The PNC Financial Services Group reports beneficial ownership of 13,136,298 shares of Avantis US Large Cap Value ETF, representing 10.17% of the class.
PNC discloses voting and dispositive powers: sole voting power for 5,095,205 shares, shared voting power for 8,003,580, sole dispositive power for 13,028,902, and shared dispositive power for 107,227. Several PNC subsidiaries hold the reported shares in fiduciary accounts for clients, with the largest custodial holder being PNC Wealth Management LLC at 8,025,157 shares.
Positive
None.
Negative
None.
Insights
PNC holds a >10% position in the Avantis ETF, mainly via fiduciary accounts.
PNC reports 13,136,298 shares beneficially owned, equal to 10.17% of the class. The filing itemizes who has voting and dispositive authority, showing substantial sole dispositive power at 13,028,902 shares.
Holdings are held in fiduciary capacities across PNC Bank and trust entities; subsequent filings will clarify any trading or disposition activity if it occurs.
Key Figures
Beneficial ownership:13,136,298 sharesPercent of class:10.17%Sole voting power:5,095,205 shares+3 more
Sole voting power5,095,205 sharessole power to vote or to direct the vote
Shared voting power8,003,580 sharesshared power to vote or to direct the vote
Sole dispositive power13,028,902 sharessole power to dispose or to direct the disposition
PNC Wealth Management holdings8,025,157 sharesheld in fiduciary accounts at PNC Wealth Management LLC
Key Terms
beneficially owned, sole dispositive power, fiduciary capacity
3 terms
beneficially ownedregulatory
"Amount beneficially owned: 13,136,298"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole dispositive powerregulatory
"Sole power to dispose or to direct the disposition of: 13,028,902"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
fiduciary capacityfinancial
"held in accounts at PNC Bank, National Association in a fiduciary capacity for clients"
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Avantis US Large Cap Value ETF
(Name of Issuer)
Exchange-Traded Fund
(Title of Class of Securities)
025072349
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
025072349
1
Names of Reporting Persons
The PNC Financial Services Group, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
PENNSYLVANIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
5,095,205.00
6
Shared Voting Power
8,003,580.00
7
Sole Dispositive Power
13,028,902.00
8
Shared Dispositive Power
107,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,136,298.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.17 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Avantis US Large Cap Value ETF
(b)
Address of issuer's principal executive offices:
c/o American Century ETF Trust, 4500 Main Street, Kansas City, MO 64111
Item 2.
(a)
Name of person filing:
The PNC Financial Services Group, Inc.
(b)
Address or principal business office or, if none, residence:
300 Fifth Avenue, Pittsburgh, PA 15222-2401
(c)
Citizenship:
Pennsylvania
(d)
Title of class of securities:
Exchange-Traded Fund
(e)
CUSIP No.:
025072349
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
13,136,298
(b)
Percent of class:
10.17 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
5,095,205
(ii) Shared power to vote or to direct the vote:
8,003,580
(iii) Sole power to dispose or to direct the disposition of:
13,028,902
(iv) Shared power to dispose or to direct the disposition of:
107,227
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
PNC Bank, National Association - BK
PNC Delaware Trust Company - BK
PNC Ohio Trust Company - BK
PNC Wealth Management LLC - BD
Of the total fund shares reported herein, 5,087,471 are held in accounts at PNC Bank, National Association in a fiduciary capacity for clients.
Of the total fund shares reported herein, 11,490 are held in accounts at PNC Delaware Trust Company in a fiduciary capacity for clients.
Of the total fund shares reported herein, 12,180 are held in accounts at PNC Ohio Trust Company in a fiduciary capacity for clients.
Of the total fund shares reported herein, 8,025,157 are held in accounts at PNC Wealth Management LLC in a fiduciary capacity for clients.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake does PNC report in Avantis US Large Cap Value ETF (PNC)?
PNC reports beneficial ownership of 13,136,298 shares, equal to 10.17% of the fund. The filing lists voting and dispositive power breakdowns and identifies fiduciary accounts holding the shares.
How much sole voting power does PNC hold over the Avantis ETF shares?
PNC holds sole voting power for 5,095,205 shares. The filing also reports shared voting power for 8,003,580 shares, showing combined voting influence across accounts and entities.
Which PNC subsidiaries hold the Avantis ETF shares in fiduciary accounts?
The filing identifies PNC Bank, National Association; PNC Delaware Trust Company; PNC Ohio Trust Company; and PNC Wealth Management LLC. PNC Wealth Management LLC holds 8,025,157 shares in fiduciary accounts.
What dispositive powers does PNC report for these ETF shares?
PNC reports sole dispositive power for 13,028,902 shares and shared dispositive power for 107,227 shares, indicating control over disposition decisions for the vast majority of the reported position.
