image10.jpg
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,
image48a16.jpg
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