Form N-CSRS Man ETF Series Trust For: Feb 28

Article

FREE Breaking News Alerts from StreetInsider.com!

StreetInsider.com Top Tickers, 6/12/2026

1. ORCL
2. SPY
3. SPCX
4. USO
5. CHWY

6. NAVN
7. NVDA
8. CRWV
9. CME
10. ADBE

Top News Most Read Special Reports

May 7, 2026 10:19 AM EDT

E-mail

0002065379falseN-CSRSMan ETF Series TrustN-1A2026-02-2800020653792025-09-012026-02-280002065379man:C000263378Member2025-09-012026-02-280002065379man:C000263378Member2026-02-280002065379man:C000263378Memberman:SectorOtherFinancialsSectorMember2026-02-280002065379man:C000263378Memberman:SectorConsumerCyclicalSectorMember2026-02-280002065379man:C000263378Memberman:SectorConsumerNonMinuscyclicalSectorMember2026-02-280002065379man:C000263378Memberman:SectorBanksSectorMember2026-02-280002065379man:C000263378Memberman:SectorBasicMaterialsSectorMember2026-02-280002065379man:C000263378Memberman:SectorRealEstateSectorMember2026-02-280002065379man:C000263378Memberman:SectorInsuranceSectorMember2026-02-280002065379man:C000263378Memberman:SectorEnergySectorMember2026-02-280002065379man:C000263378Memberman:SectorIndustrialSectorMember2026-02-280002065379man:C000263378Memberman:SectorCommunicationsSectorMember2026-02-280002065379man:C000263378Memberman:SectorGovernmentSectorMember2026-02-280002065379man:C000263378Memberman:SectorTechnologySectorMember2026-02-280002065379man:C000263377Member2025-09-012026-02-280002065379man:C000263377Member2026-02-280002065379man:C000263377Memberman:SectorFinancialsSectorMember2026-02-280002065379man:C000263377Memberman:SectorConsumerDiscretionarySectorMember2026-02-280002065379man:C000263377Memberman:SectorHealthCareSectorMember2026-02-280002065379man:C000263377Memberman:SectorCommunicationServicesSectorMember2026-02-280002065379man:C000263377Memberman:SectorEnergySectorMember2026-02-280002065379man:C000263377Memberman:SectorIndustrialsSectorMember2026-02-280002065379man:C000263377Memberman:SectorRealEstateSectorMember2026-02-280002065379man:C000263377Memberman:SectorConsumerStaplesSectorMember2026-02-280002065379man:C000263377Memberman:SectorInformationTechnologySectorMember2026-02-280002065379man:C000263377Memberman:SectorMaterialsSectorMember2026-02-280002065379man:C000263377Memberman:SectorUtilitiesSectorMember2026-02-280002065379man:C000267519Member2025-09-012026-02-280002065379man:C000267519Member2026-02-280002065379man:C000267519Memberman:SectorInformationTechnologySectorMember2026-02-280002065379man:C000267519Memberman:SectorFinancialsSectorMember2026-02-280002065379man:C000267519Memberman:SectorMaterialsSectorMember2026-02-280002065379man:C000267519Memberman:SectorCommunicationServicesSectorMember2026-02-280002065379man:C000267519Memberman:SectorIndustrialsSectorMember2026-02-280002065379man:C000267519Memberman:SectorConsumerDiscretionarySectorMember2026-02-280002065379man:C000267519Memberman:SectorHealthCareSectorMember2026-02-280002065379man:C000267519Memberman:SectorConsumerStaplesSectorMember2026-02-280002065379man:C000267519Memberman:SectorEnergySectorMember2026-02-280002065379man:C000267519Memberman:SectorUtilitiesSectorMember2026-02-280002065379man:C000267519Memberman:SectorRealEstateSectorMember2026-02-280002065379man:C000267519Memberman:CountryTaiwanCTIMember2026-02-280002065379man:C000267519Memberman:CountryChinaCTIMember2026-02-280002065379man:C000267519Memberman:CountryKoreaSouthCTIMember2026-02-280002065379man:C000267519Memberman:CountryIndiaCTIMember2026-02-280002065379man:C000267519Memberman:CountrySaudiArabiaCTIMember2026-02-280002065379man:C000267519Memberman:CountryBrazilCTIMember2026-02-280002065379man:C000267519Memberman:CountryMalaysiaCTIMember2026-02-280002065379man:C000267519Memberman:CountryIndonesiaCTIMember2026-02-280002065379man:C000267519Memberman:CountryMexicoCTIMember2026-02-280002065379man:C000267519Memberman:CountryPolandCTIMember2026-02-280002065379man:C000267520Member2025-09-012026-02-280002065379man:C000267520Member2026-02-280002065379man:C000267520Memberman:A1002SectorMember2026-02-280002065379man:C000267520Memberman:A0673SectorMember2026-02-280002065379man:C000267520Memberman:A0591SectorMember2026-02-280002065379man:C000267520Memberman:A0396SectorMember2026-02-280002065379man:C000267520Memberman:A0251SectorMember2026-02-28iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dman:Holding

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 811-24097

Man ETF Series Trust

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, 21^st Floor

New York, New York 10105

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street

Corporation Trust Center

Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 649-6600

Date of fiscal year end: August 31

Date of reporting period: February 28, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

Semi-Annual Shareholder Report

February 28, 2026

Man Active Income ETF

MANI - NYSE Arca, Inc.

This semi-annual shareholder report contains important information about the Man Active Income ETF (the "Fund") for the period of September 16, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at www.man.com/documents. You can also request this information by contacting us at 1-866-505‑1108.

WHAT WERE THE FUND COSTS FOR THE PERIOD?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Man Active Income ETF	$39^{Footnote Reference(a)}	0.85%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Based on the period September 16, 2025 (commencement of operations) through February 28, 2026. Expenses would have been higher if based on the full reporting period.
Footnote^(b)	Annualized.

KEY FUND STATISTICS

The following table outlines key Fund statistics that you should pay attention to.

Fund net assets$21,181,794
Total number of portfolio holdings64
Period portfolio turnover rate51%

What did the Fund invest in?

The table below shows the investment makeup of the Fund, as a percentage of net asset value.

Sector Breakdown^{Footnote Reference1}

Table Summary
Sector	% Net Asset Value
Other Financials	27.8%
Consumer, Cyclical	18.2%
Consumer, Non-cyclical	17.6%
Banks	10.6%
Basic Materials	6.5%
Real Estate	6.2%
Insurance	5.5%
Energy	4.4%
Industrial	4.3%
Communications	2.4%
Government	2.0%
Technology	1.0%

Footnote	Description
Footnote¹	All breakdowns show net positions and exclude: Bond and Equity Futures, Inflation and Interest Rate Swaps, Currency, Forward Foreign Exchange (used for hedging purposes), Repos and Duration and Cash Management Instruments. Accordingly, due to the exclusions noted and the potential use of leverage within the Fund's strategy, aggregate category weightings may not sum to 100%.

Availability of Additional Information

You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

Semi-Annual Shareholder Report

February 28, 2026

Man Active High Yield ETF

MHY - NYSE Arca, Inc.

This semi-annual shareholder report contains important information about the Man Active High Yield ETF (the "Fund") for the period of September 16, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at www.man.com/documents. You can also request this information by contacting us at 1-866-505‑1108.

WHAT WERE THE FUND COSTS FOR THE PERIOD?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Man Active High Yield ETF	$31^{Footnote Reference(a)}	0.69%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Based on the period September 16, 2025 (commencement of operations) through February 28, 2026. Expenses would have been higher if based on the full reporting period.
Footnote^(b)	Annualized.

KEY FUND STATISTICS

The following table outlines key Fund statistics that you should pay attention to.

Fund net assets$19,502,403
Total number of portfolio holdings79
Period portfolio turnover rate59%

What did the Fund invest in?

The table below shows the investment makeup of the Fund, as a percentage of net asset value.

Sector Breakdown^{Footnote Reference1}

Table Summary
Sector	% Net Asset Value
Financials	15.1%
Consumer Discretionary	12.7%
Health Care	10.3%
Communication Services	10.3%
Energy	9.9%
Industrials	9.3%
Real Estate	6.2%
Consumer Staples	5.6%
Information Technology	4.7%
Materials	4.5%
Utilities	1.6%

Footnote	Description
Footnote¹	All breakdowns show net positions and exclude: Bond and Equity Futures, Inflation and Interest Rate Swaps, Currency, Forward Foreign Exchange (used for hedging purposes), Repos and Duration and Cash Management Instruments. Accordingly, due to the exclusions noted and the potential use of leverage within the Fund's strategy, aggregate category weightings may not sum to 100%.

Availability of Additional Information

Semi-Annual Shareholder Report

February 28, 2026

Man Active Emerging Markets Alternative ETF

MEMA - Nasdaq Stock Market LLC

This semi-annual shareholder report contains important information about the Man Active Emerging Markets Alternative ETF (the "Fund") for the period of December 16, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at www.man.com/documents. You can also request this information by contacting us at 1-866-505‑1108.

WHAT WERE THE FUND COSTS FOR THE PERIOD?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Man Active Emerging Markets Alternative ETF	$19^{Footnote Reference(a)}	0.85%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Based on the period December 16, 2025 (commencement of operations) through February 28, 2026. Expenses would have been higher if based on the full reporting period.
Footnote^(b)	Annualized.

KEY FUND STATISTICS

The following table outlines key Fund statistics that you should pay attention to.

Fund net assets$11,860,399
Total number of portfolio holdings278
Period portfolio turnover rate4%

What did the Fund invest in?

The tables below show the investment makeup of the Fund, as a percentage of net asset value.

Sector Breakdown^{Footnote Reference1}

Table Summary
Sector	% Net Asset Value
Information Technology	36.9%
Financials	22.6%
Materials	9.0%
Communication Services	7.5%
Industrials	7.5%
Consumer Discretionary	6.9%
Health Care	4.9%
Consumer Staples	1.4%
Energy	1.3%
Utilities	0.8%
Real Estate	0.4%

Footnote	Description
Footnote¹	All breakdowns show net positions and exclude: Cash Management Instruments. Accordingly, due to the exclusions noted and the potential use of leverage within the Fund's strategy, aggregate category weightings may not sum to 100%.

Top 10 Country Exposure¹

Table Summary
Country	% Net Asset Value
Taiwan	24.0%
China	23.8%
Korea (South)	20.2%
India	13.4%
Saudi Arabia	5.1%
Brazil	2.6%
Malaysia	1.9%
Indonesia	1.6%
Mexico	1.4%
Poland	1.3%

Availability of Additional Information

Semi-Annual Shareholder Report

February 28, 2026

Man Active Trend Enhanced ETF

MATE - Nasdaq Stock Market LLC

This semi-annual shareholder report contains important information about the Man Active Trend Enhanced ETF (the "Fund") for the period of December 16, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at www.man.com/documents. You can also request this information by contacting us at 1-866-505‑1108.

WHAT WERE THE FUND COSTS FOR THE PERIOD?

(based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Man Active Trend Enhanced ETF	$20^{Footnote Reference(a)}	0.95%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Based on the period December 16, 2025 (commencement of operations) through February 28, 2026. Expenses would have been higher if based on the full reporting period.
Footnote^(b)	Annualized.

KEY FUND STATISTICS

The following table outlines key Fund statistics that you should pay attention to.

Fund net assets$36,327,024
Total number of portfolio holdings166
Period portfolio turnover rate20%

What did the Fund invest in?

The table below shows the investment makeup of the Fund, as a percentage of net asset value.

Sector Breakdown^{Footnote Reference1}

Table Summary
Sector	Net Exposure	Short Exposure	Gross Exposure
Beta - S&P 500	100.2%	0.0%	100.2%
Trend - Bonds and Rates	67.3%	0.0%	67.3%
Trend - Stocks	59.1%	0.0%	59.1%
Trend - Currencies	0.0%	-39.6%	39.6%
Trend - Commodities	25.1%	0.0%	25.1%

Footnote	Description
Footnote¹	All breakdowns show net positions and exclude: Forward Foreign Exchange (used for hedging purposes) and Cash Management Instruments. Accordingly, due to the exclusions noted and the potential use of leverage within the Fund's strategy, aggregate category weightings may not sum to 100%.

Availability of Additional Information

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7(a) of this form.

(b)	Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)	The annual Financial Statements are attached herewith.

LOGO

Man ETF Series Trust Unaudited Semi-Annual Financial Statements and Other Information For the period from (commencement of operations) through February 28, 2026 Man Active Income ETF (MANI) Man Active High Yield ETF (MHY) Man Active Emerging Markets Alternative ETF (MEMA) Man Active Trend Enhanced ETF (MATE)

Man ETF Series Trust

Table of Contents


Schedule of Investments

Man Active Income ETF			3

Man Active High Yield ETF			9

Man Active Emerging Markets Alternative ETF			16

Man Active Trend Enhanced ETF			24

Statements of Assets and Liabilities			30

Statements of Operations			31

Statements of Changes in Net Assets			32

Financial Highlights			33

Notes to Financial Statements			37

Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements			54

Additional Information			58

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

Man Active Income ETF

Schedule of Investments

February 28, 2026 (Unaudited)


		Principal Amount*		Value

ASSET-BACKED SECURITIES — 7.0%

Automobiles — 1.1%

ECARAT DE SA Compartment Lease, (Germany) Series 2025-1 F, 6.460%, 1-Month EURIBOR + 4.50%, due 5/25/34	EUR		200,000	$	240,509

Other ABS — 5.9%

BBVA Consumo FTA, (Spain) Series 2025-1 E, 8.024%, 3-Month EURIBOR + 6.00%, due 8/21/38	EUR		246,910		299,857

FTA Consumo Santander, (Spain) 6.983%, 3-Month EURIBOR + 4.95%, due 7/20/38	EUR		120,000		144,062

Santander Consumo 8 Fondo de Titulizacion, (Spain) 6.529%, 3-Month EURIBOR + 4.50%, due 1/21/40	EUR		300,000		360,010

SC Germany SA Compartment Consumer, (Germany) Series 2023-1 F, 10.718%, 1-Month EURIBOR + 8.75%, due 9/15/37	EUR		350,000		436,899
					1,240,828

Total Asset-Backed Securities (Cost $1,433,432)					1,481,337

BANK LOANS — 13.9%

Biotech — 4.7%

Genmab A/S, Term Loan B, (Denmark) 6.733%, SOFR + 3%, due 12/13/32			1,000,000		1,005,310

Healthcare-Services — 4.5%

TEAM Services Holding, Inc. 0.000%, due 1/31/33^(a)			1,000,000		945,000

Retail — 4.7%

Men’s Wearhouse LLC (The) 9.423%, SOFR + 5.75%, due 1/28/31			1,000,000		1,000,000

Total Bank Loans (Cost $2,970,251)					2,950,310

CORPORATE BONDS — 71.0%

Application Software — 1.0%

IPD 3 BV, (France) 5.500%, due 6/15/31	EUR		180,000		202,471

Banks — 8.4%

Axos Financial, Inc. 7.000%, due 10/1/35			300,000		306,071

Banca Transilvania SA, (Romania) 7.125%^(b)	EUR		320,000		395,876

First Financial Bancorp 6.375%, due 12/1/35			213,000		215,677

ForteBank JSC, (Kazakhstan) 9.750%^(b)			400,000		406,837

Norion Bank AB, (Sweden) 7.944%, 3-Month STIBOR + 5.95%, due 1/25/35^(c)	SEK		3,750,000		458,140
					1,782,601


See accompanying notes to financial statements.		3

Man Active Income ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


		Principal Amount*		Value

CORPORATE BONDS (continued)

Base Metals — 2.5%

ACG Holdco 1 PLC, (United Kingdom) 14.750%, due 1/13/29			200,000	$	222,710

JW Aluminum Continuous Cast Co. 10.250%, due 4/1/30			300,000		310,668
					533,378

Casinos & Gaming — 1.9%

Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 11.875%, due 4/15/31			180,000		191,043

11.875%, due 4/15/31^(d)			200,000		212,270
					403,313

Consumer Finance — 2.3%

Bread Financial Holdings, Inc. 8.375%, due 6/15/35			275,000		280,659

LFS Topco LLC 8.750%, due 7/15/30^(d)			207,000		201,910
					482,569

Homebuilding — 1.7%

New Home Co., Inc./The 9.250%, due 10/1/29			350,000		369,288

Hotel Owners & Developers — 1.9%

Vivion Investments Sarl, (Luxembourg) 6.500% PIK, due 2/28/29	EUR		341,000		405,151

Infrastructure Software — 0.0%†

Oracle Corp. 6.900%, due 11/9/52			5,000		4,944

Internet Media & Services — 0.5%

Meta Platforms, Inc. 5.750%, due 11/15/65			101,000		98,397

Investment Companies — 12.5%

Barings Private Credit Corp. 6.150%, due 6/11/30			100,000		99,283

Blue Owl Credit Income Corp. 6.500%, due 10/23/27	AUD		300,000		212,574

Fidus Investment Corp. 6.750%, due 3/19/30			700,000		701,023

Ittihad International II, Ltd., (United Arab Emirates) 7.375%, due 11/13/30			425,000		439,904

Main Street Capital Corp. 6.500%, due 6/4/27			500,000		508,368

North Haven Private Income Fund LLC 5.125%, due 9/25/28^(d)			371,000		367,570

PennantPark Floating Rate Capital, Ltd. 6.750%, due 3/4/29			106,000		105,791


See accompanying notes to financial statements.		4

Man Active Income ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


		Principal Amount*		Value

CORPORATE BONDS (continued)

Investment Companies (continued)

Stellus Capital Investment Corp. 7.250%, due 4/1/30			200,000	$	204,794
					2,639,307

Life Insurance — 1.0%

Nassau Cos. of New York (The) 7.875%, due 7/15/30^(d)			220,000		206,065

Marine Shipping — 1.9%

Ocean Yield AS, (Norway) 6.947%, SOFR + 3.25%, due 9/4/30^(c),(d)			400,000		401,367

Midstream - Oil & Gas — 1.8%

Acu Petroleo Luxembourg Sarl, (Brazil) 7.500%, due 1/13/32			368,669		379,554

Mineral & Precious Stone Mining — 2.0%

WE Soda Investments Holding PLC, (Turkey) 9.500%, due 10/6/28			400,000		414,048

Multi Asset Class REIT — 1.5%

Fibra Soma Trust F/6185, (Mexico) 4.375%, due 7/22/31			350,000		314,654

Office Owners & Developers — 0.6%

Globalworth Real Estate Investments, Ltd., (Poland) 6.250%, due 3/31/29	EUR		109,720		132,293

Oilfield Services & Equipment — 4.3%

MV24 Capital BV, (Brazil) 6.748%, due 6/1/34			374,776		382,733

Yinson Production Financial Services Pte, Ltd., (Singapore) 9.625%, due 5/3/29^(d)			500,000		531,051
					913,784

Other Financial Services — 5.7%

CPI CG, Inc. 10.000%, due 7/15/29^(d)			374,000		397,163

Jefferson Capital Holdings LLC 6.000%, due 8/15/26			500,000		500,227

PRA Group, Inc. 8.875%, due 1/31/30			300,000		305,400
					1,202,790

Other Machinery & Equipment — 0.5%

NIDEC CORP, (Japan) 0.046%, due 3/30/26	EUR		100,000		116,780

Other Special Retail - Discretionary — 3.8%

Staples, Inc. 10.750%, due 9/1/29^(d)			300,000		276,541

WH Smith PLC, (United Kingdom) 1.625%, due 5/7/26	GBP		400,000		534,953
					811,494


See accompanying notes to financial statements.		5

Man Active Income ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


		Principal Amount*		Value

CORPORATE BONDS (continued)

Other Wholesalers - Staples — 1.8%

Nexus Newco BV, (Netherlands) 8.531%, 3-Month EURIBOR + 6.50%, due 6/4/30^(c)	EUR		300,000	$	371,419

Precious Metals — 1.9%

Aris Mining Corp., (Colombia) 8.000%, due 10/31/29			375,000		393,798

Reinsurance — 3.1%

SiriusPoint Ltd. 5.855%, 3-Month STIBOR + 4.00%, due 9/22/47^(c)	SEK		6,000,000		656,277

Sovereign Government — 2.0%

Mexico Government International Bond, (Mexico) 5.375%, due 5/16/40	EUR		360,000		430,590

Specialty & Generic Pharma — 2.8%

Cheplapharm Arzneimittel GmbH, (Germany) 7.125%, due 6/15/31	EUR		491,000		601,146

Travel Services — 1.7%

Sabre GLBL, Inc. 11.125%, due 7/15/30			500,000		363,087

Wireless Telecommunications — 1.9%

Digicel International Finance Ltd. / Difl US LLC, (Jamaica) 8.625%, due 8/1/32^(d)			386,000		401,178

Total Corporate Bonds (Cost $14,929,467)					15,031,743

SHORT TERM INVESTMENTS — 1.4%

Sovereign Government — 1.4%

United States Treasury Bill(e) 3.630%, due 7/16/26			150,000		147,996

3.639%, due 4/16/26			150,000		149,322

					297,318

Total Short Term Investments (Cost $297,299)					297,318

Total Investments — 93.3% (Cost $19,630,449)				$	19,760,708

Other Assets and Liabilities, Net — 6.7%					1,421,086

Net Assets — 100.0%				$	21,181,794

*	Par amount denominated in USD unless otherwise noted.

†	Less than 0.05%.

(a)	All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.

(b)	Perpetual security with no stated maturity date.

(c)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026.

(d)	Exempt from registration under Rule 144A of the Securities Act of 1933. (e) Rate disclosed represents the discount rate at the time of purchase.


See accompanying notes to financial statements.		6

Man Active Income ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


AUD		: Australian Dollar
EUR		: Euro
EURIBOR		: Euro Interbank Offered Rate
GBP		: Great British Pound
PIK		: Payment-in-kind, which may pay interest in the form of additional principal amount.
PLC		: Public Limited Company
SEK		: Swedish Krona
SOFR		: Secured Overnight Financing Rate
STIBOR		: Stockholm Interbank Offered Rate
USD		: United States Dollar

Forward Foreign Currency Contracts Outstanding as of February 28, 2026:

Counterparty

Settlement
Date

Currency To Deliver

Currency To Receive

Unrealized
Appreciation

Unrealized
Depreciation

The Bank of New York Mellon

3/12/2026

AUD

362,204

USD

257,809

–

The Bank of New York Mellon

3/12/2026

EUR

173,729

USD

205,198

–

(220)

The Bank of New York Mellon

3/12/2026

EUR

180,132

USD

214,305

1,318

–

The Bank of New York Mellon

3/12/2026

EUR

3,741,344

USD

4,462,817

39,052

–

The Bank of New York Mellon

3/12/2026

USD

32,567

EUR

27,578

–

The Bank of New York Mellon

3/12/2026

USD

76,436

EUR

64,345

–

(355)

The Bank of New York Mellon

3/12/2026

USD

76,538

EUR

64,363

–

(435)

The Bank of New York Mellon

3/12/2026

USD

491,504

EUR

413,321

–

(2,793)

The Bank of New York Mellon

3/12/2026

GBP

834,470

USD

1,143,500

18,880

–

The Bank of New York Mellon

3/12/2026

USD

638,023

GBP

470,510

–

(3,914)

The Bank of New York Mellon

3/12/2026

SEK

276,091

USD

31,094

488

–

The Bank of New York Mellon

3/12/2026

SEK

9,877,346

USD

1,117,359

22,422

–

The Bank of New York Mellon

3/12/2026

USD

30,930

SEK

274,637

–

(485)

Total Unrealized Appreciation (Depreciation)

82,261

(8,202)

Open futures contracts outstanding as of February 28, 2026:

Type

Expiration Date

Number of

Contracts

Purchased

(Sold)

Notional Value at
February 28, 2026

Unrealized
Appreciation
(Depreciation)

Short position contracts:

U.S. Ultra Bond Futures

6/18/2026

(2)

$(243,188)

$(2,328)

Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026:

Receive Positive Return/Pay Negative Return

Counterparty

Expiration

Date

Payment

Frequency

Currency

Notional
Amount Long

Value/

Unrealized

Appreciation/

(Depreciation)

Aareal Bank AG, 9.875%, Perpetual

JPMorgan

Chase Bank

5/07/2027

Annual

USD

200,000

$11,893

Chesnara plc, 8.50%, Perpetual

BNP Paribas

12/14/2026

Semi-Annual

GBP

200,000

8,085

Globalworth Real Estate Investments Ltd, 6.25%, 3/31/30

JPMorgan

Chase Bank

5/07/2027

Semi-Annual

EUR

336,520

22,407

Illimity Bank SpA, 4.375%, 10/7/31

JPMorgan

Chase Bank

5/07/2027

Annual

EUR

327,000

6,381

Intralot Capital Luxembourg SA, 6.75%, 10/15/31

JPMorgan

Chase Bank

5/07/2027

Semi-Annual

EUR

400,000

9,214

Metro Bank Holdings PLC, 13.875%, Perpetual

JPMorgan

Chase Bank

5/07/2027

Semi-Annual

GBP

200,000

16,437


See accompanying notes to financial statements.		7

Man Active Income ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026: (continued)

Receive Positive Return/Pay Negative Return

Counterparty

Expiration

Date

Payment

Frequency

Currency

Notional
Amount Long

Value/

Unrealized

Appreciation/

(Depreciation)

Vanquis Banking Group PLC, 8.875%, 1/13/32

JPMorgan

Chase Bank

5/07/2027

Semi-Annual

GBP

216,000

$2,972

Worldline SA/France, 0.875%, 6/30/27

JPMorgan

Chase Bank

5/07/2027

Annual

EUR

300,000

9,355

$86,744


See accompanying notes to financial statements.		8

Man Active High Yield ETF

Schedule of Investments

February 28, 2026 (Unaudited)


		Principal Amount*		Value

BANK LOANS — 4.8%

Healthcare-Services — 4.8%

TEAM Services Holding, Inc. due 1/31/33^(a) (Cost $975,000)			1,000,000	$	945,000

CORPORATE BONDS — 81.7%

Airlines — 1.5%

Grupo Aeromexico SAB de CV, (Mexico) 8.625%, due 11/15/31			291,000		300,046

Application Software — 0.6%

Trustly AB, (Sweden) 8.776%, 3-Month EURIBOR + 6.75%, due 10/8/30^(b)	EUR		100,000		110,504

Automotive Retailers — 2.2%

Global Auto Holdings Ltd/AAG FH UK Ltd., (United Kingdom) 8.375%, due 1/15/29^(c)			312,000		298,834

RAC Bond Co. PLC, (United Kingdom) 5.250%, due 11/4/27	GBP		100,000		134,043
					432,877

Basic & Diversified Chemicals — 2.4%

Lenzing AG, (Austria) 9.000%^(d)	EUR		400,000		472,830

Biofuels — 0.6%

Cullinan Holdco SCSP, (Luxembourg) 8.500%, due 10/15/29^(c)	EUR		111,000		115,666

Casinos & Gaming — 2.4%

888 Acquisitions Ltd., (United Kingdom) 10.750%, due 5/15/30	GBP		288,000		360,294

888 Acquisitions, Ltd., (United Kingdom) 7.516%, due 7/15/28^(b)	EUR		100,000		112,963
					473,257

Consumer Finance — 0.7%

Vanquis Banking Group PLC, (United Kingdom) 8.875%, due 1/13/32	GBP		100,000		137,577

Cruise Lines — 0.7%

SP Cruises Intermediate Ltd., (Bermuda) 11.500%, due 3/14/30			125,000		125,496

Electric Transmission & Dist — 1.0%

Energo - Pro as, (Czechia) 8.000%, due 5/27/30	EUR		156,000		196,183

Entertainment Facilities — 1.0%

LifeFit Group MidCo GmbH, (Germany) 9.011%, 3-Month EURIBOR + 7.00%, due 8/29/29^(b)	EUR		163,000		203,090


See accompanying notes to financial statements.		9

Man Active High Yield ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


		Principal Amount*		Value

CORPORATE BONDS (continued)

Exploration & Production — 9.7%

Azule Energy Finance PLC, (Angola) 8.125%, due 1/23/30			400,000	$	406,128

Diversified Gas & Oil Corp. 9.750%, due 4/9/29^(c)			250,000		248,689

DNO ASA, (Norway) 8.500%, due 3/27/30^(c)			191,000		199,743

EnQuest PLC, (United Kingdom) 11.625%, due 11/1/27			200,000		202,685

Karoon USA Finance, Inc., (Brazil) 10.500%, due 5/14/29^(c)			200,000		206,973

Northern Oil & Gas, Inc. 7.875%, due 10/15/33			200,000		204,641

SierraCol Energy Andina LLC/SierraCol Energy Arauca/Colombia Energy Development, (Colombia) 9.000%, due 11/14/30			200,000		203,150

Trident Energy Finance PLC, (United Kingdom) 12.500%, due 11/30/29			200,000		210,009
					1,882,018

Food & Drug Stores — 3.4%

Bellis Acquisition Co. PLC, (United Kingdom) 8.125%, due 5/14/30	GBP		534,000		661,876

Health Care Facilities — 3.1%

Auna SA, (Peru) 8.750%, due 11/6/32			300,000		306,164

Prime Healthcare Services, Inc. 9.375%, due 9/1/29^(c)			288,000		301,181
					607,345

Health Care REIT — 2.3%

MPT Operating Partnership LP / MPT Finance Corp. 3.692%, due 6/5/28	GBP		369,000		449,705

Health Care Services — 2.3%

CAB SELAS, (France) 3.375%, due 2/1/28	EUR		279,000		325,900

Laboratoire Eimer SELAS, (France) 5.000%, due 2/1/29	EUR		100,000		112,800
					438,700

Health Care Supply Chain — 1.8%

Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc. 8.750%, due 4/17/32^(c)			308,000		267,404

8.750%, due 4/17/32			100,000		86,819
					354,223

Hotel Owners & Developers — 1.5%

Vivion Investments Sarl, (Luxembourg) 6.500%, due 2/28/29	EUR		228,000		270,893

8.250% PIK, due 8/31/28	EUR		17,478		20,778
					291,671


See accompanying notes to financial statements.		10

Man Active High Yield ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


		Principal Amount*		Value

CORPORATE BONDS (continued)

Institutional Brokerage — 0.5%

Jane Street Group / JSG Finance, Inc. 6.125%, due 11/1/32^(c)			100,000	$	100,485

Internet Media & Services — 1.4%

Future PLC, (United Kingdom) 6.750%, due 7/10/30	GBP		209,000		265,550

Investment Companies — 1.1%

Ittihad International II, Ltd., (United Arab Emirates) 7.375%, due 11/13/30			200,000		207,014

IT Services — 3.7%

Maticmind SpA, (Italy) 7.299%, 3-Month EURIBOR + 5.25%, due 12/31/32(b)	EUR		100,000		115,566

PCC Global PLC, (United Kingdom) 8.250%, due 11/15/30	EUR		175,000		180,411

Unisys Corp. 10.625%, due 1/15/31^(c)			186,000		156,372

10.625%, due 1/15/31			325,000		273,231
					725,580

Life Insurance — 3.5%

Nassau Cos. of New York (The) 7.875%, due 7/15/30^(c)			194,000		181,712

Nassau Cos. of New York/The 7.875%, due 7/15/30			543,000		508,605
					690,317

Local TV & Radio Broadcast — 1.2%

Arqiva Broadcast Finance PLC, (United Kingdom) 8.625%, due 7/1/30	GBP		209,000		236,542

Lodging — 0.7%

TVL Finance PLC, (United Kingdom) 10.250%, due 4/28/28	GBP		100,000		134,290

Marine Shipping — 1.1%

Navios South American Logistics, Inc., (Uruguay) 8.875%, due 7/14/30			200,000		210,345

Mass Merchants — 0.7%

B&M European Value Retail SA, (United Kingdom) 8.125%, due 11/15/30	GBP		100,000		141,545

Mineral & Precious Stone Mining — 1.1%

WE Soda Investments Holding PLC, (Turkey) 9.500%, due 10/6/28			200,000		207,024

Mortgage Finance — 0.7%

Bracken MidCo1 PLC, (United Kingdom) 6.750% Cash or 7.500 % PIK, due 11/1/27	GBP		100,000		134,751


See accompanying notes to financial statements.		11

Man Active High Yield ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


		Principal Amount*		Value

CORPORATE BONDS (continued)

Multi Asset Class Own & Develop — 2.7%

CPI Property Group SA, (Czechia) 8.875%, 5-Year UK Gilt Bond + 5.65%^(b),(d)	GBP		155,000	$	205,808

GTC Aurora Luxembourg SA, (Poland) 2.250%, due 6/23/26	EUR		276,000		324,831
					530,639

Oilfield Services & Equipment — 1.5%

CHC Group LLC 11.750%, due 9/1/30^(c)			300,000		296,635

Other Financial Services — 2.2%

Goldcup 100865 AB, (Sweden) 7.447%, 3-Month STIBOR + 5.50%, due 7/11/28^(b)	SEK		1,250,000		142,275

Jefferson Capital Holdings LLC 8.250%, due 5/15/30^(c)			277,000		290,615
					432,890

Other Machinery & Equipment — 1.0%

EVOCA SpA, (Italy) 7.282%, 3-Month EURIBOR + 5.25%, due 4/9/29^(b)	EUR		177,000		191,913

Other Spec Retail - Discr — 0.2%

Staples, Inc. 10.750%, due 9/1/29			33,000		30,420

Packaged Food — 2.0%

Viking Baked Goods Acquisition Corp. 8.625%, due 11/1/31^(c)			293,000		296,987

8.625%, due 11/1/31			100,000		101,361
					398,348

Printing Services — 1.5%

RR Donnelley & Sons Co. 9.500%, due 8/1/29^(c)			192,000		197,890

10.875%, due 8/1/29^(c)			100,000		102,650

					300,540

Professional Services — 0.7%

NES Fircroft Bondco AS, (United Kingdom) 8.000%, due 9/30/29^(c)			125,000		127,625

Real Estate Services — 1.0%

Emeria SASU, (France) 7.750%, due 3/31/28	EUR		200,000		201,551

Reinsurance — 1.7%

SiriusPoint Ltd. 5.855%, 3-Month STIBOR + 4.00%, due 9/22/47^(b)	SEK		3,000,000		328,139

Restaurants — 2.6%

BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc. 9.500%, due 7/1/32^(c)			283,000		260,969

9.500%, due 7/1/32			125,000		115,269


See accompanying notes to financial statements.		12

Man Active High Yield ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


		Principal Amount*		Value

CORPORATE BONDS (continued)

Restaurants (continued)

Wheel Bidco, Ltd., (United Kingdom) 9.875%, due 9/15/29	GBP		100,000	$	121,721
					497,959

Specialty & Generic Pharma — 1.1%

1261229 BC Ltd. 10.000%, due 4/15/32^(c)			200,000		207,920

Specialty Chemicals — 0.9%

Herens Holdco Sarl, (Luxembourg) 4.750%, due 5/15/28^(c)			200,000		176,289

Transit Services — 1.0%

Mobico Group PLC, (United Kingdom) 4.875%, due 9/26/31	EUR		200,000		202,017

Travel Services — 1.1%

Sabre GLBL, Inc. 11.125%, due 7/15/30^(c)			100,000		72,617

11.125%, due 7/15/30			200,000		145,235
					217,852

Wireless Telecommunications — 3.2%

C&W Senior Finance Ltd., (Panama) 9.000%, due 1/15/33^(c)			200,000		207,315

Digicel International Finance Ltd. / Difl US LLC, (Jamaica) 8.625%, due 8/1/32^(c)			200,000		207,864

8.625%, due 8/1/32			200,000		207,864
					623,043

Wireline Telecommunications — 4.4%

Sable International Finance Ltd., (Panama) 7.125%, due 10/15/32^(c)			200,000		203,204

Total Play Telecomunicaciones SA de CV, (Mexico) 11.125%, due 12/31/32			300,000		286,237

WOM Chile Holdco SpA, (Chile) 5.000% PIK, due 4/1/32			399,260		365,328
					854,769

Total Corporate Bonds (Cost $16,126,200)					15,925,056

SHORT TERM INVESTMENTS — 2.0%

Sovereign Government — 2.0%

United States Treasury Bill^(e) 3.642%, due 7/16/26 (Cost $394,606)			400,000		394,657

Total Investments — 88.5% (Cost $17,495,806)				$	17,264,713

Other Assets and Liabilities,

Net — 11.5%					2,237,690

Net Assets — 100.0%				$	19,502,403


See accompanying notes to financial statements.		13

Man Active High Yield ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

*	Par amount denominated in USD unless otherwise noted.

(a)	All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.

(b)	Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026.

(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.

(d)	Perpetual security with no stated maturity date.

(e)	Rate disclosed represents the discount rate at the time of purchase.


EUR		: Euro
EURIBOR		: Euro Interbank Offered Rate
GBP		: Great British Pound
PIK		: Payment-in-kind, which may pay interest in the form of additional principal amount.
PLC		: Public Limited Company
SEK		: Swedish Krona
STIBOR		: Stockholm Interbank Offered Rate
USD		: United States Dollar

Forward Foreign Currency Contracts Outstanding as of February 28, 2026:

Counterparty

Settlement
Date

Currency To Deliver

Currency To Receive

Unrealized
Appreciation

Unrealized
Depreciation

The Bank of New York Mellon

3/12/2026

EUR

126,000

USD

148,833

–

(149)

The Bank of New York Mellon

3/12/2026

USD

565,869

EUR

479,008

510

–

The Bank of New York Mellon

3/12/2026

USD

120,181

EUR

101,768

150

–

The Bank of New York Mellon

3/12/2026

USD

200,009

EUR

169,308

181

–

The Bank of New York Mellon

3/12/2026

EUR

3,160,893

USD

3,770,433

32,993

–

The Bank of New York Mellon

3/12/2026

USD

194,848

EUR

164,952

192

–

The Bank of New York Mellon

3/12/2026

EUR

243,322

USD

287,496

–

(208)

The Bank of New York Mellon

3/12/2026

EUR

33,091

USD

39,078

–

(49)

The Bank of New York Mellon

3/12/2026

EUR

103,982

USD

123,276

327

–

The Bank of New York Mellon

3/12/2026

GBP

95,904

USD

130,318

1,068

–

The Bank of New York Mellon

3/12/2026

GBP

197,983

USD

270,785

3,962

–

The Bank of New York Mellon

3/12/2026

USD

294,658

GBP

218,089

–

(738)

The Bank of New York Mellon

3/12/2026

USD

148,754

GBP

108,915

–

(1,968)

The Bank of New York Mellon

3/12/2026

GBP

2,304,065

USD

3,157,330

52,129

–

The Bank of New York Mellon

3/12/2026

SEK

4,512,152

USD

510,430

10,243

–

The Bank of New York Mellon

3/12/2026

USD

37,502

SEK

337,956

–

(39)

The Bank of New York Mellon

3/12/2026

SEK

344,757

USD

38,069

–

(148)

Total Unrealized Appreciation (Depreciation)

101,755

(3,299)


See accompanying notes to financial statements.		14

Man Active High Yield ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026:

Receive Positive Return/Pay Negative
Return

Counterparty

Expiration
Date

Payment
Frequency

Currency

Notional
Amount Long

Value/

Unrealized

Appreciation/

(Depreciation)

Almaviva-The Italian Innovation Co SpA, 5%,
10/30/30

JPMorgan
Chase Bank

5/07/2027

Quarterly

EUR

207,000

$5,004

Jerrold Finco PLC, 7.50%, 6/15/31

JPMorgan
Chase Bank

5/07/2027

Quarterly

GBP

105,000

1,493

Jerrold Finco PLC, 7.875%, 4/15/30

JPMorgan
Chase Bank

5/07/2027

Quarterly

GBP

103,000

4,250

$10,747

As of February 28, 2026, the Fund held the following centrally cleared credit default swap sell protection contracts:

Reference Entity

Expiration
Date

Buy/Sell
Protection^(a)

Notional
Amount^(b)

(Pay)/
Receive
Fixed Rate^(c)

Payment
Frequency
Paid/
Received

Upfront
Premium
Paid/
(Received)

Value

Unrealized
Appreciation/

(Depreciation)^(d)

Oracle Corp. (BBB)*

12/20/2030

Sell

$176,000

1.0

Quarterly

$2,037

$4,395

$2,358

^(a)

Sell - If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

^(b)	The maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

^(c)	The annual fixed rate represents the interest received by the Fund (as a seller of protection) or paid by the Fund (as a buyer of protection) annually on the notional amount of the credit default swap contract.

^(d)	Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at February 28, 2026.

*	Credit rating is determined by the Investment Adviser using the lowest rating including debt class rating ascribed by relevant credit rating agencies (Moody’s/S&P/Fitch), or, where no such ratings are available, using its own internal rating.


See accompanying notes to financial statements.		15

Man Active Emerging Markets Alternative ETF

Schedule of Investments

February 28, 2026 (Unaudited)


	Shares		Value
COMMON STOCKS — 39.8%

Australia — 0.9%

Materials — 0.9%

Anglogold Ashanti PLC		800	$	102,216

China — 29.9%

Communication Services — 5.5%

Autohome, Inc., ADR		700		13,426

Bilibili, Inc., ADR^(a)		500		13,950

Kingsoft Corp., Ltd.		12,000		39,887

NetEase, Inc., ADR		1,200		137,964

Tencent Holdings, Ltd.		6,400		423,822

Tencent Music Entertainment Group, ADR		1,900		27,740

Total Communication Services				656,789

Consumer Discretionary — 7.3%

Alibaba Group Holding, Ltd., ADR		800		115,288

Fuyao Glass Industry Group Co., Ltd., Class H Shares(b)		800		6,648

Geely Automobile Holdings, Ltd.		3,000		6,194

Great Wall Motor Co., Ltd., Class H Shares		18,500		30,415

Haier Smart Home Co., Ltd., Class H Shares		21,200		72,309

JD.com, Inc., ADR		1,800		47,754

Li Ning Co., Ltd.		30,500		87,810

Meituan, B Shares^(a),(b)		9,300		96,482

New Oriental Education & Technology Group, Inc., ADR		700		38,255

PDD Holdings, Inc.^(a)		1,500		155,595

Pop Mart International Group, Ltd.^(b)		4,000		117,512

TAL Education Group, ADR^(a)		3,400		35,802

TravelSky Technology, Ltd., Class H Shares		4,000		5,487

Trip.com Group, Ltd., ADR		600		31,572

Zhejiang Leapmotor Technology Co., Ltd., H Shares^(a),(b)		2,600		13,628

Total Consumer Discretionary				860,751

Consumer Staples — 1.3%

China Feihe, Ltd.^(b)		44,000		21,375

China Mengniu Dairy Co., Ltd.		61,000		126,178

Total Consumer Staples				147,553

Energy — 0.6%

China Shenhua Energy Co., Ltd., Class H Shares		4,000		22,991

PetroChina Co., Ltd., H Shares		34,000		41,467

Total Energy				64,458

Financials — 5.2%

Agricultural Bank of China, Ltd., Class H Shares		25,000		16,971

Bank of China, Ltd., Class H Shares		55,000		32,625

China CITIC Bank Corp., Ltd., Class H Shares		120,000		110,609

China Construction Bank Corp., Class H Shares		55,000		56,180

China Life Insurance Co., Ltd., Class H Shares		38,000		153,416

China Minsheng Banking Corp., Ltd., Class H Shares		12,000		6,213

China Pacific Insurance Group Co., Ltd., Class H Shares		20,600		94,650

China Taiping Insurance Holdings Co., Ltd.		27,600		80,660

Industrial & Commercial Bank of China, Ltd., Class H Shares		73,000		60,194


See accompanying notes to financial statements.		16

Man Active Emerging Markets Alternative ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


	Shares		Value
COMMON STOCKS (continued)

Financials (continued)

Qfin Holdings, Inc., ADR		400	$	5,824

Total Financials				617,342

Health Care — 3.6%

3SBio, Inc.^(a),(b)		6,000		16,829

China Resources Pharmaceutical Group, Ltd.^(b)		8,500		4,944

CSPC Pharmaceutical Group, Ltd.		104,000		131,626

Innovent Biologics, Inc.^(a),(b)		4,500		48,957

Sino Biopharmaceutical, Ltd.		156,000		120,657

Wuxi Biologics Cayman, Inc.^(a),(b)		22,500		115,691

Total Health Care				438,704

Industrials — 1.2%

China Communications Services Corp., Ltd., Class H Shares		46,000		26,169

Contemporary Amperex Technology Co., Ltd., Class H Shares		800		50,728

Sinotruk Hong Kong, Ltd.		6,500		34,203

Weichai Power Co., Ltd., H Shares		9,000		37,532

Total Industrials				148,632

Information Technology — 1.6%

BYD Electronic International Co., Ltd.		14,000		57,739

Sunny Optical Technology Group Co., Ltd.		7,800		58,085

Xiaomi Corp., B Shares^(a),(b)		16,600		74,064

Total Information Technology				189,888

Materials — 2.7%

Aluminum Corp. of China, Ltd., Class H Shares		32,000		57,846

China Hongqiao Group, Ltd.		5,500		24,933

CMOC Group, Ltd., Class H Shares		24,000		74,128

Jiangxi Copper Co., Ltd., Class H Shares		2,000		11,659

Shandong Gold Mining Co., Ltd., Class H Shares^(b)		6,000		31,618

Zijin Mining Group Co., Ltd., H Shares		20,000		115,058

Total Materials				315,242

Real Estate — 0.7%

China Resources Land, Ltd.		11,000		44,691

China Resources Mixc Lifestyle Services, Ltd.^(b)		6,600		40,163

Total Real Estate				84,854

Utilities — 0.2%

Kunlun Energy Co., Ltd.		20,000		21,452

Total China				3,545,665

Czechia — 0.2%

Financials — 0.2%

Moneta Money Bank AS^(b)		2,170		20,835

Hungary — 0.3%

Health Care — 0.3%

Richter Gedeon Nyrt		1,057		39,544

India — 2.8%

Financials — 2.8%

HDFC Bank, Ltd., ADR		3,100		98,735

ICICI Bank, Ltd., ADR		7,700		234,927

Total Financials				333,662


See accompanying notes to financial statements.		17

Man Active Emerging Markets Alternative ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


	Shares		Value
COMMON STOCKS (continued)

Information Technology — 0.0%†

Infosys, Ltd., ADR		300	$	4,332

Total India				337,994

Mexico — 2.0%

Consumer Staples — 0.9%

Arca Continental SAB de CV		4,720		56,862

Fomento Economico Mexicano SAB de CV, ADR		200		22,464

Sigma Foods SAB de CV		16,600		18,668

Total Consumer Staples				97,994

Financials — 0.1%

Grupo Financiero Banorte SAB de CV		1,100		12,555

Industrials — 0.1%

Promotora y Operadora de Infraestructura SAB de CV		850		14,018

Materials — 0.9%

Grupo Mexico SAB de CV		8,600		109,477

Total Mexico				234,044

Peru — 0.2%

Financials — 0.2%

Credicorp, Ltd.		70		24,247

South Africa — 2.8%

Communication Services — 0.6%

MTN Group, Ltd.		5,029		65,580

Consumer Staples — 0.1%

Clicks Group, Ltd.		601		12,015

Financials — 0.5%

FirstRand, Ltd.		4,402		27,431

Old Mutual, Ltd.		27,439		28,512

Sanlam, Ltd.		1,454		9,699

Total Financials				65,642

Materials — 1.6%

Gold Fields, Ltd., ADR		900		52,956

Sasol, Ltd.^(a)		8,418		76,847

Sibanye Stillwater, Ltd., ADR^(a)		3,500		61,985

Total Materials				191,788

Total South Africa				335,025

Taiwan — 0.7%

Information Technology — 0.7%

Taiwan Semiconductor Manufacturing Co., Ltd., ADR		210		78,662

Total Common Stocks

(Cost $4,460,243)				4,718,232

EXCHANGE-TRADED FUNDS — 10.5%

iShares MSCI India ETF^(a) (Cost $1,263,653)		23,900		1,249,253


See accompanying notes to financial statements.		18

Man Active Emerging Markets Alternative ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)


	Principal Amount*		Value
SHORT TERM INVESTMENTS — 40.5%

United States — 40.5%

United States Treasury Bill(c) 3.609%, due 5/5/26		240,000	$	238,475

3.616%, due 3/5/26		1,000,000		999,696

3.618%, due 3/31/26		1,000,000		997,085

3.619%, due 8/20/26		1,085,000		1,066,918

3.645%, due 5/28/26		965,000		956,655

3.651%, due 7/9/26		435,000		429,455

3.662%, due 5/19/26		110,000		109,150


				4,797,434

Total Short Term Investments (Cost $4,797,058)				4,797,434

Total Investments — 90.8% (Cost $10,520,954)			$	10,764,919

Other Assets and Liabilities, Net — 9.2%				1,095,480

Net Assets — 100.0%			$	11,860,399


*		Par amount denominated in USD unless otherwise noted.
†		Less than 0.05%.
(a)		Non-income producing securities.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)		Rate disclosed represents the discount rate at the time of purchase.


ADR		:American Depositary Receipt
PLC		:Public Limited Company
USD		:United States Dollar

Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026:

Receive Positive Return/Pay Negative Return

Counterparty

Expiration
Date

Payment
Frequency

Currency

Notional
Amount Long

Value/
Unrealized
Appreciation/
(Depreciation)

Accton Technology Corp.

Morgan Stanley

12/24/2026

Monthly

USD

92,313

$(2,662)

Al Rajhi Bank

Morgan Stanley

12/23/2026

Monthly

USD

193,269

(9,629)

Alinma Bank

Morgan Stanley

12/23/2026

Monthly

USD

72,239

(3,222)

Aluminum Corp. of China, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

54,718

4,890

Americana Restaurants International PLC

Morgan Stanley

12/23/2026

Monthly

USD

13,789

(530)

AMMB Holdings Bhd

Morgan Stanley

12/24/2026

Monthly

USD

68,158

(450)

Arab National Bank

Morgan Stanley

12/23/2026

Monthly

USD

8,337

(72)

Arabian Internet & Communications Services Co.

Morgan Stanley

12/23/2026

Monthly

USD

26,734

(4,317)

Axia Energia

Morgan Stanley

12/22/2026

Monthly

USD

186,033

1,461

Axia Energia

Morgan Stanley

12/22/2026

Monthly

USD

10,342

Axiata Group Berhad

Morgan Stanley

12/24/2026

Monthly

USD

12,900

(13)

Banco BTG Pactual SA

Morgan Stanley

12/22/2026

Monthly

USD

192,192

(1,182)

Banco De Chile

Morgan Stanley

12/22/2026

Monthly

USD

517,562

(7,276)

Banco do Brasil SA

Morgan Stanley

12/22/2026

Monthly

USD

24,506

181

Bank Al-Jazira

Morgan Stanley

12/23/2026

Monthly

USD

17,758

(680)

Bank Central Asia Tbk PT

Morgan Stanley

12/23/2026

Monthly

USD

168,800

(19)

Bank Mandiri Persero Tbk PT

Morgan Stanley

12/23/2026

Monthly

USD

132,900

1,714

Bank of Beijing Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

75,500

225


See accompanying notes to financial statements.		19

Man Active Emerging Markets Alternative ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026: (continued)

Receive Positive Return/Pay Negative Return

Counterparty

Expiration
Date

Payment
Frequency

Currency

Notional
Amount Long

Value/
Unrealized
Appreciation/
(Depreciation)

Bank of Changsha Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

7,177

$(33

)

Bank of Hangzhou Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

55,657

489

Bank of Jiangsu Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

70,057

256

Bank of Ningbo Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

25,281

264

Bank Polska Kasa Opieki SA

Morgan Stanley

12/23/2026

Monthly

USD

45,014

(978)

Bank Rakyat Indonesia Perser

Morgan Stanley

12/23/2026

Monthly

USD

312,800

2,651

Baoshan Iron & Steel Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

11,214

542

BIM Birlesik Magazalar AS

Morgan Stanley

12/23/2026

Monthly

USD

18,708

(1,044)

BOE Technology Group Co.

Morgan Stanley

12/24/2026

Monthly

USD

13,000

628

Central Pattana PCL

Morgan Stanley

12/23/2026

Monthly

USD

5,884

643

China CSSC Holdings, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

62,590

2,902

China Minsheng Banking

Morgan Stanley

12/24/2026

Monthly

USD

94,800

(285)

Cia de Saneamento Basico do Estado de Sao Paulo SABESP

Morgan Stanley

12/22/2026

Monthly

USD

194,876

2,750

Contemporary Amperex Technology Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

126,871

(7,211)

CP ALL PCL

Morgan Stanley

12/23/2026

Monthly

USD

8,882

434

CSC Financial Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

16,683

CTBC Financial Holding Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

14,955

1,155

Delta Electronics Thailand PCL

Morgan Stanley

12/23/2026

Monthly

USD

11,826

3,424

Delta Electronics, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

240,649

34,095

Doosan Bobcat, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

11,328

Elm Co.

Morgan Stanley

12/23/2026

Monthly

USD

5,845

(381)

Etihad Etisalat Co.

Morgan Stanley

12/23/2026

Monthly

USD

18,894

(1,097)

First Financial Holding Co.

Morgan Stanley

12/24/2026

Monthly

USD

22,000

438

Ford Otomotiv Sanayi AS

Morgan Stanley

12/23/2026

Monthly

USD

9,232

(885)

Fortune Electric Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

61,563

6,962

Fuyao Glass Industry Group Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

18,043

448

Global Unichip Corp.

Morgan Stanley

12/24/2026

Monthly

USD

78,784

9,915

Guanghui Energy Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

10,000

745

Hana Financial Group, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

76,474

(3,199)

Hanmi Semiconductor Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

77,920

47,066

Hanwha Aerospace Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

169,771

14,539

HD Hyundai Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

174,688

25,689

HD Hyundai Electric Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

61,736

6,836

HD Hyundai Heavy Industries Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

85,680

9,837

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

151,303

20,651

Hon Hai Precision Industry Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

158,969

12,212

Hua Nan Financial Holdings Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

62,779

6,761

Huaxia Bank Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

18,400

Hyundai Mobis Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

72,854

14,073

Industrial and Commercial Bank of China

Morgan Stanley

12/24/2026

Monthly

USD

9,465

(184)

International Games System Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

21,709

544

JUMBO SA

Morgan Stanley

12/23/2026

Monthly

USD

24,494

(716)

Kakao Corp.

Morgan Stanley

12/24/2026

Monthly

USD

80,204

7,184

Korea Electric Power Corp.

Morgan Stanley

12/24/2026

Monthly

USD

17,672

(318)

Kuwait Finance House KSCP

Morgan Stanley

12/23/2026

Monthly

USD

15,473

(376)


See accompanying notes to financial statements.		20

Man Active Emerging Markets Alternative ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026: (continued)

Receive Positive Return/Pay Negative Return

Counterparty

Expiration
Date

Payment
Frequency

Currency

Notional
Amount Long

Value/
Unrealized
Appreciation/
(Depreciation)

LG Display Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

9,096

$2,193

LG H&H Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

49,681

(1,456)

LG Uplus Corp.

Morgan Stanley

12/24/2026

Monthly

USD

71,202

(2,352)

Lotes Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

52,364

4,473

LS Electric Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

17,841

3,484

MediaTek, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

118,096

6,461

MISC Bhd

Morgan Stanley

12/24/2026

Monthly

USD

17,342

Nari Technology Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

6,427

339

NAVER Corp.

Morgan Stanley

12/24/2026

Monthly

USD

13,455

158

Novatek Microelectronics Corp.

Morgan Stanley

12/24/2026

Monthly

USD

119,370

6,469

ORLEN SA

Morgan Stanley

12/23/2026

Monthly

USD

33,932

1,187

Petronas Dagangan Bhd

Morgan Stanley

12/24/2026

Monthly

USD

11,027

828

PharmaEssentia Corp.

Morgan Stanley

12/24/2026

Monthly

USD

23,078

104

Ping An Insurance Group Co. of China, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

117,144

(3,096)

Powszechny Zaklad Ubezpieczen SA

Morgan Stanley

12/23/2026

Monthly

USD

137,790

(3,898)

PTT Exploration & Production PCL

Morgan Stanley

12/23/2026

Monthly

USD

44,076

409

Public Bank Bhd

Morgan Stanley

12/24/2026

Monthly

USD

88,303

(1,697)

Raia Drogasil SA

Morgan Stanley

12/22/2026

Monthly

USD

77,252

(3,463)

Realtek Semiconductor Corp.

Morgan Stanley

12/24/2026

Monthly

USD

45,456

796

Samsung Electronics Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

835,681

166,726

Samsung Heavy Industries Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

60,904

2,994

Samsung SDS Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

24,057

3,581

Saudi Arabian Mining Co.

Morgan Stanley

12/23/2026

Monthly

USD

43,095

(2,195)

Saudi Aramco Base Oil Co.

Morgan Stanley

12/23/2026

Monthly

USD

39,895

(4,511)

Saudi Awwal Bank

Morgan Stanley

12/23/2026

Monthly

USD

5,677

(71)

Saudi Basic Industries Corp.

Morgan Stanley

12/23/2026

Monthly

USD

26,693

(1,772)

Saudi National Bank/The

Morgan Stanley

12/23/2026

Monthly

USD

89,089

(3,013)

Saudi Telecom Co.

Morgan Stanley

12/23/2026

Monthly

USD

91,953

(6,157)

Seres Group Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

11,062

(111)

Shanghai Rural Commercial Bank Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

17,424

(14)

Shinhan Financial Group Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

140,291

(7,075)

SK hynix, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

193,668

40,753

SK Telecom Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

43,700

(3,233)

Suzano SA

Morgan Stanley

12/22/2026

Monthly

USD

83,480

2,433

Taiwan Semiconductor Manufacturing Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

1,523,954

73,034

TIM SA

Morgan Stanley

12/22/2026

Monthly

USD

18,770

806

Trina Solar Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

10,722

(286)

True Corporation PCL

Morgan Stanley

12/23/2026

Monthly

USD

20,300

703

Turkiye IS Bankasi

Morgan Stanley

12/23/2026

Monthly

USD

23,513

(738)

Uni-President Enterprises Corp.

Morgan Stanley

12/24/2026

Monthly

USD

39,720

(257)

WEG SA

Morgan Stanley

12/22/2026

Monthly

USD

79,343

(2,821)

Woori Financial Group, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

58,737

(4,244)

WuXi AppTec Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

20,644

(641)

Yapi Kredi

Morgan Stanley

12/23/2026

Monthly

USD

13,313

106

YTL Power International BHD

Morgan Stanley

12/24/2026

Monthly

USD

45,600

(2,600)

Yuanta Financial Holding Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

22,792

2,390


See accompanying notes to financial statements.		21

Man Active Emerging Markets Alternative ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026: (continued)

Receive Positive Return/Pay Negative Return

Counterparty

Expiration
Date

Payment
Frequency

Currency

Notional
Amount Long

Value/
Unrealized
Appreciation/
(Depreciation)

Zhejiang Longsheng Group Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

8,321

$42

Zhejiang NHU Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

12,349

969

Zhen Ding Technology Holding, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

84,991

15,398

$477,262

Over the counter Total Return Short Swap contracts outstanding as of February 28, 2026:

Receive Negative Return/Pay Positive Return

Counterparty

Expiration
Date

Payment
Frequency

Currency

Notional
Amount Short

Value/
Unrealized
Appreciation/
(Depreciation)

Absa Group, Ltd.

Morgan Stanley

12/23/2026

Monthly

USD

70,094

(1,709)

Allegro.eu SA

Morgan Stanley

12/23/2026

Monthly

USD

10,917

838

Ambev SA

Morgan Stanley

12/22/2026

Monthly

USD

22,792

(896)

Asustek Computer, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

16,648

(390)

BAIDU, Inc.

Morgan Stanley

12/22/2026

Monthly

USD

95,533

8,458

Bank of China Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

76,300

(112)

BOC Aviation, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

63,256

935

Celltrion, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

19,765

(121)

Chailease Holding Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

47,684

1,055

China Coal Energy Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

29,507

(2,054)

China Galaxy Securities Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

49,602

2,121

China Gas Holdings, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

27,188

(341)

China Literature, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

55,583

11,169

China Longyuan Power Group

Morgan Stanley

12/24/2026

Monthly

USD

66,000

(3,978)

China Merchants Bank Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

37,456

China Merchants Port Holdings Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

41,294

(3,377)

China Power International

Morgan Stanley

12/24/2026

Monthly

USD

65,000

(1,382)

China Railway Group Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

90,000

(8,223)

China Resources Beer Holdings Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

52,981

(1,680)

China Resources Gas Group, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

9,273

159

China Resources Power Holdings Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

59,735

(2,322)

China Shenhua Energy Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

10,196

(279)

China Tower Corp., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

23,239

(267)

China Yangtze Power Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

12,791

(120)

Chunghwa Telecom Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

8,467

(115)

CITIC Securities Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

85,678

3,220

COSCO SHIPPING Holdings Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

52,002

(5,222)

DB Insurance Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

38,690

(366)

Discovery, Ltd.

Morgan Stanley

12/23/2026

Monthly

USD

96,167

(9,114)

Energisa S/A

Morgan Stanley

12/22/2026

Monthly

USD

58,679

(1,152)

Equatorial

Morgan Stanley

12/22/2026

Monthly

USD

77,353

(1,447)

Eva Airways Corp.

Morgan Stanley

12/24/2026

Monthly

USD

6,183

Grupo Aeroportuario del Pacifico SAB de CV

Morgan Stanley

12/22/2026

Monthly

USD

51,175

3,860

Grupo Bimbo SAB de CV

Morgan Stanley

12/22/2026

Monthly

USD

27,778

1,588

Guangdong Investment Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

24,000

(64)

Hankook Tire & Technology Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

16,267

(246)

Hanwha Ocean Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

10,959

(1,010)


See accompanying notes to financial statements.		22

Man Active Emerging Markets Alternative ETF

Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

Over the counter Total Return Short Swap contracts outstanding as of February 28, 2026: (continued)

Receive Negative Return/Pay Positive Return

Counterparty

Expiration
Date

Payment
Frequency

Currency

Notional
Amount Short

Value/
Unrealized
Appreciation/
(Depreciation)

Huaneng Power International, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

68,000

$(4,637)

HYBE Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

29,960

Hyundai Motor Co.

Morgan Stanley

12/24/2026

Monthly

USD

32,944

(7,742)

Hyundai Motor Co.

Morgan Stanley

12/24/2026

Monthly

USD

66,996

(23,865)

Innolux Corp.

Morgan Stanley

12/24/2026

Monthly

USD

33,000

(5,267)

JD Health International, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

68,653

4,122

Jiangsu Expressway Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

13,189

177

KE Holdings, Inc.

Morgan Stanley

12/22/2026

Monthly

USD

42,552

3,088

Klabin SA

Morgan Stanley

12/22/2026

Monthly

USD

777

(22)

Korea Investment Holdings Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

11,762

(93)

KT&G Corp.

Morgan Stanley

12/24/2026

Monthly

USD

86,843

5,028

Lenovo Group Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

9,477

(469)

Localiza Rent a Car SA

Morgan Stanley

12/22/2026

Monthly

USD

1,084

Localiza Rent a Car SA

Morgan Stanley

12/22/2026

Monthly

USD

29,597

903

Longfor Group Holdings, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

14,755

134

LPP SA

Morgan Stanley

12/23/2026

Monthly

USD

52,584

538

Midea Group Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

6,927

(38)

MINISO Group Holding, Ltd.

Morgan Stanley

12/22/2026

Monthly

USD

9,545

538

Nan Ya Plastics Corp.

Morgan Stanley

12/24/2026

Monthly

USD

32,609

(5,615)

Naspers Ltd.

Morgan Stanley

12/23/2026

Monthly

USD

19,105

150

NEPI Rockcastle NV

Morgan Stanley

12/23/2026

Monthly

USD

9,045

–

NetEase Cloud Music, Inc.

Morgan Stanley

12/24/2026

Monthly

USD

44,776

2,308

NH Investment & Securities Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

69,693

(10,696)

Nongfu Spring Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

87,205

(6)

NU Holdings, Ltd.

Morgan Stanley

12/22/2026

Monthly

USD

51,120

6,200

Orient Overseas International, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

17,359

(1,743)

Pepkor Holdings, Ltd.

Morgan Stanley

12/23/2026

Monthly

USD

6,702

(116)

Petroleo Brasileiro SA - Petrobras

Morgan Stanley

12/22/2026

Monthly

USD

68,338

(4,778)

Petroleo Brasileiro SA - Petrobras

Morgan Stanley

12/22/2026

Monthly

USD

56,425

(6,136)

Ping An Insurance Group Co. of China, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

22,499

778

Postal Savings Bank of China

Morgan Stanley

12/24/2026

Monthly

USD

105,000

2,230

PRIO SA

Morgan Stanley

12/22/2026

Monthly

USD

150,929

105

Samsung Life Insurance Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

25,600

(3,167)

Shanghai Commercial & Savings Bank, Ltd./The

Morgan Stanley

12/24/2026

Monthly

USD

6,390

(39)

Standard Bank Group, Ltd.

Morgan Stanley

12/23/2026

Monthly

USD

100,932

(2,716)

Taiwan Mobile Co., Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

27,121

(419)

Vibra Energia SA

Morgan Stanley

12/22/2026

Monthly

USD

44,887

2,314

Wistron Corp.

Morgan Stanley

12/24/2026

Monthly

USD

12,558

(511)

Xinyi Solar Holdings Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

144,000

1,175

XPeng, Inc.

Morgan Stanley

12/22/2026

Monthly

USD

53,250

588

Yadea Group Holdings, Ltd.

Morgan Stanley

12/24/2026

Monthly

USD

8,735

(13)

ZTO Express Cayman, Inc.

Morgan Stanley

12/22/2026

Monthly

USD

55,990

2,376

$(57,710

)


See accompanying notes to financial statements.		23

Man Active Trend Enhanced ETF

Schedule of Investments (Consolidated)

February 28, 2026 (Unaudited)


	Shares		Value
EXCHANGE-TRADED FUNDS — 50.0%

iShares Core S&P 500 ETF (Cost $17,973,355)		26,365	$	18,175,504

	Principal Amount*
SHORT TERM INVESTMENTS — 29.1%
Sovereign Government — 29.1%
United States Treasury Bill(a)
3.574%, due 5/21/26		6,016,700		5,968,832
3.590%, due 4/2/26		2,000,000		1,993,765
3.598%, due 3/19/26		1,300,000		1,297,774
3.609%, due 4/16/26		1,300,000		1,294,122

				10,554,493

Total Short Term Investments (Cost $10,554,725)				10,554,493

Total Investments — 79.1% (Cost $28,528,080)			$	28,729,997
Other Assets and Liabilities, Net — 20.9%				7,597,027

Net Assets — 100.0%			$	36,327,024

*	Par amount denominated in USD unless otherwise noted.

(a)	Rate disclosed represents the discount rate at the time of purchase.


AUD		: Australian Dollar
CAD		: Canadian Dollar
CHF		: Swiss Franc
EUR		: Euro
GBP		: Great British Pound
JPY		: Japanese Yen
NZD		: New Zealand Dollar
USD		: United States Dollar

Forward Foreign Currency Contracts Outstanding as of February 28, 2026:

Counterparty

Settlement
Date

Currency To Deliver

Currency To Receive

Unrealized
Appreciation

Unrealized
Depreciation

HSBC Securities

3/2/2026

USD

142,338

AUD

200,000

–

(8)

HSBC Securities

3/2/2026

AUD

200,000

USD

142,400

–

HSBC Securities

3/3/2026

AUD

100,000

USD

71,116

–

(48)

HSBC Securities

4/14/2026

USD

665,895

AUD

979,692

31,157

–

HSBC Securities

4/14/2026

USD

71,207

AUD

100,000

–

(57)

HSBC Securities

4/14/2026

AUD

500,000

USD

349,718

–

(6,033)

HSBC Securities

4/14/2026

AUD

100,000

USD

71,060

–

(90)

HSBC Securities

4/14/2026

AUD

400,000

USD

283,522

–

(1,079)

HSBC Securities

4/14/2026

USD

142,375

AUD

200,000

–

(75)

HSBC Securities

4/14/2026

USD

70,683

AUD

100,000

467

–

HSBC Securities

4/14/2026

USD

140,926

AUD

200,000

1,374

–

HSBC Securities

4/14/2026

USD

212,004

AUD

300,000

1,446

–

HSBC Securities

4/14/2026

USD

209,973

AUD

300,000

3,477

–

HSBC Securities

4/14/2026

USD

276,788

AUD

400,000

7,813

–

HSBC Securities

4/14/2026

USD

273,757

AUD

400,000

10,843

–


See accompanying notes to financial statements.		24

Man Active Trend Enhanced ETF

Schedule of Investments (Consolidated) (Continued)

February 28, 2026 (Unaudited)

Counterparty

Settlement
Date

Currency To Deliver

Currency To Receive

Unrealized
Appreciation

Unrealized
Depreciation

HSBC Securities

4/14/2026

USD

987,913

AUD

1,451,794

45,040

–

HSBC Securities

4/14/2026

USD

709,443

AUD

1,043,242

32,824

–

HSBC Securities

4/14/2026

USD

1,198,523

AUD

1,763,442

56,167

–

HSBC Securities

4/14/2026

USD

346,296

AUD

509,276

16,054

–

HSBC Securities

4/14/2026

USD

866,533

AUD

1,273,759

39,747

–

HSBC Securities

4/14/2026

USD

691,863

AUD

1,016,255

31,203

–

HSBC Securities

4/14/2026

USD

1,419,137

AUD

2,086,485

65,398

–

HSBC Securities

4/14/2026

AUD

900,000

USD

634,045

–

(6,305)

HSBC Securities

4/14/2026

AUD

200,000

USD

139,491

–

(2,809)

HSBC Securities

4/14/2026

AUD

300,000

USD

210,940

–

(2,510)

HSBC Securities

4/14/2026

AUD

100,000

USD

69,548

–

(1,602)

HSBC Securities

4/14/2026

AUD

400,000

USD

281,250

–

(3,350)

HSBC Securities

4/14/2026

AUD

300,000

USD

213,118

–

(332)

HSBC Securities

4/14/2026

AUD

100,000

USD

71,181

–

HSBC Securities

4/14/2026

USD

1,300,971

AUD

1,912,613

59,855

–

HSBC Securities

4/14/2026

USD

1,198,871

AUD

1,763,442

55,819

–

HSBC Securities

3/12/2026

CAD

100,000

USD

73,774

424

–

HSBC Securities

3/12/2026

CAD

100,000

USD

73,521

172

–

HSBC Securities

3/12/2026

USD

73,774

CAD

100,000

–

(424)

HSBC Securities

4/22/2026

CAD

200,000

USD

146,591

–

(374)

HSBC Securities

4/22/2026

USD

146,942

CAD

200,000

–

HSBC Securities

4/22/2026

USD

220,836

CAD

300,000

–

(388)

HSBC Securities

4/22/2026

CAD

200,000

USD

146,694

–

(272)

HSBC Securities

4/22/2026

USD

296,576

CAD

400,000

–

(2,645)

HSBC Securities

4/22/2026

USD

221,831

CAD

300,000

–

(1,382)

HSBC Securities

4/22/2026

USD

73,506

CAD

100,000

–

(23)

HSBC Securities

4/22/2026

USD

146,552

CAD

200,000

414

–

HSBC Securities

4/22/2026

USD

220,693

CAD

300,000

–

(245)

HSBC Securities

4/22/2026

CAD

300,000

USD

219,817

–

(632)

HSBC Securities

4/22/2026

USD

440,846

CAD

600,000

–

HSBC Securities

4/22/2026

USD

73,293

CAD

100,000

190

–

HSBC Securities

4/22/2026

USD

295,374

CAD

400,000

–

(1,442)

NatWest Markets Plc

4/7/2026

USD

518,196

CHF

400,000

4,445

–

NatWest Markets Plc

4/7/2026

USD

130,430

CHF

100,000

231

–

BNP Paribas

3/2/2026

USD

118,007

EUR

100,000

153

–

BNP Paribas

3/2/2026

EUR

100,000

USD

118,039

–

(121)

BNP Paribas

3/3/2026

EUR

100,000

USD

117,987

–

(193)

BNP Paribas

3/23/2026

EUR

100,000

USD

118,157

–

(156)

BNP Paribas

3/23/2026

EUR

100,000

USD

118,930

616

–

BNP Paribas

3/23/2026

EUR

200,000

USD

237,695

1,068

–

BNP Paribas

3/23/2026

EUR

600,000

USD

710,444

564

–

BNP Paribas

3/23/2026

EUR

100,000

USD

117,491

–

(822)

BNP Paribas

3/23/2026

EUR

100,000

USD

117,921

–

(393)

BNP Paribas

3/23/2026

EUR

100,000

USD

118,248

–

(65)

BNP Paribas

3/23/2026

EUR

400,000

USD

472,590

–

(664)

BNP Paribas

3/23/2026

EUR

300,000

USD

351,840

–

(3,100)

BNP Paribas

3/23/2026

USD

594,220

EUR

500,000

–

(2,653)

BNP Paribas

3/23/2026

EUR

1,100,000

USD

1,282,815

–

(18,631)

BNP Paribas

3/23/2026

USD

2,556,879

EUR

2,195,720

40,951

–


See accompanying notes to financial statements.		25

Man Active Trend Enhanced ETF

Schedule of Investments (Consolidated) (Continued)

February 28, 2026 (Unaudited)

Counterparty

Settlement
Date

Currency To Deliver

Currency To Receive

Unrealized
Appreciation

Unrealized
Depreciation

BNP Paribas

3/23/2026

USD

2,567,268

EUR

2,204,280

40,689

–

BNP Paribas

3/23/2026

USD

118,804

EUR

100,000

–

(491)

BNP Paribas

3/23/2026

USD

595,093

EUR

500,000

–

(3,527)

BNP Paribas

3/23/2026

USD

840,185

EUR

700,000

–

(11,991)

BNP Paribas

3/23/2026

USD

598,165

EUR

500,000

–

(6,598)

BNP Paribas

3/23/2026

USD

1,562,672

EUR

1,300,000

–

(24,598)

BNP Paribas

3/23/2026

USD

118,561

EUR

100,000

–

(248)

BNP Paribas

3/23/2026

USD

238,575

EUR

200,000

–

(1,949)

BNP Paribas

3/23/2026

EUR

200,000

USD

237,483

857

–

BNP Paribas

3/23/2026

EUR

300,000

USD

355,478

538

–

HSBC Securities

3/2/2026

GBP

50,000

USD

67,493

111

–

HSBC Securities

3/2/2026

USD

135,416

GBP

100,000

–

(651)

HSBC Securities

3/2/2026

GBP

50,000

USD

67,740

357

–

HSBC Securities

3/3/2026

GBP

50,000

USD

67,386

–

HSBC Securities

3/3/2026

GBP

50,000

USD

67,482

–

HSBC Securities

3/3/2026

GBP

50,000

USD

67,316

–

(68)

HSBC Securities

3/3/2026

GBP

50,000

USD

67,279

–

(104)

HSBC Securities

3/3/2026

GBP

50,000

USD

67,233

–

(150)

HSBC Securities

3/3/2026

GBP

50,000

USD

67,407

–

HSBC Securities

3/12/2026

GBP

205,000

USD

280,670

4,390

–

HSBC Securities

5/26/2026

USD

136,700

GBP

100,000

–

(1,894)

HSBC Securities

5/26/2026

GBP

200,000

USD

270,408

796

–

HSBC Securities

5/26/2026

USD

587,921

GBP

428,283

–

(10,571)

HSBC Securities

5/26/2026

USD

273,478

GBP

200,000

–

(3,866)

HSBC Securities

5/26/2026

GBP

400,000

USD

541,418

2,195

–

HSBC Securities

5/26/2026

GBP

150,000

USD

202,231

–

HSBC Securities

5/26/2026

GBP

400,000

USD

538,735

–

(488)

HSBC Securities

5/26/2026

GBP

150,000

USD

204,780

2,571

–

HSBC Securities

5/26/2026

GBP

50,000

USD

68,180

777

–

HSBC Securities

5/26/2026

USD

1,316,321

GBP

958,658

–

(23,994)

HSBC Securities

5/26/2026

GBP

50,000

USD

67,853

450

–

HSBC Securities

5/26/2026

USD

2,191,979

GBP

1,597,763

–

(38,102)

HSBC Securities

5/26/2026

USD

2,438,567

GBP

1,778,932

–

(40,464)

HSBC Securities

5/26/2026

USD

491,316

GBP

358,441

–

(8,117)

HSBC Securities

5/26/2026

GBP

150,000

USD

203,990

1,782

–

HSBC Securities

5/26/2026

USD

654,780

GBP

477,923

–

(10,512)

HSBC Securities

3/2/2026

JPY

10,000,000

USD

64,153

118

–

HSBC Securities

3/2/2026

USD

256,224

JPY

40,000,000

–

(85)

HSBC Securities

3/2/2026

JPY

10,000,000

USD

64,089

–

HSBC Securities

3/2/2026

JPY

10,000,000

USD

64,090

–

HSBC Securities

3/2/2026

JPY

10,000,000

USD

64,125

–

HSBC Securities

3/3/2026

JPY

10,000,000

USD

64,058

–

HSBC Securities

3/3/2026

JPY

10,000,000

USD

64,115

–

HSBC Securities

3/3/2026

JPY

10,000,000

USD

64,160

108

–

HSBC Securities

3/3/2026

USD

64,147

JPY

10,000,000

–

(95)

HSBC Securities

4/7/2026

USD

65,328

JPY

10,000,000

–

(1,072)

HSBC Securities

4/7/2026

USD

64,396

JPY

10,000,000

–

(140)

HSBC Securities

4/7/2026

JPY

30,000,000

USD

192,756

–

(11)

HSBC Securities

4/7/2026

JPY

191,593,798

USD

1,244,359

13,263

–


See accompanying notes to financial statements.		26

Man Active Trend Enhanced ETF

Schedule of Investments (Consolidated) (Continued)

February 28, 2026 (Unaudited)

Counterparty

Settlement
Date

Currency To Deliver

Currency To Receive

Unrealized
Appreciation

Unrealized
Depreciation

HSBC Securities

4/7/2026

JPY

40,000,000

USD

257,019

–

(3)

HSBC Securities

4/7/2026

JPY

30,000,000

USD

193,687

920

–

HSBC Securities

4/7/2026

USD

131,248

JPY

20,000,000

–

(2,737)

HSBC Securities

4/7/2026

USD

393,006

JPY

60,000,000

–

(7,472)

HSBC Securities

4/7/2026

USD

261,519

JPY

40,000,000

–

(4,497)

HSBC Securities

4/7/2026

JPY

10,000,000

USD

65,600

1,345

–

HSBC Securities

4/7/2026

JPY

295,009,303

USD

1,914,333

18,735

–

HSBC Securities

4/7/2026

USD

582,138

JPY

90,000,000

–

(3,838)

HSBC Securities

4/7/2026

JPY

10,000,000

USD

64,753

497

–

HSBC Securities

4/7/2026

JPY

423,396,899

USD

2,748,012

27,451

–

HSBC Securities

4/7/2026

USD

192,461

JPY

30,000,000

306

–

HSBC Securities

3/2/2026

USD

59,833

NZD

100,000

152

–

HSBC Securities

3/2/2026

NZD

100,000

USD

59,876

–

(110)

HSBC Securities

4/15/2026

USD

120,838

NZD

200,000

–

(648)

HSBC Securities

4/15/2026

USD

180,643

NZD

300,000

–

(358)

HSBC Securities

4/15/2026

USD

121,422

NZD

200,000

–

(1,233)

HSBC Securities

4/15/2026

USD

120,029

NZD

200,000

161

–

HSBC Securities

4/15/2026

USD

181,700

NZD

300,000

–

(1,415)

HSBC Securities

4/15/2026

USD

180,988

NZD

300,000

–

(703)

HSBC Securities

4/15/2026

USD

60,527

NZD

100,000

–

(432)

HSBC Securities

4/15/2026

USD

121,413

NZD

200,000

–

(1,224)

HSBC Securities

4/15/2026

USD

182,066

NZD

300,000

–

(1,781)

HSBC Securities

4/15/2026

USD

60,408

NZD

100,000

–

(313)

HSBC Securities

4/15/2026

USD

60,030

NZD

100,000

–

HSBC Securities

4/15/2026

USD

59,973

NZD

100,000

122

–

HSBC Securities

4/15/2026

USD

242,562

NZD

400,000

–

(2,182)

HSBC Securities

4/15/2026

USD

59,616

NZD

100,000

479

–

Total Unrealized Appreciation (Depreciation)

627,738

(277,655)

Open futures contracts outstanding as of February 28, 2026:


Type	Expiration Date		Number of Contracts Purchased (Sold)		Notional Value at February 28, 2026		Unrealized Appreciation (Depreciation)
Long position contracts:
Brent Crude		3/31/2026		30		$2,186,100		$121,010
Copper		5/27/2026		10		1,514,875		21,675
DAX Index		3/20/2026		4		2,995,002		50,868
EURO STOXX 50 Index		3/20/2026		54		3,926,008		190,238
Euro-Bobl 5-Year		3/6/2026		37		5,135,258		15,372
Euro-Bobl 5-Year		6/8/2026		6		837,282		1,170
Euro-Bund		3/6/2026		11		1,692,678		7,208
Euro-Bund		6/8/2026		4		610,651		1,028
FTSE 100 Index		3/20/2026		25		3,674,380		323,681
Gold 100 Oz		4/28/2026		5		2,623,950		168,743
Long Gilt		6/26/2026		28		3,534,951		35,255
NASDAQ 100 E-Mini Index		3/20/2026		3		1,500,285		(41,830)
Russell 2000 E-Mini Index		3/20/2026		20		2,634,700		42,360
S&P 500 E-Mini Index		3/20/2026		66		22,733,700		(32,858)


See accompanying notes to financial statements.		27

Man Active Trend Enhanced ETF

Schedule of Investments (Consolidated) (Continued)

February 28, 2026 (Unaudited)


Type	Expiration Date		Number of Contracts Purchased (Sold)		Notional Value at February 28, 2026		Unrealized Appreciation (Depreciation)
Silver		5/27/2026		2		$932,910		$88,790
TOPIX Index		3/12/2026		9		2,279,032		291,102
U.S. Treasury 10-Year Note		6/18/2026		69		7,853,062		43,078
U.S. Treasury 5-Year Note		6/30/2026		44		4,846,187		17,711
U.S. Treasury Long Bond		6/18/2026		32		3,791,000		31,641
U.S. Treasury Ultra Long Term Bond		6/18/2026		8		972,750		6,937
WTI Crude		3/20/2026		28		1,876,560		72,530

								$1,455,709


See accompanying notes to financial statements.		28

(This page intentionally left blank)

Man ETF Series Trust

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)


	Man Active Income ETF		Man Active High Yield ETF			Man Active Emerging Markets Alternative ETF		Man Active Trend Enhanced ETF (Consolidated)
Assets

Investments in securities, at fair value (Cost: $19,630,449, $17,495,806, $10,520,954 and $28,528,080, respectively)	$	19,760,708	$	17,264,713		$	10,764,919	$	28,729,997
Cash		1,137,827		1,444,896			632,637		3,268,006
Foreign currency (Cost: $168,933, $121,974, $– and $–, respectively)		168,566		121,988			–		–
Due from broker		–		977,085			36,360		–
Deposit at broker		9,892		10,000			–		4,095,107
Upfront premium paid on swap contracts		–		2,037			–		–
Receivable for investments sold		1,182,778		241,553			–		–
Interest receivable		317,990		345,932			–		–
Unrealized appreciation on swap transactions		86,744		13,104			646,087		–
Unrealized appreciation on forward foreign currency contracts		82,261		101,755			–		627,738
Reclaims receivable		760		–			–		–
Dividend receivable		–		–			15,865		–
Variation margin receivable		–		–			–		4,686

Total assets		22,747,526		20,523,063			12,095,868		36,725,534


Liabilities
Payable for investments purchased		1,503,091		1,007,000			–		88,058
Due to broker		40,638		–			–		6,957
Investment advisory fees payable		13,801		10,361			7,461		25,840
Unrealized depreciation on forward foreign currency contracts		8,202		3,299			–		277,655
Unrealized depreciation on swap transactions		–		–			226,535		–
Accrued expenses and other liabilities		–		–			1,473		–

Total liabilities		1,565,732		1,020,660			235,469		398,510

Net assets	$	21,181,794	$	19,502,403		$	11,860,399	$	36,327,024


Composition of Net Assets
Paid-in capital	$	21,064,017	$	19,658,500		$	10,006,100	$	32,157,821
Total distributable earnings/(accumulated loss)		117,777		(156,097	)		1,854,299		4,169,203

Net Assets	$	21,181,794	$	19,502,403		$	11,860,399	$	36,327,024


NET ASSET VALUE PER SHARE
Shares Outstanding (no par value, unlimited shares authorized)		840,001		784,000			400,004		1,280,004
Net Asset Value Per Share	$	25.22	$	24.88		$	29.65	$	28.38


See Notes to Financial Statements.		30

Man ETF Series Trust

Statements of Operations

Period Ended February 28, 2026 (Unaudited)


	Man Active Income ETF ^(a)		Man Active High Yield ETF ^(a)		Man Active Emerging Markets Alternative ETF^(b)		Man Active Trend Enhanced ETF (Consolidated)^(b)
Investment income
Interest income	$	685,413	$	702,571	$	34,842	$	100,144
Dividend income (net of withholding tax of $–, $–, $152 and $–, respectively)		–		–		2,077		–

Total investment income		685,413		702,571		36,919		100,144


Expenses
Investment advisory fees	$	79,617	$	60,946	$	18,621	$	65,148

Total expenses		79,617		60,946		18,621		65,148

Net investment income		605,796		641,625		18,298		34,996


Realized and Unrealized Gain / (Loss)

Net realized gain / (loss) from:
Investment securities		(8,478)		39,895		(2,200)		(9,477)
Swap transactions		(45,305)		(8,159)		1,174,617		–
Futures contracts		4,703		–		–		2,126,342
Forward foreign currency contracts		(27,082)		30,080		–		12,091
Foreign currency transactions		(70,232)		(75,963)		67		(4,369)

Net realized gain / (loss)		(146,394)		(14,147)		1,172,484		2,124,587

Net change in net unrealized appreciation / (depreciation) on:
Investment securities		130,259		(231,093)		243,965		201,917
Swap transactions		86,744		13,104		419,552		–
Futures contracts		(2,328)		–		–		1,455,709
Forward foreign currency contracts		74,059		98,456		–		350,083
Foreign currency translations		(123)		499		–		1,911

Net change in net unrealized appreciation / (depreciation)		288,611		(119,034)		663,517		2,009,620

Net realized and unrealized gain / (loss)		142,217		(133,181)		1,836,001		4,134,207

Net increase / (decrease) in net assets resulting from operations	$	748,013	$	508,444	$	1,854,299	$	4,169,203

^(a)	Commencement of operations September 16, 2025.

^(b)	Commencement of operations December 16, 2025.


See Notes to Financial Statements.		31

Man ETF Series Trust

Statements of Changes in Net Assets


	Man Active Income ETF		Man Active High Yield ETF		Man Active Emerging Markets Alternative ETF		Man Active Trend Enhanced ETF (Consolidated)
	For the Period September 16, 2025* to February 28, 2026 (unaudited)		For the Period September 16, 2025* to February 28, 2026 (unaudited)		For the Period December 16, 2025* to February 28, 2026 (unaudited)		For the Period December 16, 2025* to February 28, 2026 (unaudited)
Change in net assets resulting from operations
Net investment income	$	605,796	$	641,625	$	18,298	$	34,996
Net realized gain / (loss)		(146,394)		(14,147)		1,172,484		2,124,587
Net change in net unrealized appreciation / (depreciation)		288,611		(119,034)		663,517		2,009,620

Net increase in net assets resulting from operations		748,013		508,444		1,854,299		4,169,203


Distributions to Shareholders		(630,236)		(664,541)		–		–


Capital Share Transactions
Proceeds from shares created		21,064,017		19,658,500		10,006,100		32,157,821
Cost of shares redeemed		–		–		–		–

Net increase from capital share transactions		21,064,017		19,658,500		10,006,100		32,157,821

Total increase in net assets		21,181,794		19,502,403		11,860,399		36,327,024


Net Assets
Beginning of period		–		–		–		–

End of period	$	21,181,794	$	19,502,403	$	11,860,399	$	36,327,024

*Commencement of operations.


See Notes to Financial Statements.		32

Man ETF Series Trust

Financial Highlights

Man Active Income ETF

Selected Data for a Share of Capital Stock Outstanding


	For the Period September 16, 2025^(a) to February 28, 2026 (unaudited)
Net asset value per share, beginning of period	$	25.00

Income from Investment Operations
Net investment income^(b)(c)		0.73
Net realized and unrealized gain / (loss)		0.24

Net increase / (decrease) in net assets resulting from investment operations		0.97


Distributions from:
Net investment income		(0.75)

Net asset value per share, end of period	$	25.22

Market price, end of period	$	25.29

Total Return
Total investment return based on net asset value^(d)		3.93%
Total investment return based on market price ^(e)		4.22%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	21,182
Ratio to average net assets of:
Expenses		0.85%	^(f)
Net investment income / (loss)^(c)		6.47%	^(f)
Portfolio turnover rate^(g)		51%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(e)	The market price returns are calculated using the official closing price of the Fund’s shares on its primary listing exchange. Total investment returns calculated for a period less than one year are not annualized.

(f)	Annualized.

(g)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.


See Notes to Financial Statements.		33

Man ETF Series Trust

Financial Highlights (Continued)

Man Active High Yield ETF

Selected Data for a Share of Capital Stock Outstanding


	For the Period September 16, 2025^(a) to February 28, 2026 (unaudited)
Net asset value per share, beginning of period	$	25.00

Income from Investment Operations
Net investment income^(b)(c)		0.82
Net realized and unrealized gain / (loss)		(0.09)

Net increase / (decrease) in net assets resulting from investment operations		0.73


Distributions from:
Net investment income		(0.85)

Net asset value per share, end of period	$	24.88

Market price, end of period	$	24.95

Total Return
Total investment return based on net asset value^(d)		2.95%
Total investment return based on market price ^(e)		3.22%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	19,502
Ratio to average net assets of:
Expenses		0.69%	^(f)
Net investment income / (loss)^(c)		7.26%	^(f)
Portfolio turnover rate^(g)		59%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)	The market price returns are calculated using the official closing price of the Fund’s shares on its primary listing exchange. Total investment returns calculated for a period less than one year are not annualized.

(f)	Annualized.

(g)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.


See Notes to Financial Statements.		34

Man ETF Series Trust

Financial Highlights (Continued)

Man Active Emerging Markets Alternative ETF

Selected Data for a Share of Capital Stock Outstanding


	For the Period December 16, 2025^(a) to February 28, 2026 (unaudited)
Net asset value per share, beginning of period	$	25.00

Income from Investment Operations
Net investment income^(b)(c)		0.05
Net realized and unrealized gain / (loss)		4.60

Net increase / (decrease) in net assets resulting from investment operations		4.65



Net asset value per share, end of period	$	29.65

Market price, end of period	$	29.52

Total Return
Total investment return based on net asset value^(d)		18.60%
Total investment return based on market price ^(e)		18.08%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	11,860
Ratio to average net assets of:
Expenses		0.85%^(f)
Net investment income / (loss)^(c)		0.84%^(f)
Portfolio turnover rate^(g)		4%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)	The market price returns are calculated using the official closing price of the Fund’s shares on its primary listing exchange. Total investment returns calculated for a period less than one year are not annualized.

(f)	Annualized.

(g)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.


See Notes to Financial Statements.		35

Man ETF Series Trust

Financial Highlights (Continued)

Man Active Trend Enhanced ETF (Consolidated)

Selected Data for a Share of Capital Stock Outstanding


	For the Period December 16, 2025^(a) to February 28, 2026 (unaudited)
Net asset value per share, beginning of period	$	25.00

Income from Investment Operations
Net investment income^(b)(c)		0.03
Net realized and unrealized gain / (loss)		3.35

Net increase / (decrease) in net assets resulting from investment operations		3.38



Net asset value per share, end of period	$	28.38

Market price, end of period	$	28.29

Total Return
Total investment return based on net asset value^(d)		13.52%
Total investment return based on market price ^(e)		13.16%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	36,327
Ratio to average net assets of:
Expenses		0.95%^(f)
Net investment income / (loss)^(c)		0.51%^(f)
Portfolio turnover rate^(g)		20%

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d)

(e)	The market price returns are calculated using the official closing price of the Fund’s shares on its primary listing exchange. Total investment returns calculated for a period less than one year are not annualized.

(f)	Annualized.

(g)	Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund’s capital share transactions.


See Notes to Financial Statements.		36

Man ETF Series Trust

Notes to Financial Statements

For the period from commencement of operations through February 28, 2026

1. Organization

Man ETF Series Trust (the “Trust”) was organized as a Delaware statutory trust on March 10, 2025 and is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of the Man Active Income ETF, the Man Active High Yield ETF, the Man Active Emerging Markets Alternative ETF, and the

Man Active Trend Enhanced ETF (individually a “Fund”, collectively “the Funds’). Each Fund is a non-diversified series of the Trust. The following table provides information about the Funds’ inception date and principal investment objectives:


ETF	Inception Date	Investment Objective

Man Active Income ETF	9/16/2025	Provide Current Income

Man Active High Yield ETF	9/16/2025	Provide Income and Capital Growth over the medium to long term

Man Active Emerging Markets Alternative ETF	12/16/2025	Provide Capital Growth over the medium to long term

Man Active Trend Enhanced ETF	12/16/2025	Provide Capital Growth

Man Solutions LLC (the “Adviser”) serves as the investment adviser to the Funds pursuant to the Investment Advisory Agreement with the Trust (the “Advisory Agreement”). The Adviser has entered into an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with GLG Partners LP, Numeric Investors LLC and AHL Partners LLP (each a “Sub-Adviser” and together the “Sub-Advisers” or “the Sub-Adviser”) to manage, on a daily basis, the assets of Man Active High Yield ETF & Man Active Income ETF, Man Active Emerging Markets Alternative ETF and Man Active Trend Enhanced ETF, respectively (each a “Sub-Adviser” and together the “Sub-Advisers” or “the Sub-Adviser”).

2. Cayman Subsidiary

The Man Active Trend Enhanced ETF intends to gain exposure to the commodities futures markets by investing through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”) that is advised by the Sub-Adviser. The Fund will invest in the Subsidiary in a manner as permitted under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Subsidiary will invest primarily in commodity-linked derivative instruments, such as commodity futures, forward and swaps, and other investments and cash instruments to serve as margin or collateral for the Subsidiary’s derivative positions. The Subsidiary will generally invest in commodities futures contracts and other derivative instruments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary will comply with the same 1940 Act requirements that are applicable to the Fund’s transactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as an RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. The financial statements of the Subsidiary are consolidated with the Fund’s financial statements.

3. Significant Accounting Policies

The Funds’ financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. Dollars.

Management has determined that each Fund is a management investment company in conformity with U.S. GAAP and follows the accounting and reporting guidance for investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies (“ASC 946”).

Use of Accounting Judgements and Estimates

The preparation of financial statements in accordance 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 at the date of the financial statement. Actual results could differ from those estimates.

Recently Issued Accounting Guidance

In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (“Topic 740”) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Management evaluated this ASU and has concluded that there was no impact on the Funds’ financial statements.

Operating Segments

The Funds follow FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows. The President of the Trust acts as the Funds’ chief operating decision maker (“CODM”) assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds’ portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund’s Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.


		37

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

Investment Transactions and Related Investment Income and Expenses

Securities transactions are accounted for in the financial statements on trade date. Throughout the reporting period, investment transactions are generally accounted for no later than one business day following the trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date or, if later, when the Funds are informed of the ex-dividend date. Interest income is recognized on an accrual basis. Withholding taxes and reclaims on foreign dividends, if any, have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Expenses are recognized on an accrual basis.

Share Valuation

The net asset value (“NAV”) per share of each Fund is computed by dividing the value of the net assets of each of the Funds (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares outstanding of each Fund, rounded to the nearest cent. The NAV per share of each Fund is determined as of the close of regular trading on the New York Stock Exchange (“NYSE”), generally at 4:00 p.m. Eastern time.

Foreign Currency Translation

The fair value of investment securities and other assets and liabilities of the Funds denominated in foreign currencies are translated into U.S. dollars at the current exchange rate determined to be reasonable. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.

The Funds do not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from the fluctuations arising from the changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

With respect to the Man Active Emerging Markets Alternative ETF, any assets and liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the foreign exchange rate in effect at 4:00 p.m. London time on the date of the valuation as quoted by one or more sources.

Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities other than investments in securities at the reporting period, resulting from changes in the exchange rate.

Realized Gains and Losses and Unrealized Appreciation and Depreciation

All realized gains and losses and changes in unrealized appreciation / (depreciation) on investments in securities, derivatives and foreign currency are included in net realized gain / (loss) and change in unrealized appreciation / (depreciation) on investments in securities, derivatives and foreign currency in the statements of operations. Unrealized appreciation and depreciation comprise of changes in the fair value of financial instruments for the year and from reversal of prior period’s unrealized appreciation and depreciation for financial instruments which were realized in the financial period. Realized gains and losses represent the difference between an instrument’s initial carrying amount and disposal amount, or cash payments or receipts made in respect of derivative contracts (excluding payments or receipts on collateral margin accounts for such instruments). The cost of securities sold is accounted for on a specific identification basis. Transaction costs or incremental costs directly attributable to the acquisition, issue or disposal of a financial asset or financial liability are included in net realized gain / (loss) and change in unrealized appreciation / (depreciation) on investments in securities, derivatives and foreign currency in the statements of operations.

Dividends and Distributions

Dividends from net investment income, if any, are declared and paid quarterly for the Man Active High Yield ETF and the Man Active Income ETF. The Man Active Emerging Markets Alternative ETF declares and pays dividends, if any, semi-annually and the Man Active Trend Enhanced ETF declares and pays dividends, if any, annually. Distributable net realized capital gains of the Funds, if any, are declared and distributed at least annually.

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

Uninvested Cash

The Funds may maintain cash at their custodian which, at times, may exceed United States federally insured limits. The Funds maintain these balances with a high-quality financial institution in interest bearing accounts. The Funds may incur charges on cash overdrafts.

Federal Income Tax

Each Fund intends to qualify as a RIC under Subchapter M of the Code. If so qualified, each Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended February 28, 2026, the Funds did not incur any interest or penalties.

Indemnification

Under the Funds’ organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In the normal course of business, the Funds shall enter into contracts that contain a variety of representations and that provide general indemnifications. The Funds’ maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Funds. However, based on experience, management expects the risk of loss to be remote.


		38

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

Offsetting of Financial Assets/Liabilities and Derivative Assets/Liabilities

The following tables present certain of the Funds’ asset/liability derivatives available for offset under a master netting arrangement net of collateral pledged as of February 28, 2026:


Fund	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset			Collateral Received			Net Amount of Derivative Assets		Derivative Liabilities Subject to Master Netting Agreement		Derivatives Available for Offset			Collateral Pledged		Net Amount of Derivatives Liabilities
Man Active Income ETF
BNP Paribas	$	8,085	$	—		$	—		$	8,085	$	—	$	—		$	—	$	—
JPMorgan Chase Bank		78,659		—			(40,638	)		38,021		—		—			—		—
The Bank of New York Mellon		82,261		(8,202	)		—			74,059		8,202		(8,202	)		—		—

	$	169,005	$	(8,202	)	$	(40,638	)	$	120,165	$	8,202	$	(8,202	)	$	—	$	—


Man Active High Yield ETF
JPMorgan Chase Bank	$	10,746	$	—		$	—		$	10,746	$	—	$	—		$	—	$	—
The Bank of New York Mellon		101,755		(3,299	)		—			98,456		3,299		(3,299	)		—		—

	$	112,501	$	(3,299	)	$	—		$	109,202	$	3,299	$	(3,299	)	$	—	$	—


Man Active Emerging Markets Alternative ETF
Morgan Stanley	$	646,087	$	(226,535	)	$	—		$	419,552	$	226,535	$	(226,535	)	$	—	$	—

Man Active Trend Enhanced ETF
BNP Paribas	$	85,437	$	(76,200	)	$	—		$	9,237	$	76,200	$	(76,200	)	$	—	$	—
HSBC Securities		537,626		(201,455	)		—			336,171		201,455		(201,455	)		—		—
NatWest Markets Plc		4,675		—			—			4,675		—		—			—		—

	$	627,738	$	(277,655	)	$	—		$	350,083	$	277,655	$	(277,655	)	$	—	$	—


		39

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

Impact of Derivatives on the Statements of Assets and Liabilities

The following table presents a summary of the location of derivative investments categorized by primary risk exposure on the Funds’ Statements of Assets and Liabilities as of February 28, 2026:

Assets Derivatives

Fund

Equity Risk

Commodity
Risk

Credit Risk

Interest Risk

Forward
Currency
Contract Risk

Man Active Income ETF

Unrealized appreciation on forward foreign currency contracts

–

82,261

Unrealized appreciation on swap transactions

–

86,744

–

Man Active High Yield ETF

Unrealized appreciation on forward foreign currency contracts

–

101,755

Unrealized appreciation on swap transactions

–

13,104

–

Man Active Emerging Markets Alternative ETF

Unrealized appreciation on swap transactions

646,087

–

Man Active Trend Enhanced ETF

Unrealized appreciation on futures contracts*

823,561

472,748

–

159,400

–

Unrealized appreciation on forward foreign currency contracts

–

627,738

Liability Derivatives

Fund

Equity Risk

Commodity

Risk

Credit Risk

Interest Risk

Forward
Currency
Contract Risk

Man Active Income ETF

Unrealized depreciation on futures contracts*

–

2,328

–

Unrealized depreciation on forward foreign currency contracts

–

8,202

Man Active High Yield ETF

Unrealized depreciation on forward foreign currency contracts

–

3,299

Man Active Emerging Markets Alternative ETF

Unrealized depreciation on swap transactions

226,535

–

Man Active Trend Enhanced ETF

Unrealized depreciation on forward foreign currency contracts

–

277,655

* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statements of Assets and Liabilities.

The notional value of the derivative instruments outstanding as of February 28, 2026, as disclosed in the Schedules of Investments, and the amounts of realized and unrealized gains and losses on derivative instruments during the year as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.


		40

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

4. Investment Advisory Agreement and Other Services

Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advisory services to the Funds. For such investment advisory services, the Funds have agreed to pay the Adviser a unitary advisory fee payable at the annual rate equal to the percentage of each of the respective Funds’ average daily net assets set forth in the table below:


ETF	Unitary Fee
Man Active income ETF		0.85	%
Man Active High Yield ETF		0.69	%
Man Active Emerging Markets Alternative ETF		0.85	%
Man Active Trend Enhanced ETF		0.95	%

In addition, the Adviser has contractually agreed to pay all expenses incurred by, and appropriately allocated to, the Funds except for the advisory fee; investment-related costs (such as interest charges on any borrowings, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments); taxes; proxy and shareholder meeting expenses (unless the need for a shareholder meeting is caused by the Adviser, such as a change of control of the Adviser); fees and expenses related to the provision of securities lending services; acquired fund fees and expenses (other than management and shareholder service fees paid to the Adviser attributable to the Funds’ investment in such acquired funds); legal fees or expenses in connection with any arbitration, litigation, or pending or threatened arbitration or litigation, including any settlements in connection therewith; legal fees incurred at the request or direction of a Fund service provider other than the Adviser; extraordinary (as mutually determined by the Board and the Adviser) or non-recurring expenses not incurred in the ordinary course of the Funds’ business; and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Funds have adopted a Distribution (12b-1) Plan pursuant to which the Funds may incur and pay a Distribution (12b-1) Fee of up to a maximum of 0.25%. No such fee is currently incurred and paid by the Funds. The Funds will not incur and pay such a Distribution (12b-1) Fee until such time as approved by the Funds’ Board of Trustees (the “Board”).

The Bank of New York (“BNY”) serves as administrator, custodian and transfer agent for the Funds. BNY maintains all necessary records of the Funds.

5. Fair Value of Financial Instruments

Securities listed on a securities exchange (i.e., exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by the Fund’s independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund’s NAV is calculated if a security’s exchange is normally open at that time). If there is no such reported sale, the Adviser will determine its fair value using appropriate fair value methodologies in accordance with the Trust’s valuation policies and procedures approved by the Board of Trustees. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio instrument and determines the average of the two.

Any investments in open-end investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end investment companies that trade on an exchange are valued in the same manner as other exchange-traded equity securities (described above).

Fixed-income securities (including convertible securities) normally are valued on the basis of prices provided by independent pricing services in accordance with the Trust’s valuation policies and procedures approved by the Board of Trustees which will typically be at the mid price between the bid and ask for certain markets. Pricing services generally value fixed-income securities assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.

Securities for which market prices are not “readily available,” or for which market prices are not deemed to reflect current market values, or that are debt securities where no evaluated price is available from the Trust’s third-party pricing agents pursuant to established methodologies, are fair valued in accordance with the Trust’s valuation policies and procedures approved by the Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using “fair value” pricing may include, but are not limited to, the security’s trading has been halted or suspended; the security’s primary trading market is temporarily closed; or the security has not been traded for an extended period of time.

In addition, the Fund may fair value its securities if an event that may materially affect the value of the Fund’s securities that trade outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, country or region. Events that may be Significant Events may include government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser or Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a portfolio instrument or group of portfolio instruments after the closing of the exchange or market on which the portfolio instrument or portfolio instruments principally trade, but before the time at which the Fund calculates its NAV, it will notify the Fund’s administrator and may request that an ad hoc meeting of the Valuation Committee be called. Fair value pricing involves subjective judgments, and it is possible that a fair value determination for a security may be materially different than the value that could actually be realized upon the sale of the security or than that of another fund that uses market quotations or its own fair value procedures to price the same securities.

Trading in securities on many foreign exchanges is normally completed before the close of business on each Business Day. In addition, securities trading in a particular country or countries may not take place on each Business Day or may take place on days that are not Business Days. Changes in valuations on certain securities may occur at times or on days on which the Fund’s NAV is not calculated and on which Fund shares do not trade and sales and redemptions of shares do not occur. As a result, the value of the Fund’s portfolio securities and the net asset value of its shares may change on days when share purchases or sales cannot occur.


		41

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

The Board of Trustees has designated the Adviser as the valuation designee for the Fund under Rule 2a-5 of the 1940 Act, subject to its oversight. The Adviser has adopted procedures and methodologies to fair value Fund investments whose market prices are not readily available or are deemed to be unreliable. For example, such circumstances may arise when: (i) an investment has been delisted or has had its trading halted or suspended; (ii) an investment’s primary pricing source is unable or unwilling to provide a price; (iii) an investment’s primary trading market is closed during regular market hours; or (iv) an investment’s value is materially affected by events occurring after the close of the investment’s primary trading market. Generally, when fair valuing an investment, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer’s business, recent trades or offers of the investment, general and/or specific market conditions, and the specific facts giving rise to the need to fair value the investment. Fair value determinations are made in good faith and in accordance with the fair value methodologies included in the Adviser-adopted valuation procedures. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the Adviser will be able to obtain the fair value assigned to the investment upon the sale of such investment.

Each Fund utilizes various methods to measure the fair value of all its investments on a recurring basis. US GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of February 28, 2026 for each Fund’s investments measured at fair value:

	$			$			$		$
Man Active Income ETF
Assets	Level 1			Level 2			Level 3		Total

Bank Loans	$	—		$	2,950,310		$	—	$	2,950,310

Corporate Bonds		—			15,031,743			—		15,031,743

Asset-Backed Securities		—			1,481,337			—		1,481,337

Short Term Investments		297,318			—			—		297,318


Total Investments in Securities		297,318			19,463,390			—		19,760,708


Other Financial Instruments:

Forward Foreign Currency Contracts		—			82,261			—		82,261

Total Return Swaps		—			86,744			—		86,744


Total Other Financial Instruments		—			169,005			—		169,005


Total Investments in Securities and Other Financial Instruments		297,318			19,632,395			—		19,929,713


Liabilities

Other Financial Instruments:

Forward Foreign Currency Contracts		—			(8,202	)		—		(8,202	)

Futures Contracts		(2,328	)		—			—		(2,328	)


Total Other Financial Instruments		(2,328	)		(8,202	)		—		(10,530	)


TOTAL		294,990			19,624,193			—		19,919,183

	$		$		$		$

Man Active High Yield ETF
Assets	Level 1		Level 2		Level 3		Total

Bank Loans	$	—	$	945,000	$	—	$	945,000

Corporate Bonds		—		15,925,056		—		15,925,056


		42

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

	$		$			$		$

Short Term Investments	$	394,657	$	—		$	—	$	394,657


Total Investments in Securities		394,657		16,870,056			—		17,264,713


Other Financial Instruments:

Forward Foreign Currency Contracts		—		101,755			—		101,755

Total Return Swaps		—		10,747			—		10,747

Credit Default Swaps		—		2,357			—		2,357


Total Other Financial Instruments		—		114,859			—		114,859


Total Investments in Securities and Other Financial Instruments		394,657		16,984,915			—		17,379,572


Liabilities

Other Financial Instruments:

Forward Foreign Currency Contracts		—		(3,299	)		—		(3,299	)


TOTAL		394,657		16,981,616			—		17,376,273

	$		$			$		$

Man Active Emerging Markets Alternative ETF
Assets	Level 1		Level 2			Level 3		Total

Exchange-Traded Funds	$	1,249,253	$	—		$	—	$	1,249,253

Short Term Investments		4,797,434		—			—		4,797,434

Common Stocks		4,718,232		—			—		4,718,232


Total Investments in Securities		10,764,919		—			—		10,764,919


Other Financial Instruments:

Total Return Swaps		—		646,087			—		646,087


Total Investments in Securities and Other Financial Instruments		10,764,919		646,087			—		11,411,006


Liabilities

Other Financial Instruments:

Total Return Swaps		—		(226,535	)		—		(226,535	)


TOTAL		10,764,919		419,552			—		11,184,471

	$			$			$		$

Man Active Trend Enhanced ETF
Assets	Level 1			Level 2			Level 3		Total

Exchange-Traded Funds	$	18,175,504		$	—		$	—	$	18,175,504

Short Term Investments		10,554,493			—			—		10,554,493


Total Investments in Securities		28,729,997			—			—		28,729,997


Other Financial Instruments:

Futures Contracts		1,530,397			—			—		1,530,397

Forward Foreign Currency Contracts		—			627,738			—		627,738


Total Other Financial Instruments		1,530,397			627,738			—		2,158,135


Total Investments in Securities and Other Financial Instruments		30,260,394			627,738			—		30,888,132


Liabilities

Other Financial Instruments:

Forward Foreign Currency Contracts		—			(277,655	)		—		(277,655	)

Futures Contracts		(74,688	)		—			—		(74,688	)


Total Other Financial Instruments		(74,688	)		(277,655	)		—		(352,343	)


TOTAL		30,185,706			350,083			—		30,535,789

The Funds did not hold any Level 3 securities during the period ended February 28, 2026.


		43

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

6. Derivative Financial Instruments

Forward Foreign Currency Contracts

As foreign securities are purchased, a Fund may enter into forward currency contracts in order to hedge against foreign currency exchange rate risks. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains/(losses) from forward foreign currency contracts in the Statements of Operations.

The average market value of forward foreign currency exchange contracts bought and sold during the period ended February 28, 2026, was $990,974 and $8,059,238, respectively for the Man Active Income ETF, $869,764 and $7,919,183, respectively for the Man Active High Yield ETF, and $35,741,765 and $17,779,690, respectively for the Man Active Trend Enhanced ETF. Open forward foreign currency exchange contracts outstanding at February 28, 2026, are listed in the Schedule of Investments.

For the period ended February 28, 2026, realized gains/(losses) and the change in unrealized appreciation / (depreciation) on forward foreign currency contracts subject to currency risk, as disclosed in the Statements of Operations, is as follows:


ETF	Risk Type	Realized Gain / (Loss)			Change in Unrealized Appreciation / (Depreciation)
Man Active Income ETF	Foreign Exchange	$	(27,082	)	$	74,059
Man Active High Yield ETF	Foreign Exchange	$	30,080		$	98,456
Man Active Trend Enhanced ETF	Foreign Exchange	$	12,091		$	350,083

Futures Contracts

The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may sell futures contracts to hedge against market risk, foreign currency exchange rate risks and to reduce return volatility. Futures are standardized exchange-traded contracts that provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a securities index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold, and initial and variation margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. The Funds may also buy or sell hedge instruments based on one or more market indices in an attempt to maintain the Funds’ volatility at a targeted level. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund’s agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. These amounts are disclosed on the Statements of Assets and Liabilities as Deposits with Brokers when applicable. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The average notional values of long position and short position futures contracts open during the period ended February 28, 2026, were $0 and $362,461, respectively for the Man Active Income ETF, and $76,695,612 and $0, respectively for the Man Active Trend Enhanced ETF. Open futures contracts outstanding at February 28, 2026, are listed in the Schedule of Investments.

For the period ended February 28, 2026, realized gains/(losses) and the change in unrealized appreciation / (depreciation) on futures contracts by risk type, as disclosed in the Statements of Operations, is as follows:


ETF	Risk Type		Realized Gain / (Loss)			Change in Unrealized Appreciation / (Depreciation)
Man Active Income ETF		Interest Rate	$	4,703		$	(2,328	)
Man Active Trend Enhanced ETF		Equity	$	392,022		$	823,561
Man Active Trend Enhanced ETF		Commodity	$	2,206,813		$	472,748
Man Active Trend Enhanced ETF		Interest Rate	$	(472,493	)	$	159,400

Swap Agreements

Certain Funds are subject to equity price risk and/or interest rate risk in the normal course of pursuing their investment objectives. These Funds may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency) or credit risk. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments. In a standard over-the-counter (“OTC”) swap, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the “notional amount” (i.e., the return or increase in value of a particular dollar amount invested in a “basket” of securities, representing a particular index or industry sectors) of predetermined investments or instruments.


		44

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

The swaps in which a Fund may invest may be centrally cleared or bi-laterally traded. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of a swap agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. A Fund amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. Realized gains and losses from the decrease in notional value of the swap are recognized on the trade date. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. Swap agreements involve, to varying degrees, lack of liquidity and elements of credit, market and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Each Fund’s maximum risk of loss from the counterparty credit risk is the discounted net value of the cash flow to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

Swaps may involve greater risks than direct investments in securities because swaps may be leveraged and, when traded in the OTC markets, are subject to counterparty risk, credit risk and pricing risk, each of which individually and collectively, may have a considerable impact on the performance of a Fund. Swaps, especially those that are not exchange-traded, may also be considered illiquid. It may not be possible for a Portfolio to liquidate a swap position at an advantageous time or price, which may result in significant losses. Although central clearing and exchange-trading of swaps may decrease counterparty risk and increase market liquidity, exchange-trading and clearing do not make the contracts risk free, but rather, the primary credit risk on such contracts is the creditworthiness of the clearing broker or the clearinghouse.

The Funds use cash and certain securities as collateral to swap agreements as indicated on the Schedule of Investments and Statements of Assets and Liabilities. Such collateral is held for the benefit of the counterparty in a segregated account to prevent non-payment by the Funds. If the counterparty defaults, a Fund may seek return of this collateral and incur certain costs exercising their rights to the collateral.

The average notional values of long total return swaps open during the period ended February 28, 2026, were $1,788,471 for the Man Active Income ETF, $263,653 for the Man Active High Yield ETF, and $12,153,136 for the Man Active Emerging Markets Alternative ETF. The average notional values of credit default swaps sell protection open during the period ended February 28, 2026, were $88,000 for the Man Active High Yield ETF. Open swap contracts outstanding at February 28, 2026, are listed in the Schedule of Investments.

For the period ended February 28, 2026, realized gains/(losses) and the change in unrealized appreciation / (depreciation) on swap agreements by risk type, as disclosed in the Statements of Operations, is as follows:


ETF	Risk Type		Realized Gain / (Loss)			Change in Unrealized Appreciation / (Depreciation)
Man Active Income ETF		Credit	$	(45,305	)	$	86,744
Man Active High Yield ETF		Credit	$	(8,159	)	$	13,104
Man Active Emerging Markets Alternative ETF		Equity	$	1,174,617		$	419,552

7. Organizational Expenses and Offering Costs

All costs relating to the organization and initial registration of the Funds, are being borne by the Adviser. The Adviser has also agreed to pay all ongoing administrative costs of the Funds, excluding certain trading costs (see Note 4). These costs are not subject to recoupment from the Funds by the Adviser.

8. Investment Transactions

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended February 28, 2026 were as follows:


Funds	Purchases		Sales
Man Active Income ETF	$	28,309,253	$	9,095,999
Man Active High Yield ETF		26,744,207		10,026,177
Man Active Emerging Markets Alternative ETF		5,953,985		227,889
Man Active Trend Enhanced ETF		20,503,057		3,562,499

Purchases and sales of in-kind transactions for the period ended February 28, 2026 were as follows:


Funds	Purchases In-Kind		Sales In-Kind
Man Active Trend Enhanced ETF	$	1,042,259	$	–

9. Principal Risks

The following chart identifies the principal risks associated with each Fund. Risks not marked for a particular Fund may, however, still apply to some extent to that Fund at various times.


		45

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026



Principal Risk	Man Active High Yield ETF	Man Active Income ETF	Man Active Emerging Markets Alternative ETF	Man Active Trend Enhanced ETF

Bank Loan Risk	●	●

Cash Transactions Risk	●	●	●	●

Company Capitalization Risk			●

Concentration Risk			●

Counterparty Risk	●	●	●	●

Credit Risk	●	●		●

Debt Securities Risk	●	●

Depositary Receipt Risk			●

Derivatives Risk	●	●	●	●

Distressed and Defaulted Securities Risk	●	●

Emerging Markets Risk	●	●	●	●

Equity Securities Risk	●	●	●	●

ETF Risk	●	●	●	●

Fixed-Income Securities Risk	●	●		●

Foreign Currency Risk	●	●	●	●

Foreign Investment Risk	●	●	●	●

Government and Agency Securities Risk		●		●

High Yield Securities Risk	●	●

Interest Rate Risk	●	●		●

Large-Cap Company Risk				●

Large Shareholder Risk	●	●

Leverage Risk	●	●	●	●

Liquidity Risk	●	●	●	●

Management Risk	●	●	●	●

Market Risk	●	●	●	●

Mortgage- and Asset-Backed Securities Risk	●	●

New Fund Risk	●	●	●	●

Non-Diversification Risk	●	●	●	●

Other Investment Company Risk	●	●	●	●

Portfolio Turnover Risk				●

Securitization Risk		●

Sovereign Debt Risk		●


		46

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026



Subordinated Debt Risk	●

Subsidiary Risk				●

Synthetic Short Exposure Risk			●

Tax Risk	●	●	●	●

Variable and Floating Rate Instrument Risk	●	●

The Funds are subject to a number of principal risks that may affect the value of its shares. The following risks of investing in the Funds are listed below are presented in alphabetical order and not in order of importance or potential exposure.

Bank Loan Risk

The market for bank loans may not be highly liquid and the Funds may have difficulty selling them. In connection with purchasing loan participations, the Funds generally will have no right to enforce compliance by borrowers with loan terms nor any set-off rights, and the Funds may not benefit directly from any posted collateral. As a result, the Funds may be subject to the credit risk of both the borrower and the lender selling the participation. Bank loan transactions may take more than seven days to settle, meaning that proceeds would be unavailable to make additional investments or meet redemptions.

Cash Transactions Risk

The Funds currently intend to typically effect creation and redemptions via cash transactions, but the Trust reserves the right to require creations and redemption be effected in whole or in part “in-kind. “ To the extent creations and redemptions are effected in cash, the Funds may be less tax-efficient than an investment in an ETF that does not elect to effect all creations and redemptions principally for cash. To the extent the Funds sells securities to meet some or all of a redemption request with cash, the Funds may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in-kind. As a result, the Funds may pay out higher annual capital gain distributions than if the in-kind redemption process were used. Additionally, the Funds may incur additional brokerage costs related to buying and selling securities if the Funds utilize cash as part of a creation or redemption transaction than it would if the Funds had transacted entirely in-kind.

Company Capitalization Risk

The Funds may invest in companies with market capitalizations of any size, including small-capitalization and mid-capitalization (or “small-cap” and “mid-cap”) companies. The additional risks posed by small-cap and mid-cap companies could increase the volatility of the Funds’ portfolio and performance. Shareholders should expect that the value of the Funds’ shares will be more volatile than a fund that invests exclusively in large-cap companies.

Concentration Risk

If the Funds investments are focused in one or more industries or sectors of the economy, such as the financials and information technology sectors, such funds would be less broadly invested across industries or sectors than other funds. This means that concentrated funds tend to be more volatile than other funds, and the values of their investments tend to go up and down more rapidly. In addition, funds that invests in particular sectors is particularly susceptible to the impact of market, economic, political, regulatory, and other conditions and risks affecting those sectors. From time to time, a small number of companies may represent a large portion of a single sector.

Counterparty Risk

The Funds are subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Funds.

Credit Risk

Failure of an issuer of a security to make timely interest or principal payments when due, or a decline or perception of a decline in the credit quality of the security, can cause the security’s price to fall. The lower a security’s credit rating, the greater the chance that the issuer of the security will default or fail to meet its payment obligations.

Debt Securities Risk

Debt securities, including those rated investment grade, are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable or unwilling, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline, and the Funds could lose money. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by the Funds, the more the Funds are subject to this risk.

Depositary Receipt Risk

The Funds may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Funds’ portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Funds’ portfolio. In addition, the value of


		47

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

Derivatives Risk

The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the Funds’ use of derivatives may result in losses to the Funds. Derivatives in which the Funds may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the Funds will not correlate with the underlying assets or the Funds’ other investments in the manner intended. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central trading clearing counterparty resides with the Funds’ clearing broker or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Funds’ ability to invest in derivatives, limit the Funds’ ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Funds’ performance. In addition, the Funds’ investments in derivatives are subject to the following risks:

•

Futures Contracts Risk- Risks of futures contracts include that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

•

Foreign Currency Forward Contracts Risk- Foreign currency forward contracts are a type of derivative contract whereby the Fund may agree to buy or sell a country’s or region’s currency at a specific price on a specific date in the future. These contracts are subject to the risk of political and economic factors applicable to the countries issuing the underlying currencies and may fall in value due to foreign market downswings or foreign currency value fluctuations. Derivative contracts ordinarily have leverage inherent in their terms and low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Funds. The use of leveraged derivatives can magnify the Funds’ potential gain or loss and, therefore, amplify the effects of market volatility on the Funds’ share price.

•

Swaps Risk- Depending on their structure, swap agreements and options to enter into swap agreements (“swaptions”), both of which are types of derivatives, may increase or decrease the Funds’ exposure to long- or short-term interest rates, foreign currency values, corporate borrowing rates, or credit events or other reference points such as security prices or inflation rates.

•

Options Risk- The use of option contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of option contracts are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, changes in interest or currency exchange rates, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. There may at times be an imperfect correlation between the movement in values option contracts and the reference asset, and there may at times not be a liquid secondary market for certain option contracts. Options on single stocks may be cash- or physically-settled, depending upon the market in which they are traded.

Distressed and Defaulted Securities Risk

Distressed and defaulted securities are speculative and involve substantial risks in addition to the risks of investing in high yield securities. These securities may present a substantial risk of default or may be in default at the time of investment, requiring the Funds to incur additional costs.

Emerging Markets Risk

Emerging market securities typically present even greater exposure to the risks of foreign developed countries and may be particularly sensitive to global economic conditions. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Certain emerging market or developing countries are among the largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance with the terms of such obligations.

Equity Securities Risk

The value of the Funds’ portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.


		48

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

ETF Risk

Like other ETFs, the Funds, and any ETFs that the Funds invests in, are subject to the following risks:

•

Authorized Participants Concentration Risk- The Funds have a limited number of financial institutions that may act as authorized participants (i.e., large institutions that have entered into agreements with the distributor of the Funds’ shares and are authorized to transact in Creation Units (described below) with the Funds) (“Authorized Participants”). To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Funds and no other Authorized Participant is able to step forward to create or redeem, shares of the Funds may be more likely to trade at a premium or discount to net asset value (“NAV”) and possibly face trading halts or delisting. This, in turn, could lead to wider spreads between the bid price (i.e., the highest price a buyer is willing to pay to purchase shares) and the ask price (i.e., the lowest price a seller is willing to accept for shares) of the Funds.

•

Premium/Discount Risk- There may be times when the market price of the Funds’ shares is more than the NAV intra-day (at a premium to NAV) or less than the NAV intra-day (at a discount to NAV). As a result, shareholders of the Funds may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, bid-ask spreads (as defined below) may widen and market or stop loss orders to sell Fund shares may be executed at prices well below NAV.

•

Secondary Market Trading Risk- Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. In addition, secondary market investors will incur the cost of the difference between the price that an investor is willing to pay for shares (the bid price) and the price at which an investor is willing to sell shares (the ask price). This difference in bid and ask prices is often referred to as the “spread” or “bid-ask spread.” Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Funds. In addition, although the Funds’ shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Funds’ shares will continue to be listed.

•

Cash Transactions Risk- The Funds may effect creation and redemptions partly or wholly for cash, but the Funds reserve the right to require creations and redemptions be effected in whole or in part “in-kind.” To the extent creations and redemptions are effected in cash, the Funds may be less tax-efficient than an investment in an ETF that does not elect to effect all creations and redemptions principally for cash. To the extent the Funds sell securities to meet some or all of a redemption request with cash, the Funds may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in-kind. As a result, the Funds may pay out higher annual capital gain distributions than if the in-kind redemption process were used. Additionally, the Funds may incur additional brokerage costs related to buying and selling securities if it utilizes cash as part of a creation or redemption transaction than it would if the Funds had transacted entirely in-kind.

Fixed-Income Securities Risk

The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Funds’ shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Funds to sell its holdings at a loss or at undesirable prices and adversely affect the Funds’ share price and increase the Funds’ liquidity risk, fund expenses and/or taxable distributions. Central Banks’ policy in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for market participants may not be fully known for some time.

Foreign Currency Risk

Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Foreign currencies, particularly the currencies of emerging market countries, are also subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government intervention and controls.

Foreign Investment Risk

Investments in foreign markets entail special risks, such as currency, political (including geopolitical), economic and market risks, and heightened risks, that may result in losses to the Funds. There also may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange regulation


		49

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

associated with investments in foreign markets. Investing in foreign government obligations, debt obligations of supranational entities and the sovereign debt of foreign countries, including emerging market countries, creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located. A governmental obligor may default on its obligations. Some sovereign obligors have been among the world’s largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. These obligors, in the past, have experienced substantial difficulties in servicing their external debt obligations, which led to defaults on certain obligations and the restructuring of certain indebtedness.

Government and Agency Securities Risk

U.S. government and agency securities (such as securities issued by Government National Mortgage Association (“Ginnie Mae”), Federal National Mortgage Association or Federal Home Loan Mortgage Corporation) are subject to market risk, interest rate risk credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury or Ginnie Mae, that are backed by the full-faith-and- credit of the United States, are guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate.

High Yield Securities Risk

High yield securities and unrated securities of similar credit quality (commonly known as ‘junk bonds”) are considered speculative and have a much greater risk of default or of not returning principal and their values tend to be more volatile than higher-rated securities with similar maturities.

Interest Rate Risk

Prices of fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the Fund’s investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. When interest rates fall, the Funds’ investments in new securities may be at lower yields and may reduce the Funds’ income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Unlike investment grade bonds, however, the prices of high yield (“junk”) bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.

Large-Cap Company Risk

The Funds may invest in large-capitalization (or “large-cap”) companies. Large-cap companies may have fewer opportunities to expand the market for their products or services, may focus their competitive efforts on maintaining or expanding their market share, and may be less capable of responding quickly to competitive challenges. These factors could result in the share price of large companies not keeping pace with the overall stock market or growth in the general economy, and could have a negative effect on the Funds’ portfolio, performance and share price.

Large Shareholder Risk

A significant percentage of the Funds shares may be owned or controlled by the Adviser and its affiliates, or one or more other large shareholders. Accordingly, the Funds are subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders. These inflows and outflows could negatively affect the Funds’ net asset value and performance.

Leverage Risk

Certain Fund transactions, for example, the Funds’ principal strategy of using derivative instruments in the form of futures contracts, creates leverage. Leverage can result from exposure to an asset, index, rate, or underlying reference instrument. Leverage can increase both the risk and return potential of the Funds. The use of leverage may cause the Funds to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. The loss on leveraged investments may substantially exceed the initial investment.

Liquidity Risk

When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. In such a market, the value of such securities and the Funds’ share price may fall dramatically. The market for below investment grade securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Investments in foreign securities, particularly those of issuers located in emerging markets, tend to have greater exposure to liquidity risk than domestic securities.

Management Risk

The Funds are actively managed. Investment decisions, techniques, analyses or models implemented by the Funds’ Adviser or Sub-Adviser in seeking to achieve the Funds’ investment objective may not produce expected returns, may cause the Funds’ shares to lose value or may cause the Funds to underperform other funds with similar investment objectives.

Market Risk

The values of, and/or the income generated by, securities held by the Funds may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments.


		50

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

Mortgage- and Asset-Backed Securities Risk

Mortgage- and asset-backed securities may decline in value and become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Funds’ returns.

New Fund Risk

The Funds are new funds, with a limited or no operating history and a small asset base. There can be no assurance that the Funds will grow to or maintain a viable size. Due to the Funds’ small asset base, certain of the Funds’ expenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent that the Funds do not grow to or maintain a viable size, they may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some shareholders.

Non-Diversification Risk

The Funds are non-diversified, which means that they may invest a greater percentage of its assets than a diversified fund in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Funds’ investment performance, as the Funds may be more susceptible to risks associated with a single economic, political or regulatory event.

Other Investment Company Risk

Investments in other investment companies (including ETFs and money market funds) are subject to market and selection risk. In addition, if the Funds acquire shares of investment companies, shareholders bear both their proportionate share of expenses in the Funds and, indirectly, the expenses of the investment companies.

Portfolio Turnover Risk

The Funds may actively and frequently trade all or a significant portion of the Funds’ holdings. A high portfolio turnover rate increases transaction costs, which may increase the Funds’ expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

Securitization Risk

The Funds may invest in securitized debt instruments which are bonds that are backed by pools of individual loans. The risks associated with securitized instruments are those associated with the underlying loan assets, including credit and interest rate risk, as well as prepayment and liquidity risks.

Sovereign Debt Risk

Investments in debt instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion.

Subordinated Debt Risk

The Funds may invest in debt securities that are subordinated to more senior securities of the issuer. Holders of debt securities that are subordinated or ‘junior” to more senior securities are entitled to payment after holders of more senior securities. Subordinated debt securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, may be disproportionately affected by a default, downgrade or perceived decline in creditworthiness, and may take longer to recover interest or principal.

Subsidiary Risk

By investing in the Subsidiary, the Man Active Trend Enhanced ETF is indirectly exposed to the risks associated with the Subsidiary’s investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject.

Synthetic Short Exposure Risk

The Funds may gain synthetic short exposure through a forward commitment through a swap agreement. Synthetic short exposures involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment.

Tax Risk

In order to qualify for the favorable tax treatment available to regulated investment companies, the Funds must satisfy certain income, asset diversification and distribution requirements each year. If the Funds were to fail the favorable tax treatment requirements, they would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance. The tax treatment of derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Funds’ taxable income or gains and distributions.


		51

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026

Variable and Floating Rate Instrument Risk

During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities.

10. Capital Share Transactions

Shares of the Man Active High Yield ETF and the Man Active Income ETF are listed on the NYSE Arca, Inc. exchange and shares of the Man Active Emerging Markets Alternative ETF and the Man Active Trend Enhanced ETF are listed on the NASDAQ Stock Market LLC (“NASDAQ”). These exchanges are national securities exchanges and trades occur in the secondary market, where most investors may buy and sell them at market prices that change throughout the day. Such market prices may be lower, higher or equal to net asset value (“NAV”). Accordingly, when transacting in the secondary market, investors may pay more than NAV when purchasing shares and receive less than NAV when selling shares. They may also be subject to brokerage commissions and charges. The Funds issue and redeem shares at NAV only in aggregations of a specified number of shares (“Creation Units”), generally in exchange for a basket of securities (“Basket”), together with a specified cash payment or, in certain circumstances, for an all cash payment. Unlike mutual funds, shares are not individually redeemable.

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units. The Funds may adjust the creation transaction fee from time to time. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses related to the execution of trades resulting from such transaction. The Funds may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover.

For the periods shown in the table below, transactions in capital shares were as follows:

Man Active

Emerging

Man Active

Markets

Trend

Man Active

Alternative

Enhanced ETF

Income ETF

High Yield ETF

ETF

(Consolidated)

For the Period

September 16,

December 16,

2025* to

February 28,

2026

Changes in Shares Outstanding

Shares outstanding, beginning of period

–

Shares created

840,001

784,000

400,004

1,280,004

Shares redeemed

–

Shares outstanding, end of period

840,001

784,000

400,004

1,280,004

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units. The Funds may adjust the redemption transaction fee from time to time. In addition, a variable fee, payable to the Funds, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Funds. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses related to the execution of trades resulting from such transaction. The Funds may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of the Funds’ shareholders. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Funds’ securities to the account of the Trust.

11. Federal Income Taxes

At February 28, 2026, gross unrealized appreciation and depreciation of investments owned by each Fund, based on cost for federal income tax purposes were as follows:


		52

Man ETF Series Trust

Notes to Financial Statements (Continued)

For the period from commencement of operations through February 28, 2026


			Gross		Gross		Net Unrealized
			Unrealized		Unrealized		Appreciation/
Funds	Cost		Appreciation		Depreciation		(Depreciation)
Man Active Income ETF	$	19,630,449	$	326,781		$ (196,522)	$	130,259
Man Active High Yield ETF		17,495,806		219,305		(450,398)		(231,093)
Man Active Emerging Markets Alternative ETF		10,520,954		467,515		(223,550)		243,965
Man Active Trend Enhanced ETF		28,528,080		202,292		(375)		201,917

The tax character of current year distributions will be determined at the end of the current fiscal year.

12. Subsequent Events

In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Trust has concluded that there are no subsequent events to note.


		53

Man ETF Series Trust

Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements

Board Considerations Regarding Approval of Investment Advisory Agreement and Sub-Advisory Agreement for

Man Active High Yield ETF

Man Active Income ETF

At a meeting held on September 4, 2025, the Board of Trustees (the “Board”) of Man ETF Series Trust (the “Trust”), which is comprised solely of trustees who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (the “Trustees”), approved the Investment Advisory Agreement (the “Advisory Agreement”) between Man Solutions LLC (the “Adviser”) and the Trust for Man Active High Yield ETF and Man Active Income ETF (each, a “Fund” and collectively, the “Funds”) and the Sub-Advisory Agreement for each Fund between the Adviser and GLG Partners LP (the “Sub-Adviser”) (the “Sub-Advisory Agreement”).

Advisory Agreement

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided to each Fund, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser’s relationship with each Fund.

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds. The Trustees considered information regarding each Fund’s investment objective, strategies and process. The Trustees noted other information the Board received and considered describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Man Group plc. The Trustees reviewed information related to the Adviser’s and Sub-Adviser’s compliance policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds’ distributor, administrator, custodian, transfer agent and the Sub-Adviser. They noted the significant amount of time, effort and resources that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Advisory Agreement were expected to be satisfactory.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund’s proposed unitary advisory fee, as compared to Adviser-identified select peer funds. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund, including the fees payable to the Sub-Adviser, except for acquired fund fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses. The Trustees noted each Fund’s proposed unitary advisory fee as compared to the select peer group as shown below:


Fund	Unitary Fee	Select Peer Group
Man Active High Yield ETF	0.69%	Lower than 2 of 3 peers
Man Active Income ETF	0.85%	Lower than 1 of 3 peers

Based on all of the information provided, the Board concluded that each Fund’s proposed unitary advisory fee was reasonable in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fees, the Trustees also considered the sub-advisory fees to be paid by the Adviser for each Fund. Because the Funds had not yet commenced operations, the Adviser provided projected profitability for each Fund at various asset levels.


		54

Man ETF Series Trust

Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements (Continued)

the management of each Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees also noted that it is not anticipated that either Fund will generate significant profit for the Adviser and/or its affiliates for some time.

Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.

Based on all of the information considered and the conclusions reached, the Board determined to approve the Advisory Agreement for each Fund for an initial two-year period. No single factor was determinative in the Board’s analysis.

Sub-Advisory Agreements

As noted above, the Board approved the Sub-Advisory Agreement for each Fund at a meeting held on September 4, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services to be provided to each Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of the Sub-Adviser, the services to be provided by the Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel will manage the Funds, and the investment personnel who will be responsible for the day-to-day management of each Fund. The Board considered additional information it received regarding each Fund’s investment strategy at the Board’s September 4, 2025 meeting, as well as performance information for other fixed income accounts managed by the Sub-Adviser relative to each Fund’s proposed benchmark index and the Adviser-identified select peer funds.

Based on its review, the Board concluded that the nature, extent and quality of services to be provided by the Sub-Adviser to each Fund under the Sub-Advisory Agreement were expected to be satisfactory.

Fees and Expenses. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Adviser on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each Fund and noted that the Adviser will compensate the Sub-Adviser from its fee. The Board further considered whether the sub-advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the sub-advisory fee rates were reasonable.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. As part of their review of the Advisory Agreement for each Fund, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees noted that it is not anticipated that either Fund will generate significant profit for the Adviser and/or its affiliates for some time.

Fall-out Benefits. The Trustees considered that the Sub-Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Sub-Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.

Based on all of the information considered and the conclusions reached, the Board determined to approve the Sub-Advisory Agreement for each Fund for an initial two-year period. No single factor was determinative in the Board’s analysis.

Board Considerations Regarding Approval of Investment Advisory Agreement and Sub-Advisory Agreements for

Man Active Emerging Markets Alternative ETF

Man Active Trend Enhanced ETF

At a meeting held on December 4, 2025, the Board of Trustees (the “Board”) of Man ETF Series Trust (the “Trust”), which is comprised solely of trustees who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (the “Trustees”), approved the Investment Advisory Agreement (the “Advisory Agreement”) between Man Solutions LLC (the “Adviser”) and the Trust for Man Active Emerging Markets Alternative ETF and Man Active Trend Enhanced ETF (each, a “Fund” and collectively, the “Funds”) and the Sub-Advisory Agreement for each Fund between the Adviser and Numeric Investors LLC (“Numeric”) with respect to Man Active Emerging Markets Alternative ETF and AHL Partners LP (“AHL”) with respect to Man Active Trend Enhanced ETF (each, a “Sub-Advisory Agreement”). (Numeric and AHL are referred to herein as a “Sub-Adviser” and collectively, the “Subadvisers”).


		55

Man ETF Series Trust

Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements (Continued)

Advisory Agreement

Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser’s services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds. The Trustees considered information regarding each Fund’s investment objective, strategies and process. The Trustees noted other information the Board received and considered describing the Adviser’s current organization and staffing, including operational support provided by the Adviser’s parent organization, Man Group plc. The Trustees reviewed information related to the Adviser’s and Sub-Advisers’ compliance policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds’ distributor, administrator, custodian, transfer agent and the Sub-Advisers. They noted the significant amount of time, effort and resources that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Advisory Agreement were expected to be satisfactory.


Fund	Unitary Fee	Select Peer Group
Man Active Emerging Markets Alternative ETF	0.85%	Lower than 1 of 2 peers
Man Active Trend Enhanced ETF	0.95%	Lower than 3 of 3 peers

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund’s shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees also noted that it is not anticipated that either Fund will generate significant profit for the Adviser and/or its affiliates for some time.


		56

Man ETF Series Trust

Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements (Continued)

Sub-Advisory Agreements

As noted above, the Board approved the respective Sub-Advisory Agreement for each Fund at a meeting held on December 4, 2025. The review process followed by the Board is described in detail above. In connection with the review of each Sub-Advisory Agreement, the Board considered the factors described below, among others.

Nature, Extent and Quality of Services. The Trustees considered the nature, extent and quality of services to be provided to each Fund under the respective Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser with respect to the applicable Fund, the services to be provided by the Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel will manage the Fund, and the investment personnel who will be responsible for the day-to-day management of the Fund. The Board considered additional information it received regarding each Fund’s investment strategy at the Board’s December 4, 2025 meeting as provided by the portfolio managers for the Fund. For the Man Active Emerging Markets Alternative ETF, the Board noted that Numeric does not manage an existing investment strategy substantially similar to the Fund so considered performance of peer groups that the Sub-Adviser believes are most representative of the Fund’s investment strategy. For the Man Active Trend Enhanced ETF, the Board considered performance information for trend following accounts managed by AHL relative to the Barclays BTOP50 Index and the Adviser-identified select peer funds.

Based on its review, the Board concluded that the nature, extent and quality of services to be provided by each Sub-Adviser with respect to the applicable Fund under the respective Sub-Advisory Agreement were expected to be satisfactory.

Fees and Expenses. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each Fund and noted that the Adviser will compensate each Sub-Adviser from its fee. The Board further considered whether the sub-advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the sub-advisory fee rates were reasonable.

Fall-out Benefits. The Trustees considered that Numeric may be a party to soft-dollar arrangements with respect to the Man Active Emerging Markets Alternative ETF but will not be a party to any commission recapture or directed brokerage arrangements with respect to the Fund. The Trustees noted that AHL identified no additional benefits that it will receive from its relationship with the Man Active Trend Enhanced ETF, and noted that the Sub-Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Fund.

Based on all of the information considered and the conclusions reached, the Board determined to approve the respective Sub-Advisory Agreement for each Fund for an initial two-year period. No single factor was determinative in the Board’s analysis


		57

Man ETF Series Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Adviser votes proxies relating to the Funds’ portfolio securities in accordance with procedures adopted by the Adviser. You may obtain a description of these procedures, free of charge, by calling toll-free 212-649-6600. This information is also available through the SEC’s website at http://www.sec.gov.

Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 212-649-6600. This information is also available through the SEC’s website at http:// www.sec.gov.*

* Please be advised that due to the fact that the Funds commenced operations after June 30th, 2025, the first 12-month period to be made available will occur after June 30th, 2026.

Portfolio Holdings Information

The Trust files the Funds’ complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the SEC website at http://www.sec.gov. Information regarding the Trust’s Form N-PORT filings is also available, without charge, by calling toll-free, 212-649-6600.

Discount & Premium Information

Information regarding how often shares of each Fund traded on the NYSE Arca, Inc. or NASDAQ, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.man.com/etfs.


		58

(b)	The Financial Highlights are included with the Financial Statements under Item 7(a).

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. 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 1940 Act (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(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 (17 CFR 270.30a-3(d)) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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)		Man ETF Series Trust

By (Signature and Title)		/s/ Michael Barrer
		Michael Barrer
		President and Principal Executive Officer

Date May 5, 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/ Michael Barrer
		Michael Barrer
		President and Principal Executive Officer

By (Signature and Title)		/s/ Trent Statczar
		Trent Statczar
		Treasurer, Principal Financial Officer