 618 | ||
Cabot Oil & Gas Corp. | 474 | 6,603 | ||
Callon Petroleum Co.(1) | 543 | 1,233 | ||
Cheniere Energy, Inc.(1) | 32 | 1,641 | ||
Chevron Corp. | 588 | 54,884 |
32
Shares | Value | |||
Cimarex Energy Co. | 161 | $ | 5,321 | |
CNX Resources Corp.(1) | 195 | 1,035 | ||
Concho Resources, Inc. | 123 | 8,366 | ||
ConocoPhillips | 851 | 41,205 | ||
Continental Resources, Inc. | 50 | 947 | ||
CVR Energy, Inc. | 42 | 1,194 | ||
Delek US Holdings, Inc. | 123 | 2,630 | ||
Denbury Resources, Inc.(1) | 991 | 746 | ||
Devon Energy Corp. | 529 | 8,591 | ||
DHT Holdings, Inc. | 153 | 849 | ||
Diamond S Shipping, Inc.(1) | 70 | 721 | ||
Diamondback Energy, Inc. | 79 | 4,898 | ||
Dorian LPG Ltd.(1) | 70 | 778 | ||
EnLink Midstream LLC(1) | 223 | 850 | ||
EOG Resources, Inc. | 467 | 29,542 | ||
EQT Corp. | 149 | 875 | ||
Exxon Mobil Corp. | 778 | 40,020 | ||
Green Plains, Inc. | 66 | 791 | ||
Hess Corp. | 252 | 14,157 | ||
HollyFrontier Corp. | 200 | 6,736 | ||
International Seaways, Inc.(1) | 38 | 756 | ||
Kinder Morgan, Inc. | 659 | 12,633 | ||
Kosmos Energy Ltd. | 571 | 1,742 | ||
Laredo Petroleum, Inc.(1) | 445 | 481 | ||
Magnolia Oil & Gas Corp., Class A(1) | 271 | 2,035 | ||
Marathon Oil Corp. | 943 | 7,808 | ||
Marathon Petroleum Corp. | 255 | 12,092 | ||
Matador Resources Co.(1) | 91 | 877 | ||
Murphy Oil Corp. | 309 | 5,825 | ||
Noble Energy, Inc. | 621 | 9,830 | ||
Nordic American Tankers Ltd. | 280 | 902 | ||
Northern Oil and Gas, Inc.(1) | 531 | 770 | ||
Oasis Petroleum, Inc.(1) | 420 | 687 | ||
Occidental Petroleum Corp. | 750 | 24,555 | ||
ONEOK, Inc. | 302 | 20,149 | ||
Par Pacific Holdings, Inc.(1) | 61 | 1,012 | ||
Parsley Energy, Inc., Class A | 367 | 4,918 | ||
PBF Energy, Inc., Class A | 93 | 2,082 | ||
PDC Energy, Inc.(1) | 92 | 1,751 | ||
Peabody Energy Corp. | 111 | 648 | ||
Phillips 66 | 201 | 15,047 | ||
Pioneer Natural Resources Co. | 141 | 17,312 | ||
QEP Resources, Inc. | 311 | 700 | ||
Range Resources Corp.(2) | 289 | 801 | ||
Renewable Energy Group, Inc.(1) | 54 | 1,428 | ||
Scorpio Tankers, Inc. | 36 | 712 | ||
SFL Corp. Ltd. | 118 | 1,433 |
33
Shares | Value | |||
SM Energy Co. | 122 | $ | 802 | |
Southwestern Energy Co.(1)(2) | 534 | 758 | ||
Tallgrass Energy LP, Class A | 156 | 3,443 | ||
Talos Energy, Inc.(1) | 42 | 596 | ||
Targa Resources Corp. | 115 | 3,726 | ||
Teekay Corp.(1)(2) | 209 | 765 | ||
Teekay Tankers Ltd., Class A(1) | 50 | 827 | ||
Valero Energy Corp. | 336 | 22,260 | ||
Williams Cos., Inc. (The) | 563 | 10,725 | ||
World Fuel Services Corp. | 40 | 1,131 | ||
WPX Energy, Inc.(1) | 456 | 4,254 | ||
450,204 | ||||
Paper and Forest Products — 0.1% | ||||
Boise Cascade Co. | 70 | 2,484 | ||
Domtar Corp. | 136 | 3,913 | ||
Louisiana-Pacific Corp. | 74 | 2,105 | ||
Mercer International, Inc. | 65 | 576 | ||
Neenah, Inc. | 23 | 1,329 | ||
P.H. Glatfelter Co. | 55 | 784 | ||
Schweitzer-Mauduit International, Inc. | 50 | 1,686 | ||
Verso Corp., Class A(1) | 53 | 864 | ||
13,741 | ||||
Personal Products — 0.3% | ||||
BellRing Brands, Inc., Class A(1) | 86 | 1,690 | ||
Coty, Inc., Class A | 226 | 2,086 | ||
Edgewell Personal Care Co.(1) | 49 | 1,488 | ||
Estee Lauder Cos., Inc. (The), Class A | 87 | 15,973 | ||
Herbalife Nutrition Ltd.(1) | 22 | 712 | ||
Inter Parfums, Inc. | 14 | 841 | ||
Medifast, Inc.(2) | 11 | 914 | ||
Nu Skin Enterprises, Inc., Class A | 105 | 2,574 | ||
USANA Health Sciences, Inc.(1) | 17 | 1,124 | ||
27,402 | ||||
Pharmaceuticals — 4.1% | ||||
Allergan plc | 101 | 19,258 | ||
ANI Pharmaceuticals, Inc.(1) | 16 | 768 | ||
Bristol-Myers Squibb Co. | 1,260 | 74,416 | ||
Catalent, Inc.(1) | 26 | 1,340 | ||
Corcept Therapeutics, Inc.(1) | 152 | 1,918 | ||
Elanco Animal Health, Inc.(1) | 355 | 9,727 | ||
Eli Lilly & Co. | 324 | 40,866 | ||
Horizon Therapeutics plc(1) | 90 | 3,080 | ||
Innoviva, Inc.(1) | 166 | 2,236 | ||
Intra-Cellular Therapies, Inc.(1) | 66 | 1,393 | ||
Jazz Pharmaceuticals plc(1) | 73 | 8,364 | ||
Johnson & Johnson | 968 | 130,177 | ||
Lannett Co., Inc.(1)(2) | 110 | 957 |
34
Shares | Value | |||
Merck & Co., Inc. | 729 | $ | 55,812 | |
Mylan NV(1) | 390 | 6,704 | ||
Nektar Therapeutics(1) | 118 | 2,456 | ||
Perrigo Co. plc | 68 | 3,447 | ||
Pfizer, Inc. | 1,127 | 37,664 | ||
Prestige Consumer Healthcare, Inc.(1) | 53 | 1,980 | ||
Reata Pharmaceuticals, Inc., Class A(1) | 6 | 1,168 | ||
Revance Therapeutics, Inc.(1) | 61 | 1,410 | ||
Supernus Pharmaceuticals, Inc.(1) | 43 | 773 | ||
Zoetis, Inc. | 207 | 27,579 | ||
Zogenix, Inc.(1) | 21 | 527 | ||
434,020 | ||||
Professional Services — 0.6% | ||||
ASGN, Inc.(1) | 14 | 710 | ||
Barrett Business Services, Inc. | 11 | 659 | ||
CBIZ, Inc.(1) | 37 | 963 | ||
CoStar Group, Inc.(1) | 7 | 4,673 | ||
CRA International, Inc. | 19 | 884 | ||
Equifax, Inc. | 34 | 4,829 | ||
Exponent, Inc. | 28 | 2,062 | ||
FTI Consulting, Inc.(1) | 18 | 2,027 | ||
Heidrick & Struggles International, Inc. | 30 | 669 | ||
IHS Markit Ltd. | 45 | 3,206 | ||
Insperity, Inc. | 42 | 2,825 | ||
Kelly Services, Inc., Class A | 46 | 764 | ||
Kforce, Inc. | 32 | 975 | ||
Korn Ferry | 85 | 2,973 | ||
ManpowerGroup, Inc. | 80 | 6,075 | ||
Nielsen Holdings plc | 74 | 1,348 | ||
Robert Half International, Inc. | 137 | 6,906 | ||
TransUnion | 49 | 4,357 | ||
TriNet Group, Inc.(1) | 30 | 1,586 | ||
TrueBlue, Inc.(1) | 43 | 640 | ||
Verisk Analytics, Inc. | 62 | 9,617 | ||
58,748 | ||||
Real Estate Management and Development — 0.2% | ||||
CBRE Group, Inc., Class A(1) | 202 | 11,340 | ||
FRP Holdings, Inc.(1) | 20 | 905 | ||
Howard Hughes Corp. (The)(1) | 22 | 2,373 | ||
Jones Lang LaSalle, Inc. | 28 | 4,138 | ||
Kennedy-Wilson Holdings, Inc. | 64 | 1,293 | ||
Marcus & Millichap, Inc.(1) | 29 | 927 | ||
Newmark Group, Inc., Class A | 91 | 869 | ||
RE/MAX Holdings, Inc., Class A | 31 | 904 | ||
Redfin Corp.(1) | 50 | 1,353 | ||
RMR Group, Inc. (The), Class A | 21 | 782 | ||
24,884 |
35
Shares | Value | |||
Road and Rail — 2.0% | ||||
AMERCO | 14 | $ | 4,515 | |
ArcBest Corp. | 38 | 753 | ||
Avis Budget Group, Inc.(1) | 34 | 1,101 | ||
CSX Corp. | 542 | 38,184 | ||
Heartland Express, Inc. | 60 | 1,075 | ||
Hertz Global Holdings, Inc.(1) | 160 | 2,046 | ||
J.B. Hunt Transport Services, Inc. | 116 | 11,187 | ||
Kansas City Southern | 104 | 15,671 | ||
Knight-Swift Transportation Holdings, Inc. | 99 | 3,162 | ||
Landstar System, Inc. | 64 | 6,462 | ||
Lyft, Inc., Class A(1) | 28 | 1,067 | ||
Marten Transport Ltd. | 63 | 1,231 | ||
Norfolk Southern Corp. | 164 | 29,905 | ||
Old Dominion Freight Line, Inc. | 82 | 15,892 | ||
Ryder System, Inc. | 139 | 5,287 | ||
Saia, Inc.(1) | 44 | 3,842 | ||
Schneider National, Inc., Class B | 80 | 1,433 | ||
Uber Technologies, Inc.(1) | 294 | 9,958 | ||
Union Pacific Corp. | 345 | 55,134 | ||
Werner Enterprises, Inc. | 80 | 2,688 | ||
210,593 | ||||
Semiconductors and Semiconductor Equipment — 4.9% | ||||
Advanced Micro Devices, Inc.(1) | 256 | 11,643 | ||
Ambarella, Inc.(1) | 19 | 1,130 | ||
Amkor Technology, Inc.(1) | 106 | 1,106 | ||
Analog Devices, Inc. | 60 | 6,543 | ||
Applied Materials, Inc. | 667 | 38,766 | ||
Axcelis Technologies, Inc.(1) | 46 | 1,104 | ||
Broadcom, Inc. | 70 | 19,083 | ||
Brooks Automation, Inc. | 44 | 1,518 | ||
Cabot Microelectronics Corp. | 28 | 3,900 | ||
Cirrus Logic, Inc.(1) | 51 | 3,501 | ||
Cohu, Inc. | 70 | 1,433 | ||
Cree, Inc.(1) | 67 | 2,997 | ||
Diodes, Inc.(1) | 58 | 2,553 | ||
Entegris, Inc. | 73 | 3,892 | ||
First Solar, Inc.(1) | 25 | 1,144 | ||
FormFactor, Inc.(1) | 55 | 1,230 | ||
Ichor Holdings Ltd.(1) | 32 | 925 | ||
Inphi Corp.(1) | 14 | 1,045 | ||
Intel Corp. | 1,754 | 97,382 | ||
KLA Corp. | 63 | 9,684 | ||
Kulicke & Soffa Industries, Inc. | 43 | 982 | ||
Lam Research Corp. | 125 | 36,679 | ||
Lattice Semiconductor Corp.(1) | 52 | 933 | ||
Marvell Technology Group Ltd. | 181 | 3,855 |
36
Shares | Value | |||
Maxim Integrated Products, Inc. | 238 | $ | 13,238 | |
Microchip Technology, Inc. | 42 | 3,810 | ||
Micron Technology, Inc.(1) | 868 | 45,622 | ||
MKS Instruments, Inc. | 32 | 3,206 | ||
Monolithic Power Systems, Inc. | 18 | 2,856 | ||
NVIDIA Corp. | 197 | 53,204 | ||
ON Semiconductor Corp.(1) | 589 | 10,991 | ||
Photronics, Inc.(1) | 87 | 1,083 | ||
Power Integrations, Inc. | 12 | 1,045 | ||
Qorvo, Inc.(1) | 106 | 10,661 | ||
QUALCOMM, Inc. | 214 | 16,756 | ||
Rambus, Inc.(1) | 78 | 1,090 | ||
Semtech Corp.(1) | 35 | 1,382 | ||
Silicon Laboratories, Inc.(1) | 14 | 1,242 | ||
Skyworks Solutions, Inc. | 176 | 17,632 | ||
SMART Global Holdings, Inc.(1) | 34 | 913 | ||
SolarEdge Technologies, Inc.(1) | 53 | 6,610 | ||
Synaptics, Inc.(1) | 58 | 3,831 | ||
Teradyne, Inc. | 157 | 9,225 | ||
Texas Instruments, Inc. | 445 | 50,792 | ||
Ultra Clean Holdings, Inc.(1) | 71 | 1,485 | ||
Universal Display Corp. | 22 | 3,493 | ||
Xilinx, Inc. | 109 | 9,100 | ||
Xperi Corp. | 52 | 894 | ||
523,189 | ||||
Software — 5.4% | ||||
ACI Worldwide, Inc.(1) | 88 | 2,453 | ||
Adobe, Inc.(1) | 75 | 25,884 | ||
Alteryx, Inc., Class A(1) | 9 | 1,257 | ||
Anaplan, Inc.(1) | 19 | 854 | ||
ANSYS, Inc.(1) | 30 | 7,266 | ||
Appfolio, Inc., Class A(1) | 12 | 1,476 | ||
Aspen Technology, Inc.(1) | 63 | 6,710 | ||
Autodesk, Inc.(1) | 48 | 9,162 | ||
Avalara, Inc.(1) | 13 | 1,102 | ||
Blackbaud, Inc. | 21 | 1,424 | ||
Bottomline Technologies de, Inc.(1) | 33 | 1,461 | ||
Cadence Design Systems, Inc.(1) | 106 | 7,011 | ||
CDK Global, Inc. | 27 | 1,242 | ||
Ceridian HCM Holding, Inc.(1) | 13 | 919 | ||
Citrix Systems, Inc. | 59 | 6,100 | ||
Cloudera, Inc.(1) | 98 | 872 | ||
CommVault Systems, Inc.(1) | 29 | 1,209 | ||
Cornerstone OnDemand, Inc.(1) | 16 | 656 | ||
Coupa Software, Inc.(1) | 7 | 1,048 | ||
DocuSign, Inc.(1) | 18 | 1,554 | ||
Dropbox, Inc., Class A(1) | 53 | 1,037 |
37
Shares | Value | |||
Fair Isaac Corp.(1) | 15 | $ | 5,640 | |
Five9, Inc.(1) | 14 | 1,022 | ||
Fortinet, Inc.(1) | 170 | 17,350 | ||
Guidewire Software, Inc.(1) | 24 | 2,631 | ||
HubSpot, Inc.(1) | 6 | 1,077 | ||
Intuit, Inc. | 76 | 20,205 | ||
j2 Global, Inc. | 16 | 1,397 | ||
Manhattan Associates, Inc.(1) | 64 | 4,311 | ||
Microsoft Corp. | 1,983 | 321,266 | ||
MicroStrategy, Inc., Class A(1) | 6 | 811 | ||
Mimecast Ltd.(1) | 23 | 911 | ||
New Relic, Inc.(1) | 11 | 619 | ||
NortonLifeLock, Inc. | 586 | 11,152 | ||
Nuance Communications, Inc.(1) | 66 | 1,427 | ||
Nutanix, Inc., Class A(1) | 27 | 644 | ||
Oracle Corp. (New York) | 459 | 22,702 | ||
Palo Alto Networks, Inc.(1) | 34 | 6,277 | ||
Paycom Software, Inc.(1) | 28 | 7,914 | ||
Paylocity Holding Corp.(1) | 13 | 1,684 | ||
Pegasystems, Inc. | 13 | 1,176 | ||
Progress Software Corp. | 19 | 708 | ||
Proofpoint, Inc.(1) | 8 | 853 | ||
PTC, Inc.(1) | 13 | 982 | ||
Q2 Holdings, Inc.(1) | 13 | 980 | ||
Qualys, Inc.(1) | 25 | 2,004 | ||
RealPage, Inc.(1) | 17 | 1,090 | ||
RingCentral, Inc., Class A(1) | 10 | 2,357 | ||
salesforce.com, Inc.(1) | 127 | 21,641 | ||
ServiceNow, Inc.(1) | 43 | 14,022 | ||
Smartsheet, Inc., Class A(1) | 22 | 1,019 | ||
Splunk, Inc.(1) | 24 | 3,536 | ||
SS&C Technologies Holdings, Inc. | 65 | 3,607 | ||
Synopsys, Inc.(1) | 19 | 2,621 | ||
Teradata Corp.(1) | 38 | 758 | ||
Trade Desk, Inc. (The), Class A(1) | 5 | 1,436 | ||
Tyler Technologies, Inc.(1) | 14 | 4,387 | ||
VMware, Inc., Class A(1) | 13 | 1,567 | ||
Workday, Inc., Class A(1) | 9 | 1,559 | ||
Zendesk, Inc.(1) | 13 | 1,031 | ||
577,071 | ||||
Specialty Retail — 3.0% | ||||
Aaron's, Inc. | 35 | 1,377 | ||
Abercrombie & Fitch Co., Class A | 62 | 814 | ||
Advance Auto Parts, Inc. | 64 | 8,511 | ||
American Eagle Outfitters, Inc. | 126 | 1,623 | ||
Asbury Automotive Group, Inc.(1) | 30 | 2,659 | ||
AutoNation, Inc.(1) | 109 | 4,658 |
38
Shares | Value | |||
AutoZone, Inc.(1) | 4 | $ | 4,130 | |
Bed Bath & Beyond, Inc.(2) | 219 | 2,367 | ||
Best Buy Co., Inc. | 278 | 21,031 | ||
Boot Barn Holdings, Inc.(1) | 25 | 767 | ||
Buckle, Inc. (The) | 49 | 1,109 | ||
Burlington Stores, Inc.(1) | 63 | 13,624 | ||
Caleres, Inc. | 55 | 634 | ||
CarMax, Inc.(1) | 147 | 12,835 | ||
Carvana Co.(1)(2) | 10 | 829 | ||
Cato Corp. (The), Class A | 52 | 841 | ||
Children's Place, Inc. (The)(2) | 14 | 806 | ||
Designer Brands, Inc., Class A | 104 | 1,405 | ||
Dick's Sporting Goods, Inc. | 104 | 3,787 | ||
Five Below, Inc.(1) | 33 | 3,199 | ||
Floor & Decor Holdings, Inc., Class A(1) | 60 | 3,063 | ||
Foot Locker, Inc. | 174 | 6,307 | ||
Gap, Inc. (The) | 403 | 5,775 | ||
Genesco, Inc.(1) | 27 | 929 | ||
Group 1 Automotive, Inc. | 13 | 1,108 | ||
Guess?, Inc. | 55 | 891 | ||
Haverty Furniture Cos., Inc. | 49 | 824 | ||
Hibbett Sports, Inc.(1) | 37 | 722 | ||
Home Depot, Inc. (The) | 162 | 35,290 | ||
Hudson Ltd., Class A(1) | 56 | 521 | ||
L Brands, Inc. | 64 | 1,386 | ||
Lithia Motors, Inc., Class A | 32 | 3,813 | ||
Lowe's Cos., Inc. | 408 | 43,481 | ||
Monro, Inc. | 13 | 730 | ||
Murphy USA, Inc.(1) | 50 | 4,875 | ||
O'Reilly Automotive, Inc.(1) | 44 | 16,224 | ||
Office Depot, Inc. | 1,521 | 3,574 | ||
Penske Automotive Group, Inc. | 19 | 874 | ||
Rent-A-Center, Inc. | 81 | 1,724 | ||
RH(1) | 4 | 726 | ||
Ross Stores, Inc. | 248 | 26,977 | ||
Sally Beauty Holdings, Inc.(1) | 163 | 2,028 | ||
Shoe Carnival, Inc.(2) | 27 | 808 | ||
Signet Jewelers Ltd. | 152 | 3,545 | ||
Sonic Automotive, Inc., Class A | 32 | 896 | ||
Sportsman's Warehouse Holdings, Inc.(1) | 137 | 822 | ||
TJX Cos., Inc. (The) | 739 | 44,192 | ||
Tractor Supply Co. | 96 | 8,497 | ||
Ulta Beauty, Inc.(1) | 29 | 7,456 | ||
Urban Outfitters, Inc.(1) | 98 | 2,304 | ||
Williams-Sonoma, Inc. | 72 | 4,492 | ||
Zumiez, Inc.(1) | 33 | 875 | ||
322,735 |
39
Shares | Value | |||
Technology Hardware, Storage and Peripherals — 3.7% | ||||
3D Systems Corp.(1) | 118 | $ | 1,081 | |
Apple, Inc. | 1,256 | 343,340 | ||
Dell Technologies, Inc., Class C(1) | 53 | 2,144 | ||
Hewlett Packard Enterprise Co. | 341 | 4,361 | ||
HP, Inc. | 264 | 5,489 | ||
NCR Corp.(1) | 106 | 2,671 | ||
NetApp, Inc. | 186 | 8,690 | ||
Pure Storage, Inc., Class A(1) | 83 | 1,267 | ||
Seagate Technology plc | 255 | 12,227 | ||
Western Digital Corp. | 46 | 2,556 | ||
Xerox Holdings Corp. | 172 | 5,538 | ||
389,364 | ||||
Textiles, Apparel and Luxury Goods — 1.3% | ||||
Capri Holdings Ltd.(1) | 268 | 6,920 | ||
Carter's, Inc. | 59 | 5,397 | ||
Columbia Sportswear Co. | 11 | 894 | ||
Crocs, Inc.(1) | 128 | 3,350 | ||
Deckers Outdoor Corp.(1) | 44 | 7,647 | ||
G-III Apparel Group Ltd.(1) | 88 | 1,968 | ||
Hanesbrands, Inc. | 297 | 3,932 | ||
Kontoor Brands, Inc. | 42 | 1,417 | ||
Levi Strauss & Co., Class A | 79 | 1,342 | ||
lululemon athletica, Inc.(1) | 71 | 15,436 | ||
NIKE, Inc., Class B | 440 | 39,327 | ||
Oxford Industries, Inc. | 15 | 906 | ||
PVH Corp. | 57 | 4,224 | ||
Ralph Lauren Corp. | 55 | 5,803 | ||
Skechers U.S.A., Inc., Class A(1) | 131 | 4,333 | ||
Steven Madden Ltd. | 87 | 2,845 | ||
Tapestry, Inc. | 375 | 8,794 | ||
Under Armour, Inc., Class A(1) | 274 | 3,888 | ||
Under Armour, Inc., Class C(1) | 297 | 3,707 | ||
VF Corp. | 263 | 18,936 | ||
Wolverine World Wide, Inc. | 54 | 1,420 | ||
142,486 | ||||
Thrifts and Mortgage Finance — 0.4% | ||||
Axos Financial, Inc.(1) | 73 | 1,818 | ||
Essent Group Ltd. | 132 | 5,760 | ||
Federal Agricultural Mortgage Corp., Class C | 15 | 1,126 | ||
First Defiance Financial Corp. | 66 | 1,578 | ||
Flagstar Bancorp, Inc. | 35 | 1,116 | ||
HomeStreet, Inc. | 31 | 840 | ||
Kearny Financial Corp. | 70 | 764 | ||
Meridian Bancorp, Inc. | 49 | 809 | ||
Meta Financial Group, Inc. | 29 | 953 | ||
MGIC Investment Corp. | 501 | 6,027 |
40
Shares | Value | |||
Mr. Cooper Group, Inc.(1) | 131 | $ | 1,681 | |
New York Community Bancorp, Inc. | 271 | 2,929 | ||
NMI Holdings, Inc., Class A(1) | 82 | 1,914 | ||
Northfield Bancorp, Inc. | 59 | 834 | ||
Northwest Bancshares, Inc. | 59 | 820 | ||
OceanFirst Financial Corp. | 41 | 838 | ||
PennyMac Financial Services, Inc. | 43 | 1,516 | ||
Provident Financial Services, Inc. | 42 | 839 | ||
Radian Group, Inc. | 311 | 6,606 | ||
TFS Financial Corp. | 68 | 1,390 | ||
TrustCo Bank Corp. NY | 113 | 775 | ||
Walker & Dunlop, Inc. | 51 | 3,307 | ||
Washington Federal, Inc. | 50 | 1,499 | ||
WSFS Financial Corp. | 36 | 1,241 | ||
46,980 | ||||
Trading Companies and Distributors — 0.7% | ||||
Air Lease Corp. | 151 | 5,793 | ||
Applied Industrial Technologies, Inc. | 44 | 2,596 | ||
BMC Stock Holdings, Inc.(1) | 110 | 2,698 | ||
Fastenal Co. | 528 | 18,068 | ||
GATX Corp. | 49 | 3,505 | ||
GMS, Inc.(1) | 34 | 777 | ||
H&E Equipment Services, Inc. | 66 | 1,568 | ||
HD Supply Holdings, Inc.(1) | 68 | 2,585 | ||
Herc Holdings, Inc.(1) | 47 | 1,724 | ||
Kaman Corp. | 42 | 2,329 | ||
MRC Global, Inc.(1) | 76 | 661 | ||
MSC Industrial Direct Co., Inc., Class A | 48 | 2,967 | ||
NOW, Inc.(1) | 92 | 812 | ||
Rush Enterprises, Inc., Class A | 40 | 1,677 | ||
SiteOne Landscape Supply, Inc.(1) | 28 | 2,779 | ||
Triton International Ltd. | 95 | 3,265 | ||
United Rentals, Inc.(1) | 43 | 5,697 | ||
Univar Solutions, Inc.(1) | 44 | 748 | ||
W.W. Grainger, Inc. | 44 | 12,212 | ||
Watsco, Inc. | 14 | 2,198 | ||
WESCO International, Inc.(1) | 25 | 1,014 | ||
75,673 | ||||
Transportation Infrastructure† | ||||
Macquarie Infrastructure Corp. | 32 | 1,256 | ||
Water Utilities — 0.1% | ||||
American States Water Co. | 26 | 1,991 | ||
American Water Works Co., Inc. | 60 | 7,420 | ||
California Water Service Group | 40 | 1,918 | ||
Essential Utilities, Inc. | 54 | 2,323 | ||
SJW Group | 16 | 979 | ||
14,631 |
41
Shares | Value | |||
Wireless Telecommunication Services — 0.3% | ||||
Boingo Wireless, Inc.(1) | 106 | $ | 1,343 | |
Shenandoah Telecommunications Co. | 81 | 3,599 | ||
Sprint Corp.(1) | 345 | 3,171 | ||
T-Mobile US, Inc.(1) | 211 | 19,024 | ||
Telephone & Data Systems, Inc. | 132 | 2,658 | ||
29,795 | ||||
TOTAL COMMON STOCKS (Cost $11,507,415) | 10,612,755 | |||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $16,292) | 16,292 | 16,292 | ||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.2% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $18,498) | 18,498 | 18,498 | ||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $11,542,205) | 10,647,545 | |||
OTHER ASSETS AND LIABILITIES† | 739 | |||
TOTAL NET ASSETS — 100.0% | $ | 10,648,284 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(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 $37,798. 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 market value of the collateral held by the fund was $38,968, which includes securities collateral of $20,470. |
See Notes to Financial Statements.
42
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $11,523,707) — including $37,798 of securities on loan | $ | 10,629,047 | |
Investment made with cash collateral received for securities on loan, at value (cost of $18,498) | 18,498 | ||
Total investment securities, at value (cost of $11,542,205) | 10,647,545 | ||
Dividends and interest receivable | 20,528 | ||
Securities lending receivable | 40 | ||
10,668,113 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 18,498 | ||
Accrued management fees | 1,331 | ||
19,829 | |||
Net Assets | $ | 10,648,284 | |
Institutional Class Capital Shares | |||
Shares outstanding (unlimited number of shares authorized) | 1,144,059 | ||
Net Asset Value Per Share | $ | 9.31 | |
Net Assets Consist of: | |||
Capital paid in | $ | 11,507,785 | |
Distributable earnings | (859,501 | ) | |
$ | 10,648,284 |
See Notes to Financial Statements.
43
Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $7) | $ | 50,901 | |
Interest | 254 | ||
Securities lending, net | 54 | ||
51,209 | |||
Expenses: | |||
Management fees | 3,882 | ||
Net investment income (loss) | 47,327 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on investment transactions | 3,636 | ||
Change in net unrealized appreciation (depreciation) on investments | (894,660 | ) | |
Net realized and unrealized gain (loss) | (891,024 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (843,697 | ) |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
44
Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 47,327 | |
Net realized gain (loss) | 3,636 | ||
Change in net unrealized appreciation (depreciation) | (894,660 | ) | |
Net increase (decrease) in net assets resulting from operations | (843,697 | ) | |
Distributions to Shareholders | |||
From earnings | (15,804 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 11,644,786 | ||
Proceeds from reinvestment of distributions | 15,804 | ||
Payments for shares redeemed | (152,805 | ) | |
Net increase (decrease) in net assets from capital share transactions | 11,507,785 | ||
Net increase (decrease) in net assets | 10,648,284 | ||
Net Assets | |||
End of period | $ | 10,648,284 | |
Transactions in Shares of the Fund | |||
Sold | 1,157,346 | ||
Issued in reinvestment of distributions | 1,534 | ||
Redeemed | (14,821 | ) | |
Net increase (decrease) in shares of the fund | 1,144,059 |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
45
Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis U.S. Equity Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek long-term capital appreciation. The fund offers the Institutional Class. The Institutional Class commenced sale on December 4, 2019, the fund's inception date.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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 net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
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Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 18,498 | — | — | — | $ | 18,498 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 18,498 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
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3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 88% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.15%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 29, 2020 were $11,601,825 and $95,833, respectively.
5. 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.
6. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
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7. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 11,542,254 | |
Gross tax appreciation of investments | $ | 165,648 | |
Gross tax depreciation of investments | (1,060,357 | ) | |
Net tax appreciation (depreciation) of investments | $ | (894,709 | ) |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
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Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Institutional Class | |||||||||||||
2020(3) | $10.00 | 0.05 | (0.72) | (0.67) | (0.02) | $9.31 | (6.76)% | 0.15%(4) | 1.83%(4) | 1% | $10,648 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | December 4, 2019 (fund inception) through February 29, 2020 (unaudited). |
(4) | Annualized. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019, the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
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The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
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Notes |
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Notes |
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Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96060 2004 |
Semiannual Report | |
February 29, 2020 | |
Avantis™ U.S. Small Cap Value Fund | |
Institutional Class (AVUVX) |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.
You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Table of Contents |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 29, 2020. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional information, please visit our website, avantisinvestors.com.
Virus Outbreak Altered Market Landscape
When the funds launched in early December, investor optimism was strong, largely due to dovish central bank policy in the U.S. and Europe. Additionally, modestly improving economic and corporate earnings data and upbeat trade policy news calmed investors' global growth fears. Against this backdrop, key stock benchmarks rose to record-high levels in mid-February.
Investor sentiment and financial market performance changed dramatically late in the reporting period. Market fears that the COVID-19 outbreak originating in China would spread worldwide and drag down economic growth fueled a global flight to quality. Stocks and other riskier assets plunged, leaving broad global equity benchmarks with losses for the reporting period. In general, U.S. stocks fared better than non-U.S. developed markets stocks, large-cap stocks held up better than small-cap stocks, and growth stocks fared better than value stocks. Emerging markets stocks proved slightly more resilient, declining but outperforming their developed markets counterparts.
In These Trying Times, Your Well-Being Is Our Primary Concern
As we finalize this shareholder report, the world is dealing with unprecedented health, economic and lifestyle challenges stemming from the COVID-19 global pandemic. The market impact has been severe across asset classes, but slowing and eliminating the human toll are most important.
We are monitoring the situation closely and following guidelines and protocols from all relevant authorities. Our firm has activated a comprehensive Pandemic Response Plan, which includes social distancing and work-from-home mandates, restrictions on travel, escalated cleaning regimens at all our facilities, and more. We've also launched a Business Continuity Plan to maintain normal business operations and ensure delivery of outstanding service.
We appreciate your confidence in us during these extraordinary times. We have a long history of weathering volatile markets, and we are confident we will meet this current challenge. In the meantime, the health and safety of you, your family and our employees remain a top priority.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
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Fund Characteristics |
FEBRUARY 29, 2020 |
Top Ten Holdings | % of net assets |
Cimarex Energy Co. | 0.9% |
Murphy Oil Corp. | 0.9% |
Penn National Gaming, Inc. | 0.8% |
SLM Corp. | 0.8% |
Avnet, Inc. | 0.7% |
Taylor Morrison Home Corp. | 0.7% |
Eagle Materials, Inc. | 0.7% |
Bank OZK | 0.7% |
Vishay Intertechnology, Inc. | 0.7% |
Wintrust Financial Corp. | 0.7% |
Top Five Industries | % of net assets |
Banks | 15.5% |
Oil, Gas and Consumable Fuels | 7.2% |
Specialty Retail | 6.4% |
Electronic Equipment, Instruments and Components | 3.7% |
Chemicals | 3.6% |
Types of Investments in Portfolio | % of net assets |
Common Stocks | 93.6% |
Temporary Cash Investments | 18.4% |
Temporary Cash Investments - Securities Lending Collateral | 1.4% |
Other Assets and Liabilities | (13.4)%* |
*Amount relates primarily to payable for investments purchased, but not settled, at period end. |
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Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2019 to February 29, 2020 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid During Period(1) 9/1/19 - 2/29/20 | Annualized Expense Ratio(1) | |
Actual | ||||
Institutional Class | $1,000 | $853.20(2) | $0.56(3) | 0.25% |
Hypothetical | ||||
Institutional Class | $1,000 | $1,023.62(4) | $1.26(4) | 0.25% |
(1) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses. |
(2) | Ending account value based on actual return from December 4, 2019 (fund inception) through February 29, 2020. |
(3) | Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 88, the number of days in the period from December 4, 2019 (fund inception) through February 29, 2020, divided by 366, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher. |
(4) | Ending account value and expenses paid during the period assumes the class had been available throughout the entire period and are calculated using the class's annualized expense ratio listed in the table above. |
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Schedule of Investments |
FEBRUARY 29, 2020 (UNAUDITED)
Shares | Value | |||
COMMON STOCKS — 93.6% | ||||
Aerospace and Defense — 0.6% | ||||
AAR Corp. | 499 | $ | 17,240 | |
Astronics Corp.(1) | 450 | 9,122 | ||
Cubic Corp. | 421 | 22,919 | ||
49,281 | ||||
Air Freight and Logistics — 0.3% | ||||
Atlas Air Worldwide Holdings, Inc.(1) | 284 | 7,588 | ||
Hub Group, Inc., Class A(1) | 413 | 19,093 | ||
26,681 | ||||
Airlines — 1.8% | ||||
Allegiant Travel Co. | 284 | 38,493 | ||
Hawaiian Holdings, Inc. | 913 | 19,064 | ||
Mesa Air Group, Inc.(1) | 332 | 1,916 | ||
SkyWest, Inc. | 1,173 | 53,254 | ||
Spirit Airlines, Inc.(1) | 1,640 | 46,658 | ||
159,385 | ||||
Auto Components — 3.6% | ||||
American Axle & Manufacturing Holdings, Inc.(1) | 2,809 | 17,781 | ||
Cooper Tire & Rubber Co. | 1,160 | 29,568 | ||
Cooper-Standard Holdings, Inc.(1) | 297 | 5,132 | ||
Dana, Inc. | 3,650 | 52,487 | ||
Delphi Technologies plc(1) | 1,064 | 15,024 | ||
Gentherm, Inc.(1) | 704 | 28,709 | ||
Goodyear Tire & Rubber Co. (The) | 5,969 | 57,810 | ||
LCI Industries | 542 | 52,330 | ||
Modine Manufacturing Co.(1) | 579 | 4,319 | ||
Shiloh Industries, Inc.(1) | 258 | 893 | ||
Stoneridge, Inc.(1) | 385 | 8,509 | ||
Strattec Security Corp. | 45 | 941 | ||
Superior Industries International, Inc. | 365 | 949 | ||
Tenneco, Inc., Class A | 1,344 | 12,324 | ||
Visteon Corp.(1) | 418 | 27,187 | ||
313,963 | ||||
Banks — 15.5% | ||||
1st Constitution Bancorp | 116 | 2,125 | ||
1st Source Corp. | 161 | 6,770 | ||
ACNB Corp. | 169 | 5,151 | ||
Amalgamated Bank, Class A | 347 | 5,555 | ||
Amerant Bancorp, Inc.(1) | 412 | 7,606 | ||
Arrow Financial Corp. | 292 | 9,248 | ||
Associated Banc-Corp. | 2,922 | 49,469 | ||
Atlantic Capital Bancshares, Inc.(1) | 259 | 4,696 |
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Shares | Value | |||
BancFirst Corp. | 240 | $ | 12,312 | |
Bancorp, Inc. (The)(1) | 1,116 | 13,582 | ||
Bank of Commerce Holdings | 311 | 3,252 | ||
Bank of Hawaii Corp. | 794 | 59,089 | ||
Bank OZK | 2,449 | 62,180 | ||
BankFinancial Corp. | 377 | 4,275 | ||
BankUnited, Inc. | 1,909 | 56,697 | ||
Bankwell Financial Group, Inc. | 166 | 4,726 | ||
BCB Bancorp, Inc. | 190 | 2,155 | ||
Boston Private Financial Holdings, Inc. | 1,667 | 16,262 | ||
Bridge Bancorp, Inc. | 231 | 6,357 | ||
Byline Bancorp, Inc. | 515 | 9,012 | ||
C&F Financial Corp. | 44 | 2,002 | ||
Cadence BanCorp | 2,284 | 32,250 | ||
Camden National Corp. | 293 | 12,016 | ||
Capital Bancorp, Inc.(1) | 85 | 1,176 | ||
Capstar Financial Holdings, Inc. | 166 | 2,231 | ||
Carolina Financial Corp. | 265 | 8,586 | ||
Cathay General Bancorp. | 1,505 | 46,324 | ||
CB Financial Services, Inc. | 82 | 2,403 | ||
Central Pacific Financial Corp. | 539 | 12,893 | ||
Central Valley Community Bancorp | 284 | 4,885 | ||
Chemung Financial Corp. | 40 | 1,436 | ||
CNB Financial Corp. | 311 | 7,797 | ||
Codorus Valley Bancorp, Inc. | 241 | 4,965 | ||
Community Bankers Trust Corp. | 290 | 2,369 | ||
Community Financial Corp. (The) | 61 | 1,936 | ||
Community Trust Bancorp, Inc. | 187 | 7,233 | ||
ConnectOne Bancorp, Inc. | 392 | 8,236 | ||
County Bancorp, Inc. | 174 | 4,287 | ||
Customers Bancorp, Inc.(1) | 586 | 11,890 | ||
Eagle Bancorp Montana, Inc. | 76 | 1,474 | ||
Eagle Bancorp, Inc. | 643 | 24,061 | ||
Enterprise Bancorp, Inc. | 208 | 5,714 | ||
Enterprise Financial Services Corp. | 477 | 18,255 | ||
Esquire Financial Holdings, Inc.(1) | 77 | 1,764 | ||
Evans Bancorp, Inc. | 128 | 5,027 | ||
Farmers National Banc Corp. | 324 | 4,870 | ||
Financial Institutions, Inc. | 264 | 7,104 | ||
First BanCorp | 3,994 | 31,712 | ||
First Bancorp, Inc. | 227 | 5,788 | ||
First Business Financial Services, Inc. | 98 | 2,352 | ||
First Choice Bancorp | 240 | 5,436 | ||
First Community Corp. | 85 | 1,658 | ||
First Foundation, Inc. | 808 | 11,696 | ||
First Internet Bancorp | 210 | 5,101 | ||
First Mid Bancshares, Inc. | 255 | 7,183 |
6
Shares | Value | |||
First of Long Island Corp. (The) | 442 | $ | 9,154 | |
First Savings Financial Group, Inc. | 21 | 1,311 | ||
First United Corp. | 91 | 1,968 | ||
FNCB Bancorp, Inc. | 206 | 1,362 | ||
Franklin Financial Services Corp. | 52 | 1,613 | ||
Great Southern Bancorp, Inc. | 248 | 12,725 | ||
Hancock Whitney Corp. | 1,034 | 34,639 | ||
Hanmi Financial Corp. | 500 | 7,800 | ||
Hawthorn Bancshares, Inc. | 70 | 1,522 | ||
Hilltop Holdings, Inc. | 1,301 | 27,100 | ||
Hope Bancorp, Inc. | 1,783 | 21,770 | ||
Independent Bank Corp. (Michigan) | 436 | 8,533 | ||
International Bancshares Corp. | 1,117 | 38,090 | ||
Lakeland Bancorp, Inc. | 608 | 8,758 | ||
Lakeland Financial Corp. | 497 | 20,312 | ||
Level One Bancorp, Inc. | 61 | 1,479 | ||
Limestone Bancorp, Inc.(1) | 58 | 928 | ||
Macatawa Bank Corp. | 606 | 5,842 | ||
Mackinac Financial Corp. | 115 | 1,609 | ||
Mercantile Bank Corp. | 347 | 9,955 | ||
Metropolitan Bank Holding Corp.(1) | 167 | 7,139 | ||
Middlefield Banc Corp. | 74 | 1,762 | ||
Midland States Bancorp, Inc. | 458 | 10,910 | ||
MidWestOne Financial Group, Inc. | 184 | 5,286 | ||
MutualFirst Financial, Inc. | 95 | 3,183 | ||
MVB Financial Corp. | 289 | 5,098 | ||
Northeast Bank | 116 | 2,065 | ||
Northrim BanCorp, Inc. | 153 | 5,347 | ||
Oak Valley Bancorp(2) | 72 | 1,202 | ||
OFG Bancorp | 987 | 16,522 | ||
Old Second Bancorp, Inc. | 549 | 5,841 | ||
Orrstown Financial Services, Inc. | 130 | 2,314 | ||
Parke Bancorp, Inc. | 273 | 5,047 | ||
PCB Bancorp. | 161 | 2,153 | ||
Peapack Gladstone Financial Corp. | 400 | 10,980 | ||
Penns Woods Bancorp, Inc. | 87 | 2,624 | ||
People's Utah Bancorp | 308 | 7,383 | ||
Peoples Bancorp of North Carolina, Inc. | 58 | 1,475 | ||
Plumas Bancorp | 49 | 1,225 | ||
Preferred Bank | 322 | 16,464 | ||
Premier Financial Bancorp, Inc. | 151 | 2,514 | ||
QCR Holdings, Inc. | 255 | 9,705 | ||
RBB Bancorp | 343 | 5,786 | ||
Red River Bancshares, Inc.(1) | 95 | 4,938 | ||
Republic Bancorp, Inc., Class A | 198 | 7,077 | ||
Salisbury Bancorp, Inc. | 31 | 1,380 | ||
Sandy Spring Bancorp, Inc. | 668 | 20,548 |
7
Shares | Value | |||
SB Financial Group, Inc. | 128 | $ | 2,399 | |
SB One Bancorp | 106 | 2,324 | ||
ServisFirst Bancshares, Inc. | 1,007 | 34,792 | ||
Sierra Bancorp | 254 | 6,050 | ||
Southern First Bancshares, Inc.(1) | 159 | 6,061 | ||
Southern National Bancorp of Virginia, Inc. | 455 | 6,456 | ||
Stock Yards Bancorp, Inc. | 397 | 13,871 | ||
Summit Financial Group, Inc. | 258 | 5,655 | ||
Texas Capital Bancshares, Inc.(1) | 950 | 44,726 | ||
TriCo Bancshares | 373 | 12,615 | ||
TriState Capital Holdings, Inc.(1) | 410 | 8,147 | ||
UMB Financial Corp. | 914 | 53,149 | ||
United Community Banks, Inc. | 1,547 | 38,319 | ||
United Security Bancshares | 198 | 1,715 | ||
Unity Bancorp, Inc. | 109 | 1,867 | ||
Washington Trust Bancorp, Inc. | 301 | 12,919 | ||
Wellesley Bank | 44 | 1,723 | ||
West Bancorporation, Inc. | 309 | 6,319 | ||
Wintrust Financial Corp. | 1,151 | 61,475 | ||
1,357,649 | ||||
Beverages — 0.1% | ||||
National Beverage Corp.(1)(2) | 240 | 10,149 | ||
New Age Beverages Corp.(1) | 533 | 1,077 | ||
11,226 | ||||
Biotechnology — 0.5% | ||||
Arena Pharmaceuticals, Inc.(1) | 630 | 28,098 | ||
Eagle Pharmaceuticals, Inc.(1) | 206 | 9,455 | ||
Lexicon Pharmaceuticals, Inc.(1)(2) | 1,325 | 3,677 | ||
41,230 | ||||
Building Products — 1.7% | ||||
Apogee Enterprises, Inc. | 396 | 11,955 | ||
Armstrong Flooring, Inc.(1) | 248 | 655 | ||
Insteel Industries, Inc. | 426 | 8,473 | ||
Masonite International Corp.(1) | 603 | 44,321 | ||
Patrick Industries, Inc. | 289 | 15,268 | ||
Quanex Building Products Corp. | 556 | 9,341 | ||
Universal Forest Products, Inc. | 1,270 | 59,512 | ||
149,525 | ||||
Capital Markets — 1.9% | ||||
B. Riley Financial, Inc. | 256 | 6,057 | ||
Diamond Hill Investment Group, Inc. | 67 | 8,491 | ||
Evercore, Inc., Class A | 584 | 38,906 | ||
Hennessy Advisors, Inc. | 90 | 913 | ||
INTL FCStone, Inc.(1) | 366 | 16,671 | ||
Moelis & Co., Class A | 1,049 | 33,526 | ||
Oppenheimer Holdings, Inc., Class A | 107 | 2,539 | ||
Piper Sandler Cos. | 298 | 20,884 |
8
Shares | Value | |||
Virtus Investment Partners, Inc. | 132 | $ | 14,573 | |
Waddell & Reed Financial, Inc., Class A | 1,443 | 19,856 | ||
162,416 | ||||
Chemicals — 3.6% | ||||
AdvanSix, Inc.(1) | 364 | 5,289 | ||
Cabot Corp. | 1,127 | 42,127 | ||
Chemours Co. (The) | 3,111 | 46,229 | ||
Ferro Corp.(1) | 1,714 | 19,917 | ||
Flotek Industries, Inc.(1) | 610 | 964 | ||
Hawkins, Inc. | 132 | 4,719 | ||
Intrepid Potash, Inc.(1) | 1,237 | 2,189 | ||
Kronos Worldwide, Inc. | 326 | 3,257 | ||
Livent Corp.(1) | 3,745 | 33,443 | ||
LSB Industries, Inc.(1) | 440 | 858 | ||
Olin Corp. | 1,835 | 29,709 | ||
Orion Engineered Carbons SA | 740 | 10,515 | ||
Rayonier Advanced Materials, Inc. | 1,478 | 3,621 | ||
Sensient Technologies Corp. | 731 | 35,951 | ||
Stepan Co. | 411 | 36,098 | ||
Tredegar Corp. | 635 | 10,833 | ||
Trinseo SA | 865 | 18,926 | ||
Tronox Holdings plc, Class A | 1,562 | 11,465 | ||
Venator Materials plc(1) | 343 | 916 | ||
317,026 | ||||
Commercial Services and Supplies — 1.5% | ||||
Acme United Corp. | 8 | 186 | ||
Civeo Corp.(1) | 1,189 | 1,391 | ||
Ennis, Inc. | 445 | 8,944 | ||
Herman Miller, Inc. | 800 | 27,392 | ||
HNI Corp. | 532 | 17,465 | ||
Kimball International, Inc., Class B | 704 | 11,391 | ||
McGrath RentCorp | 522 | 36,253 | ||
Quad/Graphics, Inc. | 236 | 1,133 | ||
Steelcase, Inc., Class A | 1,492 | 24,200 | ||
Team, Inc.(1) | 416 | 5,296 | ||
133,651 | ||||
Communications Equipment — 0.8% | ||||
Aviat Networks, Inc.(1) | 73 | 888 | ||
Communications Systems, Inc. | 127 | 724 | ||
EchoStar Corp., Class A(1) | 1,094 | 38,202 | ||
Genasys, Inc.(1) | 1,034 | 3,102 | ||
InterDigital, Inc. | 403 | 21,315 | ||
NETGEAR, Inc.(1) | 270 | 5,095 | ||
Network-1 Technologies, Inc. | 300 | 687 | ||
70,013 | ||||
Construction and Engineering — 1.3% | ||||
Dycom Industries, Inc.(1) | 468 | 13,834 |
9
Shares | Value | |||
Goldfield Corp. (The)(1) | 358 | $ | 1,178 | |
Great Lakes Dredge & Dock Corp.(1) | 950 | 9,215 | ||
HC2 Holdings, Inc.(1)(2) | 759 | 2,899 | ||
MYR Group, Inc.(1) | 269 | 6,862 | ||
Northwest Pipe Co.(1) | 208 | 6,562 | ||
Tutor Perini Corp.(1) | 973 | 14,109 | ||
Valmont Industries, Inc. | 416 | 48,348 | ||
WillScot Corp.(1) | 720 | 12,629 | ||
115,636 | ||||
Construction Materials — 0.7% | ||||
Eagle Materials, Inc. | 796 | 62,828 | ||
Consumer Finance — 1.7% | ||||
Elevate Credit, Inc.(1) | 420 | 1,386 | ||
Navient Corp. | 4,704 | 52,826 | ||
Nelnet, Inc., Class A | 318 | 16,886 | ||
Oportun Financial Corp.(1) | 100 | 2,103 | ||
Regional Management Corp.(1) | 191 | 4,899 | ||
SLM Corp. | 6,770 | 70,205 | ||
World Acceptance Corp.(1) | 44 | 3,436 | ||
151,741 | ||||
Diversified Consumer Services — 0.3% | ||||
American Public Education, Inc.(1) | 320 | 7,123 | ||
Perdoceo Education Corp.(1) | 778 | 11,616 | ||
Universal Technical Institute, Inc.(1) | 752 | 5,565 | ||
24,304 | ||||
Diversified Financial Services — 0.7% | ||||
Alerus Financial Corp. | 120 | 2,455 | ||
Banco Latinoamericano de Comercio Exterior SAE Shares | 809 | 14,465 | ||
FGL Holdings | 3,387 | 38,747 | ||
Marlin Business Services Corp. | 107 | 2,104 | ||
On Deck Capital, Inc.(1) | 1,510 | 5,270 | ||
63,041 | ||||
Diversified Telecommunication Services — 0.5% | ||||
Alaska Communications Systems Group, Inc.(1) | 730 | 1,533 | ||
Iridium Communications, Inc.(1) | 1,632 | 44,178 | ||
45,711 | ||||
Electrical Equipment — 0.5% | ||||
Encore Wire Corp. | 267 | 13,075 | ||
LSI Industries, Inc. | 647 | 4,296 | ||
Powell Industries, Inc. | 145 | 4,847 | ||
Preformed Line Products Co. | 32 | 1,562 | ||
TPI Composites, Inc.(1) | 756 | 17,947 | ||
41,727 | ||||
Electronic Equipment, Instruments and Components — 3.7% | ||||
Avnet, Inc. | 2,111 | 64,765 | ||
Bel Fuse, Inc., Class B | 196 | 2,242 | ||
Benchmark Electronics, Inc. | 682 | 18,537 |
10
Shares | Value | |||
Kimball Electronics, Inc.(1) | 450 | $ | 6,097 | |
Methode Electronics, Inc. | 716 | 21,953 | ||
Plexus Corp.(1) | 692 | 45,914 | ||
Sanmina Corp.(1) | 1,604 | 42,169 | ||
ScanSource, Inc.(1) | 528 | 15,011 | ||
TTM Technologies, Inc.(1) | 2,592 | 33,670 | ||
Vishay Intertechnology, Inc. | 3,298 | 61,673 | ||
Vishay Precision Group, Inc.(1) | 228 | 6,263 | ||
Wayside Technology Group, Inc. | 70 | 1,117 | ||
319,411 | ||||
Energy Equipment and Services — 2.1% | ||||
Archrock, Inc. | 2,544 | 17,935 | ||
Cactus, Inc., Class A | 505 | 13,792 | ||
Covia Holdings Corp.(1) | 710 | 1,093 | ||
DMC Global, Inc. | 246 | 8,871 | ||
Exterran Corp.(1) | 406 | 2,071 | ||
Gulf Island Fabrication, Inc.(1) | 202 | 899 | ||
Helix Energy Solutions Group, Inc.(1) | 1,908 | 12,803 | ||
KLX Energy Services Holdings, Inc.(1) | 190 | 460 | ||
Liberty Oilfield Services, Inc., Class A | 1,042 | 6,971 | ||
Matrix Service Co.(1) | 348 | 4,204 | ||
Nabors Industries Ltd. | 7,592 | 13,362 | ||
Newpark Resources, Inc.(1) | 1,401 | 4,917 | ||
NexTier Oilfield Solutions, Inc.(1) | 3,525 | 16,426 | ||
Nine Energy Service, Inc.(1) | 200 | 812 | ||
Oceaneering International, Inc.(1) | 2,085 | 21,976 | ||
Patterson-UTI Energy, Inc. | 3,464 | 19,849 | ||
Profire Energy, Inc.(1) | 720 | 857 | ||
ProPetro Holding Corp.(1) | 1,647 | 14,428 | ||
RPC, Inc. | 1,199 | 4,125 | ||
Select Energy Services, Inc., Class A(1) | 959 | 6,233 | ||
Smart Sand, Inc.(1) | 435 | 709 | ||
Solaris Oilfield Infrastructure, Inc., Class A | 444 | 4,706 | ||
TETRA Technologies, Inc.(1) | 1,920 | 2,419 | ||
US Silica Holdings, Inc. | 1,024 | 4,700 | ||
184,618 | ||||
Entertainment — 0.3% | ||||
Eros International plc(1)(2) | 3,479 | 8,037 | ||
IMAX Corp.(1) | 576 | 8,974 | ||
Marcus Corp. (The) | 367 | 9,806 | ||
26,817 | ||||
Food and Staples Retailing — 0.8% | ||||
Ingles Markets, Inc., Class A | 326 | 11,661 | ||
Natural Grocers by Vitamin Cottage, Inc. | 143 | 987 | ||
PriceSmart, Inc. | 412 | 22,944 | ||
SpartanNash Co. | 769 | 9,559 | ||
United Natural Foods, Inc.(1) | 1,188 | 7,686 |
11
Shares | Value | |||
Village Super Market, Inc., Class A | 139 | $ | 2,856 | |
Weis Markets, Inc. | 274 | 10,207 | ||
65,900 | ||||
Food Products — 0.4% | ||||
Alico, Inc. | 68 | 2,215 | ||
Farmer Brothers Co.(1) | 105 | 1,297 | ||
Fresh Del Monte Produce, Inc. | 579 | 15,876 | ||
John B Sanfilippo & Son, Inc. | 150 | 10,528 | ||
Rocky Mountain Chocolate Factory, Inc. | 114 | 873 | ||
Seneca Foods Corp., Class A(1) | 193 | 6,701 | ||
37,490 | ||||
Health Care Equipment and Supplies — 0.3% | ||||
Conformis, Inc.(1)(2) | 553 | 431 | ||
FONAR Corp.(1) | 80 | 1,598 | ||
Meridian Bioscience, Inc.(1) | 400 | 3,196 | ||
Natus Medical, Inc.(1) | 470 | 12,634 | ||
Orthofix Medical, Inc.(1) | 190 | 6,715 | ||
24,574 | ||||
Health Care Providers and Services — 1.3% | ||||
Brookdale Senior Living, Inc.(1) | 2,722 | 17,884 | ||
Ensign Group, Inc. (The) | 842 | 37,469 | ||
InfuSystem Holdings, Inc.(1) | 218 | 2,311 | ||
Owens & Minor, Inc. | 1,439 | 9,828 | ||
Patterson Cos., Inc. | 2,003 | 47,651 | ||
Psychemedics Corp. | 112 | 990 | ||
116,133 | ||||
Hotels, Restaurants and Leisure — 3.4% | ||||
BJ's Restaurants, Inc. | 422 | 13,905 | ||
Bluegreen Vacations Corp.(2) | 114 | 885 | ||
Carrols Restaurant Group, Inc.(1) | 329 | 1,357 | ||
Cheesecake Factory, Inc. (The)(2) | 869 | 30,963 | ||
Cracker Barrel Old Country Store, Inc. | 289 | 41,422 | ||
Extended Stay America, Inc. | 3,483 | 38,243 | ||
Golden Entertainment, Inc.(1) | 449 | 7,310 | ||
Habit Restaurants, Inc. (The), Class A(1) | 282 | 3,937 | ||
Hilton Grand Vacations, Inc.(1) | 1,490 | 39,723 | ||
J Alexander's Holdings, Inc.(1) | 139 | 1,141 | ||
Penn National Gaming, Inc.(1) | 2,507 | 74,132 | ||
Playa Hotels & Resorts NV(1) | 964 | 5,109 | ||
Potbelly Corp.(1) | 259 | 1,295 | ||
RCI Hospitality Holdings, Inc. | 237 | 4,776 | ||
Red Robin Gourmet Burgers, Inc.(1) | 242 | 6,655 | ||
Red Rock Resorts, Inc., Class A | 805 | 16,591 | ||
Target Hospitality Corp.(1) | 494 | 2,312 | ||
Twin River Worldwide Holdings, Inc. | 119 | 3,094 | ||
292,850 | ||||
Household Durables — 2.9% | ||||
Beazer Homes USA, Inc.(1) | 877 | 10,752 |
12
Shares | Value | |||
CSS Industries, Inc. | 182 | $ | 1,705 | |
Ethan Allen Interiors, Inc. | 364 | 4,805 | ||
Hamilton Beach Brands Holding Co., Class A | 102 | 1,183 | ||
iRobot Corp.(1) | 363 | 17,421 | ||
La-Z-Boy, Inc. | 935 | 26,788 | ||
Legacy Housing Corp.(1) | 77 | 1,107 | ||
M/I Homes, Inc.(1) | 427 | 15,897 | ||
Meritage Homes Corp.(1) | 775 | 49,182 | ||
New Home Co., Inc. (The)(1) | 211 | 1,036 | ||
Taylor Morrison Home Corp.(1) | 2,843 | 64,024 | ||
TRI Pointe Group, Inc.(1) | 2,795 | 42,847 | ||
Turtle Beach Corp.(1)(2) | 189 | 1,249 | ||
Universal Electronics, Inc.(1) | 283 | 11,948 | ||
249,944 | ||||
Household Products† | ||||
Oil-Dri Corp. of America | 82 | 2,495 | ||
Insurance — 3.0% | ||||
American Equity Investment Life Holding Co. | 2,296 | 58,043 | ||
CNO Financial Group, Inc. | 2,974 | 47,644 | ||
Crawford & Co., Class A | 219 | 1,629 | ||
Employers Holdings, Inc. | 536 | 20,657 | ||
FBL Financial Group, Inc., Class A | 178 | 8,501 | ||
Genworth Financial, Inc., Class A(1) | 6,916 | 26,972 | ||
Horace Mann Educators Corp. | 845 | 32,896 | ||
Investors Title Co. | 17 | 2,787 | ||
National General Holdings Corp. | 1,159 | 22,566 | ||
National Western Life Group, Inc., Class A | 63 | 15,053 | ||
NI Holdings, Inc.(1) | 135 | 1,906 | ||
ProSight Global, Inc.(1) | 179 | 2,399 | ||
Universal Insurance Holdings, Inc. | 597 | 12,352 | ||
Watford Holdings Ltd.(1) | 249 | 5,685 | ||
259,090 | ||||
Interactive Media and Services — 0.2% | ||||
Cars.com, Inc.(1) | 1,559 | 14,156 | ||
Internet and Direct Marketing Retail — 0.2% | ||||
1-800-Flowers.com, Inc., Class A(1) | 416 | 7,505 | ||
Duluth Holdings, Inc., Class B(1) | 142 | 974 | ||
PetMed Express, Inc. | 443 | 11,695 | ||
20,174 | ||||
IT Services — 0.2% | ||||
Sykes Enterprises, Inc.(1) | 530 | 16,790 | ||
Leisure Products — 0.4% | ||||
Malibu Boats, Inc., Class A(1) | 500 | 21,970 | ||
Marine Products Corp. | 85 | 1,069 | ||
Vista Outdoor, Inc.(1) | 1,353 | 9,945 | ||
32,984 | ||||
Machinery — 3.2% | ||||
Albany International Corp., Class A | 387 | 24,795 |
13
Shares | Value | |||
Astec Industries, Inc. | 650 | $ | 24,408 | |
Columbus McKinnon Corp. | 287 | 8,923 | ||
Commercial Vehicle Group, Inc.(1) | 484 | 2,110 | ||
EnPro Industries, Inc. | 419 | 22,605 | ||
Gorman-Rupp Co. (The) | 246 | 7,870 | ||
Kennametal, Inc. | 1,739 | 48,344 | ||
Lydall, Inc.(1) | 239 | 2,847 | ||
Miller Industries, Inc. | 196 | 5,823 | ||
Mueller Industries, Inc. | 1,140 | 31,897 | ||
Park-Ohio Holdings Corp. | 124 | 3,040 | ||
REV Group, Inc. | 328 | 2,568 | ||
Spartan Motors, Inc. | 531 | 7,832 | ||
SPX FLOW, Inc.(1) | 596 | 21,921 | ||
Terex Corp. | 1,159 | 25,510 | ||
Titan International, Inc. | 360 | 799 | ||
Trinity Industries, Inc. | 2,008 | 40,863 | ||
282,155 | ||||
Marine — 0.5% | ||||
Costamare, Inc. | 1,373 | 8,966 | ||
Genco Shipping & Trading Ltd. | 234 | 1,797 | ||
Matson, Inc. | 867 | 28,793 | ||
Safe Bulkers, Inc.(1) | 713 | 941 | ||
Scorpio Bulkers, Inc. | 861 | 2,772 | ||
43,269 | ||||
Media — 0.3% | ||||
Cumulus Media, Inc., Class A(1) | 281 | 3,386 | ||
Entercom Communications Corp., Class A | 2,666 | 9,251 | ||
Entravision Communications Corp., Class A | 758 | 1,524 | ||
Gannett Co., Inc. | 1,369 | 5,750 | ||
Saga Communications, Inc., Class A | 64 | 1,842 | ||
Townsquare Media, Inc., Class A | 134 | 1,194 | ||
Tribune Publishing Co. | 341 | 3,911 | ||
26,858 | ||||
Metals and Mining — 3.2% | ||||
Alcoa Corp.(1) | 3,572 | 49,544 | ||
Allegheny Technologies, Inc.(1) | 2,045 | 34,949 | ||
Cleveland-Cliffs, Inc.(2) | 3,363 | 19,539 | ||
Coeur Mining, Inc.(1) | 4,078 | 16,964 | ||
Commercial Metals Co. | 3,206 | 58,542 | ||
Haynes International, Inc. | 163 | 4,125 | ||
Kaiser Aluminum Corp. | 345 | 32,620 | ||
Olympic Steel, Inc. | 373 | 4,495 | ||
Schnitzer Steel Industries, Inc., Class A | 414 | 6,823 | ||
SunCoke Energy, Inc. | 2,005 | 9,243 | ||
TimkenSteel Corp.(1) | 299 | 1,516 | ||
United States Steel Corp.(2) | 2,662 | 21,349 | ||
Warrior Met Coal, Inc. | 1,067 | 18,907 | ||
278,616 |
14
Shares | Value | |||
Multiline Retail — 0.3% | ||||
Big Lots, Inc. | 920 | $ | 14,545 | |
Dillard's, Inc., Class A(2) | 208 | 11,709 | ||
26,254 | ||||
Oil, Gas and Consumable Fuels — 7.2% | ||||
Adams Resources & Energy, Inc. | 32 | 971 | ||
Amplify Energy Corp. | 405 | 1,693 | ||
Antero Midstream Corp.(2) | 4,317 | 18,822 | ||
Antero Resources Corp.(1)(2) | 1,637 | 2,619 | ||
Arch Coal, Inc., Class A | 210 | 10,574 | ||
Berry Corp. | 1,177 | 7,497 | ||
Bonanza Creek Energy, Inc.(1) | 332 | 5,408 | ||
Callon Petroleum Co.(1) | 4,601 | 10,444 | ||
Centennial Resource Development, Inc., Class A(1) | 3,184 | 7,546 | ||
Cimarex Energy Co. | 2,504 | 82,757 | ||
CNX Resources Corp.(1) | 2,535 | 13,461 | ||
Comstock Resources, Inc.(1)(2) | 356 | 2,132 | ||
CONSOL Energy, Inc.(1) | 192 | 1,092 | ||
Contura Energy, Inc.(1) | 163 | 927 | ||
CVR Energy, Inc. | 417 | 11,851 | ||
Delek US Holdings, Inc. | 1,205 | 25,763 | ||
Denbury Resources, Inc.(1) | 4,902 | 3,688 | ||
DHT Holdings, Inc. | 2,445 | 13,570 | ||
Dorian LPG Ltd.(1) | 988 | 10,987 | ||
Earthstone Energy, Inc., Class A(1) | 210 | 809 | ||
EnLink Midstream LLC | 3,310 | 12,611 | ||
EQT Corp. | 2,277 | 13,366 | ||
Evolution Petroleum Corp. | 363 | 1,710 | ||
Extraction Oil & Gas, Inc.(1) | 695 | 479 | ||
Falcon Minerals Corp. | 369 | 1,474 | ||
GasLog Ltd. | 410 | 2,300 | ||
Goodrich Petroleum Corp.(1) | 123 | 656 | ||
Gran Tierra Energy, Inc.(1) | 3,293 | 2,526 | ||
Green Plains, Inc. | 813 | 9,748 | ||
Gulfport Energy Corp.(1) | 1,217 | 997 | ||
Hallador Energy Co. | 338 | 436 | ||
HighPoint Resources Corp.(1) | 910 | 619 | ||
Kosmos Energy Ltd. | 7,113 | 21,695 | ||
Laredo Petroleum, Inc.(1) | 3,785 | 4,088 | ||
Magnolia Oil & Gas Corp., Class A(1) | 2,827 | 21,231 | ||
Matador Resources Co.(1) | 2,521 | 24,302 | ||
Montage Resources Corp.(1)(2) | 504 | 1,759 | ||
Murphy Oil Corp. | 3,950 | 74,458 | ||
NACCO Industries, Inc., Class A | 45 | 1,855 | ||
Nordic American Tankers Ltd. | 2,008 | 6,466 | ||
Northern Oil and Gas, Inc.(1) | 4,887 | 7,086 | ||
Oasis Petroleum, Inc.(1) | 5,041 | 8,242 |
15
Shares | Value | |||
Overseas Shipholding Group, Inc., Class A(1) | 1,043 | $ | 1,794 | |
Panhandle Oil and Gas, Inc., Class A | 204 | 1,357 | ||
Par Pacific Holdings, Inc.(1) | 726 | 12,044 | ||
Parsley Energy, Inc., Class A | 427 | 5,722 | ||
PBF Energy, Inc., Class A | 1,890 | 42,317 | ||
PDC Energy, Inc.(1) | 1,366 | 25,995 | ||
Peabody Energy Corp. | 640 | 3,738 | ||
Penn Virginia Corp.(1) | 259 | 4,118 | ||
PrimeEnergy Resources Corp.(1) | 7 | 917 | ||
QEP Resources, Inc. | 3,499 | 7,873 | ||
Range Resources Corp.(2) | 3,530 | 9,778 | ||
Ring Energy, Inc.(1)(2) | 521 | 735 | ||
SandRidge Energy, Inc.(1) | 298 | 614 | ||
SFL Corp. Ltd. | 1,774 | 21,536 | ||
SilverBow Resources, Inc.(1) | 117 | 329 | ||
SM Energy Co. | 2,413 | 15,853 | ||
Southwestern Energy Co.(1)(2) | 6,231 | 8,848 | ||
Talos Energy, Inc.(1) | 557 | 7,909 | ||
Teekay Tankers Ltd., Class A(1) | 429 | 7,100 | ||
VAALCO Energy, Inc.(1) | 936 | 1,872 | ||
Whiting Petroleum Corp.(1) | 682 | 1,262 | ||
632,426 | ||||
Paper and Forest Products — 1.4% | ||||
Boise Cascade Co. | 811 | 28,774 | ||
Domtar Corp. | 1,346 | 38,724 | ||
Mercer International, Inc. | 1,004 | 8,896 | ||
Neenah, Inc. | 277 | 16,002 | ||
Schweitzer-Mauduit International, Inc. | 496 | 16,725 | ||
Verso Corp., Class A(1) | 957 | 15,609 | ||
124,730 | ||||
Personal Products — 0.5% | ||||
Medifast, Inc.(2) | 93 | 7,729 | ||
Nu Skin Enterprises, Inc., Class A | 889 | 21,798 | ||
USANA Health Sciences, Inc.(1) | 219 | 14,476 | ||
44,003 | ||||
Pharmaceuticals — 0.7% | ||||
ANI Pharmaceuticals, Inc.(1) | 116 | 5,569 | ||
Innoviva, Inc.(1) | 1,382 | 18,616 | ||
Lannett Co., Inc.(1)(2) | 1,065 | 9,265 | ||
Mallinckrodt plc(1) | 2,447 | 10,473 | ||
Phibro Animal Health Corp., Class A | 180 | 4,545 | ||
Supernus Pharmaceuticals, Inc.(1) | 737 | 13,259 | ||
61,727 | ||||
Professional Services — 0.4% | ||||
Acacia Research Corp.(1) | 530 | 1,219 | ||
BG Staffing, Inc. | 119 | 1,835 | ||
CRA International, Inc. | 137 | 6,372 |
16
Shares | Value | |||
Heidrick & Struggles International, Inc. | 306 | $ | 6,824 | |
Kforce, Inc. | 342 | 10,417 | ||
TrueBlue, Inc.(1) | 500 | 7,440 | ||
34,107 | ||||
Real Estate Management and Development — 0.6% | ||||
Altisource Portfolio Solutions SA(1)(2) | 55 | 874 | ||
Consolidated-Tomoka Land Co. | 109 | 6,268 | ||
FRP Holdings, Inc.(1) | 155 | 7,011 | ||
Marcus & Millichap, Inc.(1) | 463 | 14,797 | ||
RE/MAX Holdings, Inc., Class A | 453 | 13,205 | ||
RMR Group, Inc. (The), Class A | 291 | 10,843 | ||
52,998 | ||||
Road and Rail — 2.6% | ||||
ArcBest Corp. | 501 | 9,925 | ||
Covenant Transportation Group, Inc., Class A(1) | 174 | 2,105 | ||
Heartland Express, Inc. | 591 | 10,585 | ||
Hertz Global Holdings, Inc.(1) | 2,434 | 31,131 | ||
Marten Transport Ltd. | 598 | 11,685 | ||
PAM Transportation Services, Inc.(1) | 26 | 1,030 | ||
Ryder System, Inc. | 1,366 | 51,963 | ||
Saia, Inc.(1) | 542 | 47,322 | ||
Schneider National, Inc., Class B | 1,251 | 22,405 | ||
US Xpress Enterprises, Inc., Class A(1) | 277 | 1,194 | ||
USA Truck, Inc.(1) | 137 | 687 | ||
Werner Enterprises, Inc. | 1,001 | 33,633 | ||
223,665 | ||||
Semiconductors and Semiconductor Equipment — 1.5% | ||||
Amkor Technology, Inc.(1) | 1,380 | 14,400 | ||
Amtech Systems, Inc.(1) | 304 | 1,514 | ||
AXT, Inc.(1) | 331 | 1,152 | ||
Diodes, Inc.(1) | 767 | 33,756 | ||
Photronics, Inc.(1) | 1,253 | 15,600 | ||
SMART Global Holdings, Inc.(1) | 264 | 7,086 | ||
Synaptics, Inc.(1) | 619 | 40,885 | ||
Ultra Clean Holdings, Inc.(1) | 971 | 20,303 | ||
134,696 | ||||
Software† | ||||
Ideanomics, Inc.(1) | 238 | 86 | ||
Synacor, Inc.(1) | 379 | 421 | ||
TeleNav, Inc.(1) | 422 | 2,517 | ||
3,024 | ||||
Specialty Retail — 6.4% | ||||
Abercrombie & Fitch Co., Class A | 1,190 | 15,625 | ||
American Eagle Outfitters, Inc. | 2,416 | 31,118 | ||
Asbury Automotive Group, Inc.(1) | 279 | 24,731 | ||
Barnes & Noble Education, Inc.(1) | 673 | 2,228 | ||
Bed Bath & Beyond, Inc.(2) | 3,486 | 37,684 |
17
Shares | Value | |||
Big 5 Sporting Goods Corp. | 393 | $ | 876 | |
Buckle, Inc. (The) | 681 | 15,411 | ||
Build-A-Bear Workshop, Inc.(1) | 638 | 2,431 | ||
Caleres, Inc. | 932 | 10,746 | ||
Cato Corp. (The), Class A | 413 | 6,678 | ||
Children's Place, Inc. (The) | 161 | 9,274 | ||
Citi Trends, Inc. | 315 | 6,227 | ||
Conn's, Inc.(1)(2) | 212 | 1,728 | ||
Dick's Sporting Goods, Inc. | 1,404 | 51,120 | ||
Express, Inc.(1) | 1,968 | 7,282 | ||
GameStop Corp., Class A(2) | 634 | 2,282 | ||
Genesco, Inc.(1) | 379 | 13,041 | ||
Guess?, Inc. | 966 | 15,649 | ||
Haverty Furniture Cos., Inc. | 345 | 5,803 | ||
Hibbett Sports, Inc.(1) | 538 | 10,502 | ||
Hudson Ltd., Class A(1) | 774 | 7,206 | ||
Lithia Motors, Inc., Class A | 447 | 53,264 | ||
Lumber Liquidators Holdings, Inc.(1) | 343 | 3,361 | ||
Murphy USA, Inc.(1) | 593 | 57,817 | ||
Office Depot, Inc. | 17,129 | 40,253 | ||
Rent-A-Center, Inc. | 1,051 | 22,376 | ||
Shoe Carnival, Inc.(2) | 204 | 6,102 | ||
Signet Jewelers Ltd. | 1,713 | 39,947 | ||
Sonic Automotive, Inc., Class A | 459 | 12,852 | ||
Sportsman's Warehouse Holdings, Inc.(1) | 1,051 | 6,306 | ||
Tilly's, Inc., Class A | 507 | 3,295 | ||
TravelCenters of America, Inc.(1) | 110 | 1,330 | ||
Urban Outfitters, Inc.(1) | 1,339 | 31,480 | ||
556,025 | ||||
Textiles, Apparel and Luxury Goods — 0.5% | ||||
Crown Crafts, Inc. | 151 | 921 | ||
Culp, Inc. | 117 | 1,067 | ||
Fossil Group, Inc.(1) | 585 | 2,685 | ||
G-III Apparel Group Ltd.(1) | 992 | 22,181 | ||
Oxford Industries, Inc. | 339 | 20,473 | ||
47,327 | ||||
Thrifts and Mortgage Finance — 3.6% | ||||
Axos Financial, Inc.(1) | 1,161 | 28,920 | ||
Bridgewater Bancshares, Inc.(1) | 483 | 6,037 | ||
Federal Agricultural Mortgage Corp., Class C | 208 | 15,612 | ||
First Defiance Financial Corp. | 488 | 11,671 | ||
Flagstar Bancorp, Inc. | 715 | 22,794 | ||
FS Bancorp, Inc. | 110 | 5,257 | ||
Hingham Institution for Savings | 35 | 6,404 | ||
HomeStreet, Inc. | 497 | 13,464 | ||
Luther Burbank Corp. | 178 | 1,857 | ||
Merchants Bancorp | 302 | 5,442 | ||
Meta Financial Group, Inc. | 691 | 22,699 |
18
Shares | Value | |||
MMA Capital Holdings, Inc.(1) | 79 | $ | 2,385 | |
Mr. Cooper Group, Inc.(1) | 1,933 | 24,800 | ||
NMI Holdings, Inc., Class A(1) | 1,394 | 32,536 | ||
OP Bancorp | 164 | 1,451 | ||
PennyMac Financial Services, Inc. | 849 | 29,936 | ||
Pioneer Bancorp, Inc.(1) | 21 | 286 | ||
Riverview Bancorp, Inc. | 626 | 4,038 | ||
Severn Bancorp, Inc. | 129 | 1,035 | ||
Southern Missouri Bancorp, Inc. | 154 | 5,054 | ||
Sterling Bancorp, Inc. | 586 | 4,102 | ||
Territorial Bancorp, Inc. | 99 | 2,517 | ||
Timberland Bancorp, Inc. | 194 | 4,510 | ||
TrustCo Bank Corp. NY | 1,889 | 12,959 | ||
Walker & Dunlop, Inc. | 671 | 43,514 | ||
Waterstone Financial, Inc. | 282 | 4,690 | ||
313,970 | ||||
Trading Companies and Distributors — 2.9% | ||||
BMC Stock Holdings, Inc.(1) | 1,292 | 31,693 | ||
GATX Corp. | 808 | 57,796 | ||
H&E Equipment Services, Inc. | 481 | 11,429 | ||
Herc Holdings, Inc.(1) | 408 | 14,965 | ||
Kaman Corp. | 458 | 25,401 | ||
MRC Global, Inc.(1) | 843 | 7,334 | ||
NOW, Inc.(1) | 1,121 | 9,898 | ||
Rush Enterprises, Inc., Class A | 601 | 25,194 | ||
Rush Enterprises, Inc., Class B | 146 | 6,119 | ||
Systemax, Inc. | 178 | 3,713 | ||
Textainer Group Holdings Ltd.(1) | 415 | 3,424 | ||
Triton International Ltd. | 1,335 | 45,884 | ||
Veritiv Corp.(1) | 308 | 3,708 | ||
Willis Lease Finance Corp.(1) | 46 | 2,608 | ||
249,166 | ||||
Wireless Telecommunication Services — 1.0% | ||||
Shenandoah Telecommunications Co. | 1,051 | 46,696 | ||
Telephone & Data Systems, Inc. | 1,849 | 37,239 | ||
United States Cellular Corp.(1) | 246 | 7,727 | ||
91,662 | ||||
TOTAL COMMON STOCKS (Cost $9,388,238) | 8,187,138 | |||
TEMPORARY CASH INVESTMENTS — 18.4% | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $1,609,577) | 1,609,577 | 1,609,577 | ||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.4% | ||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $119,444) | 119,444 | 119,444 | ||
TOTAL INVESTMENT SECURITIES — 113.4% (Cost $11,117,259) | 9,916,159 | |||
OTHER ASSETS AND LIABILITIES(4) — (13.4)% | (1,171,414 | ) | ||
TOTAL NET ASSETS — 100.0% | $ | 8,744,745 |
19
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(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 $184,106. 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 market value of the collateral held by the fund was $188,954, which includes securities collateral of $69,510. |
(4) | Amount relates primarily to payable for investments purchased, but not settled, at period end. |
See Notes to Financial Statements.
20
Statement of Assets and Liabilities |
FEBRUARY 29, 2020 (UNAUDITED) | |||
Assets | |||
Investment securities, at value (cost of $10,997,815) — including $184,106 of securities on loan | $ | 9,796,715 | |
Investment made with cash collateral received for securities on loan, at value (cost of $119,444) | 119,444 | ||
Total investment securities, at value (cost of $11,117,259) | 9,916,159 | ||
Receivable for capital shares sold | 503,280 | ||
Dividends and interest receivable | 11,113 | ||
Securities lending receivable | 233 | ||
10,430,785 | |||
Liabilities | |||
Payable for collateral received for securities on loan | 119,444 | ||
Payable for investments purchased | 1,565,174 | ||
Accrued management fees | 1,422 | ||
1,686,040 | |||
Net Assets | $ | 8,744,745 | |
Institutional Class Capital Shares | |||
Shares outstanding (unlimited number of shares authorized) | 1,024,922 | ||
Net Asset Value Per Share | $ | 8.53 | |
Net Assets Consist of: | |||
Capital paid in | $ | 9,926,507 | |
Distributable earnings | (1,181,762 | ) | |
$ | 8,744,745 |
See Notes to Financial Statements.
21
Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Investment Income (Loss) | |||
Income: | |||
Dividends (net of foreign taxes withheld of $44) | $ | 28,802 | |
Interest | 397 | ||
Securities lending, net | 336 | ||
29,535 | |||
Expenses: | |||
Management fees | 4,162 | ||
Net investment income (loss) | 25,373 | ||
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) on investment transactions | 3,621 | ||
Change in net unrealized appreciation (depreciation) on investments | (1,201,100 | ) | |
Net realized and unrealized gain (loss) | (1,197,479 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,172,106 | ) |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
22
Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 29, 2020 (UNAUDITED)(1) | |||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net investment income (loss) | $ | 25,373 | |
Net realized gain (loss) | 3,621 | ||
Change in net unrealized appreciation (depreciation) | (1,201,100 | ) | |
Net increase (decrease) in net assets resulting from operations | (1,172,106 | ) | |
Distributions to Shareholders | |||
From earnings | (9,656 | ) | |
Capital Share Transactions | |||
Proceeds from shares sold | 9,951,680 | ||
Proceeds from reinvestment of distributions | 9,656 | ||
Payments for shares redeemed | (34,829 | ) | |
Net increase (decrease) in net assets from capital share transactions | 9,926,507 | ||
Net increase (decrease) in net assets | 8,744,745 | ||
Net Assets | |||
End of period | $ | 8,744,745 | |
Transactions in Shares of the Fund | |||
Sold | 1,027,617 | ||
Issued in reinvestment of distributions | 922 | ||
Redeemed | (3,617 | ) | |
Net increase (decrease) in shares of the fund | 1,024,922 |
(1) | December 4, 2019 (fund inception) through February 29, 2020. |
See Notes to Financial Statements.
23
Notes to Financial Statements |
FEBRUARY 29, 2020 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis U.S. Small Cap Value Fund (the fund) is one fund in a series issued by the trust. The fund’s investment objective is to seek long-term capital appreciation. The fund offers the Institutional Class. The Institutional Class commenced sale on December 4, 2019, the fund's inception date.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value 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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
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 net asset value per share.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The fund 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.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
24
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is the fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 29, 2020.
Remaining Contractual Maturity of Agreements | ||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||
Securities Lending Transactions(1) | ||||||||||||
Common Stocks | $ | 119,444 | — | — | — | $ | 119,444 | |||||
Gross amount of recognized liabilities for securities lending transactions | $ | 119,444 |
(1) | Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand. |
25
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 62% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.25%.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 29, 2020 were $9,441,109 and $54,461, respectively.
5. 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.
6. Risk Factors
The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.
7. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
26
As of period end, the components of investments for federal income tax purposes were as follows:
Federal tax cost of investments | $ | 11,117,259 | |
Gross tax appreciation of investments | $ | 81,421 | |
Gross tax depreciation of investments | (1,282,521 | ) | |
Net tax appreciation (depreciation) of investments | $ | (1,201,100 | ) |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
27
Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
Institutional Class | |||||||||||||
2020(3) | $10.00 | 0.04 | (1.50) | (1.46) | (0.01) | $8.53 | (14.68)% | 0.25%(4) | 1.52%(4) | 1% | $8,745 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | December 4, 2019 (fund inception) through February 29, 2020 (unaudited). |
(4) | Annualized. |
See Notes to Financial Statements.
Approval of Management Agreement |
At meetings held on April 29, 2019 and August 23, 2019, the Fund’s Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held at the meeting detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The information considered and the discussions held included, but were not limited to, the following:
• | The nature, extent, and quality of investment management, shareholder services, and other services to be provided by the Advisor to the Fund; |
• | The wide range of other programs and services to be provided by the Advisor to the Fund and its shareholders on a routine and non-routine basis; |
• | The Fund’s proposed investment objective and strategy, including a discussion of the Fund’s anticipated investment performance and proposed benchmark; |
• | The cost of owning the Fund compared to the cost of owning similar funds; |
• | The Advisor’s compliance policies, procedures, and regulatory experience; and |
• | Any collateral benefits derived by the Advisor from the management of the Fund. |
American Century Investments’ funds utilize a unified management fee structure. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and Rule 12b-1 fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Advisor and Board believe the unified fee structure is a benefit to fund shareholders because it clearly discloses to shareholders the cost of owning fund shares, and because the unified fee cannot be increased without a vote of fund shareholders, it shifts to the Advisor the risk of increased costs of operating the fund and provides a direct incentive to minimize administrative inefficiencies.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s annual unified management fee to the total expense ratio of peer funds selected by the independent provider. The Board found the Fund’s management fee to be below the median of the total expense ratios of its peer universe.
When considering the approval of the Fund’s management agreement, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. In addition to overseeing the Fund, a majority of the Board also oversees and evaluates on a continuous basis the nature and quality of services the Advisor provides to other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.
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The independent Trustees considered all of the information provided by the Advisor, the independent data provider, and their independent counsel in connection with the approval and evaluated such information for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
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Contact Us | avantisinvestors.com | |
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |
Telecommunications Relay Service for the Deaf | 711 | |
American Century ETF Trust | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2020 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96061 2004 |
ITEM 2. CODE OF ETHICS.
Not applicable for semiannual report filings.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semiannual report filings.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semiannual report filings.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semiannual report filings.
ITEM 6. INVESTMENTS.
(a) | The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form. |
(b) | Not applicable. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) |
are effective based on their evaluation of these controls and procedures 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 Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) | Not applicable for semiannual report filings. |
(a)(2) | Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT. |
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.
Registrant: | American Century ETF Trust | |||
By: | /s/ Patrick Bannigan | |||
Name: | Patrick Bannigan | |||
Title: | President | |||
Date: | April 24, 2020 |
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/ Patrick Bannigan | ||
Name: | Patrick Bannigan | ||
Title: | President | ||
(principal executive officer) | |||
Date: | April 24, 2020 |
By: | /s/ R. Wes Campbell | ||
Name: | R. Wes Campbell | ||
Title: | Treasurer and Chief Financial Officer | ||
(principal financial officer) | |||
Date: | April 24, 2020 |