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Annual Report
August 31, 2022
American Century® Diversified Corporate Bond ETF (KORP)
American Century® Diversified Municipal Bond ETF (TAXF)
American Century® Emerging Markets Bond ETF (AEMB)
American Century® Multisector Income ETF (MUSI)
American Century® Select High Yield ETF (AHYB)


























Table of Contents

President’s Letter
Diversified Corporate Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Diversified Municipal Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Emerging Markets Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Multisector Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Select High Yield ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management and Subadvisory Agreements
Liquidity Risk Management Program
Additional Information


Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.


President’s Letter

jthomasrev0514a66.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2022. Annual reports
help convey important information about fund returns, including market factors that affected
performance. For additional investment insights, please visit americancenturyetfs.com.

Mounting Market Challenges Hampered Performance

Asset class performance weakened dramatically during the funds’ fiscal year. In late 2021,
generally upbeat economic activity and corporate earnings supported gains for most U.S. and
global stock indices. Returns generally remained positive despite rapidly rising inflation and waning
central bank support—factors that had started to weigh on fixed-income indices.

By early 2022, the market climate shifted quickly. Inflation, which was already at multiyear highs,
rose to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during
the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns
and labor market shortages further aggravated inflation in the U.S. and other developed markets.
Russia’s invasion of Ukraine in February also exacerbated global inflationary pressures.

The Bank of England launched its inflation-fighting campaign in December and continued to lift
rates through period-end. The Federal Reserve responded to surging inflation in March, launching
an aggressive rate-hike campaign and ending its asset purchase program. Policymakers indicated
taming inflation remains their priority, even as the U.S. economy contracted in 2022’s first two
quarters. Facing record-high inflation in the eurozone, the European Central Bank in July embarked
on its first rate-hike effort in 11 years.

The combination of sharply elevated inflation, tighter monetary policy, geopolitical strife and weak
economies triggered sharp market volatility and fueled global recession fears. Against this
backdrop, most U.S. and global stock and bond indices declined sharply for the reporting period.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation,
rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine
complicates an increasingly tense geopolitical backdrop and threatens Europe’s winter energy
supply. We will continue to monitor the broad backdrop and its influence on financial markets.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history
of helping clients weather unpredictable markets, and we’re confident we will continue to meet
today’s challenges.

Sincerely,
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Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2

Performance
Diversified Corporate Bond ETF (KORP)
Total Returns as of August 31, 2022 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -10.30% 1.10% 1/11/2018
Market Price -10.62% 1.03% 1/11/2018
Bloomberg U.S. Intermediate Corporate Bond Index -9.71% 1.46% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made January 11, 2018

chart-3fa16bdc86424706844a.jpg
Value on August 31, 2022
Net Asset Value — $10,520
Bloomberg U.S. Intermediate Corporate Bond Index — $10,694

Total Annual Fund Operating Expenses
0.29%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.




Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
3

Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath, Jeffrey Houston, Gavin Fleischman and Le Tran

Fund Strategy

American Century Diversified Corporate Bond ETF seeks to offer enhanced return potential versus passive capitalization-weighted corporate bond portfolios. The fund employs a holistic approach, emphasizing investment-grade credits, while dynamically allocating a portion of the portfolio to high-yield securities to balance interest rate and credit risk. The fund seeks to maintain a duration range of three to seven years, which we believe should mitigate interest rate risk without sacrificing yield.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specific index. To determine whether to buy or sell a security, we consider several factors, including fund requirements and standards, economic conditions, alternative investments, interest rates and various credit metrics.

Performance Review

The fund returned -10.62% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -10.30%. For the same time period, the Bloomberg U.S. Intermediate Corporate Bond Index, the fund’s benchmark index, returned -9.71%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Performance in the corporate bond market downshifted swiftly in early 2022 amid escalating volatility. Inflation, which had steadily climbed through 2021, proved persistent as it soared to multidecade highs. Russia’s invasion of Ukraine in February contributed to the mounting market volatility and risk-off sentiment. In March, the Federal Reserve (Fed) adopted an increasingly aggressive rate-hike campaign that drove Treasury yields sharply higher and credit spreads wider through period-end.

Security Selection, Sector Allocation Detracted from Relative Performance

Against this challenging backdrop, most U.S. bond sectors declined sharply for the 12-month period. Within the fund, security selection and sector allocation detracted from performance versus the index. Security selection among financial institutions was a main detractor, largely due to positions in real estate investment trusts, finance companies and life insurers. An overweight position in finance companies versus the index for much of the reporting period also detracted from returns. Security selection within the transportation and building materials sectors also weighed on relative results.

On a positive note, our selections in the gaming, telecommunications, utilities, railroads and health insurance industries provided a boost to the fund’s relative performance. In addition, our efforts in the second half of the reporting period to lift the portfolio’s overall credit quality aided results. For example, we reduced our overweight to securities with BBB credit ratings in favor of higher-quality bonds. We also focused on more-defensive industries, such as utilities, and moved out of lower-quality finance names into higher-quality banking bonds.

High-Yield Strategy Helped

The fund’s out-of-index exposure to high-yield corporates, which generally fared better than investment-grade corporates for the period, boosted relative results. However, given our more-defensive sentiment and expectations for additional spread widening, we significantly reduced the fund’s high-yield allocation, which started the period at approximately 14%. By period-end, approximately 3% of the portfolio was invested in high-yield corporates, and we more recently hedged that exposure with credit default swaps.

4

Elsewhere, our duration and yield curve positioning had a modestly positive influence on performance for the 12 months. We began the reporting period with a shorter duration than the index. As rates began to rise, we shifted to a close-to-neutral duration in the spring and generally maintained that posture through period-end.

Portfolio Positioning

Although we believe the markets have largely priced in the Fed’s remaining rate hikes, we don’t expect market volatility to quickly subside. The Fed faces a difficult task as it attempts to tame inflation without triggering an extended economic downturn. We believe investors’ responses to this uncertain economic and inflation backdrop will continue to generate volatility.

We are maintaining a nimble and opportunistic approach, while remaining defensive, as we navigate the complex backdrop of elevated inflation, an aggressive Fed and a weak economy. We continue to look for opportunities in which investment-grade issuers are still deleveraging balance sheets and can sustain cash flow and margins. We remain mindful of event risks, including rising leveraged mergers and acquisitions activity, spin-offs and share buybacks that often come at the detriment of bondholders.

High inflation and slowing consumer demand are keeping us more patient in the high-yield arena. Also, the uncertain economic climate is placing a longer timeline on certain rising stars moving into the investment-grade universe. We’re awaiting better entry points but still believe select high-yield holdings should be well positioned once the credit environment improves.


5

Fund Characteristics

AUGUST 31, 2022
Diversified Corporate Bond ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 95.3%
U.S. Treasury Securities 2.1%
Municipal Securities 0.3%
Short-Term Investments 4.3%
Other Assets and Liabilities (2.0)%

6

Performance
Diversified Municipal Bond ETF (TAXF)
Total Returns as of August 31, 2022 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value -8.82% 1.97% 9/10/2018
Market Price -9.04% 1.95% 9/10/2018
S&P National AMT-Free Municipal Bond Index -8.34% 1.51% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-645f7ba3abe24e95bb8a.jpg
Value on August 31, 2022
Net Asset Value — $10,806
S&P National AMT-Free Municipal Bond Index — $10,613
Total Annual Fund Operating Expenses
0.29%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
7

Portfolio Commentary

Portfolio Managers: Joseph Gotelli and Alan Kruss

Steven Permut left the portfolio management team April 30, 2022, ahead of his June 30, 2022, retirement from American Century Investments.

Fund Strategy

American Century Diversified Municipal Bond ETF seeks to provide consistent tax-free income. As an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specific index, the fund employs a research-driven process to select holdings. The fund draws from across the municipal bond (muni) universe and adjusts exposure depending on prevailing market conditions. We dynamically allocate holdings to investment-grade issues and may include up to 35% in high-yield issues when the risk/reward balance is attractive. In selecting securities, we employ an active, time-tested process designed to identify attractive issues with low default risk, aiming to align risk exposures with our highest-conviction ideas.

Performance Review

The fund returned -9.04% on a market price basis for the 12 months ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -8.82%. For the same time period, the S&P National AMT-Free Municipal Bond Index, the fund’s benchmark index, returned -8.34%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2021 with weakening but still positive performance, the broad muni market faced mounting macroeconomic-driven challenges through the rest of the reporting period. Amid surging inflation, hawkish Federal Reserve (Fed) policy, rising interest rates, mounting recession risk and sharp market volatility, the fund and index declined. Additionally, accelerating investor outflows from muni funds as market volatility escalated added to the difficult backdrop.

Security Selection, Sector Allocations Weighed on Results

Security selection was the main driver of the fund’s underperformance versus the index. Selections in the hospital, state general obligation (GO) bond and transportation sectors detracted and overwhelmed positive results in the special tax, local GO bond and charter school sectors.

Our sector allocation decisions also detracted from performance. Out-of-index positions in corporate munis and continuing care retirement communities and an overweight position versus the index in charter schools weighed on performance. Underweight positions in local GO and public power bonds also hindered results. Meanwhile, out-of-index positions in the hospital and tobacco sectors and an underweight in special tax bonds aided relative results, but not enough to offset the detractors.

Anticipating a more challenging economic environment, we began reducing the fund’s exposure to credit risk in late 2021. This effort pushed the fund’s exposure to out-of-index high-yield munis from approximately 17% on August 31, 2021, to approximately 10% a year later.

Duration Strategy Boosted Results

Our duration positioning had a positive influence on relative performance. Given our expectations for rates to rise throughout the period, we maintained a shorter-than-index duration. This positioning aided results as Fed tightening and surging inflation drove rates higher.






8

Portfolio Positioning

Looking ahead, we believe investors’ adjustments to the hawkish Fed, inflation uncertainties and geopolitical unrest will continue to roil fixed-income markets. Yet, we also believe the markets have largely accounted for significant rate increases from the Fed. We believe investor flows into muni funds will remain volatile until total returns stabilize. Eventually, attractive tax-exempt yields and moderating volatility should provide a tailwind to investor demand.

While seeking to manage the anticipated market volatility, we plan to maintain a short to neutral duration posture. Additionally, we plan to focus new positions on higher-quality issuers and sectors. These may include securities in the hospital, gas-prepaid, development district, higher education and retirement community sectors. Prudent security selection will guide our efforts among lower-rated issuers and sectors. As always, fundamental credit research drives our investment decisions.
9

Fund Characteristics
AUGUST 31, 2022
Diversified Municipal Bond ETF
Types of Investments in Portfolio % of net assets
Municipal Securities 97.2%
Short-Term Investments 2.6%
Other Assets and Liabilities 0.2%
Top Five States and Territories % of net assets
California 11.0%
New York 10.2%
Texas 8.9%
Florida 7.4%
Illinois 5.5%
Top Five Sectors % of fund investments
Special Tax 15%
General Obligation (GO) - Local 12%
Water & Sewer 10%
General Obligation (GO) - State 10%
Hospital 10%
10

Performance
Emerging Markets Bond ETF (AEMB)
Total Returns as of August 31, 2022 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -20.60% -17.19% 6/29/2021
Market Price -20.99% -17.56% 6/29/2021
JP Morgan EMBI Global Diversified Index -20.82% -17.02% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made June 29, 2021
chart-0aee9888021f4897818a.jpg
Value on August 31, 2022
Net Asset Value — $8,015
JP Morgan EMBI Global Diversified Index — $8,035

Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
11

Portfolio Commentary

Portfolio Managers: John Lovito, Thomas Youn and Rajat Ahuja

Effective May 13, 2022, Rajat Ahuja joined the fund’s portfolio management team, and Alessandra Alecci left the team.

Fund Strategy

American Century Emerging Markets Bond ETF seeks to offer enhanced yield potential versus passive capitalization-weighted emerging markets bond portfolios. The fund employs a holistic approach, emphasizing sovereign credits, while dynamically allocating a portion of the portfolio to corporate securities. The fund integrates fundamental research, quantitative analysis and qualitative assessments. This process considers multiple inputs, such as macroeconomic factors and issuer analysis, in a systematically managed portfolio that includes investment-grade and high-yield securities. The fund strives to mitigate foreign securities risk, emerging markets risk, currency risk and sovereign debt risk, while seeking to balance interest rate risk and credit risk.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specific index. To determine whether to buy or sell a security, we consider several factors, including fund requirements and standards, economic conditions, alternative investments, interest rates and various credit metrics.

Performance Review

The fund returned -20.99% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -20.60%. For the same time period, the JP Morgan EMBI Global Diversified Index, the fund’s benchmark index, returned -20.82%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Widespread Turbulence Hampered Results

Mounting market unrest had a material impact on the financial markets and the fund during most of the reporting period. Volatility began brewing in early 2022, as the Federal Reserve (Fed) pivoted to hawkish policy amid surging inflation. Market turbulence escalated in February, as Russia’s invasion of Ukraine triggered a sharp sell-off among global risk assets, including emerging markets bonds.

Soaring inflation, increasingly aggressive central bank tightening, ongoing geopolitical tensions and heightened volatility persisted through period-end. The resulting risk-off spiral weighed on performance across global fixed-income markets.

Managing Riskiest Sovereign Exposure Buffered Losses

Our use of credit default swaps to hedge exposure to Russian sovereign debt helped cushion the market volatility in the wake of Russia’s invasion of Ukraine. However, our corporate exposure in Russia and Ukraine hampered results. We exited our Russian holdings in March, ahead of Russia’s removal from the major emerging markets indices.

We also exited our positions in Ukrainian corporates prior to the invasion. By late spring, we reentered the Ukraine market, purchasing attractively priced sovereign securities on expectations for the war to conclude fairly quickly. Despite the lingering conflict, we continued to hold the securities through August, given their appealing purchase price.

Also, in response to broader non-U.S. risk aversion, we exited positions in select sovereigns at opportune times. For example, we cut exposure to several troubled spots, including Sri Lanka and Lebanon. We also successfully exited an oil and gas corporate holding in Ghana.

12

Portfolio Positioning

In our view, meaningful improvement in emerging markets debt hinges on U.S. inflation and interest rates stabilizing and growth in China improving. If the Fed is unable to manage a soft landing and recession fears escalate, emerging markets debt may continue to struggle as risk appetites further deteriorate. Meanwhile, unless China revises its zero-COVID-19 policy, we expect resulting shutdowns and manufacturing weakness to curb global growth and dampen demand for commodities.

Given these challenges, de-risking remains an overall theme. We expect to reduce the portfolio’s exposure to lower-quality securities, while moving into higher-quality sovereigns and quasi-sovereigns. For example, we are considering investments in Middle Eastern commodity-related securities, which generally are higher-rated bonds.

In addition, Central American sovereigns and corporates remain attractive, including select positions in Panama, Guatemala and the Dominican Republic. We are avoiding potential political hot spots in the region, particularly those facing upcoming elections or other turbulence.

On a sector basis, we continue to modestly overweight the oil and gas and metals and mining sectors, focusing on higher-rated issues. We also favor defensive sectors, such as utilities and telecommunications.
13

Fund Characteristics

AUGUST 31, 2022
Emerging Markets Bond ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 48.2%
Sovereign Governments and Agencies 35.4%
U.S. Treasury Securities 5.4%
Preferred Stocks 2.1%
Short-Term Investments 8.2%
Other Assets and Liabilities 0.7%
14

Performance
Multisector Income ETF (MUSI)
Total Returns as of August 31, 2022 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -9.60% -7.66% 6/29/2021
Market Price -9.83% -7.83% 6/29/2021
Bloomberg U.S. Aggregate Bond Index -11.52% -9.13% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made June 29, 2021
chart-176c7597d4844b6dbbba.jpg
Value on August 31, 2022
Net Asset Value — $9,108
Bloomberg U.S. Aggregate Bond Index — $8,938
Total Annual Fund Operating Expenses
0.35%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
15

Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath and Jeffrey Houston

Fund Strategy

American Century Multisector Income ETF seeks to balance interest rate and credit risk in pursuit of attractive income and total return. The fund strives for less interest rate sensitivity than typical core or core plus bond portfolios. Portfolio managers tactically adjust sector exposures and credit quality in an effort to enhance yield and reduce risk.

The fund may invest in U.S. and non-U.S. bond markets, including investment-grade corporate, high-yield corporate, emerging markets debt and securitized credit. Portfolio managers have the flexibility to invest up to 65% in below investment-grade securities to assist in generating income. The portfolio managers apply fundamental, bottom-up research along with environmental, social and governance factors to select securities. Comprehensive risk measurement, modeling and attribution analysis help set position sizing and provide risk-management guidance.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specific index. To determine whether to buy or sell a security, we consider several factors, including fund requirements and standards, economic conditions, alternative investments, interest rates and various credit metrics.

Performance Review

The fund returned -9.83% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -9.60%. For the same time period, the Bloomberg U.S. Aggregate Bond Index, the fund’s benchmark index, returned -11.52%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Performance in the fixed-income market downshifted swiftly in early 2022 amid escalating volatility. Inflation, which had steadily climbed through 2021, proved persistent as it soared to multidecade highs. Russia’s invasion of Ukraine in February contributed to the mounting market volatility and risk-off sentiment. In March, the Federal Reserve (Fed) adopted an increasingly aggressive rate-hike campaign that drove Treasury yields sharply higher and credit spreads wider through period-end.

Duration Strategy Aided Relative Results

Against this challenging backdrop, credit-sensitive fixed-income sectors declined sharply for the 12-month period. Within the fund, our efforts to limit exposure to interest rate risk aided performance versus the index. Our shorter-than-benchmark duration was the main driver of the fund’s outperformance. Additionally, we significantly boosted exposure to U.S. Treasury securities from approximately 1% to nearly 19%, which helped curb losses.

Securitized Positioning Provided a Relative Lift to Performance

In terms of sector exposure, our positioning in the securitized sector aided results compared with the index. Overall, we shifted away from securitized securities with BBB credit ratings and into those with A and AA ratings. For example, asset-backed securities offered attractive valuations, in our view, providing an opportunity to add higher-quality securitized exposure to the portfolio. Meanwhile, we reduced exposure to higher-risk collateralized loan obligations.

Among investment-grade corporates, our positions in finance companies, banks and real estate investment trusts (REITs) were notable detractors. We began reducing exposure to aircraft and other leasing companies and REITs in early 2022 amid mounting geopolitical and economic risks. Elsewhere in the investment-grade corporate sector, positions in the chemicals industry aided relative results.

16

High-Yield, Emerging Markets Debt Weighed on Results

Out-of-index positions in high-yield and emerging markets debt securities were among the largest detractors from performance. Consistent with our strategy of reducing overall portfolio risk, we sharply decreased exposure to these allocations during the period. We sharply cut the high-yield corporate allocation, while boosting investment-grade corporate exposure. Exposure to emerging markets debt dropped from 18% to 5%, mostly due to valuation concerns among sovereigns.

High-yield bonds in the banking, gaming, media and entertainment and REITs segments were notable underperformers. Positions in bank loans and high-yield corporates in the pharmaceuticals and consumer products sectors fared better. Additionally, we hedged our high-yield exposure with credit default swaps, which helped lessen the allocation’s losses.

Among emerging markets, holdings in Brazil, Chile and Mexico were among the largest detractors. Brighter spots included select holdings in Peru and Kazakhstan.

Portfolio Positioning

Although we believe the markets have largely priced in the Fed’s remaining rate hikes, we don’t expect market volatility to quickly subside. The Fed faces a difficult task as it attempts to tame inflation without triggering an extended economic downturn. We believe investors’ responses to this uncertain economic and inflation backdrop will continue to generate volatility.

We anticipate further widening in credit spreads. Corporations are facing growing pressure from high inflation, supply chain challenges and rising input costs, which likely will pressure earnings in the near term. These factors along with a hawkish Fed, a weakening economy and persistent geopolitical tensions likely will push spreads wider.

We are maintaining a nimble and opportunistic approach, with an eye toward defense. In addition to our holdings in U.S. Treasuries, we maintain significant liquidity that should provide the flexibility to add risk exposure as near-term market dislocations emerge. High inflation and slowing consumer demand are keeping us more patient in the high-yield arena. We’re awaiting better entry points but still believe select high-yield holdings should be well positioned once the credit environment improves. We do not expect to meaningfully boost the portfolio’s position in emerging markets bonds until global inflation data temper and China’s economy gathers some momentum.
17

Fund Characteristics

AUGUST 31, 2022
Multisector Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 38.7%
U.S. Treasury Securities 18.4%
Asset-Backed Securities 13.5%
U.S. Government Agency Mortgage-Backed Securities 6.7%
Commercial Mortgage-Backed Securities 5.5%
Collateralized Mortgage Obligations 5.3%
Collateralized Loan Obligations 5.2%
Preferred Stocks 4.2%
Bank Loan Obligations 1.3%
Sovereign Governments and Agencies 1.1%
Short-Term Investments 4.6%
Other Assets and Liabilities (4.5)%
18

Performance
Select High Yield ETF (AHYB)
Total Returns as of August 31, 2022 Since Inception Inception Date
Net Asset Value -10.04% 11/16/2021
Market Price -10.51% 11/16/2021
ICE BofA U.S. High Yield Constrained (BB-B) Index -10.12% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made November 16, 2021
chart-6772e5af62674ba3930a.jpg
Value on August 31, 2022
Net Asset Value — $8,996
ICE BofA U.S. High Yield Constrained (BB-B) Index — $8,988

Total Annual Fund Operating Expenses
0.45%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.









Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
19

Portfolio Commentary

Investment Advisor: American Century Investment Management, Inc.

Subadvisor: Nomura Corporate Research and Asset Management Inc.

Portfolio Managers: David Crall, Amy Yu Chang, Stephen Kotsen, Derek Leung and Rene Casis

Fund Strategy

American Century Select High Yield ETF, sub-advised by Nomura Corporate Research and Asset Management, seeks to deliver high current income and risk-adjusted returns. The fund offers investors an opportunity to capture attractive yield and capital appreciation potential from high-yield corporate bonds with BB and B credit ratings. Bonds with these ratings generally have higher credit-quality characteristics and less relative risk than lower-rated high-yield bonds.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specific index. To determine whether to buy or sell a security, we consider several factors, including fund requirements and standards, economic conditions, credit quality and valuation.

Performance Review

The fund returned -10.51%* on a market price basis for the period from inception on November 16, 2021, through August 31, 2022. On a net asset value (NAV) basis, the fund returned -10.04%. For the same time period, the ICE BofA U.S. High Yield Constrained (BB-B) Index, the fund’s benchmark index, returned -10.12%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Tighter Monetary Policy Negatively Influenced Interest Rates and Risk Appetites

A challenging market backdrop persisted during the reporting period, pressuring high-yield bonds and other risk assets. Rising interest rates largely drove the high-yield sell-off in the first quarter of 2022, while widening credit spreads pressured performance in the second quarter. The market’s focus shifted to gauging how persistently high inflation, geopolitical risks, a vigorous Federal Reserve (Fed) tightening cycle and recession worries affected high-yield issuers’ finances. High-yield bonds rallied in July after an aggressive sell-off in June, but uncertainty about growth and inflation continued to drive elevated market volatility.

Sector Positioning Boosted Performance

We positioned the portfolio to benefit from continued reopening after the pandemic-related economic disruption. Overweight positions versus the index to energy and travel and leisure issuers, such as cruise lines and entertainment, contributed to performance. Underweights to pandemic winners, such as the health care, retail and consumer goods sectors, also added value.

The portfolio’s overweight to basic industry issuers dragged down performance, as investors braced for slower economic activity later in 2022. An underweight position to the automobiles sector also detracted from performance. The industry benefited from pent-up demand for cars, and it largely managed to navigate supply chain challenges.

From a ratings perspective, the fund’s overweight to B-rated bonds added value, but there was little difference in performance between bonds with B and BB credit ratings in the reporting period. The
fund’s small allocation to CCC-rated issuers negatively affected performance. Meanwhile, a modest portfolio underweight to duration provided a performance tailwind in the rising interest rate environment.



*Total returns for periods less than one year are not annualized.
20

Slower Inflation, Slower Growth Outlook

Looking forward, we continue to believe U.S. inflation will decline in the coming months. Commodity prices have fallen, the semiconductor shortage and other bottlenecks are easing, and housing, technology and other frothy sectors are slowing down.

Accordingly, we are hopeful the U.S. is approaching peak hawkishness from the Fed. The combination of slower inflation and slower growth may enable policymakers to pause their rate-hike campaign in late 2022 or early 2023.

At the same time, we believe the U.S. will experience either slow growth or a mild recession. We believe the economy can avoid worse outcomes if sectors such as energy, travel and automobiles continue to grow. We expect high-yield defaults to stay below historical averages, and we believe the BB and B segments offer attractive return/risk ratios.
21

Fund Characteristics
AUGUST 31, 2022
Select High Yield ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 94.8%
Preferred Stocks 0.6%
Short-Term Investments 9.9%
Other Assets and Liabilities (5.3)%
22

Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2022 to August 31, 2022.

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

23

Beginning
Account Value
3/1/22		 Ending
Account Value
8/31/22
Expenses Paid
During Period(1)
3/1/22 - 8/31/22
Annualized
Expense Ratio(1)
Diversified Corporate Bond ETF
Actual $1,000 $935.30 $1.41 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
Diversified Municipal Bond ETF
Actual $1,000 $941.90 $1.42 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
Emerging Markets Bond ETF
Actual $1,000 $879.50 $1.85 0.39%
Hypothetical $1,000 $1,023.24 $1.99 0.39%
Multisector Income ETF
Actual $1,000 $940.30 $1.71 0.35%
Hypothetical $1,000 $1,023.44 $1.79 0.35%
Select High Yield ETF
Actual $1,000 $924.80 $2.18 0.45%
Hypothetical $1,000 $1,022.94 $2.29 0.45%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
24

Schedules of Investments

AUGUST 31, 2022
Diversified Corporate Bond ETF
Principal Amount Value
CORPORATE BONDS — 95.3%
Aerospace and Defense — 0.8%
Boeing Co., 2.20%, 2/4/26 $ 284,000  $ 259,996 
Raytheon Technologies Corp., 2.25%, 7/1/30 1,000,000  855,617 
1,115,613 
Air Freight and Logistics — 0.3%
GXO Logistics, Inc., 2.65%, 7/15/31 492,000  374,172 
Airlines — 0.6%
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)
 245,000  234,191 
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 727,544  693,703 
927,894 
Automobiles — 2.4%
General Motors Financial Co., Inc., 5.10%, 1/17/24 750,000  756,776 
General Motors Financial Co., Inc., 1.20%, 10/15/24 1,000,000  935,260 
General Motors Financial Co., Inc., 3.80%, 4/7/25(2)
 400,000  390,172 
Toyota Motor Credit Corp., 3.95%, 6/30/25 1,350,000  1,348,922 
3,431,130 
Banks — 21.9%
Banco Santander SA, 5.29%, 8/18/27 285,000  279,108 
Bank of America Corp., VRN, 3.38%, 4/2/26 145,000  139,975 
Bank of America Corp., VRN, 1.32%, 6/19/26 2,250,000  2,047,827 
Bank of America Corp., VRN, 2.55%, 2/4/28 1,080,000  979,753 
Bank of America Corp., VRN, 4.57%, 4/27/33 2,040,000  1,949,696 
Bank of America Corp., VRN, 2.48%, 9/21/36 105,000  81,464 
Bank of Ireland Group PLC, VRN, 2.03%, 9/30/27(1)
 600,000  517,154 
BPCE SA, 4.50%, 3/15/25(1)
 692,000  671,705 
Canadian Imperial Bank of Commerce, 3.30%, 4/7/25 925,000  901,463 
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25 320,000  316,075 
Citigroup, Inc., VRN, 3.07%, 2/24/28 1,681,000  1,555,251 
Citigroup, Inc., VRN, 3.52%, 10/27/28 1,731,000  1,607,607 
Citigroup, Inc., VRN, 3.79%, 3/17/33 135,000  121,460 
Discover Bank, 2.45%, 9/12/24 380,000  365,112 
Discover Bank, VRN, 4.68%, 8/9/28 775,000  750,093 
Fifth Third Bancorp, VRN, 4.06%, 4/25/28(2)
 443,000  432,055 
First-Citizens Bank & Trust Co., VRN, 3.93%, 6/19/24 515,000  510,159 
First-Citizens Bank & Trust Co., VRN, 2.97%, 9/27/25 605,000  578,006 
FNB Corp., 5.15%, 8/25/25 334,000  334,331 
HSBC Holdings PLC, VRN, 1.16%, 11/22/24 518,000  494,708 
HSBC Holdings PLC, VRN, 4.76%, 6/9/28 2,000,000  1,929,792 
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28 875,000  855,657 
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27 1,141,000  1,005,167 
JPMorgan Chase & Co., VRN, 3.78%, 2/1/28 1,200,000  1,151,325 
JPMorgan Chase & Co., VRN, 2.95%, 2/24/28 930,000  863,719 
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 921,000  788,020 
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 940,000  795,968 
Mitsubishi UFJ Financial Group, Inc., VRN, 4.79%, 7/18/25 390,000  391,395 
25

Diversified Corporate Bond ETF
Principal Amount Value
National Australia Bank Ltd., 2.33%, 8/21/30(1)
 $ 835,000  $ 664,056 
NatWest Group PLC, VRN, 5.52%, 9/30/28 1,045,000  1,046,319 
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33 112,000  106,169 
Royal Bank of Canada, 3.97%, 7/26/24 725,000  722,990 
Societe Generale SA, VRN, 2.23%, 1/21/26(1)
 1,070,000  990,036 
Synchrony Bank, 5.40%, 8/22/25 1,110,000  1,108,842 
Toronto-Dominion Bank, 4.46%, 6/8/32 163,000  159,953 
Truist Financial Corp., VRN, 4.12%, 6/6/28 650,000  637,589 
UniCredit SpA, 7.83%, 12/4/23(1)
 475,000  485,583 
UniCredit SpA, VRN, 2.57%, 9/22/26(1)
 500,000  437,677 
US Bancorp, VRN, 2.49%, 11/3/36 928,000  749,479 
Wells Fargo & Co., VRN, 4.54%, 8/15/26 261,000  259,339 
Wells Fargo & Co., VRN, 3.35%, 3/2/33 1,945,000  1,699,589 
31,481,666 
Beverages — 1.0%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/26 1,237,000  1,216,458 
PepsiCo, Inc., 3.60%, 2/18/28 250,000  245,556 
1,462,014 
Biotechnology — 0.9%
AbbVie, Inc., 3.20%, 11/21/29 500,000  457,062 
Amgen, Inc., 4.05%, 8/18/29 450,000  438,043 
CSL Finance PLC, 3.85%, 4/27/27(1)
 416,000  410,471 
1,305,576 
Capital Markets — 8.6%
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26 238,000  201,606 
Bank of New York Mellon Corp., VRN, 4.41%, 7/24/26 380,000  381,873 
Deutsche Bank AG, VRN, 3.96%, 11/26/25 850,000  815,149 
Deutsche Bank AG, VRN, 2.31%, 11/16/27 163,000  138,553 
Deutsche Bank AG, VRN, 4.30%, 5/24/28 759,000  694,330 
FS KKR Capital Corp., 4.25%, 2/14/25(1)
 116,000  110,342 
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25 1,628,000  1,565,230 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 1,042,000  925,928 
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 1,034,000  968,791 
Hercules Capital, Inc., 2.625%, 9/16/26 511,000  430,365 
Intercontinental Exchange, Inc., 4.35%, 6/15/29 135,000  133,323 
Morgan Stanley, VRN, 1.16%, 10/21/25 533,000  495,054 
Morgan Stanley, VRN, 2.63%, 2/18/26 1,026,000  975,672 
Morgan Stanley, VRN, 2.70%, 1/22/31 660,000  571,548 
Morgan Stanley, VRN, 4.89%, 7/20/33 2,250,000  2,242,270 
Owl Rock Capital Corp., 3.40%, 7/15/26 414,000  370,590 
OWL Rock Core Income Corp., 3.125%, 9/23/26 251,000  218,608 
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(1)
 75,000  74,308 
State Street Corp., VRN, 4.16%, 8/4/33 362,000  349,904 
UBS Group AG, VRN, 4.70%, 8/5/27(1)
 259,000  254,362 
UBS Group AG, VRN, 4.75%, 5/12/28(1)
 73,000  71,650 
UBS Group AG, VRN, 2.75%, 2/11/33(1)
 430,000  344,891 
12,334,347 
Chemicals — 0.4%
Sherwin-Williams Co., 4.25%, 8/8/25 556,000  555,916 
Commercial Services and Supplies — 0.7%
Republic Services, Inc., 2.90%, 7/1/26(2)
 1,000,000  952,109 
26

Diversified Corporate Bond ETF
Principal Amount Value
Construction and Engineering — 0.4%
Quanta Services, Inc., 2.35%, 1/15/32 $ 650,000  $ 514,085 
Construction Materials — 0.7%
Eagle Materials, Inc., 2.50%, 7/1/31 911,000  714,180 
Martin Marietta Materials, Inc., 2.40%, 7/15/31 290,000  239,333 
953,513 
Consumer Finance — 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28 229,000  194,815 
American Express Co., 3.95%, 8/1/25 702,000  695,911 
BOC Aviation USA Corp., 1.625%, 4/29/24(1)
 510,000  484,327 
Capital One Financial Corp., VRN, 4.99%, 7/24/26 93,000  92,914 
1,467,967 
Containers and Packaging — 0.6%
Berry Global, Inc., 0.95%, 2/15/24 518,000  490,738 
Sonoco Products Co., 2.25%, 2/1/27 481,000  437,411 
928,149 
Diversified Financial Services — 1.7%
Antares Holdings LP, 2.75%, 1/15/27(1)
 255,000  211,712 
Antares Holdings LP, 3.75%, 7/15/27(1)
 405,000  339,211 
Corebridge Financial, Inc., 3.65%, 4/5/27(1)
 700,000  658,557 
Corebridge Financial, Inc., 3.85%, 4/5/29(1)
 157,000  144,697 
Corebridge Financial, Inc., VRN, 6.875%, 12/15/52(1)
 410,000  396,719 
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 700,000  662,679 
2,413,575 
Diversified Telecommunication Services — 2.6%
AT&T, Inc., 4.10%, 2/15/28 1,000,000  977,033 
AT&T, Inc., 4.35%, 3/1/29 1,085,000  1,059,383 
Verizon Communications, Inc., 4.02%, 12/3/29 1,840,000  1,767,221 
3,803,637 
Electric Utilities — 4.9%
Duke Energy Carolinas LLC, 2.55%, 4/15/31 1,245,000  1,092,236 
Duke Energy Corp., 2.55%, 6/15/31 850,000  710,639 
Exelon Corp., 2.75%, 3/15/27(1)
 1,040,000  972,571 
Jersey Central Power & Light Co., 4.30%, 1/15/26(1)
 500,000  491,004 
MidAmerican Energy Co., 3.65%, 4/15/29 1,200,000  1,164,700 
NextEra Energy Capital Holdings, Inc., 5.00%, 7/15/32(2)
 788,000  803,132 
NRG Energy, Inc., 2.00%, 12/2/25(1)
 538,000  488,572 
Public Service Electric and Gas Co., 3.10%, 3/15/32(2)
 338,000  309,664 
Southern Co. Gas Capital Corp., 1.75%, 1/15/31 719,000  572,132 
Vistra Operations Co. LLC, 5.125%, 5/13/25(1)
 500,000  498,023 
7,102,673 
Electronic Equipment, Instruments and Components — 0.8%
Teledyne Technologies, Inc., 0.95%, 4/1/24 1,233,000  1,166,330 
Energy Equipment and Services — 0.2%
Helmerich & Payne, Inc., 2.90%, 9/29/31 400,000  338,464 
Entertainment — 1.0%
Magallanes, Inc., 3.79%, 3/15/25(1)
 370,000  356,823 
Magallanes, Inc., 3.76%, 3/15/27(1)
 633,000  591,567 
Take-Two Interactive Software, Inc., 3.55%, 4/14/25 520,000  508,123 
1,456,513 
27

Diversified Corporate Bond ETF
Principal Amount Value
Equity Real Estate Investment Trusts (REITs) — 4.0%
American Tower Corp., 3.65%, 3/15/27 $ 135,000  $ 128,562 
American Tower Corp., 3.95%, 3/15/29 945,000  886,630 
Broadstone Net Lease LLC, 2.60%, 9/15/31 359,000  282,850 
Camden Property Trust, 4.10%, 10/15/28 500,000  487,916 
EPR Properties, 4.75%, 12/15/26 720,000  678,578 
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 1,093,000  1,075,460 
Mid-America Apartments LP, 4.20%, 6/15/28 480,000  465,467 
National Retail Properties, Inc., 4.30%, 10/15/28 680,000  651,234 
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31 218,000  167,557 
VICI Properties LP, 4.375%, 5/15/25 500,000  488,882 
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)
 482,000  424,478 
5,737,614 
Food and Staples Retailing — 1.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1)(2)
 505,000  500,619 
Sysco Corp., 3.30%, 7/15/26 1,414,000  1,369,626 
1,870,245 
Food Products — 0.3%
Mondelez International, Inc., 2.625%, 3/17/27 475,000  443,268 
Gas Utilities — 0.7%
Southern California Gas Co., 2.95%, 4/15/27 990,000  943,803 
Health Care Equipment and Supplies — 1.6%
Baxter International, Inc., 2.54%, 2/1/32 600,000  496,256 
Becton Dickinson & Co., 4.30%, 8/22/32 112,000  108,883 
Cigna Corp., 4.375%, 10/15/28 850,000  837,706 
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24 900,000  846,190 
2,289,035 
Health Care Providers and Services — 2.9%
Centene Corp., 4.25%, 12/15/27 342,000  325,269 
CVS Health Corp., 4.30%, 3/25/28(2)
 420,000  415,445 
HCA, Inc., 4.125%, 6/15/29 550,000  506,980 
Humana, Inc., 3.70%, 3/23/29 1,000,000  945,592 
Roche Holdings, Inc., 2.31%, 3/10/27(1)
 600,000  559,110 
UnitedHealth Group, Inc., 2.30%, 5/15/31 700,000  599,062 
Universal Health Services, Inc., 1.65%, 9/1/26(1)
 908,000  785,033 
4,136,491 
Hotels, Restaurants and Leisure — 0.3%
Marriott International, Inc., 4.625%, 6/15/30 468,000  447,637 
Household Durables — 0.3%
Safehold Operating Partnership LP, 2.85%, 1/15/32 468,000  371,033 
Insurance — 3.5%
Athene Global Funding, 3.21%, 3/8/27(1)
 453,000  412,046 
Equitable Financial Life Global Funding, 1.30%, 7/12/26(1)(2)
 1,457,000  1,293,877 
Hartford Financial Services Group, Inc., 2.80%, 8/19/29 520,000  461,130 
Protective Life Global Funding, 1.17%, 7/15/25(1)
 1,400,000  1,278,250 
RGA Global Funding, 2.70%, 1/18/29(1)
 775,000  678,728 
Sammons Financial Group, Inc., 4.75%, 4/8/32(1)
 182,000  159,994 
SBL Holdings, Inc., 5.125%, 11/13/26(1)
 782,000  745,966 
5,029,991 
28

Diversified Corporate Bond ETF
Principal Amount Value
Interactive Media and Services — 0.2%
Meta Platforms, Inc., 3.50%, 8/15/27(1)
 $ 365,000  $ 353,803 
IT Services — 1.2%
Fidelity National Information Services, Inc., 4.70%, 7/15/27 500,000  499,138 
Global Payments, Inc., 3.75%, 6/1/23 761,000  760,149 
International Business Machines Corp., 4.00%, 7/27/25 500,000  499,323 
1,758,610 
Machinery — 1.2%
Parker-Hannifin Corp., 4.25%, 9/15/27 1,000,000  990,279 
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28 767,000  744,665 
1,734,944 
Media — 1.3%
DISH DBS Corp., 5.25%, 12/1/26(1)
 430,000  355,825 
Paramount Global, 3.375%, 2/15/28(2)
 337,000  315,007 
Paramount Global, 4.95%, 1/15/31 440,000  417,193 
WPP Finance 2010, 3.75%, 9/19/24 780,000  768,643 
1,856,668 
Metals and Mining — 0.5%
Freeport-McMoRan, Inc., 4.625%, 8/1/30(2)
 211,000  195,629 
Glencore Funding LLC, 2.625%, 9/23/31(1)
 413,000  328,754 
South32 Treasury Ltd., 4.35%, 4/14/32(1)
 275,000  250,600 
774,983 
Multi-Utilities — 3.7%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1)
 400,000  360,250 
Ameren Corp., 1.75%, 3/15/28 750,000  644,161 
Ameren Corp., 3.50%, 1/15/31 356,000  325,963 
Ameren Illinois Co., 3.85%, 9/1/32 233,000  223,984 
Dominion Energy, Inc., 4.35%, 8/15/32 1,000,000  965,449 
DTE Energy Co., 2.85%, 10/1/26 650,000  610,982 
DTE Energy Co., VRN, 4.22%, 11/1/24 438,000  436,401 
NiSource, Inc., 3.49%, 5/15/27 644,000  616,698 
WEC Energy Group, Inc., 1.375%, 10/15/27 1,314,000  1,136,240 
5,320,128 
Oil, Gas and Consumable Fuels — 6.2%
BP Capital Markets America, Inc., 3.94%, 9/21/28 502,000  490,661 
Cenovus Energy, Inc., 2.65%, 1/15/32 300,000  246,467 
Continental Resources, Inc., 2.27%, 11/15/26(1)
 376,000  332,205 
Continental Resources, Inc., 2.875%, 4/1/32(1)
 259,000  202,490 
Enbridge, Inc., 1.60%, 10/4/26 1,401,000  1,247,167 
Energy Transfer LP, 3.60%, 2/1/23 558,000  557,368 
Energy Transfer LP, 5.50%, 6/1/27 500,000  505,589 
Energy Transfer LP, 5.25%, 4/15/29 946,000  923,665 
Hess Corp., 3.50%, 7/15/24(2)
 346,000  340,964 
HF Sinclair Corp., 2.625%, 10/1/23(1)
 425,000  412,473 
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 559,000  574,859 
Shell International Finance BV, 2.375%, 11/7/29 1,000,000  883,167 
Southwestern Energy Co., 5.375%, 3/15/30 803,000  753,744 
Williams Cos., Inc., 4.55%, 6/24/24 1,480,000  1,484,095 
8,954,914 
Paper and Forest Products — 0.7%
Georgia-Pacific LLC, 3.60%, 3/1/25(1)
 1,000,000  985,179 
29

Diversified Corporate Bond ETF
Principal Amount Value
Personal Products — 0.3%
GSK Consumer Healthcare Capital UK PLC, 3.125%, 3/24/25(1)
 $ 481,000  $ 463,716 
Pharmaceuticals — 2.4%
Merck & Co., Inc., 1.70%, 6/10/27 460,000  417,629 
Pfizer, Inc., 1.70%, 5/28/30 400,000  338,705 
Royalty Pharma PLC, 1.20%, 9/2/25 1,019,000  927,018 
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 690,000  648,767 
Viatris, Inc., 1.65%, 6/22/25 600,000  547,278 
Zoetis, Inc., 2.00%, 5/15/30 650,000  547,019 
3,426,416 
Real Estate Management and Development — 0.2%
Essential Properties LP, 2.95%, 7/15/31 342,000  263,226 
Road and Rail — 2.1%
Ashtead Capital, Inc., 5.50%, 8/11/32(1)
 100,000  98,239 
Canadian National Railway Co., 3.85%, 8/5/32 500,000  484,514 
CSX Corp., 4.10%, 11/15/32 400,000  386,844 
DAE Funding LLC, 1.55%, 8/1/24(1)
 436,000  407,840 
DAE Funding LLC, 2.625%, 3/20/25(1)
 527,000  494,935 
Triton Container International Ltd., 1.15%, 6/7/24(1)
 1,225,000  1,143,099 
3,015,471 
Semiconductors and Semiconductor Equipment — 2.1%
Broadcom, Inc., 4.00%, 4/15/29(1)
 825,000  764,832 
Intel Corp., 3.75%, 8/5/27(2)
 730,000  717,333 
Microchip Technology, Inc., 4.25%, 9/1/25 1,270,000  1,257,096 
Qorvo, Inc., 4.375%, 10/15/29 241,000  213,055 
2,952,316 
Software — 0.5%
Oracle Corp., 2.95%, 11/15/24 750,000  728,991 
Specialty Retail — 1.8%
Dick's Sporting Goods, Inc., 3.15%, 1/15/32 555,000  440,143 
Home Depot, Inc., 2.70%, 4/15/25 192,000  187,772 
Lowe's Cos., Inc., 3.35%, 4/1/27 1,037,000  1,000,570 
Lowe's Cos., Inc., 2.625%, 4/1/31 510,000  437,753 
O'Reilly Automotive, Inc., 4.70%, 6/15/32 600,000  594,970 
2,661,208 
Technology Hardware, Storage and Peripherals — 1.4%
Apple, Inc., 3.25%, 8/8/29 595,000  569,416 
Apple, Inc., 1.70%, 8/5/31 855,000  722,881 
Dell International LLC / EMC Corp., 6.02%, 6/15/26 680,000  706,627 
1,998,924 
Thrifts and Mortgage Finance — 0.4%
Nationwide Building Society, 4.85%, 7/27/27(1)
 516,000  512,712 
Trading Companies and Distributors — 0.6%
Aircastle Ltd., 4.125%, 5/1/24 526,000  513,147 
Aircastle Ltd., 5.25%, 8/11/25(1)
 335,000  322,456 
835,603 
Water Utilities — 0.5%
American Water Capital Corp., 4.45%, 6/1/32 750,000  744,979 
Wireless Telecommunication Services — 1.6%
Sprint Corp., 7.625%, 2/15/25 830,000  869,432 
T-Mobile USA, Inc., 4.75%, 2/1/28 552,000  540,667 
30

Diversified Corporate Bond ETF
Principal Amount/Shares Value
T-Mobile USA, Inc., 3.375%, 4/15/29 $ 980,000  $ 884,078 
2,294,177 
TOTAL CORPORATE BONDS
(Cost $145,508,726)
 136,991,428 
U.S. TREASURY SECURITIES — 2.1%
U.S. Treasury Notes, 1.875%, 2/28/29 540,000  495,071 
U.S. Treasury Notes, 2.875%, 6/15/25 2,500,000  2,458,789 
TOTAL U.S. TREASURY SECURITIES
(Cost $2,993,680)
 2,953,860 
MUNICIPAL SECURITIES — 0.3%
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34
(Cost $517,791)		 515,000  441,073 
SHORT-TERM INVESTMENTS — 4.3%


Money Market Funds — 4.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 3,338,275  3,338,275 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
2,858,788  2,858,788 
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,197,063)
 6,197,063 
TOTAL INVESTMENT SECURITIES — 102.0%
(Cost $155,217,260)

146,583,424 
OTHER ASSETS AND LIABILITIES — (2.0)%

(2,898,675)
TOTAL NET ASSETS — 100.0%

$ 143,684,749 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration
Date		 Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes 51 December 2022 $ 5,962,219  $ (10,857)
U.S. Treasury 2-Year Notes 46 December 2022 9,583,094  (4,925)
$ 15,545,313  $ (15,782)
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration
Date		 Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes 65 December 2022 $ 7,203,321  $ 6,647 
U.S. Treasury Long Bonds 4 December 2022 543,375  775 
U.S. Treasury 10-Year Ultra Notes 22 December 2022 2,754,125  7,223 
$ 10,500,821  $ 14,645 
^Amount represents value and unrealized appreciation (depreciation).

31

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity Type
Fixed Rate
Received
(Paid)
Quarterly
 Termination
Date
Notional
Amount
Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
 Value^
Markit CDX North America High Yield Index Series 38 Buy (5.00)% 6/20/27 $ 2,871,000  $ 15,028  $ (8,801) $ 6,227 
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

NOTES TO SCHEDULE OF INVESTMENTS
CDX - Credit Derivatives Indexes
VRN - Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $25,527,718, which represented 17.8% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,774,845. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,858,788.


See Notes to Financial Statements.
32

AUGUST 31, 2022
Diversified Municipal Bond ETF
Principal Amount Value
MUNICIPAL SECURITIES — 97.2%


Alabama — 1.4%
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) $ 535,000  $ 540,480 
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) 250,000  252,625 
Black Belt Energy Gas District Rev., VRN, 4.00%, 7/1/52 (LIQ FAC: Royal Bank of Canada) 415,000  421,383 
Black Belt Energy Gas District Rev., VRN, 2.02%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.) 500,000  476,405 
Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) 500,000  531,399 
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.) 455,000  460,398 
Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs & Co.) 1,000,000  1,047,433 
3,730,123 
Arizona — 3.9%
Arizona Board of Regents Rev., (Arizona State University), 5.00%, 7/1/36 250,000  283,783 
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29 160,000  167,053 
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), 5.00%, 1/1/25 585,000  617,073 
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 1.92%, (MUNIPSA plus 0.25%), 1/1/46 155,000  153,402 
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 190,088  183,862 
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1)
 250,000  250,727 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 5.50%, 7/1/31(1)
 150,000  141,275 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50(1)
 300,000  319,473 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(1)
 100,000  90,986 
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1)
 200,000  176,281 
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) 400,000  435,071 
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(1)
 750,000  652,773 
Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/27 1,000,000  1,118,559 
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1)
 325,000  325,160 
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 155,000  159,889 
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(1)
 620,000  526,781 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/27 75,000  77,812 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 75,000  78,274 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31(1)
 500,000  439,788 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1)
 200,000  203,575 
Pima County Sewer System Rev., 5.00%, 7/1/30 600,000  676,489 
33

Diversified Municipal Bond ETF
Principal Amount Value
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 $ 910,000  $ 1,019,485 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 250,000  275,079 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 755,000  824,502 
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) 175,000  184,792 
Scottsdale GO, 4.00%, 7/1/31 500,000  545,095 
State of Arizona COP, 5.00%, 9/1/25(2)
 580,000  620,286 
State of Arizona COP, 5.00%, 9/1/25 240,000  257,532 
10,804,857 
California — 11.0%
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/30 (BAM) 535,000  601,390 
Bay Area Toll Authority Rev., 4.00%, 4/1/29 275,000  291,982 
Bay Area Toll Authority Rev., VRN, 2.12%, (MUNIPSA plus 0.45%), 4/1/56 250,000  245,890 
California Community Choice Financing Authority Rev., VRN, 2.12%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) 1,755,000  1,648,237 
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 500,000  517,654 
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(3)
 100,000  18,379 
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50 100,000  101,300 
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/48 850,000  895,528 
California Housing Finance Rev., 4.00%, 3/20/33 383,208  380,069 
California Housing Finance Rev., 4.25%, 1/15/35 477,729  479,373 
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 2.02%, (MUNIPSA plus 0.35%), 8/1/47 250,000  246,802 
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 2.37%, (MUNIPSA plus 0.70%), 12/1/50 1,000,000  987,402 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(1)
 50,000  52,686 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(1)
 110,000  115,905 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(1)
 175,000  180,859 
California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/37 475,000  491,238 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(1)
 265,000  242,366 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/25(1)
 260,000  265,039 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/26(1)
 405,000  413,007 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34 185,000  190,548 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24 250,000  256,889 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1)
 240,000  244,606 
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29 250,000  275,463 
34

Diversified Municipal Bond ETF
Principal Amount Value
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40 $ 245,000  $ 226,549 
City & County of San Francisco COP, 4.00%, 4/1/45 475,000  460,624 
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(1)
 500,000  446,588 
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(1)
 350,000  258,051 
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(1)
 750,000  500,973 
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(1)
 300,000  246,190 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(1)
 290,000  218,570 
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/38 700,000  820,281 
Eastern Municipal Water District Rev., VRN, 1.77%, (MUNIPSA plus 0.10%), 7/1/46 750,000  743,592 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 500,000  534,849 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25 155,000  150,764 
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33 250,000  249,259 
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25, Prerefunded at 100% of Par(2)
 1,000,000  1,070,222 
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(1)
 570,000  564,599 
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(1)
 215,000  226,859 
Irvine Special Assessment, (Irvine Reassessment District No. 15-1), 5.00%, 9/2/25 700,000  748,665 
Los Angeles Department of Airports Rev., 5.00%, 5/15/45 500,000  543,355 
Los Angeles Department of Airports Rev., 5.00%, 5/15/47 905,000  932,721 
Metropolitan Water District of Southern California Rev., VRN, 1.81%, (MUNIPSA plus 0.14%), 7/1/37 200,000  199,412 
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1)
 100,000  106,402 
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/35 1,000,000  1,046,389 
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/27 1,020,000  1,113,094 
Orange County Airport Rev., 5.00%, 7/1/24 130,000  135,493 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45 415,000  429,085 
Orange County Transportation Authority Rev., 5.00%, 10/15/24 1,715,000  1,810,286 
Palomar Health GO, 5.00%, 8/1/27 545,000  588,404 
Peralta Community College District GO, 5.00%, 8/1/25 550,000  587,821 
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31 315,000  316,326 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24 1,000,000  1,035,300 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38 400,000  422,178 
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35 600,000  642,956 
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) 630,000  677,207 
35

Diversified Municipal Bond ETF
Principal Amount Value
State of California GO, 5.00%, 10/1/23 $ 725,000  $ 746,279 
State of California GO, 5.00%, 8/1/34 245,000  265,094 
State of California GO, 5.00%, 4/1/35 1,000,000  1,116,222 
State of California GO, 5.00%, 4/1/42 250,000  270,181 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39 280,000  293,039 
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 14-1), 5.00%, 9/1/29 150,000  157,155 
Woodside Fire Protection District COP, 4.00%, 5/1/41 445,000  450,322 
30,493,968 
Colorado — 4.1%
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/1/23 1,000,000  1,033,077 
Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44 1,220,000  1,151,845 
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40 515,000  488,375 
City & County of Denver Airport System Rev., 5.50%, 11/15/42 750,000  822,850 
Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/49 100,000  109,274 
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 500,000  456,782 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 100,000  100,701 
Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62 1,500,000  1,656,227 
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 380,000  360,497 
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38 210,000  207,344 
Crystal Valley Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM) 500,000  485,382 
Denver City & County School District No. 1 GO, 5.00%, 12/1/24 1,500,000  1,587,165 
Denver Urban Renewal Authority Tax Allocation, (9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39(1)
 100,000  102,552 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/30 250,000  270,405 
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/32 600,000  645,936 
Regional Transportation District Rev., (Denver Transit Partners LLC), 4.00%, 7/15/34 500,000  493,438 
State of Colorado COP, 6.00%, 12/15/41 615,000  748,926 
Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM) 220,000  238,034 
Village Metropolitan District GO, 5.00%, 12/1/49 500,000  502,246 
11,461,056 
Connecticut — 2.4%
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 3.25%, 1/1/27(1)
 450,000  437,383 
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45 1,000,000  1,046,156 
State of Connecticut GO, 5.00%, 11/15/31 365,000  391,015 
State of Connecticut GO, 4.00%, 1/15/34 1,000,000  1,034,233 
State of Connecticut GO, 5.00%, 6/15/34 680,000  707,124 
State of Connecticut GO, 4.00%, 6/1/36 1,000,000  1,008,286 
State of Connecticut Special Tax Rev., 5.00%, 5/1/29 1,145,000  1,307,246 
Town of Greenwich GO, 5.00%, 1/15/26 725,000  787,847 
6,719,290 
36

Diversified Municipal Bond ETF
Principal Amount Value
Delaware — 0.3%
Delaware Transportation Authority Rev., 5.00%, 7/1/24 $ 750,000  $ 785,535 
District of Columbia — 1.5%
District of Columbia GO, 5.00%, 2/1/41 520,000  579,034 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 10/1/26 660,000  725,236 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 7/1/47 750,000  834,107 
District of Columbia Rev., (Plenary Infrastructure LLC), 5.00%, 2/28/25 1,000,000  1,038,313 
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39 535,000  569,147 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/28 390,000  442,046 
4,187,883 
Florida — 7.4%
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), 5.00%, 12/1/44 350,000  358,974 
Broward County Port Facilities Rev., 5.00%, 9/1/40 1,000,000  1,054,661 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40 925,000  1,014,312 
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/45 880,000  853,016 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 300,000  314,062 
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM) 750,000  848,250 
Florida Development Finance Corp. Rev., 3.00%, 7/1/31(1)
 260,000  229,730 
Florida Development Finance Corp. Rev., 5.00%, 6/15/35 250,000  258,698 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23 115,000  113,609 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24 105,000  103,585 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25 110,000  107,312 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26 110,000  106,240 
Florida Development Finance Corp. Rev., (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), 5.00%, 6/15/47 800,000  814,493 
Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AGM) 1,050,000  1,187,253 
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 180,000  191,960 
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27 375,000  406,775 
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1)
 550,000  548,749 
Miami-Dade County Aviation Rev., 5.00%, 10/1/38 500,000  518,132 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35 175,000  178,703 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/44 1,000,000  928,632 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44 1,390,000  1,489,429 
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/30 800,000  885,644 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 105,000  108,669 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 375,000  380,608 
37

Diversified Municipal Bond ETF
Principal Amount Value
Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27 $ 750,000  $ 669,369 
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26 650,000  611,001 
South Florida Water Management District COP, 5.00%, 10/1/36 560,000  599,472 
State of Florida GO, 5.00%, 6/1/23 1,700,000  1,734,266 
State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/23 600,000  613,082 
Tampa Water & Wastewater System Rev., 5.00%, 10/1/41 1,000,000  1,125,151 
Village Community Development District No. 14 Special Assessment, 5.50%, 5/1/53 1,000,000  1,042,421 
Wildwood Utility Dependent District Rev., 5.00%, 10/1/41 (BAM) 900,000  987,730 
20,383,988 
Georgia — 4.0%
Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/40 1,000,000  957,942 
Atlanta Water & Wastewater Rev., 4.00%, 11/1/37 1,345,000  1,358,794 
Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/52 1,000,000  921,226 
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(1)
 475,000  424,351 
Georgia Ports Authority Rev., 5.25%, 7/1/52 500,000  555,377 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets) 500,000  498,793 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada) 600,000  609,700 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 9/1/52 (GA: Citigroup, Inc.) 1,190,000  1,178,630 
Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/52 (GA: Citigroup, Inc.) 1,190,000  1,250,121 
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 575,000  532,344 
State of Georgia GO, 5.00%, 8/1/23 1,000,000  1,024,351 
State of Georgia GO, 5.00%, 7/1/29 1,465,000  1,699,131 
11,010,760 
Hawaii — 0.7%
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32 250,000  257,369 
City & County of Honolulu GO, 5.00%, 3/1/29 675,000  774,121 
City & County of Honolulu GO, 5.25%, 7/1/44 760,000  876,194 
1,907,684 
Idaho — 0.1%
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46 365,000  341,675 
Illinois — 5.5%
Chicago GO, 5.00%, 1/1/26 275,000  290,345 
Chicago GO, 5.50%, 1/1/49 100,000  105,393 
Chicago Board of Education GO, 5.00%, 12/1/34 280,000  290,993 
Chicago Board of Education GO, 5.00%, 12/1/42 60,000  59,693 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/26(4)
 1,000,000  1,055,912 
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR)(NATL-RE) 135,000  151,013 
Cook County Sales Tax Rev., 5.25%, 11/15/45 725,000  797,155 
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), VRN, 5.00%, 8/15/53 525,000  599,618 
Illinois Finance Authority Rev., (NorthShore University HealthSystem Obligated Group), 5.00%, 8/15/47 1,000,000  1,064,290 
38

Diversified Municipal Bond ETF
Principal Amount Value
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 2.37%, (MUNIPSA plus 0.70%), 5/1/42 $ 250,000  $ 242,197 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 1/1/33 1,000,000  1,044,525 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/33 1,175,000  1,326,088 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 465,000  532,059 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 400,000  421,928 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46 1,150,000  1,234,048 
Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/24 345,000  354,487 
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM) 200,000  210,915 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28 605,000  662,541 
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM) 325,000  357,857 
Northern Illinois University Rev., 4.00%, 4/1/35 (BAM) 250,000  243,692 
Peoria City School District No. 150 GO, 4.00%, 1/1/26 840,000  876,175 
State of Illinois GO, 5.00%, 10/1/25 175,000  183,249 
State of Illinois GO, 5.00%, 11/1/29 280,000  297,491 
State of Illinois GO, 5.00%, 10/1/30 625,000  667,733 
State of Illinois GO, 5.00%, 10/1/33 200,000  210,533 
State of Illinois GO, 5.50%, 5/1/39 220,000  239,017 
State of Illinois GO, 5.50%, 3/1/42 1,250,000  1,373,107 
State of Illinois GO, 5.75%, 5/1/45 225,000  245,941 
15,137,995 
Indiana — 0.4%
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26 500,000  534,673 
Purdue University Rev., 5.00%, 7/1/26 640,000  668,680 
1,203,353 
Iowa — 1.1%
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/44 500,000  555,592 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 400,000  375,758 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 2.15%, 5/15/56 500,000  466,934 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/39 850,000  834,305 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49 645,000  611,439 
Iowa Tobacco Settlement Authority Rev., 0.00%, 6/1/65(3)
 500,000  61,316 
2,905,344 
Kansas — 0.5%
Kansas Development Finance Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/54 700,000  792,428 
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36 130,000  102,714 
State of Kansas Department of Transportation Rev., 5.00%, 9/1/29 340,000  363,210 
1,258,352 
Kentucky — 1.4%
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30 370,000  404,291 
Kentucky Bond Development Corp. Rev., 5.00%, 9/1/38 250,000  272,079 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41 100,000  102,460 
39

Diversified Municipal Bond ETF
Principal Amount Value
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) $ 300,000  $ 302,313 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) 440,000  443,858 
Kentucky Public Energy Authority Rev., VRN, 2.73%, 8/1/52 (GA: Morgan Stanley) 1,000,000  939,985 
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 4.00%, 11/1/38 500,000  504,958 
Kentucky State University COP, 4.00%, 11/1/41 (BAM) 250,000  244,748 
Kentucky State University COP, 4.00%, 11/1/46 (BAM) 750,000  717,943 
3,932,635 
Louisiana — 0.3%
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(2)
 520,000  551,880 
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 100,000  100,676 
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM) 250,000  262,916 
915,472 
Maryland — 2.1%
Baltimore Rev., 5.00%, 6/1/51(1)(4)
 400,000  403,114 
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 200,000  200,395 
Baltimore County COP, 5.00%, 3/1/28 375,000  422,257 
Brunswick Special Tax, 5.00%, 7/1/36 100,000  103,059 
Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 400,000  412,659 
Maryland Economic Development Corp. Tax Allocation, (City of Baltimore Port Covington Development District), 4.00%, 9/1/50 1,000,000  852,858 
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51 500,000  453,904 
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25 500,000  531,129 
State of Maryland GO, 5.00%, 8/1/27 320,000  358,892 
State of Maryland GO, 5.00%, 6/1/31 1,640,000  1,943,864 
5,682,131 
Massachusetts — 3.2%
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/43 1,190,000  1,315,179 
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/51 1,000,000  1,085,909 
Massachusetts GO, 5.00%, 5/1/25 345,000  368,062 
Massachusetts GO, 4.00%, 9/1/36 400,000  405,933 
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/41 910,000  1,003,027 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles Inc Obligated Group), 5.00%, 10/1/37(1)
 150,000  157,647 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(1)
 100,000  102,447 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44 890,000  924,845 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM) 375,000  354,488 
Massachusetts Port Authority Rev., 5.00%, 7/1/41 800,000  861,454 
Massachusetts School Building Authority Rev., 5.00%, 8/15/45 730,000  808,701 
Massachusetts State College Building Authority Rev., 5.00%, 5/1/31 500,000  582,056 
Massachusetts State College Building Authority Rev., 5.00%, 5/1/32 250,000  293,420 
40

Diversified Municipal Bond ETF
Principal Amount Value
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32 $ 460,000  $ 514,051 
8,777,219 
Michigan — 1.5%
Detroit GO, 5.00%, 4/1/25 50,000  52,031 
Detroit GO, 5.00%, 4/1/36 550,000  568,387 
Detroit GO, 5.00%, 4/1/37 250,000  257,396 
Detroit Downtown Development Authority Tax Allocation, (Development Area No. 1), 5.00%, 7/1/23 (AGM) 350,000  356,816 
Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/27 1,335,000  1,476,513 
Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42 395,000  382,837 
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/32 500,000  547,905 
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/24, Prerefunded at 100% of Par(1)(2)
 100,000  107,016 
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44(1)
 100,000  101,601 
Michigan State Hospital Finance Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/24 355,000  374,509 
4,225,011 
Minnesota — 0.1%
Minneapolis MN/St Paul Housing & Redevelopment Authority Rev., (Allina Health Obligated Group), 5.00%, 11/15/24 370,000  390,109 
Mississippi — 0.2%
State of Mississippi GO, 5.00%, 9/1/26 500,000  549,355 
Missouri — 1.1%
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/27 200,000  219,112 
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/28 150,000  166,458 
Kansas City GO, 5.00%, 2/1/24 625,000  647,183 
Kansas City Industrial Development Authority Rev., (Kansas City Airport Rev.), 5.00%, 3/1/46 1,000,000  1,027,283 
Kansas City Industrial Development Authority Rev., (Kansas City), 5.00%, 3/1/37 600,000  628,484 
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26 300,000  323,816 
3,012,336 
Nebraska — 0.1%
Omaha Public Power District Rev., 5.00%, 2/1/23 200,000  202,201 
Nevada — 1.7%
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31 250,000  242,994 
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49 200,000  201,059 
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23 150,000  148,114 
Las Vegas Valley Water District GO, 5.00%, 6/1/38 1,340,000  1,430,654 
Sparks Rev., 2.50%, 6/15/24(1)
 90,000  87,481 
State of Nevada GO, 5.00%, 8/1/30 1,530,000  1,752,312 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/28 255,000  277,531 
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33 375,000  392,916 
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25 200,000  201,991 
4,735,052 
41

Diversified Municipal Bond ETF
Principal Amount Value
New Hampshire — 0.6%
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 $ 288,969  $ 282,106 
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27 500,000  500,569 
New Hampshire Business Finance Authority Rev., (Waste Management, Inc.), VRN, 2.05%, (MUNIPSA plus 0.38%), 10/1/33 (GA: Waste Management Holdings) 1,000,000  971,983 
1,754,658 
New Jersey — 3.4%
New Jersey Economic Development Authority Rev., 5.50%, 12/15/26, Prerefunded at 100% of Par(2)
 260,000  292,653 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 9/1/24 (Ambac) 1,000,000  1,053,155 
New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 625,000  744,015 
New Jersey Transportation Trust Fund Authority Rev., 5.50%, 12/15/22 430,000  433,871 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 715,000  771,003 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28 455,000  497,330 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28 375,000  411,455 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32 400,000  429,661 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33 260,000  277,870 
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/38 620,000  599,390 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48 150,000  160,186 
Newark Board of Education GO, 5.00%, 7/15/33 (BAM) 900,000  1,019,519 
State of New Jersey GO, 4.00%, 6/1/31 690,000  736,905 
State of New Jersey GO, 4.00%, 6/1/32 500,000  534,148 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29 125,000  135,842 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30 180,000  194,631 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 280,000  282,204 
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46 750,000  785,112 
9,358,950 
New Mexico — 0.6%
New Mexico Finance Authority Rev., (New Mexico Finance Authority Public Project Revolving Fund), 5.00%, 6/1/24 1,000,000  1,044,979 
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 100,000  99,169 
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada) 500,000  526,110 
1,670,258 
New York — 10.2%
Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 5.25%, 11/1/25 130,000  136,007 
Metropolitan Transportation Authority Rev., 5.00%, 2/1/23 350,000  352,795 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 750,000  796,182 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 110,000  114,758 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 560,000  584,224 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38 255,000  265,393 
42

Diversified Municipal Bond ETF
Principal Amount Value
Metropolitan Transportation Authority Rev., VRN, 2.33%, 11/1/32 (AGM) $ 250,000  $ 237,501 
Nassau County Interim Finance Authority Rev., 4.00%, 11/15/35 500,000  527,699 
New York City GO, 5.00%, 8/1/23 365,000  373,821 
New York City GO, 5.00%, 8/1/27 320,000  356,533 
New York City GO, 5.25%, 5/1/41 150,000  166,876 
New York City GO, 5.00%, 8/1/43 500,000  537,214 
New York City GO, 4.00%, 8/1/44 1,000,000  958,092 
New York City GO, 4.00%, 9/1/46(4)
 250,000  239,080 
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/28 (AGM) 300,000  327,456 
New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/27 110,000  118,947 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/25 750,000  774,876 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/39 815,000  855,883 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/49 390,000  418,683 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26(4)
 1,000,000  1,097,218 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/36 200,000  223,883 
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.) 175,000  200,884 
New York Power Authority Rev., 5.00%, 11/15/27 (AGM) 1,000,000  1,125,062 
New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM) 670,000  758,716 
New York State Dormitory Authority Rev., (Fordham University), 5.00%, 7/1/25 710,000  751,694 
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/51 550,000  597,674 
New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 1,000,000  930,879 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 500,000  495,730 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40 750,000  728,705 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/26 1,100,000  1,194,774 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/27 815,000  903,655 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/24 500,000  522,963 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/39 850,000  967,999 
New York State Thruway Authority Rev., 5.00%, 1/1/27 405,000  416,780 
New York State Thruway Authority Rev., 5.00%, 1/1/29 915,000  960,497 
New York State Thruway Authority Rev., 4.00%, 1/1/38 700,000  683,360 
New York State Thruway Authority Rev., 4.00%, 1/1/45 520,000  491,456 
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/44 750,000  718,981 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38 400,000  435,811 
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group) 130,000  121,316 
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 10/31/46 500,000  435,952 
43

Diversified Municipal Bond ETF
Principal Amount Value
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41 $ 170,000  $ 157,786 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/42 640,000  662,681 
New York Transportation Development Corp. Rev., (Laguardia Gateway Partners LLC), 4.00%, 7/1/36 (AGM) 685,000  685,534 
Town of Oyster Bay GO, 5.00%, 8/1/25 (AGM) 545,000  583,746 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 255,000  286,095 
Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax Rev.), VRN, 5.00%, 5/15/50 1,115,000  1,193,639 
Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/39 1,000,000  1,119,896 
Westchester County Local Development Corp. Rev., (Purchase Senior Learning Community Obligated Group), 2.875%, 7/1/26(1)
 455,000  426,654 
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 100,000  99,313 
28,121,353 
North Carolina — 1.7%
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46 715,000  657,932 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 50,000  47,719 
State of North Carolina Rev., 5.00%, 5/1/25 315,000  336,562 
State of North Carolina Rev., 5.00%, 3/1/33 345,000  383,640 
State of North Carolina Rev., (Highway Trust Fund), 5.00%, 5/1/25 1,000,000  1,068,451 
Wake County GO, 5.00%, 3/1/26 340,000  369,945 
Wake County GO, 5.00%, 2/1/27 1,000,000  1,110,029 
Wake County Rev., 5.00%, 3/1/26 750,000  815,267 
4,789,545 
Ohio — 2.6%
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/47 1,000,000  956,938 
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 300,000  268,894 
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 485,000  461,952 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40 450,000  446,529 
Columbus GO, 5.00%, 4/1/32 500,000  562,056 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 360,000  367,585 
Miami University/Oxford Rev., 5.00%, 9/1/36 570,000  642,149 
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37 170,000  171,065 
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 100,000  101,414 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/46 500,000  552,925 
State of Ohio GO, 5.00%, 5/1/40 660,000  738,072 
State of Ohio GO, 5.00%, 6/15/41 275,000  307,179 
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39 700,000  678,210 
Wright State University Rev., 4.00%, 5/1/23 (BAM) 400,000  404,133 
Wright State University Rev., 4.00%, 5/1/24 (BAM) 430,000  440,428 
7,099,529 
44

Diversified Municipal Bond ETF
Principal Amount Value
Oklahoma — 0.5%
Oklahoma Capitol Improvement Authority Rev., (Oklahoma Department of Transportation), 4.00%, 7/1/38 $ 850,000  $ 861,333 
Oklahoma Water Resources Board Rev., 4.00%, 4/1/37 620,000  631,006 
1,492,339 
Oregon — 0.4%
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 250,000  244,625 
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 100,000  96,656 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26 35,000  36,115 
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29 50,000  53,226 
Oregon Health & Science University Rev., (Obligated Group), 4.00%, 7/1/41 200,000  196,265 
State of Oregon GO, 5.00%, 5/1/26 505,000  550,908 
1,177,795 
Pennsylvania — 2.7%
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28 150,000  138,634 
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40 300,000  239,086 
Commonwealth Financing Authority Rev., 5.00%, 6/1/24 1,625,000  1,684,770 
Commonwealth Financing Authority Rev., 5.00%, 6/1/25 290,000  306,238 
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26 15,000  16,020 
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/31 1,200,000  1,267,621 
Geisinger Authority Rev., (Geisinger Health System Obligated Group), 5.00%, 2/15/32 150,000  160,481 
Pennsylvania GO, 5.00%, 1/1/24 690,000  714,017 
Pennsylvania GO, 5.00%, 7/15/29 845,000  967,390 
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM) 290,000  326,504 
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 340,000  350,533 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/45 1,000,000  1,070,416 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46 300,000  310,634 
7,552,344 
South Carolina — 0.4%
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 100,000  96,726 
Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/37 325,000  377,308 
Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.75%, 11/1/36(1)
 270,000  217,147 
South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/48 500,000  535,176 
1,226,357 
Tennessee — 0.8%
Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, (South Nashville Central Business Improvement District), Capital Appreciation, 0.00%, 6/1/43(1)(3)
 4,000,000  1,308,240 
Metropolitan Government of Nashville & Davidson County Water & Sewer Rev., 4.00%, 7/1/46 225,000  215,933 
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25 150,000  155,378 
45

Diversified Municipal Bond ETF
Principal Amount Value
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1)
 $ 225,000  $ 232,036 
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.) 355,000  358,745 
2,270,332 
Texas — 8.9%
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) 425,000  439,425 
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/25 (PSF-GTD) 170,000  175,142 
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/26 (PSF-GTD) 280,000  290,769 
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD) 400,000  455,452 
Austin Airport System Rev., 5.00%, 11/15/41 1,000,000  1,061,974 
Bexar County GO, 4.00%, 6/15/25, Prerefunded at 100% of Par(2)
 950,000  990,586 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23, Prerefunded at 100% of Par(2)
 600,000  605,411 
Central Texas Regional Mobility Authority Rev., 4.00%, 1/1/51 1,000,000  905,045 
Central Texas Turnpike System Rev., 5.00%, 8/15/42 245,000  250,468 
Clear Creek Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) 750,000  812,397 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/38 (PSF-GTD) 520,000  550,734 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/42 (PSF-GTD) 465,000  453,763 
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 50,000  51,886 
Corpus Christi Utility System Rev., 5.00%, 7/15/33 400,000  444,928 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/34 290,000  326,541 
El Paso Water & Sewer Rev., 4.00%, 3/1/40 1,000,000  986,264 
Fort Bend Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) 1,000,000  1,058,571 
Frisco Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) 780,000  844,893 
Frisco Independent School District GO, 5.00%, 8/15/32 (PSF-GTD) 1,000,000  1,130,722 
Houston GO, 5.00%, 3/1/29 340,000  386,654 
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 200,000  164,914 
Katy Independent School District GO, 5.00%, 2/15/28 (PSF-GTD) 350,000  393,996 
Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26 1,755,000  1,926,156 
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(2)
 240,000  264,699 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26 585,000  604,270 
North Texas Tollway Authority Rev., 4.00%, 1/1/35 595,000  605,186 
San Antonio Water System Rev., 4.00%, 5/15/34 275,000  287,371 
State of Texas GO, 5.00%, 8/1/40 815,000  860,226 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/42 665,000  644,222 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/47 250,000  235,524 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24 945,000  979,566 
46

Diversified Municipal Bond ETF
Principal Amount Value
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.) $ 250,000  $ 262,570 
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/39 1,300,000  1,236,220 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/25 850,000  916,071 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/43 750,000  749,180 
Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 5.00%, 8/1/41 1,000,000  1,123,417 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/32 1,000,000  1,180,685 
24,655,898 
Utah — 1.6%
Intermountain Power Agency Rev., 5.00%, 7/1/27 500,000  556,426 
State of Utah GO, 5.00%, 7/1/26 415,000  455,141 
State of Utah GO, 5.00%, 7/1/28 585,000  667,418 
UIPA Crossroads Public Infrastructure District Tax Allocation, (AJL Project Area), 4.375%, 6/1/52(1)
 750,000  654,752 
University of Utah Rev., 5.00%, 8/1/46 755,000  832,492 
Utah State University Rev., 4.00%, 12/1/42 (AGM) 890,000  858,996 
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/40 (AGM) 160,000  161,033 
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/41 (AGM) 175,000  175,699 
4,361,957 
Virginia — 1.1%
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/27 330,000  365,559 
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 4.00%, 5/15/42 670,000  650,177 
Fairfax County Sewer Rev., 5.00%, 7/15/46 1,000,000  1,121,519 
Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/37 825,000  801,385 
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1)
 200,000  190,598 
3,129,238 
Washington — 4.1%
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/37 500,000  566,862 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39 525,000  577,908 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 1,080,000  1,196,831 
King County School District No. 411 Issaquah GO, 4.00%, 12/1/33 (SCH BD GTY) 680,000  719,949 
Port of Seattle Rev., 5.00%, 4/1/36 630,000  665,554 
Port of Seattle Rev., 5.50%, 8/1/47 1,000,000  1,102,562 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/42 1,125,000  1,266,052 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/52 1,000,000  1,097,347 
Seattle Municipal Light & Power Rev., VRN, 1.92%, (MUNIPSA plus 0.25%), 5/1/45 200,000  196,240 
State of Washington GO, 5.00%, 2/1/29 420,000  473,318 
State of Washington GO, 5.00%, 6/1/36 850,000  951,096 
State of Washington GO, 5.00%, 8/1/39 300,000  317,163 
State of Washington GO, 5.00%, 6/1/41 750,000  823,348 
47

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 $ 300,000  $ 315,730 
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33 650,000  650,884 
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1)
 300,000  270,560 
11,191,404 
Wisconsin — 1.6%
Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41 100,000  106,067 
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41 250,000  258,861 
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1)
 75,000  75,032 
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) 150,000  148,798 
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM) 600,000  636,785 
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) 75,000  80,257 
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52(1)
 250,000  201,403 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61(1)
 225,000  190,654 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61(1)
 215,000  180,250 
Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41 505,000  456,037 
State of Wisconsin GO, 4.00%, 5/1/39 750,000  766,925 
Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 1.85%, (MUNIPSA plus 0.18%), 8/15/54 1,000,000  973,383 
Wisconsin Health & Educational Facilities Authority Rev., (Chiara Communities, Inc.), 5.00%, 7/1/43 200,000  203,330 
4,277,782 
TOTAL MUNICIPAL SECURITIES
(Cost $283,132,766)
 268,883,123 
SHORT-TERM INVESTMENTS — 2.6%


Money Market Funds — 2.6%
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class
(Cost $7,119,348)
 7,119,587  7,119,587 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $290,252,114)

276,002,710 
OTHER ASSETS AND LIABILITIES — 0.2%

443,554 
TOTAL NET ASSETS — 100.0%

$ 276,446,264 

48

Diversified Municipal Bond ETF
NOTES TO SCHEDULE OF INVESTMENTS
AGM - Assured Guaranty Municipal Corporation
AGM-CR - Assured Guaranty Municipal Corporation - Custodian Receipts
BAM - Build America Mutual Assurance Company
COP - Certificates of Participation
GA - Guaranty Agreement
GO - General Obligation
LIQ FAC - Liquidity Facilities
MUNIPSA - SIFMA Municipal Swap Index
NATL-RE - National Public Finance Guarantee Corporation - Reinsured
PSF-GTD - Permanent School Fund Guaranteed
SCH BD GTY - School Bond Guaranty
VRN - Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $13,858,916, which represented 5.0% of total net assets.
(2)Escrowed to maturity in U.S. government securities or state and local government securities.
(3)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.


See Notes to Financial Statements.
49

AUGUST 31, 2022
Emerging Markets Bond ETF
Principal Amount Value
CORPORATE BONDS — 48.2%
Brazil — 5.3%
B2W Digital Lux Sarl, 4.375%, 12/20/30(1)
 $ 200,000  $ 154,198 
Banco BTG Pactual SA, 5.50%, 1/31/23 200,000  199,983 
CSN Resources SA, 4.625%, 6/10/31(1)
 400,000  310,588 
Embraer Netherlands Finance BV, 6.95%, 1/17/28(1)
 200,000  199,752 
Guara Norte Sarl, 5.20%, 6/15/34(1)
 187,230  157,090 
GUSAP III LP, 4.25%, 1/21/30(1)
 250,000  233,675 
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1)
 200,000  167,499 
1,422,785 
Chile — 2.3%
Empresa Nacional de Telecomunicaciones SA, 4.75%, 8/1/26 100,000  98,666 
Kenbourne Invest SA, 4.70%, 1/22/28(1)
 400,000  322,368 
VTR Finance NV, 6.375%, 7/15/28(1)
 400,000  180,579 
601,613 
Colombia — 5.5%
Ecopetrol SA, 5.375%, 6/26/26 460,000  432,529 
Geopark Ltd., 5.50%, 1/17/27(1)
 400,000  348,024 
Millicom International Cellular SA, 4.50%, 4/27/31(1)(2)
 400,000  328,598 
Oleoducto Central SA, 4.00%, 7/14/27(1)
 400,000  347,441 
1,456,592 
Dominican Republic — 0.2%
Banco de Reservas de la Republica Dominicana, 7.00%, 2/1/23 50,000  50,329 
Guatemala — 2.0%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%, 4/27/29(1)
 400,000  371,690 
CT Trust, 5.125%, 2/3/32(1)
 200,000  172,903 
544,593 
India — 1.8%
Greenko Dutch BV, 3.85%, 3/29/26 194,000  164,900 
Greenko Mauritius Ltd., 6.25%, 2/21/23(1)
 100,000  97,750 
Reliance Industries Ltd., 2.875%, 1/12/32(1)
 250,000  212,111 
474,761 
Indonesia — 6.2%
Freeport Indonesia PT, 4.76%, 4/14/27(1)
 200,000  195,200 
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1)
 425,000  417,656 
Indonesia Asahan Aluminium Persero PT, 5.80%, 5/15/50 200,000  171,033 
Medco Bell Pte Ltd., 6.375%, 1/30/27(1)
 200,000  177,135 
Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, 5.45%, 5/21/28 425,000  436,175 
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 5.25%, 10/24/42 300,000  265,140 
1,662,339 
Israel — 2.5%
Energean Israel Finance Ltd., 4.50%, 3/30/24(1)
 675,000  651,025 
Leviathan Bond Ltd., 5.75%, 6/30/23(1)
 10,000  9,990 
661,015 
Jamaica — 0.7%
Digicel International Finance Ltd. / Digicel International Holdings Ltd., 8.75%, 5/25/24(1)
 200,000  191,845 
50

Emerging Markets Bond ETF
Principal Amount Value
Kazakhstan — 1.7%
KazMunayGas National Co. JSC, 4.75%, 4/19/27(1)
 $ 300,000  $ 277,956 
KazMunayGas National Co. JSC, 5.75%, 4/19/47 200,000  164,375 
442,331 
Luxembourg — 1.0%
EIG Pearl Holdings Sarl, 4.39%, 11/30/46(1)
 200,000  161,923 
Petrorio Luxembourg Trading Sarl, 6.125%, 6/9/26(1)
 100,000  93,621 
255,544 
Mexico — 7.2%
BBVA Bancomer SA, VRN, 5.125%, 1/18/33(1)
 200,000  178,626 
Braskem Idesa SAPI, 6.99%, 2/20/32(1)
 200,000  155,320 
Cemex SAB de CV, 5.20%, 9/17/30(1)
 200,000  181,793 
FEL Energy VI Sarl, 5.75%, 12/1/40(1)
 188,378  142,611 
Minera Mexico SA de CV, 4.50%, 1/26/50(1)
 140,000  109,953 
Petroleos Mexicanos, 3.50%, 1/30/23(2)
 650,000  645,320 
Petroleos Mexicanos, 6.49%, 1/23/27 400,000  353,097 
Petroleos Mexicanos, 6.50%, 6/2/41 250,000  159,963 
1,926,683 
Nigeria — 1.4%
IHS Netherlands Holdco BV, 8.00%, 9/18/27(1)
 400,000  368,364 
Panama — 1.3%
C&W Senior Financing DAC, 6.875%, 9/15/27(1)
 400,000  355,610 
Peru — 2.6%
Inkia Energy Ltd., 5.875%, 11/9/27 400,000  380,965 
Petroleos del Peru SA, 4.75%, 6/19/32 400,000  319,412 
700,377 
Qatar — 0.2%
Ooredoo International Finance Ltd., 4.50%, 1/31/43(1)
 50,000  50,562 
Saudi Arabia — 2.1%
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/23 200,000  200,171 
Saudi Arabian Oil Co., 4.25%, 4/16/39 400,000  374,110 
574,281 
South Africa — 0.6%
Sasol Financing USA LLC, 5.50%, 3/18/31 200,000  168,306 
Spain — 1.2%
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.375%, 12/30/30(1)
 440,000  308,000 
United Arab Emirates — 1.7%
DP World Crescent Ltd., 4.85%, 9/26/28 200,000  203,055 
Galaxy Pipeline Assets Bidco Ltd., 2.16%, 3/31/34(1)
 288,258  252,244 
455,299 
Zambia — 0.7%
First Quantum Minerals Ltd., 6.875%, 10/15/27(1)
 200,000  191,018 
TOTAL CORPORATE BONDS
(Cost $14,791,791)
 12,862,247 
SOVEREIGN GOVERNMENTS AND AGENCIES — 35.4%


Argentina — 0.7%
Argentine Republic Government International Bond, 1.50%, 7/9/35 870,000  196,725 
Bolivia — 0.6%
Bolivian Government International Bond, 4.50%, 3/20/28 200,000  161,100 
Brazil — 0.9%
Brazilian Government International Bond, 5.00%, 1/27/45 300,000  231,894 
51

Emerging Markets Bond ETF
Principal Amount Value
Chile — 1.4%
Chile Government International Bond, 2.55%, 1/27/32 $ 200,000  $ 167,154 
Chile Government International Bond, 4.34%, 3/7/42 200,000  172,045 
Chile Government International Bond, 4.00%, 1/31/52 50,000  39,510 
378,709 
Colombia — 0.8%
Colombia Government International Bond, 6.125%, 1/18/41 250,000  200,682 
Costa Rica — 0.7%
Costa Rica Government International Bond, 7.00%, 4/4/44 200,000  175,361 
Dominican Republic — 3.5%
Dominican Republic International Bond, 5.50%, 2/22/29(1)
 200,000  183,176 
Dominican Republic International Bond, 4.875%, 9/23/32 500,000  405,323 
Dominican Republic International Bond, 6.40%, 6/5/49 450,000  354,941 
943,440 
Ecuador — 1.2%
Ecuador Government International Bond, 5.50%, 7/31/30 200,000  106,685 
Ecuador Government International Bond, 2.50%, 7/31/35 550,000  213,020 
319,705 
Egypt — 2.0%
Egypt Government International Bond, 5.80%, 9/30/27 200,000  156,980 
Egypt Government International Bond, 7.05%, 1/15/32 550,000  386,948 
543,928 
El Salvador — 0.3%
El Salvador Government International Bond, 7.75%, 1/24/23 100,000  90,816 
Ghana — 0.3%
Ghana Government International Bond, 8.63%, 6/16/49 250,000  89,061 
Guatemala — 2.2%
Guatemala Government Bond, 5.25%, 8/10/29(1)
 200,000  195,877 
Guatemala Government Bond, 4.90%, 6/1/30 400,000  382,013 
577,890 
Indonesia — 1.9%
Indonesia Government International Bond, 8.50%, 10/12/35 400,000  517,233 
Ivory Coast — 0.9%
Ivory Coast Government International Bond, 5.75%, 12/31/32 270,840  243,800 
Jordan — 0.8%
Jordan Government International Bond, 7.75%, 1/15/28(1)
 200,000  198,650 
Mexico — 1.5%
Mexico Government International Bond, 4.75%, 4/27/32 225,000  219,028 
Mexico Government International Bond, 3.50%, 2/12/34 200,000  167,810 
386,838 
Nigeria — 0.6%
Nigeria Government International Bond, 7.875%, 2/16/32 200,000  144,911 
Oman — 1.7%
Oman Government International Bond, 6.75%, 1/17/48 500,000  448,275 
Pakistan — 0.5%
Pakistan Government International Bond, 8.25%, 9/30/25 200,000  137,031 
Panama — 3.3%
Panama Government International Bond, 4.50%, 4/16/50 1,100,000  875,047 
Paraguay — 2.9%
Paraguay Government International Bond, 5.00%, 4/15/26 592,000  593,500 
Paraguay Government International Bond, 6.10%, 8/11/44 200,000  186,874 
780,374 
52

Emerging Markets Bond ETF
Principal Amount/Shares Value
Saudi Arabia — 2.1%
Saudi Government International Bond, 4.625%, 10/4/47 $ 600,000  $ 567,515 
South Africa — 3.2%
Republic of South Africa Government International Bond, 5.875%, 9/16/25 500,000  508,050 
Republic of South Africa Government International Bond, 5.875%, 4/20/32 400,000  357,300 
865,350 
Turkey — 0.5%
Turkey Government International Bond, 6.625%, 2/17/45 200,000  135,960 
Ukraine — 0.9%
Ukraine Government International Bond, 7.25%, 3/15/35 1,600,000  228,667 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $11,210,645)
 9,438,962 
U.S. TREASURY SECURITIES — 5.4%


U.S. Treasury Notes, 2.50%, 3/31/27 550,000  529,719 
U.S. Treasury Notes, 1.375%, 11/15/31
 400,000  342,719 
U.S. Treasury Notes, 1.875%, 2/15/32(3)
 650,000  581,242 
TOTAL U.S. TREASURY SECURITIES
(Cost $1,532,253)
 1,453,680 
PREFERRED STOCKS — 2.1%


India — 1.3%
Network i2i Ltd., 3.98% 400,000  343,399 
Mexico — 0.8%
Banco Mercantil del Norte SA, 8.375%(1)
 220,000  213,980 
TOTAL PREFERRED STOCKS
(Cost $623,319)
 557,379 
SHORT-TERM INVESTMENTS — 8.2%


Money Market Funds — 8.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,934,277  1,934,277 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
 256,775  256,775 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,191,052)
 2,191,052 
TOTAL INVESTMENT SECURITIES — 99.3%
(Cost $30,349,060)

26,503,320 
OTHER ASSETS AND LIABILITIES — 0.7%

190,153 
TOTAL NET ASSETS — 100.0%

$ 26,693,473 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration
Date		 Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes 1 December 2022 $ 110,820  $ (123)
U.S. Treasury Long Bonds 1 December 2022 135,844  (534)
U.S. Treasury Ultra Bonds 12 December 2022 1,794,000  (3,398)
$ 2,040,664  $ (4,055)
^Amount represents value and unrealized appreciation (depreciation).
53

Emerging Markets Bond ETF
FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Ultra Notes 2 December 2022 $ 250,375  $ 965 
U.S. Treasury 2-Year Notes 10 December 2022 2,083,281  1,621 
$ 2,333,656  $ 2,586 
^Amount represents value and unrealized appreciation (depreciation).

CREDIT DEFAULT SWAP AGREEMENTS
Counterparty/
Reference Entity
Type
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
 Premiums Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Value^
Bank of America, N.A./ China Government International Bond Buy (1.00)% 6/20/27 $ 280,000  $ (3,547) $ (299) $ (3,847)
Barclays Bank PLC/ Brazilian Government International Bond Buy (1.00)% 6/20/27 $ 275,000  18,135  (184) 17,951 
Morgan Stanley/ Brazilian Government International Bond Buy (1.00)% 6/20/27 $ 640,000  32,054  9,706  41,760 
Morgan Stanley/ Mexico Government International Bond Buy (1.00)% 6/20/27 $ 430,000  1,893  8,794  10,687 
Morgan Stanley/ China Government International Bond Buy (1.00)% 6/20/27 $ 250,000  (2,150) (1,285) (3,434)
$ 46,385  $ 16,732  $ 63,117 
^The value for credit default swap agreements serves as an indicator of the current status of the payment/ performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

54

Emerging Markets Bond ETF
NOTES TO SCHEDULE OF INVESTMENTS
VRN - Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $8,866,401, which represented 33.2% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $248,687. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $226,237.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $256,775.


See Notes to Financial Statements.
55

AUGUST 31, 2022
Multisector Income ETF
Principal Amount Value
CORPORATE BONDS — 38.7%


Aerospace and Defense — 0.2%
TransDigm, Inc., 4.625%, 1/15/29 $ 205,000  $ 173,608 
Airlines — 1.4%
Allegiant Travel Co., 7.25%, 8/15/27(1)
 475,000  472,357 
American Airlines, Inc., 11.75%, 7/15/25(1)
 490,000  542,082 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
 205,000  195,295 
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 370,140  352,923 
1,562,657 
Automobiles — 0.8%
Ford Motor Co., 6.10%, 8/19/32(2)
 300,000  292,548 
Ford Motor Credit Co. LLC, 4.95%, 5/28/27 260,000  244,457 
General Motors Financial Co., Inc., 3.80%, 4/7/25 415,000  404,803 
941,808 
Banks — 3.6%
Banco Santander SA, 5.29%, 8/18/27 200,000  195,865 
Bank of America Corp., VRN, 4.57%, 4/27/33 135,000  129,024 
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25 420,000  414,848 
FNB Corp., 5.15%, 8/25/25 373,000  373,369 
HSBC Holdings PLC, VRN, 5.40%, 8/11/33 299,000  284,820 
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28 360,000  352,042 
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 78,000  66,738 
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 66,000  55,887 
Mitsubishi UFJ Financial Group, Inc., VRN, 4.79%, 7/18/25 320,000  321,145 
NatWest Group PLC, VRN, 5.52%, 9/30/28 475,000  475,600 
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33 213,000  201,911 
Societe Generale SA, VRN, 3.65%, 7/8/35(1)
 350,000  280,662 
Synchrony Bank, 5.40%, 8/22/25 580,000  579,395 
UniCredit SpA, VRN, 5.86%, 6/19/32(1)
 335,000  289,090 
Wells Fargo & Co., VRN, 4.54%, 8/15/26 80,000  79,491 
4,099,887 
Beverages — 0.2%
PepsiCo, Inc., 3.60%, 2/18/28 207,000  203,320 
Building Products — 0.6%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)
 590,000  523,699 
Standard Industries, Inc., 4.375%, 7/15/30(1)
 185,000  147,117 
670,816 
Capital Markets — 5.1%
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26 168,000  142,310 
Deutsche Bank AG, VRN, 4.30%, 5/24/28 300,000  274,439 
FS KKR Capital Corp., 4.25%, 2/14/25(1)
 761,000  723,879 
Goldman Sachs Group, Inc., VRN, 4.39%, 6/15/27 318,000  312,266 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 629,000  558,933 
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 34,000  31,856 
Hercules Capital, Inc., 2.625%, 9/16/26 280,000  235,816 
Intercontinental Exchange, Inc., 4.35%, 6/15/29 29,000  28,640 
Morgan Stanley, VRN, 2.63%, 2/18/26 240,000  228,227 
Morgan Stanley, VRN, 2.70%, 1/22/31 705,000  610,517 
56

Multisector Income ETF
Principal Amount Value
Morgan Stanley, VRN, 2.48%, 9/16/36 $ 97,000  $ 74,733 
Owl Rock Capital Corp., 3.40%, 7/15/26 718,000  642,713 
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1)
 86,000  80,101 
Owl Rock Technology Finance Corp., 2.50%, 1/15/27 378,000  320,019 
Prospect Capital Corp., 3.71%, 1/22/26 544,000  489,748 
State Street Corp., VRN, 4.16%, 8/4/33 360,000  347,970 
UBS Group AG, VRN, 2.75%, 2/11/33(1)
 860,000  689,783 
5,791,950 
Chemicals — 0.9%
Braskem Idesa SAPI, 6.99%, 2/20/32(1)(2)
 200,000  155,320 
Celanese US Holdings LLC, 5.90%, 7/5/24 490,000  493,862 
Tronox, Inc., 4.625%, 3/15/29(1)
 415,000  345,733 
994,915 
Construction and Engineering — 0.4%
IHS Netherlands Holdco BV, 8.00%, 9/18/27 550,000  505,253 
Consumer Finance — 0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28 295,000  250,962 
Capital One Financial Corp., VRN, 4.99%, 7/24/26 91,000  90,916 
Navient Corp., 5.50%, 1/25/23 319,000  317,773 
659,651 
Containers and Packaging — 0.3%
Sealed Air Corp., 5.00%, 4/15/29(1)
 375,000  356,921 
Diversified Financial Services — 0.4%
Block Financial LLC, 3.875%, 8/15/30 312,000  284,141 
Corebridge Financial, Inc., 3.85%, 4/5/29(1)
 28,000  25,806 
Corebridge Financial, Inc., VRN, 6.875%, 12/15/52(1)
 170,000  164,493 
474,440 
Diversified Telecommunication Services — 1.7%
AT&T, Inc., 4.50%, 5/15/35 160,000  150,466 
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)
 600,000  574,128 
Level 3 Financing, Inc., 3.40%, 3/1/27(1)
 625,000  555,473 
Telecom Italia SpA, 5.30%, 5/30/24(1)
 665,000  640,934 
1,921,001 
Electric Utilities — 0.8%
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62 430,000  366,044 
FEL Energy VI Sarl, 5.75%, 12/1/40(1)
 753,511  570,445 
936,489 
Electronic Equipment, Instruments and Components — 0.3%
Sensata Technologies BV, 5.875%, 9/1/30(1)
 300,000  293,622 
Entertainment — 0.7%
Magallanes, Inc., 3.76%, 3/15/27(1)
 145,000  135,509 
Magallanes, Inc., 5.14%, 3/15/52(1)
 157,000  125,918 
Netflix, Inc., 5.875%, 11/15/28 305,000  309,182 
Take-Two Interactive Software, Inc., 4.00%, 4/14/32 221,000  204,002 
774,611 
Equity Real Estate Investment Trusts (REITs) — 2.7%
American Campus Communities Operating Partnership LP, 3.75%, 4/15/23 535,000  535,620 
Duke Realty LP, 3.25%, 6/30/26 290,000  277,196 
EPR Properties, 4.75%, 12/15/26 188,000  177,184 
EPR Properties, 4.95%, 4/15/28 89,000  81,787 
57

Multisector Income ETF
Principal Amount Value
iStar, Inc., 4.75%, 10/1/24 $ 67,000  $ 67,113 
National Retail Properties, Inc., 4.30%, 10/15/28 595,000  569,830 
SBA Tower Trust, 3.45%, 3/15/48(1)
 246,000  244,906 
VICI Properties LP, 4.375%, 5/15/25 385,000  376,440 
VICI Properties LP / VICI Note Co., Inc., 3.875%, 2/15/29(1)
 590,000  525,544 
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)
 320,000  281,811 
3,137,431 
Food and Staples Retailing — 0.4%
United Natural Foods, Inc., 6.75%, 10/15/28(1)(2)
 505,000  485,876 
Food Products — 0.1%
US Foods, Inc., 4.75%, 2/15/29(1)
 70,000  62,474 
Health Care Equipment and Supplies — 0.2%
Medline Borrower LP, 3.875%, 4/1/29(1)
 285,000  241,894 
Health Care Providers and Services — 0.8%
Centene Corp., 3.375%, 2/15/30 390,000  334,969 
Owens & Minor, Inc., 6.625%, 4/1/30(1)
 310,000  286,806 
Tenet Healthcare Corp., 6.125%, 10/1/28(1)(2)
 257,000  236,122 
857,897 
Health Care Technology — 0.2%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 3/1/25(1)(2)
 283,000  279,971 
Hotels, Restaurants and Leisure — 1.7%
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)
 135,000  108,756 
Carnival Corp., 5.75%, 3/1/27(1)
 165,000  128,519 
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)
 380,000  352,522 
Penn Entertainment, Inc., 4.125%, 7/1/29(1)(2)
 735,000  594,670 
Scientific Games International, Inc., 7.25%, 11/15/29(1)
 450,000  443,250 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)(2)
 405,000  365,995 
1,993,712 
Household Durables — 0.1%
Safehold Operating Partnership LP, 2.85%, 1/15/32 211,000  167,282 
Insurance — 0.3%
Sammons Financial Group, Inc., 4.75%, 4/8/32(1)
 47,000  41,317 
SBL Holdings, Inc., VRN, 6.50%, 11/13/26(1)
 403,000  316,355 
357,672 
Internet and Direct Marketing Retail — 0.1%
B2W Digital Lux Sarl, 4.375%, 12/20/30(1)
 200,000  154,198 
IT Services — 0.2%
Fidelity National Information Services, Inc., 5.10%, 7/15/32 264,000  263,262 
Media — 2.5%
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2)
 305,000  296,612 
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
 355,000  325,315 
DISH DBS Corp., 5.25%, 12/1/26(1)
 335,000  277,212 
iHeartCommunications, Inc., 8.375%, 5/1/27 250,000  220,500 
Paramount Global, VRN, 6.25%, 2/28/57 430,000  397,750 
Paramount Global, VRN, 6.375%, 3/30/62 415,000  382,484 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
 736,000  600,385 
VTR Finance NV, 6.375%, 7/15/28(1)
 800,000  361,159 
2,861,417 
58

Multisector Income ETF
Principal Amount Value
Metals and Mining — 1.2%
Alcoa Nederland Holding BV, 4.125%, 3/31/29(1)(2)
 $ 445,000  $ 392,993 
ATI, Inc., 4.875%, 10/1/29 295,000  264,304 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)
 530,000  471,369 
GUSAP III LP, 4.25%, 1/21/30(1)
 250,000  233,675 
1,362,341 
Mortgage Real Estate Investment Trusts (REITs) — 1.0%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1)
 464,000  451,880 
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)
 413,000  350,525 
Starwood Property Trust, Inc., 4.375%, 1/15/27(1)
 394,000  351,147 
1,153,552 
Multi-Utilities — 0.4%
Sempra Energy, VRN, 4.125%, 4/1/52(2)
 540,000  454,702 
Multiline Retail — 0.1%
Macy's Retail Holdings LLC, 5.875%, 3/15/30(1)(2)
 85,000  72,791 
Oil, Gas and Consumable Fuels — 5.6%
Antero Resources Corp., 5.375%, 3/1/30(1)(2)
 565,000  532,541 
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)
 405,000  403,698 
Callon Petroleum Co., 7.50%, 6/15/30(1)
 150,000  138,919 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
 560,000  513,046 
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)
 565,000  519,784 
EQM Midstream Partners LP, 7.50%, 6/1/27(1)
 380,000  376,217 
Geopark Ltd., 5.50%, 1/17/27(1)
 800,000  696,049 
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1)
 225,000  220,167 
MEG Energy Corp., 5.875%, 2/1/29(1)
 645,000  600,750 
Occidental Petroleum Corp., 6.375%, 9/1/28 520,000  543,790 
Occidental Petroleum Corp., 6.125%, 1/1/31(2)
 384,000  399,624 
Petroleos Mexicanos, 3.50%, 1/30/23 300,000  297,840 
Petroleos Mexicanos, 6.875%, 8/4/26 535,000  501,274 
Petroleos Mexicanos, 6.70%, 2/16/32 85,000  66,470 
Southwestern Energy Co., 5.375%, 3/15/30 650,000  610,129 
6,420,298 
Semiconductors and Semiconductor Equipment — 0.3%
Broadcom, Inc., 4.00%, 4/15/29(1)
 208,000  192,830 
Qorvo, Inc., 4.375%, 10/15/29 156,000  137,911 
330,741 
Technology Hardware, Storage and Peripherals — 0.9%
Apple, Inc., 3.25%, 8/8/29 300,000  287,100 
Condor Merger Sub, Inc., 7.375%, 2/15/30(1)(2)
 570,000  476,605 
Dell International LLC / EMC Corp., 6.02%, 6/15/26 270,000  280,573 
1,044,278 
Thrifts and Mortgage Finance — 0.5%
Freedom Mortgage Corp., 8.25%, 4/15/25(1)
 41,000  35,528 
Nationwide Building Society, 4.85%, 7/27/27(1)
 497,000  493,833 
529,361 
Wireless Telecommunication Services — 1.4%
Kenbourne Invest SA, 4.70%, 1/22/28(1)
 600,000  483,552 
59

Multisector Income ETF
Principal Amount Value
Sprint Corp., 7.125%, 6/15/24 $ 285,000  $ 294,613 
Sprint Corp., 7.625%, 2/15/25 830,000  869,433 
1,647,598 
TOTAL CORPORATE BONDS
(Cost $48,706,173)
 44,239,697 
U.S. TREASURY SECURITIES — 18.4%
U.S. Treasury Notes, 0.875%, 1/31/24 7,975,000  7,688,087 
U.S. Treasury Notes, 1.50%, 2/29/24 900,000  874,336 
U.S. Treasury Notes, 2.50%, 5/31/24 3,050,000  2,999,901 
U.S. Treasury Notes, 1.00%, 12/15/24(3)
 4,515,000  4,270,908 
U.S. Treasury Notes, 1.125%, 1/15/25 800,000  757,313 
U.S. Treasury Notes, 2.625%, 4/15/25 3,200,000  3,131,000 
U.S. Treasury Notes, 2.875%, 6/15/25 1,400,000  1,376,922 
TOTAL U.S. TREASURY SECURITIES
(Cost $21,687,308)
 21,098,467 
ASSET-BACKED SECURITIES — 13.5%
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1)
 400,000  339,144 
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I SEQ, 4.19%, 6/5/49(1)
 574,200  553,358 
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)
 469,291  377,271 
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1)
 397,583  376,500 
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1)
 100,000  92,382 
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1)
 100,000  87,764 
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A SEQ, 4.125%, 6/15/43(1)
 314,227  282,920 
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A SEQ, 3.47%, 1/15/46(1)
 408,458  363,610 
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1)
 534,508  451,442 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2 SEQ, 4.94%, 1/25/52(1)
 CAD 450,000  318,510 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)
 CAD 350,000  249,036 
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.30%, 12/26/51(1)
 $ 550,000  508,484 
Diamond Issuer, Series 2021-1A, Class A SEQ, 2.31%, 11/20/51(1)
 338,000  295,362 
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1)
 575,000  483,023 
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II SEQ, 4.47%, 10/25/45(1)
 188,500  183,000 
Domino's Pizza Master Issuer LLC, Series 2018-1A, Class A2I SEQ, 4.12%, 7/25/48(1)
 526,488  509,248 
Domino's Pizza Master Issuer LLC, Series 2019-1A, Class A2 SEQ, 3.67%, 10/25/49(1)
 472,875  425,117 
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2 SEQ, 4.25%, 3/25/52(1)
 293,020  273,473 
Falcon Aerospace Ltd., Series 2019-1, Class A SEQ, 3.60%, 9/15/39(1)
 395,396  325,779 
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1)
 600,000  520,010 
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(1)
 425,000  388,701 
60

Multisector Income ETF
Principal Amount Value
Lunar Aircarft Ltd., Series 2020-1A, Class A SEQ, 3.38%, 2/15/45(1)
 $ 294,639  $ 250,067 
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1)
 359,468  316,200 
MACH 1 Cayman Ltd., Series 2019-1, Class A SEQ, 3.47%, 10/15/39(1)
 293,921  265,787 
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1)
 682,725  581,204 
NP SPE II LLC, Series 2019-1A, Class A1 SEQ, 2.57%, 9/20/49(1)
 442,026  418,476 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A SEQ, 3.97%, 6/15/44(1)
 419,651  384,312 
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1)
 750,000  656,515 
Progress Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1)
 261,000  226,874 
Progress Residential Trust, Series 2021-SFR1, Class F, 2.76%, 4/17/38(1)
 445,000  391,485 
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(1)
 200,000  172,721 
Sabey Data Center Issuer LLC, Series 2021-1, Class A2 SEQ, 1.88%, 6/20/46(1)
 323,000  281,148 
SAPPHIRE AVIATION FINANCE II Ltd., Series 2020-1A, Class A SEQ, 3.23%, 3/15/40(1)
 192,357  167,040 
ServiceMaster Funding LLC, Series 2020-1, Class A2I SEQ, 2.84%, 1/30/51(1)
 197,000  162,870 
ServiceMaster Funding LLC, Series 2020-1, Class A2II SEQ, 3.34%, 1/30/51(1)
 410,745  322,939 
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1)
 463,550  389,505 
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2 SEQ, 4.54%, 2/25/44(1)
 867,535  864,295 
Start Ltd., Series 2018-1, Class A SEQ, 4.09%, 5/15/43(1)
 629,618  561,782 
Trinity Rail Leasing LP, Series 2009-1A, Class A SEQ, 6.66%, 11/16/39(1)
 187,655  186,334 
Vantage Data Centers Issuer LLC, Series 2018-2A, Class A2 SEQ, 4.20%, 11/15/43(1)
 356,125  351,061 
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2 SEQ, 1.65%, 9/15/45(1)
 308,000  275,214 
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1)
 425,000  383,028 
Wingstop Funding LLC, Series 2020-1A, Class A2 SEQ, 2.84%, 12/5/50(1)
 497,500  426,560 
TOTAL ASSET-BACKED SECURITIES
(Cost $17,081,619)

15,439,551 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 6.7%
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 6.7%
FHLMC, 2.50%, 10/1/50 460,499  412,855 
FNMA, 4.00%, 3/1/50 897,956  887,156 
FNMA, 4.00%, 3/1/51 886,094  874,909 
FNMA, 4.00%, 3/1/51 744,915  734,332 
FNMA, 2.50%, 12/1/51 462,201  413,436 
FNMA, 3.50%, 12/1/51 1,187,715  1,133,133 
FNMA, 2.50%, 3/1/52 1,848,258  1,659,894 
UMBS, 3.50%,TBA 1,680,000  1,601,119 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $7,854,939)
 7,716,834 
61

Multisector Income ETF
Principal Amount Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.5%
BDS Ltd., Series 2020-FL6, Class E, VRN, 5.37%, (30-day average SOFR plus 3.36%), 9/15/35(1)
 $ 243,000  $ 231,932 
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.67%, 3/11/44(1)
 400,000  318,969 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 4.39%, (1-month LIBOR plus 2.00%), 9/15/36(1)
 400,000  381,819 
BX Trust, Series 2021-ARIA, Class G, VRN, 5.53%, (1-month LIBOR plus 3.14%), 10/15/36(1)
 314,000  291,123 
BXHPP Trust, Series 2021-FILM, Class D, VRN, 3.89%, (1-month LIBOR plus 1.50%), 8/15/36(1)
 300,000  277,423 
BXHPP Trust, Series 2021-FILM, Class E, VRN, 4.39%, (1-month LIBOR plus 2.00%), 8/15/36(1)
 250,000  229,285 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 4.54%, (1-month LIBOR plus 2.15%), 5/15/36(1)
 478,000  466,715 
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 4.02%, (1-month LIBOR plus 1.63%), 12/15/36(1)
 253,000  243,947 
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A SEQ, 4.13%, 7/5/31(1)
 282,000  276,699 
Life Mortgage Trust, Series 2021-BMR, Class F, VRN, 4.74%, (1-month LIBOR plus 2.35%), 3/15/38(1)
 237,879  226,234 
Med Trust, Series 2021-MDLN, Class F, VRN, 6.39%, (1-month LIBOR plus 4.00%), 11/15/38(1)
 371,450  349,034 
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class D, VRN, 4.91%, (1-month SOFR plus 2.61%), 7/15/36(1)
 400,000  382,546 
MHP Trust, Series 2022-MHIL, Class D, VRN, 3.92%, (1-month SOFR plus 1.61%), 1/15/27(1)
 504,000  477,668 
Morgan Stanley Capital I Trust, Series 2017-CLS, Class F, VRN, 4.99%, (1-month LIBOR plus 2.60%), 11/15/34(1)
 290,000  284,760 
One New York Plaza Trust, Series 2020-1NYP, Class B, VRN, 3.89%, (1-month LIBOR plus 1.50%), 1/15/36(1)
 229,000  217,547 
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 4.69%, (1-month LIBOR plus 2.25%), 4/25/38(1)
 400,000  382,662 
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 4.34%, (1-month LIBOR plus 1.90%), 7/25/36(1)
 350,000  328,249 
Shelter Growth Issuer Ltd., Series 2022-FL4, Class A, VRN, 4.60%, (1-month SOFR plus 2.30%), 6/17/37(1)
 322,000  318,827 
SMRT, Series 2022-MINI, Class F, VRN, 5.66%, (1-month SOFR plus 3.35%), 1/15/39(1)
 596,000  552,051 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $6,568,029)
 6,237,490 
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.3%
Private Sponsor Collateralized Mortgage Obligations — 4.2%
Angel Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%, 1/26/65(1)
 215,731  208,931 
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1)
 600,000  456,880 
Arroyo Mortgage Trust, Series 2019-1, Class M1, VRN, 4.12%, 1/25/49(1)
 590,000  542,072 
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 5.34%, (1-month LIBOR plus 2.90%), 4/25/28(1)
 369,141  370,437 
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 4.39%, (1-month LIBOR plus 1.95%), 7/25/29(1)
 300,000  297,797 
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class M1, VRN, 2.84%, 2/25/50(1)
 400,000  351,065 
62

Multisector Income ETF
Principal Amount Value
Credit Suisse Mortgage Trust, Series 2021-NQM1, Class M1, VRN, 2.13%, 5/25/65(1)
 $ 624,000  $ 520,629 
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.24%, 7/25/51(1)
 584,971  420,541 
Home RE Ltd., Series 2022-1, Class M1A, VRN, 5.03%, (30-day average SOFR plus 2.85%), 10/25/34(1)
 125,000  126,405 
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 4.03%, (30-day average SOFR plus 1.85%), 11/25/31(1)
 600,155  597,772 
Traingle Re Ltd., Series 2021-1, Class M1C, VRN, 5.84%, (1-month LIBOR plus 3.40%), 8/25/33(1)
 265,204  265,592 
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 4.08%, (30-day average SOFR plus 1.90%), 2/25/34(1)
 250,000  249,150 
Triangle Re Ltd., Series 2021-2, Class M1A, VRN, 4.49%, (1-month LIBOR plus 2.05%), 10/25/33(1)
 253,196  252,819 
Verus Securitization Trust, Series 2021-R1, Class M1 SEQ, 2.34%, 10/25/63(1)
 150,000  131,601 
4,791,691 
U.S. Government Agency Collateralized Mortgage Obligations — 1.1%
FHLMC, Series 2017-HRP1, Class M2, VRN, 4.89%, (1-month LIBOR plus 2.45%), 12/25/42 212,383  212,484 
FHLMC, Series 2020-HQA4, Class M2, VRN, 5.59%, (1-month LIBOR plus 3.15%), 9/25/50(1)
 469,441  470,830 
FHLMC, Series 2022-DNA3, Class M1A, VRN, 4.18%, (30-day average SOFR plus 2.00%), 4/25/42(1)
 281,363  282,950 
FNMA, Series 2022-R03, Class 1M1, VRN, 4.28%, (30-day average SOFR plus 2.10%), 3/25/42(1)
 262,208  262,228 
1,228,492 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $6,462,133)
 6,020,183 
COLLATERALIZED LOAN OBLIGATIONS — 5.2%
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 6.38%, (3-month LIBOR plus 3.60%), 7/25/29(1)
 500,000  479,253 
Ares XL CLO Ltd., Series 2016-40A, Class CRR, VRN, 5.31%, (3-month LIBOR plus 2.80%), 1/15/29(1)
 350,000  322,321 
CIFC Funding Ltd., Series 2016-1A, Class D2RR, VRN, 6.98%, (3-month LIBOR plus 4.25%), 10/21/31(1)
 600,000  554,898 
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 6.36%, (3-month LIBOR plus 3.65%), 7/20/30(1)
 500,000  478,967 
Deer Creek CLO Ltd., Series 2017-1A, Class D, VRN, 5.66%, (3-month LIBOR plus 2.95%), 10/20/30(1)
 800,000  739,540 
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 4.79%, (1-month LIBOR plus 2.40%), 9/15/37(1)
 197,000  191,566 
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 7.11%, (3-month LIBOR plus 4.35%), 1/22/28(1)
 475,000  428,134 
Marathon CLO V Ltd., Series 2013-5A, Class A1R, VRN, 3.85%, (3-month LIBOR plus 0.87%), 11/21/27(1)
 234,163  233,518 
MF1 Ltd., Series 2020-FL4, Class D, VRN, 6.51%, (1-month SOFR plus 4.21%), 11/15/35(1)
 585,000  580,855 
Octagon Investment Partners XV Ltd., Series 2013-1A, Class CRR, VRN, 4.74%, (3-month LIBOR plus 2.00%), 7/19/30(1)
 300,000  286,468 
Sound Point CLO Ltd., Series 2014-3RA, Class C, VRN, 5.03%, (3-month LIBOR plus 2.25%), 10/23/31(1)
 500,000  469,025 
Symphony CLO XIV Ltd., Series 2014-14A, Class CR, VRN, 4.58%, (3-month LIBOR plus 2.10%), 7/14/26(1)
 500,000  495,427 
TICP CLO I-2 Ltd., Series 2018-IA, Class C, VRN, 5.81%, (3-month LIBOR plus 3.04%), 4/26/28(1)
 350,000  339,475 
63

Multisector Income ETF
Principal Amount/Shares Value
Vibrant CLO VII Ltd., Series 2017-7A, Class B, VRN, 5.11%, (3-month LIBOR plus 2.40%), 9/15/30(1)
 $ 350,000  $ 335,663 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $6,202,184)
 5,935,110 
PREFERRED STOCKS — 4.2%
Banks — 2.6%
Banco Mercantil del Norte SA, 8.375%(1)
 400,000  389,054 
Barclays PLC, 4.375% 475,000  357,553 
BNP Paribas SA, 7.75%(1)
 210,000  210,315 
ING Groep NV, 3.875% 570,000  424,724 
JPMorgan Chase & Co., 4.60% 1,415,000  1,247,322 
PNC Financial Services Group, Inc., 3.40% 375,000  303,938 
2,932,906 
Capital Markets — 0.4%
Bank of New York Mellon Corp., 3.75% 545,000  460,482 
Insurance — 0.4%
Allianz SE, 3.20%(1)
 585,000  447,037 
Trading Companies and Distributors — 0.8%
Air Lease Corp., 4.125% 526,000  396,472 
Aircastle Ltd., 5.25%(1)
 685,000  541,174 
937,646 
TOTAL PREFERRED STOCKS
(Cost $5,794,033)

4,778,071 
BANK LOAN OBLIGATIONS(4) — 1.3%
Media — 0.6%
Directv Financing, LLC, Term Loan, 7.52%, (1-month LIBOR plus 5.00%), 8/2/27 $ 652,750  626,313 
Pharmaceuticals — 0.4%
Jazz Financing Lux S.a.r.l., USD Term Loan, 6.02%, (1-month LIBOR plus 3.50%), 5/5/28 496,241  487,688 
Technology Hardware, Storage and Peripherals — 0.3%
McAfee Corp., 2022 USD Term Loan B, 6.16%, (1-month SOFR plus 3.75%), 3/1/29 355,000  337,916 
TOTAL BANK LOAN OBLIGATIONS
(Cost $1,506,371)
 1,451,917 
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.1%
Colombia — 0.1%
Colombia Government International Bond, 6.125%, 1/18/41 200,000  160,546 
South Africa — 0.7%
Republic of South Africa Government International Bond, 5.875%, 6/22/30 800,000  752,016 
Trinidad and Tobago — 0.3%
Trinidad & Tobago Government International Bond, 4.50%, 8/4/26 400,000  398,356 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $1,478,226)
 1,310,918 
SHORT-TERM INVESTMENTS — 4.6%
Money Market Funds — 4.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,612,850  1,612,850 
64

Multisector Income ETF
Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio(5)
3,709,125  $ 3,709,125 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,321,975)
 5,321,975 
TOTAL INVESTMENT SECURITIES — 104.5%
(Cost $128,662,990)

119,550,213 
OTHER ASSETS AND LIABILITIES — (4.5)%

(5,187,524)
TOTAL NET ASSETS — 100.0%

$ 114,362,689 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration
Date		 Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 52 December 2022 $ 10,833,063  $ (7,570)
U.S. Treasury 5-Year Notes 18 December 2022 1,994,766  (2,220)
U.S. Treasury 10-Year Notes 9 December 2022 1,052,156  (1,916)
U.S. Treasury 10-Year Ultra Notes 28 December 2022 3,505,250  (14,994)
$ 17,385,235  $ (26,700)
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration
Date		 Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury Long Bonds 17 December 2022 $ 2,309,344  $ 3,295 
U.S. Treasury Ultra Bonds 2 December 2022 299,000  564 
$ 2,608,344  $ 3,859 
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
 Premiums Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America High Yield Index Series 37 Buy (5.00)% 12/20/26 $ 2,668,050  $ (123,163) $ 95,619  $ (27,544)
Markit CDX North America High Yield Index Series 38 Buy (5.00)% 6/20/27 $ 2,277,000  (4,074) 9,013  4,939 
$ (127,237) $ 104,632  $ (22,605)
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

65

Multisector Income ETF
NOTES TO SCHEDULE OF INVESTMENTS
CAD - Canadian Dollar
CDX - Credit Derivatives Indexes
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
LIBOR - London Interbank Offered Rate
SEQ - Sequential Payer
SOFR - Secured Overnight Financing Rate
TBA - To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS - Uniform Mortgage-Backed Securities
USD - United States Dollar
VRN - Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $57,915,365, which represented 50.6% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,579,726. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $690,535.
(4)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,709,125.


See Notes to Financial Statements.
66

AUGUST 31, 2022
Select High Yield ETF
Principal Amount Value
CORPORATE BONDS — 94.8%


Aerospace and Defense — 1.7%
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)
 $ 50,000  $ 48,985 
TransDigm, Inc., 6.25%, 3/15/26(1)
 125,000  122,965 
TransDigm, Inc., 6.375%, 6/15/26 75,000  72,090 
TransDigm, Inc., 7.50%, 3/15/27 50,000  48,819 
TransDigm, Inc., 5.50%, 11/15/27 200,000  180,243 
TransDigm, Inc., 4.875%, 5/1/29 50,000  42,487 
515,589 
Air Freight and Logistics — 0.2%
Western Global Airlines LLC, 10.375%, 8/15/25(1)
 50,000  45,623 
Airlines — 1.6%
Air Canada, 3.875%, 8/15/26(1)
 50,000  44,684 
American Airlines, Inc., 11.75%, 7/15/25(1)
 150,000  165,943 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
 75,000  71,449 
Delta Air Lines, Inc., 7.00%, 5/1/25(1)
 75,000  77,699 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1)
 50,000  45,708 
United Airlines, Inc., 4.375%, 4/15/26(1)
 50,000  45,655 
United Airlines, Inc., 4.625%, 4/15/29(1)
 50,000  43,938 
495,076 
Auto Components — 1.8%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)
 200,000  185,337 
Clarios Global LP, 6.75%, 5/15/25(1)
 50,000  49,803 
Goodyear Tire & Rubber Co., 9.50%, 5/31/25 75,000  78,468 
Goodyear Tire & Rubber Co., 5.00%, 5/31/26(2)
 75,000  72,466 
Patrick Industries, Inc., 4.75%, 5/1/29(1)
 50,000  41,005 
Tenneco, Inc., 5.00%, 7/15/26(2)
 125,000  119,554 
546,633 
Automobiles — 2.5%
Ford Motor Co., 9.00%, 4/22/25 75,000  84,004 
Ford Motor Co., 3.25%, 2/12/32 50,000  39,125 
Ford Motor Co., 6.10%, 8/19/32 50,000  48,758 
Ford Motor Credit Co. LLC, 4.13%, 8/4/25 200,000  189,198 
Ford Motor Credit Co. LLC, 3.82%, 11/2/27 200,000  176,320 
Ford Motor Credit Co. LLC, 5.11%, 5/3/29(2)
 200,000  185,092 
PM General Purchaser LLC, 9.50%, 10/1/28(1)
 50,000  43,387 
765,884 
Beverages — 0.1%
Primo Water Holdings, Inc., 4.375%, 4/30/29(1)
 50,000  42,827 
Building Products — 1.2%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)
 125,000  99,935 
Griffon Corp., 5.75%, 3/1/28 75,000  69,503 
Masonite International Corp., 3.50%, 2/15/30(1)
 50,000  40,472 
PGT Innovations, Inc., 4.375%, 10/1/29(1)
 50,000  42,370 
Standard Industries, Inc., 4.375%, 7/15/30(1)
 100,000  79,523 
Standard Industries, Inc., 3.375%, 1/15/31(1)
 50,000  36,724 
368,527 
Capital Markets — 1.4%
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)
 50,000  42,627 
67

Select High Yield ETF
Principal Amount Value
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24 $ 75,000  $ 71,445 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26 75,000  72,029 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27 125,000  113,878 
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)
 50,000  41,814 
MSCI, Inc., 3.625%, 9/1/30(1)
 100,000  84,998 
426,791 
Chemicals — 2.5%
Avient Corp., 5.75%, 5/15/25(1)
 50,000  49,374 
Consolidated Energy Finance SA, 6.50%, 5/15/26(1)
 150,000  137,205 
FXI Holdings, Inc., 12.25%, 11/15/26(1)
 50,000  41,813 
NOVA Chemicals Corp., 4.875%, 6/1/24(1)
 75,000  71,800 
NOVA Chemicals Corp., 5.25%, 6/1/27(1)
 50,000  44,219 
Olin Corp., 5.00%, 2/1/30(2)
 50,000  45,437 
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)
 50,000  42,964 
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)
 50,000  41,239 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)(2)
 75,000  64,758 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1)
 50,000  35,554 
Tronox, Inc., 4.625%, 3/15/29(1)
 50,000  41,655 
WR Grace Holdings LLC, 4.875%, 6/15/27(1)
 125,000  115,766 
WR Grace Holdings LLC, 5.625%, 8/15/29(1)
 50,000  39,625 
771,409 
Commercial Services and Supplies — 1.6%
ADT Security Corp., 4.125%, 8/1/29(1)
 50,000  42,999 
ADT Security Corp., 4.875%, 7/15/32(1)
 75,000  62,849 
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)
 75,000  70,313 
Brink's Co., 4.625%, 10/15/27(1)(2)
 75,000  67,602 
Matthews International Corp., 5.25%, 12/1/25(1)
 125,000  113,897 
Metis Merger Sub LLC, 6.50%, 5/15/29(1)
 50,000  43,074 
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)
 50,000  43,093 
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)(2)
 50,000  44,081 
487,908 
Communications Equipment — 0.2%
CommScope, Inc., 6.00%, 3/1/26(1)
 75,000  70,972 
Construction and Engineering — 0.5%
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)
 175,000  155,758 
Construction Materials — 0.8%
Cemex SAB de CV, 5.20%, 9/17/30(1)
 200,000  181,793 
SRM Escrow Issuer LLC, 6.00%, 11/1/28(1)
 75,000  68,147 
249,940 
Consumer Finance — 1.7%
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(3)
 150,000  121,614 
Navient Corp., 7.25%, 9/25/23 70,000  70,234 
Navient Corp., 5.875%, 10/25/24 50,000  48,081 
Navient Corp., 6.75%, 6/25/25 50,000  48,321 
Navient Corp., 5.50%, 3/15/29 50,000  40,575 
68

Select High Yield ETF
Principal Amount Value
OneMain Finance Corp., 6.125%, 3/15/24 $ 75,000  $ 73,319 
OneMain Finance Corp., 6.875%, 3/15/25 125,000  121,657 
523,801 
Containers and Packaging — 1.9%
Ball Corp., 3.125%, 9/15/31(2)
 50,000  40,568 
Berry Global, Inc., 4.50%, 2/15/26(1)
 75,000  72,111 
Berry Global, Inc., 4.875%, 7/15/26(1)
 50,000  48,742 
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)
 125,000  121,163 
OI European Group BV, 4.75%, 2/15/30(1)
 50,000  40,552 
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)
 150,000  149,280 
Sealed Air Corp., 5.125%, 12/1/24(1)
 75,000  74,360 
TriMas Corp., 4.125%, 4/15/29(1)
 50,000  43,951 
590,727 
Distributors — 0.5%
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1)(2)
 50,000  45,165 
Performance Food Group, Inc., 5.50%, 10/15/27(1)
 50,000  47,190 
Performance Food Group, Inc., 4.25%, 8/1/29(1)
 50,000  42,876 
135,231 
Diversified Consumer Services — 0.4%
Adtalem Global Education, Inc., 5.50%, 3/1/28(1)
 39,000  37,103 
Service Corp. International, 3.375%, 8/15/30 50,000  41,291 
Service Corp. International, 4.00%, 5/15/31 50,000  42,826 
121,220 
Diversified Financial Services — 0.5%
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1)
 50,000  44,073 
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)
 75,000  64,059 
Paysafe Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)(2)
 50,000  37,442 
145,574 
Diversified Telecommunication Services — 3.6%
Altice France SA, 5.125%, 7/15/29(1)
 200,000  152,182 
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1)
 200,000  183,645 
Embarq Corp., 8.00%, 6/1/36 75,000  58,399 
Level 3 Financing, Inc., 4.25%, 7/1/28(1)
 100,000  83,247 
Level 3 Financing, Inc., 3.625%, 1/15/29(1)
 50,000  40,204 
Level 3 Financing, Inc., 3.75%, 7/15/29(1)
 50,000  40,235 
Lumen Technologies, Inc., 6.75%, 12/1/23 75,000  75,952 
Lumen Technologies, Inc., 7.50%, 4/1/24 50,000  50,465 
Lumen Technologies, Inc., 5.125%, 12/15/26(1)
 75,000  64,904 
Lumen Technologies, Inc., 4.50%, 1/15/29(1)
 50,000  37,375 
Sprint Capital Corp., 6.875%, 11/15/28 50,000  52,862 
Sprint Capital Corp., 8.75%, 3/15/32 75,000  90,637 
Telecom Italia Capital SA, 6.00%, 9/30/34 50,000  39,560 
Telecom Italia Capital SA, 7.20%, 7/18/36 50,000  42,750 
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1)
 75,000  31,118 
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)
 75,000  64,036 
1,107,571 
Electric Utilities — 1.7%
FirstEnergy Corp., 4.40%, 7/15/27 50,000  47,440 
FirstEnergy Corp., 5.35%, 7/15/47 50,000  46,062 
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)
 75,000  70,014 
69

Select High Yield ETF
Principal Amount Value
NRG Energy, Inc., 6.625%, 1/15/27 $ 50,000  $ 49,695 
NRG Energy, Inc., 3.625%, 2/15/31(1)
 50,000  39,778 
PG&E Corp., 5.00%, 7/1/28(2)
 50,000  44,485 
PG&E Corp., 5.25%, 7/1/30 50,000  43,310 
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)
 75,000  72,277 
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)
 75,000  69,892 
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)
 50,000  43,678 
526,631 
Electrical Equipment — 0.5%
Atkore, Inc., 4.25%, 6/1/31(1)
 75,000  63,099 
WESCO Distribution, Inc., 7.125%, 6/15/25(1)
 25,000  25,035 
WESCO Distribution, Inc., 7.25%, 6/15/28(1)
 50,000  50,476 
138,610 
Electronic Equipment, Instruments and Components — 0.8%
Imola Merger Corp., 4.75%, 5/15/29(1)
 150,000  127,535 
Sensata Technologies, Inc., 4.375%, 2/15/30(1)
 125,000  111,563 
239,098 
Energy Equipment and Services — 1.3%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)
 50,000  46,944 
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)
 75,000  68,369 
Bristow Group, Inc., 6.875%, 3/1/28(1)
 75,000  69,673 
Nabors Industries, Inc., 7.375%, 5/15/27(1)(2)
 50,000  48,335 
Precision Drilling Corp., 6.875%, 1/15/29(1)
 50,000  46,005 
Transocean Guardian Ltd., 5.875%, 1/15/24(1)
 13,571  12,881 
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)
 21,875  20,636 
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27 50,000  46,300 
Weatherford International Ltd., 8.625%, 4/30/30(1)
 50,000  45,283 
404,426 
Entertainment — 0.9%
Cinemark USA, Inc., 5.875%, 3/15/26(1)(2)
 50,000  44,433 
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2)
 50,000  40,564 
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)(2)
 75,000  68,375 
Playtika Holding Corp., 4.25%, 3/15/29(1)
 50,000  42,716 
WMG Acquisition Corp., 3.875%, 7/15/30(1)
 50,000  43,078 
WMG Acquisition Corp., 3.00%, 2/15/31(1)
 50,000  39,778 
278,944 
Equity Real Estate Investment Trusts (REITs) — 3.6%
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1)
 50,000  42,428 
Diversified Healthcare Trust, 9.75%, 6/15/25 37,000  36,417 
Diversified Healthcare Trust, 4.375%, 3/1/31 50,000  34,382 
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1)
 50,000  43,469 
Iron Mountain, Inc., 5.25%, 3/15/28(1)
 150,000  137,857 
Iron Mountain, Inc., 4.875%, 9/15/29(1)
 75,000  65,167 
Iron Mountain, Inc., 4.50%, 2/15/31(1)
 50,000  41,599 
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29(2)
 75,000  63,985 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.50%, 6/1/25(1)
 75,000  75,795 
70

Select High Yield ETF
Principal Amount Value
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/1/28(1)
 $ 50,000  $ 46,016 
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)
 50,000  44,928 
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)
 50,000  42,282 
SBA Communications Corp., 3.875%, 2/15/27 125,000  114,033 
Service Properties Trust, 4.35%, 10/1/24(2)
 75,000  67,224 
Service Properties Trust, 5.25%, 2/15/26 50,000  42,624 
Service Properties Trust, 4.95%, 2/15/27 75,000  60,847 
Service Properties Trust, 4.95%, 10/1/29 75,000  56,783 
Service Properties Trust, 4.375%, 2/15/30(2)
 50,000  36,706 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1)
 50,000  41,849 
1,094,391 
Food and Staples Retailing — 0.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)
 50,000  45,687 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)
 50,000  47,703 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1)
 50,000  41,153 
134,543 
Food Products — 0.9%
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)
 50,000  48,232 
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29(1)
 12,000  12,436 
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)
 75,000  75,135 
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)
 75,000  73,979 
Post Holdings, Inc., 5.75%, 3/1/27(1)
 28,000  27,387 
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)
 50,000  44,288 
281,457 
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 3.875%, 11/1/29(1)
 50,000  43,328 
Medline Borrower LP, 3.875%, 4/1/29(1)
 75,000  63,656 
Medline Borrower LP, 5.25%, 10/1/29(1)(2)
 100,000  84,164 
191,148 
Health Care Providers and Services — 4.4%
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1)
 50,000  41,250 
Centene Corp., 4.25%, 12/15/27 125,000  118,885 
Centene Corp., 4.625%, 12/15/29 76,000  71,702 
Centene Corp., 3.375%, 2/15/30 50,000  42,945 
Centene Corp., 3.00%, 10/15/30 50,000  41,862 
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)
 75,000  70,219 
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)
 50,000  42,495 
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)(2)
 50,000  43,485 
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1)
 50,000  36,985 
DaVita, Inc., 4.625%, 6/1/30(1)
 150,000  120,940 
DaVita, Inc., 3.75%, 2/15/31(1)
 50,000  36,878 
HCA, Inc., 5.375%, 2/1/25 75,000  75,807 
HCA, Inc., 5.875%, 2/15/26 50,000  51,118 
HCA, Inc., 5.375%, 9/1/26 75,000  75,301 
HealthEquity, Inc., 4.50%, 10/1/29(1)
 50,000  44,039 
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1)
 50,000  49,165 
71

Select High Yield ETF
Principal Amount Value
Molina Healthcare, Inc., 3.875%, 5/15/32(1)
 $ 50,000  $ 43,109 
Owens & Minor, Inc., 4.50%, 3/31/29(1)(2)
 50,000  42,682 
Tenet Healthcare Corp., 4.875%, 1/1/26(1)
 150,000  142,691 
Tenet Healthcare Corp., 6.25%, 2/1/27(1)
 75,000  72,412 
Tenet Healthcare Corp., 5.125%, 11/1/27(1)
 50,000  46,381 
Tenet Healthcare Corp., 4.25%, 6/1/29(1)
 50,000  43,205 
1,353,556 
Hotels, Restaurants and Leisure — 8.1%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)
 50,000  44,782 
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)
 125,000  101,602 
Affinity Gaming, 6.875%, 12/15/27(1)(2)
 125,000  108,734 
Aramark Services, Inc., 6.375%, 5/1/25(1)
 125,000  124,064 
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)
 50,000  48,885 
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)
 50,000  40,280 
Carnival Corp., 10.50%, 2/1/26(1)
 75,000  77,347 
Carnival Corp., 7.625%, 3/1/26(1)
 75,000  63,953 
Carnival Corp., 5.75%, 3/1/27(1)
 175,000  136,308 
Carnival Corp., 9.875%, 8/1/27(1)
 50,000  50,254 
Carnival Corp., 4.00%, 8/1/28(1)
 50,000  41,750 
Carnival Corp., 6.00%, 5/1/29(1)
 150,000  113,906 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1)
 75,000  65,491 
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1)
 50,000  31,834 
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)
 50,000  48,947 
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30 50,000  45,756 
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)
 50,000  40,438 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1)
 75,000  66,472 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1)
 50,000  41,342 
Life Time, Inc., 8.00%, 4/15/26(1)(2)
 50,000  44,218 
MGM Resorts International, 6.75%, 5/1/25 100,000  100,068 
MGM Resorts International, 4.75%, 10/15/28(2)
 50,000  44,012 
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)
 50,000  43,962 
NCL Corp. Ltd., 3.625%, 12/15/24(1)(2)
 75,000  65,105 
NCL Corp. Ltd., 5.875%, 3/15/26(1)
 50,000  40,500 
NCL Finance Ltd., 6.125%, 3/15/28(1)
 50,000  38,899 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1)
 50,000  37,005 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1)(2)
 50,000  35,016 
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22 50,000  50,108 
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)(2)
 25,000  19,387 
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27 75,000  63,932 
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28 50,000  34,067 
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)(2)
 150,000  113,439 
Scientific Games International, Inc., 7.25%, 11/15/29(1)
 50,000  49,250 
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1)
 50,000  45,074 
Travel + Leisure Co., 6.625%, 7/31/26(1)
 50,000  48,543 
Travel + Leisure Co., 4.50%, 12/1/29(1)
 50,000  40,718 
Viking Cruises Ltd., 6.25%, 5/15/25(1)
 75,000  67,098 
72

Select High Yield ETF
Principal Amount Value
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)
 $ 75,000  $ 61,397 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)(2)
 100,000  95,880 
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1)
 50,000  49,919 
2,479,742 
Household Durables — 2.2%
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1)
 50,000  39,511 
Beazer Homes USA, Inc., 6.75%, 3/15/25 75,000  72,105 
Beazer Homes USA, Inc., 5.875%, 10/15/27 50,000  41,196 
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1)
 75,000  59,763 
Century Communities, Inc., 6.75%, 6/1/27 125,000  122,786 
KB Home, 4.00%, 6/15/31 50,000  39,508 
Mattamy Group Corp., 4.625%, 3/1/30(1)
 50,000  40,585 
Newell Brands, Inc., 4.45%, 4/1/26 75,000  70,633 
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1)
 50,000  42,974 
Tempur Sealy International, Inc., 4.00%, 4/15/29(1)
 50,000  41,155 
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)(2)
 50,000  38,561 
Tri Pointe Homes, Inc., 5.25%, 6/1/27 75,000  68,560 
677,337 
Independent Power and Renewable Electricity Producers — 1.1%
Calpine Corp., 5.25%, 6/1/26(1)
 37,000  35,966 
Calpine Corp., 4.50%, 2/15/28(1)
 75,000  68,709 
Calpine Corp., 5.125%, 3/15/28(1)
 75,000  66,737 
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)
 75,000  70,359 
Sunnova Energy Corp., 5.875%, 9/1/26(1)(2)
 50,000  46,210 
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)
 50,000  45,899 
333,880 
Insurance — 0.2%
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1)
 75,000  63,731 
Interactive Media and Services — 0.4%
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1)
 50,000  36,181 
Twitter, Inc., 5.00%, 3/1/30(1)
 50,000  47,187 
Ziff Davis, Inc., 4.625%, 10/15/30(1)
 50,000  42,707 
126,075 
Internet and Direct Marketing Retail — 0.3%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1)
 25,000  21,200 
Match Group Holdings II LLC, 3.625%, 10/1/31(1)
 50,000  39,179 
Millennium Escrow Corp., 6.625%, 8/1/26(1)
 50,000  40,654 
101,033 
IT Services — 0.3%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25 50,000  49,204 
Presidio Holdings, Inc., 4.875%, 2/1/27(1)
 50,000  46,856 
96,060 
Leisure Products — 0.2%
Mattel, Inc., 5.45%, 11/1/41(2)
 50,000  46,016 
Machinery — 0.3%
Hillenbrand, Inc., 3.75%, 3/1/31 50,000  42,406 
Terex Corp., 5.00%, 5/15/29(1)(2)
 50,000  44,805 
87,211 
73

Select High Yield ETF
Principal Amount Value
Marine — 0.2%
Seaspan Corp., 5.50%, 8/1/29(1)
 $ 75,000  $ 61,875 
Media — 9.5%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
 75,000  71,287 
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)
 75,000  68,602 
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)
 50,000  48,625 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
 75,000  64,552 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)
 125,000  105,275 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)
 125,000  102,150 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32 150,000  121,909 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1)
 100,000  78,629 
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)(2)
 50,000  44,845 
CSC Holdings LLC, 6.50%, 2/1/29(1)
 200,000  184,270 
CSC Holdings LLC, 5.75%, 1/15/30(1)
 250,000  194,019 
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
 125,000  114,547 
DISH DBS Corp., 5.00%, 3/15/23 75,000  73,492 
DISH DBS Corp., 7.75%, 7/1/26 75,000  59,223 
DISH DBS Corp., 5.25%, 12/1/26(1)
 75,000  62,062 
DISH DBS Corp., 5.75%, 12/1/28(1)
 25,000  19,244 
DISH DBS Corp., 5.125%, 6/1/29 50,000  29,701 
GCI LLC, 4.75%, 10/15/28(1)
 50,000  45,130 
Gray Television, Inc., 7.00%, 5/15/27(1)(2)
 125,000  123,451 
Gray Television, Inc., 4.75%, 10/15/30(1)(2)
 50,000  41,275 
iHeartCommunications, Inc., 5.25%, 8/15/27(1)(2)
 50,000  44,943 
iHeartCommunications, Inc., 4.75%, 1/15/28(1)(2)
 50,000  42,975 
Lamar Media Corp., 3.75%, 2/15/28 50,000  44,922 
Lamar Media Corp., 4.875%, 1/15/29(2)
 50,000  46,500 
Lamar Media Corp., 4.00%, 2/15/30 50,000  43,609 
McGraw-Hill Education, Inc., 8.00%, 8/1/29(1)
 50,000  43,452 
News Corp., 3.875%, 5/15/29(1)
 75,000  65,396 
Nexstar Media, Inc., 5.625%, 7/15/27(1)
 50,000  47,669 
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)(2)
 100,000  91,669 
Quebecor Media, Inc., 5.75%, 1/15/23 50,000  50,063 
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)(2)
 50,000  42,946 
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)
 75,000  58,893 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
 50,000  40,787 
Sirius XM Radio, Inc., 3.125%, 9/1/26(1)
 25,000  22,297 
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)
 75,000  70,700 
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)
 75,000  65,437 
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)
 50,000  46,809 
Sirius XM Radio, Inc., 3.875%, 9/1/31(1)
 50,000  40,436 
Univision Communications, Inc., 5.125%, 2/15/25(1)
 75,000  72,540 
Univision Communications, Inc., 6.625%, 6/1/27(1)
 50,000  48,315 
Videotron Ltd., 3.625%, 6/15/29(1)(2)
 50,000  41,569 
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1)
 200,000  178,138 
2,902,353 
74

Select High Yield ETF
Principal Amount Value
Metals and Mining — 2.3%
Arconic Corp., 6.00%, 5/15/25(1)
 $ 50,000  $ 49,187 
Arconic Corp., 6.125%, 2/15/28(1)
 50,000  47,021 
ATI, Inc., 4.875%, 10/1/29 25,000  22,399 
ATI, Inc., 5.125%, 10/1/31(2)
 50,000  44,061 
Carpenter Technology Corp., 6.375%, 7/15/28 50,000  47,874 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)
 25,000  22,234 
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)(2)
 50,000  43,735 
Coeur Mining, Inc., 5.125%, 2/15/29(1)(2)
 50,000  36,478 
Compass Minerals International, Inc., 6.75%, 12/1/27(1)
 50,000  47,684 
Freeport-McMoRan, Inc., 4.25%, 3/1/30 75,000  68,059 
Hudbay Minerals, Inc., 6.125%, 4/1/29(1)
 50,000  44,082 
IAMGOLD Corp., 5.75%, 10/15/28(1)
 50,000  25,074 
Novelis Corp., 4.75%, 1/30/30(1)
 125,000  108,900 
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1)
 50,000  40,848 
Taseko Mines Ltd., 7.00%, 2/15/26(1)(2)
 50,000  41,324 
688,960 
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)
 50,000  43,579 
Multiline Retail — 0.2%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2)
 50,000  43,331 
Oil, Gas and Consumable Fuels — 16.3%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1)
 50,000  50,065 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1)
 50,000  50,963 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 6/15/29(1)
 50,000  45,905 
Apache Corp., 4.25%, 1/15/30(2)
 50,000  45,234 
Apache Corp., 5.10%, 9/1/40 75,000  63,836 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)
 75,000  73,044 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)
 50,000  45,105 
Cheniere Energy Partners LP, 4.00%, 3/1/31 175,000  153,574 
Cheniere Energy, Inc., 4.625%, 10/15/28 50,000  48,250 
Citgo Holding, Inc., 9.25%, 8/1/24(1)(2)
 50,000  49,890 
CITGO Petroleum Corp., 7.00%, 6/15/25(1)
 50,000  48,687 
CITGO Petroleum Corp., 6.375%, 6/15/26(1)
 50,000  47,660 
CNX Resources Corp., 7.25%, 3/14/27(1)
 75,000  74,587 
Comstock Resources, Inc., 6.75%, 3/1/29(1)
 50,000  47,812 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
 50,000  45,808 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 50,000  48,259 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1)
 50,000  46,270 
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)
 125,000  123,306 
DCP Midstream Operating LP, 5.375%, 7/15/25 125,000  125,476 
DCP Midstream Operating LP, 5.125%, 5/15/29 75,000  73,196 
DCP Midstream Operating LP, 3.25%, 2/15/32 50,000  42,091 
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1)
 50,000  46,781 
EnLink Midstream LLC, 6.50%, 9/1/30(1)(2)
 50,000  49,804 
EnLink Midstream Partners LP, 4.85%, 7/15/26 75,000  73,887 
75

Select High Yield ETF
Principal Amount Value
EnLink Midstream Partners LP, 5.60%, 4/1/44(2)
 $ 75,000  $ 59,027 
EnLink Midstream Partners LP, 5.45%, 6/1/47 75,000  57,380 
EQM Midstream Partners LP, 6.00%, 7/1/25(1)
 50,000  48,294 
EQM Midstream Partners LP, 6.50%, 7/1/27(1)(2)
 50,000  48,353 
EQM Midstream Partners LP, 4.50%, 1/15/29(1)
 50,000  43,134 
EQM Midstream Partners LP, 4.75%, 1/15/31(1)
 50,000  43,333 
EQT Corp., 3.90%, 10/1/27 75,000  71,095 
EQT Corp., 7.00%, 2/1/30 50,000  53,571 
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27(2)
 125,000  118,671 
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28 50,000  46,426 
Harvest Midstream I LP, 7.50%, 9/1/28(1)
 75,000  71,071 
Hess Midstream Operations LP, 5.625%, 2/15/26(1)
 75,000  73,268 
Hess Midstream Operations LP, 5.125%, 6/15/28(1)
 50,000  46,514 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)(2)
 50,000  45,394 
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)
 50,000  46,627 
ITT Holdings LLC, 6.50%, 8/1/29(1)
 50,000  42,305 
Laredo Petroleum, Inc., 9.50%, 1/15/25(2)
 75,000  75,359 
Matador Resources Co., 5.875%, 9/15/26 75,000  73,503 
MEG Energy Corp., 7.125%, 2/1/27(1)
 50,000  50,587 
MEG Energy Corp., 5.875%, 2/1/29(1)
 75,000  69,855 
Murphy Oil Corp., 5.75%, 8/15/25 48,000  47,626 
Murphy Oil Corp., 5.875%, 12/1/27 50,000  48,699 
Murphy Oil Corp., 6.375%, 7/15/28(2)
 50,000  49,306 
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1)
 75,000  68,727 
Northern Oil and Gas, Inc., 8.125%, 3/1/28(1)
 50,000  48,087 
NuStar Logistics LP, 6.375%, 10/1/30(2)
 50,000  45,572 
Occidental Petroleum Corp., 5.50%, 12/1/25 50,000  51,411 
Occidental Petroleum Corp., 3.40%, 4/15/26 50,000  48,073 
Occidental Petroleum Corp., 8.50%, 7/15/27 75,000  84,092 
Occidental Petroleum Corp., 6.375%, 9/1/28 50,000  52,288 
Occidental Petroleum Corp., 8.875%, 7/15/30 75,000  87,720 
Occidental Petroleum Corp., 6.625%, 9/1/30 50,000  53,485 
Occidental Petroleum Corp., 6.125%, 1/1/31(2)
 50,000  52,034 
Occidental Petroleum Corp., 7.50%, 5/1/31 50,000  56,384 
Occidental Petroleum Corp., 4.40%, 4/15/46 50,000  43,451 
Occidental Petroleum Corp., 4.10%, 2/15/47 75,000  62,562 
Parkland Corp., 5.875%, 7/15/27(1)(2)
 50,000  48,370 
Parkland Corp., 4.625%, 5/1/30(1)
 50,000  43,007 
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28 50,000  44,969 
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23(2)
 75,000  75,086 
Penn Virginia Holdings LLC, 9.25%, 8/15/26(1)
 50,000  49,152 
Range Resources Corp., 8.25%, 1/15/29 50,000  52,547 
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)
 50,000  46,265 
SM Energy Co., 6.75%, 9/15/26(2)
 75,000  73,862 
Southwestern Energy Co., 5.375%, 2/1/29 50,000  47,351 
Southwestern Energy Co., 5.375%, 3/15/30 50,000  46,933 
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27 50,000  48,429 
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30 50,000  42,731 
76

Select High Yield ETF
Principal Amount Value
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)
 $ 50,000  $ 43,851 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)(2)
 50,000  43,817 
Talos Production, Inc., 12.00%, 1/15/26 50,000  53,045 
Tap Rock Resources LLC, 7.00%, 10/1/26(1)
 50,000  46,890 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27 50,000  51,503 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28 125,000  122,042 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31 50,000  46,420 
Teine Energy Ltd., 6.875%, 4/15/29(1)
 50,000  45,730 
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1)
 100,000  87,390 
Viper Energy Partners LP, 5.375%, 11/1/27(1)
 75,000  71,924 
Western Midstream Operating LP, 3.35%, 2/1/25 75,000  70,902 
Western Midstream Operating LP, 5.50%, 2/1/50 75,000  65,040 
4,970,030 
Personal Products — 0.3%
Edgewell Personal Care Co., 5.50%, 6/1/28(1)
 50,000  46,234 
Edgewell Personal Care Co., 4.125%, 4/1/29(1)
 50,000  43,042 
89,276 
Pharmaceuticals — 0.9%
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31(1)
 200,000  175,252 
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/25(1)
 50,000  35,677 
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)(4)
 75,000  63,842 
274,771 
Professional Services — 0.2%
ASGN, Inc., 4.625%, 5/15/28(1)
 75,000  66,381 
Real Estate Management and Development — 0.9%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)
 75,000  74,460 
Forestar Group, Inc., 3.85%, 5/15/26(1)
 50,000  42,557 
Howard Hughes Corp., 5.375%, 8/1/28(1)
 50,000  44,573 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1)
 50,000  39,250 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.25%, 4/15/30(1)
 75,000  56,511 
257,351 
Road and Rail — 1.6%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)(2)
 75,000  71,167 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)
 50,000  43,729 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 3/1/29(1)
 50,000  43,656 
Hertz Corp., 5.00%, 12/1/29(1)
 50,000  40,309 
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)
 50,000  44,088 
Uber Technologies, Inc., 4.50%, 8/15/29(1)
 100,000  87,000 
United Rentals North America, Inc., 4.875%, 1/15/28 50,000  46,797 
United Rentals North America, Inc., 3.875%, 2/15/31 75,000  64,956 
XPO Logistics, Inc., 6.25%, 5/1/25(1)(2)
 34,000  34,438 
476,140 
77

Select High Yield ETF
Principal Amount Value
Semiconductors and Semiconductor Equipment — 0.3%
ON Semiconductor Corp., 3.875%, 9/1/28(1)
 $ 50,000  $ 44,685 
Synaptics, Inc., 4.00%, 6/15/29(1)(2)
 50,000  43,174 
87,859 
Software — 2.4%
Camelot Finance SA, 4.50%, 11/1/26(1)
 50,000  46,574 
Castle US Holding Corp., 9.50%, 2/15/28(1)
 75,000  59,017 
Consensus Cloud Solutions, Inc., 6.00%, 10/15/26(1)
 50,000  45,597 
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)
 50,000  44,785 
GoTo Group, Inc., 5.50%, 9/1/27(1)
 50,000  36,858 
NCR Corp., 5.75%, 9/1/27(1)
 50,000  48,162 
NCR Corp., 5.125%, 4/15/29(1)
 75,000  70,140 
NCR Corp., 6.125%, 9/1/29(1)(2)
 50,000  47,742 
NCR Corp., 5.25%, 10/1/30(1)
 75,000  69,376 
Open Text Corp., 3.875%, 12/1/29(1)
 75,000  60,576 
Open Text Holdings, Inc., 4.125%, 2/15/30(1)
 50,000  40,319 
Open Text Holdings, Inc., 4.125%, 12/1/31(1)
 50,000  39,583 
SS&C Technologies, Inc., 5.50%, 9/30/27(1)
 75,000  71,158 
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25(1)(2)
 50,000  38,588 
718,475 
Specialty Retail — 2.2%
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1)
 50,000  42,936 
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)
 50,000  41,841 
Bath & Body Works, Inc., 6.625%, 10/1/30(1)
 50,000  45,485 
Bath & Body Works, Inc., 6.75%, 7/1/36 75,000  64,837 
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1)
 50,000  43,575 
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1)
 75,000  61,237 
Gap, Inc., 3.875%, 10/1/31(1)
 50,000  34,750 
Lithia Motors, Inc., 3.875%, 6/1/29(1)
 50,000  42,288 
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1)
 75,000  69,495 
Sonic Automotive, Inc., 4.875%, 11/15/31(1)(2)
 50,000  41,760 
Staples, Inc., 7.50%, 4/15/26(1)
 125,000  105,785 
Staples, Inc., 10.75%, 4/15/27(1)(2)
 50,000  36,825 
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1)
 50,000  44,161 
674,975 
Technology Hardware, Storage and Peripherals — 0.4%
Seagate HDD Cayman, 3.375%, 7/15/31 50,000  39,169 
Xerox Holdings Corp., 5.00%, 8/15/25(1)
 50,000  46,443 
Xerox Holdings Corp., 5.50%, 8/15/28(1)
 50,000  43,808 
129,420 
Thrifts and Mortgage Finance — 1.3%
Freedom Mortgage Corp., 8.125%, 11/15/24(1)
 25,000  22,228 
Freedom Mortgage Corp., 7.625%, 5/1/26(1)
 75,000  61,472 
Freedom Mortgage Corp., 6.625%, 1/15/27(1)
 50,000  37,760 
MGIC Investment Corp., 5.25%, 8/15/28 75,000  70,063 
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)
 50,000  41,887 
NMI Holdings, Inc., 7.375%, 6/1/25(1)
 50,000  50,584 
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)
 50,000  39,170 
Radian Group, Inc., 4.875%, 3/15/27 50,000  46,645 
78

Select High Yield ETF
Principal Amount/Shares Value
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)(2)
 $ 50,000  $ 38,984 
408,793 
Trading Companies and Distributors — 0.5%
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)(2)
 50,000  41,941 
Fly Leasing Ltd., 7.00%, 10/15/24(1)
 75,000  41,358 
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/1/25(1)
 38,000  35,467 
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 5/1/28(1)
 50,000  42,625 
161,391 
Wireless Telecommunication Services — 2.1%
Sprint Corp., 7.875%, 9/15/23 75,000  77,370 
Sprint Corp., 7.125%, 6/15/24 125,000  129,216 
T-Mobile USA, Inc., 2.25%, 2/15/26 50,000  46,013 
T-Mobile USA, Inc., 3.375%, 4/15/29 100,000  90,212 
T-Mobile USA, Inc., 3.50%, 4/15/31 50,000  44,348 
Vmed O2 UK Financing I PLC, 4.25%, 1/31/31(1)(2)
 200,000  162,000 
Vodafone Group PLC, VRN, 7.00%, 4/4/79 75,000  77,582 
626,741 
TOTAL CORPORATE BONDS
(Cost $32,964,687)
 28,902,651 
PREFERRED STOCKS — 0.6%


Banks — 0.6%
Bank of America Corp., 6.25% 75,000  74,312 
Citigroup, Inc., 4.70% 75,000  63,797 
JPMorgan Chase & Co., 6.125%(2)
 50,000  49,222 
TOTAL PREFERRED STOCKS
(Cost $210,185)
 187,331 
SHORT-TERM INVESTMENTS — 9.9%


Money Market Funds — 9.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 820,865  820,865 
State Street Navigator Securities Lending Government Money Market Portfolio(5)
2,186,515  2,186,515 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,007,380)
 3,007,380 
TOTAL INVESTMENT SECURITIES — 105.3%
(Cost $36,182,252)

32,097,362 
OTHER ASSETS AND LIABILITIES — (5.3)%

(1,616,554)
TOTAL NET ASSETS — 100.0%

$ 30,480,808 

79

Select High Yield ETF
NOTES TO SCHEDULE OF INVESTMENTS
PIK - Payment in Kind. Security may pay a cash rate and/or an in kind rate.
VRN - Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $19,796,550, which represented 64.9% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,120,899. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)The security's rate was paid in cash at the last payment date.
(4)Security is in default.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,199,995, which includes securities collateral of $13,480.


See Notes to Financial Statements.
80

Statements of Assets and Liabilities
AUGUST 31, 2022
Diversified Corporate Bond ETF Diversified Municipal Bond ETF
Assets
Investment securities, at value (cost of $152,358,472 and $290,252,114, respectively) — including $2,774,845 and $—, respectively of securities on loan $ 143,724,636  $ 276,002,710 
Investment made with cash collateral received for securities on loan, at value (cost of $2,858,788 and $—, respectively) 2,858,788  — 
Total investment securities, at value (cost of $155,217,260 and $290,252,114, respectively) 146,583,424  276,002,710 
Deposits with broker for futures contracts 112,780  — 
Deposits with broker for swap agreements 173,301  — 
Receivable for investments sold —  349,161 
Receivable for capital shares sold —  2,490,550 
Receivable for variation margin on swap agreements 4,378  — 
Interest receivable 1,238,334  2,864,957 
Securities lending receivable 1,898  — 
148,114,115  281,707,378 
Liabilities
Payable for collateral received for securities on loan 2,858,788  — 
Payable for investments purchased 1,529,867  5,195,383 
Payable for variation margin on futures contracts 4,855  — 
Accrued management fees 35,856  65,731 
4,429,366  5,261,114 
Net Assets $ 143,684,749  $ 276,446,264 
Shares outstanding (unlimited number of shares authorized) 3,100,000  5,550,000 
Net Asset Value Per Share $ 46.35  $ 49.81 
Net Assets Consist of:
Capital paid in $ 161,607,250  $ 296,026,544 
Distributable earnings (17,922,501) (19,580,280)
$ 143,684,749  $ 276,446,264 


See Notes to Financial Statements.
81

AUGUST 31, 2022
Emerging Markets Bond ETF Multisector Income ETF
Assets
Investment securities, at value (cost of $30,092,285 and $124,953,865, respectively) — including $248,687 and $3,579,726, respectively of securities on loan $ 26,246,545  $ 115,841,088 
Investment made with cash collateral received for securities on loan, at value (cost of $256,775 and $3,709,125, respectively) 256,775  3,709,125 
Total investment securities, at value (cost of $30,349,060 and $128,662,990, respectively) 26,503,320  119,550,213 
Cash —  1,837 
Receivable for variation margin on futures contracts —  2,768 
Receivable for variation margin on swap agreements —  7,545 
Swap agreements, at value (including net premiums paid (received) of $52,082 and $—, respectively) 70,398  — 
Interest and dividends receivable 421,838  877,605 
Securities lending receivable
163
 2,431 

26,995,719  120,442,399 
Liabilities
Payable for collateral received for securities on loan 256,775  3,709,125 
Payable for investments purchased 17,593  2,335,833 
Payable for variation margin on futures contracts 11,578  — 
Swap agreements, at value (including net premiums paid (received) of $(5,697) and $—, respectively) 7,281  — 
Accrued management fees 9,019  34,752 

302,246  6,079,710 
Net Assets $ 26,693,473  $ 114,362,689 
Shares outstanding (unlimited number of shares authorized) 700,000  2,600,000 
Net Asset Value Per Share $ 38.13  $ 43.99 
Net Assets Consist of:
Capital paid in $ 33,698,320  $ 129,538,684 
Distributable earnings (7,004,847) (15,175,995)
$ 26,693,473  $ 114,362,689 


See Notes to Financial Statements.
82

AUGUST 31, 2022
Select High Yield ETF
Assets
Investment securities, at value (cost of $33,995,737) — including $2,120,899 of securities on loan $ 29,910,847 
Investment made with cash collateral received for securities on loan, at value (cost of $2,186,515) 2,186,515 
Total investment securities, at value (cost of $36,182,252) 32,097,362 
Receivable for investments sold 102,733 
Interest receivable 477,921 
Securities lending receivable 1,299 

32,679,315 
Liabilities
Payable for collateral received for securities on loan 2,186,515 
Accrued management fees 11,992 
2,198,507 
Net Assets $ 30,480,808 
Shares outstanding (unlimited number of shares authorized) 700,000 
Net Asset Value Per Share $ 43.54 
Net Assets Consist of:
Capital paid in $ 34,890,552 
Distributable earnings (4,409,744)
$ 30,480,808 


See Notes to Financial Statements.
83

Statements of Operations
YEAR ENDED AUGUST 31, 2022
Diversified Corporate Bond ETF Diversified Municipal Bond ETF
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $455 and $—, respectively) $ 3,682,748  $ 4,267,122 
Securities lending, net 12,193  — 
3,694,941  4,267,122 
Expenses:
Management fees 433,785  622,038 
Other expenses 1,584  — 
435,369  622,038 
Net investment income (loss) 3,259,572  3,645,084 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (9,580,880) (5,640,496)
Futures contract transactions 190,060  — 
Swap agreement transactions 5,378  — 
(9,385,442) (5,640,496)
Change in net unrealized appreciation (depreciation) on:
Investments (10,073,336) (18,763,216)
Futures contracts 14,387  — 
Swap agreements (8,801) — 
(10,067,750) (18,763,216)
Net realized and unrealized gain (loss) (19,453,192) (24,403,712)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (16,193,620) $ (20,758,628)


See Notes to Financial Statements.
84

YEAR ENDED AUGUST 31, 2022
Emerging Markets Bond ETF Multisector Income ETF
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $127 and $—, respectively) $ 1,362,648  $ 4,335,462 
Dividends —  25,863 
Securities lending, net 1,295  12,319 
1,363,943  4,373,644 
Expenses:
Management fees 101,199  392,557 
Other expenses 98  611 
101,297  393,168 
Net investment income (loss) 1,262,646  3,980,476 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (3,576,515) (7,443,578)
Futures contract transactions (215,641) 527,939 
Swap agreement transactions 471,342  217,551 
Foreign currency translation transactions —  (313)
(3,320,814) (6,698,401)
Change in net unrealized appreciation (depreciation) on:
Investments (3,903,331) (9,236,797)
Futures contracts 47  (34,076)
Swap agreements 16,732  104,632 
Translation of assets and liabilities in foreign currencies —  (8)
(3,886,552) (9,166,249)
Net realized and unrealized gain (loss) (7,207,366) (15,864,650)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (5,944,720) $ (11,884,174)


See Notes to Financial Statements.
85

PERIOD ENDED AUGUST 31, 2022
Select High Yield ETF(1)
Investment Income (Loss)
Income:
Interest $ 1,186,595 
Securities lending, net 5,229 
1,191,824 
Expenses:
Management fees 112,486 
Net investment income (loss) 1,079,338 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (882,135)
Change in net unrealized appreciation (depreciation) on investments (4,084,890)
Net realized and unrealized gain (loss) (4,967,025)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (3,887,687)

(1)November 16, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
86

Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Diversified Corporate
Bond ETF		 Diversified Municipal
Bond ETF
Increase (Decrease) in Net Assets August 31, 2022 August 31, 2021 August 31, 2022 August 31, 2021
Operations
Net investment income (loss) $ 3,259,572  $ 2,479,982  $ 3,645,084  $ 1,833,319 
Net realized gain (loss) (9,385,442) 4,742,299  (5,640,496) 917,946 
Change in net unrealized appreciation (depreciation) (10,067,750) (3,021,377) (18,763,216) 2,060,753 
Net increase (decrease) in net assets resulting from operations (16,193,620) 4,200,904  (20,758,628) 4,812,018 
Distributions to Shareholders
From earnings (2,951,390) (4,110,980) (3,278,595) (1,763,405)

Capital Share Transactions
Proceeds from shares sold 35,965,410  128,687,765  139,499,410  101,658,311 
Payments for shares redeemed (25,964,990) (97,214,495) (2,770,640) (8,220,745)
Other capital 886  5,379  91,811  159,216 
Net increase (decrease) in net assets from capital share transactions 10,001,306  31,478,649  136,820,581  93,596,782 
Net increase (decrease) in net assets (9,143,704) 31,568,573  112,783,358  96,645,395 
Net Assets
Beginning of period 152,828,453  121,259,880  163,662,906  67,017,511 
End of period $ 143,684,749  $ 152,828,453  $ 276,446,264  $ 163,662,906 
Transactions in Shares of the Funds
Sold 700,000  2,450,000  2,650,000  1,850,000 
Redeemed (500,000) (1,850,000) (50,000) (150,000)
Net increase (decrease) in shares of the funds 200,000  600,000  2,600,000  1,700,000 


See Notes to Financial Statements.
87

YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Emerging Markets Bond ETF Multisector Income ETF
Increase (Decrease) in Net Assets August 31, 2022
August 31, 2021(1)
 August 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss) $ 1,262,646  $ 150,980  $ 3,980,476  $ 259,604 
Net realized gain (loss) (3,320,814) (3,632) (6,698,401) (111,081)
Change in net unrealized appreciation (depreciation) (3,886,552) 56,075  (9,166,249) 135,255 
Net increase (decrease) in net assets resulting from operations (5,944,720) 203,423  (11,884,174) 283,778 
Distributions to Shareholders
From earnings (1,194,630) (68,920) (3,577,090) (52,680)
Capital Share Transactions
Proceeds from shares sold 11,194,156  22,501,450  49,086,845  82,595,250 
Payments for shares redeemed —  —  (2,224,880) — 
Other capital 2,269  445  58,230  77,410 
Net increase (decrease) in net assets from capital share transactions 11,196,425  22,501,895  46,920,195  82,672,660 
Net increase (decrease) in net assets 4,057,075  22,636,398  31,458,931  82,903,758 
Net Assets
Beginning of period 22,636,398  —  82,903,758  — 
End of period $ 26,693,473  $ 22,636,398  $ 114,362,689  $ 82,903,758 
Transactions in Shares of the Funds
Sold 250,000  450,000  1,000,000  1,650,000 
Redeemed —  —  (50,000) — 
Net increase (decrease) in shares of the funds 250,000  450,000  950,000  1,650,000 

(1)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
88

PERIOD ENDED AUGUST 31, 2022
Select High Yield ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 1,079,338 
Net realized gain (loss) (882,135)
Change in net unrealized appreciation (depreciation) (4,084,890)
Net increase (decrease) in net assets resulting from operations (3,887,687)
Distributions to Shareholders
From earnings (1,026,610)
Capital Share Transactions
Proceeds from shares sold 44,736,315 
Payments for shares redeemed (9,346,900)
Other capital 5,690 
Net increase (decrease) in net assets from capital share transactions 35,395,105 
Net increase (decrease) in net assets 30,480,808 
Net Assets
End of period $ 30,480,808 
Transactions in Shares of the Funds
Sold 900,000 
Redeemed (200,000)
Net increase (decrease) in shares of the funds 700,000 

(1)November 16, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
89

Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Diversified Corporate Bond ETF (Diversified Corporate Bond ETF), American Century Diversified Municipal Bond ETF (Diversified Municipal Bond ETF), American Century Emerging Markets Bond ETF (Emerging Markets Bond ETF), American Century Multisector Income ETF (Multisector Income ETF) and American Century Select High Yield ETF (Select High Yield ETF) (collectively, the funds) are five funds in a series issued by the trust. Diversified Corporate Bond ETF’s investment objective is to seek to provide current income. Diversified Municipal Bond ETF’s investment objective is to seek current income that is exempt from federal income tax. Emerging Markets Bond ETF's investment objective is to seek to provide current income and capital appreciation. Multisector Income ETF's investment objective is to seek to provide a high level of current income and total return. Select High Yield ETF's investment objective is to seek to provide high current income. Shares of each fund are listed for trading on the NYSE Arca, Inc. Emerging Markets Bond ETF and Multisector Income ETF incepted on June 29, 2021. Select High Yield ETF incepted on November 16, 2021.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, convertible bonds, bank loan obligations, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

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Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

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The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
 Overnight and
Continuous		 <30 days Between
30 & 90 days		 >90 days Total
Diversified Corporate Bond ETF
Corporate Bonds $ 2,858,788  —  —  —  $ 2,858,788 
Gross amount of recognized liabilities for securities lending transactions $ 2,858,788 
Emerging Markets Bond ETF
Corporate Bonds $ 256,775  —  —  —  $ 256,775 
Gross amount of recognized liabilities for securities lending transactions $ 256,775 
Multisector Income ETF
Corporate Bonds $ 3,709,125  —  —  —  $ 3,709,125 
Gross amount of recognized liabilities for securities lending transactions $ 3,709,125 
Select High Yield ETF
Corporate Bonds $ 2,160,987  —  —  —  $ 2,160,987 
Preferred Stocks 25,528  —  —  —  25,528 
Total Borrowings
 $ 2,186,515  —  —  —  $ 2,186,515 
Gross amount of recognized liabilities for securities lending transactions $ 2,186,515 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 39%, 74% and 66% of the shares of Diversified Corporate Bond ETF, Emerging Markets Bond ETF and Multisector Income ETF, respectively. ACIM owns 35% of the shares of Select High Yield ETF. Related parties do not invest in the funds for the purpose of exercising management or control.

ACIM has engaged Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a subadvisor for Select High Yield ETF. NCRAM is responsible for making investment recommendations for the fund, subject to the oversight of the Board of Trustees and general supervision of the investment advisor and in accordance with the investment objective, polices and restrictions of the fund. ACIM pays all costs associated with retaining NCRAM as the subadvisor of the fund. A subsidiary of NCRAM’s parent company indirectly owns a non-controlling equity interest in ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.

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The annual management fee for each fund is as follows:
Annual Management Fee
Diversified Corporate Bond ETF 0.29%
Diversified Municipal Bond ETF 0.29%
Emerging Markets Bond ETF 0.39%
Multisector Income ETF 0.35%
Select High Yield ETF 0.45%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Diversified Corporate Bond ETF Diversified Municipal Bond ETF Emerging Markets Bond ETF Multisector Income ETF
Select High Yield ETF(1)
Purchases of U.S. Treasury and Government Agency obligations $19,961,098 — $1,924,293 $52,296,859 —
Purchases of other investment securities $244,975,438 $154,812,985 $13,682,861 $123,687,444 $4,046,429
Total Purchases $264,936,536 $154,812,985 $15,607,154 $175,984,303 $4,046,429
Sales of U.S. Treasury and Government Agency obligations $18,978,510 — $567,422 $28,774,093 —
Sales of other investment securities $246,596,876 $94,880,934 $16,449,028 $130,987,546 $3,559,741
Total Sales $265,575,386 $94,880,934 $17,016,450 $159,761,639 $3,559,741

(1)November 16, 2021 (fund inception) through August 31, 2022.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions		 In kind
Redemptions		 In kind
Net Realized
Gain/(Loss)*
Diversified Corporate Bond ETF $35,456,930 $25,518,371 $175,601
Diversified Municipal Bond ETF $86,914,118 $2,589,011 $172,509
Emerging Markets Bond ETF $10,441,993 — —
Multisector Income ETF $34,353,021 $1,141,309 $(49,978)
Select High Yield ETF(1)
 $42,472,893 $8,578,172 $(504,553)
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)November 16, 2021 (fund inception) through August 31, 2022.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

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6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Diversified Corporate Bond ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 136,991,428  — 
U.S. Treasury Securities —  2,953,860  — 
Municipal Securities —  441,073  — 
Short-Term Investments $ 6,197,063  —  — 
$ 6,197,063  $ 140,386,361  — 
Other Financial Instruments
Futures Contracts $ 14,645  —  — 
Swap Agreements —  $ 6,227  — 
$ 14,645  $ 6,227  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 15,782  —  — 

Diversified Municipal Bond ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Municipal Securities —  $ 268,883,123  — 
Short-Term Investments $ 7,119,587  —  — 
$ 7,119,587  $ 268,883,123  — 

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Emerging Markets Bond ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 12,862,247  — 
Sovereign Governments and Agencies —  9,438,962  — 
U.S. Treasury Securities —  1,453,680  — 
Preferred Stocks —  557,379  — 
Short-Term Investments $ 2,191,052  —  — 
$ 2,191,052  $ 24,312,268  — 
Other Financial Instruments
Futures Contracts $ 2,586  —  — 
Swap Agreements —  $ 70,398  — 
$ 2,586  $ 70,398  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 4,055  —  — 
Swap Agreements —  $ 7,281  — 
$ 4,055  $ 7,281  — 

Multisector Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 44,239,697  — 
U.S. Treasury Securities —  21,098,467  — 
Asset-Backed Securities —  15,439,551  — 
U.S. Government Agency Mortgage-Backed Securities —  7,716,834  — 
Commercial Mortgage-Backed Securities —  6,237,490  — 
Collateralized Mortgage Obligations —  6,020,183  — 
Collateralized Loan Obligations —  5,935,110  — 
Preferred Stocks —  4,778,071  — 
Bank Loan Obligations —  1,451,917  — 
Sovereign Governments and Agencies —  1,310,918  — 
Short-Term Investments $ 5,321,975  —  — 
$ 5,321,975  $ 114,228,238  — 
Other Financial Instruments
Futures Contracts $ 3,859  —  — 
Swap Agreements —  $ 4,939  — 
$ 3,859  $ 4,939  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 26,700  —  — 
Swap Agreements —  $ 27,544  — 
$ 26,700  $ 27,544  — 

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Select High Yield ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 28,902,651  — 
Preferred Stocks —  187,331  — 
Short-Term Investments $ 3,007,380  —  — 
$ 3,007,380  $ 29,089,982  — 

7. Derivative Instruments

Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

The funds' average notional amount to credit risk derivative instruments held during the period were as follows:
Diversified Corporate Bond ETF $4,261,833
Emerging Markets Bond ETF $1,440,500
Multisector Income ETF $11,654,736

Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased Futures Contracts Sold
Diversified Corporate Bond ETF $17,466,572 $17,651,391
Emerging Markets Bond ETF $1,848,884 $3,943,736
Multisector Income ETF $20,097,535 $9,345,696

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Value of Derivative Instruments as of August 31, 2022
Asset Derivatives Liability Derivatives
Fund / Type of Risk Exposure Location on Statement of Assets and Liabilities Value Location on Statement of Assets and Liabilities Value
Diversified Corporate Bond ETF
Credit Risk Receivable for variation margin on swap agreements* $ 4,378  Payable for variation margin on swap agreements* — 
Interest Rate Risk Receivable for variation margin on futures contracts* —  Payable for variation margin on futures contracts* $ 4,855 
$ 4,378  $ 4,855 
Emerging Markets Bond ETF
Credit Risk Swap agreements $ 70,398  Swap agreements $ 7,281 
Interest Rate Risk Receivable for variation margin on futures contracts* —  Payable for variation margin on futures contracts* 11,578 
$ 70,398  $ 18,859 
Multisector Income ETF
Credit Risk Receivable for variation margin on swap agreements* $ 7,545  Payable for variation margin on swap agreements* — 
Interest Rate Risk Receivable for variation margin on futures contracts* 2,768  Payable for variation margin on futures contracts* — 
$ 10,313  — 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2022
Net Realized Gain (Loss) Change in Net Unrealized
Appreciation (Depreciation)
Fund / Type of Risk Exposure Location on Statement of Operations Value Location on Statement of Operations Value
Diversified Corporate Bond ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ 5,378  Change in net unrealized appreciation (depreciation) on swap agreements $ (8,801)
Interest Rate Risk Net realized gain (loss) on futures contract transactions 190,060  Change in net unrealized appreciation (depreciation) on futures contracts 14,387 
$ 195,438  $ 5,586 
Emerging Markets Bond ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ 471,342  Change in net unrealized appreciation (depreciation) on swap agreements $ 16,732 
Interest Rate Risk Net realized gain (loss) on futures contract transactions (215,641) Change in net unrealized appreciation (depreciation) on futures contracts 47 
$ 255,701  $ 16,779 
Multisector Income ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ 217,551  Change in net unrealized appreciation (depreciation) on swap agreements $ 104,632 
Interest Rate Risk Net realized gain (loss) on futures contract transactions 527,939  Change in net unrealized appreciation (depreciation) on futures contracts (34,076)
$ 745,490  $ 70,556 

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8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The funds may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The funds may invest in high-yield and lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.
The majority of Emerging Markets Bond ETF and Multisector Income ETF are owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the funds, the funds may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the funds may be at risk.
A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
The novel coronavirus (COVID-19) pandemic has stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 (except as noted) were as follows:
2022 2021
Distributions Paid From:
Distributions Paid From:
Exempt Income
Ordinary Income
Long-term Capital Gains
Exempt Income
Ordinary Income
Long-term Capital Gains
Diversified Corporate Bond ETF
 —  $ 2,951,390  —  —  $ 3,561,445  $ 549,535 
Diversified Municipal Bond ETF
 $ 3,278,595  —  —  $ 1,763,405  —  — 
Emerging Markets
Bond ETF
 —  $ 1,194,630  — 
 —(1)
$ 68,920(1)
 —(1)
Multisector Income ETF
 —  $ 3,577,090  — 
 —(1)
$ 52,680(1)
 —(1)
Select High Yield ETF(2)
 —  $ 1,026,610  —  N/A N/A N/A
(1)June 29, 2021 (fund inception) through August 31, 2021.
(2)November 16, 2021 (fund inception) through August 31, 2022.



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The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications, which are primarily due to in kind transactions, were as follows:
Diversified Corporate Bond ETF
Diversified Municipal Bond ETF
Emerging Markets Bond ETF
Multisector Income ETF
Select High Yield ETF
Capital paid in $ 175,601  $ 172,509  —  $ (54,171) $ (504,553)
Distributable earnings $ (175,601) $ (172,509) —  $ 54,171  $ 504,553 

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Diversified Corporate Bond ETF
Diversified Municipal Bond ETF
Emerging Markets Bond ETF
Multisector Income ETF
Select High Yield ETF
Federal tax cost of investments $ 155,237,298  $ 290,254,423  $ 30,556,872  $ 128,733,038  $ 36,182,252 
Gross tax appreciation of investments $ 21,686  $ 480,812  $ 47,000  $ 37,138  $ 8,653 
Gross tax depreciation of investments (8,675,560) (14,732,525) (4,100,552) (9,219,963) (4,093,543)
Net tax appreciation (depreciation) of investments (8,653,874) (14,251,713) (4,053,552) (9,182,825) (4,084,890)
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies 19,909  —  20,474  152,437  — 
Net tax appreciation (depreciation) $ (8,633,965) $ (14,251,713) $ (4,033,078) $ (9,030,388) $ (4,084,890)
Undistributed ordinary income $ 395,860  —  $ 137,512  $ 569,947  $ 141,456 
Undistributed exempt income —  $ 561,916  —  —  — 
Accumulated short-term capital losses $ (8,275,499) $ (4,713,606) $ (2,547,989) $ (6,715,554) $ (466,310)
Accumulated long-term capital losses $ (1,408,897) $ (1,176,877) $ (561,292) —  — 

For Diversified Corporate Bond ETF, Diversified Municipal Bond ETF, Emerging Markets Bond ETF and Multisector Income ETF, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on futures contracts and unsettled interest on swap agreements. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Select High Yield ETF.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
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Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Distributions From: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized and Unrealized
Gain (Loss)		 Total From Investment Operations Net
Investment
Income		 Net
Realized
Gains		 Total
Distributions
Other Capital(1)
 Net Asset Value,
End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of Period
(in thousands)
Diversified Corporate Bond ETF
2022 $52.70 1.08 (6.45) (5.37) (0.98) — (0.98)
0.00(4)
 $46.35 (10.30)% 0.29% 2.18% 181% $143,685 
2021 $52.72 0.93 0.66 1.59 (1.39) (0.22) (1.61)
0.00(4)
 $52.70 3.08% 0.29% 1.77% 182% $152,828 
2020 $51.38 1.28 1.47 2.75 (1.40) (0.03) (1.43) 0.02 $52.72 5.48% 0.29% 2.50% 174% $121,260 
2019 $48.77 1.67 2.45 4.12 (1.54) — (1.54) 0.03 $51.38 8.70% 0.39% 3.37% 35% $64,334 
2018(5)
 $50.00 0.96 (1.41) (0.45) (0.82) — (0.82) 0.04 $48.77 (0.77)%
0.45%(6)
3.09%(6)
 38% $12,291 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)January 11, 2018 (fund inception) through August 31, 2018.
(6)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
    Income From Investment Operations: Ratio to Average Net Assets of:  
  Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Diversified Municipal Bond ETF
2022 $55.48 0.89 (5.76) (4.87) (0.82) 0.02 $49.81 (8.82)% 0.29% 1.70% 46% $276,446 
2021 $53.61 1.00 1.83 2.83 (1.05) 0.09 $55.48 5.50% 0.29% 1.82% 14% $163,663 
2020 $53.37 1.19 0.11 1.30 (1.15) 0.09 $53.61 2.66% 0.29% 2.26% 23% $67,018 
2019(4)
 $50.00 1.36 3.16 4.52 (1.25) 0.10 $53.37 9.42%
0.29%(5)
2.74%(5)
 19% $26,684 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
    Income From Investment Operations: Ratio to Average Net Assets of:  
  Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Emerging Markets Bond ETF
2022 $50.30 2.13 (12.25) (10.12) (2.05)
0.00(4)
 $38.13 (20.60)% 0.39% 4.87% 64% $26,693 
2021(5)
 $50.00 0.36 0.11 0.47 (0.17)
0.00(4)
 $50.30 0.95%
0.39%(6)
4.14%(6)
 7% $22,636 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)June 29, 2021 (fund inception) through August 31, 2021.
(6)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
    Income From Investment Operations: Ratio to Average Net Assets of:  
  Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Multisector Income ETF
2022 $50.24 1.67 (6.41) (4.74) (1.53) 0.02 $43.99 (9.60)% 0.35% 3.55% 147% $114,363 
2021(4)
 $50.00 0.27 0.02 0.29 (0.13) 0.08 $50.24 0.75%
0.35%(5)
3.08%(5)
 75% $82,904 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)June 29, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
    Income From Investment Operations: Ratio to Average Net Assets of:  
  Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Select High Yield ETF
2022(4)
 $50.00 1.58 (6.54) (4.96) (1.51) 0.01 $43.54 (10.04)%
0.45%(5)
4.32%(5)
 12% $30,481 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)November 16, 2021 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Diversified Corporate Bond ETF, American Century Diversified Municipal Bond ETF, American Century Emerging Markets Bond ETF, American Century Multisector Income ETF, and American Century Select High Yield ETF (the “Funds”), five of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
American Century Diversified Corporate Bond ETF
For the year ended August 31, 2022
For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021, 2020, and 2019, and the period from January 11, 2018 (fund inception) through August 31, 2018
American Century Diversified Municipal Bond ETF
For the year ended August 31, 2022
For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century Emerging Markets Bond ETF
For the year ended August 31, 2022
For the year ended August 31, 2022 and the period from June 29, 2021 (fund inception) through August 31, 2021
American Century Multisector Income ETF
American Century Select High Yield ETF
For the period November 16, 2021 (fund inception) through August 31, 2022

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

106

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
107

Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Position(s) Held with Funds Length of Time Served Principal Occupation(s) During Past 5 Years Number of American Century Portfolios Overseen by Trustee Other Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)		 Trustee and Chairman of the Board Since 2017 (Chairman since 2019) Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019) 41 None
Jeremy I. Bulow
(1954)		 Trustee Since 2022 Professor of Economics, Stanford University
Graduate School of Business (1979 to present)		 75 None
Barry A. Mendelson
(1958)		 Trustee Since 2017 Retired 41 None
Stephen E. Yates
(1948)		 Trustee Since 2017 Retired 105 None
Interested Trustees
Jonathan S. Thomas
(1963)		 Trustee Since 2017 President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries 139 None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
108

Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Offices with the Funds Principal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
 President since 2019 Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)		 Chief Financial Officer and Treasurer since 2018 Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)		 Chief Compliance Officer and Vice President since 2017 Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)		 General Counsel and
Vice President since
2021		 General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)		 Vice President
since 2019		 Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)		 Vice President since 2017 Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)		 Vice President since 2017 Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)		 Vice President since 2017 Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)		 Secretary since 2019 Attorney, ACS (2003 to present)


109

Approval of Management and Subadvisory Agreements
American Century Diversified Corporate Bond ETF
American Century Diversified Municipal Bond ETF
American Century Emerging Markets Bond ETF
American Century Multisector Income ETF

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

Prior to its consideration of the management agreement renewal, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent data providers concerning the Funds. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the management agreement renewal, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
•the wide range of other programs and services provided to each Fund and its shareholders on a routine and non-routine basis;
•the investment performance of each Fund, including data comparing each Fund's performance to an appropriate benchmark and/or a peer group of other funds with similar investment objectives and strategies;
•the cost of owning each Fund compared to the cost of owning similarly-managed funds;
•the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers;
•the Advisor’s strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;
•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;
•financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
•information regarding payments to intermediaries by the Advisor;
•possible economies of scale associated with the Advisor’s management of each Fund; and
•possible collateral benefits to the Advisor from the management of the Funds.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

110

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under each Fund’s management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

•constructing and designing each Fund
•portfolio research and security selection
•initial capitalization/funding
•securities trading
•Fund administration
•custody of Fund assets
•daily valuation of each Fund’s portfolio
•liquidity monitoring and management
•risk management, including cyber security
•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
•legal services (except the independent Trustees’ counsel)
•regulatory and portfolio compliance
•financial reporting
•marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance. The performance for American Century Diversified Corporate Bond ETF and American Century Diversified Municipal Bond ETF was above each Fund's respective benchmark for the one- and three-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services
111

offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the American Century Diversified Corporate Bond ETF and American Century Multisector Income ETF was below the median of the total expense ratios of their respective peer expense universe and was within the range of their peer expense group. The unified fee charged to shareholders of the American Century Diversified Municipal Bond ETF was below the median of the total expense ratios of its peer expense universe and was the lowest of its peer expense group. The unified fee charged to shareholders of the American Century Emerging Markets Bond ETF was the lowest of the total expense ratios of its peer expense universe and was the lowest of its peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under its management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response
112

thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.



113

American Century Select High Yield ETF

At a meeting held on June 2, 2022, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. The Board also unanimously approved the renewal of the investment subadvisory agreement pursuant to which Nomura Corporate Research and Asset Management, Inc. (the “Subadvisor”) acts as subadvisor to the Fund. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

Prior to its consideration of the renewal of the management agreement and the subadvisory agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor, the Subadvisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the renewal of the management agreement and the subadvisory agreement, the Board’s review and evaluation of the services provided by the Advisor, the Advisor’s affiliates, and the Subadvisor included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
•the wide range of other programs and services provided to the Fund and its shareholders on a routine and non-routine basis;
•the Fund’s investment performance, including data comparing the Fund's performance to an appropriate benchmark and/or a peer group of other funds with similar investment objectives and strategies;
•the cost of owning the Fund compared to the cost of owning similarly-managed funds;
•the compliance policies, procedures, and regulatory experience of the Advisor and its affiliates, the Subadvisor and certain other Fund service providers;
•financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;
•the Advisor’s strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;
•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;
•information regarding payments to intermediaries by the Advisor;
•possible economies of scale associated with the Advisor’s management of the Fund; and
•possible collateral benefits to the Advisor from the management of the Fund.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement and the subadvisory agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the Subadvisor, the independent data providers, and independent counsel in connection with the approval. They
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determined that the information was sufficient for them to evaluate the management agreement and the subadvisory agreement for the Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement and subadvisory agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

•constructing and designing the Fund
•portfolio research and security selection
•initial capitalization/funding
•securities trading
•Fund administration
•custody of Fund assets
•daily valuation of the Fund’s portfolio
•liquidity monitoring and management
•risk management, including cyber security
•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
•legal services (except the independent Trustees’ counsel)
•regulatory and portfolio compliance
•financial reporting
•marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor and the Subadvisor to manage the Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor and the Subadvisor have an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor and the Subadvisor utilize teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor and/or the Subadvisor the reasons for such results and any actions being taken to improve performance. The Board found the investment management services provided by the Advisor and the Subadvisor to the Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Fund. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

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Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund. The Board did not consider the profitability of the Subadvisor because the Subadvisor is paid from the unified management fee of the Advisor as a result of arms’ length negotiations.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Fund and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. The Board specifically noted that the subadvisory fee paid to the Subadvisor and the terms of the Subadvisory Agreement were subject to arms’ length negotiation between the Advisor and the Subadvisor and are paid by the Advisor out of its unified management fee. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer expense universe and was within the range of its peer expense group. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments could include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the
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Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the terms of the management agreement and the subadvisory agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement and subadvisory agreement should be renewed for an additional one-year period.
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Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Program Administrator, including members of ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain Funds' investments is supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

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Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
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Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

Diversified Municipal Bond ETF designates $3,278,595 as exempt interest dividends for the fiscal year ended August 31, 2022.

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2022.

Diversified Corporate Bond ETF
Diversified Municipal
Bond ETF
Emerging Markets Bond ETF
Multisector Income ETF
Select High Yield ETF
$2,307,529 — $53,761 $2,330,492 $868,584

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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
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