MFS Active Exchange Traded Funds Trust 提交 2026 财年上半年 Form N-CSR 报告
MFS Active Exchange Traded Funds Trust (0002018846) (Filer)
MFS Active Exchange Traded Funds Trust 的 Form N-CSR 覆盖 2026 年 3 月 1 日至 8 月 31 日，披露多只 ETF 的财务表现、持仓、费用及估值政策。
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
811-23953
MFS ACTIVE EXCHANGE TRADED FUNDS TRUST
(Exact name of registrant as specified in charter)
111 Huntington Avenue, Boston, Massachusetts 02199
(Address of principal executive offices) (Zip code)
Christopher R. Bohane
Massachusetts Financial Services Company
111 Huntington Avenue
Boston, Massachusetts 02199
(Name and address of agents for service)
Registrant's telephone number, including area code:
(617) 954-5000
Date of fiscal year end:
February 28
Date of reporting period:
August 31, 2026
This Form N-CSR pertains to the following series of the Registrant: MFS Active Core Plus Bond ETF, MFS Active Growth ETF, MFS Active Intermediate Muni Bond ETF, MFS Active International ETF, MFS Active Value ETF, MFS Active Mid Cap ETF, MFS Blended Research International Equity ETF, MFS Blended Research Core Equity ETF, MFS Active International Value ETF, MFS Blended Research Small-Mid Cap ETF, and MFS Blended Research Emerging Markets Equity ETF. MFS Blended Research Emerging Markets Equity ETF commenced investment operations on March 5, 2026. MFS Active International Value ETF and MFS Blended Research Small-Mid Cap ETF commenced investment operations on June 4, 2026.
ITEM 1. REPORTS TO STOCKHOLDERS.
Item 1(a):
MFS® Active Core Plus Bond ETF
Principal Listing Exchange: NYSE
MFSB
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Active Core Plus Bond ETF for the period of March 1, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Core Plus Bond ETF | $17 | 0.34% |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 551,107,936 | Average Effective Maturity (yrs): | 9.1 | |
| Total Number of Holdings: | 464 | Average Effective Duration (yrs): | 5.8 | |
| Portfolio Turnover Rate (%): | 24 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Fixed Income | 97.3% |
| Money Market Funds | 2.7% |
Composition including fixed income credit quality
| AAA | 9.7% |
| AA | 4.6% |
| A | 13.4% |
| BBB | 27.6% |
| BB | 6.6% |
| B | 4.0% |
| CCC | 0.7% |
| U.S. Government | 23.9% |
| Federal Agencies | 6.8% |
| Money Market Funds | 2.7% |
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
ECP-SEM
MFS® Active Growth ETF
Principal Listing Exchange: NYSE
MFSG
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Active Growth ETF for the period of March 1, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Growth ETF | $26 | 0.49% |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 379,210,722 | Portfolio Turnover Rate (%): | 28 | |
| Total Number of Holdings: | 68 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Equities | 99.3% |
| Money Market Funds | 0.7% |
Equity sectors
| Information Technology | 46.7% |
| Communication Services | 16.0% |
| Industrials | 9.1% |
| Consumer Discretionary | 8.1% |
| Health Care | 7.2% |
| Financials | 6.4% |
| Consumer Staples | 1.9% |
| Energy | 1.8% |
| Materials | 1.8% |
| Real Estate | 0.3% |
Top ten holdings
| NVIDIA Corp. | 14.3% |
| Alphabet, Inc., "A" | 11.2% |
| Apple, Inc. | 6.0% |
| Microsoft Corp. | 5.3% |
| Broadcom, Inc. | 3.4% |
| Visa, Inc., "A" | 3.3% |
| Amazon.com, Inc. | 2.9% |
| Meta Platforms, Inc., "A" | 2.3% |
| Arista Networks, Inc. | 2.0% |
| GE Vernova, Inc. | 1.9% |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EGO-SEM
MFS® Active Intermediate Muni Bond ETF
Principal Listing Exchange: NYSE
MFSM
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Active Intermediate Muni Bond ETF for the period of March 1, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Intermediate Muni Bond ETF | $17 | 0.34% |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 103,765,078 | Average Effective Maturity (yrs): | 8.6 | |
| Total Number of Holdings: | 419 | Average Effective Duration (yrs): | 6.4 | |
| Portfolio Turnover Rate (%): | 17 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Fixed Income | 98.1% |
| Money Market Funds | 1.9% |
Composition including fixed income credit quality
| AAA | 2.5% |
| AA | 40.2% |
| A | 31.2% |
| BBB | 17.6% |
| BB | 2.8% |
| B | 0.4% |
| CC | 0.2% |
| Not Rated | 3.2% |
| Money Market Funds | 1.9% |
Industries
| Healthcare Revenue - Hospitals | 10.3% |
| Utilities - Other | 10.0% |
| Airport Revenue | 8.7% |
| Universities - Colleges | 7.6% |
| Multi-Family Housing Revenue | 7.3% |
| Healthcare Revenue - Long Term Care | 6.9% |
| General Obligations - Schools | 6.6% |
| State & Local Agencies | 5.2% |
| General Obligations - General Purpose | 3.7% |
| Student Loan Revenue | 3.6% |
| Other Industries | 28.2% |
Ratings are assigned using Moody’s, Fitch, and Standard & Poor’s and applying a hierarchy: If all 3 agencies rate a security, the middle rating is assigned; if 2 agencies rate a security, the lower rating is assigned. If none of the 3 agencies rate a security, we use DBRS Morningstar. If none of the 4 agencies rate a security, we use Kroll Bond Rating Agency. Ratings are shown in the S&P and Fitch scale (e.g., AAA). All ratings are subject to change.
For purposes of these classifications, MFS uses its own internal sector/industry classification methodology, which may deviate from classification methodologies used by other industry participants (e.g., the Global Industry Classification Standard).
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EMU-SEM
MFS® Active International ETF
Principal Listing Exchange: NYSE
MFSI
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Active International ETF for the period of March 1, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active International ETF | $30 | 0.59% |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 1,222,297,101 | Portfolio Turnover Rate (%): | 5 | |
| Total Number of Holdings: | 94 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Equities | 98.7% |
| Money Market Funds | 1.3% |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7.3% |
| Samsung Electronics Co. Ltd. | 3.5% |
| Tencent Holdings Ltd., ADR | 2.3% |
| Schneider Electric SE | 2.1% |
| Hitachi Ltd. | 2.0% |
| Compagnie Financiere Richemont S.A. | 2.0% |
| Rolls-Royce Holdings PLC | 2.0% |
| Novartis AG | 1.9% |
| Roche Holding AG | 1.9% |
| ING Groep N.V. | 1.9% |
Issuer country weightings
| Japan | 14.8% |
| United Kingdom | 12.0% |
| France | 11.4% |
| Switzerland | 9.6% |
| Taiwan | 8.4% |
| China | 7.0% |
| Germany | 5.1% |
| Canada | 4.9% |
| South Korea | 3.5% |
| Other Countries | 23.3% |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIE-SEM
MFS® Active Value ETF
Principal Listing Exchange: NYSE
MFSV
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Active Value ETF for the period of March 1, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Value ETF | $23 | 0.44% |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 601,124,791 | Portfolio Turnover Rate (%): | 24 | |
| Total Number of Holdings: | 62 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Equities | 99.1% |
| Money Market Funds | 0.9% |
Equity sectors
| Financials | 23.2% |
| Information Technology | 14.7% |
| Health Care | 14.4% |
| Industrials | 14.3% |
| Consumer Discretionary | 9.3% |
| Utilities | 8.4% |
| Energy | 7.0% |
| Consumer Staples | 4.6% |
| Real Estate | 1.6% |
| Communication Services | 0.8% |
| Materials | 0.8% |
Top ten holdings
| Amazon.com, Inc. | 5.4% |
| Microsoft Corp. | 5.4% |
| JPMorgan Chase & Co. | 4.5% |
| Apple, Inc. | 2.9% |
| ExxonMobil Holdings Corp. | 2.8% |
| Cigna Group | 2.6% |
| RTX Corp. | 2.3% |
| Bank of America Corp. | 2.3% |
| Morgan Stanley | 2.2% |
| Chevron Corp. | 2.1% |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EVE-SEM
MFS® Blended Research® International Equity ETF
Principal Listing Exchange: NYSE
BRIE
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Blended Research International Equity ETF for the period of March 1, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Blended Research International Equity ETF | $18 | 0.34% |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 489,962,608 | Portfolio Turnover Rate (%): | 18 | |
| Total Number of Holdings: | 160 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Equities | 98.0% |
| Money Market Funds | 2.0% |
Equity sectors
| Financials | 24.2% |
| Information Technology | 20.4% |
| Industrials | 13.9% |
| Consumer Discretionary | 6.9% |
| Health Care | 6.8% |
| Materials | 6.3% |
| Consumer Staples | 5.6% |
| Communication Services | 4.8% |
| Energy | 4.8% |
| Utilities | 2.8% |
| Real Estate | 1.5% |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.1% |
| ASML Holding N.V. | 2.6% |
| Samsung Electronics Co. Ltd. | 2.5% |
| SK hynix, Inc. | 2.1% |
| Rio Tinto PLC | 1.9% |
| BNP Paribas S.A. | 1.7% |
| Novartis AG | 1.7% |
| ING Groep N.V. | 1.7% |
| Toronto-Dominion Bank | 1.6% |
| UBS Group AG | 1.6% |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EBI-SEM
MFS® Blended Research® Core Equity ETF
Principal Listing Exchange: NYSE
BRCE
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Blended Research Core Equity ETF for the period of March 1, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Blended Research Core Equity ETF | $13 | 0.24% |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 37,024,147 | Portfolio Turnover Rate (%): | 19 | |
| Total Number of Holdings: | 105 |
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Equities | 99.7% |
| Money Market Funds | 0.3% |
Equity sectors
| Information Technology | 38.4% |
| Financials | 12.8% |
| Health Care | 10.2% |
| Communication Services | 8.7% |
| Industrials | 8.1% |
| Consumer Discretionary | 8.0% |
| Consumer Staples | 5.1% |
| Energy | 3.8% |
| Utilities | 2.1% |
| Materials | 1.4% |
| Real Estate | 1.1% |
Top ten holdings
| NVIDIA Corp. | 9.3% |
| Apple, Inc. | 7.0% |
| Microsoft Corp. | 5.0% |
| Amazon.com, Inc. | 4.1% |
| Alphabet, Inc., "A" | 2.7% |
| Broadcom, Inc. | 2.4% |
| Johnson & Johnson | 2.3% |
| Salesforce, Inc. | 2.2% |
| Micron Technology, Inc. | 2.2% |
| Mastercard, Inc., "A" | 2.1% |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EBC-SEM
MFS® Active Mid Cap ETF
Principal Listing Exchange: NYSE
MMID
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Active Mid Cap ETF for the period of March 1, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Mid Cap ETF | $30 | 0.59% |
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 36,220,653 | Portfolio Turnover Rate (%): | 9 | |
| Total Number of Holdings: | 107 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Equities | 96.8% |
| Money Market Funds | 3.2% |
Equity sectors
| Industrials | 17.7% |
| Financials | 15.2% |
| Information Technology | 12.1% |
| Health Care | 11.5% |
| Consumer Discretionary | 9.3% |
| Real Estate | 7.2% |
| Energy | 6.9% |
| Materials | 6.4% |
| Utilities | 5.8% |
| Consumer Staples | 3.5% |
| Communication Services | 1.2% |
Top ten holdings
| Global Payments, Inc. | 1.9% |
| Cheniere Energy, Inc. | 1.7% |
| Waters Corp. | 1.7% |
| Becton, Dickinson and Co. | 1.6% |
| Diamondback Energy, Inc. | 1.6% |
| Agilent Technologies, Inc. | 1.5% |
| Wabtec Corp. | 1.5% |
| W.W. Grainger, Inc. | 1.4% |
| Valero Energy Corp. | 1.4% |
| STERIS PLC | 1.4% |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
ECM-SEM
MFS® Active International Value ETF
Principal Listing Exchange: NYSE Arca
MIVL
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Active International Value ETF for the period of June 4, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months#?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active International Value ETF | $14 | 0.57% |
# For the period from the commencement of the fund’s investment operations, June 4, 2026 through August 31, 2026. Expenses for a full 6 month semiannual period would have been higher.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 25,072,812 | Portfolio Turnover Rate (%): | 2 | |
| Total Number of Holdings: | 63 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Equities | 99.4% |
| Money Market Funds | 0.6% |
Top ten holdings
| NatWest Group PLC | 4.3% |
| BNP Paribas S.A. | 4.2% |
| UBS Group AG | 3.5% |
| TotalEnergies SE | 3.3% |
| Eni S.p.A. | 2.6% |
| Glencore PLC | 2.5% |
| British American Tobacco PLC | 2.5% |
| Rio Tinto PLC | 2.4% |
| Barclays PLC | 2.4% |
| Henkel AG & Co. KGaA | 2.2% |
Issuer country weightings
| United Kingdom | 29.6% |
| France | 17.9% |
| Japan | 13.6% |
| Italy | 5.5% |
| Ireland | 5.5% |
| Netherlands | 5.2% |
| Switzerland | 5.1% |
| Germany | 5.0% |
| Canada | 4.3% |
| Other Countries | 8.3% |
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EIL-SEM
MFS® Blended Research® Small-Mid Cap ETF
Principal Listing Exchange: NYSE Arca
BRSM
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Blended Research Small-Mid Cap ETF for the period of June 4, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months#?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Blended Research Small-Mid Cap ETF | $9 | 0.38% |
# For the period from the commencement of the fund’s investment operations, June 4, 2026 through August 31, 2026. Expenses for a full 6 month semiannual period would have been higher.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 27,525,416 | Portfolio Turnover Rate (%): | 13 | |
| Total Number of Holdings: | 312 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Equities | 99.8% |
| Money Market Funds | 0.2% |
Equity sectors
| Industrials | 17.5% |
| Financials | 17.1% |
| Information Technology | 14.7% |
| Health Care | 13.9% |
| Consumer Discretionary | 10.0% |
| Real Estate | 7.6% |
| Materials | 5.3% |
| Energy | 4.2% |
| Utilities | 3.4% |
| Communication Services | 3.3% |
| Consumer Staples | 2.8% |
Top ten holdings
| TechnipFMC PLC | 1.1% |
| Roku, Inc. | 1.1% |
| Box, Inc., "A" | 1.1% |
| Aramark | 1.0% |
| Universal Health Services, Inc. | 1.0% |
| Everest Group Ltd. | 1.0% |
| BILL Holdings, Inc. | 1.0% |
| Popular, Inc. | 1.0% |
| Lincoln National Corp. | 1.0% |
| UGI Corp. | 0.9% |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
ESM-SEM
MFS® Blended Research® Emerging Markets Equity ETF
Principal Listing Exchange: NYSE
BREE
Semiannual Shareholder Report
This semiannual shareholder report contains important information about MFS Blended Research Emerging Markets Equity ETF for the period of March 5, 2026 to August 31, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1‑800‑225‑2606 or by sending an e-mail request to [email protected].
FUND EXPENSES
What were the fund costs for the last six months#?
| (based on a hypothetical $10,000 investment) | ||
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Blended Research Emerging Markets Equity ETF | $24 | 0.44% |
# For the period from the commencement of the fund’s investment operations, March 5, 2026 through August 31, 2026. Expenses for a full 6 month semiannual period would have been higher.
FUND STATISTICS AS OF 8/31/26
| Net Assets ($): | 26,579,681 | Portfolio Turnover Rate (%): | 14 | |
| Total Number of Holdings: | 137 |
Where the fund holds derivatives, they are not included in the total number of portfolio holdings.
PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 8/31/26)
Portfolio structure
| Equities | 99.0% |
| Money Market Funds | 1.0% |
Equity sectors
| Information Technology | 41.8% |
| Financials | 19.3% |
| Consumer Discretionary | 7.7% |
| Communication Services | 6.8% |
| Industrials | 6.4% |
| Materials | 5.7% |
| Energy | 3.7% |
| Consumer Staples | 3.1% |
| Health Care | 2.7% |
| Utilities | 1.4% |
| Real Estate | 0.4% |
Top ten holdings
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 13.6% |
| SK hynix, Inc. | 5.9% |
| Samsung Electronics Co. Ltd. | 5.7% |
| Tencent Holdings Ltd., ADR | 2.9% |
| Samsung Electronics Co. Ltd. | 2.7% |
| China Construction Bank Corp. | 2.2% |
| Hon Hai Precision Industry Co. Ltd. | 1.9% |
| Alibaba Group Holding Ltd., ADR | 1.7% |
| King Slide Works Co. Ltd. | 1.7% |
| MediaTek, Inc. | 1.6% |
MFS uses the Global Industry Classification Standard (GICS®) for sector/industry reporting. MFS has applied its own internal sector/industry classification methodology for equity securities and non-equity securities that are unclassified by GICS.
ADDITIONAL INFORMATION
You can find the fund’s summary prospectus, prospectus, most recent annual and semiannual reports, financial information, portfolio holdings, and statement of additional information online at etfs.mfs.com. Proxy voting information is available without charge by calling 1‑800‑637‑5637, by visiting mfs.com/proxyvoting, or by visiting the SEC’s website at http://www.sec.gov.
IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER MATERIALS
The fund produces financial annual and semiannual reports and updates its summary prospectus and prospectus annually. To avoid sending duplicate copies of materials to households, only one copy of the fund's annual and semiannual report and summary prospectus may be mailed to shareholders having the same last name and residential address on the fund's records. However, any shareholder may contact the fund at 1-800-637-5637 or the shareholder's financial intermediary to request that copies of these reports and summary prospectuses be sent personally to that shareholder.
EBE-SEM
Item 1(b):
Not applicable.
ITEM 2. CODE OF ETHICS.
During the period covered by this report, the Registrant has not amended any provision in its Code of Ethics (the “Code”) that relates to an element of the Code’s definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semi-annual reports.
ITEM 6. INVESTMENTS
A schedule of investments for each series covered by this Form N-CSR is included in the financial statements of such series under Item 7 of this Form N-CSR.
MFS Active Core Plus Bond ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Active Core Plus Bond ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – 98.6% |
||||
|
Aerospace & Defense – 1.2% |
||||
|
Boeing Co., 6.528%, 5/01/2034 |
$ |
2,577,000 |
$2,749,458 |
|
|
Boeing Co., 5.805%, 5/01/2050 |
159,000 |
149,881 |
||
|
Bombardier, Inc., 6.75%, 6/15/2033 (n) |
1,785,000 |
1,843,050 |
||
|
TransDigm, Inc., 4.625%, 1/15/2029 |
330,000 |
324,028 |
||
|
TransDigm, Inc., 6.375%, 5/31/2033 (n) |
1,781,000 |
1,785,841 |
||
|
$6,852,258 |
||||
|
Asset-Backed & Securitized – 24.8% |
||||
|
ACORE Issuer LLC, 2026-FL1, “B”, 5.552%, 8/20/2043 (n) |
$ |
1,750,000 |
$1,751,791 |
|
|
ACORE Issuer LLC, 2026-FL1, “C”, FLR, 5.752% (SOFR - 1mo. + 2.1%), 8/20/2043 (n) |
692,000 |
693,571 |
||
|
ACREC LLC, 2025-FL3, “AS”, FLR, 5.278% (SOFR - 1mo. + 1.64%), 8/18/2042 (n) |
97,500 |
97,500 |
||
|
ACREC LLC, 2026-FL5, “B”, FLR, 5.397% (SOFR - 1mo. + 1.75%), 7/18/2043 (n) |
767,875 |
768,389 |
||
|
Acres PLC, 2026-FL4, “AS”, FLR, 5.338% (SOFR - 1mo. + 1.7%), 8/18/2044 (n) |
551,500 |
551,499 |
||
|
Affirm Master Trust, 2025-2A, “A”, 4.67%, 7/15/2033 (n) |
100,000 |
100,065 |
||
|
American Credit Acceptance Receivables Trust, 2025-4, “A”, 4.42%, 5/14/2029 (n) |
217,639 |
217,770 |
||
|
AmeriCredit Automobile Receivables Trust, 2025-1, “A2A”, 4.22%, 3/19/2029 (n) |
79,242 |
79,214 |
||
|
AmeriCredit Automobile Receivables Trust, 2026-1, “A”, 4.16%, 7/12/2029 (n) |
418,140 |
417,776 |
||
|
Angel Oak Mortgage Trust, 2024-9, “A1”, 5.138%, 9/25/2069 (n) |
147,447 |
146,393 |
||
|
Angel Oak Mortgage Trust, 2025-10, “A1”, 4.96%, 9/25/2070 (n) |
152,325 |
150,186 |
||
|
Arbor Realty Commercial Real Estate, 2026-FL1, “B”, FLR, 5.652% (SOFR - 1mo. + 2%), 9/20/2043 (n) |
1,500,000 |
1,502,809 |
||
|
Arbor Realty Commercial Real Estate, 2026-FL1, “C”, FLR, 5.852% (SOFR - 1mo. + 2.2%), 9/20/2043 (n) |
2,009,424 |
2,015,535 |
||
|
Arbor Realty Trust, Inc., CLO, 2022-FL1, “A”, FLR, 5.086% (SOFR - 1mo. + 1.45%), 1/15/2037 (n) |
76,658 |
76,659 |
||
|
Arbor Realty Trust, Inc., CLO, 2022-FL1, “C”, FLR, 5.936% (SOFR - 30 day + 2.3%), 1/15/2037 (n) |
327,000 |
326,998 |
||
|
ARDN Mortgage Trust, 2025-ARCP, “C”, FLR, 5.989% (SOFR - 1mo. + 2.35%), 6/15/2035 (n) |
100,000 |
100,188 |
||
|
AREIT 2025-CRE10 Ltd., “AS”, FLR, 5.181% (SOFR - 1mo. + 1.5421%), 1/17/2030 (n) |
120,332 |
120,031 |
||
|
AREIT 2026-CRE12 Ltd., “B”, FLR, 5.45% (SOFR - 1mo. + 1.8%), 2/18/2044 (n) |
1,346,981 |
1,347,832 |
||
|
Ares CLO Ltd., FLR, 5.51% (SOFR - 3mo. + 1.7%), 1/25/2038 (n) |
1,500,000 |
1,500,748 |
||
|
ARI Fleet Lease Trust, 2026-A, “A2”, 3.96%, 11/15/2034 (n) |
141,000 |
140,208 |
||
|
Aspire Mortgage Trust, 2026-1, “A1”, 4.855%, 1/25/2066 (n) |
354,860 |
349,506 |
||
|
Aspire Mortgage Trust, 2026-2, “A1”, 5.325%, 4/26/2066 (n) |
761,680 |
754,791 |
||
|
Babson CLO Ltd., 2021-3A, “B1R”, FLR, 5.359% (SOFR - 3mo. + 1.63%), 1/18/2035 (n) |
350,000 |
350,512 |
||
|
Bain Capital Credit CLO Ltd., 2019-1A, “CR3”, FLR, 5.329% (SOFR - 3mo. + 1.6%), 4/19/2034 (n) |
2,500,000 |
2,501,865 |
||
|
Bain Capital Credit CLO Ltd., 2020-3A, “DRR”, FLR, 6.852% (SOFR - 3mo. + 3.1%), 10/23/2034 (n) |
935,000 |
916,262 |
||
|
Bain Capital Credit CLO Ltd., 2020-4A, “BRR”, FLR, 5.329% (SOFR - 3mo. + 1.6%), 10/20/2036 (n) |
803,892 |
804,616 |
||
|
Bain Capital Credit CLO Ltd., 2021-4A, “CRR”, FLR, 5.279% (SOFR - 3mo. + 1.55%), 10/20/2034 (n) |
1,300,000 |
1,298,825 |
||
|
Bain Capital Credit CLO Ltd., 2022-1A, “CR”, FLR, 5.579% (SOFR - 3mo. + 1.85%), 10/18/2038 (n) |
800,000 |
800,367 |
||
|
Bain Capital Credit CLO Ltd., 2022-3A, “CR”, FLR, 5.649% (SOFR - 3mo. + 1.9%), 7/17/2035 (n) |
500,000 |
500,373 |
||
|
Balboa Bay Loan Funding Ltd., 2024-1A, “D1R”, FLR, 6.329% (SOFR - 3mo. + 2.6%), 7/20/2037 (n) |
1,400,000 |
1,399,097 |
||
|
Bank5, 2026-5YR20, “AS”, 5.336%, 2/15/2059 |
232,069 |
230,123 |
||
|
Bardot CLO Ltd., 2019-2A, “BRR”, FLR, 5.083% (SOFR - 3mo. + 1.35%), 10/22/2032 (n) |
250,000 |
249,990 |
||
|
Bardot CLO Ltd., 2019-2A, “CRR”, FLR, 5.283% (SOFR - 3mo. + 1.55%), 10/22/2032 (n) |
250,000 |
250,078 |
||
|
BBCMS Mortgage Trust, 2025-C39, “A5”, 5.296%, 12/15/2058 |
157,895 |
156,726 |
||
|
BDS Ltd., 2025-FL14, “B”, FLR, 5.339% (SOFR - 1mo. + 1.6926%), 10/17/2042 (n) |
134,096 |
134,104 |
||
|
BDS Ltd., 2025-FL16, “B”, FLR, 5.497% (SOFR - 1mo. + 1.85%), 6/19/2043 (n) |
496,505 |
494,700 |
||
|
BDS Ltd., 2026-FL17, “AS”, FLR, 5.197% (SOFR - 1mo. + 1.55%), 5/19/2043 (n) |
1,000,000 |
1,000,279 |
||
|
BDS Ltd., 2026-FL17, “C”, FLR, 5.597% (SOFR - 1mo. + 1.95%), 5/19/2043 (n) |
636,902 |
636,898 |
||
|
BDS Ltd., 2026-FL18, “B”, FLR, 5.347% (SOFR - 1mo. + 1.7%), 2/19/2044 (n) |
1,580,208 |
1,580,810 |
||
|
Benchmark 2025-V18 Mortgage Trust, “AS”, 5.592%, 10/15/2058 |
133,186 |
133,271 |
||
|
Black Diamond CLO Ltd., 2021-1A, “BR”, FLR, 5.933% (SOFR - 3mo. + 2.2%), 11/22/2034 (n) |
400,000 |
399,605 |
||
ECPFS-SEM
1
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Asset-Backed & Securitized – continued |
||||
|
BlueMountain CLO Ltd., 2019-26AR, “CR2”, FLR, 5.579% (SOFR - 3mo. + 1.85%), 10/20/2034 (n) |
$ |
1,042,023 |
$1,042,870 |
|
|
BMO Mortgage Trust, 2026-C15, “A5”, 5.818%, 8/15/2059 |
1,951,336 |
1,999,351 |
||
|
BMP Commercial Mortgage Trust, 2024-MF23, “B”, 5.28% (SOFR - 1mo. + 1.6416%), 6/15/2041 (n) |
250,000 |
250,000 |
||
|
BofA Auto Trust, 2026-A, “A2A”, 4.1%, 11/15/2028 (n) |
438,000 |
437,591 |
||
|
BRSP 2026-FL3 Ltd., “AS”, FLR, 5.347%, 8/19/2043 (n) |
667,000 |
667,834 |
||
|
BRSP 2026-FL3 Ltd., “C”, FLR, 5.747% (SOFR - 1mo. + 2.1%), 8/19/2043 (n) |
484,000 |
484,548 |
||
|
BSPRT Issuer Ltd., 2024-FL11, “AS”, 5.734% (SOFR - 1mo. + 2.095%), 7/15/2039 (n) |
150,000 |
150,188 |
||
|
BSPRT Issuer Ltd., 2026-FL13, “B”, FLR, 5.638% (SOFR - 1mo. + 2%), 10/18/2043 (n) |
2,000,000 |
2,002,280 |
||
|
Business Jet Securities LLC, 2026-1A, “C”, 8.179%, 6/15/2041 (n) |
262,024 |
262,065 |
||
|
BX Trust, 2025-BCAT, “A”, FLR, 5.019% (SOFR - 1mo. + 1.38%), 8/15/2042 (n) |
245,477 |
245,937 |
||
|
BX Trust, 2025-BCAT, “C”, FLR, 5.539% (SOFR - 1mo. + 1.9%), 8/15/2042 (n) |
70,000 |
70,241 |
||
|
BX Trust, 2025-BCAT, “D”, FLR, 6.289% (SOFR - 1mo. + 2.65%), 8/15/2042 (n) |
700,000 |
703,719 |
||
|
BX Trust, 2026-CLS, “C”, FLR, 5.989% (SOFR - 1mo. + 2.35%), 5/15/2043 (n) |
168,000 |
168,624 |
||
|
BX Trust, 2026-CLS, “D”, FLR, 7.089% (SOFR - 1mo. + 3.45%), 5/15/2043 (n) |
176,000 |
177,091 |
||
|
BX Trust, 2026-CSMO, “A”, FLR, 5.039% (SOFR - 1mo. + 1.4%), 2/15/2043 (n) |
2,380,000 |
2,385,950 |
||
|
BX Trust, 2026-LBTY, “B”, FLR, 5.1% (SOFR - 1mo. + 1.45%), 8/15/2048 (n) |
333,965 |
333,963 |
||
|
BX Trust, 2026-LBTY, “C”, FLR, 5.25% (SOFR - 1mo. + 1.6%), 8/15/2048 (n) |
200,099 |
200,098 |
||
|
BX Trust, 2026-LP3, “D”, FLR, 5.989% (SOFR - 1mo. + 2.35%), 4/15/2043 (n) |
1,981,221 |
1,994,842 |
||
|
BX Trust, 2026-ORBT, “D”, FLR, 5.739% (SOFR - 1mo. + 2.1%), 7/15/2043 (n) |
563,726 |
565,135 |
||
|
BXMT 2021-FL4 Ltd., “A”, FLR, 5.053% ((SOFR - 1mo. + 0.11448%) + 1.05%), 5/15/2038 (n) |
167,660 |
167,609 |
||
|
CarMax Select Receivables Trust, 2025-B, “A2”, 4.19%, 3/15/2029 |
136,067 |
135,994 |
||
|
CarMax Select Receivables Trust, 2026-B, “A2”, 4.35%, 4/16/2029 |
366,000 |
365,867 |
||
|
CarMax Select Recievables Trust, 2026-B, “B”, 4.88%, 10/15/2032 |
273,000 |
272,652 |
||
|
Cathedral Lake VI Ltd., FLR, 5.66% (SOFR - 3mo. + 1.85%), 4/25/2034 (n) |
287,716 |
287,806 |
||
|
Chesapeake IV Funding, 2026-1A, “A2”, 4.26%, 12/15/2028 (n) |
493,000 |
492,232 |
||
|
CIFC Funding 2024-1AR Ltd., “DR”, FLR, 6.279% (SOFR - 3mo. + 2.55%), 4/18/2037 (n) |
3,000,000 |
2,996,346 |
||
|
CIP Commercial Mortgage Trust, 2025-SBAY, “A”, FLR, 5.039% (SOFR - 1mo. + 1.4%), 10/15/2037 (n) |
166,039 |
166,454 |
||
|
Colt Funding LLC, 2024-3, “A1”, 6.393%, 6/25/2069 (n) |
119,616 |
120,036 |
||
|
Colt Funding LLC, 2024-6, “A1”, 5.39%, 11/25/2069 (n) |
157,615 |
157,042 |
||
|
Colt Funding LLC, 2025-1, “A1”, 5.699%, 1/25/2070 (n) |
67,616 |
67,629 |
||
|
Columbia Cent CLO Ltd., 2020-30A, “CR2”, FLR, 5.629% (SOFR - 3mo. + 1.9%), 1/20/2034 (n) |
387,755 |
383,473 |
||
|
Columbia Cent CLO Ltd., 2021-31A, “CR”, FLR, 5.579% (SOFR - 3mo. + 1.85%), 4/20/2034 (n) |
300,000 |
297,673 |
||
|
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “A4”, 5.745%, 8/15/2056 |
250,000 |
255,458 |
||
|
Commercial Mortgage Pass-Through Certificates, 2023-BNK46, “AS”, 6.385%, 8/15/2056 |
500,000 |
514,841 |
||
|
Commercial Mortgage Pass-Through Certificates, 2024-CBM, “B”, 6.511%, 12/10/2041 (n) |
200,000 |
201,795 |
||
|
Commercial Mortgage Pass-Through Certificates, 2025-5YR17, “AS”, 5.626%, 11/15/2058 |
188,139 |
188,631 |
||
|
Commercial Mortgage Pass-Through Certificates, 2026-5YR20, “A3”, 5.104%, 2/15/2059 |
75,609 |
75,336 |
||
|
Commercial Mortgage Pass-Through Certificates, 2026-BNK52, “A5”, 5.586%, 5/15/2069 |
447,406 |
452,922 |
||
|
CPS Auto Receivables Trust, 2026-B, “A”, 4.35%, 2/15/2030 (n) |
492,820 |
492,504 |
||
|
Dell Equipment Finance Trust, 2026-1A, “A2”, 4.24%, 7/24/2028 (n) |
570,000 |
569,071 |
||
|
Dryden Senior Loan Fund CLO Ltd., 2016-43A, “CR3”, FLR, 5.479% (SOFR - 3mo. + 1.75%), 4/20/2034 (n) |
250,000 |
250,455 |
||
|
Dryden Senior Loan Fund CLO Ltd., 2020-83A, “CR2”, FLR, 5.579% (SOFR - 3mo. + 1.85%), 4/18/2037 (n) |
1,750,000 |
1,751,914 |
||
|
Dryden Senior Loan Fund CLO Ltd., 2020-86A, “CR2”, FLR, 5.649% (SOFR - 3mo. + 1.9%), 7/17/2034 (n) |
999,128 |
1,001,207 |
||
|
Dryden Senior Loan Fund CLO Ltd., 2022-98A, “CR”, FLR, 5.629% (SOFR - 3mo. + 1.9%), 4/20/2035 (n) |
1,500,000 |
1,502,257 |
||
|
Dwight 2025-FL1, “A”, FLR, 5.3% (SOFR - 1mo. + 1.662%), 6/18/2042 (n) |
206,500 |
207,193 |
||
|
Dwight 2026-FL2, “B”, FLR, 5.638% (SOFR - 1mo. + 2%), 1/18/2044 (n) |
1,968,000 |
1,969,307 |
||
|
ELM Trust, 2024-ELM, “C15”, 6.396%, 6/10/2039 (n) |
1,100,000 |
1,099,484 |
||
|
ELM Trust, 2024-ELM, “D10”, 6.847%, 6/10/2039 (n) |
221,000 |
221,049 |
||
|
Elmwood CLO Ltd., 2021-1A, “CRR”, FLR, 5.529% (SOFR - 3mo. + 1.8%), 4/20/2037 (n) |
2,500,000 |
2,500,895 |
||
|
Elmwood CLO Ltd., 2022-2A, “CR”, FLR, 5.583% (SOFR - 3mo. + 1.85%), 4/22/2035 (n) |
500,000 |
500,000 |
||
|
Enterprise Fleet Financing 2025-4 LLC, “A2”, 4.05%, 8/20/2028 (n) |
163,202 |
162,836 |
||
|
Enterprise Fleet Financing 2026-1 LLC, “A2”, 4%, 10/20/2028 (n) |
568,000 |
565,250 |
||
|
General Motors Co., FLR, 4.186% (SOFR - 1mo. + 0.55%), 11/15/2029 (n) |
250,000 |
250,433 |
||
|
GLS Auto Select Receivables Trust, 2026-2A, “A2”, 4.04%, 11/15/2028 (n) |
315,667 |
315,394 |
||
2
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Asset-Backed & Securitized – continued |
||||
|
GLS Auto Select Receivables Trust, 2026-2A, “A2”, 4.46%, 6/15/2032 (n) |
$ |
907,000 |
$904,537 |
|
|
GLS Auto Select Receivables Trust, 2026-3A, “A2”, 4.47%, 3/15/2029 (n) |
374,000 |
373,885 |
||
|
GoldenTree Loan Management CLO Ltd., 2023-17A, “CR”, FLR, 5.529% (SOFR - 3mo. + 1.8%), 1/20/2039 (n) |
600,000 |
600,693 |
||
|
Greystone Commercial Real Estate Notes, 2025-FL4, “B”, FLR, 6.227% (SOFR - 1mo. + 2.5887%), 1/15/2043 (n) |
100,000 |
101,134 |
||
|
Harbor Park CLO Ltd., 2018-1A, “DR2”, FLR, 6.229% (SOFR - 3mo. + 2.5%), 1/20/2031 (n) |
486,979 |
474,694 |
||
|
HPS Loan Management Ltd., FLR, 5.552% (SOFR - 3mo. + 1.8%), 4/15/2037 (n) |
2,000,000 |
2,005,906 |
||
|
Hyundai Auto Lease Securitization Trust, 2025-B, “A2A”, 4.58%, 9/15/2027 (n) |
41,213 |
41,244 |
||
|
ILPT Commercial Mortgage Trust, 2025-LPF2, “A”, 5.468%, 7/13/2042 (n) |
109,000 |
108,686 |
||
|
Jersey Mikes Funding LLC, 2026-1A, “A2I”, 4.952%, 2/15/2056 (n) |
329,266 |
320,651 |
||
|
JPMorgan Mortgage Trust, 2026-NQM1, “A1”, 4.745%, 6/25/2066 (n) |
152,745 |
149,648 |
||
|
JPMorgan Mortgage Trust, 2026-NQM5, “A1”, 5.677%, 1/25/2067 (n) |
1,167,523 |
1,165,357 |
||
|
LoanCore 2025-CRE8 Ltd., “B”, FLR, 5.48% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n) |
147,000 |
146,557 |
||
|
LoanCore 2025-CRE8 Ltd., “C”, FLR, 5.78% (SOFR - 1mo. + 2.14145%), 8/17/2042 (n) |
2,187,500 |
2,179,371 |
||
|
LoanCore 2025-CRE9 Ltd., “AS”, FLR, 5.338% (SOFR - 1mo. + 1.7%), 8/18/2042 (n) |
2,489,000 |
2,493,388 |
||
|
LRECS 2025-CRE1 LLC, “B”, FLR, 5.669% (SOFR - 1mo. + 2%), 8/19/2043 (n) |
687,327 |
687,927 |
||
|
Marble Point CLO XXII Ltd., 2021-2AR, “CR2”, FLR, 5.516% (SOFR - 3mo. + 1.8%), 7/25/2034 (n) |
394,872 |
394,872 |
||
|
MF1 2025-FL20 LLC, “C”, FLR, 5.788% (SOFR - 1mo. + 2.15%), 2/18/2043 (n) |
1,404,267 |
1,407,758 |
||
|
MF1 2021-FL7 Ltd., “AS”, FLR, 5.203% ((SOFR - 1mo. + 0.11448%) + 1.45%), 10/16/2036 (n) |
1,000,000 |
999,570 |
||
|
MF1 2022-FL8 Ltd., “A”, FLR, 4.997% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) |
82,352 |
82,352 |
||
|
MF1 2022-FL8 Ltd., “C”, FLR, 5.847% (SOFR - 30 day + 2.2%), 2/19/2037 (n) |
1,750,000 |
1,746,729 |
||
|
MF1 2024-FL16 LLC, “C”, FLR, 6.18% (SOFR - 1mo. + 2.542%), 11/18/2039 (n) |
350,000 |
350,000 |
||
|
MF1 2025-FL17 LLC, “A”, FLR, 4.958% (SOFR - 1mo. + 1.32%), 2/18/2040 (n) |
500,000 |
500,067 |
||
|
MF1 2025-FL17 LLC, “B”, FLR, 5.43% (SOFR - 1mo. + 1.792%), 2/18/2040 (n) |
500,000 |
500,245 |
||
|
MF1 2025-FL17 LLC, “C”, FLR, 5.73% (SOFR - 1mo. + 2.092%), 2/18/2040 (n) |
888,889 |
889,322 |
||
|
MF1 2025-FL19 LLC, “A”, FLR, 5.21% (SOFR - 1mo. + 1.572%), 2/18/2040 (n) |
250,000 |
250,065 |
||
|
MF1 2025-FL19 LLC, “AS”, FLR, 5.98% (SOFR - 1mo. + 2.3414%), 5/18/2042 (n) |
572,121 |
572,954 |
||
|
MF1 2025-FL19 LLC, “B”, FLR, 5.63% (SOFR - 1mo. + 1.9917%), 5/18/2042 (n) |
715,568 |
717,086 |
||
|
MF1 2026-FL21 LLC, “AS”, FLR, 5.188% (SOFR - 1mo. + 1.55%), 2/18/2041 (n) |
527,037 |
527,224 |
||
|
MF1 2026-FL21 LLC, “C”, FLR, 5.588% (SOFR - 1mo. + 1.95%), 2/18/2041 (n) |
2,446,186 |
2,446,171 |
||
|
MF1 2026-FL22 LLC, “C”, FLR, 5.638% (SOFR - 1mo. + 2%), 11/18/2043 (n) |
1,418,818 |
1,419,743 |
||
|
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM1, “A1”, 4.809%, 12/25/2070 (n) |
209,208 |
205,300 |
||
|
Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, “A1”, 6.152%, 12/25/2068 (n) |
97,560 |
97,599 |
||
|
Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM6, “A1”, 5.152%, 7/25/2070 (n) |
164,579 |
163,047 |
||
|
Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9, “A1”, 5.016%, 9/25/2070 (n) |
353,011 |
348,820 |
||
|
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM2, “A1”, 4.734%, 1/26/2071 (n) |
855,021 |
837,017 |
||
|
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM3, “A1”, 5.209%, 3/25/2071 (n) |
1,188,820 |
1,178,603 |
||
|
Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM4, “A1”, 5.075%, 3/25/2071 (n) |
561,240 |
553,249 |
||
|
MTN Commercial Mortgage Trust, 2026-LPFX, “C”, 5.757%, 5/15/2043 (n) |
222,222 |
220,198 |
||
|
New Residential Mortgage Loan Trust, 2024-NQM3, “A1”, 5.53%, 5/25/2065 (n) |
2,568,986 |
2,553,892 |
||
|
New Residential Mortgage Loan Trust, 2025-NQM2, “A1”, 5.566%, 4/25/2065 (n) |
71,516 |
71,153 |
||
|
New Residential Mortgage Loan Trust, 2025-NQM4, “A1”, 5.35%, 7/25/2065 (n) |
276,080 |
273,403 |
||
|
New Residential Mortgage Loan Trust, 2025-NQM6, “A1”, 5.085%, 10/25/2065 (n) |
1,280,854 |
1,265,384 |
||
|
New Residential Mortgage Loan Trust, 2026-NQM2, “A1”, 4.743%, 12/25/2065 (n) |
592,469 |
581,070 |
||
|
New Residential Mortgage Loan Trust, 2026-NQM4, “A1”, 5.003%, 2/25/2066 (n) |
1,180,768 |
1,163,253 |
||
|
New Residential Mortgage Loan Trust, 2026-NQM6, “A1”, 5.293%, 5/25/2066 (n) |
1,068,821 |
1,058,344 |
||
|
New Residential Mortgage Loan Trust, 2026-NQM7, “A1”, 5.418%, 6/25/2066 (n) |
1,020,778 |
1,013,042 |
||
|
New Residential Mortgage Loan Trust, 2026-NQM9, “A1”, 4.833%, 2/25/2066 (n) |
1,240,220 |
1,218,282 |
||
|
New Residential Mortgage Loan Trust, 2026-NQM9, “A1”, 5.674%, 8/25/2066 (n) |
1,569,825 |
1,566,763 |
||
|
Oakre Issuer LLC, 2026-FL1B, “B”, 5.55%, 2/18/2044 (n) |
2,285,714 |
2,286,428 |
||
|
OBX Trust, 2024-NQM6, “A1”, 6.447%, 2/25/2064 (n) |
117,854 |
118,253 |
||
|
OBX Trust, 2025-NQM1, “A1”, 5.547%, 12/25/2064 (n) |
65,193 |
65,111 |
||
|
OBX Trust, 2025-NQM11, “A1”, 5.418%, 5/25/2065 (n) |
2,183,662 |
2,173,529 |
||
|
OBX Trust, 2025-NQM13, “A1”, 5.441%, 5/25/2065 (n) |
69,451 |
69,148 |
||
|
OBX Trust, 2025-NQM14, “A1”, 5.162%, 7/25/2065 (n) |
70,792 |
70,269 |
||
3
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Asset-Backed & Securitized – continued |
||||
|
OBX Trust, 2025-NQM15, “A1B”, 5.143%, 7/27/2065 (n) |
$ |
68,380 |
$67,782 |
|
|
OBX Trust, 2025-NQM16, “A1”, 4.905%, 8/25/2065 (n) |
223,433 |
220,532 |
||
|
OBX Trust, 2025-NQM20, “A1”, 5.021%, 10/25/2065 (n) |
157,882 |
155,935 |
||
|
OBX Trust, 2026-INV4, “AF2”, FLR, 5.093% (SOFR - 1mo. + 1.45%), 5/25/2056 (n) |
1,368,460 |
1,370,267 |
||
|
OBX Trust, 2026-NQM8, “A1”, 5.297%, 5/25/2066 (n) |
319,287 |
316,496 |
||
|
Octagon 57 Ltd., 2021-1A, “CR”, FLR, 5.602% (SOFR - 3mo. + 1.85%), 10/15/2034 (n) |
750,000 |
751,879 |
||
|
Palmer Square Loan Funding 2024-1A Ltd., “A1R”, FLR, 4.572% (SOFR - 3mo. + 0.82%), 10/15/2032 (n) |
225,933 |
225,792 |
||
|
Palmer Square Loan Funding 2024-1A Ltd., “BR”, FLR, 5.202% (SOFR - 3mo. + 1.45%), 10/15/2032 (n) |
120,000 |
120,004 |
||
|
Palmer Square Loan Funding 2025-2A Ltd., “B”, FLR, 5.452% (SOFR - 3mo. + 1.7%), 7/15/2033 (n) |
500,000 |
499,551 |
||
|
Palmer Square Loan Funding 2025-2A Ltd., “D”, FLR, 8.252% (SOFR - 3mo. + 4.5%), 7/15/2033 (n) |
1,375,000 |
1,381,329 |
||
|
Park Avenue Institutional Advisers CLO Ltd., 2019-2, FLR, 7.152% (SOFR - 3mo. + 3.4%), 10/15/2034 (n) |
992,908 |
986,539 |
||
|
PFP III 2025-12 Ltd., “B”, FLR, 5.68% (SOFR - 1mo. + 2.0421%), 12/18/2042 (n) |
100,000 |
100,234 |
||
|
PFP III 2026-13 Ltd., “AS”, FLR, 5.288% (SOFR - 1mo. + 1.65%), 8/18/2043 (n) |
1,000,000 |
1,003,074 |
||
|
PFP III 2026-13 Ltd., “B”, FLR, 5.488% (SOFR - 1mo. + 1.85%), 8/18/2043 (n) |
950,000 |
952,933 |
||
|
PFS Financing Corp., 2026-A, “A”, FLR, 4.336% (SOFR - 1mo. + 0.7%), 2/15/2030 (n) |
1,142,000 |
1,144,779 |
||
|
PLYM Commercial Mortgage Trust, 2026-IND, “C”, FLR, 5.289% (SOFR - 1mo. + 1.65%), 3/15/2043 (n) |
164,206 |
164,309 |
||
|
PMT Loan Trust, 2025-CNF2, “A26”, FLR, 5.043% (SOFR - 1mo. + 1.4%), 1/25/2057 (n) |
356,761 |
358,023 |
||
|
PMT Loan Trust, 2025-INV10, “A36”, FLR, 4.993% (SOFR - 1mo. + 1.35%), 10/01/2056 (n) |
198,224 |
198,268 |
||
|
PMT Loan Trust, 2025-INV12, “A35”, FLR, 4.943% (SOFR - 1mo. + 1.3%), 12/25/2056 (n) |
260,689 |
260,545 |
||
|
PMT Loan Trust, 2026-CNF1, “A26”, FLR, 4.843% (SOFR - 1mo. + 1.2%), 1/25/2057 (n) |
217,522 |
217,040 |
||
|
PMT Loan Trust, 2026-CNF4, “A23”, FLR, 4.993% (SOFR - 1mo. + 1.35%), 5/25/2057 (n) |
417,360 |
417,759 |
||
|
PMT Loan Trust, 2026-INV2, “A35”, FLR, 4.793% (SOFR - 1mo. + 1.15%), 1/25/2057 (n) |
1,272,233 |
1,262,642 |
||
|
PMT Loan Trust, 2026-INV4, “A36”, FLR, 5.093% (SOFR - 1mo. + 1.45%), 3/25/2057 (n) |
599,082 |
598,972 |
||
|
PRM Loan Trust, 2025-PRM6, “A”, 4.629%, 7/05/2033 (n) |
123,326 |
121,760 |
||
|
Provident Funding Mortgage Trust, 2025-1, “A”, 5.5%, 2/25/2055 (n) |
156,433 |
155,605 |
||
|
Provident Funding Mortgage Trust, 2025-2, “A4”, 5.5%, 6/25/2055 (n) |
98,203 |
97,775 |
||
|
Provident Funding Mortgage Trust, 2025-5, “A4”, 5.5%, 11/25/2055 (n) |
561,049 |
557,701 |
||
|
Rate Mortgage Trust, 2025-J3, “A27”, FLR, 5.193% (SOFR - 1mo. + 1.55%), 11/25/2055 (n) |
573,909 |
575,118 |
||
|
Santander Drive Auto Receivables Trust, 2025-1, “A3”, 4.74%, 1/16/2029 |
27,659 |
27,677 |
||
|
Sequoia Mortgage Trust, 2026-Med2, “A1A”, 5.613%, 8/25/2056 (n) |
1,068,514 |
1,058,843 |
||
|
Shackleton 2019-14A CLO Ltd., “BRR”, FLR, 5.279% (SOFR - 3mo. + 1.55%), 7/20/2034 (n) |
270,916 |
270,957 |
||
|
Speak CLO Ltd., 2014-1A, “BR4”, FLR, 5.349% (SOFR - 3mo. + 1.6%), 4/17/2034 (n) |
650,000 |
650,680 |
||
|
Speak CLO Ltd., 2014-1A, “CR4”, FLR, 5.699% (SOFR - 3mo. + 1.95%), 4/17/2034 (n) |
250,000 |
250,615 |
||
|
Starwood Commercial Mortgage, 2025-FL4, “AS”, FLR, 5.347% (SOFR - 1mo. + 1.7%), 11/19/2042 (n) |
2,500,000 |
2,502,310 |
||
|
Stellantis Financial Underwritten Enhanced Lease Trust, 2025-AA, “A2”, 4.63%, 7/20/2027 (n) |
25,862 |
25,882 |
||
|
STORE Master Funding LLC, 2025-1A, “A2”, 4.98%, 10/20/2055 (n) |
516,027 |
498,394 |
||
|
STORE Master Funding LLC, 2026-1A, “A2”, 5.31%, 6/20/2056 (n) |
1,334,109 |
1,307,598 |
||
|
Taco Bell Funding LLC, 2025-1A, “A2I”, 4.821%, 8/25/2055 (n) |
262,427 |
256,111 |
||
|
TCW Gem Ltd., 2020-1A, “BR3”, FLR, 5.329% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) |
300,000 |
300,500 |
||
|
TPG Real Estate Finance, 2025-FL7, “AS”, FLR, 5.339% (SOFR - 1mo. + 1.7%), 6/18/2043 (n) |
2,000,000 |
2,001,416 |
||
|
TPG Real Estate Finance, 2025-FL7, “B”, FLR, 5.588% (SOFR - 1mo. + 1.95%), 6/18/2043 (n) |
356,790 |
356,995 |
||
|
Trinitas CLO Ltd., 2017-6A, “B1R4”, FLR, 5.46% (SOFR - 3mo. + 1.65%), 1/25/2034 (n) |
700,000 |
700,480 |
||
|
Trinitas CLO Ltd., 2024-29A, “D1R”, FLR, 6.603% (SOFR - 3mo. + 2.88%), 10/23/2039 (n) |
2,500,000 |
2,500,000 |
||
|
Unity-Peace Park CLO Ltd., 2022-1A, “CR”, FLR, 5.379% (SOFR - 3mo. + 1.65%), 4/20/2035 (n) |
1,242,757 |
1,242,819 |
||
|
Verus Securitization Trust, 2024-3, “A2”, 6.642%, 4/25/2069 (n) |
97,056 |
97,343 |
||
|
Verus Securitization Trust, 2025-9, “A1”, 4.935%, 10/27/2070 (n) |
104,880 |
103,475 |
||
|
Volvo Financial Equipment LLC, 2026-1A, “A2”, 3.9%, 11/15/2028 (n) |
179,000 |
178,391 |
||
|
Wind River 2024-1A CLO Ltd., “BR”, FLR, 5.379% (SOFR - 3mo. + 1.65%), 4/20/2037 (n) |
2,000,000 |
2,002,010 |
||
|
$136,473,464 |
||||
|
Auto & Auto Components – 0.6% |
||||
|
Ford Motor Credit Co. LLC, 5.73%, 9/05/2030 |
$ |
487,000 |
$486,765 |
|
|
Ford Motor Credit Co. LLC, 6.05%, 3/05/2031 |
660,000 |
665,705 |
||
|
Hyundai Capital America, 5.3%, 1/08/2030 (n) |
246,000 |
247,474 |
||
4
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Auto & Auto Components – continued |
||||
|
Hyundai Capital America, 6.375%, 4/08/2030 (n) |
$ |
1,389,000 |
$1,438,130 |
|
|
Hyundai Capital America, 5.25%, 6/21/2033 (n) |
491,000 |
481,980 |
||
|
$3,320,054 |
||||
|
Brokerage & Asset Managers – 3.1% |
||||
|
Charles Schwab Corp., 4.914% to 11/14/2035, FLR (SOFR - 1 day + 1.23%) to 11/14/2036 |
$ |
2,713,000 |
$2,580,797 |
|
|
Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170 |
1,680,000 |
1,681,683 |
||
|
Charles Schwab Corp., 6.1% to 6/01/2031, FLR (CMT - 1yr. + 2.25%) to 9/01/2174 |
1,216,000 |
1,199,388 |
||
|
Citadel Securities Global Holdings LLC, 5.75%, 3/27/2036 (n) |
2,362,000 |
2,292,174 |
||
|
Jefferies Financial Group, Inc., 5.125%, 4/28/2031 |
82,000 |
80,193 |
||
|
Jefferies Financial Group, Inc., 5.5%, 2/15/2036 |
3,289,000 |
3,114,388 |
||
|
LPL Holdings, Inc., 4%, 3/15/2029 (n) |
139,000 |
134,851 |
||
|
LPL Holdings, Inc., 4.375%, 5/15/2031 (n) |
231,000 |
219,888 |
||
|
LPL Holdings, Inc., 6%, 5/20/2034 |
192,000 |
193,764 |
||
|
LPL Holdings, Inc., 5.75%, 6/15/2035 |
2,669,000 |
2,626,933 |
||
|
Nomura Holdings, Inc., 5.043%, 6/10/2036 |
1,419,000 |
1,369,683 |
||
|
Nomura Holdings, Inc., 5.545%, 7/14/2036 |
200,000 |
195,463 |
||
|
Nomura Holdings, Inc., 7% to 1/15/2031, FLR (CMT - 5yr. + 3.084%) to 1/15/2174 |
1,200,000 |
1,211,857 |
||
|
$16,901,062 |
||||
|
Building – 1.4% |
||||
|
Ferguson Enterprises, Inc., 5%, 10/03/2034 |
$ |
1,694,000 |
$1,640,613 |
|
|
JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) |
2,066,000 |
2,084,183 |
||
|
Patrick Industries, Inc., 4.75%, 5/01/2029 (n) |
641,000 |
630,226 |
||
|
Patrick Industries, Inc., 6.375%, 11/01/2032 (n) |
1,432,000 |
1,429,830 |
||
|
Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) |
1,874,000 |
1,897,350 |
||
|
$7,682,202 |
||||
|
Business Services – 1.9% |
||||
|
Beacon Point DC LLC, 6.129%, 11/30/2042 (n) |
$ |
2,356,000 |
$2,236,095 |
|
|
CoreWeave, Inc., 9.75%, 10/01/2031 (n) |
2,024,000 |
1,809,909 |
||
|
Global Payments, Inc., 2.9%, 11/15/2031 |
1,965,000 |
1,716,907 |
||
|
Paychex, Inc., 5.6%, 4/15/2035 |
2,320,000 |
2,302,516 |
||
|
QTS Fayetteville I Dc1-2 LLC, 5.7%, 4/15/2036 (n) |
2,621,000 |
2,371,676 |
||
|
$10,437,103 |
||||
|
Chemicals – 0.3% |
||||
|
SCIH Salt Holdings, Inc., 8%, 8/15/2032 (n) |
$ |
1,900,000 |
$1,920,345 |
|
|
Conglomerates – 0.4% |
||||
|
Regal Rexnord Corp., 6.3%, 2/15/2030 |
$ |
271,000 |
$279,354 |
|
|
Regal Rexnord Corp., 6.4%, 4/15/2033 |
1,663,000 |
1,726,905 |
||
|
$2,006,259 |
||||
|
Consumer Services – 0.8% |
||||
|
CBRE Services, Inc., 5.95%, 8/15/2034 |
$ |
1,939,000 |
$1,975,475 |
|
|
CBRE Services, Inc., 5.25%, 6/01/2036 |
273,000 |
263,023 |
||
|
Raven Acquisition Holdings LLC, 6.875%, 11/15/2031 (n) |
1,987,000 |
1,979,617 |
||
|
$4,218,115 |
||||
5
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Diversified Financial Services – 0.9% |
||||
|
Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (n) |
$ |
2,267,000 |
$2,184,787 |
|
|
Macquarie AirFinance Holdings Ltd., 6.4%, 3/26/2029 (n) |
174,000 |
178,634 |
||
|
SMBC Aviation Capital Finance DAC, 5.2%, 7/23/2031 (n) |
704,000 |
699,603 |
||
|
SMBC Aviation Capital Finance DAC, 5.55%, 4/03/2034 (n) |
400,000 |
396,039 |
||
|
SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 (n) |
1,361,000 |
1,307,441 |
||
|
SMBC Aviation Capital Finance DAC, 5.7%, 7/23/2036 (n) |
400,000 |
395,144 |
||
|
$5,161,648 |
||||
|
Electrical Equipment – 0.3% |
||||
|
Arrow Electronics, Inc., 5.875%, 4/10/2034 |
$ |
1,723,000 |
$1,741,530 |
|
|
Emerging Market Quasi-Sovereign – 0.2% |
||||
|
Office Cherifien des Phosphates S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n) |
$ |
400,000 |
$415,094 |
|
|
Petroleos Mexicanos, 5.95%, 1/28/2031 |
118,000 |
116,626 |
||
|
Petroleos Mexicanos, 6.35%, 2/12/2048 |
443,000 |
357,362 |
||
|
$889,082 |
||||
|
Emerging Market Sovereign – 3.1% |
||||
|
Commonwealth of Bahamas, 8.95%, 10/15/2032 |
$ |
1,000,000 |
$1,117,890 |
|
|
Republic of Argentina, 3.5%, 7/09/2041 |
1,500,000 |
1,055,700 |
||
|
Republic of Colombia, 7.75%, 11/07/2036 |
1,400,000 |
1,488,900 |
||
|
Republic of Cote d'Ivoire, 7.625%, 1/30/2033 |
1,300,000 |
1,381,050 |
||
|
Republic of Ecuador, 6.9%, 7/31/2035 |
1,200,000 |
1,097,400 |
||
|
Republic of Guatemala, 6.6%, 6/13/2036 |
1,400,000 |
1,461,124 |
||
|
Republic of Hungary, 5.5%, 3/26/2036 (n) |
1,400,000 |
1,378,732 |
||
|
Republic of Panama, 6.7%, 1/26/2036 |
450,000 |
472,297 |
||
|
Republic of Paraguay, 6.65%, 3/04/2055 |
800,000 |
813,640 |
||
|
Republic of Peru, 5.875%, 8/08/2054 |
500,000 |
474,750 |
||
|
Republic of Romania, 6%, 5/25/2034 |
1,300,000 |
1,268,160 |
||
|
Republic of Serbia, 6%, 6/12/2034 |
800,000 |
799,320 |
||
|
Republic of South Africa, 7.1%, 11/19/2036 |
1,000,000 |
1,065,458 |
||
|
Republic of South Africa, 7.25%, 12/11/2055 (n) |
1,300,000 |
1,264,431 |
||
|
Republic of Turkey, 5.95%, 1/15/2031 |
400,000 |
391,027 |
||
|
United Mexican States, 6%, 5/07/2036 |
200,000 |
195,090 |
||
|
United Mexican States, 6.875%, 5/13/2037 |
800,000 |
821,680 |
||
|
United Mexican States, 6.625%, 1/29/2038 |
500,000 |
500,750 |
||
|
$17,047,399 |
||||
|
Energy - Independent – 1.0% |
||||
|
EQT Corp., 5%, 1/15/2029 |
$ |
328,000 |
$328,238 |
|
|
EQT Corp., 4.75%, 1/15/2031 |
1,128,000 |
1,108,375 |
||
|
Occidental Petroleum Corp., 5.55%, 10/01/2034 |
719,000 |
725,224 |
||
|
Santos Finance Ltd., 6.875%, 9/19/2033 (n) |
571,000 |
608,351 |
||
|
Santos Finance Ltd., 5.75%, 11/13/2035 (n) |
2,532,000 |
2,496,295 |
||
|
$5,266,483 |
||||
|
Energy - Integrated – 0.3% |
||||
|
BP Capital Markets PLC, 6.45% to 3/01/2034, FLR ((CMT - 5yr. + 2.153%) + 0.25%) to 3/01/2054, FLR ((CMT - 5yr. + 2.153%) + 1%) to 9/01/2172 |
$ |
768,000 |
$788,153 |
|
|
Eni S.p.A., 5.5%, 5/15/2034 (n) |
600,000 |
601,039 |
||
|
$1,389,192 |
||||
6
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Entertainment & Leisure – 0.4% |
||||
|
Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) |
$ |
1,952,000 |
$1,978,608 |
|
|
Food & Beverages – 1.3% |
||||
|
Bacardi Ltd., 5.15%, 5/15/2038 (n) |
$ |
147,000 |
$134,304 |
|
|
Constellation Brands, Inc., 4.8%, 5/01/2030 |
62,000 |
61,481 |
||
|
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 5.75%, 4/01/2033 |
1,183,000 |
1,199,856 |
||
|
JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 5.95%, 4/20/2035 |
1,873,000 |
1,894,332 |
||
|
Performance Food Group Co., 6.125%, 9/15/2032 (n) |
2,045,000 |
2,049,245 |
||
|
Post Holdings, Inc., 6.25%, 10/15/2034 (n) |
2,079,000 |
2,004,256 |
||
|
$7,343,474 |
||||
|
Global Systemically Important Banks – 5.5% |
||||
|
Bank of America Corp., 5.288% to 4/25/2033, FLR (SOFR - 1 day + 1.630%) to 4/25/2034 |
$ |
418,000 |
$415,957 |
|
|
Bank of America Corp., 5.744% to 2/12/2035, FLR (SOFR - 1 day + 1.697%) to 2/12/2036 |
3,343,000 |
3,330,099 |
||
|
Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037 |
247,000 |
226,828 |
||
|
Bank of America Corp., 6.25% to 7/26/2030, FLR (CMT - 5yr. + 2.351%) to 10/26/2173 |
129,000 |
129,165 |
||
|
Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033 |
2,000,000 |
2,193,504 |
||
|
Barclays PLC, 5.586% to 6/26/2036, FLR (SOFR - 1 day + 1.505%) to 6/26/2037 |
200,000 |
194,669 |
||
|
Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173 |
2,430,000 |
2,459,724 |
||
|
Citigroup, Inc., 6.5% to 5/15/2031, FLR (CMT - 5yr. + 2.745%) to 5/15/2175 |
81,000 |
81,418 |
||
|
Goldman Sachs Group, Inc., 2.65% to 10/21/2031, FLR (SOFR - 1 day + 1.264%) to 10/21/2032 |
439,000 |
385,009 |
||
|
Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033 |
2,537,000 |
2,265,223 |
||
|
Goldman Sachs Group, Inc., 5.655% to 7/21/2036, FLR (SOFR - 1 day + 1.45%) to 7/21/2037 |
664,000 |
657,807 |
||
|
Goldman Sachs Group, Inc., 6.85%, 8/10/2174 |
378,000 |
387,389 |
||
|
HSBC Holdings PLC, 6.75% to 5/18/2033, FLR (CMT - 5yr. + 2.513%) to 11/18/2174 |
2,442,000 |
2,423,158 |
||
|
JPMorgan Chase & Co., 4.851% to 7/25/2027, FLR (SOFR - 1 day + 1.99%) to 7/25/2028 |
680,000 |
681,601 |
||
|
JPMorgan Chase & Co., 5.766%, 4/22/2035 |
602,000 |
613,854 |
||
|
JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035 |
2,792,000 |
2,701,793 |
||
|
JPMorgan Chase & Co., 6.1%, 7/01/2174 |
294,000 |
294,437 |
||
|
Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029 |
424,000 |
428,373 |
||
|
Morgan Stanley, 5.17% to 7/14/2031, FLR (SOFR - 1 day + 1.158%) to 7/14/2032 |
82,000 |
81,389 |
||
|
Morgan Stanley, 5.32% to 7/19/2034, FLR (SOFR - 1 day + 1.555%) to 7/19/2035 |
450,000 |
443,127 |
||
|
Morgan Stanley, 5.664% to 4/17/2035, FLR (SOFR - 1 day + 1.757%) to 4/17/2036 |
2,622,000 |
2,627,812 |
||
|
Morgan Stanley, 5.605% to 7/17/2036, FLR (SOFR - 1 day + 1.429%) to 7/17/2037 |
246,000 |
243,563 |
||
|
Morgan Stanley, 5.942% to 2/07/2034, FLR (CMT - 5yr. + 1.8%) to 2/07/2039 |
238,000 |
238,859 |
||
|
UBS Group AG, 5.699% to 2/08/2034, FLR (CMT - 1yr. + 1.77%) to 2/08/2035 (n) |
2,409,000 |
2,421,633 |
||
|
UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) |
1,000,000 |
911,789 |
||
|
Wells Fargo & Co., 5.574% to 7/25/2028, FLR (SOFR - 1 day + 1.74%) to 7/25/2029 |
614,000 |
622,372 |
||
|
Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033 |
1,113,000 |
1,010,014 |
||
|
Wells Fargo & Co., 4.892% to 9/15/2035, FLR (SOFR - 1 day + 1.34%) to 9/15/2036 |
1,983,000 |
1,890,856 |
||
|
$30,361,422 |
||||
|
Industrial – 0.6% |
||||
|
Booz Allen Hamilton, Inc., 5.9%, 1/30/2034 |
$ |
1,000,000 |
$984,170 |
|
|
Booz Allen Hamilton, Inc., 5.95%, 4/15/2035 |
2,389,000 |
2,368,558 |
||
|
$3,352,728 |
||||
|
Insurance – 1.2% |
||||
|
Corebridge Financial, Inc., 5.75%, 1/15/2034 |
$ |
3,066,000 |
$3,092,284 |
|
|
MetLife, Inc., 6.35% to 3/15/2035, FLR (CMT - 5yr. + 2.078%) to 3/15/2055 |
185,000 |
188,230 |
||
|
Nippon Life Insurance Co., 6.5% to 4/30/2035, FLR (CMT - 5yr. + 3.189%) to 4/30/2055 (n) |
600,000 |
616,131 |
||
|
Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) |
1,482,000 |
1,525,350 |
||
7
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Insurance – continued |
||||
|
Sammons Financial Group, Inc., 5.95%, 6/15/2036 (n) |
$ |
1,124,000 |
$1,072,710 |
|
|
$6,494,705 |
||||
|
Insurance - Health – 0.4% |
||||
|
Horseshoe Funding Trust I, 6.062%, 2/15/2036 (n) |
$ |
2,415,000 |
$2,398,667 |
|
|
Insurance - Property & Casualty – 2.0% |
||||
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) |
$ |
2,012,000 |
$1,997,636 |
|
|
Arthur J. Gallagher & Co., 5.45%, 7/15/2034 |
294,000 |
291,714 |
||
|
Arthur J. Gallagher & Co., 5.15%, 2/15/2035 |
1,767,000 |
1,713,867 |
||
|
Brown & Brown, Inc., 5.65%, 6/11/2034 |
235,000 |
233,135 |
||
|
Brown & Brown, Inc., 5.55%, 6/23/2035 |
2,289,000 |
2,236,269 |
||
|
Fairfax Financial Holdings Ltd., 6%, 12/07/2033 |
2,361,000 |
2,414,252 |
||
|
Fairfax Financial Holdings Ltd., 5.75%, 5/20/2035 |
450,000 |
450,300 |
||
|
Hub International Ltd., 7.25%, 6/15/2030 (n) |
1,898,000 |
1,954,169 |
||
|
$11,291,342 |
||||
|
Interactive Media Services – 0.4% |
||||
|
Snap, Inc., 6.875%, 3/01/2033 (n) |
$ |
2,109,000 |
$2,068,100 |
|
|
International Market Quasi-Sovereign – 0.0% |
||||
|
Electricite de France S.A., 6.9%, 5/23/2053 (n) |
$ |
200,000 |
$206,889 |
|
|
Machinery & Tools – 0.8% |
||||
|
Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) |
$ |
200,000 |
$201,353 |
|
|
Ashtead Capital, Inc., 5.8%, 4/15/2034 (n) |
2,306,000 |
2,315,937 |
||
|
EquipmentShare.com, Inc., 7.125%, 7/01/2034 (n) |
1,804,000 |
1,775,413 |
||
|
$4,292,703 |
||||
|
Metals & Mining – 1.1% |
||||
|
Anglo American Capital PLC, 5.5%, 5/02/2033 (n) |
$ |
450,000 |
$450,693 |
|
|
FMG Resources (August 2006) Pty Ltd., 4.375%, 4/01/2031 (n) |
787,000 |
743,073 |
||
|
FMG Resources (August 2006) Pty Ltd., 6.125%, 4/15/2032 (n) |
1,282,000 |
1,296,201 |
||
|
IAMGOLD Corp., 5.75%, 10/15/2028 (n) |
1,575,000 |
1,572,021 |
||
|
Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) |
1,473,000 |
1,499,058 |
||
|
Samarco Mineracao S.A., 9% (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to 12/30/2027, 9.25% Cash to 12/30/2029, 9.5% Cash to 6/30/2031 (n)(p) |
661,465 |
667,887 |
||
|
$6,228,933 |
||||
|
Midstream – 2.1% |
||||
|
DCP Midstream Operating LP, 3.25%, 2/15/2032 |
$ |
1,904,000 |
$1,742,783 |
|
|
Energy Transfer LP, 5.35%, 1/15/2036 |
2,591,000 |
2,527,956 |
||
|
Plains All American Pipeline LP, 5.7%, 9/15/2034 |
238,000 |
238,479 |
||
|
Plains All American Pipeline LP, 5.6%, 1/15/2036 |
2,326,000 |
2,291,935 |
||
|
Targa Resources Corp., 6.125%, 3/15/2033 |
2,377,000 |
2,462,864 |
||
|
Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032 |
425,000 |
399,788 |
||
|
Venture Global LNG, Inc., 7%, 1/15/2030 (n) |
2,046,000 |
2,105,767 |
||
|
$11,769,572 |
||||
|
Mortgage-Backed – 6.9% |
||||
|
Fannie Mae, 4.643%, 2/25/2045 (n) |
$ |
36,337 |
$36,336 |
|
|
Fannie Mae, 2.5%, 10/01/2051 - 7/01/2052 |
1,384,778 |
1,131,337 |
||
|
Fannie Mae, 2%, 1/01/2052 - 6/01/2052 |
2,334,713 |
1,825,518 |
||
8
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Mortgage-Backed – continued |
||||
|
Fannie Mae, 6%, 10/01/2053 - 9/01/2054 |
$ |
2,579,340 |
$2,609,254 |
|
|
Fannie Mae, 5.043%, 12/25/2054 |
98,772 |
99,434 |
||
|
Fannie Mae, 5.143%, 12/25/2054 |
1,086,831 |
1,096,292 |
||
|
Fannie Mae, UMBS, 2.5%, 11/01/2051 - 4/01/2052 |
377,198 |
309,137 |
||
|
Fannie Mae, UMBS, 2%, 3/01/2052 |
1,293,501 |
1,015,503 |
||
|
Fannie Mae, UMBS, 3%, 6/01/2052 - 8/01/2052 |
621,569 |
531,022 |
||
|
Fannie Mae, UMBS, 5%, 12/01/2054 |
2,069,048 |
2,003,534 |
||
|
Freddie Mac, 5.643%, 11/25/2053 |
1,495,229 |
1,535,880 |
||
|
Freddie Mac, 5.093%, 2/25/2055 |
204,732 |
206,310 |
||
|
Freddie Mac , 6%, 3/01/2054 |
538,460 |
545,352 |
||
|
Freddie Mac, UMBS, 5%, 8/01/2040 - 6/01/2056 |
2,928,164 |
2,866,571 |
||
|
Freddie Mac, UMBS, 3.5%, 9/01/2051 - 9/01/2052 |
2,003,802 |
1,778,897 |
||
|
Freddie Mac, UMBS, 2%, 3/01/2052 - 8/01/2052 |
2,300,991 |
1,805,074 |
||
|
Freddie Mac, UMBS, 2.5%, 5/01/2052 - 9/01/2052 |
2,417,275 |
1,988,728 |
||
|
Freddie Mac, UMBS, 3%, 5/01/2052 |
1,359,442 |
1,161,412 |
||
|
Freddie Mac, UMBS, 5.5%, 8/01/2054 - 10/01/2054 |
960,202 |
954,988 |
||
|
Freddie Mac, UMBS, 6.5%, 9/01/2054 - 11/01/2054 |
209,286 |
216,914 |
||
|
Freddie Mac, UMBS, 6%, 2/01/2055 |
98,458 |
100,110 |
||
|
Freddie Mac, UMBS, 4%, 5/01/2055 |
643,571 |
587,556 |
||
|
Freddie Mac, UMBS, 4.5%, 11/01/2055 - 2/01/2056 |
926,484 |
869,860 |
||
|
Ginnie Mae, 2%, 4/20/2052 |
336,509 |
270,276 |
||
|
Ginnie Mae, 2.5%, 4/20/2052 |
479,020 |
400,826 |
||
|
Ginnie Mae, 4.838%, 3/20/2054 |
893,718 |
896,669 |
||
|
Ginnie Mae, 5.5%, 4/20/2055 |
179,286 |
178,186 |
||
|
Ginnie Mae, 7.589%, 5/20/2055 |
174,305 |
176,930 |
||
|
Ginnie Mae, 6.117%, 6/20/2055 |
73,055 |
69,406 |
||
|
Ginnie Mae, 6.192%, 6/20/2055 |
41,627 |
39,569 |
||
|
Ginnie Mae, 4.488%, 9/20/2065 |
527,741 |
529,047 |
||
|
Ginnie Mae, 2.255%, 3/20/2066 (i) |
167,125 |
5,756 |
||
|
UMBS, TBA, 5%, 9/14/2056 |
2,500,000 |
2,411,379 |
||
|
UMBS, TBA, 5.5%, 9/14/2056 |
2,675,000 |
2,647,482 |
||
|
UMBS, TBA, 3%, 9/25/2056 |
6,225,000 |
5,304,083 |
||
|
$38,204,628 |
||||
|
Municipals – 0.2% |
||||
|
California Public Finance Authority Rev., Taxable (Children's Hospital Los Angeles), “A”, AGM, 5.4%, 11/15/2031 |
$ |
684,000 |
$691,271 |
|
|
Massachusetts Development Finance Agency Rev., Taxable (Middlesex Sustainable Energy Partners), “B”, 7.375%, 10/01/2035 |
400,000 |
402,287 |
||
|
$1,093,558 |
||||
|
Natural Gas - Distribution – 0.0% |
||||
|
Boston Gas Co., 3.757%, 3/16/2032 (n) |
$ |
270,000 |
$248,512 |
|
|
Network & Telecom – 0.4% |
||||
|
NTT Finance Corp., 5.258%, 11/01/2033 (n) |
$ |
200,000 |
$195,812 |
|
|
NTT Finance Corp., 5.502%, 7/16/2035 (n) |
2,078,000 |
2,040,783 |
||
|
$2,236,595 |
||||
|
Non-Global Systemically Important Banks – 1.3% |
||||
|
Capital One Financial Corp., 7.624% to 10/30/2030, FLR (SOFR - 1 day + 3.07%) to 10/30/2031 |
$ |
328,000 |
$355,532 |
|
|
Capital One Financial Corp., 6.7%, 11/29/2032 |
670,000 |
715,170 |
||
|
Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.86%) to 6/08/2034 |
683,000 |
709,718 |
||
|
Capital One Financial Corp., 6.051% to 2/01/2034, FLR (SOFR - 1 day + 2.26%) to 2/01/2035 |
100,000 |
101,785 |
||
|
Capital One Financial Corp., 5.197% to 9/11/2035, FLR (SOFR - 1 day + 1.63%) to 9/11/2036 |
1,845,000 |
1,759,716 |
||
9
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Non-Global Systemically Important Banks – continued |
||||
|
Capital One Financial Corp., 5.399% to 1/30/2036, FLR (SOFR - 1 day + 1.508%) to 1/30/2037 |
$ |
164,000 |
$158,109 |
|
|
Deutsche Bank AG, 5.403% to 9/11/2034, FLR (SOFR - 1 day + 2.05%) to 9/11/2035 |
2,185,000 |
2,138,538 |
||
|
Industrial Subordinated Trust 2.0, 6.55% to 4/15/2031, FLR (CMT - 5yr. + 2.864%) to 4/15/2036 (n) |
600,000 |
600,300 |
||
|
Macquarie Bank Ltd. of London, 6.125% to 3/08/2027, FLR (Swap Rate - 5yr. + 4.332%) to 12/31/2165 (n) |
445,000 |
446,917 |
||
|
$6,985,785 |
||||
|
Real Estate - Other – 0.4% |
||||
|
First Industrial LP, 5.25%, 1/15/2031 |
$ |
2,123,000 |
$2,120,529 |
|
|
Real Estate - Retail – 0.9% |
||||
|
Brixmor Operating Partnership LP, REIT, 5.75%, 2/15/2035 |
$ |
2,000,000 |
$2,017,972 |
|
|
STORE Capital Corp., REIT, 4.5%, 3/15/2028 |
291,000 |
289,122 |
||
|
STORE Capital Corp., REIT, 4.625%, 3/15/2029 |
278,000 |
274,409 |
||
|
STORE Capital LLC, REIT, 4.95%, 2/11/2031 |
1,569,000 |
1,533,829 |
||
|
STORE Capital LLC, REIT, 2.7%, 12/01/2031 |
957,000 |
832,170 |
||
|
$4,947,502 |
||||
|
Real Estate - Storage & Office – 1.8% |
||||
|
Boston Properties LP, REIT, 6.5%, 1/15/2034 |
$ |
259,000 |
$269,812 |
|
|
Boston Properties LP, REIT, 5.75%, 1/15/2035 |
3,646,000 |
3,612,708 |
||
|
Highwoods Realty LP, 5.35%, 1/15/2033 |
3,394,000 |
3,321,331 |
||
|
Vornado Realty LP, 5.75%, 2/01/2033 |
2,537,000 |
2,528,705 |
||
|
$9,732,556 |
||||
|
Retail & E-commerce – 1.6% |
||||
|
Alimentation Couche-Tard, Inc., 5.267%, 2/12/2034 (n) |
$ |
270,000 |
$266,067 |
|
|
Alimentation Couche-Tard, Inc., 5.077%, 9/29/2035 (n) |
35,000 |
33,748 |
||
|
AutoNation, Inc., 5.89%, 3/15/2035 |
2,404,000 |
2,403,324 |
||
|
Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) |
1,965,321 |
2,109,481 |
||
|
Dick's Sporting Goods, 3.15%, 1/15/2032 |
2,171,000 |
1,943,966 |
||
|
PetSmart LLC/PetSmart Finance Corp., 7.5%, 9/15/2032 (n) |
2,100,000 |
2,120,206 |
||
|
$8,876,792 |
||||
|
Semiconductor & Electronic Components – 0.3% |
||||
|
Broadcom, Inc., 5.2%, 4/15/2032 |
$ |
248,000 |
$245,536 |
|
|
Broadcom, Inc., 3.137%, 11/15/2035 |
303,000 |
243,785 |
||
|
Broadcom, Inc., 4.8%, 2/15/2036 |
1,390,000 |
1,275,553 |
||
|
$1,764,874 |
||||
|
Software – 0.9% |
||||
|
Oracle Corp., 5.2%, 9/26/2035 |
$ |
336,000 |
$301,425 |
|
|
Oracle Corp., 5.7%, 2/04/2036 |
1,687,000 |
1,559,874 |
||
|
Oracle Corp., 5.95%, 9/26/2055 |
95,000 |
75,474 |
||
|
Salesforce, Inc., 5.2%, 3/15/2033 |
800,000 |
789,854 |
||
|
Salesforce, Inc., 5.55%, 3/15/2036 |
2,261,000 |
2,219,656 |
||
|
$4,946,283 |
||||
|
Telecommunications - Wireless – 1.0% |
||||
|
American Tower Corp., 5.4%, 1/31/2035 |
$ |
756,000 |
$749,428 |
|
|
Rogers Communications, Inc., 3.8%, 3/15/2032 |
1,998,000 |
1,835,964 |
||
|
T-Mobile USA, Inc., 2.55%, 2/15/2031 |
256,000 |
229,683 |
||
|
T-Mobile USA, Inc., 4.95%, 11/15/2035 |
608,000 |
578,188 |
||
|
T-Mobile USA, Inc., 5%, 2/15/2036 |
166,000 |
157,761 |
||
10
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Bonds – continued |
||||
|
Telecommunications - Wireless – continued |
||||
|
Vodafone Group PLC, 5.35%, 6/18/2036 |
$ |
1,531,000 |
$1,484,284 |
|
|
Vodafone Group PLC, 5.625%, 2/10/2053 |
369,000 |
330,458 |
||
|
$5,365,766 |
||||
|
Tobacco – 1.0% |
||||
|
B.A.T. Capital Corp., 6.343%, 8/02/2030 |
$ |
227,000 |
$237,120 |
|
|
B.A.T. Capital Corp., 4.742%, 3/16/2032 |
252,000 |
246,590 |
||
|
B.A.T. Capital Corp., 4.625%, 3/22/2033 |
1,708,000 |
1,636,049 |
||
|
Japan Tobacco, Inc., 5.85%, 6/15/2035 (n) |
1,704,000 |
1,748,509 |
||
|
Philip Morris International, Inc., 5.375%, 2/15/2033 |
735,000 |
741,629 |
||
|
Philip Morris International, Inc., 5.25%, 2/13/2034 |
174,000 |
173,336 |
||
|
Philip Morris International, Inc., 4.875%, 4/30/2035 |
607,000 |
583,983 |
||
|
Philip Morris International, Inc., 4.875%, 4/29/2036 |
138,000 |
131,880 |
||
|
$5,499,096 |
||||
|
Transportation & Logistics – 0.5% |
||||
|
Triton International Ltd., 5.15%, 2/15/2033 |
$ |
2,489,000 |
$2,394,611 |
|
|
Yinson Bergenia Production B.V., 8.498%, 1/31/2045 (n) |
195,166 |
209,166 |
||
|
$2,603,777 |
||||
|
Travel, Gaming, & Lodging – 0.3% |
||||
|
Las Vegas Sands Corp., 5.625%, 6/15/2028 |
$ |
943,000 |
$951,094 |
|
|
Marriott International, Inc., 2.85%, 4/15/2031 |
278,000 |
252,369 |
||
|
Marriott International, Inc., 5.25%, 10/15/2035 |
604,000 |
589,687 |
||
|
$1,793,150 |
||||
|
U.S. Treasury Obligations – 24.2% |
||||
|
U.S. Treasury Bonds, 4.5%, 2/15/2044 |
$ |
1,900,000 |
$1,747,258 |
|
|
U.S. Treasury Bonds, 4.625%, 11/15/2044 (f) |
5,450,000 |
5,068,074 |
||
|
U.S. Treasury Bonds, 4.875%, 8/15/2045 |
5,100,000 |
4,879,266 |
||
|
U.S. Treasury Bonds, 4.625%, 11/15/2045 |
54,095,000 |
50,071,684 |
||
|
U.S. Treasury Bonds, 4.25%, 2/15/2054 |
3,460,000 |
2,946,271 |
||
|
U.S. Treasury Bonds, 4.5%, 11/15/2054 |
5,409,000 |
4,803,446 |
||
|
U.S. Treasury Bonds, 4.75%, 8/15/2055 |
1,500,000 |
1,387,559 |
||
|
U.S. Treasury Bonds, 4.625%, 11/15/2055 |
23,700,000 |
21,485,531 |
||
|
U.S. Treasury Bonds, 5%, 5/15/2056 |
1,700,000 |
1,638,375 |
||
|
U.S. Treasury Notes, 4.125%, 10/31/2029 |
13,645,000 |
13,522,941 |
||
|
U.S. Treasury Notes, 3.875%, 7/31/2030 |
26,280,000 |
25,730,789 |
||
|
$133,281,194 |
||||
|
Utilities – 0.8% |
||||
|
Colbun S.A., 5.375%, 9/11/2035 (n) |
$ |
605,000 |
$595,229 |
|
|
Enel Finance International N.V., 7.5%, 10/14/2032 (n) |
1,625,000 |
1,794,974 |
||
|
Pacific Gas & Electric Co., 6.95%, 3/15/2034 |
220,000 |
235,300 |
||
|
XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) |
1,886,000 |
1,949,581 |
||
|
$4,575,084 |
||||
|
Total Bonds (Identified Cost, $553,831,548) |
$543,369,020 |
|||
11
MFS Active Core Plus Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Mutual Funds – 2.7% |
||||
|
Money Market Funds – 2.7% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $14,864,471) |
14,864,472 |
$14,864,471 |
||
|
Other Assets, Less Liabilities – (1.3)% |
(7,125,555) |
|||
|
Net Assets – 100.0% |
$551,107,936 |
|||
|
(f) |
All or a portion of the security has been segregated as collateral for open futures contracts. |
|
(i) |
Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
(n) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $216,755,335, representing 39.3% of net assets. |
|
(p) |
Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. |
|
The following abbreviations are used in this report and are defined: |
|
|
AGM |
Assured Guaranty Municipal |
|
CLO |
Collateralized Loan Obligation |
|
CMT |
Constant Maturity Treasury |
|
FLR |
Floating Rate. Interest rate resets periodically based on the parenthetically disclosed reference rate plus a spread (if any). The period-end rate reported may not be the current rate. All reference rates are USD unless otherwise noted. |
|
REIT |
Real Estate Investment Trust |
|
SOFR |
Secured Overnight Financing Rate |
|
TBA |
To Be Announced |
|
UMBS |
Uniform Mortgage-Backed Security |
|
Derivative Contracts at 8/31/26 |
||||||
|
Futures Contracts |
||||||
|
Description |
Long/
Short |
Currency |
Contracts |
Notional
Amount |
Expiration
Date |
Value/Unrealized
Appreciation
(Depreciation) |
|
Asset Derivatives |
||||||
|
Interest Rate Futures |
||||||
|
U.S. Treasury Ultra 30 yr |
Long |
USD |
10 |
$1,100,312 |
December – 2026 |
$4,844 |
|
U.S. Treasury Ultra Note 10 yr |
Short |
USD |
38 |
4,158,031 |
December – 2026 |
6,828 |
|
$11,672 |
||||||
|
Liability Derivatives |
||||||
|
Interest Rate Futures |
||||||
|
U.S. Treasury Note 2 yr |
Long |
USD |
344 |
$70,600,625 |
December – 2026 |
$(154,719 ) |
|
U.S. Treasury Note 5 yr |
Long |
USD |
43 |
4,545,235 |
December – 2026 |
(19,149 ) |
|
$(173,868 ) |
||||||
At August 31, 2026, the fund had liquid securities collateral with an aggregate value of $502,157 to cover any collateral or margin obligations for certain derivative contracts.
See Notes to Financial Statements
12
MFS Active Core Plus Bond ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value (identified cost, $568,696,019) |
$558,233,491 |
|
Foreign currency, at value (identified cost, $28) |
28 |
|
Receivables for |
|
|
Fund shares sold |
2,449,305 |
|
Interest |
5,780,647 |
|
Total assets |
$566,463,471 |
|
Liabilities |
|
|
Payables for |
|
|
Distributions |
$2,240,000 |
|
Net daily variation margin on open futures contracts |
1,752 |
|
Investments purchased |
2,687,431 |
|
TBA purchase commitments |
10,405,801 |
|
Payable to affiliates |
|
|
Investment adviser |
20,551 |
|
Total liabilities |
$15,355,535 |
|
Net assets |
$551,107,936 |
|
Net assets consist of |
|
|
Paid-in capital |
$562,991,422 |
|
Total distributable earnings (loss) |
(11,883,486 ) |
|
Net assets |
$551,107,936 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
22,500,000 |
|
Net asset value per share (net assets of $551,107,936 / 22,500,000 shares of beneficial interest outstanding) |
$24.49 |
See Notes to Financial Statements
13
MFS Active Core Plus Bond ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Interest |
$11,007,715 |
|
Dividends from unaffiliated issuers |
238,275 |
|
Other |
20 |
|
Total investment income |
$11,246,010 |
|
Expenses |
|
|
Management fee |
$740,821 |
|
Miscellaneous |
495 |
|
Total expenses |
$741,316 |
|
Net investment income (loss) |
$10,504,694 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers |
$(289,297 ) |
|
Futures contracts |
(527,466 ) |
|
Net realized gain (loss) |
$(816,763 ) |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers |
$(13,223,214 ) |
|
Futures contracts |
(161,749 ) |
|
Net unrealized gain (loss) |
$(13,384,963 ) |
|
Net realized and unrealized gain (loss) |
$(14,201,726 ) |
|
Change in net assets from operations |
$(3,697,032 ) |
See Notes to Financial Statements
14
MFS Active Core Plus Bond ETF
Financial Statements | Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
Year ended |
|
|
(unaudited) |
|
|
|
Change in net assets |
||
|
From operations |
||
|
Net investment income (loss) |
$10,504,694 |
$4,842,553 |
|
Net realized gain (loss) |
(816,763 ) |
(115,509 ) |
|
Net unrealized gain (loss) |
(13,384,963 ) |
2,679,973 |
|
Change in net assets from operations |
$(3,697,032 ) |
$7,407,017 |
|
Total distributions to shareholders |
$(10,675,020 ) |
$(4,986,995 ) |
|
Change in net assets from fund share transactions |
$332,478,996 |
$188,953,700 |
|
Miscellaneous capital |
$323,847 |
$161,607 |
|
Total change in net assets |
$318,430,791 |
$191,535,329 |
|
Net assets |
||
|
At beginning of period |
232,677,145 |
41,141,816 |
|
At end of period |
$551,107,936 |
$232,677,145 |
See Notes to Financial Statements
15
MFS Active Core Plus Bond ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
Year ended |
||
|
8/31/26
(unaudited) |
2/28/26 |
2/28/25 (c) |
|
|
Net asset value, beginning of period |
$25.43 |
$24.93 |
$25.00 |
|
Income (loss) from investment operations |
|||
|
Net investment income (loss) (d) |
$0.60 |
$1.21 |
$0.29 |
|
Net realized and unrealized gain (loss) |
(0.98 ) |
0.41 |
(0.10 )(g) |
|
Total from investment operations |
$(0.38 ) |
$1.62 |
$0.19 |
|
Less distributions declared to shareholders |
|||
|
From net investment income |
$(0.58 ) |
$(1.15 ) |
$(0.28 ) |
|
From net realized gain |
— |
(0.01 ) |
— |
|
Total distributions declared to shareholders |
$(0.58 ) |
$(1.16 ) |
$(0.28 ) |
|
Miscellaneous capital (d) |
$0.02 |
$0.04 |
$0.02 |
|
Net asset value, end of period (x) |
$24.49 |
$25.43 |
$24.93 |
|
Total return (%) (s)(x) |
(1.42 )(n) |
6.81 |
0.86 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
|||
|
Expenses |
0.34 (a) |
0.34 |
0.34 (a) |
|
Net investment income (loss) |
4.82 (a) |
4.82 |
4.98 (a) |
|
Portfolio turnover rate (e) |
24 (n) |
49 |
10 (n) |
|
Net assets at end of period (000 omitted) |
$551,108 |
$232,677 |
$41,142 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, December 5, 2024, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(g) |
The per share amount varies from the net realized and unrealized gain/loss for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
16
MFS Active Core Plus Bond ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Active Core Plus Bond ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and
17
MFS Active Core Plus Bond ETF
Notes to Financial Statements (unaudited) - continued
market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents |
$— |
$133,281,194 |
$— |
$133,281,194 |
|
Non - U.S. Sovereign Debt |
— |
18,143,370 |
— |
18,143,370 |
|
Municipal Bonds |
— |
1,093,558 |
— |
1,093,558 |
|
U.S. Corporate Bonds |
— |
163,944,338 |
— |
163,944,338 |
|
Residential Mortgage-Backed Securities |
— |
65,999,868 |
— |
65,999,868 |
|
Commercial Mortgage-Backed Securities |
— |
13,673,791 |
— |
13,673,791 |
|
Asset-Backed Securities (including CDOs) |
— |
95,004,433 |
— |
95,004,433 |
|
Foreign Bonds |
— |
52,228,468 |
— |
52,228,468 |
|
Investment Companies |
14,864,471 |
— |
— |
14,864,471 |
|
Total |
$14,864,471 |
$543,369,020 |
$— |
$558,233,491 |
|
Other Financial Instruments |
||||
|
Futures Contracts – Assets |
$11,672 |
$— |
$— |
$11,672 |
|
Futures Contracts – Liabilities |
(173,868 ) |
— |
— |
(173,868 ) |
For further information regarding security characteristics, see the Portfolio of Investments.
Derivatives — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund may be unable to promptly close out a futures position in instances where the daily fluctuation in the price for that type of future exceeds the daily limit set by the exchange. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.
18
MFS Active Core Plus Bond ETF
Notes to Financial Statements (unaudited) - continued
The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at August 31, 2026 as reported in the Statement of Assets and Liabilities:
|
Fair Value (a) |
|||
|
Risk |
Derivative Contracts |
Asset Derivatives |
Liability Derivatives |
|
Interest Rate |
Futures Contracts |
$11,672 |
$(173,868) |
(a) Values presented in this table for futures contracts correspond to the values reported in the Portfolio of Investments. Only the current day net variation margin for futures contracts is reported separately within the Statement of Assets and Liabilities.
The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended August 31, 2026 as reported in the Statement of Operations:
|
Risk |
Futures
Contracts |
|
Interest Rate |
$(527,466 ) |
The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the six months ended August 31, 2026 as reported in the Statement of Operations:
|
Risk |
Futures
Contracts |
|
Interest Rate |
$(161,749 ) |
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to brokers to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as cash collateral posted for uncleared derivatives and/or cash pledged for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Miscellaneous” expense in the Statement of Operations.
Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.
19
MFS Active Core Plus Bond ETF
Notes to Financial Statements (unaudited) - continued
The fund bears the risk of interest rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund's maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.
Mortgage-Backed/Asset-Backed Securities — The fund invests a significant portion of its assets in asset-backed and/or mortgage-backed securities. For these securities, the value of the debt instrument also depends on the credit quality and adequacy of the underlying assets or collateral as well as whether there is a security interest in the underlying assets or collateral. Enforcing rights, if any, against the underlying assets or collateral may be difficult. U.S. Government securities not supported as to the payment of principal or interest by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, are subject to greater credit risk than are U.S. Government securities supported by the U.S. Treasury, such as those issued by Ginnie Mae.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
The fund may purchase or sell mortgage-backed securities on a To Be Announced (“TBA”) basis. A TBA transaction is subject to extended settlement and typically does not designate the actual security to be delivered, but instead includes an approximate principal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBA purchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy and included in TBA purchase and TBA sale commitments in the Statement of Assets and Liabilities, as applicable. Losses may arise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance.
The fund may also enter into mortgage dollar rolls, typically TBA dollar rolls, in which the fund sells TBA mortgage-backed securities to financial institutions and simultaneously agrees to repurchase similar (same issuer, type and coupon) securities at a later date at an agreed-upon price. During the period between the sale and repurchase, the fund will not be entitled to receive interest and principal payments on the securities sold. The fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Dollar roll transactions involve the risk that the market value of the securities that the fund is required to purchase may decline below the agreed upon repurchase price of those securities.
To mitigate the counterparty credit risk on To Be Announced (“TBA”) transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement (“MSFTA”) on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
For mortgage-backed and asset-backed securities traded under a MSFTA, the collateral and margining requirements are contract specific. Collateral amounts across all transactions traded under such agreement are netted and an amount is posted from one party to the other to collateralize such obligations. Cash posted to cover the fund's collateral or margin obligations under a MSFTA, if any, will be reported separately on the Statement of Assets and Liabilities as cash collateral posted. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments.
20
MFS Active Core Plus Bond ETF
Notes to Financial Statements (unaudited) - continued
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities and wash sale loss deferrals.
The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
Year ended
2/28/26 |
|
|
Ordinary income (including any short-term capital gains) |
$4,965,985 |
|
Long-term capital gains |
21,010 |
|
Total distributions |
$4,986,995 |
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$569,052,227 |
|
Gross appreciation |
382,909 |
|
Gross depreciation |
(11,201,645 ) |
|
Net unrealized appreciation (depreciation) |
$(10,818,736 ) |
|
As of 2/28/26 |
|
|
Undistributed ordinary income |
899,700 |
|
Capital loss carryforwards |
(176,766 ) |
|
Other temporary differences |
(850,035 ) |
|
Net unrealized appreciation (depreciation) |
2,615,667 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
|
Short-Term |
$(176,766 ) |
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.34% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
21
MFS Active Core Plus Bond ETF
Notes to Financial Statements (unaudited) - continued
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2026.
(4) Portfolio Securities
For the six months ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, were as follows:
|
Purchases |
Sales |
|
|
U.S. Government securities |
$101,229,590 |
$88,181,084 |
|
Non-U.S. Government securities |
110,823,770 |
15,163,881 |
Securities received and delivered in-kind through subscriptions and redemptions aggregated $220,451,722 and $0, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions. These variable fees are included in “Miscellaneous capital” in the Statement of Changes in Net Assets.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 |
Year ended
2/28/26 |
|||
|
Shares |
Amount |
Shares |
Amount |
|
|
Shares sold |
13,350,000 |
$332,478,996 |
7,500,000 |
$188,953,700 |
22
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Core Plus Bond ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Core Plus Bond ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Active Core Plus Bond ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
23
MFS Active Core Plus Bond ETF
Board Review of Investment Management Agreement
MFS Active Core Plus Bond ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment management agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of several months beginning in April and ending in July, 2026 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment management agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment management agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment management agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment management agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment management agreement and other arrangements with the Fund. The independent Trustees considered that the Fund has a unitary management fee structure, pursuant to which MFS receives a fee covering investment management and administrative services, with MFS paying the Fund’s ordinary, recurring operating expenses (the “Unitary Fee”), subject to certain exceptions.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Fund for the one-year period ended December 31, 2025 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Fund’s Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts, (iv) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (v) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment management agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over the one-year period ended December 31, 2025. The total return performance of the Fund was in the 2nd quintile relative to the other funds in the universe for this one-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The Fund commenced operations on December 5, 2024, and has a limited operating history and performance record; therefore, no performance data for the three- or five-year periods was available. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
24
MFS Active Core Plus Bond ETF
Board Review of Investment Management Agreement - continued
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the investment management agreement and descriptions of various services performed or procured by MFS under the investment management agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses excluded from the Unitary Fee and therefore payable by the Fund. The Trustees also considered the Fund’s Unitary Fee as compared with the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund’s Unitary Fee and total expense ratio were each approximately at the applicable Broadridge expense group median.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.
The Trustees considered that the investment management agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS’ observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund, and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that the Unitary Fee charged to the Fund represents reasonable compensation in light of the services being provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment management agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment management agreement with MFS should be continued for an additional one-year period, commencing August 1, 2026.
25
MFS Active Growth ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Active Growth ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – 99.3% |
||||
|
Aerospace & Defense – 0.6% |
||||
|
RTX Corp. |
11,487 |
$2,386,194 |
||
|
Auto & Auto Components – 0.9% |
||||
|
Tesla, Inc. (a) |
8,947 |
$3,292,049 |
||
|
Brokerage & Asset Managers – 0.5% |
||||
|
Robinhood Markets, Inc. (a) |
16,451 |
$1,724,229 |
||
|
Chemicals – 1.0% |
||||
|
Linde PLC |
7,366 |
$3,606,246 |
||
|
Construction – 0.5% |
||||
|
CRH PLC |
20,605 |
$1,942,845 |
||
|
Consumer Services – 1.9% |
||||
|
Airbnb, Inc., “A” (a) |
25,210 |
$4,618,976 |
||
|
Uber Technologies, Inc. (a) |
36,239 |
2,741,481 |
||
|
$7,360,457 |
||||
|
Diversified Financial Services – 4.2% |
||||
|
NASDAQ, Inc. |
34,987 |
$3,450,068 |
||
|
Visa, Inc., “A” |
33,216 |
12,601,154 |
||
|
$16,051,222 |
||||
|
Electrical Equipment – 4.1% |
||||
|
AMETEK, Inc. |
16,033 |
$3,770,481 |
||
|
Amphenol Corp., “A” |
33,958 |
5,384,041 |
||
|
Eaton Corp. PLC |
9,399 |
3,777,270 |
||
|
W.W. Grainger, Inc. |
1,970 |
2,579,695 |
||
|
$15,511,487 |
||||
|
Energy - Renewables – 1.9% |
||||
|
GE Vernova, Inc. |
7,984 |
$7,173,863 |
||
|
Engineering - Construction – 0.3% |
||||
|
Comfort Systems USA, Inc. |
787 |
$1,216,403 |
||
|
Entertainment & Leisure – 0.3% |
||||
|
Live Nation Entertainment, Inc. (a) |
5,940 |
$1,068,547 |
||
|
Food & Beverages – 0.9% |
||||
|
Monster Worldwide, Inc. (a) |
70,720 |
$3,247,462 |
||
|
Global Systemically Important Banks – 1.1% |
||||
|
Morgan Stanley |
20,137 |
$4,295,625 |
||
EGOFS-SEM
1
MFS Active Growth ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Hardware, Peripherals, & Assembly – 11.8% |
||||
|
Apple, Inc. |
72,030 |
$22,822,705 |
||
|
Arista Networks, Inc. (a) |
37,796 |
7,396,299 |
||
|
Coherent Corp. (a) |
3,569 |
991,575 |
||
|
Micron Technology, Inc. |
4,619 |
4,428,374 |
||
|
Sandisk Corp. of Delaware (a) |
1,108 |
1,735,904 |
||
|
SK hynix, Inc., ADR |
8,434 |
1,388,068 |
||
|
Western Digital Corp. |
12,796 |
5,765,238 |
||
|
$44,528,163 |
||||
|
Interactive Media Services – 13.5% |
||||
|
Alphabet, Inc., “A” |
124,944 |
$42,399,746 |
||
|
Meta Platforms, Inc., “A” |
15,565 |
8,908,472 |
||
|
$51,308,218 |
||||
|
Machinery & Tools – 2.3% |
||||
|
Caterpillar, Inc. |
3,590 |
$2,862,917 |
||
|
Parker Hannifin Corp. |
3,158 |
3,093,072 |
||
|
Trane Technologies PLC |
6,557 |
2,913,931 |
||
|
$8,869,920 |
||||
|
Media – 1.0% |
||||
|
Spotify Technology S.A. (a) |
4,129 |
$2,244,607 |
||
|
TKO Group Holdings, Inc. |
9,078 |
1,657,734 |
||
|
$3,902,341 |
||||
|
Medical & Health Technology & Services – 0.5% |
||||
|
IDEXX Laboratories, Inc. (a) |
3,348 |
$1,863,798 |
||
|
Medical Equipment – 5.2% |
||||
|
Abbott Laboratories |
18,499 |
$2,041,550 |
||
|
Boston Scientific Corp. (a) |
16,663 |
804,823 |
||
|
Danaher Corp. |
12,090 |
2,581,940 |
||
|
Medtronic PLC |
41,273 |
3,741,397 |
||
|
Thermo Fisher Scientific, Inc. |
9,063 |
5,592,777 |
||
|
Waters Corp. (a) |
12,066 |
5,002,926 |
||
|
$19,765,413 |
||||
|
Metals & Mining – 1.4% |
||||
|
ATI, Inc. (a) |
10,031 |
$2,048,330 |
||
|
Cameco Corp. |
20,228 |
1,997,717 |
||
|
Freeport-McMoRan, Inc. |
16,832 |
1,274,856 |
||
|
$5,320,903 |
||||
|
Natural Gas - Pipeline – 0.7% |
||||
|
Williams Cos., Inc. |
36,314 |
$2,725,366 |
||
|
Non-Global Systemically Important Banks – 0.6% |
||||
|
Fifth Third Bancorp |
38,413 |
$2,065,467 |
||
|
Oil Services – 0.6% |
||||
|
Baker Hughes Co. |
35,505 |
$2,256,343 |
||
2
MFS Active Growth ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Pharmaceuticals & Biotechnology – 1.5% |
||||
|
Eli Lilly & Co. |
1,328 |
$1,536,137 |
||
|
Gilead Sciences, Inc. |
28,973 |
4,239,909 |
||
|
$5,776,046 |
||||
|
Restaurants – 0.8% |
||||
|
Starbucks Corp. |
29,754 |
$3,161,362 |
||
|
Retail & E-commerce – 3.9% |
||||
|
Amazon.com, Inc. (a) |
42,416 |
$11,018,405 |
||
|
TJX Cos., Inc. |
29,231 |
3,914,323 |
||
|
$14,932,728 |
||||
|
Semiconductor & Electronic Components – 24.5% |
||||
|
Advanced Micro Devices (a) |
9,779 |
$4,603,171 |
||
|
ASM International N.V. |
2,515 |
2,360,408 |
||
|
Broadcom, Inc. |
35,035 |
12,974,862 |
||
|
KLA Corp. |
35,723 |
6,267,600 |
||
|
Lam Research Corp. |
20,551 |
6,195,921 |
||
|
NVIDIA Corp. |
244,907 |
54,070,568 |
||
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |
15,067 |
6,257,626 |
||
|
$92,730,156 |
||||
|
Software – 9.0% |
||||
|
Autodesk, Inc. (a) |
8,779 |
$2,269,635 |
||
|
Cadence Design Systems, Inc. (a) |
9,075 |
3,074,429 |
||
|
Microsoft Corp. |
39,473 |
20,024,258 |
||
|
Shopify, Inc. (a) |
24,638 |
3,630,902 |
||
|
Snowflake, Inc., “A” (a) |
15,665 |
5,191,851 |
||
|
$34,191,075 |
||||
|
Telecom - Infrastructure – 0.3% |
||||
|
Equinix, Inc., REIT |
1,213 |
$1,269,671 |
||
|
Telecom Services – 1.2% |
||||
|
Space Exploration Technologies, “A” (a) |
30,419 |
$4,370,906 |
||
|
Tobacco – 1.0% |
||||
|
Philip Morris International, Inc. |
20,186 |
$3,780,838 |
||
|
Travel, Gaming, & Lodging – 1.3% |
||||
|
Marriott International, Inc., “A” |
9,601 |
$3,281,238 |
||
|
Viking Holdings Ltd. (a) |
19,206 |
1,654,405 |
||
|
$4,935,643 |
||||
|
Total Common Stocks (Identified Cost, $330,240,905) |
$376,630,986 |
|||
|
Mutual Funds – 0.7% |
||||
|
Money Market Funds – 0.7% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $2,478,908) |
2,478,908 |
$2,478,908 |
||
|
Other Assets, Less Liabilities – 0.0% |
100,828 |
|||
|
Net Assets – 100.0% |
$379,210,722 |
|||
3
MFS Active Growth ETF
Portfolio of Investments (unaudited) – continued
|
(a) |
Non-income producing security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
The following abbreviations are used in this report and are defined: |
|
|
ADR |
American Depositary Receipt |
|
REIT |
Real Estate Investment Trust |
See Notes to Financial Statements
4
MFS Active Growth ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value (identified cost, $332,719,813) |
$379,109,894 |
|
Foreign currency, at value (identified cost, $7) |
7 |
|
Receivables for |
|
|
Interest and dividends |
131,185 |
|
Other assets |
1,934 |
|
Total assets |
$379,243,020 |
|
Liabilities |
|
|
Payable to custodian |
$26 |
|
Payable to affiliates |
|
|
Investment adviser |
20,562 |
|
Accrued expenses and other liabilities |
11,710 |
|
Total liabilities |
$32,298 |
|
Net assets |
$379,210,722 |
|
Net assets consist of |
|
|
Paid-in capital |
$340,484,455 |
|
Total distributable earnings (loss) |
38,726,267 |
|
Net assets |
$379,210,722 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
12,625,000 |
|
Net asset value per share (net assets of $379,210,722 / 12,625,000 shares of beneficial interest outstanding) |
$30.04 |
See Notes to Financial Statements
5
MFS Active Growth ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Dividends from unaffiliated issuers |
$1,008,225 |
|
Income on securities loaned |
3,298 |
|
Other |
1,587 |
|
Foreign taxes withheld |
(14,338 ) |
|
Total investment income |
$998,772 |
|
Expenses |
|
|
Management fee |
$783,529 |
|
Total expenses |
$783,529 |
|
Net investment income (loss) |
$215,243 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers |
$(6,856,264 ) |
|
Foreign currency |
(499 ) |
|
In-kind redemptions – unaffiliated issuers |
5,868,261 |
|
Net realized gain (loss) |
$(988,502 ) |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers |
$31,216,280 |
|
Net realized and unrealized gain (loss) |
$30,227,778 |
|
Change in net assets from operations |
$30,443,021 |
See Notes to Financial Statements
6
MFS Active Growth ETF
Financial Statements | Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
Year ended |
|
|
(unaudited) |
|
|
|
Change in net assets |
||
|
From operations |
||
|
Net investment income (loss) |
$215,243 |
$95,872 |
|
Net realized gain (loss) |
(988,502 ) |
(4,958,134 ) |
|
Net unrealized gain (loss) |
31,216,280 |
16,272,973 |
|
Change in net assets from operations |
$30,443,021 |
$11,410,711 |
|
Total distributions to shareholders |
$— |
$(126,553 ) |
|
Change in net assets from fund share transactions |
$156,308,744 |
$138,730,003 |
|
Miscellaneous capital |
$6,657 |
$(9,024 ) |
|
Total change in net assets |
$186,758,422 |
$150,005,137 |
|
Net assets |
||
|
At beginning of period |
192,452,300 |
42,447,163 |
|
At end of period |
$379,210,722 |
$192,452,300 |
See Notes to Financial Statements
7
MFS Active Growth ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
Year ended |
||
|
8/31/26
(unaudited) |
2/28/26 |
2/28/25 (c) |
|
|
Net asset value, beginning of period |
$27.11 |
$24.61 |
$25.44 |
|
Income (loss) from investment operations |
|||
|
Net investment income (loss) (d) |
$0.02 |
$0.02 |
$0.01 |
|
Net realized and unrealized gain (loss) |
2.91 |
2.50 |
(0.84 ) |
|
Total from investment operations |
$2.93 |
$2.52 |
$(0.83 ) |
|
Less distributions declared to shareholders |
|||
|
From net investment income |
$— |
$(0.02 ) |
$— |
|
Miscellaneous capital |
$0.00 (w) |
$(0.00 )(w) |
$— |
|
Net asset value, end of period (x) |
$30.04 |
$27.11 |
$24.61 |
|
Total return (%) (s)(x) |
10.81 (n) |
10.25 |
(3.28 )(n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
|||
|
Expenses |
0.49 (a) |
0.49 |
0.49 (a) |
|
Net investment income (loss) |
0.13 (a) |
0.07 |
0.12 (a) |
|
Portfolio turnover rate (e) |
28 (n) |
50 |
4 (n) |
|
Net assets at end of period (000 omitted) |
$379,211 |
$192,452 |
$42,447 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, December 5, 2024, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(w) |
Per share amount was less than $0.01. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
8
MFS Active Growth ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Active Growth ETF (the fund) is a non-diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading
9
MFS Active Growth ETF
Notes to Financial Statements (unaudited) - continued
does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Equity Securities |
$376,630,986 |
$— |
$— |
$376,630,986 |
|
Investment Companies |
2,478,908 |
— |
— |
2,478,908 |
|
Total |
$379,109,894 |
$— |
$— |
$379,109,894 |
For further information regarding security characteristics, see the Portfolio of Investments.
Foreign Currency Translation — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
Security Loans — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At August 31, 2026, there were no securities on loan or collateral outstanding.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
10
MFS Active Growth ETF
Notes to Financial Statements (unaudited) - continued
Investment Transactions and Income — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to wash sale loss deferrals and redemptions in-kind.
The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
Year ended
2/28/26 |
|
|
Ordinary income (including any short-term capital gains) |
$126,553 |
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$332,795,306 |
|
Gross appreciation |
51,992,276 |
|
Gross depreciation |
(5,677,688 ) |
|
Net unrealized appreciation (depreciation) |
$46,314,588 |
|
As of 2/28/26 |
|
|
Capital loss carryforwards |
(6,815,062 ) |
|
Net unrealized appreciation (depreciation) |
15,098,308 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
|
Short-Term |
$(6,723,257 ) |
|
Long-Term |
(91,805 ) |
|
Total |
$(6,815,062 ) |
11
MFS Active Growth ETF
Notes to Financial Statements (unaudited) - continued
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.49% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2026.
Other — The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund’s securities trades. This agreement may be rescinded at any time. For the six months ended August 31, 2026, this reimbursement amounted to $1,587, which is included in “Other” income in the Statement of Operations.
(4) Portfolio Securities
For the six months ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $88,543,408 and $87,464,210, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $174,116,808 and $20,644,070, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions. These variable fees are included in “Miscellaneous capital” in the Statement of Changes in Net Assets.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 |
Year ended
2/28/26 |
|||
|
Shares |
Amount |
Shares |
Amount |
|
|
Shares sold |
6,375,000 |
$181,642,598 |
5,600,000 |
$144,941,412 |
|
Shares reacquired |
(850,000 ) |
(25,333,854 ) |
(225,000 ) |
(6,211,409 ) |
|
Net change |
5,525,000 |
$156,308,744 |
5,375,000 |
$138,730,003 |
12
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Growth ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Growth ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Active Growth ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
13
MFS Active Growth ETF
Board Review of Investment Management Agreement
MFS Active Growth ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment management agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of several months beginning in April and ending in July, 2026 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment management agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment management agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment management agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment management agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment management agreement and other arrangements with the Fund. The independent Trustees considered that the Fund has a unitary management fee structure, pursuant to which MFS receives a fee covering investment management and administrative services, with MFS paying the Fund’s ordinary, recurring operating expenses (the “Unitary Fee”), subject to certain exceptions.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Fund for the one-year period ended December 31, 2025 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Fund’s Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts, (iv) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (v) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment management agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over the one-year period ended December 31, 2025. The total return performance of the Fund was in the 4th quintile relative to the other funds in the universe for this one-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The Fund commenced operations on December 5, 2024, and has a limited operating history and performance record; therefore, no performance data for the three- or five-year periods was available. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
14
MFS Active Growth ETF
Board Review of Investment Management Agreement - continued
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the investment management agreement and descriptions of various services performed or procured by MFS under the investment management agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses excluded from the Unitary Fee and therefore payable by the Fund. The Trustees also considered the Fund’s Unitary Fee as compared with the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund’s Unitary Fee and total expense ratio were each lower than the applicable Broadridge expense group median.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.
The Trustees considered that the investment management agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS’ observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund, and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that the Unitary Fee charged to the Fund represents reasonable compensation in light of the services being provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment management agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment management agreement with MFS should be continued for an additional one-year period, commencing August 1, 2026.
15
MFS Active Intermediate Muni Bond ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by jurisdiction.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – 98.1% |
||||
|
Alabama – 5.3% |
||||
|
Alabama Energy Southeast Cooperative District, Energy Supply Rev., “B”, 5%, 9/01/2033 |
$ |
250,000 |
$253,760 |
|
|
Alabama Energy Southeast Cooperative District, Energy Supply Rev., “B”, 5%, 11/01/2033 |
100,000 |
104,846 |
||
|
Alabama Energy Southeast Cooperative District, Energy Supply Rev., “C”, 5%, 5/01/2055 (Put Date 2/01/2031) |
5,000 |
5,255 |
||
|
Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), “A”, 5%, 6/01/2055 (Put Date 6/01/2032) |
100,000 |
102,524 |
||
|
Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), “A”, 4.3%, 3/01/2056 (Put Date 3/01/2033) |
100,000 |
98,623 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), “A”, 4%, 12/01/2052 (Put Date 12/01/2029) |
165,000 |
164,630 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 5%, 12/01/2034 |
390,000 |
404,560 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “A”, 5.25%, 5/01/2056 (Put Date 5/01/2032) |
110,000 |
110,819 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “B”, 5%, 12/01/2034 |
100,000 |
105,594 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “C”, 5.25%, 6/01/2036 |
310,000 |
328,080 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “E”, 5%, 7/01/2033 |
275,000 |
285,991 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “I”, 5%, 10/01/2033 |
415,000 |
435,163 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “I”, 5%, 6/01/2036 |
500,000 |
513,988 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “B”, 5%, 12/01/2033 |
425,000 |
446,627 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “B”, 5%, 10/01/2055 (Put Date 9/01/2032) |
250,000 |
260,075 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “D”, 5%, 3/01/2055 (Put Date 11/01/2034) |
250,000 |
260,141 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5%, 12/01/2034 |
150,000 |
156,125 |
||
|
Black Belt Energy Gas District, AL, Gas Project Rev., “F”, 5%, 12/01/2035 |
190,000 |
197,767 |
||
|
Coffee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2042 |
500,000 |
518,113 |
||
|
Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), “A”, BAM, 5.125%, 8/01/2044 |
250,000 |
257,220 |
||
|
Lower Alabama Gas District, Gas Project Rev., “A”, 5%, 9/01/2034 |
210,000 |
217,947 |
||
|
Southeast Alabama Energy Authority, “A”, 5%, 11/01/2035 |
250,000 |
254,326 |
||
|
$5,482,174 |
||||
|
Alaska – 1.0% |
||||
|
Alaska Municipal Bond Bank Authority, General Obligation & Refunding, “2”, 5%, 12/01/2028 |
$ |
260,000 |
$270,629 |
|
|
Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2039 |
200,000 |
217,843 |
||
|
Anchorage, AK, Port Rev., “A”, AGM, 5.25%, 2/01/2039 |
500,000 |
535,438 |
||
|
$1,023,910 |
||||
|
Arizona – 1.8% |
||||
|
Arizona Industrial Development Authority, Education Rev. (Academies of Math & Science Projects), “A”, 5%, 7/01/2036 |
$ |
250,000 |
$253,708 |
|
|
Arizona Industrial Development Authority, Multi-Family Housing Refunding Rev. (Southgate-Canterbury House Project), 4.05%, 8/01/2036 |
250,000 |
241,387 |
||
|
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev. (Equitable School Revolving Fund LLC), “A”, 5%, 11/01/2037 |
135,000 |
142,438 |
||
|
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev. (Equitable School Revolving Fund LLC), “A”, 5%, 11/01/2038 |
190,000 |
193,589 |
||
|
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev. (Equitable School Revolving Fund LLC), “A”, 5%, 11/01/2039 |
175,000 |
181,639 |
||
|
Arizona Industrial Development Authority, Student Housing Rev. (Provident Group - NCCU Properties LLC - North Carolina Central University Project), “A”, BAM, 5%, 6/01/2049 |
250,000 |
251,154 |
||
|
Maricopa County, AZ, Industrial Development Authority, Single Family Mortgage Rev., “A”, 4.15%, 9/01/2040 |
245,000 |
232,396 |
||
|
Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), VRDN, 3%, 12/01/2035 (Put Date 11/02/2026) |
100,000 |
99,953 |
||
EMUFS-SEM
1
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Arizona – continued |
||||
|
Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., “A”, GNMA, 6%, 7/01/2055 |
$ |
240,000 |
$260,603 |
|
|
$1,856,867 |
||||
|
Arkansas – 0.9% |
||||
|
Arkansas Development Finance Authority, Hospital Rev. (Washington Regional Medical Center), “C”, 5%, 2/01/2035 |
$ |
415,000 |
$414,964 |
|
|
Arkansas Development Finance Authority, Resource Recovery Rev. (Weyerhaeuser Co. Project), 3.875%, 10/15/2065 (Put Date 10/15/2032) |
100,000 |
99,192 |
||
|
Arkansas Development Finance Authority, Single Family Mortgage Rev. (Mortgage-Backed Securities/Mortgage Loans Program), “B”, GNMA, 2.875%, 7/01/2057 (Put Date 5/15/2027) |
100,000 |
99,936 |
||
|
Trustees of the University of Central Arkansas, Student Fee Rev., “A”, BAM, 4%, 11/01/2038 |
350,000 |
344,157 |
||
|
$958,249 |
||||
|
California – 5.0% |
||||
|
Burbank, Glendale & Pasadena, CA, Airport Authority Senior Rev., “B”, 5%, 7/01/2037 |
$ |
275,000 |
$299,218 |
|
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “B”, 5%, 3/01/2036 |
155,000 |
159,118 |
||
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5.25%, 2/01/2036 |
100,000 |
106,164 |
||
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “C”, 5%, 12/01/2055 (Put Date 10/01/2033) |
700,000 |
725,195 |
||
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “D”, 5%, 2/01/2055 (Put Date 9/01/2032) |
250,000 |
267,210 |
||
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%, 7/01/2035 |
100,000 |
107,189 |
||
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “E”, 5%, 10/01/2056 (Put Date 5/01/2035) |
250,000 |
263,172 |
||
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “F”, 5%, 6/01/2036 |
180,000 |
192,317 |
||
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “F”, 5%, 2/01/2055 (Put Date 11/01/2032) |
500,000 |
525,876 |
||
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “G”, 5%, 10/01/2034 |
205,000 |
216,523 |
||
|
California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), “H”, 5%, 1/01/2056 (Put Date 8/01/2033) |
245,000 |
261,566 |
||
|
California Housing Finance Agency Municipal Certificates, “A”, 4.375%, 9/20/2036 |
241,737 |
240,372 |
||
|
California Municipal Finance Authority Refunding Rev. (California Baptist University), “A”, 5%, 11/01/2035 |
250,000 |
259,706 |
||
|
California Municipal Finance Authority, COP (Palomar Health), “A”, AGM, 5%, 11/01/2033 |
170,000 |
176,043 |
||
|
California Statewide Communities Development Authority, Infrastructure Program Rev., “C-2”, 5%, 9/02/2028 |
85,000 |
87,932 |
||
|
California Statewide Communities Development Authority, Infrastructure Program Rev., “C-2”, 5%, 9/02/2029 |
100,000 |
104,549 |
||
|
Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) |
100,000 |
105,495 |
||
|
Los Angeles, CA, Department of Airports Rev. (Los Angeles International), “A”, 5.25%, 5/15/2038 |
350,000 |
357,240 |
||
|
San Bernardino County, CA, Housing Authority General Rev. (Valencia Grove II Apartments), “A”, 4.125%, 7/01/2036 |
500,000 |
500,551 |
||
|
Santa Barbara County, CA, Lompoc Valley Medical Center Rev., 5%, 2/01/2034 |
195,000 |
200,538 |
||
|
$5,155,974 |
||||
|
Colorado – 5.1% |
||||
|
Adams & Arapahoe Counties, CO, Joint School District No. 28J, Certificates of Participation, BAM, 5.25%, 12/01/2043 |
$ |
110,000 |
$116,432 |
|
|
Adams County, CO, Bromley Park Metropolitan District No. 3, General Obligation, AGM, 5%, 12/01/2039 |
225,000 |
237,990 |
||
|
Arapahoe County, CO, Cherry Creek School District No. 5, General Obligation, 5.25%, 12/15/2042 |
500,000 |
540,046 |
||
|
Bennett, CO, Wastewater Rev., AGM, 5%, 12/01/2044 |
250,000 |
257,767 |
||
|
Boulder County, CO, STC Metropolitan District No. 2, General Obligation & First Lien Special Refunding Rev., “A-1”, AGM, 5%, 12/01/2036 |
215,000 |
228,093 |
||
|
Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Stargate Charter School Project), “A”, 5.25%, 12/01/2045 |
100,000 |
100,827 |
||
|
Colorado Health Facilities Authority Refunding Rev. (Frasier Meadows Manor), “A”, 5%, 5/15/2040 |
100,000 |
102,100 |
||
|
Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), “A”, 5%, 12/01/2035 |
245,000 |
262,047 |
||
|
Colorado Housing Catalyst General Credit Enhanced, Multi-Family Housing Rev. (Village on Eastbrook Apartments Project), “A”, 5%, 5/01/2044 |
275,000 |
274,704 |
||
|
Denver, CO, City & County Board of Water Commissioners, Water Rev., “A”, 5%, 9/15/2047 |
210,000 |
211,899 |
||
|
Denver, CO, City & County Housing Authority, Multi-Family Housing Rev. (4965 Washington Street Project), “A”, 5%, 12/01/2045 |
10,000 |
9,985 |
||
2
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Colorado – continued |
||||
|
Denver, CO, Department of Aviation Airport System Rev., “A”, 5%, 11/15/2029 |
$ |
110,000 |
$112,375 |
|
|
Denver, CO, International Metropolitan District No. 14, Limited Tax Obligation, General Obligation Refunding and Improvement, “A”, AGM, 5%, 12/01/2036 |
500,000 |
527,276 |
||
|
Douglas County, CO, Lanterns Metropolitan District No. 1, Limited Tax General Obligation Refunding & Improvement, AGM, 5%, 12/01/2034 |
250,000 |
262,920 |
||
|
Douglas County, CO, Mirabelle Metropolitan District No. 2, Limited Tax General Obligation Refunding, “A”, AGM, 5%, 12/01/2040 |
105,000 |
107,914 |
||
|
Grand River, CO, Hospital District, Garfield & Mesa Counties, General Obligation, AGM, 6%, 12/01/2043 |
250,000 |
280,127 |
||
|
Jefferson County, CO, City of Arvada, Jefferson Center Metropolitan District No. 2, Special Refunding Rev., “A”, 5%, 12/01/2036 |
100,000 |
98,419 |
||
|
Larimer County, CO, Berthoud-Heritage Metropolitan District No. 1, Limited Tax General Obligation Refunding, AGM, 5%, 12/01/2038 |
135,000 |
139,773 |
||
|
Larimer County, CO, Berthoud-Heritage Metropolitan District No. 1, Limited Tax General Obligation Refunding, AGM, 5%, 12/01/2039 |
125,000 |
128,014 |
||
|
Lone Tree, CO, Rampart Range Metropolitan District No. 1, Limited Tax Supported & Special Rev., AGM, 5%, 12/01/2044 |
300,000 |
306,736 |
||
|
Montrose, CO, Sewer Utility Rev., BAM, 5%, 12/01/2044 |
300,000 |
313,000 |
||
|
Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Improvement & Refunding Rev., AGM, 5%, 12/01/2044 |
300,000 |
309,174 |
||
|
Routt County, CO, Airport Rev. (Yampa Valley Regional Airport), 5.25%, 6/01/2044 |
220,000 |
225,034 |
||
|
Weld County, CO, Greeley City Center West Residential Metropolitan District No. 2, General Obligation Refunding Rev., AGM, 5.5%, 12/01/2045 |
100,000 |
105,129 |
||
|
$5,257,781 |
||||
|
Connecticut – 1.2% |
||||
|
Connecticut Aquarion Water Authority, Subordinate Water System Rev., “D”, 5.25%, 8/01/2039 |
$ |
100,000 |
$109,168 |
|
|
Connecticut Health & Educational Facilities Authority Rev. (Fairfield University Issue), “W”, 5%, 7/01/2044 |
500,000 |
522,086 |
||
|
Connecticut Higher Education Supplemental Loan Authority, State Supported Rev. (CHESLA Loan Program), “B”, 5%, 11/15/2036 |
100,000 |
104,132 |
||
|
Connecticut Higher Education Supplemental Loan Authority, State Supported Rev. (CHESLA Loan Program), “B-1”, 5.25%, 11/15/2034 |
250,000 |
266,717 |
||
|
Connecticut State Health & Educational Facilities Authority Rev. (Fairview Issue), 4.4%, 12/15/2031 |
190,000 |
190,804 |
||
|
Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), “D”, 4.25%, 10/01/2030 |
100,000 |
100,709 |
||
|
$1,293,616 |
||||
|
Delaware – 0.2% |
||||
|
Delaware Housing Authority, Senior Single Family Rev., “A”, GNMA, 5.75%, 1/01/2055 |
$ |
215,000 |
$230,481 |
|
|
District of Columbia – 0.5% |
||||
|
District of Columbia, Housing Finance Agency, Collateralized Multi-Family Housing Mortgage Rev. (Belmont Crossing Phase II), 5%, 3/01/2029 (Put Date 2/01/2028) |
$ |
100,000 |
$102,558 |
|
|
District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (2911 Rhode Island Avenue Apartments Project), “A”, FHA, 5%, 3/01/2028 |
250,000 |
256,870 |
||
|
Metropolitan Washington, D.C., Airports Authority, System Refunding Rev., “A”, 5%, 10/01/2036 |
115,000 |
117,861 |
||
|
$477,289 |
||||
|
Florida – 5.2% |
||||
|
Brevard County, FL, Health Facilities Authority, Hospital Rev. (Health First Obligated Group), “A”, 5%, 7/01/2036 |
$ |
500,000 |
$541,624 |
|
|
Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 5.125%, 10/01/2035 |
100,000 |
100,750 |
||
|
Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036 |
125,000 |
125,503 |
||
|
Florida Capital Trust Authority, Educational Facilities Rev. (Madrone - Florida Tech Student Housing I LLC-Florida Institute of Technology Project), “A”, 4.75%, 7/01/2040 |
100,000 |
95,905 |
||
|
Florida Development Finance Corp. Rev. (Brightline Florida Passenger Rail Project), AGM, 5%, 7/01/2044 |
175,000 |
171,975 |
||
|
Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Projects), “A”, 4.9%, 6/15/2035 |
250,000 |
252,939 |
||
|
Florida Higher Educational Facilities Financing Authority Rev. (Nova Southeastern University Project), 5%, 4/01/2036 |
105,000 |
105,060 |
||
|
Florida Housing Finance Corp., Multi-Family Mortgage Rev. (The Enclave at Canopy Park), “I”, 3.3%, 7/01/2058 (Put Date 1/01/2028) |
250,000 |
250,412 |
||
|
Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), “B-2”, 4.45%, 11/15/2031 |
200,000 |
200,796 |
||
3
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Florida – continued |
||||
|
Florida Pompano Beach Rev. (John Knox Village Project), 5%, 9/01/2039 |
$ |
150,000 |
$150,029 |
|
|
Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2042 |
250,000 |
261,892 |
||
|
Hillsborough County, FL, Aviation Authority, Tampa International Airport Rev., “A”, 5%, 10/01/2035 |
180,000 |
189,369 |
||
|
Lee County, FL, Airport Rev., “A-1”, 5.25%, 10/01/2044 |
150,000 |
155,823 |
||
|
Lee County, FL, Airport Rev., “B”, 4%, 10/01/2038 |
250,000 |
237,384 |
||
|
Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), “C”, 5%, 11/15/2044 |
200,000 |
202,710 |
||
|
Miami Beach, FL, Health Facilities Authority, Hospital Refunding Rev. (Mount Sinai Medical Center of Florida), “A”, 5%, 11/15/2039 |
500,000 |
525,878 |
||
|
Miami-Dade County, FL, Industrial Development Authority, Educational Facilities Rev. (Mater Academy Projects), 5%, 6/15/2041 |
110,000 |
110,615 |
||
|
Miami-Dade County, FL, Seaport Refunding Rev., “A”, 5%, 10/01/2036 |
250,000 |
262,836 |
||
|
Orlando, FL, Community Development Agency, Tax Increment Rev., “A”, BAM, 5%, 9/01/2032 |
500,000 |
537,631 |
||
|
Pasco County, FL, Solid Waste Disposal & Resource Recovery System Rev., “A”, 5%, 10/01/2038 |
665,000 |
701,807 |
||
|
Pensacola, FL, Airport Rev., 5.25%, 10/01/2043 |
200,000 |
208,995 |
||
|
$5,389,933 |
||||
|
Georgia – 3.5% |
||||
|
Atlanta, GA, Airport General Rev. (Green Bonds), “B-1”, 5.25%, 7/01/2039 |
$ |
500,000 |
$537,206 |
|
|
Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (North Block), 3.4%, 2/01/2029 (Put Date 2/01/2028) |
100,000 |
100,345 |
||
|
Cobb County, GA, Development Authority, Student Housing Junior Subordinate Refunding Rev. (KSU Housing Real Estate Foundations Projects), “C”, 5%, 6/15/2037 |
110,000 |
114,268 |
||
|
Commerce, GA, School District General Obligation, 6%, 8/01/2043 |
250,000 |
283,169 |
||
|
DeKalb County, GA, Housing Authority, Affordable Multi-Family Housing Refunding Rev. (The Avenues of North Decatur), 4.125%, 12/01/2034 |
120,000 |
117,302 |
||
|
Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044 |
430,000 |
439,010 |
||
|
Georgia Main Street Energy, Inc., Energy Project Rev., “A”, 5%, 10/01/2033 |
155,000 |
162,725 |
||
|
Georgia Main Street Energy, Inc., Energy Project Rev., “D”, 5%, 12/01/2033 |
250,000 |
261,607 |
||
|
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 5/01/2054 (Put Date 9/01/2031) |
210,000 |
221,611 |
||
|
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “A”, 5%, 6/01/2055 (Put Date 6/01/2032) |
345,000 |
365,147 |
||
|
Georgia Main Street Natural Gas, Inc., Gas Supply Rev., “E”, 5%, 5/01/2055 (Put Date 12/01/2032) |
250,000 |
260,845 |
||
|
Paulding County, GA, Hospital Authority Rev. (Wellstar Health System, Inc.), “A”, 5%, 4/01/2036 |
500,000 |
550,745 |
||
|
Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), “A”, 5.25%, 6/01/2040 |
100,000 |
102,826 |
||
|
Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), “B”, 5.5%, 6/01/2040 |
135,000 |
131,575 |
||
|
$3,648,381 |
||||
|
Hawaii – 0.4% |
||||
|
Hawaii Airports System Rev., “C”, 5%, 7/01/2043 |
$ |
200,000 |
$206,517 |
|
|
Hawaii Harbor System Rev., “A”, 4%, 7/01/2036 |
215,000 |
210,911 |
||
|
$417,428 |
||||
|
Idaho – 0.1% |
||||
|
Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), “C”, 5%, 3/01/2060 (Put Date 3/01/2035) |
$ |
70,000 |
$75,483 |
|
|
Illinois – 5.4% |
||||
|
Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.25%, 4/01/2033 |
$ |
100,000 |
$108,909 |
|
|
Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., “B”, 7%, 12/01/2042 (n) |
250,000 |
254,579 |
||
|
Chicago, IL, General Obligation, “A”, 5%, 1/01/2028 |
130,000 |
132,186 |
||
|
Chicago, IL, General Obligation, “A”, 5%, 1/01/2041 |
100,000 |
96,014 |
||
|
Chicago, IL, Midway Airport Refunding Rev., “A”, 5%, 1/01/2028 |
250,000 |
256,361 |
||
|
Cook County, IL, Community College District No. 152 1/2 (Hazel Crest), AGM, 5%, 12/01/2036 |
300,000 |
321,565 |
||
|
Illinois Finance Authority Rev. (Springfield Sustainable Energy Partners), 5%, 4/01/2039 |
500,000 |
525,221 |
||
|
Illinois Finance Authority Rev. (The Moorings of Arlington Heights), “A”, 5%, 11/01/2036 |
125,000 |
130,972 |
||
|
Illinois Finance Authority Rev. (University of Chicago), “A”, 5.25%, 4/01/2043 |
100,000 |
105,152 |
||
|
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 5%, 7/01/2035 |
365,000 |
386,065 |
||
4
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Illinois – continued |
||||
|
Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), “A”, 4.25%, 7/01/2041 |
$ |
100,000 |
$94,921 |
|
|
Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF-Chicago LLC-University of Illinois at Chicago Project), “A”, 5%, 2/15/2037 |
200,000 |
198,512 |
||
|
Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%, 12/01/2043 (Put Date 7/02/2035) |
200,000 |
203,527 |
||
|
Illinois Sales Tax Securitization Corp., “A”, 5%, 1/01/2044 |
270,000 |
272,707 |
||
|
Illinois State Toll Highway Authority, Senior Rev., “A”, 5.25%, 1/01/2045 |
150,000 |
157,276 |
||
|
Lake County, IL, Mundelein Park & Recreation District, General Obligation Park (Alternate Rev. Source), “B”, 5%, 3/01/2039 |
205,000 |
216,329 |
||
|
Northeastern, IL, Board of Trustees, University Certificates of Participation (Capital Improvement Projects), BAM, 5.25%, 7/01/2037 |
100,000 |
105,628 |
||
|
Paris, IL, Union School District No. 95, General Obligation, AGM, 5%, 11/01/2045 |
250,000 |
255,138 |
||
|
Richland, Wayne, Jasper, Clay and Lawrence Counties, IL, Community Unit School District No. 1, General Obligation, BAM, 5%, 12/01/2038 |
670,000 |
709,947 |
||
|
St. Clair County, IL, Community Unit School District No. 187, General Obligation School, “A”, AGM, 5%, 1/01/2040 |
395,000 |
413,739 |
||
|
State of Illinois, General Obligation, 5.5%, 5/01/2039 |
250,000 |
261,441 |
||
|
Tazewell County, IL, School District No. 52, General Obligation, BAM, 6.5%, 12/01/2042 |
100,000 |
113,399 |
||
|
Trustees of the University of Illinois, Housing and Auxiliary Facilities System Rev., “A”, BAM, 5%, 4/01/2039 |
310,000 |
317,422 |
||
|
$5,637,010 |
||||
|
Indiana – 2.5% |
||||
|
Clark County, IN, Greater Clark Building Corp., Ad Valorem Property Tax First Mortgage, “B”, 5%, 7/15/2037 (w) |
$ |
500,000 |
$537,494 |
|
|
Gary/Chicago, IN, International Airport Authority, Development Zone Rev., AGM, 5.25%, 2/01/2042 |
100,000 |
105,600 |
||
|
Indiana Finance Authority Rev. (Greenwood Village South Project), “C-2”, 3.75%, 5/15/2032 |
100,000 |
100,006 |
||
|
Indiana Finance Authority Rev. (Marquette Project), “A”, 5%, 3/01/2036 |
120,000 |
127,616 |
||
|
Indiana Finance Authority, Educational Facilities Rev. (DePauw University Project), 5%, 10/01/2041 |
255,000 |
257,757 |
||
|
Indiana Finance Authority, Educational Facilities Rev. (Marian University Project), 5%, 9/15/2036 |
250,000 |
258,374 |
||
|
Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), “A”, 4.3%, 5/01/2029 |
65,000 |
65,890 |
||
|
Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., “1A”, 4%, 6/01/2046 |
100,000 |
91,302 |
||
|
Lawrence County, IN, North Lawrence Community School Buildings Corp., Ad Valorem Property Tax First Mortgage, 5%, 7/15/2038 |
100,000 |
106,344 |
||
|
Madison, IN, Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage, 5%, 7/15/2038 |
500,000 |
534,531 |
||
|
Westfield Washington, IN, Multi-School Building Corp. (Hamilton County), “A”, BAM, 5.25%, 7/15/2043 |
250,000 |
263,536 |
||
|
Whiting, IN, Environmental Facilities Refunding Rev. (BP Products North America, Inc. Project), 4%, 12/01/2044 (Put Date 6/10/2033) |
100,000 |
99,628 |
||
|
$2,548,078 |
||||
|
Iowa – 0.6% |
||||
|
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2033 |
$ |
250,000 |
$268,937 |
|
|
Iowa Student Loan Liquidity Corp. Rev., “B”, 5%, 12/01/2035 |
280,000 |
299,030 |
||
|
PEFA, Inc., Iowa Gas Project Rev., “A”, 5%, 4/01/2035 |
100,000 |
104,562 |
||
|
$672,529 |
||||
|
Kansas – 0.9% |
||||
|
Garden City, KS, Sales Tax Special Obligation Rev. (Sports of the World Star Bond Project-Phase II), 4.25%, 6/01/2033 |
$ |
100,000 |
$99,723 |
|
|
Miami County, KS, Osawatomie Unified School District No. 367, General Obligation, BAM, 5.25%, 9/01/2042 |
300,000 |
310,295 |
||
|
Sedgwick County, KS, Unified School District No. 263, General Obligation School Building, “A”, AGM, 5%, 9/01/2039 |
500,000 |
527,158 |
||
|
$937,176 |
||||
|
Kentucky – 1.2% |
||||
|
Carroll, KY, Environmental Facilities Rev. (Kentucky Utilities Co. Project), “A”, 4.25%, 10/01/2034 |
$ |
100,000 |
$99,449 |
|
|
Kentucky Bond Development Corp., Hospital Rev. (Baptist Healthcare System Obligated Group), “A”, AGM, 5%, 8/15/2055 (Put Date 8/15/2035) |
500,000 |
547,237 |
||
|
Kentucky Economic Development Finance Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2032 |
125,000 |
130,005 |
||
|
Kentucky Economic Development Finance Authority Rev. (CommonSpirit Health), “A-2”, 5%, 8/01/2035 |
125,000 |
128,778 |
||
5
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Kentucky – continued |
||||
|
Kentucky Public Energy Authority, Gas Supply Rev., “B”, 5%, 12/01/2033 |
$ |
370,000 |
$376,086 |
|
|
$1,281,555 |
||||
|
Louisiana – 2.4% |
||||
|
Juban Crossing, LA, Economic Development District Refunding Rev. (General Infrastructure Projects), “C”, 5%, 9/15/2036 |
$ |
250,000 |
$264,732 |
|
|
Louisiana Board of Supervisors of State University & Agriculture & Mechanical College, Auxiliary Refunding Rev., BAM, 5%, 7/01/2035 |
250,000 |
276,648 |
||
|
Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Calcasieu Parish School Project), BAM, 5%, 12/01/2039 |
250,000 |
261,096 |
||
|
New Orleans, LA, Aviation Board General Airport Rev. (North Terminal Project), “B”, 5%, 1/01/2036 |
355,000 |
356,105 |
||
|
New Orleans, LA, Public Improvement, “A”, 5%, 12/01/2034 |
250,000 |
268,108 |
||
|
Ruston, LA, Sales Tax Rev., AGM, 5%, 6/01/2036 |
500,000 |
540,131 |
||
|
St. Tammany Parish, LA, Hospital Service District No. 1, Hospital Rev., “A”, 5%, 7/01/2056 (Put Date 7/01/2036) |
500,000 |
544,618 |
||
|
$2,511,438 |
||||
|
Maine – 0.6% |
||||
|
Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, 12/01/2047 (Put Date 6/01/2035) |
$ |
100,000 |
$101,717 |
|
|
Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), “R-3”, 5%, 8/01/2035 |
100,000 |
103,990 |
||
|
Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), “A-1”, AGM, 5%, 12/01/2037 |
70,000 |
70,753 |
||
|
Maine Health & Higher Educational Facilities Authority Rev. (University of New England), “B”, 4%, 7/01/2037 |
300,000 |
293,803 |
||
|
$570,263 |
||||
|
Maryland – 0.7% |
||||
|
Maryland Economic Development Corp., Senior Student Housing Rev. (Morgan State University O'Connell Project), “A”, AGM, 5%, 7/01/2039 |
$ |
350,000 |
$368,345 |
|
|
Maryland Health & Higher Educational Facilities Authority Rev. (Kennedy Krieger Institute, Inc.), “A”, 5.25%, 7/01/2044 |
100,000 |
102,411 |
||
|
Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 4%, 6/01/2042 |
210,000 |
171,508 |
||
|
Maryland Health & Higher Educational Facilities Authority Rev. (TidalHealth, Inc.), “C”, AGM, 5%, 7/01/2042 |
100,000 |
103,872 |
||
|
$746,136 |
||||
|
Massachusetts – 2.6% |
||||
|
Massachusetts Development Finance Agency Refunding Rev. (Lasell Village, Inc.), 5%, 7/01/2034 |
$ |
195,000 |
$210,038 |
|
|
Massachusetts Development Finance Agency Refunding Rev. (Mass General Brigham), “A”, 5%, 7/01/2041 |
250,000 |
264,449 |
||
|
Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), “A”, 5%, 7/01/2036 |
500,000 |
500,547 |
||
|
Massachusetts Development Finance Agency Rev. (Boston Medical Center), “D”, 5%, 7/01/2044 |
235,000 |
230,670 |
||
|
Massachusetts Development Finance Agency Rev. (Dana-Farber Cancer Institute), “Q”, 5%, 12/01/2039 |
370,000 |
394,834 |
||
|
Massachusetts Development Finance Agency Rev. (Middlesex Sustainable Energy Partners), “A”, 5.5%, 10/01/2039 |
250,000 |
268,385 |
||
|
Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) |
125,000 |
125,934 |
||
|
Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), “I”, 5%, 7/01/2041 |
165,000 |
165,014 |
||
|
Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046 |
125,000 |
116,043 |
||
|
Massachusetts Educational Financing Authority, Education Loan Rev., “B”, 5%, 7/01/2029 |
300,000 |
315,665 |
||
|
Massachusetts Port Authority Rev., “A”, 5%, 7/01/2039 |
105,000 |
107,208 |
||
|
$2,698,787 |
||||
|
Michigan – 2.1% |
||||
|
Ionia, MI, Public Schools, General Obligation Unlimited Tax Building Site Bonds, “I”, 5%, 5/01/2044 |
$ |
500,000 |
$521,213 |
|
|
Kent County, MI, Wyoming Public Schools, Unlimited Tax General Obligation Building & Site Bonds, BAM, 5%, 5/01/2040 |
250,000 |
268,507 |
||
|
Michigan Strategic Fund, Limited Obligation Rev. (I-75 Improvement Project), 5%, 12/31/2043 |
500,000 |
500,777 |
||
|
Michigan Strategic Fund, Limited Obligation Tax Capture Rev. (Bedrock Detroit-Transformational Brownfield Plan Project), 4.25%, 10/01/2036 |
100,000 |
99,778 |
||
|
Oakland, Washtenaw, & Livingston Counties, MI, South Lyon Community Schools, School Building & Site Bonds (General Obligation-Unlimited Tax), “I”, 5%, 5/01/2044 |
500,000 |
519,620 |
||
6
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Michigan – continued |
||||
|
Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), “B”, 5%, 12/01/2042 |
$ |
250,000 |
$250,913 |
|
|
$2,160,808 |
||||
|
Minnesota – 3.0% |
||||
|
Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), “A”, 5%, 2/15/2037 |
$ |
150,000 |
$151,988 |
|
|
Edina, MN, General Obligation Capital Improvement Plan and Sales Tax Rev., “B”, 4%, 2/01/2042 |
250,000 |
241,637 |
||
|
Minneapolis, MN, Health Care Systems Rev. (Fairview Health Services), “A”, 5%, 11/15/2035 |
160,000 |
162,981 |
||
|
Minnesota General Obligation State Trunk Highway Rev., “B”, 4%, 8/01/2041 |
500,000 |
485,857 |
||
|
Minnesota Housing Finance Agency, Residential Housing Finance Rev. (Social Bonds), “K”, GNMA, 4.25%, 7/01/2036 |
950,000 |
940,427 |
||
|
Minnesota Housing Finance Agency, Residential Housing Finance Rev., “F”, 5.75%, 7/01/2053 |
180,000 |
190,064 |
||
|
Minnesota Municipal Gas Agency, Gas Project Rev. (D/B/A Minnesota Community Energy), “A”, 5%, 9/01/2035 |
100,000 |
102,667 |
||
|
Minnetonka, MN, Independent School District No. 276, General Obligation School Building, Capital Appreciation, “A”, 0%, 2/01/2043 |
200,000 |
97,353 |
||
|
Saint Paul, MN, Metropolitan Airports Commission Subordinate Rev., “B”, 5.25%, 1/01/2042 |
190,000 |
198,928 |
||
|
St. Cloud, MN, Health Care Rev. (CentraCare Health System), 5%, 5/01/2036 |
500,000 |
544,451 |
||
|
$3,116,353 |
||||
|
Missouri – 1.3% |
||||
|
Johnson County, MO, Knob Noster R-VIII School District, COP, 5%, 4/01/2043 |
$ |
300,000 |
$304,499 |
|
|
Missouri Health & Educational Facilities Authority, Health Facilities Rev. (BJC Health System), “A”, 5%, 4/01/2036 |
750,000 |
826,817 |
||
|
Sikeston, MO, Board of Municipal Utilities Lessee, Certificates of Participation, 5%, 9/01/2041 |
220,000 |
222,660 |
||
|
$1,353,976 |
||||
|
Montana – 0.4% |
||||
|
Montana Facility Finance Authority Rev. (St. John's United Project), “B-3”, 4.1%, 11/15/2031 |
$ |
230,000 |
$230,459 |
|
|
Montana Facility Finance Authority, Health Facilities Rev. (Bozeman Deaconess Health Services Obligated Group), “B”, 5%, 6/01/2056 (Put Date 6/01/2036) |
155,000 |
167,842 |
||
|
$398,301 |
||||
|
Nebraska – 0.3% |
||||
|
Omaha, NE, Airport Authority, Airport Facilities Rev., AGM, 5.25%, 12/15/2040 |
$ |
300,000 |
$317,508 |
|
|
Nevada – 0.5% |
||||
|
Reno-Tahoe, NV, Airport Authority Rev., “A”, 5.25%, 7/01/2039 (w) |
$ |
500,000 |
$533,147 |
|
|
New Hampshire – 1.2% |
||||
|
New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), “A”, 5.75%, 4/01/2035 |
$ |
105,000 |
$111,485 |
|
|
New Hampshire Health & Education Facilities Authority Rev. (Dartmouth Health), “A”, 5%, 8/01/2038 |
250,000 |
252,789 |
||
|
New Hampshire Health & Education Facilities Authority Rev. (Riverwoods at Exeter), 5%, 10/01/2035 |
125,000 |
134,533 |
||
|
New Hampshire National Finance Authority, Affordable Housing Certificates, “A-1”, 4.75%, 6/20/2041 (Put Date 6/01/2035) |
248,988 |
254,301 |
||
|
New Hampshire National Finance Authority, Affordable Housing Certificates, “A-1”, 4.125%, 4/20/2043 (Put Date 3/01/2036) |
299,557 |
287,560 |
||
|
New Hampshire National Finance Authority, Municipal Certificates, “A-1”, 4.085%, 1/20/2041 |
98,646 |
94,207 |
||
|
New Hampshire National Finance Authority, Municipal Certificates, “A-2”, 4.085%, 1/20/2041 |
98,646 |
91,677 |
||
|
$1,226,552 |
||||
|
New Jersey – 1.3% |
||||
|
New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, 1/01/2035 |
$ |
100,000 |
$105,037 |
|
|
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Refunding Rev., “A”, 5%, 12/01/2036 |
165,000 |
175,110 |
||
|
New Jersey Tobacco Settlement Financing Corp., “A”, 5.25%, 6/01/2046 |
215,000 |
215,356 |
||
|
New Jersey Transportation Trust Fund Authority, “A”, 4.25%, 6/15/2040 |
210,000 |
204,374 |
||
|
New Jersey Transportation Trust Fund Authority, “CC”, 5%, 6/15/2042 |
250,000 |
261,044 |
||
|
Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology, Inc. Project), 4.125%, 7/01/2033 |
90,000 |
90,596 |
||
7
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
New Jersey – continued |
||||
|
South Jersey, NJ, Port Corp., Subordinated Marine Terminal Rev., “B”, 5%, 1/01/2042 |
$ |
260,000 |
$260,637 |
|
|
$1,312,154 |
||||
|
New Mexico – 0.6% |
||||
|
New Mexico Municipal Energy Acquisition Authority, Gas Supply Refunding Rev., 5%, 6/01/2054 (Put Date 11/01/2030) |
$ |
100,000 |
$104,880 |
|
|
Santa Fe County, NM, Multi-Family Housing Rev. (Cresta Ranch Apartments), 3.29%, 12/10/2049 (Put Date 6/01/2028) |
500,000 |
501,005 |
||
|
$605,885 |
||||
|
New York – 4.3% |
||||
|
Geneva, NY, Development Corp. Rev. (Hobart & William Smith Colleges Project), 5%, 2/01/2039 |
$ |
500,000 |
$532,343 |
|
|
New York Dormitory Authority, New School Rev., “A”, 5%, 7/01/2042 |
250,000 |
250,123 |
||
|
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 5%, 1/01/2029 |
120,000 |
122,739 |
||
|
New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project), 6%, 4/01/2035 |
250,000 |
274,308 |
||
|
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project, Green Bonds), 6%, 6/30/2040 |
250,000 |
273,467 |
||
|
New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project, Green Bonds), AGM, 5.5%, 6/30/2042 |
245,000 |
254,457 |
||
|
New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, 12/01/2032 |
200,000 |
214,945 |
||
|
New York, NY, City Housing Development Corp., Multi-Family Housing Rev., “F-2”, 3.4%, 11/01/2064 (Put Date 1/02/2029) |
500,000 |
501,623 |
||
|
New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), “E”, 4.375%, 12/15/2031 |
100,000 |
101,239 |
||
|
New York, NY, Transitional Finance Authority Rev., “D”, 5%, 5/01/2042 |
250,000 |
260,149 |
||
|
New York, NY, Transitional Finance Authority Rev., “D-1”, 4%, 11/01/2042 |
250,000 |
229,141 |
||
|
Rensselaer County, NY, Capital Resource Corp., Energy Performance Lease Rev. (Van Rensselaer Manor Nursing Home Project), 5%, 4/01/2038 |
500,000 |
542,674 |
||
|
Rockland County, NY, Solid Waste Management Authority, Special Obligation Rev. (Animal Shelter Project), “A”, 5.5%, 12/15/2044 |
340,000 |
366,184 |
||
|
Troy, NY, Capital Resource Corp. Rev. (Rensselaer Polytechnic Institute Project), 5%, 9/01/2036 |
500,000 |
542,405 |
||
|
$4,465,797 |
||||
|
North Carolina – 2.4% |
||||
|
Greater Asheville, NC, Regional Airport Authority System Rev., “A”, AGM, 5.25%, 7/01/2038 |
$ |
500,000 |
$528,337 |
|
|
North Carolina Housing Finance Agency, Home Ownership Rev. (1998 Trust Agreement), 6.25%, 7/01/2057 |
125,000 |
139,775 |
||
|
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), “A”, 4%, 3/01/2030 |
125,000 |
127,212 |
||
|
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Porters Neck Village), “A”, 4%, 1/01/2036 |
240,000 |
236,028 |
||
|
North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Porters Neck Village), “A”, 5%, 1/01/2041 |
400,000 |
406,886 |
||
|
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrn at Maryfield), 5.25%, 10/01/2037 |
100,000 |
106,280 |
||
|
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community Project), “A”, 5.25%, 11/01/2046 |
250,000 |
254,159 |
||
|
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Penick Village Project), “B-3”, 4.25%, 9/01/2028 |
390,000 |
390,868 |
||
|
Raleigh, NC, Housing Authority, Multi-Family Housing Rev. (919 at Cross Link), “B”, 5%, 8/01/2028 (Put Date 8/01/2027) |
250,000 |
254,514 |
||
|
$2,444,059 |
||||
|
North Dakota – 0.2% |
||||
|
Grand Forks, ND, Health Care Systems Rev. (Altru Health System), 5%, 12/01/2030 |
$ |
120,000 |
$124,647 |
|
|
Horace, ND, Refunding Improvement, “C”, 5.5%, 5/01/2038 |
125,000 |
125,700 |
||
|
$250,347 |
||||
8
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Ohio – 1.9% |
||||
|
Buckeye, OH, Tobacco Settlement Financing Authority, Senior Asset-Backed Refunding, “A-2”, 5%, 6/01/2033 |
$ |
250,000 |
$265,290 |
|
|
Columbus, OH, Metropolitan Housing Authority, General Rev. (Demorest Townhomes II Project), “A”, 4%, 5/01/2034 |
100,000 |
99,069 |
||
|
Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 5%, 12/01/2034 |
250,000 |
258,675 |
||
|
Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), “A”, AGM, 5%, 1/01/2035 |
100,000 |
107,894 |
||
|
Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052 |
350,000 |
350,509 |
||
|
Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project), BAM, 5.5%, 10/01/2037 |
145,000 |
155,518 |
||
|
Ohio State Healthcare Facility Rev. (Otterbein Homes Obligated Group), 4%, 7/01/2036 |
240,000 |
237,363 |
||
|
Shelby & Darke Counties, OH, Fort Loramie Local School District, Certificates of Participation, 5.25%, 12/01/2045 |
115,000 |
116,927 |
||
|
Wooster, OH, School District, Certificates of Participation, 5%, 12/01/2034 (w) |
375,000 |
394,616 |
||
|
$1,985,861 |
||||
|
Oklahoma – 2.6% |
||||
|
Cleveland County, OK, Home Loan Authority, Single Family Mortgage Rev., “A”, GNMA, 5.75%, 1/01/2056 |
$ |
245,000 |
$264,546 |
|
|
Garvin County, OK, Educational Facilities Authority, Lease Rev. (Elmore City-Pernell Public Schools Project), 5%, 9/01/2038 |
250,000 |
259,659 |
||
|
Lawton, OK, Industrial Development Authority, Sales Tax Rev., “A”, 5%, 7/01/2044 |
300,000 |
307,397 |
||
|
McCurtain County, OK, Educational Facilities Authority Rev. (Broken Bow Public Schools Project), 5%, 9/01/2036 |
500,000 |
541,932 |
||
|
Oklahoma City, OK, Public Property Authority, Arena Sales Tax Rev., 5%, 6/01/2034 |
750,000 |
831,510 |
||
|
Rogers County, OK, Educational Facilities Authority Lease Rev. (Oologah-Talala Public Schools Project), 5%, 9/01/2034 |
125,000 |
132,075 |
||
|
Tulsa County, OK, Home Finance Authority, Single Family Mortgage Rev., “A”, GNMA, 5.75%, 7/01/2056 |
125,000 |
135,740 |
||
|
Tulsa, OK, Airport Improvement Trust General Rev., “A”, BAM, 5%, 6/01/2028 |
245,000 |
253,244 |
||
|
$2,726,103 |
||||
|
Oregon – 0.9% |
||||
|
Albany, OR, Hospital Facility Authority, Senior Living Rev. (Mennonite Village Project), “A”, 5%, 5/15/2036 |
$ |
210,000 |
$223,343 |
|
|
Albany, OR, Hospital Facility Authority, Senior Living Rev. (Mennonite Village Project), “A”, 5.25%, 5/15/2045 |
100,000 |
101,829 |
||
|
Oregon Facilities Authority Rev. (Legacy Health Project), “A”, 5%, 6/01/2035 |
180,000 |
180,885 |
||
|
Oregon Facilities Authority Rev. (Legacy Health Project), “A”, 5%, 6/01/2046 |
105,000 |
105,015 |
||
|
Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2040 |
150,000 |
149,546 |
||
|
Washington, Clackamas, and Yamhill Counties, OR, Sherwood School District No. 88, General Obligation, Capital Appreciation, “A”, 0%, 6/15/2034 |
250,000 |
180,666 |
||
|
$941,284 |
||||
|
Pennsylvania – 7.7% |
||||
|
Adams County, PA, General Authority Rev. (Brethren Home Community Project), “A”, 5%, 6/01/2034 |
$ |
120,000 |
$125,642 |
|
|
Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), “A”, AGM, 5%, 1/01/2036 |
215,000 |
230,255 |
||
|
Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), “A”, 5%, 4/01/2036 |
245,000 |
248,466 |
||
|
Allegheny County, PA, North Allegheny School District, General Obligation, 4%, 5/01/2035 |
500,000 |
502,405 |
||
|
Chester County, PA, Health & Education Facilities Authority Rev. (Tel Hai Retirement Community Project), 5.125%, 6/01/2046 |
195,000 |
198,239 |
||
|
Cumberland County, PA, Cumberland Valley School District, General Obligation, AGM, 5%, 11/15/2046 |
165,000 |
169,525 |
||
|
Cumberland County, PA, Municipal Authority Rev. (Dickinson College Project), “A”, 5%, 11/01/2039 |
185,000 |
186,237 |
||
|
DuBois, PA, Hospital Rev. (Penn Highlands Healthcare), 5%, 7/15/2036 |
140,000 |
136,715 |
||
|
Erie County, PA, Sewer Authority Rev., BAM, 5%, 12/01/2042 |
165,000 |
169,435 |
||
|
Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program - Gannon University Project), “XX1”, 4%, 5/01/2033 |
100,000 |
96,628 |
||
|
Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), “A”, 4%, 12/01/2035 |
240,000 |
238,802 |
||
|
Luzerne County, PA, Hanover Area School District, General Obligation, BAM, 5%, 6/01/2043 |
100,000 |
103,508 |
||
|
Mercer County, PA, Hermitage Municipal Authority, Guaranteed Sewer Rev., 4%, 2/01/2039 |
500,000 |
474,589 |
||
|
Minersville, PA, Area School District, General Obligation, AGM, 5%, 4/01/2038 |
500,000 |
516,632 |
||
|
Northampton County, PA, General Purpose Authority, Hospital Rev. (St. Luke’s University Health Network Project), “A-1”, 5%, 8/15/2044 |
140,000 |
143,879 |
||
|
Pennsylvania Economic Development Financing Authority Rev. (University of Pittsburgh Medical Center), “A”, 5%, 3/15/2060 (Put Date 3/15/2035) |
280,000 |
298,956 |
||
|
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, 6/30/2036 |
165,000 |
175,983 |
||
9
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Pennsylvania – continued |
||||
|
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, 5.5%, 6/30/2042 |
$ |
500,000 |
$527,551 |
|
|
Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Rapid Bridge Replacement Project), 5%, 12/31/2034 |
500,000 |
500,648 |
||
|
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1A”, 4.125%, 6/01/2045 |
106,000 |
101,669 |
||
|
Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., “1A”, 4.75%, 6/01/2046 |
83,000 |
80,104 |
||
|
Pennsylvania Higher Educational Facilities Authority Rev. (Drexel University), 5%, 5/01/2036 |
500,000 |
525,932 |
||
|
Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Country Commons Apartments), FNMA, 3.6%, 8/01/2035 |
178,742 |
169,135 |
||
|
Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5.25%, 10/01/2044 |
265,000 |
272,337 |
||
|
Pennsylvania School District Authority Rev. (William Penn School District Project), “B”, BAM, 5%, 3/15/2043 |
100,000 |
103,066 |
||
|
Pennsylvania Turnpike Commission Rev., “A”, 5%, 12/01/2045 |
500,000 |
523,605 |
||
|
Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, 5%, 7/01/2036 |
115,000 |
121,255 |
||
|
Philadelphia, PA, Housing Authority, General Rev. (PHA Headquarters Project), 5%, 5/01/2039 |
250,000 |
253,836 |
||
|
Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047 |
135,000 |
140,418 |
||
|
West Cornwall, PA, Municipal Authority, Healthcare Facilities Rev. (Lebanon Valley Brethren Home Project), “A”, 5.125%, 11/15/2046 |
675,000 |
683,605 |
||
|
$8,019,057 |
||||
|
Puerto Rico – 1.1% |
||||
|
Commonwealth of Puerto Rico, General Obligation Restructured, “A-1”, 5.625%, 7/01/2027 |
$ |
149,601 |
$152,045 |
|
|
Puerto Rico Electric Power Authority Rev., “VV”, NPFG, 5.25%, 7/01/2030 |
325,000 |
328,156 |
||
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., “A-2”, 4.329%, 7/01/2040 |
250,000 |
244,403 |
||
|
Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, “A-1”, 0%, 7/01/2033 |
201,000 |
158,884 |
||
|
San Juan, PR, General Obligations, “A”, 5.25%, 7/01/2039 |
285,000 |
301,906 |
||
|
$1,185,394 |
||||
|
Rhode Island – 0.9% |
||||
|
Providence, RI, Public Buildings Authority Rev. (Capital Improvement Program Projects), “A”, AGM, 5%, 9/15/2035 |
$ |
375,000 |
$378,847 |
|
|
Rhode Island Student Loan Authority, Education Loan Rev., “A”, 5%, 12/01/2034 |
250,000 |
265,432 |
||
|
Rhode Island Student Loan Authority, Education Loan Rev., “B”, 5%, 12/01/2033 |
250,000 |
266,002 |
||
|
Rhode Island Student Loan Authority, Education Loan Rev., “B”, 4.125%, 12/01/2043 |
65,000 |
60,715 |
||
|
$970,996 |
||||
|
South Carolina – 1.2% |
||||
|
Charleston, SC, Housing Authority Rev. (1800 Ashley West), 4.5%, 9/01/2035 |
$ |
100,000 |
$99,479 |
|
|
South Carolina Jobs-Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035) |
100,000 |
98,192 |
||
|
South Carolina Jobs-Economic Development Authority, Environmental Improvement Refunding Rev. (International Paper Company Project), “A”, 3.95%, 4/01/2033 |
110,000 |
110,158 |
||
|
South Carolina Jobs-Economic Development Authority, Health Care Facilities Rev. (Novant Health Obligated Group), “A”, 5.5%, 11/01/2045 |
260,000 |
277,425 |
||
|
South Carolina Jobs-Economic Development Authority, Residential Development Rev. (Latitude at Wescott), 4%, 11/01/2035 |
200,000 |
195,186 |
||
|
South Carolina Jobs-Economic Development Authority, Solid Waste Disposal Rev. (Enerra South Carolina Project), 3.7%, 12/15/2027 (Put Date 12/01/2026) |
105,000 |
104,978 |
||
|
South Carolina Medical University Hospital Authority, FHA-Insured Hospital Mortgage Rev. (Nexton Project), 5.25%, 5/15/2039 |
100,000 |
105,989 |
||
|
South Carolina Public Service Authority Rev. (Santee Cooper), “A”, 5%, 12/01/2038 |
85,000 |
85,046 |
||
|
South Carolina Public Service Authority Rev. (Santee Cooper), “B”, 5%, 12/01/2032 |
125,000 |
125,526 |
||
|
$1,201,979 |
||||
|
South Dakota – 0.2% |
||||
|
Rapid City, SD, Sales Tax Rev., 5%, 12/01/2039 (w) |
$ |
195,000 |
$205,463 |
|
10
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Tennessee – 0.7% |
||||
|
Knox County, TN, Health Educational & Housing Facility, Board Hospital Rev. (Covenant Health), “A”, 5%, 1/01/2042 |
$ |
125,000 |
$125,206 |
|
|
Metropolitan Nashville, TN, Airport Authority, Improvement Rev., “B”, 5%, 7/01/2046 |
250,000 |
252,973 |
||
|
Rutherford County, Tennessee, Health & Educational Facilities Board, Student Housing Rev. (Madrone - MTSU Student Housing I, LLC Project), “A-1”, BAM, 5%, 7/01/2040 |
100,000 |
102,441 |
||
|
Tennessee Housing Development Agency, Residential Financing Program Rev., “2”, GNMA, 6%, 7/01/2034 (w) |
215,000 |
251,800 |
||
|
$732,420 |
||||
|
Texas – 9.9% |
||||
|
Arlington, TX, Higher Education Finance Corp., Education Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2042 |
$ |
250,000 |
$257,094 |
|
|
Arlington, TX, Higher Education Finance Corp., Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.125%, 6/15/2040 |
130,000 |
130,078 |
||
|
Austin, TX, Airport System Refunding Rev., “B”, 5%, 11/15/2034 |
500,000 |
542,802 |
||
|
Brazos, TX, Higher Education Authority, Student Loan Program Rev., “1A”, 5%, 4/01/2035 |
525,000 |
561,243 |
||
|
Celina, TX, Special Assessment Refunding & Improvement Rev. (The Lakes at Mustang Ranch Public Improvement District Major Improvement Area & Phases #2-7 Project), AGM, 5%, 9/01/2035 |
250,000 |
262,067 |
||
|
Central Texas Regional Mobility Authority, Senior Lien Rev., “A”, 5%, 1/01/2044 |
320,000 |
326,185 |
||
|
EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4%, 12/01/2034 |
250,000 |
245,500 |
||
|
EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039 |
20,000 |
18,726 |
||
|
Fort Worth, TX, Chaparral PFC Residential Development Rev. (Chaparral Ranch Project), 4%, 10/01/2035 |
130,000 |
125,375 |
||
|
Fort Worth, TX, Public Facility Corp., Residential Development Rev. (Skyline Prairie Homes Project), 5%, 4/01/2036 |
305,000 |
324,474 |
||
|
Fort Worth, TX, Special Tax Rev. (Convention Center Venue Project), 5.5%, 3/01/2043 |
100,000 |
104,148 |
||
|
FW Ramble Public Facility Corp., Texas Residential Development Rev. (Ramble & Rose Project), 4%, 10/01/2035 |
110,000 |
104,069 |
||
|
Galveston, TX, Wharves & Terminal, First Lien Rev., 5.25%, 8/01/2037 |
250,000 |
264,744 |
||
|
Galveston, TX, Wharves & Terminal, First Lien Rev., 5.25%, 8/01/2039 |
100,000 |
104,469 |
||
|
Godley, TX, Combination Tax & Rev., Certificates of Obligation, BAM, 5.25%, 8/15/2042 |
135,000 |
140,351 |
||
|
Grey Forest, TX, Gas System Rev., BAM, 5%, 2/01/2041 |
340,000 |
349,644 |
||
|
Grey Forest, TX, Gas System Rev., BAM, 5%, 2/01/2042 |
125,000 |
127,872 |
||
|
Houston, TX, Airport System Refunding Rev., “A”, 5.25%, 7/01/2038 |
385,000 |
416,174 |
||
|
Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), “B”, 5.25%, 7/15/2034 |
150,000 |
158,067 |
||
|
Houston, TX, Convention & Entertainment Facilities Department, First Lien Hotel Occupancy Tax & Special Refunding Rev., “C”, 5%, 9/01/2039 |
500,000 |
528,819 |
||
|
Houston, TX, Redevelopment Authority Tax Increment Contract Rev., AGM, 5%, 9/01/2037 |
150,000 |
158,856 |
||
|
Jefferson County, Texas, Port Arthur Navigation District, Port Rev. (A Political Subdivision of The State of Texas Having Boundaries Within Jefferson County), 5%, 3/01/2035 (w) |
500,000 |
528,105 |
||
|
Las Varas, TX, Public Facility Corp., Essential Function Housing Development (Amara Apartments), 4.25%, 10/01/2035 |
105,000 |
101,606 |
||
|
Lower Colorado River Authority, Transmission Contract Refunding Rev. (LCRA Transmission Services Corp. Project), 5%, 5/15/2046 |
230,000 |
232,937 |
||
|
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International LLC Project, Green Bonds), 5%, 12/01/2064 (Put Date 6/01/2030) |
100,000 |
102,723 |
||
|
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International LLC Project, Green Bonds), 5%, 12/01/2064 (Put Date 6/01/2030) |
100,000 |
102,723 |
||
|
Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International LLC Project, Green Bonds), “A”, 5%, 12/01/2064 (Put Date 6/01/2030) (w) |
100,000 |
102,561 |
||
|
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), “B-3”, 4.25%, 10/01/2030 |
100,000 |
100,057 |
||
|
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Brazos Presbyterian Homes, Inc. Project), 5.25%, 1/01/2040 |
130,000 |
133,024 |
||
|
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), “A”, 5%, 1/01/2035 |
150,000 |
144,313 |
||
|
New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2035 |
160,000 |
171,743 |
||
|
North Central Texas Housing Finance Corp., Single Family Mortgage Rev. (Guaranteed Mortgage-Backed Securities Program), “A”, GNMA, 4.15%, 7/01/2041 |
500,000 |
472,041 |
||
|
North Texas Higher Education Authority, Inc., Education Loan Rev., “A”, 5%, 6/01/2033 |
100,000 |
104,970 |
||
|
Pharr, TX, Tax & Revenue Certificates of Obligation, AGM, 5%, 8/15/2039 |
500,000 |
529,736 |
||
|
San Antonio, TX, Airport System Refunding Rev., 5.25%, 7/01/2037 |
165,000 |
180,753 |
||
11
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Texas – continued |
||||
|
San Antonio, TX, Public Facilities Corp., Improvement & Lease Rev. (Convention Center Refinancing & Expansion Project), 4%, 9/15/2042 |
$ |
390,000 |
$357,592 |
|
|
Tarrant County, TX, Cultural Education Facilities Finance Refunding Rev. (Trinity Terrace Project), 5%, 10/01/2038 |
135,000 |
140,950 |
||
|
Texas Department of Housing & Community Affairs, Residential Mortgage Rev., GNMA, 5.75%, 1/01/2056 |
245,000 |
264,656 |
||
|
Texas Grand Parkway Transportation Corp., Grand Parkway System, Subordinate Tier Toll Rev. (TELA Supported), “A”, 5%, 10/01/2043 |
300,000 |
304,453 |
||
|
Texas Metrocare Services Rev., 5%, 11/01/2044 |
275,000 |
282,901 |
||
|
Texas Municipal Gas Acquisition & Supply Corp. V, Gas Supply Rev., 5%, 1/01/2055 (Put Date 1/01/2034) |
250,000 |
260,668 |
||
|
Texas Private Activity Surface Transportation Corp., Senior Lien Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038 |
160,000 |
167,645 |
||
|
Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2039 |
210,000 |
219,873 |
||
|
$10,256,787 |
||||
|
Utah – 0.9% |
||||
|
Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), “A”, 5%, 7/01/2042 |
$ |
295,000 |
$296,080 |
|
|
Salt Lake City, UT, Downtown Revitalization Public Infrastructure District, Sales Tax Rev. (SEG Redevelopment Project), “C”, 5%, 7/15/2035 |
100,000 |
100,038 |
||
|
Utah Charter School Finance Authority, Charter School Refunding Rev. (Voyage Academy Project), 5%, 4/15/2040 |
100,000 |
101,710 |
||
|
Utah Charter School Finance Authority, Charter School Rev. (Lakeview Academy), 5%, 4/15/2040 |
150,000 |
154,270 |
||
|
Utah Intermountain Power Agency, Power Supply Rev., “A”, 5%, 7/01/2038 |
260,000 |
275,177 |
||
|
$927,275 |
||||
|
Vermont – 0.3% |
||||
|
Vermont Student Assistance Corp., Education Loan Rev., “A”, 5%, 6/15/2033 |
$ |
250,000 |
$259,444 |
|
|
Virginia – 0.9% |
||||
|
Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2036 |
$ |
320,000 |
$311,928 |
|
|
Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2038 |
125,000 |
127,983 |
||
|
Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2040 |
125,000 |
126,730 |
||
|
Virginia Small Business Financing Authority, Residential Care Facilities Refunding Rev. (Lifespire of Virginia), “A”, 5%, 12/01/2037 |
380,000 |
403,936 |
||
|
$970,577 |
||||
|
Washington – 1.7% |
||||
|
Kenmore, WA, Limited Tax General Obligation, 5%, 12/01/2044 |
$ |
250,000 |
$262,306 |
|
|
King County, WA, Affordable Housing Authority Housing Rev. (Trailhead Project), “A-2”, 4.25%, 7/01/2036 (w) |
140,000 |
137,181 |
||
|
King County, WA, Housing Authority, Pooled Housing Refunding Rev., 5%, 7/01/2040 |
170,000 |
171,838 |
||
|
Pasco, WA, Local Improvement District No. 152, 5.375%, 8/01/2042 |
65,000 |
68,647 |
||
|
Seattle, WA, Port Intermediate Lien Refunding Rev., “A”, 5%, 5/01/2033 |
250,000 |
252,794 |
||
|
Seattle, WA, Port Intermediate Lien Refunding Rev., “A”, 5%, 5/01/2036 |
250,000 |
252,298 |
||
|
Vancouver, WA, Housing Authority, Multi-Family Rev. (Battle Ground Portfolio), “A”, 4.625%, 2/01/2044 |
100,000 |
95,830 |
||
|
Vancouver, WA, Housing Authority, Multi-Family Rev. (Cascara Project), “A”, 5%, 12/01/2042 |
125,000 |
130,566 |
||
|
Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Horizon House Project), 5%, 1/01/2038 (n) |
250,000 |
248,141 |
||
|
Washington Various Purpose General Obligation, “A”, 5%, 8/01/2046 |
100,000 |
102,902 |
||
|
$1,722,503 |
||||
|
West Virginia – 0.3% |
||||
|
Ohio County, WV, Special District Excise Tax, Improvement Refunding Rev. (Fort Henry Economic Opportunity Development District-The Highland Project), “A”, AGM, 5%, 6/01/2040 |
$ |
100,000 |
$104,377 |
|
|
West Virginia Economic Development Authority, University Facilities Refunding Rev. (Provident Group - Marshall Properties LLC-Marshall University Project), “A-1”, AGM, 5%, 7/01/2042 |
210,000 |
216,240 |
||
|
$320,617 |
||||
12
MFS Active Intermediate Muni Bond ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Municipal Bonds – continued |
||||
|
Wisconsin – 2.2% |
||||
|
Wisconsin Health & Educational Facilities Authority Rev. (Ascension Senior Credit Group), “A”, 4%, 11/15/2032 |
$ |
175,000 |
$175,021 |
|
|
Wisconsin Public Finance Authority Rev. (Kahala Nui Project), 5%, 11/15/2037 |
150,000 |
158,891 |
||
|
Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033 |
310,000 |
321,331 |
||
|
Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2037 |
100,000 |
102,968 |
||
|
Wisconsin Public Finance Authority, Education Rev. (Mater Academy of Nevada-Cactus Park Campus Project), “A”, 5%, 12/15/2035 |
105,000 |
106,465 |
||
|
Wisconsin Public Finance Authority, Education Rev. (Pinecrest Academy of Nevada - Pinecrest Academy Springs Campus Project), “A”, 4%, 7/15/2033 |
250,000 |
246,648 |
||
|
Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032 |
125,000 |
126,730 |
||
|
Wisconsin Public Finance Authority, Multi-Family Housing Rev. (Clipper Cove Apartments Project), 4%, 5/01/2036 |
370,000 |
355,930 |
||
|
Wisconsin Public Finance Authority, NHP Foundation Rev. (Emle Germantown Apartments), “A-1”, 4%, 5/01/2036 |
460,000 |
450,165 |
||
|
Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), “A”, 5%, 6/01/2035 |
145,000 |
150,170 |
||
|
Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), “B”, 5.25%, 6/15/2035 |
100,000 |
106,998 |
||
|
$2,301,317 |
||||
|
Total Municipal Bonds (Identified Cost, $103,615,689) |
$101,782,502 |
|||
|
Mutual Funds – 1.9% |
||||
|
Money Market Funds – 1.9% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $1,996,915) |
1,996,915 |
$1,996,915 |
||
|
Other Assets, Less Liabilities – (0.0)% |
(14,339) |
|||
|
Net Assets – 100.0% |
$103,765,078 |
|||
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
(n) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $628,654, representing 0.6% of net assets. |
|
(w) |
When-issued security. |
|
The following abbreviations are used in this report and are defined: |
|
|
AGM |
Assured Guaranty Municipal |
|
BAM |
Build America Mutual |
|
COP |
Certificate of Participation |
|
FHA |
Federal Housing Administration |
|
FHLMC |
Federal Home Loan Mortgage Corp. |
|
FNMA |
Federal National Mortgage Assn. |
|
GNMA |
Government National Mortgage Assn. |
|
NPFG |
National Public Finance Guarantee Corp. |
|
VRDN |
Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either daily or weekly, represents the rate in effect at period end and may not be the current rate. |
See Notes to Financial Statements
13
MFS Active Intermediate Muni Bond ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value (identified cost, $105,612,604) |
$103,779,417 |
|
Receivables for |
|
|
Investments sold |
1,900,608 |
|
Interest |
1,218,266 |
|
Total assets |
$106,898,291 |
|
Liabilities |
|
|
Payables for |
|
|
Distributions |
$312,988 |
|
Investments purchased |
100,000 |
|
When-issued investments purchased |
2,716,339 |
|
Payable to affiliates |
|
|
Investment adviser |
3,886 |
|
Total liabilities |
$3,133,213 |
|
Net assets |
$103,765,078 |
|
Net assets consist of |
|
|
Paid-in capital |
$105,716,053 |
|
Total distributable earnings (loss) |
(1,950,975 ) |
|
Net assets |
$103,765,078 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
4,225,000 |
|
Net asset value per share (net assets of $103,765,078 / 4,225,000 shares of beneficial interest outstanding) |
$24.56 |
See Notes to Financial Statements
14
MFS Active Intermediate Muni Bond ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Interest |
$1,794,427 |
|
Dividends from unaffiliated issuers |
106,870 |
|
Total investment income |
$1,901,297 |
|
Expenses |
|
|
Management fee |
$160,908 |
|
Miscellaneous |
5 |
|
Total expenses |
$160,913 |
|
Net investment income (loss) |
$1,740,384 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers |
$(105,679 ) |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers |
$(3,060,956 ) |
|
Net realized and unrealized gain (loss) |
$(3,166,635 ) |
|
Change in net assets from operations |
$(1,426,251 ) |
See Notes to Financial Statements
15
MFS Active Intermediate Muni Bond ETF
Financial Statements | Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
Year ended |
|
|
(unaudited) |
|
|
|
Change in net assets |
||
|
From operations |
||
|
Net investment income (loss) |
$1,740,384 |
$1,775,199 |
|
Net realized gain (loss) |
(105,679 ) |
(74,816 ) |
|
Net unrealized gain (loss) |
(3,060,956 ) |
1,251,609 |
|
Change in net assets from operations |
$(1,426,251 ) |
$2,951,992 |
|
Total distributions to shareholders |
$(1,721,981 ) |
$(1,746,009 ) |
|
Change in net assets from fund share transactions |
$28,725,035 |
$38,323,174 |
|
Miscellaneous capital |
$20,594 |
$27,289 |
|
Total change in net assets |
$25,597,397 |
$39,556,446 |
|
Net assets |
||
|
At beginning of period |
78,167,681 |
38,611,235 |
|
At end of period |
$103,765,078 |
$78,167,681 |
See Notes to Financial Statements
16
MFS Active Intermediate Muni Bond ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
Year ended |
||
|
8/31/26
(unaudited) |
2/28/26 |
2/28/25 (c) |
|
|
Net asset value, beginning of period |
$25.42 |
$24.91 |
$25.00 |
|
Income (loss) from investment operations |
|||
|
Net investment income (loss) (d) |
$0.46 |
$0.93 |
$0.22 |
|
Net realized and unrealized gain (loss) |
(0.88 ) |
0.45 |
(0.13 ) |
|
Total from investment operations |
$(0.42 ) |
$1.38 |
$0.09 |
|
Less distributions declared to shareholders |
|||
|
From net investment income |
$(0.45 ) |
$(0.88 ) |
$(0.19 ) |
|
Miscellaneous capital (d) |
$0.01 |
$0.01 |
$0.01 |
|
Net asset value, end of period (x) |
$24.56 |
$25.42 |
$24.91 |
|
Total return (%) (s) |
(1.63 )(n) |
5.76 |
0.41 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
|||
|
Expenses |
0.34 (a) |
0.34 |
0.34 (a) |
|
Net investment income (loss) |
3.68 (a) |
3.77 |
3.72 (a) |
|
Portfolio turnover rate (e) |
17 (n) |
12 |
7 (n) |
|
Net assets at end of period (000 omitted) |
$103,765 |
$78,168 |
$38,611 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, December 5, 2024, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
17
MFS Active Intermediate Muni Bond ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Active Intermediate Muni Bond ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests primarily in municipal instruments, which generally trade in the over-the-counter market. The value of municipal instruments can be affected by changes in their actual or perceived credit quality. The credit quality of, and the ability to pay principal and interest when due by, an issuer of a municipal instrument depends on the credit quality of the entity supporting the municipal instrument, how essential any services supported by the municipal instrument are, the sufficiency of any revenues or taxes that support the municipal instrument, and/or the willingness or ability of the appropriate government entity to approve any appropriations necessary to support the municipal instrument. Municipal instruments may be supported by insurance which typically guarantees the timely payment of all principal and interest due on the underlying municipal instrument. The value of a municipal instrument can be volatile and significantly affected by adverse tax changes or court rulings, legislative or political changes, changes in specific or general market and economic conditions and developments in the region where the instrument is issued, and the financial condition of municipal issuers and of municipal instrument insurers of which there are a limited number. Also, because many municipal instruments are issued to finance similar projects, conditions in certain industries can significantly affect the fund and the overall municipal market. Municipal instruments may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. If the Internal Revenue Service determines an issuer of a municipal instrument has not complied with the applicable tax requirements, interest from the security could become taxable, the security could decline in value, and certain distributions made by the fund could be taxable to shareholders.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
18
MFS Active Intermediate Muni Bond ETF
Notes to Financial Statements (unaudited) - continued
Under the fund's valuation policy and procedures, debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. Pricing services generally value debt instruments assuming orderly transactions of institutional round lot sizes, but a fund may hold or transact in such securities in smaller, odd lot sizes. In instances where a fund holds an odd lot size position in a debt instrument, such position will typically be valued using the pricing agent’s institutional round lot price for the debt instrument. Odd lots may trade at lower prices than institutional round lots, and the fund may receive different prices when it sells odd lot positions than it would receive for sales of institutional round lot positions. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Municipal Bonds |
$— |
$101,782,502 |
$— |
$101,782,502 |
|
Investment Companies |
1,996,915 |
— |
— |
1,996,915 |
|
Total |
$1,996,915 |
$101,782,502 |
$— |
$103,779,417 |
For further information regarding security characteristics, see the Portfolio of Investments.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Interest income is recorded on the accrual basis. All premium and discount is amortized or accreted for financial statement purposes in accordance with U.S. generally accepted accounting principles. Interest payments received in additional securities are recorded on the ex-interest date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
19
MFS Active Intermediate Muni Bond ETF
Notes to Financial Statements (unaudited) - continued
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
The fund may purchase or sell securities on a when-issued or delayed delivery basis. In these extended settlement transactions, the receipt or delivery of the securities by the fund and related payments occur at a future date, usually beyond the customary settlement period. The price of such security and the date that the security will be settled are generally fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and for debt securities no interest accrues to the fund until settlement takes place. When the fund sells securities on a when-issued or delayed delivery basis, the fund typically owns or has the right to acquire securities equivalent in kind and amount to the securities sold. Purchase and sale commitments for when-issued or delayed delivery securities are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy, and included in When-issued investments purchased and When-issued investments sold in the Statement of Assets and Liabilities, as applicable. Losses may arise due to changes in the value of the underlying securities prior to settlement date or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable and tax-exempt income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to amortization of premium and accretion of discount of debt securities.
The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
Year ended
2/28/26 |
|
|
Ordinary income (including any short-term capital gains) |
$54,481 |
|
Tax-exempt income |
1,691,528 |
|
Total distributions |
$1,746,009 |
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$105,555,754 |
|
Gross appreciation |
235,951 |
|
Gross depreciation |
(2,012,288 ) |
|
Net unrealized appreciation (depreciation) |
$(1,776,337 ) |
|
As of 2/28/26 |
|
|
Undistributed ordinary income |
6,628 |
|
Undistributed tax-exempt income |
175,306 |
|
Capital loss carryforwards |
(68,243 ) |
|
Other temporary differences |
(180,006 ) |
|
Net unrealized appreciation (depreciation) |
1,263,572 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
|
Short-Term |
$(68,243 ) |
20
MFS Active Intermediate Muni Bond ETF
Notes to Financial Statements (unaudited) - continued
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.34% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2026.
(4) Portfolio Securities
For the six months ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $46,199,265 and $15,005,209, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $120,386 and $0, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions. These variable fees are included in “Miscellaneous capital” in the Statement of Changes in Net Assets.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 |
Year ended
2/28/26 |
|||
|
Shares |
Amount |
Shares |
Amount |
|
|
Shares sold |
1,150,000 |
$28,725,035 |
1,525,000 |
$38,323,174 |
21
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Intermediate Muni Bond ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Intermediate Muni Bond ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Active Intermediate Muni Bond ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
22
MFS Active Intermediate Muni Bond ETF
Board Review of Investment Management Agreement
MFS Active Intermediate Muni Bond ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment management agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of several months beginning in April and ending in July, 2026 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment management agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment management agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment management agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment management agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment management agreement and other arrangements with the Fund. The independent Trustees considered that the Fund has a unitary management fee structure, pursuant to which MFS receives a fee covering investment management and administrative services, with MFS paying the Fund’s ordinary, recurring operating expenses (the “Unitary Fee”), subject to certain exceptions.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Fund for the one-year period ended December 31, 2025 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Fund’s Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts, (iv) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (v) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment management agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over the one-year period ended December 31, 2025. The total return performance of the Fund was in the 1st quintile relative to the other funds in the universe for this one-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The Fund commenced operations on December 5, 2024, and has a limited operating history and performance record; therefore, no performance data for the three- or five-year periods was available. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
23
MFS Active Intermediate Muni Bond ETF
Board Review of Investment Management Agreement - continued
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the investment management agreement and descriptions of various services performed or procured by MFS under the investment management agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses excluded from the Unitary Fee and therefore payable by the Fund. The Trustees also considered the Fund’s Unitary Fee as compared with the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund’s Unitary Fee and total expense ratio were each approximately at the applicable Broadridge expense group median.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.
The Trustees considered that the investment management agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS’ observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund, and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that the Unitary Fee charged to the Fund represents reasonable compensation in light of the services being provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment management agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment management agreement with MFS should be continued for an additional one-year period, commencing August 1, 2026.
24
MFS Active International ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Active International ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – 98.5% |
||||
|
Aerospace & Defense – 2.3% |
||||
|
MTU Aero Engines Holding AG |
8,762 |
$3,583,497 |
||
|
Rolls-Royce Holdings PLC |
1,169,055 |
24,239,444 |
||
|
$27,822,941 |
||||
|
Alcoholic Beverages – 1.6% |
||||
|
China Resources Beer Holdings Co. Ltd. |
1,837,279 |
$4,528,476 |
||
|
Heineken N.V. |
36,310 |
3,066,185 |
||
|
Kweichow Moutai Co. Ltd., “A” |
32,700 |
6,323,698 |
||
|
Pernod Ricard S.A. |
81,468 |
6,103,578 |
||
|
$20,021,937 |
||||
|
Apparel, Footwear, & Accessories – 3.5% |
||||
|
ANTA Sports Products Ltd. |
826,252 |
$8,190,367 |
||
|
Compagnie Financiere Richemont S.A. |
103,439 |
24,588,116 |
||
|
LVMH Moet Hennessy Louis Vuitton SE |
18,941 |
9,973,012 |
||
|
$42,751,495 |
||||
|
Auto & Auto Components – 2.5% |
||||
|
Bridgestone Corp. |
259,258 |
$6,726,913 |
||
|
BYD Co. Ltd., ADR |
304,378 |
3,357,289 |
||
|
DENSO Corp. |
579,846 |
7,023,487 |
||
|
Mahindra & Mahindra Ltd. |
125,271 |
4,319,542 |
||
|
Suzuki Motor Corp. |
672,889 |
9,380,431 |
||
|
$30,807,662 |
||||
|
Business Services – 3.7% |
||||
|
CGI, Inc. |
109,267 |
$8,227,645 |
||
|
Compass Group PLC |
556,519 |
17,057,307 |
||
|
Edenred |
188,084 |
6,571,544 |
||
|
Experian PLC |
320,397 |
13,215,165 |
||
|
$45,071,661 |
||||
|
Chemicals – 3.3% |
||||
|
Air Liquide S.A. |
110,300 |
$21,721,279 |
||
|
FUJIFILM Holdings Corp. |
294,412 |
6,247,616 |
||
|
Shin-Etsu Chemical Co. Ltd. |
323,466 |
12,195,529 |
||
|
$40,164,424 |
||||
|
Construction – 1.5% |
||||
|
Compagnie de Saint-Gobain S.A. |
115,095 |
$10,470,486 |
||
|
Haier Smart Home Co. Ltd., “H” |
2,974,406 |
8,181,234 |
||
|
$18,651,720 |
||||
|
Consumer Products – 0.9% |
||||
|
Beiersdorf AG |
119,508 |
$10,983,000 |
||
EIEFS-SEM
1
MFS Active International ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Diversified Financial Services – 2.5% |
||||
|
B3 S.A. - Brasil Bolsa Balcao |
2,660,752 |
$8,329,052 |
||
|
Deutsche Boerse AG |
37,505 |
12,546,407 |
||
|
Hong Kong Exchanges & Clearing Ltd. |
72,526 |
3,934,203 |
||
|
London Stock Exchange Group PLC |
48,375 |
5,899,334 |
||
|
$30,708,996 |
||||
|
Electrical Equipment – 3.8% |
||||
|
Mitsubishi Electric Corp. |
601,661 |
$21,034,596 |
||
|
Schneider Electric SE |
74,567 |
25,516,266 |
||
|
$46,550,862 |
||||
|
Energy - Independent – 4.8% |
||||
|
Eni S.p.A. |
716,794 |
$19,403,549 |
||
|
Reliance Industries Ltd. |
560,753 |
7,523,347 |
||
|
TotalEnergies SE |
245,136 |
21,506,230 |
||
|
Woodside Energy Group Ltd. |
444,345 |
10,323,097 |
||
|
$58,756,223 |
||||
|
Entertainment & Leisure – 4.3% |
||||
|
NetEase, Inc., ADR |
87,818 |
$10,694,476 |
||
|
Sony Group Corp. |
550,706 |
13,844,352 |
||
|
Tencent Holdings Ltd., ADR |
489,208 |
27,977,806 |
||
|
$52,516,634 |
||||
|
Food & Beverages – 1.0% |
||||
|
Inner Mongolia Yili Industrial Group Co. Ltd., “A” |
1,453,100 |
$5,730,359 |
||
|
Nestle S.A. |
69,404 |
6,767,394 |
||
|
$12,497,753 |
||||
|
Food & Drug Stores – 2.1% |
||||
|
Seven & I Holdings Co. Ltd. |
945,056 |
$11,985,499 |
||
|
Tesco PLC |
2,113,937 |
13,098,838 |
||
|
$25,084,337 |
||||
|
Global Systemically Important Banks – 8.8% |
||||
|
BNP Paribas S.A. |
171,998 |
$20,533,818 |
||
|
ING Groep N.V. |
642,487 |
22,750,359 |
||
|
Royal Bank of Canada |
40,796 |
8,328,503 |
||
|
Sumitomo Mitsui Financial Group, Inc. |
405,957 |
17,724,883 |
||
|
Toronto-Dominion Bank |
180,660 |
21,843,601 |
||
|
UBS Group AG |
299,864 |
16,708,422 |
||
|
$107,889,586 |
||||
|
Hardware, Peripherals, & Assembly – 7.6% |
||||
|
Amadeus IT Group S.A. |
178,731 |
$12,086,757 |
||
|
Hitachi Ltd. |
722,832 |
24,605,699 |
||
|
Hon Hai Precision Industry Co. Ltd. |
1,697,898 |
13,381,076 |
||
|
Samsung Electronics Co. Ltd. |
225,562 |
42,851,177 |
||
|
$92,924,709 |
||||
2
MFS Active International ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Insurance – 4.7% |
||||
|
AIA Group Ltd., ADR |
396,226 |
$15,345,833 |
||
|
Intact Financial Corp. |
48,081 |
9,306,750 |
||
|
Prudential PLC |
375,874 |
5,184,771 |
||
|
Sompo Holdings, Inc. |
367,389 |
15,753,456 |
||
|
Zurich Insurance Group AG |
15,426 |
11,308,774 |
||
|
$56,899,584 |
||||
|
Interactive Media Services – 0.6% |
||||
|
LY Corp. |
2,185,353 |
$7,605,986 |
||
|
Machinery & Tools – 1.7% |
||||
|
Daikin Industries Ltd. |
77,221 |
$10,226,042 |
||
|
KONE Oyj, “B” |
177,457 |
10,879,282 |
||
|
$21,105,324 |
||||
|
Media – 0.9% |
||||
|
RELX PLC |
232,952 |
$8,434,171 |
||
|
Wolters Kluwer N.V. |
35,176 |
2,894,428 |
||
|
$11,328,599 |
||||
|
Medical Equipment – 1.8% |
||||
|
QIAGEN N.V. |
46,837 |
$2,027,574 |
||
|
Sonova Holding AG |
38,755 |
11,132,444 |
||
|
Terumo Corp. |
568,824 |
8,958,755 |
||
|
$22,118,773 |
||||
|
Metals & Mining – 3.0% |
||||
|
Franco-Nevada Corp. |
45,049 |
$11,854,644 |
||
|
Gerdau S.A., ADR |
2,048,380 |
9,443,032 |
||
|
Glencore PLC |
726,993 |
5,867,113 |
||
|
Rio Tinto PLC |
91,783 |
9,543,849 |
||
|
$36,708,638 |
||||
|
Non-Global Systemically Important Banks – 9.7% |
||||
|
Banco Bilbao Vizcaya Argentaria S.A. |
263,861 |
$7,671,385 |
||
|
Banco Bradesco S.A., ADR |
2,715,909 |
8,908,181 |
||
|
Bank of Ireland Group PLC |
758,931 |
16,735,959 |
||
|
Credicorp Ltd. |
29,437 |
10,785,128 |
||
|
DBS Group Holdings Ltd. |
241,872 |
14,728,104 |
||
|
HDFC Bank Ltd., ADR |
396,598 |
9,002,775 |
||
|
Intesa Sanpaolo S.p.A. |
2,778,706 |
21,912,207 |
||
|
Kotak Mahindra Bank Ltd. |
1,929,454 |
8,501,811 |
||
|
NatWest Group PLC |
2,142,770 |
19,726,072 |
||
|
$117,971,622 |
||||
|
Pharmaceuticals & Biotechnology – 6.3% |
||||
|
GSK PLC |
462,726 |
$11,621,335 |
||
|
Merck KGaA |
91,699 |
14,805,296 |
||
|
Novartis AG |
151,754 |
23,139,974 |
||
|
Novo Nordisk A.S., “B” |
97,611 |
4,435,037 |
||
|
Roche Holding AG |
52,384 |
22,862,714 |
||
|
$76,864,356 |
||||
3
MFS Active International ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Restaurants – 0.4% |
||||
|
Yum China Holdings, Inc. |
116,661 |
$5,204,247 |
||
|
Retail & E-commerce – 0.5% |
||||
|
PDD Holdings, Inc., ADR (a) |
66,979 |
$5,626,236 |
||
|
Semiconductor & Electronic Components – 7.9% |
||||
|
Advantest Corp. |
182 |
$38,383 |
||
|
Hoya Corp. |
45,654 |
7,030,287 |
||
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |
215,632 |
89,556,282 |
||
|
$96,624,952 |
||||
|
Software – 3.0% |
||||
|
Check Point Software Technologies Ltd. (a) |
133,106 |
$18,489,754 |
||
|
SAP SE |
81,652 |
18,105,498 |
||
|
$36,595,252 |
||||
|
Tobacco – 1.0% |
||||
|
British American Tobacco PLC, ADR |
213,985 |
$11,891,146 |
||
|
Travel, Gaming, & Lodging – 1.4% |
||||
|
Ryanair Holdings PLC, ADR |
247,699 |
$13,715,094 |
||
|
Sands China Ltd. |
2,077,484 |
3,723,778 |
||
|
$17,438,872 |
||||
|
Utilities – 1.4% |
||||
|
ENGIE S.A. |
578,389 |
$16,526,955 |
||
|
Total Common Stocks (Identified Cost, $1,048,904,527) |
$1,203,714,482 |
|||
|
Mutual Funds – 1.3% |
||||
|
Money Market Funds – 1.3% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $15,604,974) |
15,604,974 |
$15,604,974 |
||
|
Other Assets, Less Liabilities – 0.2% |
2,977,645 |
|||
|
Net Assets – 100.0% |
$1,222,297,101 |
|||
|
(a) |
Non-income producing security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
The following abbreviations are used in this report and are defined: |
|
|
ADR |
American Depositary Receipt |
See Notes to Financial Statements
4
MFS Active International ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value (identified cost, $1,064,509,501) |
$1,219,319,456 |
|
Cash |
787,813 |
|
Foreign currency, at value (identified cost, $253,635) |
253,502 |
|
Receivables for |
|
|
Interest and dividends |
2,506,382 |
|
Other assets |
4,753 |
|
Total assets |
$1,222,871,906 |
|
Liabilities |
|
|
Payables for |
|
|
Investments purchased |
$496,054 |
|
Payable to affiliates |
|
|
Investment adviser |
78,751 |
|
Total liabilities |
$574,805 |
|
Net assets |
$1,222,297,101 |
|
Net assets consist of |
|
|
Paid-in capital |
$1,058,094,346 |
|
Total distributable earnings (loss) |
164,202,755 |
|
Net assets |
$1,222,297,101 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
36,425,000 |
|
Net asset value per share (net assets of $1,222,297,101 / 36,425,000 shares of beneficial interest outstanding) |
$33.56 |
See Notes to Financial Statements
5
MFS Active International ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Dividends from unaffiliated issuers |
$18,809,901 |
|
Income on securities loaned |
5,247 |
|
Other |
1,174 |
|
Foreign taxes withheld |
(1,892,105 ) |
|
Total investment income |
$16,924,217 |
|
Expenses |
|
|
Management fee |
$3,142,393 |
|
Miscellaneous |
1,354 |
|
Total expenses |
$3,143,747 |
|
Net investment income (loss) |
$13,780,470 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers |
$(3,548,449 ) |
|
Foreign currency |
(72,970 ) |
|
In-kind redemptions – unaffiliated issuers |
1,935,729 |
|
Net realized gain (loss) |
$(1,685,690 ) |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers |
$42,015,961 |
|
Translation of assets and liabilities in foreign currencies |
(19,251 ) |
|
Net unrealized gain (loss) |
$41,996,710 |
|
Net realized and unrealized gain (loss) |
$40,311,020 |
|
Change in net assets from operations |
$54,091,490 |
See Notes to Financial Statements
6
MFS Active International ETF
Financial Statements | Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
Year ended |
|
|
(unaudited) |
|
|
|
Change in net assets |
||
|
From operations |
||
|
Net investment income (loss) |
$13,780,470 |
$5,807,282 |
|
Net realized gain (loss) |
(1,685,690 ) |
(1,257,047 ) |
|
Net unrealized gain (loss) |
41,996,710 |
109,910,069 |
|
Change in net assets from operations |
$54,091,490 |
$114,460,304 |
|
Total distributions to shareholders |
$(440,063 ) |
$(5,484,760 ) |
|
Change in net assets from fund share transactions |
$295,318,533 |
$603,125,983 |
|
Miscellaneous capital |
$188,953 |
$173,450 |
|
Total change in net assets |
$349,158,913 |
$712,274,977 |
|
Net assets |
||
|
At beginning of period |
873,138,188 |
160,863,211 |
|
At end of period |
$1,222,297,101 |
$873,138,188 |
See Notes to Financial Statements
7
MFS Active International ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
Year ended |
||
|
8/31/26
(unaudited) |
2/28/26 |
2/28/25 (c) |
|
|
Net asset value, beginning of period |
$32.37 |
$25.64 |
$25.08 |
|
Income (loss) from investment operations |
|||
|
Net investment income (loss) (d) |
$0.42 |
$0.38 |
$0.01 |
|
Net realized and unrealized gain (loss) |
0.77 |
6.59 |
0.54 |
|
Total from investment operations |
$1.19 |
$6.97 |
$0.55 |
|
Less distributions declared to shareholders |
|||
|
From net investment income |
$(0.01 ) |
$(0.25 ) |
$— |
|
Miscellaneous capital (d) |
$0.01 |
$0.01 |
$0.01 |
|
Net asset value, end of period (x) |
$33.56 |
$32.37 |
$25.64 |
|
Total return (%) (s)(x) |
3.71 (n) |
27.31 |
2.21 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
|||
|
Expenses |
0.59 (a) |
0.59 |
0.59 (a) |
|
Net investment income (loss) |
2.59 (a) |
1.30 |
0.19 (a) |
|
Portfolio turnover rate (e) |
5 (n) |
10 |
2 (n) |
|
Net assets at end of period (000 omitted) |
$1,222,297 |
$873,138 |
$160,863 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, December 5, 2024, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
8
MFS Active International ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Active International ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
9
MFS Active International ETF
Notes to Financial Statements (unaudited) - continued
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Equity Securities |
$1,203,714,482 |
$— |
$— |
$1,203,714,482 |
|
Investment Companies |
15,604,974 |
— |
— |
15,604,974 |
|
Total |
$1,219,319,456 |
$— |
$— |
$1,219,319,456 |
For further information regarding security characteristics, see the Portfolio of Investments.
Foreign Currency Translation — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
Security Loans — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the
10
MFS Active International ETF
Notes to Financial Statements (unaudited) - continued
Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At August 31, 2026, there were no securities on loan or collateral outstanding.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to wash sale loss deferrals and redemptions in-kind.
The tax character of distributions made during the six months ended August 31, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
Year ended
2/28/26 |
|
|
Ordinary income (including any short-term capital gains) |
$5,484,760 |
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$1,064,649,755 |
|
Gross appreciation |
195,712,783 |
|
Gross depreciation |
(41,043,082 ) |
|
Net unrealized appreciation (depreciation) |
$154,669,701 |
|
As of 2/28/26 |
|
|
Undistributed ordinary income |
433,152 |
|
Capital loss carryforwards |
(2,498,249 ) |
|
Other temporary differences |
(37,315 ) |
|
Net unrealized appreciation (depreciation) |
112,653,740 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
11
MFS Active International ETF
Notes to Financial Statements (unaudited) - continued
As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
|
Short-Term |
$(2,178,404 ) |
|
Long-Term |
(319,845 ) |
|
Total |
$(2,498,249 ) |
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.59% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2026.
(4) Portfolio Securities
For the six months ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $92,918,505 and $47,427,033, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $261,756,813 and $13,770,441, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions. These variable fees are included in “Miscellaneous capital” in the Statement of Changes in Net Assets.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 |
Year ended
2/28/26 |
|||
|
Shares |
Amount |
Shares |
Amount |
|
|
Shares sold |
9,900,000 |
$309,929,413 |
20,950,000 |
$610,111,983 |
|
Shares reacquired |
(450,000 ) |
(14,610,880 ) |
(250,000 ) |
(6,986,000 ) |
|
Net change |
9,450,000 |
$295,318,533 |
20,700,000 |
$603,125,983 |
12
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active International ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active International ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Active International ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
13
MFS Active International ETF
Board Review of Investment Management Agreement
MFS Active International ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment management agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of several months beginning in April and ending in July, 2026 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment management agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment management agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment management agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment management agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment management agreement and other arrangements with the Fund. The independent Trustees considered that the Fund has a unitary management fee structure, pursuant to which MFS receives a fee covering investment management and administrative services, with MFS paying the Fund’s ordinary, recurring operating expenses (the “Unitary Fee”), subject to certain exceptions.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Fund for the one-year period ended December 31, 2025 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Fund’s Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts, (iv) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (v) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment management agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over the one-year period ended December 31, 2025. The total return performance of the Fund was in the 4th quintile relative to the other funds in the universe for this one-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The Fund commenced operations on December 5, 2024, and has a limited operating history and performance record; therefore, no performance data for the three- or five-year periods was available. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
14
MFS Active International ETF
Board Review of Investment Management Agreement - continued
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the investment management agreement and descriptions of various services performed or procured by MFS under the investment management agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses excluded from the Unitary Fee and therefore payable by the Fund. The Trustees also considered the Fund’s Unitary Fee as compared with the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund’s Unitary Fee and total expense ratio were each approximately at the applicable Broadridge expense group median.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.
The Trustees considered that the investment management agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS’ observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund, and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that the Unitary Fee charged to the Fund represents reasonable compensation in light of the services being provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment management agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment management agreement with MFS should be continued for an additional one-year period, commencing August 1, 2026.
15
MFS Blended Research Core Equity ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Blended Research Core Equity ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – 99.6% |
||||
|
Aerospace & Defense – 2.1% |
||||
|
Curtiss-Wright Corp. |
132 |
$76,894 |
||
|
General Dynamics Corp. |
1,382 |
513,206 |
||
|
Howmet Aerospace, Inc. |
577 |
141,336 |
||
|
Textron, Inc. |
720 |
58,003 |
||
|
$789,439 |
||||
|
Auto & Auto Components – 0.6% |
||||
|
Aptiv PLC (a) |
1,213 |
$54,294 |
||
|
Tesla, Inc. (a) |
472 |
173,672 |
||
|
$227,966 |
||||
|
Brokerage & Asset Managers – 2.9% |
||||
|
Ameriprise Financial, Inc. |
850 |
$470,144 |
||
|
Northern Trust Corp. |
3,177 |
589,524 |
||
|
$1,059,668 |
||||
|
Business Services – 0.3% |
||||
|
Cognizant Technology Solutions Corp., “A” |
550 |
$35,519 |
||
|
GoDaddy, Inc. (a) |
439 |
42,969 |
||
|
Verisk Analytics, Inc., “A” |
197 |
38,175 |
||
|
$116,663 |
||||
|
Chemicals – 0.2% |
||||
|
Albemarle Corp. |
512 |
$69,105 |
||
|
Construction – 0.2% |
||||
|
CRH PLC |
885 |
$83,447 |
||
|
Consumer Products – 1.3% |
||||
|
Colgate-Palmolive Co. |
5,541 |
$497,693 |
||
|
Consumer Services – 0.5% |
||||
|
Airbnb, Inc., “A” (a) |
479 |
$87,762 |
||
|
Uber Technologies, Inc. (a) |
1,280 |
96,832 |
||
|
$184,594 |
||||
|
Containers – 0.3% |
||||
|
Smurfit Westrock PLC |
2,316 |
$108,620 |
||
|
Diversified Financial Services – 3.8% |
||||
|
Mastercard, Inc., “A” |
1,309 |
$771,407 |
||
|
Visa, Inc., “A” |
1,670 |
633,548 |
||
|
$1,404,955 |
||||
EBCFS-SEM
1
MFS Blended Research Core Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Electrical Equipment – 0.9% |
||||
|
Amphenol Corp., “A” |
1,814 |
$287,610 |
||
|
Eaton Corp. PLC |
100 |
40,188 |
||
|
$327,798 |
||||
|
Energy - Independent – 3.0% |
||||
|
ConocoPhillips |
797 |
$105,595 |
||
|
ExxonMobil Holdings Corp. |
1,334 |
214,707 |
||
|
Marathon Petroleum Corp. |
504 |
188,153 |
||
|
Valero Energy Corp. |
1,715 |
615,548 |
||
|
$1,124,003 |
||||
|
Energy - Renewables – 1.4% |
||||
|
GE Vernova, Inc. |
594 |
$533,727 |
||
|
Engineering - Construction – 0.5% |
||||
|
Jacobs Solutions, Inc. |
1,136 |
$169,321 |
||
|
Food & Beverages – 1.5% |
||||
|
Monster Worldwide, Inc. (a) |
11,528 |
$529,366 |
||
|
PepsiCo, Inc. |
150 |
21,051 |
||
|
$550,417 |
||||
|
Global Systemically Important Banks – 2.8% |
||||
|
Bank of America Corp. |
5,788 |
$358,509 |
||
|
Citigroup, Inc. |
4,114 |
541,485 |
||
|
JPMorgan Chase & Co. |
326 |
116,062 |
||
|
$1,016,056 |
||||
|
Hardware, Peripherals, & Assembly – 11.8% |
||||
|
Apple, Inc. |
8,134 |
$2,577,258 |
||
|
Arista Networks, Inc. (a) |
2,464 |
482,180 |
||
|
Hewlett Packard Enterprise |
1,276 |
66,658 |
||
|
Micron Technology, Inc. |
840 |
805,333 |
||
|
Sandisk Corp. of Delaware (a) |
148 |
231,872 |
||
|
Seagate Technology Holdings PLC |
267 |
221,178 |
||
|
$4,384,479 |
||||
|
Health Maintenance Organizations – 1.5% |
||||
|
Centene Corp. (a) |
886 |
$57,005 |
||
|
Cigna Group |
1,320 |
364,425 |
||
|
Humana, Inc. |
320 |
122,634 |
||
|
$544,064 |
||||
|
Insurance – 2.2% |
||||
|
Berkshire Hathaway, Inc., “B” (a) |
274 |
$138,104 |
||
|
Chubb Ltd. |
450 |
152,370 |
||
|
Equitable Holdings, Inc. |
6,650 |
333,364 |
||
|
Everest Group Ltd. |
530 |
198,565 |
||
|
$822,403 |
||||
2
MFS Blended Research Core Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Interactive Media Services – 6.3% |
||||
|
Alphabet, Inc., “A” |
2,955 |
$1,002,779 |
||
|
Alphabet, Inc., “C” |
1,964 |
658,745 |
||
|
Meta Platforms, Inc., “A” |
1,201 |
687,381 |
||
|
$2,348,905 |
||||
|
Machinery & Tools – 2.3% |
||||
|
Caterpillar, Inc. |
533 |
$425,052 |
||
|
Trane Technologies PLC |
958 |
425,735 |
||
|
$850,787 |
||||
|
Media – 1.4% |
||||
|
Netflix, Inc. (a) |
3,286 |
$266,330 |
||
|
Spotify Technology S.A. (a) |
200 |
108,724 |
||
|
TKO Group Holdings, Inc. |
785 |
143,349 |
||
|
$518,403 |
||||
|
Medical & Health Technology & Services – 0.2% |
||||
|
McKesson Corp. |
79 |
$69,940 |
||
|
Medical Equipment – 1.6% |
||||
|
DexCom, Inc. (a) |
4,006 |
$364,786 |
||
|
Medtronic PLC |
1,663 |
150,751 |
||
|
Thermo Fisher Scientific, Inc. |
146 |
90,097 |
||
|
$605,634 |
||||
|
Metals & Mining – 0.7% |
||||
|
Freeport-McMoRan, Inc. |
1,855 |
$140,498 |
||
|
Newmont Corp. |
971 |
122,404 |
||
|
$262,902 |
||||
|
Network & Telecom – 0.2% |
||||
|
Qualcomm, Inc. |
507 |
$86,433 |
||
|
Non-Global Systemically Important Banks – 1.2% |
||||
|
PNC Financial Services Group, Inc. |
372 |
$89,142 |
||
|
Popular, Inc. |
1,583 |
266,245 |
||
|
UMB Financial Corp. |
484 |
68,549 |
||
|
$423,936 |
||||
|
Oil Services – 0.8% |
||||
|
TechnipFMC PLC |
3,550 |
$277,432 |
||
|
Pharmaceuticals & Biotechnology – 6.9% |
||||
|
AbbVie, Inc. |
883 |
$226,419 |
||
|
Biogen, Inc. (a) |
177 |
38,347 |
||
|
Bristol-Myers Squibb Co. |
4,839 |
323,294 |
||
|
Eli Lilly & Co. |
66 |
76,344 |
||
|
Gilead Sciences, Inc. |
2,758 |
403,606 |
||
|
Johnson & Johnson |
3,261 |
866,937 |
||
|
Pfizer, Inc. |
20,998 |
597,603 |
||
|
Vertex Pharmaceuticals, Inc. (a) |
37 |
20,147 |
||
|
$2,552,697 |
||||
3
MFS Blended Research Core Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Real Estate – 0.8% |
||||
|
CBRE Group, Inc., “A” (a) |
615 |
$89,673 |
||
|
W.P. Carey, Inc., REIT |
2,801 |
195,958 |
||
|
$285,631 |
||||
|
Real Estate - Storage & Office – 0.3% |
||||
|
Prologis, Inc., REIT |
734 |
$102,701 |
||
|
Restaurants – 0.8% |
||||
|
Aramark |
5,474 |
$308,241 |
||
|
Retail & E-commerce – 5.8% |
||||
|
Amazon.com, Inc. (a) |
5,833 |
$1,515,238 |
||
|
Dollar General Corp. |
2,225 |
282,019 |
||
|
O'Reilly Automotive, Inc. (a) |
1,810 |
160,728 |
||
|
TJX Cos., Inc. |
1,376 |
184,260 |
||
|
$2,142,245 |
||||
|
Semiconductor & Electronic Components – 14.5% |
||||
|
Advanced Micro Devices (a) |
615 |
$289,493 |
||
|
Applied Materials, Inc. |
202 |
92,595 |
||
|
Broadcom, Inc. |
2,372 |
878,446 |
||
|
Intel Corp. (a) |
664 |
59,434 |
||
|
KLA Corp. |
1,231 |
215,979 |
||
|
Lam Research Corp. |
1,296 |
390,731 |
||
|
NVIDIA Corp. |
15,637 |
3,452,337 |
||
|
$5,379,015 |
||||
|
Software – 10.8% |
||||
|
Autodesk, Inc. (a) |
1,430 |
$369,698 |
||
|
Datadog, Inc., “A” (a) |
242 |
57,364 |
||
|
Microsoft Corp. |
3,654 |
1,853,638 |
||
|
Okta, Inc. (a) |
1,171 |
202,630 |
||
|
Palantir Technologies, Inc. (a) |
2,108 |
392,889 |
||
|
Salesforce, Inc. |
3,173 |
817,174 |
||
|
Snowflake, Inc., “A” (a) |
571 |
189,246 |
||
|
Zoom Communications, Inc. (a) |
1,201 |
116,113 |
||
|
$3,998,752 |
||||
|
Telecom Services – 0.9% |
||||
|
EchoStar Corp., “A” (a) |
1,263 |
$109,174 |
||
|
Space Exploration Technologies, “A” (a) |
1,286 |
184,785 |
||
|
T-Mobile USA, Inc. |
194 |
35,005 |
||
|
$328,964 |
||||
|
Tobacco – 1.5% |
||||
|
Philip Morris International, Inc. |
2,977 |
$557,592 |
||
|
Transportation & Logistics – 1.3% |
||||
|
Union Pacific Corp. |
1,564 |
$470,248 |
||
|
Travel, Gaming, & Lodging – 1.4% |
||||
|
Viking Holdings Ltd. (a) |
5,892 |
$507,537 |
||
4
MFS Blended Research Core Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Utilities – 2.1% |
||||
|
Atmos Energy Corp. |
291 |
$48,344 |
||
|
Edison International |
6,914 |
373,218 |
||
|
PG&E Corp. |
28,028 |
371,931 |
||
|
$793,493 |
||||
|
Total Common Stocks (Identified Cost, $32,596,229) |
$36,885,906 |
|||
|
Mutual Funds – 0.3% |
||||
|
Money Market Funds – 0.3% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $112,116) |
112,116 |
$112,116 |
||
|
Other Assets, Less Liabilities – 0.1% |
26,125 |
|||
|
Net Assets – 100.0% |
$37,024,147 |
|||
|
(a) |
Non-income producing security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
The following abbreviations are used in this report and are defined: |
|
|
REIT |
Real Estate Investment Trust |
See Notes to Financial Statements
5
MFS Blended Research Core Equity ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value (identified cost, $32,708,345) |
$36,998,022 |
|
Receivables for |
|
|
Interest and dividends |
27,133 |
|
Total assets |
$37,025,155 |
|
Liabilities |
|
|
Payables for |
|
|
Net daily variation margin on open futures contracts |
$22 |
|
Payable to affiliates |
|
|
Investment adviser |
986 |
|
Total liabilities |
$1,008 |
|
Net assets |
$37,024,147 |
|
Net assets consist of |
|
|
Paid-in capital |
$31,794,244 |
|
Total distributable earnings (loss) |
5,229,903 |
|
Net assets |
$37,024,147 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
1,225,000 |
|
Net asset value per share (net assets of $37,024,147 / 1,225,000 shares of beneficial interest outstanding) |
$30.22 |
See Notes to Financial Statements
6
MFS Blended Research Core Equity ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Dividends from unaffiliated issuers |
$174,425 |
|
Other |
244 |
|
Income on securities loaned |
129 |
|
Total investment income |
$174,798 |
|
Expenses |
|
|
Management fee |
$39,882 |
|
Miscellaneous |
34 |
|
Total expenses |
$39,916 |
|
Net investment income (loss) |
$134,882 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers |
$(10,269 ) |
|
Futures contracts |
(8,795 ) |
|
In-kind redemptions – unaffiliated issuers |
932,321 |
|
Net realized gain (loss) |
$913,257 |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers |
$3,397,417 |
|
Net realized and unrealized gain (loss) |
$4,310,674 |
|
Change in net assets from operations |
$4,445,556 |
See Notes to Financial Statements
7
MFS Blended Research Core Equity ETF
Financial Statements | Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
Year ended |
|
|
(unaudited) |
|
|
|
Change in net assets |
||
|
From operations |
||
|
Net investment income (loss) |
$134,882 |
$84,993 |
|
Net realized gain (loss) |
913,257 |
287,262 |
|
Net unrealized gain (loss) |
3,397,417 |
892,260 |
|
Change in net assets from operations |
$4,445,556 |
$1,264,515 |
|
Total distributions to shareholders |
$(119,814 ) |
$(54,000 ) |
|
Change in net assets from fund share transactions |
$2,191,160 |
$29,296,730 |
|
Total change in net assets |
$6,516,902 |
$30,507,245 |
|
Net assets |
||
|
At beginning of period |
30,507,245 |
— |
|
At end of period |
$37,024,147 |
$30,507,245 |
|
(c) |
For the period from the commencement of the fund’s investment operations, October 22, 2025, through the stated period end. |
See Notes to Financial Statements
8
MFS Blended Research Core Equity ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
Year ended |
|
|
8/31/26
(unaudited) |
2/28/26 (c) |
|
|
Net asset value, beginning of period |
$26.53 |
$25.44 |
|
Income (loss) from investment operations |
||
|
Net investment income (loss) (d) |
$0.12 |
$0.08 |
|
Net realized and unrealized gain (loss) |
3.67 |
1.06 |
|
Total from investment operations |
$3.79 |
$1.14 |
|
Less distributions declared to shareholders |
||
|
From net investment income |
$(0.10 ) |
$(0.05 ) |
|
Net asset value, end of period (x) |
$30.22 |
$26.53 |
|
Total return (%) (s)(x) |
14.37 (n) |
4.48 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
||
|
Expenses |
0.24 (a) |
0.24 (a) |
|
Net investment income (loss) |
0.81 (a) |
0.85 (a) |
|
Portfolio turnover rate (e) |
19 (n) |
5 (n) |
|
Net assets at end of period (000 omitted) |
$37,024 |
$30,507 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, October 22, 2025, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
9
MFS Blended Research Core Equity ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Blended Research Core Equity ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data.
10
MFS Blended Research Core Equity ETF
Notes to Financial Statements (unaudited) - continued
An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Equity Securities |
$36,885,906 |
$— |
$— |
$36,885,906 |
|
Investment Companies |
112,116 |
— |
— |
112,116 |
|
Total |
$36,998,022 |
$— |
$— |
$36,998,022 |
For further information regarding security characteristics, see the Portfolio of Investments.
Derivatives — The fund uses derivatives primarily to increase or decrease exposure to a particular market or segment of the market, or security, to increase or decrease interest rate or currency exposure, or as alternatives to direct investments. Derivatives are used for hedging or non-hedging purposes. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. When the fund uses derivatives as an investment to increase market exposure, or for hedging purposes, gains and losses from derivative instruments may be substantially greater than the derivative’s original cost.
The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. The fund's period end derivatives, as presented in the Portfolio of Investments and the associated Derivative Contract tables, generally are indicative of the volume of its derivative activity during the period.
The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the six months ended August 31, 2026 as reported in the Statement of Operations:
|
Risk |
Futures
Contracts |
|
Equity |
$(8,795 ) |
Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain, but not all, uncleared derivatives, the fund attempts to reduce its exposure to counterparty credit risk whenever possible by entering into an ISDA Master Agreement on a bilateral basis. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each agreement to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.
Collateral and margin requirements differ by type of derivative. For exchange-traded and cleared derivatives (e.g., futures contracts, cleared swaps, and exchange-traded options), margin requirements are set by the exchange or clearing broker and the clearing house and collateral, in the form of cash or securities, is posted by the fund directly with the exchange or clearing broker. Collateral terms
11
MFS Blended Research Core Equity ETF
Notes to Financial Statements (unaudited) - continued
are counterparty agreement specific for uncleared derivatives (e.g., forward foreign currency exchange contracts, uncleared swap agreements, and uncleared options). Collateral, in the form of cash and securities, is held in segregated accounts with the fund's custodian in connection with these agreements. For derivatives traded under an ISDA Master Agreement, which contains a credit support annex, the collateral requirements are netted across all transactions traded under such counterparty-specific agreement and an amount is posted from one party to the other to collateralize such obligations. Cash that has been segregated or delivered to brokers to cover the fund's collateral or margin obligations under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities as cash collateral posted for uncleared derivatives and/or cash pledged for exchange-traded or cleared derivatives. Securities pledged as collateral or margin for the same purpose, if any, are noted in the Portfolio of Investments. The fund may be required to make payments of interest on uncovered collateral or margin obligations with the broker. Any such payments are included in “Miscellaneous” expense in the Statement of Operations.
Futures Contracts — The fund entered into futures contracts which may be used to hedge against or obtain broad market exposure, interest rate exposure, or to manage duration. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.
Upon entering into a futures contract, the fund is required to deposit with the broker, either in cash or securities, an initial margin in an amount equal to a specified percentage of the notional amount of the contract. Subsequent payments (variation margin) are made or received by the fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gain or loss by the fund until the contract is closed or expires at which point the gain or loss on futures contracts is realized.
The fund bears the risk of interest rates or securities prices moving unexpectedly, in which case, the fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. While futures contracts may present less counterparty risk to the fund since the contracts are exchange traded and the exchange’s clearinghouse guarantees payments to the broker, there is still counterparty credit risk due to the insolvency of the broker. The fund's maximum risk of loss due to counterparty credit risk is equal to the margin posted by the fund to the broker plus any gains or minus any losses on the outstanding futures contracts.
Security Loans — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At August 31, 2026, there were no securities on loan or collateral outstanding.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
12
MFS Blended Research Core Equity ETF
Notes to Financial Statements (unaudited) - continued
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to redemptions in-kind.
The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
Year ended
2/28/26 (c) |
|
|
Ordinary income (including any short-term capital gains) |
$54,000 |
|
(c) |
For the period from the commencement of the fund’s investment operations, October 22, 2025, through the stated period end. |
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$32,710,352 |
|
Gross appreciation |
5,038,936 |
|
Gross depreciation |
(751,266 ) |
|
Net unrealized appreciation (depreciation) |
$4,287,670 |
|
As of 2/28/26 |
|
|
Undistributed ordinary income |
30,993 |
|
Capital loss carryforwards |
(17,085 ) |
|
Net unrealized appreciation (depreciation) |
890,253 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
|
Short-Term |
$(17,085 ) |
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.24% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
13
MFS Blended Research Core Equity ETF
Notes to Financial Statements (unaudited) - continued
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2026.
Other — At August 31, 2026, MFS held approximately 85% of the outstanding shares of the fund.
The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund’s securities trades. This agreement may be rescinded at any time. For the period ended August 31, 2026, this reimbursement amounted to $244, which is included in “Other” income in the Statement of Operations.
(4) Portfolio Securities
For the six months ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $9,477,962 and $6,182,871, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $2,852,408 and $3,974,297, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 |
Year ended
2/28/26 (c) |
|||
|
Shares |
Amount |
Shares |
Amount |
|
|
Shares sold |
250,000 |
$7,155,092 |
1,250,002 |
$31,954,868 |
|
Shares reacquired |
(175,000 ) |
(4,963,932 ) |
(100,002 ) |
(2,658,138 ) |
|
Net change |
75,000 |
$2,191,160 |
1,150,000 |
$29,296,730 |
|
(c) |
For the period from the commencement of the fund’s investment operations, October 22, 2025, through the stated period end. |
14
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Core Equity ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Core Equity ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Blended Research Core Equity ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not Applicable.
15
MFS Active Value ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Active Value ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – 98.9% |
||||
|
Aerospace & Defense – 6.0% |
||||
|
Boeing Co. (a) |
51,499 |
$10,700,462 |
||
|
General Dynamics Corp. |
26,056 |
9,675,896 |
||
|
Honeywell Aerospace, Inc. (a) |
13,395 |
2,117,883 |
||
|
RTX Corp. |
66,631 |
13,841,258 |
||
|
$36,335,499 |
||||
|
Brokerage & Asset Managers – 2.3% |
||||
|
KKR & Co., Inc. |
93,729 |
$10,283,946 |
||
|
LPL Financial Holdings, Inc. |
10,251 |
3,794,254 |
||
|
$14,078,200 |
||||
|
Business Services – 1.4% |
||||
|
Equifax, Inc. |
44,269 |
$8,373,924 |
||
|
Conglomerates – 0.9% |
||||
|
Honeywell International, Inc. |
24,814 |
$5,298,533 |
||
|
Construction – 0.8% |
||||
|
CRH PLC |
52,245 |
$4,926,181 |
||
|
Consumer Products – 2.1% |
||||
|
Kimberly-Clark Corp. |
54,288 |
$5,860,389 |
||
|
Procter & Gamble Co. |
48,107 |
6,981,288 |
||
|
$12,841,677 |
||||
|
Diversified Financial Services – 1.8% |
||||
|
NASDAQ, Inc. |
109,464 |
$10,794,245 |
||
|
Electrical Equipment – 1.5% |
||||
|
Eaton Corp. PLC |
22,465 |
$9,028,234 |
||
|
Energy - Independent – 6.9% |
||||
|
Chevron Corp. |
62,156 |
$12,812,838 |
||
|
ConocoPhillips |
89,606 |
11,871,899 |
||
|
ExxonMobil Holdings Corp. |
106,114 |
17,079,048 |
||
|
$41,763,785 |
||||
|
Food & Beverages – 1.5% |
||||
|
Coca-Cola Europacific Partners PLC |
29,352 |
$3,170,603 |
||
|
Mondelez International, Inc. |
93,669 |
5,814,035 |
||
|
$8,984,638 |
||||
|
Global Systemically Important Banks – 10.8% |
||||
|
Bank of America Corp. |
223,031 |
$13,814,540 |
||
|
JPMorgan Chase & Co. |
75,528 |
26,889,479 |
||
|
Morgan Stanley |
61,643 |
13,149,685 |
||
EVEFS-SEM
1
MFS Active Value ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Global Systemically Important Banks – continued |
||||
|
Wells Fargo & Co. |
128,570 |
$11,107,162 |
||
|
$64,960,866 |
||||
|
Hardware, Peripherals, & Assembly – 2.9% |
||||
|
Apple, Inc. |
55,064 |
$17,447,028 |
||
|
Health Maintenance Organizations – 4.1% |
||||
|
Cigna Group |
56,255 |
$15,530,881 |
||
|
Elevance Health, Inc. |
11,119 |
4,364,652 |
||
|
Humana, Inc. |
12,383 |
4,745,537 |
||
|
$24,641,070 |
||||
|
Insurance – 6.7% |
||||
|
Aon PLC |
30,738 |
$9,882,882 |
||
|
Hartford Insurance Group, Inc. |
64,183 |
8,817,460 |
||
|
Progressive Corp. |
51,445 |
11,219,126 |
||
|
Travelers Cos., Inc. |
27,577 |
10,091,252 |
||
|
$40,010,720 |
||||
|
Interactive Media Services – 0.8% |
||||
|
Alphabet, Inc., “A” |
14,051 |
$4,768,207 |
||
|
Machinery & Tools – 2.6% |
||||
|
Ingersoll Rand, Inc. |
105,349 |
$8,117,141 |
||
|
PACCAR, Inc. |
59,179 |
7,345,889 |
||
|
$15,463,030 |
||||
|
Medical & Health Technology & Services – 1.8% |
||||
|
McKesson Corp. |
12,121 |
$10,730,964 |
||
|
Medical Equipment – 4.1% |
||||
|
Abbott Laboratories |
112,708 |
$12,438,455 |
||
|
Boston Scientific Corp. (a) |
121,012 |
5,844,879 |
||
|
Medline, Inc., “A” (a) |
79,039 |
2,768,736 |
||
|
STERIS PLC |
15,723 |
3,657,799 |
||
|
$24,709,869 |
||||
|
Non-Global Systemically Important Banks – 1.6% |
||||
|
American Express Co. |
29,473 |
$9,731,100 |
||
|
Pharmaceuticals & Biotechnology – 4.4% |
||||
|
AbbVie, Inc. |
33,142 |
$8,498,271 |
||
|
Johnson & Johnson |
36,695 |
9,755,366 |
||
|
Pfizer, Inc. |
281,193 |
8,002,753 |
||
|
$26,256,390 |
||||
|
Real Estate - Storage & Office – 1.6% |
||||
|
Prologis, Inc., REIT |
69,257 |
$9,690,439 |
||
2
MFS Active Value ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Retail & E-commerce – 7.6% |
||||
|
Amazon.com, Inc. (a) |
125,530 |
$32,608,928 |
||
|
eBay, Inc. |
46,509 |
4,816,472 |
||
|
Home Depot, Inc. |
26,098 |
8,555,708 |
||
|
$45,981,108 |
||||
|
Semiconductor & Electronic Components – 5.4% |
||||
|
Analog Devices, Inc. |
30,664 |
$11,104,661 |
||
|
KLA Corp. |
51,578 |
9,049,360 |
||
|
NXP Semiconductors N.V. |
34,226 |
7,688,529 |
||
|
Texas Instruments, Inc. |
17,431 |
4,547,922 |
||
|
$32,390,472 |
||||
|
Software – 6.4% |
||||
|
Microsoft Corp. |
63,610 |
$32,268,717 |
||
|
Salesforce, Inc. |
24,151 |
6,219,849 |
||
|
$38,488,566 |
||||
|
Tobacco – 1.0% |
||||
|
Philip Morris International, Inc. |
31,748 |
$5,946,400 |
||
|
Transportation & Logistics – 1.9% |
||||
|
Union Pacific Corp. |
37,387 |
$11,241,149 |
||
|
Travel, Gaming, & Lodging – 1.6% |
||||
|
Hilton Worldwide Holdings, Inc. |
30,131 |
$9,529,833 |
||
|
Utilities – 8.4% |
||||
|
Alliant Energy Corp. |
123,870 |
$8,420,683 |
||
|
CMS Energy Corp. |
80,721 |
5,493,871 |
||
|
Dominion Energy, Inc. |
153,174 |
10,111,016 |
||
|
Duke Energy Corp. |
97,829 |
11,730,675 |
||
|
Southern Co. |
92,010 |
8,096,880 |
||
|
Xcel Energy, Inc. |
87,213 |
6,601,152 |
||
|
$50,454,277 |
||||
|
Total Common Stocks (Identified Cost, $548,834,556) |
$594,866,404 |
|||
|
Mutual Funds – 0.9% |
||||
|
Money Market Funds – 0.9% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $5,224,361) |
5,224,361 |
$5,224,361 |
||
|
Other Assets, Less Liabilities – 0.2% |
1,034,026 |
|||
|
Net Assets – 100.0% |
$601,124,791 |
|||
|
(a) |
Non-income producing security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
The following abbreviations are used in this report and are defined: |
|
|
REIT |
Real Estate Investment Trust |
See Notes to Financial Statements
3
MFS Active Value ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value (identified cost, $554,058,917) |
$600,090,765 |
|
Receivables for |
|
|
Investments sold |
2,706,655 |
|
Dividends |
962,616 |
|
Total assets |
$603,760,036 |
|
Liabilities |
|
|
Payables for |
|
|
Investments purchased |
$2,607,078 |
|
Payable to affiliates |
|
|
Investment adviser |
28,167 |
|
Total liabilities |
$2,635,245 |
|
Net assets |
$601,124,791 |
|
Net assets consist of |
|
|
Paid-in capital |
$549,912,157 |
|
Total distributable earnings (loss) |
51,212,634 |
|
Net assets |
$601,124,791 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
20,375,000 |
|
Net asset value per share (net assets of $601,124,791 / 20,375,000 shares of beneficial interest outstanding) |
$29.50 |
See Notes to Financial Statements
4
MFS Active Value ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Dividends from unaffiliated issuers |
$4,368,981 |
|
Other |
1,582 |
|
Foreign taxes withheld |
(8,879 ) |
|
Total investment income |
$4,361,684 |
|
Expenses |
|
|
Management fee |
$1,057,762 |
|
Total expenses |
$1,057,762 |
|
Net investment income (loss) |
$3,303,922 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers |
$(3,305,927 ) |
|
In-kind redemptions – unaffiliated issuers |
8,077,090 |
|
Net realized gain (loss) |
$4,771,163 |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers |
$25,938,239 |
|
Net realized and unrealized gain (loss) |
$30,709,402 |
|
Change in net assets from operations |
$34,013,324 |
See Notes to Financial Statements
5
MFS Active Value ETF
Financial Statements | Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
Year ended |
|
|
(unaudited) |
|
|
|
Change in net assets |
||
|
From operations |
||
|
Net investment income (loss) |
$3,303,922 |
$2,509,992 |
|
Net realized gain (loss) |
4,771,163 |
413,656 |
|
Net unrealized gain (loss) |
25,938,239 |
18,867,271 |
|
Change in net assets from operations |
$34,013,324 |
$21,790,919 |
|
Total distributions to shareholders |
$(3,253,161 ) |
$(1,551,608 ) |
|
Change in net assets from fund share transactions |
$284,593,577 |
$216,085,287 |
|
Total change in net assets |
$315,353,740 |
$236,324,598 |
|
Net assets |
||
|
At beginning of period |
285,771,051 |
49,446,453 |
|
At end of period |
$601,124,791 |
$285,771,051 |
See Notes to Financial Statements
6
MFS Active Value ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
Year ended |
||
|
8/31/26
(unaudited) |
2/28/26 |
2/28/25 (c) |
|
|
Net asset value, beginning of period |
$28.09 |
$25.36 |
$24.90 |
|
Income (loss) from investment operations |
|||
|
Net investment income (loss) (d) |
$0.20 |
$0.57 |
$0.13 |
|
Net realized and unrealized gain (loss) |
1.41 |
2.57 |
0.36 |
|
Total from investment operations |
$1.61 |
$3.14 |
$0.49 |
|
Less distributions declared to shareholders |
|||
|
From net investment income |
$(0.20 ) |
$(0.41 ) |
$(0.03 ) |
|
Net asset value, end of period (x) |
$29.50 |
$28.09 |
$25.36 |
|
Total return (%) (s)(x) |
5.82 (n) |
12.54 |
1.96 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
|||
|
Expenses |
0.44 (a) |
0.44 |
0.44 (a) |
|
Net investment income (loss) |
1.37 (a) |
2.16 |
2.31 (a) |
|
Portfolio turnover rate (e) |
24 (n) |
10 |
2 (n) |
|
Net assets at end of period (000 omitted) |
$601,125 |
$285,771 |
$49,446 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, December 5, 2024, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
7
MFS Active Value ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Active Value ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading
8
MFS Active Value ETF
Notes to Financial Statements (unaudited) - continued
does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Equity Securities |
$594,866,404 |
$— |
$— |
$594,866,404 |
|
Investment Companies |
5,224,361 |
— |
— |
5,224,361 |
|
Total |
$600,090,765 |
$— |
$— |
$600,090,765 |
For further information regarding security characteristics, see the Portfolio of Investments.
Foreign Currency Translation — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
9
MFS Active Value ETF
Notes to Financial Statements (unaudited) - continued
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to redemptions in-kind.
The tax character of distributions made during the current period will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
Year ended
2/28/26 |
|
|
Ordinary income (including any short-term capital gains) |
$1,551,608 |
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$554,060,895 |
|
Gross appreciation |
54,259,134 |
|
Gross depreciation |
(8,229,264 ) |
|
Net unrealized appreciation (depreciation) |
$46,029,870 |
|
As of 2/28/26 |
|
|
Undistributed ordinary income |
1,115,203 |
|
Capital loss carryforwards |
(754,363 ) |
|
Net unrealized appreciation (depreciation) |
20,091,631 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
|
Short-Term |
$(754,363 ) |
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.44% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2026.
10
MFS Active Value ETF
Notes to Financial Statements (unaudited) - continued
Other — The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund’s securities trades. This agreement may be rescinded at any time. For the six months ended August 31, 2026, this reimbursement amounted to $1,582, which is included in “Other” income in the Statement of Operations.
(4) Portfolio Securities
For the six months ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $122,055,932 and $113,030,277, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $303,122,651 and $30,663,953, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 |
Year ended
2/28/26 |
|||
|
Shares |
Amount |
Shares |
Amount |
|
|
Shares sold |
11,325,000 |
$317,007,125 |
8,500,000 |
$223,442,758 |
|
Shares reacquired |
(1,125,000 ) |
(32,413,548 ) |
(275,000 ) |
(7,357,471 ) |
|
Net change |
10,200,000 |
$284,593,577 |
8,225,000 |
$216,085,287 |
11
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Value ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Value ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Active Value ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
12
MFS Active Value ETF
Board Review of Investment Management Agreement
MFS Active Value ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, annually approve the continuation of the Fund’s investment management agreement with MFS. The Trustees consider matters bearing on the Fund and its advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting. In addition, the independent Trustees met several times over the course of several months beginning in April and ending in July, 2026 (“contract review meetings”) for the specific purpose of considering whether to approve the continuation of the investment management agreement for the Fund and the other investment companies that the Board oversees (the “MFS Funds”). The independent Trustees were assisted in their evaluation of the Fund’s investment management agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS during various contract review meetings. The independent Trustees were also assisted in this process by an independent consultant who was retained by and reported to the independent Trustees.
In connection with their deliberations regarding the continuation of the investment management agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. The investment management agreement for the Fund was considered separately, although the Trustees also took into account the common interests of all MFS Funds in their review. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services performed by MFS under the existing investment management agreement and other arrangements with the Fund. The independent Trustees considered that the Fund has a unitary management fee structure, pursuant to which MFS receives a fee covering investment management and administrative services, with MFS paying the Fund’s ordinary, recurring operating expenses (the “Unitary Fee”), subject to certain exceptions.
In connection with their contract review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party, on the investment performance of the Fund for the one-year period ended December 31, 2025 and the investment performance of a group of funds with substantially similar investment classifications/objectives (the “Broadridge performance universe”), (ii) information provided by Broadridge on the Fund’s Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (iii) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts, (iv) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the Fund and the MFS Funds as a whole, and compared to MFS’ institutional business, (v) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (vi) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (vii) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel providing investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative performance, fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the continuation of the investment management agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. It is also important to recognize that the fee arrangements for the Fund and other MFS Funds are the result of years of review and discussion between the independent Trustees and MFS, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years.
Based on information provided by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over the one-year period ended December 31, 2025. The total return performance of the Fund was in the 4th quintile relative to the other funds in the universe for this one-year period (the 1st quintile being the best performers and the 5th quintile being the worst performers). The Fund commenced operations on December 5, 2024, and has a limited operating history and performance record; therefore, no performance data for the three- or five-year periods was available. Because of the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.
13
MFS Active Value ETF
Board Review of Investment Management Agreement - continued
In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings as well as during investment review meetings conducted with portfolio management personnel during the course of the year regarding the Fund’s performance. After reviewing these and related factors, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that they were satisfied with MFS’ responses and efforts relating to investment performance.
In assessing the reasonableness of the Fund’s Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the investment management agreement and descriptions of various services performed or procured by MFS under the investment management agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses excluded from the Unitary Fee and therefore payable by the Fund. The Trustees also considered the Fund’s Unitary Fee as compared with the advisory fee and total expense ratios of the Broadridge expense group based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund’s Unitary Fee and total expense ratio were each approximately at the applicable Broadridge expense group median.
The Trustees also considered the advisory fees charged by MFS to any institutional separate accounts advised by MFS (“separate accounts”) and unaffiliated investment companies for which MFS serves as subadviser (“subadvised funds”) that have comparable investment strategies to the Fund, if any. In comparing these fees, the Trustees considered information provided by MFS as to the generally broader scope of services provided by MFS to the Fund, as well as the more extensive regulatory burdens imposed on MFS in managing the Fund, in comparison to separate accounts and subadvised funds. The Trustees also considered the higher demands placed on MFS’ investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Fund in comparison to separate accounts.
The Trustees considered that the investment management agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS’ observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.
The Trustees also considered information prepared by MFS relating to MFS’ costs and profits with respect to the Fund, the MFS Funds considered as a group, and other investment companies and accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds, the Fund, and other accounts and products for purposes of estimating profitability.
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the investment management agreement, that the Unitary Fee charged to the Fund represents reasonable compensation in light of the services being provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services provided to the Fund by MFS and its affiliates under agreements and plans other than the investment management agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s investment management agreement with MFS should be continued for an additional one-year period, commencing August 1, 2026.
14
MFS Active Mid Cap ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Active Mid Cap ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – 99.4% |
||||
|
Aerospace & Defense – 1.5% |
||||
|
Melrose Industries PLC |
41,230 |
$287,825 |
||
|
Standard Aero, Inc. (a) |
9,975 |
244,288 |
||
|
$532,113 |
||||
|
Alcoholic Beverages – 1.3% |
||||
|
Brown-Forman Corp., “B” |
10,438 |
$277,338 |
||
|
Pernod Ricard S.A., ADR |
12,737 |
190,036 |
||
|
$467,374 |
||||
|
Apparel, Footwear, & Accessories – 1.4% |
||||
|
Birkenstock Holding PLC (a)(l) |
7,787 |
$271,844 |
||
|
Columbia Sportswear Co. |
4,451 |
255,488 |
||
|
$527,332 |
||||
|
Auto & Auto Components – 1.3% |
||||
|
Aptiv PLC (a) |
5,377 |
$240,675 |
||
|
LKQ Corp. |
9,842 |
247,034 |
||
|
$487,709 |
||||
|
Brokerage & Asset Managers – 2.2% |
||||
|
Houlihan Lokey, Inc. |
1,631 |
$217,396 |
||
|
Raymond James Financial, Inc. |
2,394 |
426,539 |
||
|
TPG, Inc. |
2,926 |
158,355 |
||
|
$802,290 |
||||
|
Business Services – 8.5% |
||||
|
Cognizant Technology Solutions Corp., “A” |
6,722 |
$434,107 |
||
|
CoStar Group, Inc. (a) |
8,454 |
271,120 |
||
|
Equifax, Inc. |
1,796 |
339,731 |
||
|
Fidelity National Information Services, Inc. |
7,358 |
299,986 |
||
|
Global Payments, Inc. |
7,366 |
670,674 |
||
|
Morningstar, Inc. |
1,446 |
316,587 |
||
|
MSCI, Inc. |
665 |
379,476 |
||
|
TransUnion |
4,365 |
370,632 |
||
|
$3,082,313 |
||||
|
Chemicals – 0.9% |
||||
|
Element Solutions, Inc. |
8,993 |
$319,611 |
||
|
Construction – 9.0% |
||||
|
Allegion PLC |
2,458 |
$381,605 |
||
|
Equity Lifestyle Properties, Inc., REIT |
6,517 |
413,504 |
||
|
James Hardie Industries PLC (a) |
10,960 |
325,622 |
||
|
Mid-America Apartment Communities, Inc., REIT |
2,255 |
290,557 |
||
|
Otis Worldwide Corp. |
3,380 |
240,419 |
||
|
Pool Corp. |
1,527 |
284,816 |
||
|
Pulte Homes, Inc. |
1,729 |
218,407 |
||
|
SiteOne Landscape Supply, Inc. (a) |
3,672 |
361,802 |
||
ECMFS-SEM
1
MFS Active Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Construction – continued |
||||
|
Sun Communities, Inc., REIT |
2,394 |
$290,679 |
||
|
Suncrete, Inc., “A” (a)(l) |
7,680 |
131,712 |
||
|
Vulcan Materials Co. |
1,197 |
322,687 |
||
|
$3,261,810 |
||||
|
Consumer Products – 2.4% |
||||
|
International Flavors & Fragrances, Inc. |
4,926 |
$425,262 |
||
|
Kenvue, Inc. |
24,073 |
454,498 |
||
|
$879,760 |
||||
|
Containers – 2.2% |
||||
|
Avery Dennison Corp. |
2,261 |
$393,663 |
||
|
Ball Corp. |
6,517 |
410,375 |
||
|
$804,038 |
||||
|
Diversified Financial Services – 1.4% |
||||
|
London Stock Exchange Group PLC, ADR |
8,130 |
$245,932 |
||
|
SLM Corp. |
10,445 |
271,257 |
||
|
$517,189 |
||||
|
Electrical Equipment – 5.3% |
||||
|
Arxis, Inc. (a) |
4,834 |
$250,256 |
||
|
Hubbell, Inc. |
811 |
367,383 |
||
|
Littlefuse, Inc. |
883 |
363,955 |
||
|
nVent Electric PLC |
2,704 |
407,628 |
||
|
W.W. Grainger, Inc. |
399 |
522,487 |
||
|
$1,911,709 |
||||
|
Energy - Independent – 5.4% |
||||
|
Diamondback Energy, Inc. |
2,926 |
$586,604 |
||
|
EQT Corp. |
6,650 |
360,297 |
||
|
Permian Resources Corp. |
20,519 |
477,888 |
||
|
Valero Energy Corp. |
1,447 |
519,357 |
||
|
$1,944,146 |
||||
|
Energy - Renewables – 0.3% |
||||
|
Innio N.V. (a) |
5,079 |
$102,596 |
||
|
Engineering - Construction – 1.0% |
||||
|
Jacobs Solutions, Inc. |
2,337 |
$348,330 |
||
|
Hardware, Peripherals, & Assembly – 3.0% |
||||
|
CDW Corp. |
1,687 |
$255,715 |
||
|
Hewlett Packard Enterprise |
6,673 |
348,598 |
||
|
Seagate Technology Holdings PLC |
263 |
217,864 |
||
|
Wix.com Ltd. (a)(l) |
3,060 |
270,045 |
||
|
$1,092,222 |
||||
|
Insurance – 5.1% |
||||
|
Assurant, Inc. |
1,596 |
$449,848 |
||
|
Brown & Brown, Inc. |
3,621 |
261,328 |
||
|
Hartford Insurance Group, Inc. |
2,394 |
328,888 |
||
2
MFS Active Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Insurance – continued |
||||
|
Selective Insurance Group, Inc. |
4,256 |
$388,530 |
||
|
Willis Towers Watson PLC |
1,197 |
405,244 |
||
|
$1,833,838 |
||||
|
Machinery & Tools – 3.3% |
||||
|
Nordson Corp. |
1,255 |
$403,759 |
||
|
Pentair PLC |
4,501 |
272,130 |
||
|
Wabtec Corp. |
1,843 |
526,969 |
||
|
$1,202,858 |
||||
|
Media – 1.2% |
||||
|
TKO Group Holdings, Inc. |
1,197 |
$218,584 |
||
|
Warner Music Group Corp. |
8,379 |
236,372 |
||
|
$454,956 |
||||
|
Medical & Health Technology & Services – 2.4% |
||||
|
Cencora, Inc. |
730 |
$236,228 |
||
|
ICON PLC (a) |
1,413 |
233,131 |
||
|
Minimed Group, Inc. (a)(l) |
19,510 |
395,272 |
||
|
$864,631 |
||||
|
Medical Equipment – 8.7% |
||||
|
Agilent Technologies, Inc. |
3,506 |
$538,381 |
||
|
Align Technology, Inc. (a) |
1,896 |
302,962 |
||
|
Becton, Dickinson and Co. |
3,123 |
587,468 |
||
|
Boston Scientific Corp. (a) |
4,893 |
236,332 |
||
|
DexCom, Inc. (a) |
4,208 |
383,181 |
||
|
STERIS PLC |
2,228 |
518,322 |
||
|
Waters Corp. (a) |
1,442 |
597,896 |
||
|
$3,164,542 |
||||
|
Natural Gas - Pipeline – 1.7% |
||||
|
Cheniere Energy, Inc. |
2,128 |
$620,716 |
||
|
Non-Global Systemically Important Banks – 2.3% |
||||
|
M&T Bank Corp. |
1,995 |
$466,710 |
||
|
Prosperity Bancshares, Inc. |
5,055 |
361,736 |
||
|
$828,446 |
||||
|
Pharmaceuticals & Biotechnology – 0.7% |
||||
|
Illumina, Inc. (a) |
1,191 |
$254,433 |
||
|
Pollution Control – 1.2% |
||||
|
GFL Environmental, Inc. |
10,149 |
$428,822 |
||
|
Real Estate – 2.5% |
||||
|
CBRE Group, Inc., “A” (a) |
2,079 |
$303,139 |
||
|
NNN REIT, Inc. |
6,384 |
288,557 |
||
|
Regency Centers Corp., REIT |
4,256 |
318,221 |
||
|
$909,917 |
||||
3
MFS Active Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Real Estate - Storage & Office – 1.4% |
||||
|
Extra Space Storage, Inc., REIT |
1,442 |
$203,466 |
||
|
Rexford Industrial Realty, Inc., REIT |
8,047 |
298,061 |
||
|
$501,527 |
||||
|
Restaurants – 2.3% |
||||
|
Aramark |
7,714 |
$434,375 |
||
|
U.S. Foods Holding Corp. (a) |
3,720 |
390,005 |
||
|
$824,380 |
||||
|
Retail & E-commerce – 1.9% |
||||
|
Burlington Stores, Inc. (a) |
1,341 |
$348,338 |
||
|
Ross Stores, Inc. |
1,506 |
344,181 |
||
|
$692,519 |
||||
|
Semiconductor & Electronic Components – 2.2% |
||||
|
Entegris, Inc. |
2,758 |
$373,130 |
||
|
Microchip Technology, Inc. |
5,719 |
420,060 |
||
|
$793,190 |
||||
|
Software – 5.0% |
||||
|
Descartes Systems Group, Inc. (a) |
3,838 |
$309,497 |
||
|
Kinaxis, Inc. (a) |
2,134 |
272,672 |
||
|
MongoDB, Inc. (a) |
696 |
315,546 |
||
|
nCino, Inc. (a) |
12,457 |
281,528 |
||
|
Pegasystems, Inc. |
5,288 |
194,651 |
||
|
Snowflake, Inc., “A” (a) |
1,342 |
444,779 |
||
|
$1,818,673 |
||||
|
Transportation & Logistics – 1.7% |
||||
|
C.H. Robinson Worldwide, Inc. |
1,734 |
$259,510 |
||
|
Saia, Inc. (a) |
969 |
344,121 |
||
|
$603,631 |
||||
|
Travel, Gaming, & Lodging – 2.7% |
||||
|
Hyatt Hotels Corp. |
2,457 |
$410,246 |
||
|
Southwest Airlines Co. |
5,323 |
205,095 |
||
|
Viking Holdings Ltd. (a) |
4,158 |
358,170 |
||
|
$973,511 |
||||
|
Utilities – 6.0% |
||||
|
Alliant Energy Corp. |
6,384 |
$433,984 |
||
|
Ameren Corp. |
3,857 |
408,881 |
||
|
American Water Works Co., Inc. |
2,254 |
311,570 |
||
|
Atmos Energy Corp. |
2,261 |
375,620 |
||
|
PG&E Corp. |
19,152 |
254,147 |
||
|
PPL Corp. |
11,305 |
385,840 |
||
|
$2,170,042 |
||||
|
Total Common Stocks (Identified Cost, $33,402,877) |
$36,021,174 |
|||
4
MFS Active Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Mutual Funds – 0.5% |
||||
|
Money Market Funds – 0.5% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $168,051) |
168,051 |
$168,051 |
||
|
Collateral for Securities Loaned – 2.8% |
||||
|
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.62% (j) (Identified Cost, $1,021,575) |
1,021,575 |
$1,021,575 |
||
|
Other Assets, Less Liabilities – (2.7)% |
(990,147) |
|||
|
Net Assets – 100.0% |
$36,220,653 |
|||
|
(a) |
Non-income producing security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
(l) |
A portion of this security is on loan. See Note 2 for additional information. |
|
The following abbreviations are used in this report and are defined: |
|
|
ADR |
American Depositary Receipt |
|
REIT |
Real Estate Investment Trust |
See Notes to Financial Statements
5
MFS Active Mid Cap ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value, including $991,408 of securities on loan (identified cost, $34,592,503) |
$37,210,800 |
|
Receivables for |
|
|
Interest and dividends |
34,323 |
|
Total assets |
$37,245,123 |
|
Liabilities |
|
|
Payable to custodian |
$529 |
|
Collateral for securities loaned, at value |
1,021,575 |
|
Payable to affiliates |
|
|
Investment adviser |
2,366 |
|
Total liabilities |
$1,024,470 |
|
Net assets |
$36,220,653 |
|
Net assets consist of |
|
|
Paid-in capital |
$33,312,852 |
|
Total distributable earnings (loss) |
2,907,801 |
|
Net assets |
$36,220,653 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
1,330,000 |
|
Net asset value per share (net assets of $36,220,653 / 1,330,000 shares of beneficial interest outstanding) |
$27.23 |
See Notes to Financial Statements
6
MFS Active Mid Cap ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Dividends from unaffiliated issuers |
$273,289 |
|
Income on securities loaned |
10,089 |
|
Other |
378 |
|
Foreign taxes withheld |
(1,064 ) |
|
Total investment income |
$282,692 |
|
Expenses |
|
|
Management fee |
$101,998 |
|
Total expenses |
$101,998 |
|
Net investment income (loss) |
$180,694 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers |
$(166,537 ) |
|
Foreign currency |
5 |
|
In-kind redemptions – unaffiliated issuers |
634,743 |
|
Net realized gain (loss) |
$468,211 |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers |
$1,026,210 |
|
Translation of assets and liabilities in foreign currencies |
5 |
|
Net unrealized gain (loss) |
$1,026,215 |
|
Net realized and unrealized gain (loss) |
$1,494,426 |
|
Change in net assets from operations |
$1,675,120 |
See Notes to Financial Statements
7
MFS Active Mid Cap ETF
Financial Statements | Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
Year ended |
|
|
(unaudited) |
|
|
|
Change in net assets |
||
|
From operations |
||
|
Net investment income (loss) |
$180,694 |
$98,504 |
|
Net realized gain (loss) |
468,211 |
38,591 |
|
Net unrealized gain (loss) |
1,026,215 |
1,592,087 |
|
Change in net assets from operations |
$1,675,120 |
$1,729,182 |
|
Total distributions to shareholders |
$(151,668 ) |
$(92,003 ) |
|
Change in net assets from fund share transactions |
$1,013,206 |
$32,046,816 |
|
Total change in net assets |
$2,536,658 |
$33,683,995 |
|
Net assets |
||
|
At beginning of period |
33,683,995 |
— |
|
At end of period |
$36,220,653 |
$33,683,995 |
|
(c) |
For the period from the commencement of the fund’s investment operations, September 24, 2025, through the stated period end. |
See Notes to Financial Statements
8
MFS Active Mid Cap ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
Year ended |
|
|
8/31/26
(unaudited) |
2/28/26 (c) |
|
|
Net asset value, beginning of period |
$26.11 |
$24.94 |
|
Income (loss) from investment operations |
||
|
Net investment income (loss) (d) |
$0.14 |
$0.08 |
|
Net realized and unrealized gain (loss) |
1.09 |
1.16 |
|
Total from investment operations |
$1.23 |
$1.24 |
|
Less distributions declared to shareholders |
||
|
From net investment income |
$(0.11 ) |
$(0.07 ) |
|
Net asset value, end of period (x) |
$27.23 |
$26.11 |
|
Total return (%) (s)(x) |
4.76 (n) |
5.00 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
||
|
Expenses |
0.59 (a) |
0.59 (a) |
|
Net investment income (loss) |
1.04 (a) |
0.76 (a) |
|
Portfolio turnover rate (e) |
9 (n) |
8 (n) |
|
Net assets at end of period (000 omitted) |
$36,221 |
$33,684 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, September 24, 2025, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
9
MFS Active Mid Cap ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Active Mid Cap ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading
10
MFS Active Mid Cap ETF
Notes to Financial Statements (unaudited) - continued
does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Equity Securities |
$36,021,174 |
$— |
$— |
$36,021,174 |
|
Investment Companies |
1,189,626 |
— |
— |
1,189,626 |
|
Total |
$37,210,800 |
$— |
$— |
$37,210,800 |
For further information regarding security characteristics, see the Portfolio of Investments.
Foreign Currency Translation — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
Security Loans — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $991,408. The fair value of the fund's investment securities on loan and a related liability of $1,021,575 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.
11
MFS Active Mid Cap ETF
Notes to Financial Statements (unaudited) - continued
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to redemptions in-kind.
The tax character of distributions made during the six months ended August 31, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
Year ended
2/28/26 (c) |
|
|
Ordinary income (including any short-term capital gains) |
$92,003 |
|
(c) |
For the period from the commencement of the fund’s investment operations, September 24, 2025, through the stated period end. |
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$34,592,503 |
|
Gross appreciation |
4,468,055 |
|
Gross depreciation |
(1,849,758 ) |
|
Net unrealized appreciation (depreciation) |
$2,618,297 |
|
As of 2/28/26 |
|
|
Undistributed ordinary income |
6,393 |
|
Capital loss carryforwards |
(214,131 ) |
|
Net unrealized appreciation (depreciation) |
1,592,087 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
12
MFS Active Mid Cap ETF
Notes to Financial Statements (unaudited) - continued
|
Short-Term |
$(214,131 ) |
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.59% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2026.
Other — At August 31, 2026, MFS held approximately 89% of the outstanding shares of the fund.
The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund’s securities trades. This agreement may be rescinded at any time. For the six months ended August 31, 2026, this reimbursement amounted to $378, which is included in “Other” income in the Statement of Operations.
(4) Portfolio Securities
For the six months ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $4,560,256 and $3,062,258, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $1,012,661 and $1,418,099, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 |
Year ended
2/28/26 (c) |
|||
|
Shares |
Amount |
Shares |
Amount |
|
|
Shares sold |
110,000 |
$2,831,832 |
1,350,000 |
$33,553,414 |
|
Shares reacquired |
(70,000 ) |
(1,818,626 ) |
(60,000 ) |
(1,506,598 ) |
|
Net change |
40,000 |
$1,013,206 |
1,290,000 |
$32,046,816 |
|
(c) |
For the period from the commencement of the fund’s investment operations, September 24, 2025, through the stated period end. |
13
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Mid Cap ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active Mid Cap ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Active Mid Cap ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not Applicable.
14
MFS Blended Research International Equity ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Blended Research International Equity ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – 96.4% |
||||
|
Aerospace & Defense – 0.6% |
||||
|
MTU Aero Engines Holding AG |
7,407 |
$3,029,326 |
||
|
Alcoholic Beverages – 1.2% |
||||
|
Ambev S.A., ADR (l) |
1,275,247 |
$3,659,959 |
||
|
Pernod Ricard S.A. |
32,058 |
2,401,783 |
||
|
$6,061,742 |
||||
|
Apparel, Footwear, & Accessories – 1.4% |
||||
|
Burberry Group PLC (a) |
105,038 |
$1,542,820 |
||
|
Christian Dior S.A. |
3,073 |
1,446,338 |
||
|
Compagnie Financiere Richemont S.A. |
7,672 |
1,823,684 |
||
|
LVMH Moet Hennessy Louis Vuitton SE |
3,760 |
1,979,754 |
||
|
$6,792,596 |
||||
|
Auto & Auto Components – 2.0% |
||||
|
Compagnie Generale des Etablissements Michelin |
32,713 |
$1,329,922 |
||
|
Mahindra & Mahindra Ltd. |
51,300 |
1,768,905 |
||
|
Maruti Suzuki India Ltd. |
5,743 |
817,392 |
||
|
PT Astra International Tbk |
6,408,237 |
1,736,356 |
||
|
Suzuki Motor Corp. |
282,593 |
3,939,497 |
||
|
$9,592,072 |
||||
|
Brokerage & Asset Managers – 0.5% |
||||
|
Brookfield Corp. |
54,475 |
$2,245,460 |
||
|
Business Services – 3.8% |
||||
|
CGI, Inc. |
17,257 |
$1,298,589 |
||
|
Infosys Technologies Ltd., ADR (l) |
210,279 |
2,535,965 |
||
|
ISS A/S |
94,894 |
4,249,656 |
||
|
Kanzhun Ltd., ADR |
58,284 |
1,011,810 |
||
|
Recruit Holdings Co. Ltd. |
28,629 |
3,264,333 |
||
|
Scout24 AG |
35,283 |
3,270,440 |
||
|
Tata Consultancy Services Ltd. |
112,295 |
2,830,698 |
||
|
$18,461,491 |
||||
|
Chemicals – 0.9% |
||||
|
Sime Darby Berhad |
1,617,726 |
$1,044,731 |
||
|
Teijin Ltd. |
97,873 |
1,077,063 |
||
|
UPL Ltd. |
246,700 |
1,457,294 |
||
|
Yara International A.S.A. |
22,237 |
1,085,225 |
||
|
$4,664,313 |
||||
|
Construction – 1.5% |
||||
|
Anhui Conch Cement Co. Ltd. |
964,943 |
$2,084,147 |
||
|
Compagnie de Saint-Gobain S.A. |
34,107 |
3,102,801 |
||
|
Techtronic Industries Co. Ltd. |
124,505 |
2,152,266 |
||
|
$7,339,214 |
||||
EBIFS-SEM
1
MFS Blended Research International Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Diversified Financial Services – 0.8% |
||||
|
Deutsche Boerse AG |
5,429 |
$1,816,143 |
||
|
IG Group Holdings PLC |
109,780 |
2,082,528 |
||
|
$3,898,671 |
||||
|
Electrical Equipment – 1.3% |
||||
|
Contemporary Amperex Technology Co. Ltd., “A” |
23,500 |
$1,271,371 |
||
|
Legrand S.A. |
3,998 |
634,121 |
||
|
Mitsubishi Electric Corp. |
62,131 |
2,172,154 |
||
|
Siemens Energy AG |
6,393 |
1,055,798 |
||
|
Signify N.V. |
58,936 |
1,053,555 |
||
|
$6,186,999 |
||||
|
Energy - Independent – 4.4% |
||||
|
Cenovus Energy, Inc. |
154,904 |
$4,980,164 |
||
|
Eni S.p.A. |
126,404 |
3,421,745 |
||
|
MOL Hungarian Oil & Gas PLC (a) |
171,839 |
2,762,236 |
||
|
Orlen S.A. |
42,251 |
1,748,544 |
||
|
PetroChina Co. Ltd. |
3,934,027 |
5,104,205 |
||
|
TotalEnergies SE |
39,217 |
3,440,579 |
||
|
$21,457,473 |
||||
|
Engineering - Construction – 2.1% |
||||
|
Doosan Bobcat, Inc. |
37,209 |
$1,693,790 |
||
|
Eiffage S.A. |
7,539 |
954,505 |
||
|
JGC Corp. |
149,904 |
2,211,260 |
||
|
Koninklijke BAM Groep N.V. |
54,781 |
739,390 |
||
|
Samsung E&A Co. Ltd. |
40,607 |
1,397,479 |
||
|
VINCI S.A. |
25,699 |
3,377,602 |
||
|
$10,374,026 |
||||
|
Entertainment & Leisure – 3.6% |
||||
|
Giant Network Group Co. Ltd., “A” |
338,600 |
$1,383,151 |
||
|
NetEase, Inc., ADR |
39,293 |
4,785,102 |
||
|
Sankyo Co. Ltd. |
64,653 |
812,665 |
||
|
Sony Group Corp. |
170,056 |
4,275,085 |
||
|
Tencent Holdings Ltd., ADR |
92,288 |
5,277,951 |
||
|
Yamaha Corp. |
160,602 |
1,347,147 |
||
|
$17,881,101 |
||||
|
Food & Beverages – 0.7% |
||||
|
Arca Continental S.A.B. de C.V. |
61,492 |
$704,737 |
||
|
AVI Ltd. |
196,951 |
1,041,396 |
||
|
Inner Mongolia Yili Industrial Group Co. Ltd., “A” |
201,400 |
794,229 |
||
|
JBS N.V., “A” |
58,276 |
783,229 |
||
|
$3,323,591 |
||||
|
Food & Drug Stores – 2.0% |
||||
|
Carrefour S.A. |
104,153 |
$1,896,344 |
||
|
Jeronimo Martins SGPS S.A. |
104,254 |
2,179,731 |
||
|
Sugi Holdings Co. Ltd. |
129,306 |
1,068,849 |
||
|
Tesco PLC |
731,762 |
4,534,303 |
||
|
$9,679,227 |
||||
2
MFS Blended Research International Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Global Systemically Important Banks – 9.6% |
||||
|
Barclays PLC |
859,526 |
$5,784,276 |
||
|
BNP Paribas S.A. |
69,982 |
8,354,735 |
||
|
China Construction Bank Corp. |
3,861,532 |
4,680,078 |
||
|
Industrial & Commercial Bank of China, “H” |
919,962 |
888,455 |
||
|
ING Groep N.V. |
228,597 |
8,094,582 |
||
|
Mizuho Financial Group, Inc. |
64,653 |
3,489,845 |
||
|
Toronto-Dominion Bank |
64,746 |
7,828,439 |
||
|
UBS Group AG |
142,787 |
7,821,622 |
||
|
$46,942,032 |
||||
|
Hardware, Peripherals, & Assembly – 5.9% |
||||
|
Hitachi Ltd. |
26,961 |
$914,787 |
||
|
Hon Hai Precision Industry Co. Ltd. |
618,627 |
4,875,378 |
||
|
King Slide Works Co. Ltd. |
3,335 |
1,490,773 |
||
|
Kioxia Holdings Corp. (a) |
3,325 |
1,040,480 |
||
|
Lenovo Group Ltd. |
788,248 |
3,020,874 |
||
|
Samsung Electronics Co. Ltd. |
8,320 |
1,580,593 |
||
|
SK hynix, Inc. |
8,327 |
10,185,151 |
||
|
SK Square Co. Ltd. |
4,562 |
3,456,667 |
||
|
Wix.com Ltd. (a)(l) |
26,003 |
2,294,765 |
||
|
$28,859,468 |
||||
|
Insurance – 3.7% |
||||
|
AIA Group Ltd. |
553,641 |
$5,385,647 |
||
|
Manulife Financial Corp. |
99,955 |
4,239,092 |
||
|
Sompo Holdings, Inc. |
136,655 |
5,859,698 |
||
|
Zurich Insurance Group AG |
3,861 |
2,830,492 |
||
|
$18,314,929 |
||||
|
Machinery & Tools – 2.2% |
||||
|
Aalberts Industries N.V. |
62,841 |
$3,200,010 |
||
|
Delta Electronics, Inc. |
22,205 |
1,287,977 |
||
|
Finning International, Inc. |
13,347 |
875,675 |
||
|
GEA Group AG |
69,343 |
5,412,646 |
||
|
$10,776,308 |
||||
|
Media – 0.1% |
||||
|
Spotify Technology S.A. (a) |
1,350 |
$733,887 |
||
|
Medical & Health Technology & Services – 0.3% |
||||
|
M3, Inc. |
131,603 |
$1,510,860 |
||
|
Medical Equipment – 1.7% |
||||
|
Fisher & Paykel Healthcare Corp. Ltd. |
130,891 |
$3,438,411 |
||
|
Koninklijke Philips N.V. |
89,472 |
2,380,948 |
||
|
Smith & Nephew PLC |
178,919 |
2,575,876 |
||
|
$8,395,235 |
||||
|
Metals & Mining – 7.3% |
||||
|
Agnico Eagle Mines Ltd. |
10,869 |
$2,207,603 |
||
|
Itochu Corp. |
337,345 |
4,451,476 |
||
|
Kinross Gold Corp. |
208,408 |
6,393,957 |
||
|
OceanaGold Corp. |
164,409 |
4,836,361 |
||
3
MFS Blended Research International Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Metals & Mining – continued |
||||
|
PLS Group Ltd. (a) |
362,119 |
$1,401,270 |
||
|
Rio Tinto PLC |
89,140 |
9,269,023 |
||
|
Sumitomo Corp. |
126,552 |
1,419,204 |
||
|
Toyota Tsusho Corp. |
90,633 |
4,242,589 |
||
|
Vale S.A., ADR |
107,217 |
1,617,904 |
||
|
$35,839,387 |
||||
|
Natural Gas - Pipeline – 0.5% |
||||
|
APA Group |
285,052 |
$2,224,481 |
||
|
Network & Telecom – 1.0% |
||||
|
Accton Technology Corp. |
38,607 |
$2,476,680 |
||
|
LM Ericsson Telephone Co., “B” |
227,008 |
2,292,443 |
||
|
$4,769,123 |
||||
|
Non-Global Systemically Important Banks – 9.8% |
||||
|
AIB Group PLC |
415,976 |
$5,298,032 |
||
|
Banco Bilbao Vizcaya Argentaria S.A. |
268,687 |
7,811,694 |
||
|
BPER Banca S.p.A. |
370,203 |
6,129,350 |
||
|
China Merchants Bank Co. Ltd. |
377,945 |
2,456,646 |
||
|
Credicorp Ltd. |
6,393 |
2,342,267 |
||
|
Grupo Financiero Banorte S.A. de C.V. |
239,696 |
2,714,207 |
||
|
Japan Post Bank Co. Ltd. |
109,722 |
2,338,675 |
||
|
KB Financial Group, Inc., ADR |
22,307 |
2,783,691 |
||
|
NatWest Group PLC |
785,380 |
7,230,110 |
||
|
Oversea-Chinese Banking Corp. Ltd. |
129,402 |
3,208,836 |
||
|
Raiffeisen International Bank Holding AG |
29,741 |
2,204,012 |
||
|
Shinhan Financial Group Co. Ltd., ADR |
43,017 |
3,405,656 |
||
|
$47,923,176 |
||||
|
Oil Services – 0.5% |
||||
|
Tenaris S.A. |
84,721 |
$2,354,895 |
||
|
Pharmaceuticals & Biotechnology – 4.8% |
||||
|
Astellas Pharma, Inc. |
126,669 |
$1,880,410 |
||
|
Bayer AG |
17,179 |
978,557 |
||
|
Gedeon Richter PLC |
36,842 |
1,538,246 |
||
|
GSK PLC |
139,759 |
3,510,039 |
||
|
Novartis AG |
54,495 |
8,309,586 |
||
|
Roche Holding AG |
2,468 |
1,077,145 |
||
|
Sanofi S.A. |
51,263 |
4,573,614 |
||
|
Sanofi S.A., ADR |
39,961 |
1,772,670 |
||
|
$23,640,267 |
||||
|
Real Estate – 1.5% |
||||
|
Charter Hall Group, REIT |
113,333 |
$1,569,062 |
||
|
Emaar Properties PJSC |
544,674 |
1,601,568 |
||
|
Scentre Group Ltd., REIT |
1,621,958 |
4,172,639 |
||
|
$7,343,269 |
||||
4
MFS Blended Research International Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Retail & E-commerce – 2.4% |
||||
|
Aritzia, Inc. (a) |
36,457 |
$3,474,062 |
||
|
De'Longhi S.p.A. |
37,355 |
1,836,251 |
||
|
Dollarama, Inc. |
35,386 |
4,469,878 |
||
|
PDD Holdings, Inc., ADR (a) |
10,230 |
859,320 |
||
|
Shimamura Co. Ltd. |
29,876 |
612,294 |
||
|
Vipshop Holdings Ltd., ADR |
53,181 |
696,671 |
||
|
$11,948,476 |
||||
|
Semiconductor & Electronic Components – 10.3% |
||||
|
Advantest Corp. |
9,405 |
$1,983,439 |
||
|
ASML Holding N.V. |
7,672 |
12,937,581 |
||
|
Dai Nippon Printing Co. Ltd. |
200,335 |
3,888,819 |
||
|
MediaTek, Inc. |
20,966 |
2,594,148 |
||
|
Renesas Electronics Corp. |
91,770 |
1,948,569 |
||
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |
59,849 |
24,856,487 |
||
|
Tokyo Electron Ltd. |
6,322 |
2,233,575 |
||
|
$50,442,618 |
||||
|
Software – 0.9% |
||||
|
Check Point Software Technologies Ltd. (a) |
15,334 |
$2,130,046 |
||
|
Constellation Software, Inc. |
280 |
634,108 |
||
|
Shopify, Inc. (a) |
12,161 |
1,792,166 |
||
|
$4,556,320 |
||||
|
Telecom Services – 1.6% |
||||
|
KDDI Corp. |
193,798 |
$3,590,267 |
||
|
LG Uplus Corp. |
146,022 |
1,599,350 |
||
|
MTN Group Ltd. |
115,122 |
1,351,117 |
||
|
PT Telkom Indonesia (Persero) Tbk |
85,321 |
1,243,980 |
||
|
$7,784,714 |
||||
|
Tobacco – 1.7% |
||||
|
British American Tobacco PLC |
121,181 |
$6,779,832 |
||
|
Imperial Brands PLC |
42,890 |
1,468,591 |
||
|
$8,248,423 |
||||
|
Transportation & Logistics – 0.6% |
||||
|
Yangzijiang Shipbuilding Holdings Ltd. |
710,836 |
$2,706,668 |
||
|
Travel, Gaming, & Lodging – 0.9% |
||||
|
Japan Airlines Co. Ltd. |
168,126 |
$3,169,925 |
||
|
Lottery Corp. Ltd. |
186,539 |
667,032 |
||
|
OPAP S.A. |
45,986 |
721,103 |
||
|
$4,558,060 |
||||
|
Utilities – 2.3% |
||||
|
AXIA Energia |
343,324 |
$3,519,675 |
||
|
AXIA Energia, ADR |
134,419 |
1,367,041 |
||
|
CLP Holdings Ltd. |
251,872 |
2,528,858 |
||
|
E.ON SE |
106,732 |
2,206,746 |
||
5
MFS Blended Research International Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Utilities – continued |
||||
|
ENGIE S.A. |
64,448 |
$1,841,545 |
||
|
$11,463,865 |
||||
|
Total Common Stocks (Identified Cost, $442,173,497) |
$472,323,763 |
|||
|
Preferred Stocks – 2.5% |
||||
|
Hardware, Peripherals, & Assembly – 2.5% |
||||
|
Samsung Electronics Co. Ltd. (Identified Cost, $9,117,170) |
89,078 |
$12,138,716 |
||
|
Mutual Funds – 0.9% |
||||
|
Money Market Funds – 0.9% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $4,541,423) |
4,541,423 |
$4,541,423 |
||
|
Collateral for Securities Loaned – 1.1% |
||||
|
JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.62% (j) (Identified Cost, $5,453,750) |
5,453,750 |
$5,453,750 |
||
|
Other Assets, Less Liabilities – (0.9)% |
(4,495,044) |
|||
|
Net Assets – 100.0% |
$489,962,608 |
|||
|
(a) |
Non-income producing security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
(l) |
A portion of this security is on loan. See Note 2 for additional information. |
|
The following abbreviations are used in this report and are defined: |
|
|
ADR |
American Depositary Receipt |
|
REIT |
Real Estate Investment Trust |
See Notes to Financial Statements
6
MFS Blended Research International Equity ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value, including $5,239,375 of securities on loan (identified cost, $461,285,840) |
$494,457,652 |
|
Cash |
9,252 |
|
Foreign currency, at value (identified cost, $130,673) |
131,046 |
|
Receivables for |
|
|
Interest and dividends |
836,698 |
|
Total assets |
$495,434,648 |
|
Liabilities |
|
|
Collateral for securities loaned, at value |
$5,453,750 |
|
Payable to affiliates |
|
|
Investment adviser |
18,290 |
|
Total liabilities |
$5,472,040 |
|
Net assets |
$489,962,608 |
|
Net assets consist of |
|
|
Paid-in capital |
$452,694,671 |
|
Total distributable earnings (loss) |
37,267,937 |
|
Net assets |
$489,962,608 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
15,800,000 |
|
Net asset value per share (net assets of $489,962,608 / 15,800,000 shares of beneficial interest outstanding) |
$31.01 |
See Notes to Financial Statements
7
MFS Blended Research International Equity ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Dividends from unaffiliated issuers |
$5,255,362 |
|
Income on securities loaned |
86,611 |
|
Other |
18,820 |
|
Interest |
182 |
|
Foreign taxes withheld |
(522,865 ) |
|
Total investment income |
$4,838,110 |
|
Expenses |
|
|
Management fee |
$518,603 |
|
Miscellaneous |
138 |
|
Total expenses |
$518,741 |
|
Net investment income (loss) |
$4,319,369 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers (includes $844 foreign capital gains tax) |
$(1,912,786 ) |
|
Foreign currency |
(52,705 ) |
|
In-kind redemptions – unaffiliated issuers |
2,350,863 |
|
Net realized gain (loss) |
$385,372 |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers (includes $3,745 decrease in deferred foreign capital gains tax) |
$21,779,072 |
|
Translation of assets and liabilities in foreign currencies |
785 |
|
Net unrealized gain (loss) |
$21,779,857 |
|
Net realized and unrealized gain (loss) |
$22,165,229 |
|
Change in net assets from operations |
$26,484,598 |
See Notes to Financial Statements
8
MFS Blended Research International Equity ETF
Financial Statements | Statements of Changes in Net Assets
These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
Year ended |
|
|
(unaudited) |
|
|
|
Change in net assets |
||
|
From operations |
||
|
Net investment income (loss) |
$4,319,369 |
$250,754 |
|
Net realized gain (loss) |
385,372 |
479,947 |
|
Net unrealized gain (loss) |
21,779,857 |
11,393,942 |
|
Change in net assets from operations |
$26,484,598 |
$12,124,643 |
|
Total distributions to shareholders |
$(500,019 ) |
$(170,002 ) |
|
Change in net assets from fund share transactions |
$317,756,781 |
$134,084,953 |
|
Miscellaneous capital |
$119,336 |
$62,318 |
|
Total change in net assets |
$343,860,696 |
$146,101,912 |
|
Net assets |
||
|
At beginning of period |
146,101,912 |
— |
|
At end of period |
$489,962,608 |
$146,101,912 |
|
(c) |
For the period from the commencement of the fund’s investment operations, October 22, 2025, through the stated period end. |
See Notes to Financial Statements
9
MFS Blended Research International Equity ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
Year ended |
|
|
8/31/26
(unaudited) |
2/28/26 (c) |
|
|
Net asset value, beginning of period |
$29.37 |
$24.88 |
|
Income (loss) from investment operations |
||
|
Net investment income (loss) (d) |
$0.42 |
$0.11 |
|
Net realized and unrealized gain (loss) |
1.25 |
4.42 |
|
Total from investment operations |
$1.67 |
$4.53 |
|
Less distributions declared to shareholders |
||
|
From net investment income |
$(0.04 ) |
$(0.07 ) |
|
Miscellaneous capital (d) |
$0.01 |
$0.03 |
|
Net asset value, end of period (x) |
$31.01 |
$29.37 |
|
Total return (%) (s)(x) |
5.72 (n) |
18.38 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
||
|
Expenses |
0.34 (a) |
0.34 (a) |
|
Net investment income (loss) |
2.83 (a) |
1.10 (a) |
|
Portfolio turnover rate (e) |
18 (n) |
8 (n) |
|
Net assets at end of period (000 omitted) |
$489,963 |
$146,102 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, October 22, 2025, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
10
MFS Blended Research International Equity ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Blended Research International Equity ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
11
MFS Blended Research International Equity ETF
Notes to Financial Statements (unaudited) - continued
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Equity Securities |
$484,462,479 |
$— |
$— |
$484,462,479 |
|
Investment Companies |
9,995,173 |
— |
— |
9,995,173 |
|
Total |
$494,457,652 |
$— |
$— |
$494,457,652 |
For further information regarding security characteristics, see the Portfolio of Investments.
Foreign Currency Translation — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
Security Loans — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $5,239,375. The fair value of the fund's investment securities on loan and a related liability of $5,453,750 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral on securities loaned exceeded the value of securities on loan at period end. The
12
MFS Blended Research International Equity ETF
Notes to Financial Statements (unaudited) - continued
liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend and interest payments received in additional securities are recorded on the ex-dividend or ex-interest date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
Book/tax differences primarily relate to passive foreign investment companies and redemptions in-kind.
The tax character of distributions made during the six months ended August 31, 2026 will be determined at fiscal year end. The tax character of distributions declared to shareholders for the last fiscal year is as follows:
|
Year ended
2/28/26 (c) |
|
|
Ordinary income (including any short-term capital gains) |
$170,002 |
|
(c) |
For the period from the commencement of the fund’s investment operations, October 22, 2025, through the stated period end. |
The federal tax cost and the tax basis components of distributable earnings were as follows:
13
MFS Blended Research International Equity ETF
Notes to Financial Statements (unaudited) - continued
|
As of 8/31/26 |
|
|
Cost of investments |
$461,705,533 |
|
Gross appreciation |
42,901,400 |
|
Gross depreciation |
(10,149,281 ) |
|
Net unrealized appreciation (depreciation) |
$32,752,119 |
|
As of 2/28/26 |
|
|
Undistributed ordinary income |
493,681 |
|
Capital loss carryforwards |
(176,274 ) |
|
Other temporary differences |
(10,841 ) |
|
Net unrealized appreciation (depreciation) |
10,976,792 |
The aggregate cost above includes prior fiscal year end tax adjustments, if applicable.
As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:
|
Short-Term |
$(176,274 ) |
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.34% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2026.
Other — The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund’s securities trades. This agreement may be rescinded at any time. For the six months ended August 31, 2026, this reimbursement amounted to $17,318, which is included in “Other” income in the Statement of Operations.
(4) Portfolio Securities
For the six months ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $121,349,790 and $55,009,052, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $259,847,663 and $8,363,120, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized
14
MFS Blended Research International Equity ETF
Notes to Financial Statements (unaudited) - continued
Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions. These variable fees are included in “Miscellaneous capital” in the Statement of Changes in Net Assets.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the New York Stock Exchange, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 |
Year ended
2/28/26 (c) |
|||
|
Shares |
Amount |
Shares |
Amount |
|
|
Shares sold |
11,125,000 |
$326,857,478 |
5,125,002 |
$138,345,981 |
|
Shares reacquired |
(300,000 ) |
(9,100,697 ) |
(150,002 ) |
(4,261,028 ) |
|
Net change |
10,825,000 |
$317,756,781 |
4,975,000 |
$134,084,953 |
|
(c) |
For the period from the commencement of the fund’s investment operations, October 22, 2025, through the stated period end. |
15
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research International Equity ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research International Equity ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Blended Research International Equity ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not Applicable.
16
MFS Active International Value ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Active International Value ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – 96.7% |
||||
|
Aerospace & Defense – 2.0% |
||||
|
BAE Systems PLC |
9,994 |
$276,796 |
||
|
Dassault Aviation S.A. |
684 |
225,479 |
||
|
$502,275 |
||||
|
Alcoholic Beverages – 1.2% |
||||
|
Diageo PLC |
13,262 |
$307,108 |
||
|
Auto & Auto Components – 2.8% |
||||
|
Aptiv PLC (a) |
3,652 |
$163,464 |
||
|
Compagnie Generale des Etablissements Michelin |
9,006 |
366,132 |
||
|
USS Co. Ltd. |
13,942 |
173,980 |
||
|
$703,576 |
||||
|
Business Services – 1.1% |
||||
|
Experian PLC |
6,384 |
$263,316 |
||
|
Chemicals – 2.7% |
||||
|
Akzo Nobel N.V. |
3,838 |
$275,060 |
||
|
FUJIFILM Holdings Corp. |
8,930 |
189,501 |
||
|
Nitto Denko Corp. |
9,956 |
218,876 |
||
|
$683,437 |
||||
|
Construction – 1.7% |
||||
|
Techtronic Industries Co. Ltd. |
24,776 |
$428,292 |
||
|
Consumer Products – 1.5% |
||||
|
Haleon PLC |
76,992 |
$384,122 |
||
|
Diversified Financial Services – 2.7% |
||||
|
Deutsche Boerse AG |
1,026 |
$343,224 |
||
|
IG Group Holdings PLC |
17,632 |
334,479 |
||
|
$677,703 |
||||
|
Electrical Equipment – 3.5% |
||||
|
Legrand S.A. |
798 |
$126,570 |
||
|
Mitsubishi Electric Corp. |
10,108 |
353,385 |
||
|
Schneider Electric SE |
1,178 |
403,103 |
||
|
$883,058 |
||||
|
Energy - Independent – 7.6% |
||||
|
Cenovus Energy, Inc. |
13,300 |
$427,228 |
||
|
Eni S.p.A. |
24,358 |
659,369 |
||
|
TotalEnergies SE |
9,310 |
816,783 |
||
|
$1,903,380 |
||||
EILFS-SEM
1
MFS Active International Value ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Food & Drug Stores – 3.8% |
||||
|
Seven & I Holdings Co. Ltd. |
34,546 |
$438,123 |
||
|
Tesco PLC |
80,750 |
500,361 |
||
|
$938,484 |
||||
|
Global Systemically Important Banks – 14.0% |
||||
|
Barclays PLC |
87,818 |
$590,981 |
||
|
BNP Paribas S.A. |
8,875 |
1,059,534 |
||
|
Mitsubishi UFJ Financial Group, Inc. |
19,264 |
443,765 |
||
|
Mizuho Financial Group, Inc. |
3,990 |
215,373 |
||
|
Toronto-Dominion Bank |
2,758 |
333,658 |
||
|
UBS Group AG |
15,960 |
874,261 |
||
|
$3,517,572 |
||||
|
Hardware, Peripherals, & Assembly – 5.6% |
||||
|
Capgemini SE |
3,610 |
$449,720 |
||
|
Hitachi Ltd. |
12,920 |
439,806 |
||
|
NEC Corp. |
7,920 |
243,326 |
||
|
Samsung Electronics Co. Ltd. |
1,391 |
264,255 |
||
|
$1,397,107 |
||||
|
Insurance – 3.8% |
||||
|
Manulife Financial Corp. |
7,486 |
$317,545 |
||
|
Sompo Holdings, Inc. |
4,978 |
213,454 |
||
|
Willis Towers Watson PLC |
1,254 |
424,542 |
||
|
$955,541 |
||||
|
Machinery & Tools – 0.5% |
||||
|
Daikin Industries Ltd. |
988 |
$130,837 |
||
|
Media – 5.3% |
||||
|
Informa PLC |
25,042 |
$305,862 |
||
|
Publicis Groupe S.A. |
4,601 |
539,506 |
||
|
Wolters Kluwer N.V. |
6,004 |
494,034 |
||
|
$1,339,402 |
||||
|
Medical Equipment – 1.5% |
||||
|
Smith & Nephew PLC |
26,448 |
$380,769 |
||
|
Metals & Mining – 4.9% |
||||
|
Glencore PLC |
78,660 |
$634,816 |
||
|
Rio Tinto PLC |
5,700 |
592,702 |
||
|
$1,227,518 |
||||
|
Non-Global Systemically Important Banks – 14.1% |
||||
|
ABN AMRO Group N.V., GDR |
6,688 |
$324,022 |
||
|
AIB Group PLC |
35,264 |
449,136 |
||
|
Bank of Ireland Group PLC |
21,356 |
470,943 |
||
|
BPER Banca S.p.A. |
29,260 |
484,450 |
||
|
Eurobank S.A. |
29,128 |
155,161 |
||
|
FinecoBank S.p.A. |
8,626 |
237,663 |
||
|
NatWest Group PLC |
116,014 |
1,068,010 |
||
2
MFS Active International Value ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Non-Global Systemically Important Banks – continued |
||||
|
Resona Holdings, Inc. |
21,850 |
$346,044 |
||
|
$3,535,429 |
||||
|
Pharmaceuticals & Biotechnology – 5.1% |
||||
|
GSK PLC |
14,540 |
$365,171 |
||
|
Roche Holding AG |
902 |
393,673 |
||
|
Sanofi S.A. |
5,669 |
505,780 |
||
|
$1,264,624 |
||||
|
Retail & E-commerce – 0.7% |
||||
|
Alibaba Group Holding Ltd., ADR |
1,558 |
$177,643 |
||
|
Semiconductor & Electronic Components – 0.9% |
||||
|
NXP Semiconductors N.V. |
950 |
$213,408 |
||
|
Telecom Services – 0.9% |
||||
|
Koninklijke KPN N.V. |
44,536 |
$213,751 |
||
|
Tobacco – 3.5% |
||||
|
British American Tobacco PLC |
11,033 |
$617,274 |
||
|
Imperial Brands PLC |
7,866 |
269,339 |
||
|
$886,613 |
||||
|
Travel, Gaming, & Lodging – 1.8% |
||||
|
Ryanair Holdings PLC, ADR |
8,284 |
$458,685 |
||
|
Utilities – 3.5% |
||||
|
E.ON SE |
17,024 |
$351,981 |
||
|
National Grid PLC |
33,326 |
528,334 |
||
|
$880,315 |
||||
|
Total Common Stocks (Identified Cost, $23,195,427) |
$24,253,965 |
|||
|
Preferred Stocks – 2.2% |
||||
|
Consumer Products – 2.2% |
||||
|
Henkel AG & Co. KGaA (Identified Cost, $496,488) |
6,270 |
$553,793 |
||
|
Mutual Funds – 0.6% |
||||
|
Money Market Funds – 0.6% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $145,267) |
145,267 |
$145,267 |
||
|
Other Assets, Less Liabilities – 0.5% |
119,787 |
|||
|
Net Assets – 100.0% |
$25,072,812 |
|||
|
(a) |
Non-income producing security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
The following abbreviations are used in this report and are defined: |
|
|
ADR |
American Depositary Receipt |
|
GDR |
Global Depositary Receipt |
See Notes to Financial Statements
3
MFS Active International Value ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value (identified cost, $23,837,182) |
$24,953,025 |
|
Foreign currency, at value (identified cost, $30,195) |
30,469 |
|
Receivables for |
|
|
Interest and dividends |
90,881 |
|
Total assets |
$25,074,375 |
|
Liabilities |
|
|
Payable to affiliates |
|
|
Investment adviser |
$1,563 |
|
Total liabilities |
$1,563 |
|
Net assets |
$25,072,812 |
|
Net assets consist of |
|
|
Paid-in capital |
$23,835,348 |
|
Total distributable earnings (loss) |
1,237,464 |
|
Net assets |
$25,072,812 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
950,000 |
|
Net asset value per share (net assets of $25,072,812 / 950,000 shares of beneficial interest outstanding) |
$26.39 |
See Notes to Financial Statements
4
MFS Active International Value ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (c) (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Dividends from unaffiliated issuers |
$132,562 |
|
Other |
61 |
|
Foreign taxes withheld |
(6,365 ) |
|
Total investment income |
$126,258 |
|
Expenses |
|
|
Management fee |
$28,752 |
|
Miscellaneous |
12 |
|
Total expenses |
$28,764 |
|
Net investment income (loss) |
$97,494 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers |
$(5,227 ) |
|
Foreign currency |
1,324 |
|
In-kind redemptions – unaffiliated issuers |
27,576 |
|
Net realized gain (loss) |
$23,673 |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers |
$1,115,843 |
|
Translation of assets and liabilities in foreign currencies |
454 |
|
Net unrealized gain (loss) |
$1,116,297 |
|
Net realized and unrealized gain (loss) |
$1,139,970 |
|
Change in net assets from operations |
$1,237,464 |
|
(c) For the period from the commencement of the fund’s investment operations, June 4, 2026, through the stated period end. |
|
See Notes to Financial Statements
5
MFS Active International Value ETF
Financial Statements | Statement of Changes in Net Assets
This statement describes the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
|
|
(unaudited) |
|
|
Change in net assets |
|
|
From operations |
|
|
Net investment income (loss) |
$97,494 |
|
Net realized gain (loss) |
23,673 |
|
Net unrealized gain (loss) |
1,116,297 |
|
Change in net assets from operations |
$1,237,464 |
|
Change in net assets from fund share transactions |
$23,846,486 |
|
Miscellaneous capital |
$(11,138 ) |
|
Total change in net assets |
$25,072,812 |
|
Net assets |
|
|
At beginning of period |
— |
|
At end of period |
$25,072,812 |
|
(c) |
For the period from the commencement of the fund’s investment operations, June 4, 2026, through the stated period end. |
See Notes to Financial Statements
6
MFS Active International Value ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
|
|
8/31/26 (c)
(unaudited) |
|
|
Net asset value, beginning of period |
$24.91 |
|
Income (loss) from investment operations |
|
|
Net investment income (loss) (d) |
$0.12 |
|
Net realized and unrealized gain (loss) |
1.37 |
|
Total from investment operations |
$1.49 |
|
Miscellaneous capital (d) |
$(0.01 ) |
|
Net asset value, end of period (x) |
$26.39 |
|
Total return (%) (s)(x) |
5.93 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
|
|
Expenses |
0.57 (a) |
|
Net investment income (loss) |
1.93 (a) |
|
Portfolio turnover rate (e) |
2 (n) |
|
Net assets at end of period (000 omitted) |
$25,073 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, June 4, 2026, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
7
MFS Active International Value ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Active International Value ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data.
8
MFS Active International Value ETF
Notes to Financial Statements (unaudited) - continued
An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Equity Securities |
$24,807,758 |
$— |
$— |
$24,807,758 |
|
Investment Companies |
145,267 |
— |
— |
145,267 |
|
Total |
$24,953,025 |
$— |
$— |
$24,953,025 |
For further information regarding security characteristics, see the Portfolio of Investments.
Foreign Currency Translation — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign
9
MFS Active International Value ETF
Notes to Financial Statements (unaudited) - continued
taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$23,837,182 |
|
Gross appreciation |
1,623,730 |
|
Gross depreciation |
(507,887 ) |
|
Net unrealized appreciation (depreciation) |
$1,115,843 |
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.57% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the period ended August 31, 2026.
Other — At August 31, 2026, MFS held approximately 88% of the outstanding shares of the fund.
(4) Portfolio Securities
For the period ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $1,528,792 and $552,209, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $22,880,617 and $187,634, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions. These variable fees are included in “Miscellaneous capital” in the Statement of Changes in Net Assets.
10
MFS Active International Value ETF
Notes to Financial Statements (unaudited) - continued
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the NYSE Arca, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 (c) |
||
|
Shares |
Amount |
|
|
Shares sold |
1,000,000 |
$25,165,910 |
|
Shares reacquired |
(50,000 ) |
(1,319,424 ) |
|
Net change |
950,000 |
$23,846,486 |
|
(c) |
For the period from the commencement of the fund’s investment operations, June 4, 2026, through the stated period end. |
11
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active International Value ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Active International Value ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Active International Value ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
12
MFS Active International Value ETF
Board Approval of Investment Management Agreement
MFS Active International Value ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, initially approve the Fund’s investment management agreement with MFS (the “Agreement”) and, beginning on the second anniversary of the initial effective date of the Agreement, annually approve the continuation of the Agreement. In March and April 2026, the Board met to consider the initial approval of the Agreement (“the initial review meetings”). The independent Trustees were assisted in their evaluation of the Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS.
In connection with their deliberations regarding the initial approval of the Agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services to be performed by MFS under the Agreement and other arrangements with the Fund. The independent Trustees observed that with respect to this Fund, MFS was proposing a unitary management fee structure, pursuant to which MFS would receive a fee covering investment management and administrative services, with MFS paying the Fund’s ordinary, recurring operating expenses (the “Unitary Fee”), subject to certain exceptions.
In connection with their initial review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions Inc. (“Broadridge”), an independent third party, on the Fund’s proposed Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (ii) information provided by MFS on the total expense ratios for Class R6 shares of MFS mutual funds in the same Morningstar category as the Fund, and (iii) the Unitary Fees for certain fully transparent actively-managed exchange-traded funds (“ETFs”) in similar Morningstar categories that MFS believes will be key competitors to the Fund. In addition, in connection with the independent Trustees’ May, June, and July 2025 meetings for the purpose of considering whether to approve the continuation of the investment advisory agreements for the MFS-advised mutual funds that the Board oversees (the “MFS Funds”), the independent Trustees received: (i) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts, (ii) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the MFS Funds as a whole, and compared to MFS’ institutional business, (iii) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (iv) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (v) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel that would provide investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the initial approval of the Agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Because the Fund is newly organized and had not yet commenced investment operations at the time of the initial review meetings, the Fund had no investment performance for the Trustees to review.
The Trustees considered the proposed Unitary Fee structure to which the Fund would be subject, observing that many of the competitors of the Fund have adopted similar unitary fee structures. In assessing the reasonableness of the Fund’s proposed Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the Agreement and descriptions of various services to be performed or procured by MFS under the Agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses which would be excluded from the Unitary Fee and therefore would be payable by the Fund. The Trustees also considered the Fund’s proposed Unitary Fee as compared with the advisory fee and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund's proposed Unitary Fee and proposed total expense ratio would each be approximately at the applicable Broadridge expense group median.
The Trustees considered that the Agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS’ observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.
The Trustees did not consider MFS’ costs and profits with respect to the Fund because the Fund had not yet commenced operations. The Trustees considered information prepared by MFS relating to MFS’ costs and profits with respect to the MFS Funds considered as a group, and other investment companies and institutional accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds and other accounts and products for purposes of estimating profitability.
13
MFS Active International Value ETF
Board Approval of Investment Management Agreement - continued
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the Unitary Fee to be charged to the Fund represents reasonable compensation in light of the services to be provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services to be provided to the Fund by MFS and its affiliates under agreements and plans other than the Agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services to be provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s Agreement with MFS should be approved for an initial two-year period, commencing upon its effective date, as set forth in the Agreement.
14
MFS Blended Research Small-Mid Cap ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Blended Research Small-Mid Cap ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – 99.7% |
||||
|
Aerospace & Defense – 2.6% |
||||
|
BWX Technologies, Inc. |
742 |
$112,999 |
||
|
Curtiss-Wright Corp. |
271 |
157,866 |
||
|
Huntington Ingalls Industries, Inc. |
212 |
61,735 |
||
|
Leonardo DRS, Inc. |
2,438 |
92,644 |
||
|
Moog, Inc., “A” |
116 |
43,094 |
||
|
RBC Bearings, Inc. (a) |
177 |
87,484 |
||
|
Textron, Inc. |
2,013 |
162,167 |
||
|
$717,989 |
||||
|
Apparel, Footwear, & Accessories – 1.4% |
||||
|
Columbia Sportswear Co. |
1,622 |
$93,103 |
||
|
PVH Corp. |
241 |
17,873 |
||
|
Reformation, Inc. (a) |
4,184 |
59,873 |
||
|
Wolverine World Wide, Inc. |
10,603 |
209,197 |
||
|
$380,046 |
||||
|
Auto & Auto Components – 1.0% |
||||
|
Aptiv PLC (a) |
923 |
$41,313 |
||
|
Dana, Inc. |
742 |
22,245 |
||
|
Garrett Motion, Inc. |
1,205 |
32,475 |
||
|
Group 1 Automotive, Inc. |
68 |
18,329 |
||
|
Lear Corp. |
848 |
105,991 |
||
|
Modine Manufacturing Co. (a) |
318 |
56,741 |
||
|
$277,094 |
||||
|
Brokerage & Asset Managers – 4.0% |
||||
|
Compass Diversified Holdings (a) |
1,166 |
$13,479 |
||
|
Evercore Partners, Inc. |
212 |
60,723 |
||
|
GCM Grosvenor, Inc., “A” |
14,513 |
200,134 |
||
|
Hamilton Lane, Inc., “A” |
517 |
56,260 |
||
|
Marex Group Ltd. |
281 |
20,367 |
||
|
PJT Partners, Inc. |
954 |
172,092 |
||
|
StoneX Group, Inc. (a) |
367 |
25,132 |
||
|
TPG, Inc. |
3,601 |
194,886 |
||
|
WisdomTree Investments, Inc. |
8,050 |
193,683 |
||
|
XP, Inc. |
8,686 |
158,346 |
||
|
$1,095,102 |
||||
|
Business Services – 2.3% |
||||
|
CoStar Group, Inc. (a) |
742 |
$23,796 |
||
|
Dropbox, Inc. (a) |
927 |
32,621 |
||
|
GigaCloud Technology, Inc. (a) |
471 |
22,858 |
||
|
GoDaddy, Inc. (a) |
2,092 |
204,765 |
||
|
Innodata, Inc. (a) |
212 |
11,961 |
||
|
Remitly Global, Inc. (a) |
2,544 |
68,027 |
||
|
TransUnion |
424 |
36,002 |
||
|
TriNet Group, Inc. |
1,487 |
104,521 |
||
ESMFS-SEM
1
MFS Blended Research Small-Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Business Services – continued |
||||
|
WEX, Inc. (a) |
725 |
$138,170 |
||
|
$642,721 |
||||
|
Chemicals – 2.4% |
||||
|
Albemarle Corp. |
1,239 |
$167,228 |
||
|
Avient Corp. |
4,237 |
186,682 |
||
|
Chemours Co. |
4,283 |
66,644 |
||
|
Compass Minerals International, Inc. (a) |
1,041 |
25,879 |
||
|
Eastman Chemical Co. |
2,226 |
161,252 |
||
|
Huntsman Corp. |
4,343 |
41,606 |
||
|
Orion S.A. |
3,181 |
19,849 |
||
|
$669,140 |
||||
|
Construction – 2.5% |
||||
|
Hovnanian Enterprises, Inc., “A” (a) |
636 |
$78,947 |
||
|
KB Home |
1,656 |
88,265 |
||
|
Masco Corp. |
1,484 |
107,085 |
||
|
Meritage Homes Corp. |
536 |
37,214 |
||
|
Simpson Manufacturing Co., Inc. |
1,177 |
214,932 |
||
|
SiteOne Landscape Supply, Inc. (a) |
1,637 |
161,294 |
||
|
$687,737 |
||||
|
Consumer Products – 0.8% |
||||
|
Helen of Troy Ltd. (a) |
1,937 |
$58,304 |
||
|
Herbalife Ltd. (a) |
5,085 |
55,884 |
||
|
Newell Brands, Inc. |
2,578 |
16,112 |
||
|
Prestige Consumer Healthcare, Inc. (a) |
1,546 |
80,052 |
||
|
$210,352 |
||||
|
Consumer Services – 1.3% |
||||
|
Bright Horizons Family Solutions, Inc. (a) |
520 |
$38,573 |
||
|
Maplebear, Inc. (a) |
2,332 |
117,813 |
||
|
Phoenix Educations Partners, Inc. |
5,816 |
169,304 |
||
|
Strategic Education, Inc. |
415 |
34,379 |
||
|
$360,069 |
||||
|
Containers – 0.4% |
||||
|
Avery Dennison Corp. |
694 |
$120,832 |
||
|
Diversified Financial Services – 1.0% |
||||
|
Bread Financial Holdings, Inc. |
954 |
$99,664 |
||
|
Happen, Inc. (a) |
3,813 |
67,033 |
||
|
Sezzle, Inc. (a) |
212 |
25,557 |
||
|
SLM Corp. |
3,389 |
88,012 |
||
|
$280,266 |
||||
|
Electrical Equipment – 2.4% |
||||
|
Advanced Drainage Systems, Inc. |
1,484 |
$201,423 |
||
|
Daktronics, Inc. (a) |
954 |
18,632 |
||
|
EnerSys |
503 |
92,481 |
||
|
nVent Electric PLC |
1,484 |
223,713 |
||
|
Powell Industries, Inc. |
68 |
12,222 |
||
|
TriMas Corp. |
1,688 |
65,461 |
||
2
MFS Blended Research Small-Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Electrical Equipment – continued |
||||
|
Versigent PLC |
848 |
$40,195 |
||
|
$654,127 |
||||
|
Energy - Independent – 1.8% |
||||
|
Antero Resources Corp. (a) |
5,191 |
$199,750 |
||
|
Chord Energy Corp. |
1,060 |
155,936 |
||
|
HF Sinclair Corp. |
348 |
35,360 |
||
|
Riley Exploration Permian, Inc. |
530 |
20,686 |
||
|
Talos Energy, Inc. (a) |
5,060 |
87,336 |
||
|
$499,068 |
||||
|
Energy - Renewables – 0.3% |
||||
|
Generac Holdings, Inc. (a) |
106 |
$19,650 |
||
|
Green Plains, Inc. (a) |
4,131 |
59,693 |
||
|
$79,343 |
||||
|
Engineering - Construction – 2.9% |
||||
|
Argan, Inc. |
106 |
$45,049 |
||
|
Comfort Systems USA, Inc. |
33 |
51,005 |
||
|
Fluor Corp. (a) |
1,908 |
104,005 |
||
|
Jacobs Solutions, Inc. |
1,269 |
189,144 |
||
|
Legence Corp., “A” (a) |
1,272 |
68,141 |
||
|
MYR Group, Inc. (a) |
625 |
182,138 |
||
|
Primoris Services Corp. |
1,060 |
76,437 |
||
|
Tutor Perini Corp. |
954 |
84,448 |
||
|
$800,367 |
||||
|
Entertainment & Leisure – 2.4% |
||||
|
Brunswick Corp. |
2,332 |
$176,999 |
||
|
Corsair Gaming, Inc. (a) |
12,360 |
150,174 |
||
|
Madison Square Garden Entertainment Corp. (a) |
369 |
28,668 |
||
|
Malibu Boats, Inc., “A” (a) |
424 |
11,431 |
||
|
New York Times Co., “A” |
1,728 |
116,242 |
||
|
Outfront Media, Inc., REIT |
1,378 |
40,486 |
||
|
Polaris, Inc. |
1,810 |
116,817 |
||
|
Sturm Ruger & Co., Inc. |
358 |
13,593 |
||
|
USA Today Co., Inc. (a) |
1,572 |
9,888 |
||
|
$664,298 |
||||
|
Food & Beverages – 1.1% |
||||
|
Celsius Holdings, Inc. (a) |
560 |
$17,612 |
||
|
J.M. Smucker Co. |
1,440 |
188,870 |
||
|
Seneca Foods Corp., “A” (a) |
424 |
84,075 |
||
|
Vita Coco Co., Inc. (a) |
317 |
18,613 |
||
|
$309,170 |
||||
|
Food & Drug Stores – 0.7% |
||||
|
Albertsons Cos., Inc., “A” |
16,176 |
$199,774 |
||
|
Hardware, Peripherals, & Assembly – 3.4% |
||||
|
Box, Inc., “A” (a) |
8,156 |
$291,822 |
||
|
Coherent Corp. (a) |
223 |
61,956 |
||
|
EPAM Systems, Inc. (a) |
106 |
12,490 |
||
3
MFS Blended Research Small-Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Hardware, Peripherals, & Assembly – continued |
||||
|
Globant S.A. (a) |
1,316 |
$53,574 |
||
|
MediaAlpha, Inc., “A” (a) |
4,624 |
58,355 |
||
|
Pitney Bowes, Inc. |
6,145 |
105,264 |
||
|
Q2 Holdings, Inc. (a) |
530 |
34,471 |
||
|
Rubrik, Inc., “A” (a) |
531 |
49,404 |
||
|
TD Synnex Corp. |
199 |
50,317 |
||
|
Workiva, Inc. (a) |
318 |
25,440 |
||
|
Zebra Technologies Corp., “A” (a) |
530 |
187,382 |
||
|
$930,475 |
||||
|
Health Maintenance Organizations – 0.1% |
||||
|
Molina Healthcare, Inc. (a) |
107 |
$21,268 |
||
|
Insurance – 4.3% |
||||
|
AXIS Capital Holdings Ltd. |
1,908 |
$188,472 |
||
|
Equitable Holdings, Inc. |
4,025 |
201,773 |
||
|
Everest Group Ltd. |
719 |
269,374 |
||
|
Hanover Insurance Group, Inc. |
106 |
23,968 |
||
|
Jackson Financial, Inc. |
317 |
42,297 |
||
|
Lincoln National Corp. |
6,145 |
261,716 |
||
|
Pelagos Insurance Capital Ltd. |
766 |
18,698 |
||
|
RenaissanceRe Holdings Ltd. |
244 |
79,944 |
||
|
Voya Financial, Inc. |
935 |
94,734 |
||
|
$1,180,976 |
||||
|
Internet – 0.6% |
||||
|
Cars.com, Inc. (a) |
4,131 |
$48,332 |
||
|
Etsy, Inc. (a) |
1,378 |
112,073 |
||
|
$160,405 |
||||
|
Machinery & Tools – 4.0% |
||||
|
AGCO Corp. |
1,908 |
$225,736 |
||
|
Applied Industrial Technologies, Inc. |
41 |
13,283 |
||
|
Eastman Kodak Co. (a) |
3,707 |
33,289 |
||
|
Flowserve Corp. |
2,753 |
217,735 |
||
|
Nordson Corp. |
650 |
209,118 |
||
|
Pentair PLC |
1,166 |
70,496 |
||
|
Terex Corp. |
2,094 |
132,990 |
||
|
Timken Co. |
1,696 |
204,283 |
||
|
$1,106,930 |
||||
|
Media – 1.4% |
||||
|
Roku, Inc. (a) |
1,908 |
$299,423 |
||
|
TKO Group Holdings, Inc. |
530 |
96,783 |
||
|
$396,206 |
||||
|
Medical & Health Technology & Services – 3.9% |
||||
|
Agilon Health, Inc. (a) |
212 |
$18,633 |
||
|
AMN Healthcare Services, Inc. (a) |
2,544 |
87,208 |
||
|
Azenta, Inc. (a) |
3,495 |
114,112 |
||
|
Charles River Laboratories International, Inc. (a) |
636 |
183,321 |
||
|
Chemed Corp. |
98 |
50,834 |
||
|
Fortrea Holdings, Inc. (a) |
3,177 |
58,361 |
||
4
MFS Blended Research Small-Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Medical & Health Technology & Services – continued |
||||
|
Lumexa Imaging Holdings, Inc. (a) |
1,696 |
$19,792 |
||
|
Nutex Health, Inc. (a) |
106 |
20,008 |
||
|
Pediatrix Medical Group, Inc. (a) |
3,283 |
86,113 |
||
|
Tenet Healthcare Corp. (a) |
636 |
169,119 |
||
|
Universal Health Services, Inc. |
1,582 |
269,462 |
||
|
$1,076,963 |
||||
|
Medical Equipment – 1.9% |
||||
|
Align Technology, Inc. (a) |
848 |
$135,502 |
||
|
Avantor, Inc. (a) |
3,179 |
46,223 |
||
|
Bio-Rad Laboratories, Inc., “A” (a) |
212 |
81,857 |
||
|
Bioventus, Inc., “A” (a) |
1,908 |
26,044 |
||
|
Embecta Corp. |
6,675 |
34,309 |
||
|
Envista Holdings Corp. (a) |
7,205 |
195,544 |
||
|
Myriad Genetics, Inc. (a) |
2,549 |
8,208 |
||
|
$527,687 |
||||
|
Metals & Mining – 2.7% |
||||
|
Alcoa Corp. |
1,696 |
$84,715 |
||
|
ATI, Inc. (a) |
530 |
108,226 |
||
|
Caledonia Mining Corp. PLC |
2,753 |
69,678 |
||
|
Carpenter Technology Corp. |
106 |
50,500 |
||
|
Coeur Mining, Inc. |
6,993 |
145,315 |
||
|
Hecla Mining Co. |
4,237 |
84,189 |
||
|
NioCorp Developments Ltd. (a) |
2,226 |
9,327 |
||
|
Ryerson Holding Corp. |
424 |
10,625 |
||
|
SSR Mining, Inc. |
4,237 |
159,354 |
||
|
USA Rare Earth, Inc. (a) |
636 |
11,334 |
||
|
$733,263 |
||||
|
Network & Telecom – 0.2% |
||||
|
Ciena Corp. (a) |
154 |
$58,951 |
||
|
Non-Global Systemically Important Banks – 6.6% |
||||
|
Banc of California, Inc. |
7,205 |
$134,157 |
||
|
Beacon Financial Corp. |
6,993 |
217,133 |
||
|
Carter Bankshares, Inc. |
1,689 |
52,764 |
||
|
Cathay General Bancorp, Inc. |
3,919 |
239,882 |
||
|
Dave, Inc. (a) |
106 |
38,109 |
||
|
Eagle Bancorp, Inc. |
2,786 |
76,030 |
||
|
Hanmi Financial Corp. |
2,226 |
69,006 |
||
|
Hope Bancorp, Inc. |
5,810 |
80,120 |
||
|
Metro Bank Holdings PLC |
636 |
57,736 |
||
|
Midland States Bancorp, Inc. |
2,859 |
93,747 |
||
|
Northpointe Bancshares, Inc. |
4,243 |
72,089 |
||
|
OceanFirst Financial Corp. |
698 |
13,150 |
||
|
Peapack-Gladstone Financial Corp. |
1,802 |
80,441 |
||
|
Popular, Inc. |
1,590 |
267,422 |
||
|
UMB Financial Corp. |
1,696 |
240,204 |
||
|
Western Alliance Bancorp. |
1,166 |
91,100 |
||
|
$1,823,090 |
||||
5
MFS Blended Research Small-Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Oil Services – 2.0% |
||||
|
Forum Energy Technologies, Inc. (a) |
1,060 |
$86,888 |
||
|
Nabors Industries Ltd. (a) |
212 |
19,852 |
||
|
Oil States International, Inc. (a) |
6,357 |
56,069 |
||
|
Patterson-UTI Energy, Inc. |
5,085 |
64,274 |
||
|
TechnipFMC PLC |
4,025 |
314,554 |
||
|
$541,637 |
||||
|
Pharmaceuticals & Biotechnology – 8.0% |
||||
|
ACADIA Pharmaceuticals, Inc. (a) |
2,438 |
$70,483 |
||
|
AnaptysBio, Inc. (a) |
742 |
42,316 |
||
|
Arvinas, Inc. (a) |
4,661 |
42,881 |
||
|
Ascendis Pharma A.S., ADR (a) |
331 |
87,066 |
||
|
Biomarin Pharmaceutical, Inc. (a) |
1,836 |
119,762 |
||
|
CG Oncology, Inc. (a) |
636 |
47,802 |
||
|
Cogent Biosciences, Inc. (a) |
1,696 |
59,360 |
||
|
Corcept Therapeutics, Inc. (a) |
530 |
60,075 |
||
|
Cullinan Therapeutics, Inc. (a) |
1,166 |
25,734 |
||
|
Cytokinetics, Inc. (a) |
1,060 |
75,165 |
||
|
Exelixis, Inc. (a) |
1,237 |
67,590 |
||
|
Harmony Biosciences Holdings (a) |
2,076 |
81,753 |
||
|
Indivior Pharmaceuticals, Inc. (a) |
1,166 |
40,728 |
||
|
Inhibrx Biosciences, Inc. (a) |
242 |
30,661 |
||
|
Ionis Pharmaceuticals, Inc. (a) |
1,057 |
63,800 |
||
|
Jazz Pharmaceuticals PLC (a) |
530 |
132,860 |
||
|
Kiniksa Pharmaceuticals International PLC (a) |
800 |
62,904 |
||
|
Kymera Therapeutics, Inc. (a) |
742 |
88,157 |
||
|
Liquidia Corp. (a) |
212 |
14,452 |
||
|
Mirum Pharmaceuticals, Inc. (a) |
916 |
89,814 |
||
|
Nature's Sunshine Products, Inc. (a) |
1,272 |
17,999 |
||
|
Neurocrine Biosciences, Inc. (a) |
954 |
146,945 |
||
|
Novavax, Inc. (a) |
6,066 |
56,838 |
||
|
Oruka Therapeutics, Inc. (a) |
848 |
78,542 |
||
|
Pacira BioSciences, Inc. (a) |
2,830 |
73,297 |
||
|
Praxis Precision Medicines, Inc. (a) |
212 |
74,264 |
||
|
PTC Therapeutics, Inc. (a) |
424 |
29,485 |
||
|
Revolution Medicines, Inc. (a) |
494 |
101,551 |
||
|
Sarepta Therapeutics, Inc. (a) |
2,332 |
49,042 |
||
|
Syndax Pharmaceuticals, Inc. (a) |
692 |
13,349 |
||
|
Tarsus Pharmaceuticals, Inc. (a) |
613 |
45,509 |
||
|
Travere Therapeutics, Inc. (a) |
742 |
49,180 |
||
|
Ultragenyx Pharmaceutical, Inc. (a) |
2,156 |
54,353 |
||
|
Vanda Pharmaceuticals, Inc. (a) |
1,696 |
9,158 |
||
|
Viatris, Inc. |
3,535 |
58,363 |
||
|
Zymeworks, Inc. (a) |
1,590 |
46,762 |
||
|
$2,208,000 |
||||
|
Real Estate – 3.9% |
||||
|
CBL & Associates Properties, Inc., REIT |
1,590 |
$86,957 |
||
|
Essential Properties Realty Trust, REIT |
7,422 |
222,660 |
||
|
Federal Realty Investment Trust, REIT |
742 |
86,094 |
||
|
Four Corners Property Trust, Inc., REIT |
8,349 |
207,723 |
||
|
Jones Lang LaSalle, Inc. (a) |
424 |
155,129 |
||
|
St. Joe Co. |
207 |
13,683 |
||
|
Urban Edge Properties, REIT |
6,761 |
143,063 |
||
6
MFS Blended Research Small-Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Real Estate – continued |
||||
|
W.P. Carey, Inc., REIT |
1,833 |
$128,236 |
||
|
Xenia Hotels & Resorts Inc., REIT |
848 |
15,900 |
||
|
$1,059,445 |
||||
|
Real Estate - Storage & Office – 1.7% |
||||
|
Easterly Government Properties, Inc., REIT |
2,753 |
$67,531 |
||
|
Highwoods Properties, Inc., REIT |
4,065 |
124,389 |
||
|
Piedmont Office Realty Trust, Inc., REIT (a) |
22,778 |
217,986 |
||
|
Postal Realty Trust, Inc., “A”, REIT |
2,965 |
69,529 |
||
|
$479,435 |
||||
|
Restaurants – 2.1% |
||||
|
Aramark |
5,085 |
$286,336 |
||
|
Bloomin Brands, Inc. (a) |
8,156 |
84,007 |
||
|
Cava Group, Inc. (a) |
1,060 |
69,695 |
||
|
Dutch Bros, Inc., “A” (a) |
318 |
15,537 |
||
|
First Watch Restaurant Group, Inc. (a) |
2,120 |
26,882 |
||
|
Texas Roadhouse, Inc. |
483 |
94,475 |
||
|
$576,932 |
||||
|
Retail & E-commerce – 2.3% |
||||
|
Bath & Body Works, Inc. |
3,916 |
$75,383 |
||
|
BJ's Wholesale Club Holdings, Inc. (a) |
1,060 |
96,089 |
||
|
Capri Holdings Ltd. (a) |
3,919 |
51,927 |
||
|
Carter's, Inc. |
1,802 |
58,367 |
||
|
Gap, Inc. |
10,193 |
227,406 |
||
|
Rush Enterprises, Inc., “A” |
954 |
73,296 |
||
|
Signet Jewelers Ltd. |
530 |
43,608 |
||
|
$626,076 |
||||
|
Semiconductor & Electronic Components – 4.2% |
||||
|
Advanced Energy Industries, Inc. |
530 |
$146,736 |
||
|
Allegro MicroSystems, Inc. (a) |
1,026 |
37,192 |
||
|
Ambarella, Inc. (a) |
318 |
22,063 |
||
|
Amkor Technology, Inc. |
1,940 |
91,762 |
||
|
Benchmark Electronics, Inc. |
212 |
14,899 |
||
|
Cirrus Logic, Inc. (a) |
636 |
69,648 |
||
|
Diodes, Inc. (a) |
1,060 |
96,248 |
||
|
Flex Ltd. (a) |
883 |
96,468 |
||
|
Formfactor, Inc. (a) |
1,414 |
142,263 |
||
|
Kulicke & Soffa Industries, Inc. |
530 |
42,432 |
||
|
MACOM Technology Solutions Holdings, Inc. (a) |
212 |
55,932 |
||
|
MaxLinear, Inc., “A” (a) |
882 |
52,841 |
||
|
Penguin Solutions, Inc. (a) |
294 |
14,429 |
||
|
Photronics, Inc. (a) |
1,166 |
32,811 |
||
|
Rambus, Inc. (a) |
653 |
56,609 |
||
|
Sanmina Corp. (a) |
150 |
29,508 |
||
|
TTM Technologies, Inc. (a) |
636 |
75,633 |
||
|
Ultra Clean Holdings, Inc. (a) |
212 |
14,380 |
||
|
VICOR Corp. (a) |
212 |
39,788 |
||
|
Vishay Intertechnology, Inc. |
530 |
16,128 |
||
|
$1,147,770 |
||||
7
MFS Blended Research Small-Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Software – 6.7% |
||||
|
Appian Corp. (a) |
1,010 |
$43,380 |
||
|
BILL Holdings, Inc. (a) |
5,435 |
267,565 |
||
|
CCC Intelligent Holdings, Inc. (a) |
5,191 |
38,725 |
||
|
Clear Secure, Inc., “A” |
1,484 |
65,519 |
||
|
DigitalOcean, Inc. (a) |
324 |
35,864 |
||
|
Elastic N.V. (a) |
1,492 |
145,545 |
||
|
Guidewire Software, Inc. (a) |
212 |
43,407 |
||
|
HubSpot, Inc. (a) |
106 |
27,704 |
||
|
JFrog Ltd. (a) |
1,278 |
127,889 |
||
|
Okta, Inc. (a) |
1,328 |
229,797 |
||
|
Paycom Software, Inc. |
424 |
101,378 |
||
|
Paylocity Holding Corp. (a) |
562 |
90,044 |
||
|
Pegasystems, Inc. |
5,765 |
212,210 |
||
|
Qualys, Inc. (a) |
636 |
118,385 |
||
|
RingCentral, Inc. |
636 |
44,278 |
||
|
Teradata Corp. (a) |
2,438 |
70,702 |
||
|
UiPath, Inc., “A” (a) |
1,802 |
33,643 |
||
|
Unity Software, Inc. (a) |
424 |
17,850 |
||
|
Upwork, Inc. (a) |
7,944 |
71,734 |
||
|
Vertex, Inc., “A” (a) |
1,060 |
15,010 |
||
|
Zeta Global Holdings Corp. (a) |
969 |
30,010 |
||
|
$1,830,639 |
||||
|
Special Products & Services – 0.1% |
||||
|
Pangaea Logistics Solutions Ltd. |
4,791 |
$38,903 |
||
|
Telecom Services – 1.0% |
||||
|
EchoStar Corp., “A” (a) |
530 |
$45,813 |
||
|
Iridium Communications, Inc. |
2,226 |
104,577 |
||
|
Liberty Capital Corp., “C” (a) |
2,769 |
72,077 |
||
|
Lumen Technologies, Inc. (a) |
5,827 |
36,419 |
||
|
Millicom International Cellular S.A. |
106 |
9,939 |
||
|
$268,825 |
||||
|
Tobacco – 0.2% |
||||
|
Mativ Holdings, Inc. |
3,919 |
$46,597 |
||
|
Transportation & Logistics – 0.9% |
||||
|
Ardmore Shipping Corp. |
1,908 |
$33,180 |
||
|
Costamare, Inc. |
3,601 |
55,023 |
||
|
Teekay Tankers Ltd. |
424 |
38,008 |
||
|
XPO, Inc. (a) |
672 |
130,361 |
||
|
$256,572 |
||||
|
Travel, Gaming, & Lodging – 2.8% |
||||
|
Allegiant Travel Co. (a) |
744 |
$56,581 |
||
|
American Airlines Group, Inc. (a) |
2,355 |
31,627 |
||
|
Boyd Gaming Corp. |
1,590 |
123,368 |
||
|
DiamondRock Hospitality Co., REIT |
1,038 |
12,778 |
||
|
DraftKings, Inc. (a) |
954 |
23,173 |
||
|
Host Hotels & Resorts, Inc., REIT |
8,474 |
185,835 |
||
|
Pebblebrook Hotel Trust, REIT |
4,555 |
82,536 |
||
|
Penn Entertainment, Inc. (a) |
5,708 |
95,381 |
||
8
MFS Blended Research Small-Mid Cap ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Travel, Gaming, & Lodging – continued |
||||
|
Ryman Hospitality Properties, Inc., REIT |
1,230 |
$155,915 |
||
|
$767,194 |
||||
|
Utilities – 3.4% |
||||
|
New Jersey Resources Corp. |
226 |
$12,055 |
||
|
ONE Gas, Inc. |
207 |
16,409 |
||
|
Portland General Electric Co. |
4,237 |
207,020 |
||
|
Southwest Gas Holdings, Inc. |
1,933 |
170,742 |
||
|
Spire, Inc. |
961 |
78,648 |
||
|
Talen Energy Corp. (a) |
730 |
215,905 |
||
|
UGI Corp. |
6,277 |
241,350 |
||
|
$942,129 |
||||
|
Total Common Stocks (Identified Cost, $26,475,370) |
$27,453,863 |
|||
|
Mutual Funds – 0.2% |
||||
|
Money Market Funds – 0.2% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $52,646) |
52,646 |
$52,646 |
||
|
Other Assets, Less Liabilities – 0.1% |
18,907 |
|||
|
Net Assets – 100.0% |
$27,525,416 |
|||
|
(a) |
Non-income producing security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
The following abbreviations are used in this report and are defined: |
|
|
ADR |
American Depositary Receipt |
|
REIT |
Real Estate Investment Trust |
See Notes to Financial Statements
9
MFS Blended Research Small-Mid Cap ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value (identified cost, $26,528,016) |
$27,506,509 |
|
Receivables for |
|
|
Dividends |
20,065 |
|
Total assets |
$27,526,574 |
|
Liabilities |
|
|
Payable to affiliates |
|
|
Investment adviser |
$1,158 |
|
Total liabilities |
$1,158 |
|
Net assets |
$27,525,416 |
|
Net assets consist of |
|
|
Paid-in capital |
$26,577,774 |
|
Total distributable earnings (loss) |
947,642 |
|
Net assets |
$27,525,416 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
1,060,000 |
|
Net asset value per share (net assets of $27,525,416 / 1,060,000 shares of beneficial interest outstanding) |
$25.97 |
See Notes to Financial Statements
10
MFS Blended Research Small-Mid Cap ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (c) (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Dividends from unaffiliated issuers |
$79,370 |
|
Other |
81 |
|
Foreign taxes withheld |
(43 ) |
|
Total investment income |
$79,408 |
|
Expenses |
|
|
Management fee |
$23,207 |
|
Total expenses |
$23,207 |
|
Net investment income (loss) |
$56,201 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers |
$(128,902 ) |
|
In-kind redemptions – unaffiliated issuers |
41,850 |
|
Net realized gain (loss) |
$(87,052 ) |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers |
$978,493 |
|
Net realized and unrealized gain (loss) |
$891,441 |
|
Change in net assets from operations |
$947,642 |
|
(c) For the period from the commencement of the fund’s investment operations, June 4, 2026, through the stated period end. |
|
See Notes to Financial Statements
11
MFS Blended Research Small-Mid Cap ETF
Financial Statements | Statement of Changes in Net Assets
This statement describes the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
|
|
(unaudited) |
|
|
Change in net assets |
|
|
From operations |
|
|
Net investment income (loss) |
$56,201 |
|
Net realized gain (loss) |
(87,052 ) |
|
Net unrealized gain (loss) |
978,493 |
|
Change in net assets from operations |
$947,642 |
|
Change in net assets from fund share transactions |
$26,577,774 |
|
Total change in net assets |
$27,525,416 |
|
Net assets |
|
|
At beginning of period |
— |
|
At end of period |
$27,525,416 |
|
(c) |
For the period from the commencement of the fund’s investment operations, June 4, 2026, through the stated period end. |
See Notes to Financial Statements
12
MFS Blended Research Small-Mid Cap ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
|
|
8/31/26 (c)
(unaudited) |
|
|
Net asset value, beginning of period |
$24.89 |
|
Income (loss) from investment operations |
|
|
Net investment income (loss) (d) |
$0.06 |
|
Net realized and unrealized gain (loss) |
1.02 |
|
Total from investment operations |
$1.08 |
|
Net asset value, end of period (x) |
$25.97 |
|
Total return (%) (s)(x) |
4.31 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
|
|
Expenses |
0.38 (a) |
|
Net investment income (loss) |
0.92 (a) |
|
Portfolio turnover rate (e) |
13 (n) |
|
Net assets at end of period (000 omitted) |
$27,525 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, June 4, 2026, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
13
MFS Blended Research Small-Mid Cap ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Blended Research Small-Mid Cap ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund will generally focus on securities of small size companies which may be more volatile than those of larger companies.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or
14
MFS Blended Research Small-Mid Cap ETF
Notes to Financial Statements (unaudited) - continued
market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Equity Securities |
$27,453,863 |
$— |
$— |
$27,453,863 |
|
Investment Companies |
52,646 |
— |
— |
52,646 |
|
Total |
$27,506,509 |
$— |
$— |
$27,506,509 |
For further information regarding security characteristics, see the Portfolio of Investments.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
15
MFS Blended Research Small-Mid Cap ETF
Notes to Financial Statements (unaudited) - continued
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$26,528,872 |
|
Gross appreciation |
2,607,308 |
|
Gross depreciation |
(1,629,671 ) |
|
Net unrealized appreciation (depreciation) |
$977,637 |
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.38% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the period ended August 31, 2026.
Other — The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund’s securities trades. This agreement may be rescinded at any time. For the period ended August 31, 2026, this reimbursement amounted to $81, which is included in “Other” income in the Statement of Operations.
At August 31, 2026, MFS held approximately 98% of the outstanding shares of the fund.
(4) Portfolio Securities
For the period ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $3,947,076 and $3,397,639, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $26,476,653 and $463,668, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the NYSE Arca, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
16
MFS Blended Research Small-Mid Cap ETF
Notes to Financial Statements (unaudited) - continued
|
Six months ended
8/31/26 (c) |
||
|
Shares |
Amount |
|
|
Shares sold |
1,080,000 |
$27,090,400 |
|
Shares reacquired |
(20,000 ) |
(512,626 ) |
|
Net change |
1,060,000 |
$26,577,774 |
|
(c) |
For the period from the commencement of the fund’s investment operations, June 4, 2026, through the stated period end. |
17
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Small-Mid Cap ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Small-Mid Cap ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Blended Research Small-Mid Cap ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
18
MFS Blended Research Small-Mid Cap ETF
Board Approval of Investment Management Agreement
MFS Blended Research Small-Mid Cap ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, initially approve the Fund’s investment management agreement with MFS (the “Agreement”) and, beginning on the second anniversary of the initial effective date of the Agreement, annually approve the continuation of the Agreement. In March and April 2026, the Board met to consider the initial approval of the Agreement (“the initial review meetings”). The independent Trustees were assisted in their evaluation of the Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS.
In connection with their deliberations regarding the initial approval of the Agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services to be performed by MFS under the Agreement and other arrangements with the Fund. The independent Trustees observed that with respect to this Fund, MFS was proposing a unitary management fee structure, pursuant to which MFS would receive a fee covering investment management and administrative services, with MFS paying the Fund’s ordinary, recurring operating expenses (the “Unitary Fee”), subject to certain exceptions.
In connection with their initial review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions Inc. (“Broadridge”), an independent third party, on the Fund’s proposed Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (ii) information provided by MFS on the total expense ratios for Class R6 shares of MFS mutual funds in the same Morningstar category as the Fund, and (iii) the Unitary Fees for certain fully transparent actively-managed exchange-traded funds (“ETFs”) in similar Morningstar categories that MFS believes will be key competitors to the Fund. In addition, in connection with the independent Trustees’ May, June, and July 2025 meetings for the purpose of considering whether to approve the continuation of the investment advisory agreements for the MFS-advised mutual funds that the Board oversees (the “MFS Funds”), the independent Trustees received: (i) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts, (ii) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the MFS Funds as a whole, and compared to MFS’ institutional business, (iii) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (iv) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (v) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel that would provide investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the initial approval of the Agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Because the Fund is newly organized and had not yet commenced investment operations at the time of the initial review meetings, the Fund had no investment performance for the Trustees to review.
The Trustees considered the proposed Unitary Fee structure to which the Fund would be subject, observing that many of the competitors of the Fund have adopted similar unitary fee structures. In assessing the reasonableness of the Fund’s proposed Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the Agreement and descriptions of various services to be performed or procured by MFS under the Agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses which would be excluded from the Unitary Fee and therefore would be payable by the Fund. The Trustees also considered the Fund’s proposed Unitary Fee as compared with the advisory fee and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund's proposed Unitary Fee and proposed total expense ratio would each be lower than the applicable Broadridge expense group median.
The Trustees considered that the Agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS’ observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.
The Trustees did not consider MFS’ costs and profits with respect to the Fund because the Fund had not yet commenced operations. The Trustees considered information prepared by MFS relating to MFS’ costs and profits with respect to the MFS Funds considered as a group, and other investment companies and institutional accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds and other accounts and products for purposes of estimating profitability.
19
MFS Blended Research Small-Mid Cap ETF
Board Approval of Investment Management Agreement - continued
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the Unitary Fee to be charged to the Fund represents reasonable compensation in light of the services to be provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services to be provided to the Fund by MFS and its affiliates under agreements and plans other than the Agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services to be provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s Agreement with MFS should be approved for an initial two-year period, commencing upon its effective date, as set forth in the Agreement.
20
MFS Blended Research Emerging Markets Equity ETF
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
MFS Blended Research Emerging Markets Equity ETF
Portfolio of Investments − 8/31/26 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – 96.2% |
||||
|
Aerospace & Defense – 0.1% |
||||
|
Hindustan Aeronautics Ltd. |
590 |
$29,764 |
||
|
Alcoholic Beverages – 0.8% |
||||
|
Ambev S.A., ADR |
58,656 |
$168,343 |
||
|
China Resources Beer Holdings Co. Ltd. |
12,558 |
30,952 |
||
|
$199,295 |
||||
|
Apparel, Footwear, & Accessories – 0.4% |
||||
|
Eclat Textile Co. Ltd. |
5,000 |
$48,704 |
||
|
Shenzhou International Group Holdings Ltd. |
11,011 |
49,307 |
||
|
$98,011 |
||||
|
Auto & Auto Components – 3.4% |
||||
|
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., “A” |
2,700 |
$31,497 |
||
|
Hero MotoCorp Ltd. |
823 |
47,124 |
||
|
Hyundai Mobis |
79 |
26,178 |
||
|
Kia Corp. |
550 |
52,645 |
||
|
Mahindra & Mahindra Ltd. |
8,433 |
290,783 |
||
|
Maruti Suzuki India Ltd. |
1,949 |
277,398 |
||
|
PT Astra International Tbk |
429,400 |
116,349 |
||
|
Yadea Group Holdings Ltd. |
24,000 |
28,659 |
||
|
Yutong Bus Co. Ltd., “A” |
5,500 |
24,382 |
||
|
$895,015 |
||||
|
Brokerage & Asset Managers – 1.2% |
||||
|
Banco BTG Pactual S.A. |
5,720 |
$60,395 |
||
|
Investec Ltd. |
12,138 |
104,785 |
||
|
Korea Investment Holdings Co. Ltd. |
440 |
61,792 |
||
|
XP, Inc. |
3,627 |
66,120 |
||
|
Yuanta Financial Holding Co. Ltd. |
16,640 |
34,306 |
||
|
$327,398 |
||||
|
Business Services – 2.4% |
||||
|
Infosys Technologies Ltd., ADR |
16,679 |
$201,149 |
||
|
Kanzhun Ltd., ADR |
9,622 |
167,038 |
||
|
Tata Consultancy Services Ltd. |
10,740 |
270,730 |
||
|
$638,917 |
||||
|
Chemicals – 1.3% |
||||
|
SABIC Agri-Nutrients Co. |
3,224 |
$112,144 |
||
|
Sime Darby Berhad |
63,510 |
41,015 |
||
|
UPL Ltd. |
33,112 |
195,597 |
||
|
$348,756 |
||||
|
Conglomerates – 0.1% |
||||
|
Koc Holding A.S. |
5,317 |
$23,676 |
||
EBEFS-SEM
1
MFS Blended Research Emerging Markets Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Construction – 2.2% |
||||
|
Anhui Conch Cement Co. Ltd. |
88,563 |
$191,284 |
||
|
CEMEX S.A.B. de C.V., ADR |
17,641 |
189,464 |
||
|
Haier Smart Home Co. Ltd., “H” |
6,708 |
18,451 |
||
|
Midea Group Co. Ltd., “H” |
15,344 |
198,494 |
||
|
$597,693 |
||||
|
Diversified Financial Services – 0.3% |
||||
|
B3 S.A. - Brasil Bolsa Balcao |
21,642 |
$67,747 |
||
|
Electrical Equipment – 0.9% |
||||
|
Contemporary Amperex Technology Co. Ltd., “A” |
3,100 |
$167,713 |
||
|
NARI Technology Co. Ltd., “A” |
24,000 |
82,037 |
||
|
$249,750 |
||||
|
Energy - Independent – 4.1% |
||||
|
Bharat Petroleum Corp. Ltd. |
46,771 |
$159,235 |
||
|
China Petroleum & Chemical Corp. |
395,880 |
241,666 |
||
|
MOL Hungarian Oil & Gas PLC (a) |
10,327 |
166,002 |
||
|
Oil & Natural Gas Corp. Ltd. |
22,300 |
54,308 |
||
|
PetroChina Co. Ltd. |
275,892 |
357,956 |
||
|
Ultrapar Participacoes S.A. |
14,696 |
98,757 |
||
|
$1,077,924 |
||||
|
Engineering - Construction – 1.0% |
||||
|
Doosan Bobcat, Inc. |
3,554 |
$161,781 |
||
|
Samsung E&A Co. Ltd. |
2,779 |
95,639 |
||
|
$257,420 |
||||
|
Entertainment & Leisure – 4.5% |
||||
|
Giant Network Group Co. Ltd., “A” |
22,900 |
$93,545 |
||
|
NetEase, Inc., ADR |
2,768 |
337,087 |
||
|
Tencent Holdings Ltd., ADR |
13,307 |
761,027 |
||
|
$1,191,659 |
||||
|
Food & Beverages – 2.1% |
||||
|
AVI Ltd. |
21,569 |
$114,048 |
||
|
Inner Mongolia Yili Industrial Group Co. Ltd., “A” |
50,400 |
198,755 |
||
|
NongShim Co. Ltd. |
154 |
49,904 |
||
|
Orion Corp. |
2,094 |
198,904 |
||
|
$561,611 |
||||
|
Food & Drug Stores – 0.3% |
||||
|
Walmart de Mexico S.A.B. de C.V. |
28,070 |
$77,737 |
||
|
Global Systemically Important Banks – 2.2% |
||||
|
China Construction Bank Corp. |
489,627 |
$593,415 |
||
|
Hardware, Peripherals, & Assembly – 18.7% |
||||
|
Hon Hai Precision Industry Co. Ltd. |
64,656 |
$509,552 |
||
|
King Slide Works Co. Ltd. |
1,000 |
447,008 |
||
|
Largan Precision Co. Ltd. |
1,000 |
241,158 |
||
|
Lenovo Group Ltd. |
81,938 |
314,018 |
||
|
Lite-On Technology Corp. |
11,000 |
105,763 |
||
2
MFS Blended Research Emerging Markets Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Hardware, Peripherals, & Assembly – continued |
||||
|
Samsung Electronics Co. Ltd. |
7,910 |
$1,502,703 |
||
|
SK hynix, Inc. |
1,283 |
1,569,299 |
||
|
SK Square Co. Ltd. |
381 |
288,687 |
||
|
$4,978,188 |
||||
|
Insurance – 1.6% |
||||
|
China Pacific Insurance Co. Ltd. |
48,276 |
$186,121 |
||
|
DB Insurance Co. Ltd. |
312 |
41,285 |
||
|
Old Mutual Ltd. |
160,102 |
129,642 |
||
|
Powszechny Zaklad Ubezpieczen S.A. |
1,247 |
24,830 |
||
|
Samsung Fire & Marine Insurance Co. Ltd. |
79 |
38,386 |
||
|
$420,264 |
||||
|
Internet – 0.2% |
||||
|
NHN Corp. |
1,030 |
$55,918 |
||
|
Machinery & Tools – 1.9% |
||||
|
AirTAC International Group |
4,095 |
$183,954 |
||
|
Chevron Holdings Ltd. |
8,944 |
22,501 |
||
|
Delta Electronics, Inc. |
5,173 |
300,054 |
||
|
$506,509 |
||||
|
Medical & Health Technology & Services – 0.1% |
||||
|
Bumrungrad Hospital PCL |
6,600 |
$38,115 |
||
|
Metals & Mining – 3.9% |
||||
|
AngloGold Ashanti PLC |
1,612 |
$181,060 |
||
|
Baoshan Iron & Steel Co. Ltd., “A” |
159,000 |
137,708 |
||
|
Caledonia Mining Corp. PLC |
1,884 |
47,684 |
||
|
Compania de Minas Buenaventura S.A.A., ADR |
1,795 |
61,568 |
||
|
Industries Qatar Q.P.S.C. |
69,561 |
190,858 |
||
|
Kumba Iron Ore Ltd. |
8,196 |
121,731 |
||
|
National Aluminium Co. Ltd. |
24,790 |
99,362 |
||
|
Vale S.A., ADR |
3,784 |
57,101 |
||
|
Vedanta Aluminium Metal Ltd. |
18,090 |
82,704 |
||
|
Vedanta Ltd. |
18,566 |
54,265 |
||
|
$1,034,041 |
||||
|
Network & Telecom – 1.0% |
||||
|
Accton Technology Corp. |
4,290 |
$275,208 |
||
|
Non-Global Systemically Important Banks – 14.0% |
||||
|
ABSA Group Ltd. |
2,133 |
$30,324 |
||
|
Akbank T.A.S. |
17,622 |
26,236 |
||
|
Axis Bank Ltd. |
16,354 |
223,365 |
||
|
Banco Bradesco S.A., ADR |
50,419 |
165,374 |
||
|
Bank of Cyprus Holdings PLC |
10,834 |
134,651 |
||
|
Canara Bank Ltd. |
73,084 |
97,439 |
||
|
China Merchants Bank Co. Ltd. |
29,328 |
190,632 |
||
|
China Minsheng Banking Corp. Ltd. |
49,715 |
22,072 |
||
|
CIMB Group Holdings Berhad |
51,700 |
102,218 |
||
|
Credicorp Ltd. |
708 |
259,397 |
||
|
Emirates NBD Bank PJSC |
26,173 |
215,772 |
||
3
MFS Blended Research Emerging Markets Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Non-Global Systemically Important Banks – continued |
||||
|
Eurobank S.A. |
34,218 |
$182,275 |
||
|
Grupo Financiero Banorte S.A. de C.V. |
9,315 |
105,479 |
||
|
HDFC Bank Ltd., ADR |
3,789 |
86,010 |
||
|
Huaxia Bank Co. Ltd., “A” |
138,100 |
128,033 |
||
|
ICICI Bank Ltd., ADR |
3,980 |
120,833 |
||
|
Itau Unibanco Holding S.A., ADR |
5,524 |
42,038 |
||
|
KB Financial Group, Inc., ADR |
3,316 |
413,804 |
||
|
KGI Financial Holding Co. Ltd. |
173,603 |
185,249 |
||
|
National Bank of Greece S.A. |
10,217 |
200,324 |
||
|
Nedbank Group Ltd. |
1,533 |
28,036 |
||
|
Ping An Bank Co. Ltd., “A” |
14,100 |
24,592 |
||
|
Saudi Awwal Bank |
17,504 |
158,975 |
||
|
Saudi National Bank |
2,329 |
26,859 |
||
|
Shinhan Financial Group Co. Ltd., ADR |
3,823 |
302,667 |
||
|
Shriram Finance Ltd. |
17,740 |
206,864 |
||
|
Standard Bank Group Ltd. |
1,160 |
22,889 |
||
|
Turkiye Is Bankasi A.S., “C” |
68,278 |
17,883 |
||
|
$3,720,290 |
||||
|
Pharmaceuticals & Biotechnology – 2.6% |
||||
|
Gedeon Richter PLC |
3,645 |
$152,188 |
||
|
Hugel, Inc. (a) |
200 |
36,826 |
||
|
PharmaEssentia Corp. |
4,931 |
216,845 |
||
|
Sun Pharmaceutical Industries Ltd. |
13,678 |
285,225 |
||
|
$691,084 |
||||
|
Real Estate – 0.4% |
||||
|
Emaar Development PJSC |
26,920 |
$93,521 |
||
|
Retail & E-commerce – 2.5% |
||||
|
Alibaba Group Holding Ltd., ADR |
3,941 |
$449,353 |
||
|
Mercadolibre, Inc. (a) |
30 |
58,086 |
||
|
PDD Holdings, Inc., ADR (a) |
1,274 |
107,016 |
||
|
Shinsegae Co. Ltd. |
180 |
54,450 |
||
|
$668,905 |
||||
|
Semiconductor & Electronic Components – 17.3% |
||||
|
ASE Technology Holding Co. Ltd., ADR |
8,755 |
$323,497 |
||
|
Chicony Electronics Co. Ltd. |
8,000 |
26,858 |
||
|
Eoptolink Technology Inc., Ltd., “A” |
1,060 |
63,392 |
||
|
MediaTek, Inc. |
3,352 |
414,747 |
||
|
Novatek Microelectronics Corp. |
6,000 |
102,137 |
||
|
Realtek Semiconductor Corp. |
1,000 |
22,729 |
||
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |
8,676 |
3,603,316 |
||
|
United Microelectronics Corp. |
12,502 |
50,841 |
||
|
$4,607,517 |
||||
|
Software – 0.2% |
||||
|
Totvs S.A. |
5,957 |
$40,755 |
||
4
MFS Blended Research Emerging Markets Equity ETF
Portfolio of Investments (unaudited) – continued
|
Issuer |
Shares/Par |
Value ($) |
||
|
Common Stocks – continued |
||||
|
Telecom Services – 2.1% |
||||
|
Advanced Info Service Public Co. Ltd. |
16,236 |
$173,817 |
||
|
MTN Group Ltd. |
9,023 |
105,897 |
||
|
Operadora de Sites Mexicanos, S.A.B. de C.V. |
69,889 |
69,534 |
||
|
PT Telkom Indonesia (Persero) Tbk |
13,170 |
192,019 |
||
|
Turkcell Iletisim Hizmetleri A.S. |
8,960 |
17,647 |
||
|
$558,914 |
||||
|
Transportation & Logistics – 0.5% |
||||
|
International Container Terminal Services, Inc. |
10,172 |
$144,597 |
||
|
Travel, Gaming, & Lodging – 0.5% |
||||
|
H World Group Ltd., ADR |
2,832 |
$134,010 |
||
|
Utilities – 1.4% |
||||
|
AXIA Energia, ADR |
30,039 |
$305,497 |
||
|
CIA Saneamento Minas Gerais |
1,990 |
21,208 |
||
|
Companhia de Saneamento Basico do Estado de Sao Paulo, ADR |
8,654 |
42,058 |
||
|
$368,763 |
||||
|
Total Common Stocks (Identified Cost, $22,231,327) |
$25,572,387 |
|||
|
Preferred Stocks – 2.7% |
||||
|
Hardware, Peripherals, & Assembly – 2.7% |
||||
|
Samsung Electronics Co. Ltd. (Identified Cost, $434,193) |
5,181 |
$706,018 |
||
|
Mutual Funds – 1.0% |
||||
|
Money Market Funds – 1.0% |
||||
|
State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.62% (j) (Identified Cost, $277,097) |
277,097 |
$277,097 |
||
|
Other Assets, Less Liabilities – 0.1% |
24,179 |
|||
|
Net Assets – 100.0% |
$26,579,681 |
|||
|
(a) |
Non-income producing security. |
|
(j) |
The rate quoted is the annualized seven-day yield of the fund at period end. |
|
The following abbreviations are used in this report and are defined: |
|
|
ADR |
American Depositary Receipt |
See Notes to Financial Statements
5
MFS Blended Research Emerging Markets Equity ETF
Financial Statements | Statement of Assets and Liabilities
This statement represents your fund’s balance sheet, which details the assets and liabilities comprising the total value of the fund.
|
At 8/31/26 (unaudited) Assets |
|
|
Investments in unaffiliated issuers, at value (identified cost, $22,942,617) |
$26,555,502 |
|
Foreign currency, at value (identified cost, $7,566) |
7,571 |
|
Receivables for |
|
|
Interest and dividends |
24,779 |
|
Total assets |
$26,587,852 |
|
Liabilities |
|
|
Payable to affiliates |
|
|
Investment adviser |
$1,288 |
|
Deferred foreign capital gains tax expense payable |
6,883 |
|
Total liabilities |
$8,171 |
|
Net assets |
$26,579,681 |
|
Net assets consist of |
|
|
Paid-in capital |
$22,832,111 |
|
Total distributable earnings (loss) |
3,747,570 |
|
Net assets |
$26,579,681 |
|
Shares of beneficial interest outstanding (unlimited number of shares authorized) |
975,000 |
|
Net asset value per share (net assets of $26,579,681 / 975,000 shares of beneficial interest outstanding) |
$27.26 |
See Notes to Financial Statements
6
MFS Blended Research Emerging Markets Equity ETF
Financial Statements | Statement of Operations
This statement describes how much your fund earned in investment income and accrued in expenses. It also describes any gains and/or losses generated by fund operations.
|
Six months ended 8/31/26 (c) (unaudited) Net investment income (loss) |
|
|
Income |
|
|
Dividends from unaffiliated issuers |
$381,443 |
|
Other |
3,600 |
|
Income on securities loaned |
37 |
|
Foreign taxes withheld |
(46,579 ) |
|
Total investment income |
$338,501 |
|
Expenses |
|
|
Management fee |
$51,235 |
|
Miscellaneous |
20 |
|
Total expenses |
$51,255 |
|
Net investment income (loss) |
$287,246 |
|
Realized and unrealized gain (loss) |
|
|
Realized gain (loss) (identified cost basis) |
|
|
Unaffiliated issuers (includes $842 foreign capital gains tax) |
$(199,430 ) |
|
Foreign currency |
(30,355 ) |
|
In-kind redemptions – unaffiliated issuers |
84,116 |
|
Net realized gain (loss) |
$(145,669 ) |
|
Change in unrealized appreciation or depreciation |
|
|
Unaffiliated issuers (includes $6,883 increase in deferred foreign capital gains tax) |
$3,606,002 |
|
Translation of assets and liabilities in foreign currencies |
(9 ) |
|
Net unrealized gain (loss) |
$3,605,993 |
|
Net realized and unrealized gain (loss) |
$3,460,324 |
|
Change in net assets from operations |
$3,747,570 |
|
(c) For the period from the commencement of the fund’s investment operations, March 5, 2026, through the stated period end. |
|
See Notes to Financial Statements
7
MFS Blended Research Emerging Markets Equity ETF
Financial Statements | Statement of Changes in Net Assets
This statement describes the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.
|
Six months ended |
|
|
(unaudited) |
|
|
Change in net assets |
|
|
From operations |
|
|
Net investment income (loss) |
$287,246 |
|
Net realized gain (loss) |
(145,669 ) |
|
Net unrealized gain (loss) |
3,605,993 |
|
Change in net assets from operations |
$3,747,570 |
|
Change in net assets from fund share transactions |
$22,778,648 |
|
Miscellaneous capital |
$53,463 |
|
Total change in net assets |
$26,579,681 |
|
Net assets |
|
|
At beginning of period |
— |
|
At end of period |
$26,579,681 |
|
(c) |
For the period from the commencement of the fund’s investment operations, March 5, 2026, through the stated period end. |
See Notes to Financial Statements
8
MFS Blended Research Emerging Markets Equity ETF
Financial Statements | Financial Highlights
The financial highlights table is intended to help you understand the fund's financial performance for the semiannual period and the past 5 fiscal years (or life of the fund, if shorter). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the fund (assuming reinvestment of all distributions) held for the entire period.
|
Six months
ended |
|
|
8/31/26 (c)
(unaudited) |
|
|
Net asset value, beginning of period |
$23.19 |
|
Income (loss) from investment operations |
|
|
Net investment income (loss) (d) |
$0.31 |
|
Net realized and unrealized gain (loss) |
3.70 |
|
Total from investment operations |
$4.01 |
|
Miscellaneous capital (d) |
$0.06 |
|
Net asset value, end of period (x) |
$27.26 |
|
Total return (%) (s)(x) |
17.55 (n) |
|
Ratios (%) (to average net assets)
and Supplemental data: |
|
|
Expenses |
0.44 (a) |
|
Net investment income (loss) |
2.47 (a) |
|
Portfolio turnover rate (e) |
14 (n) |
|
Net assets at end of period (000 omitted) |
$26,580 |
|
(a) |
Annualized. |
|
(c) |
For the period from the commencement of the fund’s investment operations, March 5, 2026, through the stated period end. |
|
(d) |
Per share data is based on average shares outstanding. |
|
(e) |
Portfolio turnover rate excludes securities received or delivered in-kind in the process of creating or redeeming fund shares. |
|
(n) |
Not annualized. |
|
(s) |
From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower. |
|
(x) |
The net asset value and total return have been calculated on net assets which include adjustments made in accordance with U.S. generally accepted accounting principles required at period end for financial reporting purposes. |
See Notes to Financial Statements
9
MFS Blended Research Emerging Markets Equity ETF
Notes to Financial Statements (unaudited)
(1) Business and Organization
MFS Blended Research Emerging Markets Equity ETF (the fund) is a diversified series of MFS Active Exchange Traded Funds Trust (the trust). The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(2) Significant Accounting Policies
General — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated subsequent events occurring after the date of the fund’s Statement of Assets and Liabilities through the date that the financial statements were issued. The fund invests in foreign securities, including securities of emerging market issuers. Investments in foreign securities are vulnerable to the effects of changes in the relative values of the local currency and the U.S. dollar and to the effects of changes in each country’s market, economic, industrial, political, regulatory, geopolitical, environmental, public health, and other conditions. Investments tied economically to emerging markets, especially frontier markets, can involve additional and greater risks than the risks associated with investments in developed markets. Emerging markets can have less developed markets, greater custody and operational risk, less developed legal, regulatory, and accounting systems, greater government involvement in the economy, greater risk of new or inconsistent government treatment of or restrictions on issuers and instruments, and greater political, social, geopolitical, and economic instability than developed markets.
Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280, Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity’s chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The fund represents a single operating segment and the Chairman’s Committee of the fund's adviser acts as the segment’s CODM. The fund’s total returns, expense ratios, and changes in net assets which are used by the CODM to assess segment performance and to make resource allocation decisions to the segment are consistent with that presented within the fund’s financial statements.
Balance Sheet Offsetting — The fund's accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement, or similar agreement, does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the fund and the applicable counterparty. The fund's right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject. Balance sheet offsetting disclosures, to the extent applicable to the fund, have been included in the fund’s Significant Accounting Policies note under the captions for each of the fund’s in-scope financial instruments and transactions.
Investment Valuations — Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. In accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
10
MFS Blended Research Emerging Markets Equity ETF
Notes to Financial Statements (unaudited) - continued
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of August 31, 2026 in valuing the fund's assets and liabilities:
|
Financial Instruments |
Level 1 |
Level 2 |
Level 3 |
Total |
|
Equity Securities: |
||||
|
Taiwan |
$7,091,926 |
$— |
$— |
$7,091,926 |
|
South Korea |
5,656,886 |
— |
— |
5,656,886 |
|
China |
5,352,713 |
— |
— |
5,352,713 |
|
India |
2,782,155 |
— |
— |
2,782,155 |
|
Brazil |
1,135,393 |
— |
— |
1,135,393 |
|
South Africa |
886,096 |
— |
— |
886,096 |
|
Mexico |
442,214 |
— |
— |
442,214 |
|
Greece |
382,599 |
— |
— |
382,599 |
|
Peru |
320,965 |
— |
— |
320,965 |
|
Other Countries |
2,015,526 |
211,932 |
— |
2,227,458 |
|
Investment Companies |
277,097 |
— |
— |
277,097 |
|
Total |
$26,343,570 |
$211,932 |
$— |
$26,555,502 |
For further information regarding security characteristics, see the Portfolio of Investments.
Foreign Currency Translation — Purchases and sales of foreign investments, income, and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions or on the reporting date for foreign denominated receivables and payables. Gains and losses attributable to foreign currency exchange rates on sales of securities are recorded for financial statement purposes as net realized gains and losses on investments. Gains and losses attributable to foreign exchange rate movements on receivables, payables, income and expenses are recorded for financial statement purposes as foreign currency transaction gains and losses. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
Security Loans — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the “Borrowers”) approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent
11
MFS Blended Research Emerging Markets Equity ETF
Notes to Financial Statements (unaudited) - continued
provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At August 31, 2026, there were no securities on loan or collateral outstanding.
Indemnifications — Under the fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the fund. Additionally, in the normal course of business, the fund enters into agreements with service providers that may contain indemnification clauses. The fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the fund that have not yet occurred.
Investment Transactions and Income — Interest income is recorded on the accrual basis. Dividends received in cash are recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded when the fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Dividend payments received in additional securities are recorded on the ex-dividend date in an amount equal to the value of the security on such date.
The fund may receive proceeds from litigation settlements. Any proceeds received from litigation involving portfolio holdings are reflected in the Statement of Operations in realized gain/loss if the security has been disposed of by the fund or in unrealized gain/loss if the security is still held by the fund. Any other proceeds from litigation not related to portfolio holdings are reflected as other income in the Statement of Operations.
Investment transactions are recorded on the trade date. In determining the net gain or loss on securities sold, the cost of securities is determined on the identified cost basis.
Tax Matters and Distributions — The fund intends to qualify as a regulated investment company, as defined under Subchapter M of the Internal Revenue Code, and to distribute all of its taxable income, including realized capital gains. As a result, no provision for federal income tax is required. The fund’s federal tax returns, when filed, will remain subject to examination by the Internal Revenue Service for generally a three-year period. Management has analyzed the fund’s tax positions taken on federal and state tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. Foreign taxes, if any, have been accrued by the fund in the accompanying financial statements in accordance with the applicable foreign tax law. Foreign income taxes may be withheld by certain countries in which the fund invests. Additionally, capital gains realized by the fund on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.
Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. These adjustments have no impact on net assets or net asset value per share. Temporary differences which arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will reverse at some time in the future.
The federal tax cost and the tax basis components of distributable earnings were as follows:
|
As of 8/31/26 |
|
|
Cost of investments |
$22,942,615 |
|
Gross appreciation |
4,577,550 |
|
Gross depreciation |
(964,663 ) |
|
Net unrealized appreciation (depreciation) |
$3,612,887 |
(3) Transactions with Affiliates
Investment Adviser — The fund has an Investment Management Agreement (“Management Agreement”) with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.44% of the fund’s average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund’s operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses
12
MFS Blended Research Emerging Markets Equity ETF
Notes to Financial Statements (unaudited) - continued
(such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund’s Board of Trustees.
Distributor — MFS Fund Distributors, Inc. (MFD), a wholly owned subsidiary of MFS, is the distributor of shares of the fund. The fund has adopted a plan in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended (the Distribution Plan). The fund’s Board of Trustees has determined not to implement payments of Rule 12b-1 fees under the Distribution Plan at this time. The fund does not currently pay compensation to MFD for any distribution services provided.
Administrator — MFS provides certain financial, legal, and other administrative services to the fund. MFS bears the costs of the services under the Management Agreement.
Trustees’ and Officers’ Compensation — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the six months ended August 31, 2026.
Other — At August 31, 2026, MFS held approximately 87% of the outstanding shares of the fund.
The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund’s securities trades. This agreement may be rescinded at any time. For the six months ended August 31, 2026, this reimbursement amounted to $3,600, which is included in “Other” income in the Statement of Operations.
(4) Portfolio Securities
For the six months ended August 31, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $15,602,769 and $3,298,871, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $10,616,493 and $140,869, respectively.
(5) Purchase and Sales of Fund Shares
The fund issues and redeems shares through MFD at net asset value (“NAV”) only with Authorized Participants and only in large blocks of shares (each, a Creation Unit). An Authorized Participant may purchase or redeem a Creation Unit each business day that the fund is open in exchange for the delivery or receipt of a designated portfolio of in-kind securities and/or cash. Authorized Participants may pay a fixed purchase or redemption transaction fee to offset the transfer and other transaction costs associated with the issuance and redemption of Creation Units. An additional variable fee may be charged for certain transactions. These variable fees are included in “Miscellaneous capital” in the Statement of Changes in Net Assets.
Individual fund shares may not be purchased or redeemed directly with the fund. Shares are listed for trading on the NYSE Arca, and individual fund shares may only be purchased and sold in the secondary market through a financial intermediary at market price. Because the fund’s shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Transactions in fund shares were as follows:
|
Six months ended
8/31/26 (c) |
||
|
Shares |
Amount |
|
|
Shares sold |
1,000,000 |
$23,429,829 |
|
Shares reacquired |
(25,000 ) |
(651,181 ) |
|
Net change |
975,000 |
$22,778,648 |
|
(c) |
For the period from the commencement of the fund’s investment operations, March 5, 2026, through the stated period end. |
13
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Emerging Markets Equity ETF.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There is nothing to report for this item for MFS Blended Research Emerging Markets Equity ETF.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
This information is disclosed as part of the financial statements included in Item 7 above for MFS Blended Research Emerging Markets Equity ETF. See the Statement of Operations and Note 3 within the Notes to Financial Statements for more information.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
14
MFS Blended Research Emerging Markets Equity ETF
Board Approval of Investment Management Agreement
MFS Blended Research Emerging Markets Equity ETF
The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested (“independent”) Trustees, voting separately, initially approve the Fund’s investment management agreement with MFS (the “Agreement”) and, beginning on the second anniversary of the initial effective date of the Agreement, annually approve the continuation of the Agreement. In July and September 2025, the Board met to consider the initial approval of the Agreement (“the initial review meetings”). The independent Trustees were assisted in their evaluation of the Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS.
In connection with their deliberations regarding the initial approval of the Agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services to be performed by MFS under the Agreement and other arrangements with the Fund. The independent Trustees observed that with respect to this Fund, MFS was proposing a unitary management fee structure, pursuant to which MFS would receive a fee covering investment management and administrative services, with MFS paying the Fund’s ordinary, recurring operating expenses (the “Unitary Fee”), subject to certain exceptions.
In connection with their initial review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions Inc. (“Broadridge”), an independent third party, on the Fund’s proposed Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the “Broadridge expense group and universe”), (ii) information provided by MFS on the total expense ratios for Class R6 shares of MFS mutual funds in the same Morningstar category as the Fund, and (iii) the Unitary Fees for certain fully transparent actively-managed exchange-traded funds (“ETFs”) in similar Morningstar categories that MFS believes will be key competitors to the Fund. In addition, in connection with the independent Trustees’ May, June, and July 2025 meetings for the purpose of considering whether to approve the continuation of the investment advisory agreements for the MFS-advised mutual funds that the Board oversees (the “MFS Funds”), the independent Trustees received: (i) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (ii) information regarding MFS’ financial results and financial condition, including MFS’ and certain of its affiliates’ estimated profitability from services performed for the MFS Funds as a whole, and compared to MFS’ institutional business, (iii) MFS’ views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (iv) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (v) information regarding the overall organization of MFS, including information about MFS’ senior management and other personnel that would provide investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.
The Trustees’ conclusion as to the initial approval of the Agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Because the Fund is newly organized and had not yet commenced investment operations at the time of the initial review meetings, the Fund had no investment performance for the Trustees to review.
The Trustees considered the proposed Unitary Fee structure to which the Fund would be subject, observing that many of the competitors of the Fund have adopted similar unitary fee structures. In assessing the reasonableness of the Fund’s proposed Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the Agreement and descriptions of various services to be performed or procured by MFS under the Agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses which would be excluded from the Unitary Fee and therefore would be payable by the Fund. The Trustees also considered the Fund’s proposed Unitary Fee as compared with the advisory fee and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund's proposed Unitary Fee would be approximately at the applicable Broadridge expense group median and the Fund’s proposed total expense ratio would be lower than the applicable Broadridge expense group median.
The Trustees considered that the Agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS’ observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.
The Trustees did not consider MFS’ costs and profits with respect to the Fund because the Fund had not yet commenced operations. The Trustees considered information prepared by MFS relating to MFS’ costs and profits with respect to the MFS Funds considered as a group, and other investment companies and institutional accounts advised by MFS, as well as MFS’ methodologies used to determine and allocate its costs to the MFS Funds and other accounts and products for purposes of estimating profitability.
15
MFS Blended Research Emerging Markets Equity ETF
Board Approval of Investment Management Agreement - continued
After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the Unitary Fee to be charged to the Fund represents reasonable compensation in light of the services to be provided by MFS to the Fund.
In addition, the Trustees considered MFS’ resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.
The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services to be provided to the Fund by MFS and its affiliates under agreements and plans other than the Agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund’s behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS’ interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services to be provided by MFS and its affiliates on behalf of the Fund were satisfactory.
The Trustees considered so-called “fall-out benefits” to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund’s portfolio brokerage commissions.
Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund’s Agreement with MFS should be approved for an initial two-year period, commencing upon its effective date, as set forth in the Agreement.
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ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the Registrant.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no material changes to the procedures by which shareholders may send recommendations to the Board for nominees to the Registrant’s Board since the Registrant last provided disclosure as to such procedures in response to the requirements of Item 407 (c)(2)(iv) of Regulation S-K or this Item.
ITEM 16. CONTROLS AND PROCEDURES.
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Based upon their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report on Form N-CSR, the Registrant’s principal financial officer and principal executive officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
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There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by the report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the Registrant.
ITEM 19. EXHIBITS.
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Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.
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Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
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A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2): Attached hereto as EX-99.302CERT.
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Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
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Change in the registrant's independent public accountant. Not applicable.
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If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for the purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Attached hereto as EX-99.906CERT.
Notice
A copy of the Amended and Restated Declaration of Trust, as amended, of the Registrant is on file with the Secretary of State of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer and not individually and the obligations of or arising out of this instrument are not binding upon any of the Trustees or shareholders individually, but are binding only upon the assets and property of the respective constituent series of the Registrant.
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) MFS ACTIVE EXCHANGE TRADED FUNDS TRUST
By (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President
Date: October 16, 2026
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 (Signature and Title)*
/S/ DAVID L. DILORENZO
David L. DiLorenzo, President (Principal Executive Officer)
Date: October 16, 2026
By (Signature and Title)*
/S/ KASEY L. PHILLIPS
Kasey L. Phillips, Treasurer (Principal Financial Officer and Accounting Officer)
Date: October 16, 2026
* Print name and title of each signing officer under his or her signature.
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