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Form N-CSRS SEI Exchange Traded Fund For: Sep 30

December 7, 2022 2:58 PM EST

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

 

FORM N-CSRS

________

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act file number 811-23754

 

SEI EXCHANGE TRADED FUNDS

(Exact name of registrant as specified in charter)

________

 

SEI Investments Company

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

 

Timothy D. Barto, Esq.

SEI Investments Company

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 610-676-1000

 

Date of fiscal year end: March 31, 2023

 

Date of reporting period: September 30, 2022

 

 

 

Item 1. Reports to Stockholders.

 

 

 

 

September 30, 2022

 

SEMI-ANNUAL REPORT

SEI Exchange Traded Funds

 

 

SEI Enhanced U.S. Large Cap Quality Factor ETF

 

SEI Enhanced U.S. Large Cap Momentum Factor ETF

 

SEI Enhanced U.S. Large Cap Value Factor ETF

 

SEI Enhanced Low Volatility U.S. Large Cap ETF

 

Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

 

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

 

 

 

 

 

seic.com

 

 

 

 

TABLE OF CONTENTS

 

 

Schedules of Investments

1

Statements of Assets and Liabilities

9

Statements of Operations

10

Statements of Changes in Net Assets

11

Financial Highlights

13

Notes to Financial Statements

14

Disclosure of Fund Expenses

21

Board of Trustees Considerations in Approving the Advisory Agreement

22

 

 

 

Shares are bought and sold at market price (not net asset value) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

 

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

 

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

SEI Enhanced U.S. Large Cap Quality Factor ETF

 

 

 

 

Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK — 99.6%

                 

Communication Services — 9.1%

       

Alphabet, Cl A *

    4,039     $ 386  

Alphabet, Cl C *

    93       9  

Electronic Arts

    644       74  

Meta Platforms, Cl A *

    1,400       190  

World Wrestling Entertainment, Cl A

    479       34  
                 
              693  

Consumer Discretionary — 15.0%

       

Amazon.com *

    393       44  

AutoZone *

    10       21  

Booking Holdings *

    99       163  

Domino's Pizza

    389       121  

Garmin

    398       32  

Grand Canyon Education *

    414       34  

H&R Block

    1,117       48  

McDonald's

    141       33  

NIKE, Cl B

    894       74  

NVR *

    2       8  

O'Reilly Automotive *

    320       225  

Ulta Beauty *

    416       167  

Yum! Brands

    1,565       166  
                 
              1,136  

Consumer Staples — 11.6%

       

Altria Group

    4,124       166  

Coca-Cola

    3,304       185  

Colgate-Palmolive

    737       52  

Monster Beverage *

    2,157       188  

Philip Morris International

    2,517       209  

Procter & Gamble

    603       76  
                 
              876  

Financials — 6.1%

       

American Express

    88       12  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

FactSet Research Systems

    411     $ 164  

Moody's

    505       123  

MSCI, Cl A

    380       160  
                 
              459  

Health Care — 20.8%

       

Bristol-Myers Squibb

    2,661       189  

Edwards Lifesciences *

    254       21  

Hologic *

    2,453       158  

Incyte *

    2,050       137  

Johnson & Johnson

    1,772       290  

Merck

    2,315       199  

Pfizer

    3,022       132  

Regeneron Pharmaceuticals *

    258       178  

Vertex Pharmaceuticals *

    944       273  
                 
              1,577  

Industrials — 3.9%

       

Expeditors International of Washington

    1,778       157  

Robert Half International

    1,191       91  

United Parcel Service, Cl B

    318       52  
                 
              300  

Information Technology — 32.4%

       

Adobe *

    282       78  

Apple

    4,405       609  

Broadcom

    257       114  

Cadence Design Systems *

    1,246       204  

Cisco Systems

    701       28  

Dolby Laboratories, Cl A

    712       46  

Dropbox, Cl A *

    3,242       67  

Keysight Technologies *

    1,158       182  

Manhattan Associates *

    695       92  

Microsoft

    2,320       540  

QUALCOMM

    936       106  

Texas Instruments

    1,260       195  

VeriSign *

    971       169  

Visa, Cl A

    149       27  
                 
              2,457  

Materials — 0.7%

       

Louisiana-Pacific

    1,110       57  
                 
                 

Total Common Stock

               

(Cost $8,150) ($ Thousands)

            7,555  
                 
                 

Total Investments in Securities — 99.6%

               

(Cost $8,150) ($ Thousands)

  $ 7,555  
                 
                 

 

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

1

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

SEI Enhanced U.S. Large Cap Quality Factor ETF (Concluded)

 

 

 

 

 

Percentages are based on Net Assets of $7,582 ($ Thousands).

*

Non-income producing security.

Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

 

Cl – Class

 

As of September 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

 

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

 

 

2

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

SEI Enhanced U.S. Large Cap Momentum Factor ETF

 

 

 

 

Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK — 99.7%

                 

Communication Services — 2.7%

       

Alphabet, Cl C *

    2,392     $ 230  

Interpublic Group of

    10,007       256  
                 
              486  

Consumer Discretionary — 6.7%

       

Amazon.com *

    444       50  

AutoNation *

    291       30  

AutoZone *

    199       426  

Dollar Tree *

    31       4  

Genuine Parts

    503       75  

H&R Block

    4,276       182  

Lowe's

    664       125  

Lululemon Athletica *

    531       148  

Penske Automotive Group

    799       79  

Ulta Beauty *

    229       92  
                 
              1,211  

Consumer Staples — 11.5%

       

Archer-Daniels-Midland

    4,716       379  

BJ's Wholesale Club Holdings *

    3,606       263  

Costco Wholesale

    423       200  

General Mills

    5,112       392  

Grocery Outlet Holding *

    615       20  

Hershey

    2,200       485  

Kroger

    7,712       337  
                 
              2,076  

Energy — 8.6%

       

Chevron

    2,014       289  

ConocoPhillips

    2,502       256  

Devon Energy

    8,560       515  

Halliburton

    1,517       38  

Marathon Oil

    10,618       240  

Schlumberger

    4,964       178  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Valero Energy

    378     $ 40  
                 
              1,556  

Financials — 6.9%

       

American Financial Group

    1,259       155  

Blackstone

    3,537       296  

Chubb

    55       10  

Credit Acceptance *

    174       76  

FactSet Research Systems

    545       218  

Raymond James Financial

    1,390       138  

W R Berkley

    5,502       355  
                 
              1,248  

Health Care — 10.4%

       

AbbVie

    1,359       182  

Acadia Healthcare *

    1,200       94  

IQVIA Holdings *

    1,776       321  

McKesson

    1,147       390  

Merck

    1,361       117  

Pfizer

    4,605       202  

Thermo Fisher Scientific

    656       333  

West Pharmaceutical Services

    1,029       253  
                 
              1,892  

Industrials — 8.6%

       

Builders FirstSource *

    5,201       307  

Carlisle

    1,365       383  

Clean Harbors *

    1,367       150  

Republic Services, Cl A

    2,883       392  

Univar Solutions *

    4,445       101  

WillScot Mobile Mini Holdings *

    5,831       235  
                 
              1,568  

Information Technology — 31.1%

       

Allegro MicroSystems *

    1,009       22  

Apple

    9,674       1,337  

Arista Networks *

    3,486       394  

Automatic Data Processing

    1,828       413  

Datadog, Cl A *

    972       86  

Enphase Energy *

    778       216  

HP

    3,468       87  

Jabil

    611       35  

Juniper Networks

    538       14  

Keysight Technologies *

    1,158       182  

Manhattan Associates *

    1,689       225  

Microsoft

    2,801       652  

Monolithic Power Systems

    484       176  

NetApp

    5,062       313  

ON Semiconductor *

    8,753       546  

Palo Alto Networks *

    1,079       177  

Paychex

    1,419       159  

Paylocity Holding *

    1,065       257  

Pure Storage, Cl A *

    7,250       198  

 

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

3

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

SEI Enhanced U.S. Large Cap Momentum Factor ETF (Concluded)

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

WEX *

    1,166     $ 148  
                 
              5,637  

Materials — 4.4%

       

Albemarle

    894       236  

CF Industries Holdings

    2,818       271  

Chemours

    2,865       71  

Graphic Packaging Holding

    7,500       148  

Packaging Corp of America

    495       56  

Reliance Steel & Aluminum

    45       8  
                 
              790  

Real Estate — 5.6%

       

Equity Residential

    2,012       135  

Extra Space Storage

    2,310       399  

Host Hotels & Resorts

    18,788       299  

Jones Lang LaSalle *

    346       52  

Public Storage

    441       129  
                 
              1,014  

Utilities — 3.2%

       

National Fuel Gas

    2,287       141  

NextEra Energy

    5,640       442  
                 
              583  

Total Common Stock

               

(Cost $18,982) ($ Thousands)

            18,061  
                 
                 

Total Investments in Securities — 99.7%

               

(Cost $18,982) ($ Thousands)

  $ 18,061  
                 
                 

 

 

Percentages are based on Net Assets of $18,114 ($ Thousands).

*

Non-income producing security.

Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

Real Estate Investment Trust.

 

Cl - Class

 

As of September 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

 

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

 

 

 

4

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

SEI Enhanced U.S. Large Cap Value Factor ETF

 

 

    

 

 

Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK — 99.1%

                 

Communication Services — 10.2%

       

Alphabet, Cl C *

    3,023     $ 291  

Altice USA, Cl A *

    4,540       26  

AT&T

    21,176       325  

Comcast, Cl A

    1,897       55  

Lumen Technologies

    22,914       167  

Meta Platforms, Cl A *

    1,427       194  

Omnicom Group

    995       63  

Playtika Holding *

    2,436       23  

Verizon Communications

    8,862       336  
                 
              1,480  

Consumer Discretionary — 9.5%

       

Amazon.com *

    803       91  

Bath & Body Works

    2,897       94  

eBay

    2,575       95  

Ford Motor

    9,351       105  

General Motors

    2,214       71  

H&R Block

    3,790       161  

Lennar, Cl A

    4,634       346  

Lennar, Cl B

    319       19  

Macy's

    1,261       20  

PulteGroup

    5,452       204  

PVH

    1,586       71  

Toll Brothers

    2,402       101  
                 
              1,378  

Consumer Staples — 7.9%

       

Albertsons, Cl A

    3,696       92  

Altria Group

    5,612       227  

Kraft Heinz

    544       18  

Kroger

    9,273       405  

Tyson Foods, Cl A

    4,351       287  

Walgreens Boots Alliance

    1,753       55  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Walmart

    524     $ 68  
                 
              1,152  

Energy — 1.5%

       

APA

    6,427       220  
                 
                 

Financials — 14.7%

       

Affiliated Managers Group

    877       98  

AGNC Investment

    11,500       97  

Ally Financial

    7,491       208  

American International Group

    1,304       62  

Brighthouse Financial *

    1,284       56  

Capital One Financial

    3,412       314  

Janus Henderson Group

    1,661       34  

New York Community Bancorp

    10,852       92  

OneMain Holdings, Cl A

    2,429       72  

Popular

    1,656       119  

Prudential Financial

    1,899       163  

Synchrony Financial

    9,631       272  

Wells Fargo

    9,558       384  

Zions Bancorp

    3,198       163  
                 
              2,134  

Health Care — 22.0%

       

AbbVie

    860       115  

Bristol-Myers Squibb

    2,947       210  

Cardinal Health

    6,046       403  

Cigna

    511       142  

CVS Health

    4,809       459  

DaVita *

    863       71  

Gilead Sciences

    5,095       314  

Hologic *

    3,612       233  

Laboratory Corp of America Holdings

    1,343       275  

McKesson

    1,431       486  

Organon

    5,163       121  

Pfizer

    245       11  

Quest Diagnostics

    1,950       239  

Regeneron Pharmaceuticals *

    132       91  

Syneos Health, Cl A *

    261       12  

Viatris, Cl W *

    2,177       19  
                 
              3,201  

Industrials — 3.2%

       

Allison Transmission Holdings

    2,359       80  

Avis Budget Group *

    250       37  

ManpowerGroup

    250       16  

Owens Corning

    2,081       164  

Ryder System

    1,145       86  

Schneider National, Cl B

    1,177       24  

Science Applications International

    651       58  
                 
              465  

Information Technology — 22.7%

       

Amdocs

    114       9  

 

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

5

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

SEI Enhanced U.S. Large Cap Value Factor ETF (Concluded)

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Apple

    4,265     $ 589  

Arrow Electronics *

    1,527       141  

Avnet

    436       16  

Cognizant Technology Solutions, Cl A

    766       44  

Dell Technologies, Cl C

    7,819       267  

Dropbox, Cl A *

    6,019       125  

DXC Technology *

    1,617       39  

Hewlett Packard Enterprise

    18,907       227  

HP

    12,943       323  

Intel

    5,013       129  

Jabil

    3,172       183  

Micron Technology

    4,475       224  

Microsoft

    2,258       526  

NortonLifeLock

    3,814       77  

Oracle

    2,986       182  

Teradata *

    2,456       76  

Western Union

    8,936       121  
                 
              3,298  

Materials — 4.9%

       

Cleveland-Cliffs *

    1,959       26  

Crown Holdings

    1,008       82  

Dow

    1,041       46  

International Paper

    5,531       175  

Louisiana-Pacific

    452       23  

LyondellBasell Industries, Cl A

    2,548       192  

Nucor

    322       35  

Olin

    582       25  

United States Steel

    5,925       107  
                 
              711  

Utilities — 2.5%

       

NRG Energy

    5,535       212  

PG&E *

    11,529       144  

PPL

    530       13  
                 
              369  

Total Common Stock

               

(Cost $16,648) ($ Thousands)

            14,408  
                 
                 

Total Investments in Securities — 99.1%

               

(Cost $16,648) ($ Thousands)

  $ 14,408  
                 
                 

 

 

 

Percentages are based on Net Assets of $14,541 ($ Thousands).

*

Non-income producing security.

 

    

Cl - Class

 

As of September 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

 

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

 

 

 

6

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

SEI Enhanced Low Volatility U.S. Large Cap ETF

 

 

 

 

Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK — 99.6%

                 

Communication Services — 13.1%

       

Alphabet, Cl C *

    3,033     $ 292  

AT&T

    13,914       213  

Comcast, Cl A

    4,774       140  

Fox

    209       6  

Interpublic Group of

    4,629       119  

Omnicom Group

    2,514       159  

T-Mobile US *

    174       23  

Verizon Communications

    5,775       219  
                 
              1,171  

Consumer Discretionary — 3.8%

       

Amazon.com *

    212       24  

AutoZone *

    20       43  

Genuine Parts

    290       43  

Grand Canyon Education *

    350       29  

H&R Block

    1,276       54  

Mattel *

    127       3  

McDonald's

    135       31  

Service International

    1,166       67  

Terminix Global Holdings *

    1,073       41  
                 
              335  

Consumer Staples — 11.9%

       

Archer-Daniels-Midland

    544       44  

Costco Wholesale

    168       79  

General Mills

    879       67  

Hershey

    104       23  

J M Smucker

    1,235       170  

Kroger

    945       41  

Philip Morris International

    2,301       191  

Procter & Gamble

    1,784       225  

Walmart

    1,732       225  
                 
              1,065  

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Energy — 3.3%

       

Chevron

    1,615     $ 232  

Kinder Morgan

    4,040       67  
                 
              299  

Financials — 6.3%

       

AGNC Investment

    595       5  

Allstate

    616       77  

American Financial Group

    160       20  

Berkshire Hathaway, Cl B *

    426       114  

Chubb

    694       126  

Loews

    355       17  

Marsh & McLennan

    132       20  

W R Berkley

    2,853       184  
                 
              563  

Health Care — 18.1%

       

Bristol-Myers Squibb

    2,750       195  

CVS Health

    2,537       242  

Danaher

    491       127  

Gilead Sciences

    565       35  

Johnson & Johnson

    1,908       312  

McKesson

    527       179  

Merck

    2,939       253  

Pfizer

    6,208       272  
                 
              1,615  

Industrials — 10.1%

       

3M

    219       24  

Expeditors International of Washington

    1,557       137  

Northrop Grumman

    564       265  

Republic Services, Cl A

    1,555       212  

Robert Half International

    543       42  

Snap-on

    115       23  

United Parcel Service, Cl B

    168       27  

Waste Management

    1,047       168  
                 
              898  

Information Technology — 22.1%

       

Accenture, Cl A

    800       206  

Amdocs

    1,665       132  

Apple

    2,375       328  

Arrow Electronics *

    847       78  

Avnet

    1,145       41  

Cisco Systems

    4,615       185  

Dolby Laboratories, Cl A

    360       24  

HP

    3,483       87  

Jabil

    1,673       97  

Jack Henry & Associates

    57       10  

Juniper Networks

    2,916       76  

Microsoft

    1,337       311  

Oracle

    3,010       184  

Roper Technologies

    463       167  

TD SYNNEX

    455       37  

 

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

7

 

 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

SEI Enhanced Low Volatility U.S. Large Cap ETF (Concluded)

 

             

Description

 

Shares

   

Market Value
($ Thousands)

 

COMMON STOCK (continued)

Texas Instruments

    48     $ 7  
                 
              1,970  

Materials — 3.0%

       

Dow

    896       40  

International Paper

    3,376       107  

Reliance Steel & Aluminum

    563       98  

Silgan Holdings

    503       21  
                 
              266  

Utilities — 7.9%

       

Atmos Energy

    115       12  

CMS Energy

    108       6  

Consolidated Edison

    2,446       210  

Dominion Energy

    717       50  

DTE Energy

    335       39  

Duke Energy

    2,069       192  

Hawaiian Electric Industries

    1,295       45  

National Fuel Gas

    1,127       69  

UGI

    2,514       81  
                 
              704  

Total Common Stock

               

(Cost $9,939) ($ Thousands)

            8,886  
                 
                 

Total Investments in Securities — 99.6%

               

(Cost $9,939) ($ Thousands)

  $ 8,886  
                 
                 

 

 

Percentages are based on Net Assets of $8,920 ($ Thousands).

*

Non-income producing security.

 

Cl - Class

 

As of September 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

 

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

 

 

8

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) ($ Thousands)

September 30, 2022 (Unaudited)

 

 

 

   

SEI Enhanced U.S. Large Cap Quality Factor ETF

   

SEI Enhanced U.S. Large Cap Momentum Factor ETF

   

SEI Enhanced U.S. Large Cap Value Factor ETF

   

SEI Enhanced Low Volatility U.S. Large Cap ETF

 

Assets:

                               

Investments, at value

  $ 7,555     $ 18,061     $ 14,408     $ 8,886  

Cash

    17       36       115       22  

Dividends receivable

    11       19       20       13  

Total Assets

    7,583       18,116       14,543       8,921  

Liabilities:

                               

Investment advisory fees payable

    1       2       2       1  

Total Liabilities

    1       2       2       1  

Net Assets

  $ 7,582     $ 18,114     $ 14,541     $ 8,920  

Cost of investments

  $ 8,150     $ 18,982     $ 16,648     $ 9,939  

Net Assets:

                               

Paid-in capital — (unlimited authorization — no par value)

  $ 8,156     $ 19,033     $ 16,558     $ 9,878  

Total accumulated losses

    (574 )     (919 )     (2,017 )     (958 )

Net Assets

  $ 7,582     $ 18,114     $ 14,541     $ 8,920  

Net Asset Value, Offering and Redemption Price Per Share

  $ 23.33     $ 23.37     $ 21.54     $ 22.30  
      ($7,581,822 ÷ 325,000 shares )     ($18,114,090 ÷ 775,000 shares )     ($14,540,616 ÷ 675,000 shares )     ($8,919,783 ÷ 400,000 shares )

 

 

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

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

9

 

 

 

 

 

 

 

STATEMENTS OF OPERATIONS (Unaudited) ($ Thousands)

For the period ended September 30, 2022

 

 

 

   

SEI Enhanced U.S. Large Cap Quality Factor ETF

   

SEI Enhanced U.S. Large Cap Momentum Factor ETF

   

SEI Enhanced U.S. Large Cap Value Factor ETF

   

SEI Enhanced Low Volatility U.S. Large Cap ETF

 

Investment income:

                               

Dividends

  $ 47     $ 126     $ 148     $ 83  

Total investment income

    47       126       148       83  

Expenses:

                               

Investment advisory fees

    4       10       8       5  

Total expenses

    4       10       8       5  

Net investment income

    43       116       140       78  

Net realized gain (loss) on:

                               

Investments(1)

    (5 )     (73 )     129       41  

Net realized gain (loss)

    (5 )     (73 )     129       41  

Net change in unrealized appreciation (depreciation) on:

                               

Investments

    (595 )     (921 )     (2,240 )     (1,053 )

Net change in unrealized appreciation (depreciation)

    (595 )     (921 )     (2,240 )     (1,053 )

Net realized and unrealized loss

    (600 )     (994 )     (2,111 )     (1,012 )

Net decrease in net assets resulting from operations

  $ (557 )   $ (878 )   $ (1,971 )   $ (934 )

 

The Funds commenced operations on May 18, 2022.
(1)

Includes realized gains (losses) as a result of in-kind redemptions (see Note 4 in Notes to Financial Statements).

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

 

 

10

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the period ended September 30, 2022 (Unaudited)

 

 

 

   

SEI Enhanced U.S. Large Cap Quality Factor ETF(1)

   

SEI Enhanced U.S. Large Cap Momentum Factor ETF(1)

 

Operations:

               

Net investment income

  $ 43     $ 116  

Net realized loss

    (5 )     (73 )

Net change in unrealized appreciation (depreciation)

    (595 )     (921 )

Net decrease in net assets resulting from operations

    (557 )     (878 )

Distributions

    (17 )     (41 )

Capital share transactions:

               

Proceeds from shares issued

    9,425       22,344  

Cost of shares redeemed

    (1,269 )     (3,311 )

Net increase in net assets derived from capital share transactions

    8,156       19,033  

Net increase in net assets

    7,582       18,114  

Net assets:

               

Beginning of period

           

End of period

  $ 7,582     $ 18,114  

 

(1)The Funds commenced operations on May 18, 2022.

Amounts designated as "—" are $0 or have been rounded to $0.

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

 

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

11

 

 

 

 

 

 

 

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands) (Concluded)

For the period ended September 30, 2022 (Unaudited)

 

 

 

   

SEI Enhanced U.S. Large Cap Value Factor ETF(1)

   

SEI Enhanced Low Volatility U.S. Large Cap ETF(1)

 

Operations:

               

Net investment income

  $ 140     $ 78  

Net realized gain

    129       41  

Net change in unrealized appreciation (depreciation)

    (2,240 )     (1,053 )

Net decrease in net assets resulting from operations

    (1,971 )     (934 )

Distributions

    (46 )     (24 )

Capital share transactions:

               

Proceeds from shares issued

    19,739       11,786  

Cost of shares redeemed

    (3,181 )     (1,908 )

Net increase in net assets derived from capital share transactions

    16,558       9,878  

Net increase in net assets

    14,541       8,920  

Net assets:

               

Beginning of period

           

End of period

  $ 14,541     $ 8,920  

 

(1)The Funds commenced operations on May 18, 2022.

Amounts designated as "—" are $0 or have been rounded to $0.

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

 

 

 

12

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

FINANCIAL HIGHLIGHTS

For the period ended September 30, 2022 (Unaudited)

For a Share Outstanding Throughout the Period

 

 

 

   

Net asset value, beginning of period

   

Net
investment
income(1)

   

Net realized and unrealized gains (losses) on securities

   

Total from
operations

   

Distributions from net investment income

   

Distributions from realized gains

   

Total dividends
and distributions

   

Net asset value,
end of period

   

Total Return

   

Net assets,
end of period
($ Thousands)

   

Ratio of
net expenses
to average
net assets

   

Ratio of expenses to average net assets (excluding waivers and reimbursements)

   

Ratio of net investment income to average net assets

   

Portfolio turnover

 

SEI Enhanced U.S. Large Cap Quality Factor ETF

2022(2)

  $ 25.90     $ 0.14     $ (2.65 )   $ (2.51 )   $ (0.06 )   $     $ (0.06 )   $ 23.33       (6.10 )%   $ 7,582       0.15 %     0.15 %     1.48 %     20 %

SEI Enhanced U.S. Large Cap Momentum Factor ETF

2022(2)

  $ 26.35     $ 0.17     $ (3.09 )   $ (2.92 )   $ (0.06 )   $     $ (0.06 )   $ 23.37       (6.59 )%   $ 18,114       0.15 %     0.15 %     1.79 %     31 %

SEI Enhanced U.S. Large Cap Value Factor ETF

2022(2)

  $ 26.10     $ 0.22     $ (4.71 )   $ (4.49 )   $ (0.07 )   $     $ (0.07 )   $ 21.54       (13.41 )%   $ 14,541       0.15 %     0.15 %     2.48 %     18 %

SEI Enhanced Low Volatility U.S. Large Cap ETF

2022(2)

  $ 25.80     $ 0.20     $ (3.64 )   $ (3.44 )   $ (0.06 )   $     $ (0.06 )   $ 22.30       (9.83 )%   $ 8,920       0.15 %     0.15 %     2.15 %     5 %

 

(1)

Per share calculated using average shares.

(2)

Commenced operations on May 18, 2022. All ratios for the period have been annualized.

Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

 

Amounts designated as “—” are either $0 or have been rounded to $0.

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

 

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

13

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

September 30, 2022 (Unaudited)

 

1. ORGANIZATION

 

SEI Exchange Traded Funds (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated October 7, 2021.

 

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four funds: SEI Enhanced U.S. Large Cap Quality Factor ETF, SEI Enhanced U.S. Large Cap Momentum Factor ETF, SEI Enhanced U.S. Large Cap Value Factor ETF and SEI Enhanced Low Volatility U.S. Large Cap ETF (each a “Fund” and together the “Funds”) each of which are diversified Funds. Each Fund’s prospectus provides a description of its investment goal, principal investment strategies and risks. The Funds commenced operations on May 18, 2022. The assets of each Fund are segregated, and an Authorized Participant’s interest is limited to the Fund in which shares are held.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

 

Use of Estimates — The Funds are investment companies in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidelines for investment companies. The preparation of financial statements, in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

 

Security Valuation — Effective September 8, 2022, and pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the “Board”), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds’ Valuation and Pricing Policy. The Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC has appointed a Valuation

 

Committee (the “Committee”) and has established a Valuation and Pricing Policy to implement the Rule and the Funds’ Valuation and Pricing Policy (together the “Policy”). Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Funds’ Board of Trustees and were implemented through a Fair Value Committee designated by the Board.

 

When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable Net Asset Value (“NAV”) per share, with the exception of ETFs, which are priced as equity securities. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, a Fund will value the securities using a bid price from at least one independent broker.

 

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify SIMC, as Valuation Designee, if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

 

The Policy provides that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of a Fund’s existing pricing agent or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board.

 

 

 

14

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Policy.

 

The Valuation Designee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Valuation Designee will determine the value after taking into consideration relevant information reasonably available to the Valuation Designee. Examples of factors the Valuation Designee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

 

The Valuation Designee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

 

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a “Significant Event”), including substantial fluctuations in domestic or foreign markets or occurrences not tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that a Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days

 

when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

 

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates NAV, it may request that a Committee meeting be called. In addition, with respect to certain securities, the Funds’ administrator performs price comparisons and price movement review (among other processes), to monitor the pricing data supplied by various sources. Any identified discrepancies are researched and subject to the procedures described above.

 

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of the observable market data and minimize the use of unobservable inputs and to establish classification of the fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

 

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

 

Level 1 — quoted prices in active markets for identical investments

 

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

 

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include

 

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

15

 

 

 

 

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2022 (Unaudited)

 

Level 1 or Level 2 inputs as components of the overall fair value measurement.

 

The valuation techniques used by the Funds to measure fair value during the period ended September 30, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

 

For the period ended September 30, 2022, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.

 

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

 

Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/ or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

 

Amortization and accretion is calculated using the scientific interest method, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

 

Cash and Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

 

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.

 

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

 

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

 

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

 

The Funds do not isolate that portion of gains and losses on investments in investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investment securities.

 

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

 

Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income, if any, at least quarterly and all net realized capital gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.

 

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

 

Creation Units — The Funds issue and redeem their shares (“Shares”) on a continuous basis at NAV and only in large blocks of Shares (25,000 for all four funds), referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

 

 

 

 

 

16

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

 

 

The following table discloses the Creation Unit breakdown:

 

   

Creation

Unit Shares

   

Creation

Transaction

Fee

   

Value

   

Redemption

Transaction

Fee

 

SEI Enhanced U.S. Large Cap Quality Factor ETF

    25,000     $ 250     $ 583,217     $ 250  

SEI Enhanced U.S. Large Cap Momentum Factor ETF

    25,000       250       584,325       250  

SEI Enhanced U.S. Large Cap Value Factor ETF

    25,000       250       538,541       250  

SEI Enhanced Low Volatility U.S. Large Cap ETF

    25,000       250       557,486       250  

  

3. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, AND OTHER TRANSACTIONS WITH AFFILIATES

 

Investment Advisory, Administration and Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each fund. Pursuant to the Investment Advisory Agreement entered into with the Trust, SIMC has agreed to pay all Fund expenses, except for the fees paid to SIMC for advisory services, interest expenses, dividend and other expenses on securities sold short, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions (including brokerage commissions),

 

acquired fund fees and expenses, distribution fees or expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (if any), fees and expenses of the Board of Trustees, litigation expenses and any extraordinary expenses.

 

SEI Investments Global Funds Services (the “Administrator”) is the administrator for the Funds.

 

SEI Investments Distribution Co. (the “Distributor”) is the distributor of creation units. The Funds have adopted a Distribution and Servicing Plan (the Plan). The Plan permits each Fund to pay the Distributor, or its designee, a fee for the sale and distribution and/or shareholder servicing of the shares at an annual rate of up to 0.25% of average daily net assets of the shares of the Fund ("12b-1 fee"). However, payment of a 12b-1 fee has not been authorized at this time.

 

 
 

The following table reflects each Fund’s contractual Advisory Fee (expressed as an annual rate). The rates shown are fixed rates based on each Fund’s daily net assets.

 

   

Advisory Fee

 

SEI Enhanced U.S. Large Cap Quality Factor ETF

    0.150%  

SEI Enhanced U.S. Large Cap Momentum Factor ETF

    0.150%  

SEI Enhanced U.S. Large Cap Value Factor ETF

    0.150%  

SEI Enhanced Low Volatility U.S. Large Cap ETF

    0.150%  

  

Brokerage Commissions Paid to Affiliates — The Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions.

 

There were no such commissions for the period ended September 30, 2022.

 

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of each Fund’s expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on each Fund’s expense ratio, as a percentage of each Fund’s average daily net assets for the period ended September 30, 2022 can be found on the

 

Statement of Operations and Financial Highlights, if applicable.

 

Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Directors of the Administrator, Adviser and/or the Distributor.

 

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

 

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser, sub-advisers and service providers.

 

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“The Program”) with existing or future investment companies registered under the 1940 Act

 

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

17

 

 

 

 

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2022 (Unaudited)

 

that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in The Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of

 

interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate. As of and during the period ended September 30, 2022, the Trust has not participated in the Program.

 

 
 

4. INVESTMENT TRANSACTIONS

 

The cost of security purchases and the proceeds from the sale of securities, excluding in-kind transactions and short-term securities during the period ended September 30, 2022*, were as follows:

 

   

SEI Enhanced U.S. Large Cap Quality Factor ETF
($ Thousands)

   

SEI Enhanced U.S. Large Cap Momentum Factor ETF
($ Thousands)

   

SEI Enhanced U.S. Large Cap Value Factor ETF
($ Thousands)

   

SEI Enhanced Low Volatility U.S. Large Cap ETF
($ Thousands)

 

Purchases

                               

U.S. Government

  $     $     $     $  

Other

    1,522       5,535       2,808       445  

Sales

                               

U.S. Government

                       

Other

    1,523       5,430       2,874       961  

 

For the period ended September 30, 2022*, in-kind transactions associated with creations and redemptions were as follows:

 

   

Purchases

($ Thousands)

   

Sales

($ Thousands)

   

Realized

Gain

($ Thousands)

 

SEI Enhanced U.S. Large Cap Quality Factor ETF

  $ 9,411     $ 1,255     $ 91  

SEI Enhanced U.S. Large Cap Momentum Factor ETF

    22,251       3,300       443  

SEI Enhanced U.S. Large Cap Value Factor ETF

    19,695       3,109       293  

SEI Enhanced Low Volatility U.S. Large Cap ETF

    12,313       1,899       147  

 

 

*Funds commenced operations on May 18, 2022.

 

5. FEDERAL TAX INFORMATION:

 

It is each Fund’s intention to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.

 

The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

 

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings, as appropriate, in the period that the differences arise.

 

For Federal income tax purposes, the cost of securities owned at September 30, 2022, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes. These differences are primarily due wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at September 30, 2022, was as follows:

 

   

Federal Tax Cost
($ Thousands)

   

Appreciated
Securities
($ Thousands)

   

Depreciated
Securities
($ Thousands)

   

Net Unrealized
Appreciation/
(Depreciation)
($ Thousands)

 

SEI Enhanced U.S. Large Cap Quality Factor ETF

  $ 8,150     $ 155     $ (750 )   $ (595 )

SEI Enhanced U.S. Large Cap Momentum Factor ETF

    18,982       262       (1,183 )     (921 )

SEI Enhanced U.S. Large Cap Value Factor ETF

    16,648       136       (2,376 )     (2,240 )

SEI Enhanced Low Volatility U.S. Large Cap ETF

    9,939       62       (1,115 )     (1,053 )

 

 

 

18

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

6. CONCENTRATION/RISKS

 

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.

 

To the extent consistent with its Investment Strategy, a Fund may have one of more of the following principal risks:

 

Equity Securities Risk — Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes.

 

Quality Securities Risk — There is no guarantee that the past performance of stocks that SIMC determines are quality will continue. Companies that issue these stocks may experience lower than expected returns or may experience negative growth, as well as increased leverage, resulting in lower than expected or negative returns to Fund shareholders. Many factors can affect a stock’s quality and performance, and the impact of these factors on a stock or its price can be difficult to predict.

 

Momentum Securities Risk — Stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole.

 

Value Securities Risk — Securities issued by companies that may be perceived as undervalued may fail to appreciate for long periods of time and may never realize their full potential value. SIMC may be unsuccessful in identifying undervalued securities. Value securities have generally performed better than non-value securities during periods of economic recovery (although there is no assurance that they will continue to do so). Value securities may go in and out of favor over time.

 

Volatility Risk — Although SIMC seeks to construct a portfolio with lower volatility than the broad U.S. large cap equity market, there is no guarantee that SIMC will be successful. As a result, the Fund may not be any less volatile than the market as a whole, and could be more volatile.

 

Quantitative Investing Risk — Due to the significant role technology plays in quantitative strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. Utility interruptions or other key systems

 

outages also can impair the performance of quantitative investment strategies.

 

Large-Capitalization Companies Risk — Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions, may be more mature and may be subject to more limited growth potential compared with smaller capitalization companies.

 

Market Risk — The market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. The Funds’ market price may deviate from the value of the Funds’ underlying portfolio holdings, particularly in times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying value of the Fund shares bought or sold. This can be reflected as a spread between the bid and ask prices for a Fund quoted during the day or a premium or discount in the closing price from the Funds’ NAV.

 

Risk of Investing in the U.S. — Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Funds have exposure.

 

Issuer Risk — The performance of the Funds depends on the performance of individual securities to which the Funds have exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the Funds to decline.

 

Market Trading Risk — The Funds face numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Active trading markets for the Funds’ shares may not be developed or maintained by market makers or Authorized Participants (as defined below). Authorized Participants are not obligated to make a market in the Funds’ shares or to submit purchase or redemption orders for Creation Units (as defined below). In times of market stress, market makers or Authorized Participants may step away from their respective roles, which could lead to variances between the market price of the Funds’ shares and its underlying NAV. Trading in shares on an exchange may be halted in certain circumstances. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Funds. Any of these factors could lead the Funds’ shares to trade at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Funds in the secondary market, and you may receive less (or more) than NAV when you sell those shares

 

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

19

 

 

 

 

NOTES TO FINANCIAL STATEMENTS (Concluded)

September 30, 2022 (Unaudited)

 

in the secondary market, particularly during times of market stress. SIMC cannot predict whether shares will trade above (premium), below (discount) or at NAV or whether the spread between bid and ask prices will widen. In addition, there can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Funds will continue to be met.

 

Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible bonds may be more sensitive to changes in interest rates than stocks. Convertible bonds may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

 

Depositary Receipts Risk — Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environment.

 

Warrants and Rights Risk — Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Funds will lose any amount paid for the warrant or right.

 

Liquidity Risk — In stressed market conditions, the market for a Funds’ shares may become less liquid in response to deteriorating liquidity in the markets for the Funds’ underlying portfolio holdings. This adverse effect on liquidity for the Funds’ shares in turn could lead to differences between the market price of the Funds’ shares and its underlying NAV and/or widening the spread between bid and ask prices.

 

Management Risk — SIMC may not successfully implement the Funds’ investment strategies and, as a result, the Funds may not meet their investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.

 

Operational Risk — The Funds are exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing

 

and communication errors, errors of the Funds’ service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures.

 

New Fund Risk — The Funds are new funds, with a limited operating history, which may result in additional risks for investors in the Funds. There can be no assurance that the Funds will grow to an economically viable size, in which case the Funds may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.

 

Authorized Participant Concentration Risk — Only broker-dealers (referred to as “Authorized Participants” or “APs”) that have executed authorized participation agreements with respect to the Trust may engage in creation or redemption transactions directly with the Funds, and no AP is obligated to engage in creation and/or redemption transactions. To the extent that APs exit the business or are unable to proceed with orders, Fund shares may be more likely to trade at a premium or discount to NAV, have wider spreads between bid and ask prices, have wider spreads between bid and ask prices or face trading halts or delisting.

 

Cybersecurity Risk — Failures or breaches of the electronic systems of the Funds, SIMC, the Fund’s distributor, and other service providers, market makers, APs or the issuers of securities in which the Funds invest have the ability to cause disruptions, negatively impact the Funds’ business operations and/or potentially result in financial losses to the Funds and their shareholders.

 

Pandemic Risk — An outbreak of illness across the globe can cause travel restrictions, disruption of healthcare systems, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, layoffs, ratings downgrades, defaults and other significant economic impacts. Certain markets can experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased trading costs as a result of a pandemic. These events will have an impact on the Funds and their investments and could impact the Funds’ ability to purchase or sell securities or cause increased premiums or discounts to the Funds’ NAV.

 

7. SUBSEQUENT EVENTS

 

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of September 30, 2022.

 

 

 

20

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

DISCLOSURE OF FUND EXPENSES (Unaudited)

September 30, 2022

 

 

 

All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for, ETF management, portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in an ETF.

 

Operating expenses such as these are deducted from the ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

 

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your ETF and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period May 18, 2022 to September 30, 2022.

 

The table on this page illustrates your ETF’s costs in two ways:

 

Actual ETF return. This section helps you to estimate the actual expenses after fee waivers that your ETF incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the ETF, and the “Ending Account Value” number is derived from deducting that expense cost from the ETF’s gross investment return.

 

You can use this information, together with the actual amount you invested in the ETF, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your ETF under “Expenses Paid During Period”.

 

Hypothetical 5% return. This section helps you compare your ETF’s costs with those of other mutual funds. It assumes that the ETF had an annual 5% return before expenses during the period, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your ETF’s comparative cost by comparing the hypothetical result for your ETF in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

 

NOTE: Because the return is set at 5% for comparison purposes — NOT your ETF’s actual return — the account values shown may not apply to your specific investment.

 

   

Beginning
Account
Value
5/18/22

   

Ending
Account
Value
9/30/22

   

Annualized
Expense
Ratios

   

Expenses
Paid
During
Period

 

SEI Enhanced U.S. Large Cap Quality Factor ETF

Actual Fund Return

    $ 1,000.00     $ 939.00       0.15 %   $ 0.54 *

Hypothetical 5% Return

    $ 1,000.00     $ 1,024.32       0.15 %   $ 0.76 **

SEI Enhanced U.S. Large Cap Momentum Factor ETF

Actual Fund Return

    $ 1,000.00     $ 934.10       0.15 %   $ 0.54 *

Hypothetical 5% Return

    $ 1,000.00     $ 1,024.32       0.15 %   $ 0.76 **

 

   

Beginning
Account
Value
5/18/22

   

Ending
Account
Value
9/30/22

   

Annualized
Expense
Ratios

   

Expenses
Paid
During
Period

 

SEI Enhanced U.S. Large Cap Value Factor ETF

Actual Fund Return

    $ 1,000.00     $ 865.90       0.15 %   $ 0.52 *

Hypothetical 5% Return

    $ 1,000.00     $ 1,024.32       0.15 %   $ 0.76 **

SEI Enhanced Low Volatility U.S. Large Cap ETF

Actual Fund Return

    $ 1,000.00     $ 901.70       0.15 %   $ 0.53 *

Hypothetical 5% Return

    $ 1,000.00     $ 1,024.32       0.15 %   $ 0.76 **

 

 
 
The Funds commenced operations on May 18, 2022.

 

*Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 136/365 (to reflect the period shown).

 

**Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect a full one-half year period).

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

21

 

 

 

 

 

BOARD OF TRUSTEES’ CONSIDERATIONS IN APPROVING THE ADVISORY AGREEMENT (Unaudited)

 

 

 

SEI Exchange Traded Funds (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). The management and affairs of the Trust are supervised by the Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”).

 

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of the Funds’ Advisory Agreement be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In connection with their consideration of such initial approval, the Funds’ Trustees must request and evaluate, and SIMC is required to furnish, such information as may be reasonably necessary to evaluate the terms of the Advisory Agreement. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve the Advisory Agreement.

 

Consistent with these responsibilities, the Board called and held a meeting to consider whether to approve the Advisory Agreement between the Trust and SIMC with respect to the Funds of the Trust. In preparation for this meeting, the Board requested and reviewed a wide variety of materials provided by SIMC, including a memorandum outlining the scope of the proposed unitary fee structure. SIMC also provided information relating to its affiliates, personnel and operations and the services proposed to be provided pursuant to the Advisory Agreement. The Board also received data comparing each Fund’s proposed fees and expenses to a peer group of exchange-traded funds. The Trustees received a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Advisory Agreement. Finally, the Independent Trustees received advice from independent counsel to the Independent Trustees, met in executive sessions outside the presence of Fund management and participated in question and answer sessions with representatives of SIMC.

 

Specifically, the Board requested and received written materials from SIMC regarding: (i) the quality of SIMC’s investment management and other services; (ii) SIMC’s investment management personnel; (iii) SIMC’s operations and financial condition; (iv) SIMC’s brokerage practices and investment strategies; (v) the level of the proposed fees that SIMC would charge the Funds; (vi) the Funds’ overall estimated fees and operating expense compared with peer groups of funds prepared by Broadridge, an independent provider of investment company data; (vii) the estimated level of SIMC’s profitability from its Fund-related operations; (viii) SIMC’s potential economies of scale; and (ix) SIMC’s expertise and resources in domestic and/or international financial markets.

 

At the Trust’s organizational meeting held on January 19, 2022, the Advisory Agreement was approved for an initial two-year term. The Board’s approval was based on its consideration and evaluation of the factors described above, as discussed at the meeting and was subject to the approval of SIMC’s compliance program, which occurred during a telephonic meeting of the Board held on May 11, 2022. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Advisory Agreement.

 

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services to be provided by SIMC and the resources of SIMC and its affiliates. In this regard, the Trustees evaluated, among other things, SIMC’s personnel, experience and track record. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services to be provided by SIMC to the Funds and the resources of SIMC and its affiliates dedicated to the Funds were sufficient to support the approval of the Advisory Agreement.

 

Fees. With respect to the Funds’ estimated expenses under the Advisory Agreement, the Board reviewed the proposed annual management fee of 0.15% for each Fund, noting that SIMC, in addition to providing advisory services to the Funds, would pay all of the operating expenses of the Funds, except the management fees, interest expenses, dividend and other expenses on securities sold short, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions (including brokerage commissions), acquired fund fees and expenses, distribution fees or expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (if any), fees and expenses of the Board, litigation expenses and any extraordinary expenses. Based on the materials considered and discussion at the meeting, the Trustees determined that the proposed fees and the estimated expenses were below the average for the respective

 

 

22

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

 

 

 

 

 

comparison peer group. Following evaluation, the Board concluded that, within the context of its full deliberations, the estimated expenses of the Funds are reasonable and supported approval of the Advisory Agreement.

 

Profitability. With regard to profitability, the Trustees considered the compensation that would flow to SIMC, directly or indirectly. The Trustees considered whether the levels of proposed compensation and estimated profitability were reasonable. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the estimated profitability of SIMC is reasonable and supported approval of the Advisory Agreement.

 

Performance and Economies of Scale. Because the Funds were new and had not commenced operations, they did not yet have an investment performance record and it was not possible to determine the extent to which economies of scale would be realized by SIMC and its affiliates as the assets of the Funds grow. Accordingly, the Trustees did not make any conclusions regarding the Funds’ investment performance or the extent to which economies of scale would be realized by SIMC as the assets of the Funds grow, but will do so during future considerations of the Advisory Agreement. The Board did, however, consider SIMC’s performance in providing advisory services to various affiliated funds overseen by the Board.

 

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

 

 

SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

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SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2022

 

Trustees

 

Robert A. Nesher, Chairman

 

William M. Doran

 

Nina Lesavoy

 

James M. Williams

 

Mitchell A. Johnson

 

Hubert L. Harris, Jr.

 

Susan C. Cote

 

James B. Taylor

 

Christine Reynolds

 

Thomas Melendez

 

Officers

 

Robert A. Nesher

 

President and Chief Executive Officer

 

Ankit Puri

 

Controller and Chief Financial Officer

 

Glenn R. Kurdziel

 

Assistant Controller

 

Stephen Panner

 

Chief Compliance Officer

 

Timothy D. Barto

 

Vice President and Secretary

 

David F. McCann

 

Vice President and Assistant Secretary

 

Katherine Mason

 

Vice President and Assistant Secretary

 

Stephen G. MacRae

 

Vice President

 

Bridget E. Sudall

 

Anti-Money Laundering Compliance Officer

 

and Privacy Officer

 

Investment Adviser

 

SEI Investments Management Corporation

 

Administrator

 

SEI Investments Global Funds Services

 

Distributor

 

SEI Investments Distribution Co.

 

Legal Counsel

 

Morgan, Lewis & Bockius LLP

 

Independent Registered Public Accounting Firm

 

KPMG LLP

 

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

 

For more information call

 

1 800 DIAL SEI

 

(1 800 342 5734)

 

 

 

 

 

 

SEI-ETF (9/22)

 

 

Item 2. Code of Ethics.

 

Not applicable for semi-annual report.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual report.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual report.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semi-annual report.

 

Item 6. Investments

 

The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies

 

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the independent trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18th 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

 

Item 11. Controls and Procedures.

 

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

 

 

 

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13. Exhibits.

 

(a)(1) Not applicable for semi-annual report.

 

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.

 

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  SEI Exchange Traded Funds  
     
By: /s/ Robert A. Nesher  
  Robert A. Nesher, President and CEO  
     
Date: December 7, 2022  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By: /s/ Robert A. Nesher  
  Robert A. Nesher, President and CEO  
     
Date: December 7, 2022  

 

By: /s/ Ankit Puri  
  Ankit Puri, Controller and CFO  
     
Date: December 7, 2022  

 

 

ATTACHMENTS / EXHIBITS

fp0081089-1_ex99cert.htm

fp0081089-1_ex99906cert.htm



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