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Annual Report
August 31, 2023
American Century® Low Volatility ETF (LVOL)
American Century® Quality Convertible Securities ETF (QCON)
American Century® Quality Diversified International ETF (QINT)
American Century® Quality Preferred ETF (QPFF)
American Century® U.S. Quality Growth ETF (QGRO)
American Century® U.S. Quality Value ETF (VALQ)



























Table of Contents

President’s Letter
Low Volatility ETF
Performance
Portfolio Commentary
Fund Characteristics
Quality Convertible Securities ETF
Performance
Portfolio Commentary
Fund Characteristics
Quality Diversified International ETF
Performance
Portfolio Commentary
Fund Characteristics
Quality Preferred ETF
Performance
Portfolio Commentary
Fund Characteristics
U.S. Quality Growth ETF
Performance
Portfolio Commentary
Fund Characteristics
U.S. Quality Value 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 Agreement
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

image24.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2023. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Stocks Rebounded, Bonds Struggled

Asset class returns, particularly for U.S. and global stocks, improved dramatically compared with the previous fiscal year. The bounce back occurred despite ongoing volatility, rising interest rates and Fitch Ratings’ first-ever downgrade of U.S. debt.

Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign partly fueled the optimism. Inflation’s steady slowdown, mounting recession worries and a series of U.S. regional bank failures prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, the Fed and its developed markets peers continued to raise interest rates.

After pausing in June, the Fed resumed its tightening campaign in July, raising rates to a range of 5.25% to 5.5%, a 22-year high. Citing still-higher-than-target inflation and still-strong economic data, policymakers left their future policy options open. Inflation remained even higher in the eurozone and the U.K., prompting central bankers there to steadily raise interest rates. Government bond yields soared, including the benchmark 10-year Treasury yield, which surged to a 16-year high late in the period.

Despite the inflation and rate backdrops, better-than-expected corporate earnings helped the S&P 500 Index return 15.94% for the 12-month period. Non-U.S. developed markets stocks delivered modestly higher returns, while emerging markets stocks gained only 1.25%. Meanwhile, amid elevated inflation and sharply higher Treasury yields, most U.S. bond and other rate-sensitive sectors declined, though not as much as in the prior fiscal year. Exceptions included corporate and municipal bonds, which delivered modest gains.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions, banking industry turbulence and recession risk. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

We appreciate your confidence in us during these extraordinary times. American Century Investments has a long history of helping clients weather unpredictable and volatile 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
Low Volatility ETF (LVOL)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 11.96% 6.67% 1/12/2021
Market Price 11.96% 6.67% 1/12/2021
S&P 500 Index 15.94% 8.37%
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 12, 2021
chart-1fe33c248b8b4c95abd.jpg

Value on August 31, 2023
Net Asset Value — $11,852
S&P 500 Index — $12,358

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 americancentury.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Yulin Long, Stephen Quance and Rene Casis

During the period, Steve Rossi left the fund’s management team, while Yulin Long and Stephen Quance joined.

Performance Review

American Century Low Volatility ETF returned 11.96% on both a market price and net asset value (NAV) basis for the 12-month period ended August 31, 2023. For the same period, the S&P 500 Index, the fund’s benchmark index, returned 15.94%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Following a tumultuous 2022 and early 2023, the markets embraced a Goldilocks scenario. U.S. economic strength surprised to the upside, albeit on lowered expectations, and inflation moderated. Some economists abandoned their recession calls in favor of soft landing expectations.

Despite weaker fundamentals, broad equity indices delivered strong gains for the reporting period. Larger-capitalization technology companies rose significantly, particularly those perceived to benefit from the artificial intelligence theme. Other sectors and smaller-capitalization companies did not advance as much. Markets remained resilient even after several regional banks shuttered in March and early April. Quick government intervention staved off a broader market contagion. Nevertheless, many viewed the bank crisis as an impetus for the Federal Reserve to end its rate-hike campaign. This prompted equity markets to rally through July, when stocks declined amid worries about rates remaining higher for longer than expected.

Low-Volatility Focus Weighed on Relative Performance

The fund’s focus on lower-volatility equities in a period of strong stock gains largely explain the fund’s underperformance. Such strategies have historically done well relative to the broader market when stocks fall, but lag when stocks rally. Large-capitalization growth stocks performed best in the reporting period followed by select economically sensitive sectors; more defensive market segments lagged.

For example, within the index, information technology, communication services and the cyclical industrials sectors were the only sectors to outperform the broader index. Meanwhile, more defensive sectors, such as utilities and real estate declined outright, while consumer staples rose but significantly underperformed the overall index.

Positioning within the information technology sector detracted most from performance on a relative basis, particularly among semiconductors and semiconductor equipment companies. These stocks benefited from investor demand for companies related to artificial intelligence. Elsewhere in the sector, selection and allocation decisions among software and computers and peripherals companies detracted from relative results. Positioning in the industrials sector also detracted, led by our holdings among machinery and commercial services and supplies companies.

At the other end of the spectrum, our stock selection and allocation decisions contributed the most to relative performance in the consumer discretionary sector. It helped to avoid the volatile automobiles industry. Positioning in the broadline retail and hotels, restaurants and leisure industries also contributed to performance. Stock selection among chemicals companies also was positive, making materials stocks another source of relative strength.

4


Fund Characteristics
AUGUST 31, 2023
Low Volatility ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.3%
Short-Term Investments 0.6%
Other Assets and Liabilities 0.1%
Top Five Industries % of net assets
Financial Services 9.9%
Insurance 8.2%
Pharmaceuticals 6.4%
Beverages 5.3%
Health Care Equipment and Supplies 5.2%

5


Performance
Quality Convertible Securities ETF (QCON)
Total Returns as of August 31, 2023   Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 2.56% -5.60% 2/16/2021
Market Price 2.46% -5.59% 2/16/2021
ICE BofA Convertible Index 3.77% -6.19%
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 Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made February 16, 2021
chart-8fbe7d226c094a8586b.jpg

Value on August 31, 2023
Net Asset Value — $8,640
ICE BofA Convertible Index — $8,504

Total Annual Fund Operating Expenses
0.32%
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 americancentury.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Rene Casis and Hitesh Patel

Performance Review

American Century Quality Convertible Securities ETF returned 2.46% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 2.56%. For the same period, the ICE BofA Convertible Index, the fund’s benchmark index, returned 3.77%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Following a tumultuous 2022 and early 2023, the markets embraced a Goldilocks scenario. U.S. economic strength surprised to the upside, albeit on lowered expectations, and inflation moderated. Some economists abandoned their recession calls in favor of soft landing expectations.

Despite weaker fundamentals, broad equity indices delivered strong gains for the reporting period. Larger-capitalization technology companies rose significantly, particularly those perceived to benefit from the artificial intelligence theme. Other sectors and smaller-capitalization companies did not advance as much. Markets remained resilient even after several regional banks shuttered in March and early April. Quick government intervention staved off a broader market contagion. Nevertheless, many viewed the bank crisis as an impetus for the Federal Reserve (Fed) to end its rate-hike campaign. This prompted yields to decline and equity markets to rally. But the Fed continued to tighten, and yields resumed their upward march through period-end.

Additionally, stronger-than-expected second-quarter earnings further supported equity gains. Credit spreads remained at very tight levels even as default expectations rose.

Defensive Positioning, Quality Focus Weighed on Relative Performance

The fund's cautious positioning primarily drove the fund’s underperformance. In the face of aggressively tighter monetary policy, we expected deteriorating economic fundamentals and lower corporate earnings. Accordingly, we favored a more defensive posture. However, upside surprises in growth and moderating inflation fueled a rally among risk assets. Generally, growth outperformed value factors for the reporting period, and cyclical sectors performed better than defensive sectors.

For example, within the index, more defensive sectors, such as utilities and consumer staples, underperformed the overall index results. We held overweight positions versus the index in those sectors.

The consumer discretionary and technology sectors led the index’s positive performance, as expectations for more moderate Fed tightening propelled their underlying equity prices higher. Unprofitable technology companies, many of which the fund did not own, rallied sharply as investors began to expect the Fed to pause its rate-hike cycle. While many low-quality companies posted outsized market gains, the fund did benefit from security selection in the technology sector. Certain software, cybersecurity and IT services companies advanced during periods when the market focused on valuations and rewarded more stable cash flow-generating businesses.

The fund's underweight positions in consumer discretionary companies with more cyclical earnings also weighed on relative results. These companies, including cruise lines, specialty retailers and real estate firms, rallied on stronger-than-expected consumer spending.


7


Fund Characteristics
AUGUST 31, 2023
Quality Convertible Securities ETF
Types of Investments in Portfolio % of net assets
Convertible Bonds 77.9%
Convertible Preferred Stocks 9.9%
Common Stocks 6.1%
Short-Term Investments 9.6%
Other Assets and Liabilities (3.5)%
Top Five Industries % of net assets
Software 16.6%
Health Care Equipment and Supplies 7.7%
Hotels, Restaurants and Leisure 7.1%
Semiconductors and Semiconductor Equipment 4.9%
Biotechnology 4.3%
8


Performance
Quality Diversified International ETF (QINT)
Total Returns as of August 31, 2023 Average Annual Returns
  1 year Since Inception Inception Date
Net Asset Value 18.67% 4.51% 9/10/2018
Market Price 18.78% 4.53% 9/10/2018
American Century Quality Diversified International Equity Index 19.12% N/A
Alpha Vee American Century Diversified International Equity Index N/A N/A
MSCI World ex USA Index 16.45% 4.86%
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.

Effective September 9, 2022, the fund’s Index changed from the Alpha Vee American Century Diversified International Equity Index to the American Century Quality Diversified International Equity Index. The inception date of the American Century Quality Diversified International Equity Index was March 23, 2022.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-12a6b78ce63444e2871.jpg
Value on August 31, 2023
Net Asset Value — $12,452
MSCI World ex USA Index — $12,664
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 americancentury.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: Rene Casis and Will Enderle

Paul Jo no longer serves as a portfolio manager for the American Century Quality Diversified International ETF.

Performance Review

For the 12 months ended August 31, 2023, American Century Quality Diversified International ETF returned 18.78% on a market price basis. On a net asset value (NAV) basis, the fund returned 18.67%.

Non-U.S. equities, as measured by the MSCI World ex USA Index (world index), rose during the reporting period. The world index, which is an unmanaged index generally representative of the performance of large- and mid-capitalization non-U.S. equities, returned 16.45%. The fund’s outperformance versus the world index was largely due to the different compositions of the fund and the world index.

Relatively consistent outperformance of value stocks versus growth in non-U.S. developed markets helped the fund’s performance. Inflation cooled in many regions with aggressive interest rate hiking by central banks. Value stocks continued to benefit as investors remained cautious of a global economic slowdown, and the fund’s dynamic allocation was positioned in favor of value for much of the period.

From a sector perspective, financials and utilities gave the largest boost to performance versus the world index, while real estate and consumer discretionary also contributed. Conversely, materials and information technology holdings were the largest detractors from the fund’s relative performance followed by holdings in the industrials sector.

Within financials, rising interest rates in many of the world’s economies were a positive development for the banking industry, and the fund benefited from positioning within the group by holding some of the stronger-performing banks and avoiding key underperforming names in the world index. It was a similar story among insurers, as portfolio positioning within that industry also supported relative returns. Within the utilities sector, it was providers of electric and multi-utilities which contributed most notably. The portfolio’s underweighting of real estate companies compared to the world index helped its relative performance as rising interest rates were a headwind for the sector during the period. Within the consumer discretionary sector, it was holdings in automobiles manufacturers, which gave the biggest lift to relative returns. The most notable name in the group was performance automaker, Ferrari NV.

On the downside, holdings in the metals and mining industry weighed on returns as inflation cooled in many of the world’s economies during the period, posing a more challenging environment for the group. Within the information technology sector, positions in semiconductors and semiconductor equipment companies detracted most from the fund’s relative performance versus the world index.

10


Fund Characteristics
AUGUST 31, 2023
Quality Diversified International ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.3%
Rights —*
Warrants —*
Short-Term Investments 2.0%
Other Assets and Liabilities (1.3)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
Japan 19.2%
United Kingdom 13.7%
France 11.2%
Canada 8.8%
Germany 6.3%
11


Performance
Quality Preferred ETF (QPFF)
Total Returns as of August 31, 2023   Average Annual Returns
  1 year Since Inception Inception Date
Net Asset Value 2.96% 0.04% 2/16/2021
Market Price 2.62% -0.02% 2/16/2021
ICE Exchange-Listed Preferred & Hybrid
Securities Index
-0.52% -2.35%
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 Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made February 16, 2021
chart-43a9b2cf7df046edb0b.jpg

Value on August 31, 2023
Net Asset Value — $10,011
ICE Exchange-Listed Preferred & Hybrid Securities Index — $9,416

Total Annual Fund Operating Expenses
0.32%
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 americancentury.com. For additional information about the funds, please consult the prospectus.
12


Portfolio Commentary

Portfolio Managers: Rene Casis and Hitesh Patel

Performance Review

American Century Quality Preferred ETF returned 2.62% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 2.96%. For the same period, the ICE Exchange-Listed Preferred & Hybrid Securities Index, the fund’s benchmark, returned -0.52%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

While equities staged an impressive rally over the 12-month period, preferred securities failed to keep pace. Higher bond yields and banking industry weakness weighed heavily on preferred securities. During this period, investors generally favored $1,000 par value institutional preferred securities over $25 par value exchange-listed preferreds. Securities with variable coupons outperformed fixed-rate securities amid higher rates.

Defensive Positioning, Duration Management, Security Selection Aided Performance

Overall, the fund’s defensive posture, shorter duration versus the index and security selection accounted for the fund’s outperformance versus the index. Against the backdrop of slowing growth and high inflation, the fund’s focus on quality issuers was a strong contributor to relative performance.

The fund’s short duration versus the index contributed to relative performance as the two-year Treasury yield rose 1.4 percentage points over the reporting period.

Security selection, notably in the financials sector, also lifted relative performance during the fiscal year. Due to our cautious market outlook, the fund was allocated to less-cyclical industries within financials and emphasized large, diversified banks over small regional lenders. This strategy helped the fund avoid large drawdowns early in 2023, when smaller banks faced a liquidity crunch.




13


Fund Characteristics
AUGUST 31, 2023
Quality Preferred ETF
Types of Investments in Portfolio % of net assets
Preferred Stocks 76.3%
Corporate Bonds 13.1%
Short-Term Investments 15.5%
Other Assets and Liabilities (4.9)%
Top Five Industries % of net assets
Insurance 22.7%
Banks 18.4%
Capital Markets 12.3%
Multi-Utilities 7.5%
Mortgage Real Estate Investment Trusts (REITs) 5.8%
14


Performance
U.S. Quality Growth ETF (QGRO)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 16.96% 12.29% 9/10/2018
Market Price 16.95% 12.29% 9/10/2018
American Century U.S. Quality Growth Index N/A
iSTOXX® American Century USA Quality Growth Index
17.11% 12.63%
Russell 1000 Growth Index 21.94% 14.19%
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.

Effective May 31, 2023, the fund’s Index changed from the iSTOXX® American Century USA Quality Growth Index to the American Century U.S. Quality Growth Index. The inception date of the American Century U.S. Quality Growth Index was November 22, 2022.





















The STOXX® Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich,
Switzerland ("STOXX"), Deutsche Börse Group or their licensors, which is used under license. The funds are
neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse
Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their
licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in
negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or
interruptions in the STOXX® Index or its data.


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 americancentury.com. For additional information about the funds, please consult the prospectus.
15


U.S. Quality Growth ETF (QGRO)

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-816c588048854827905.jpg

Value on August 31, 2023
Net Asset Value — $17,805
iSTOXX® American Century USA Quality Growth Index — $18,069
Russell 1000 Growth Index — $19,355
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.












The STOXX® Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich,
Switzerland ("STOXX"), Deutsche Börse Group or their licensors, which is used under license. The funds are
neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse
Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their
licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in
negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or
interruptions in the STOXX® Index or its data.

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 americancentury.com. For additional information about the funds, please consult the prospectus.
16


Portfolio Commentary

Portfolio Managers: Rene Casis and Will Enderle

Portfolio manager Paul Jo left the investment team in April 2023, and portfolio manager Peruvemba Satish left the team in May 2023.

Performance Review

American Century U.S. Quality Growth ETF returned 16.95% on a market price basis for the 12 months ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 16.96%.

For the same time period, the fund lagged market-capitalization-weighted growth strategies, as measured by the Russell 1000 Growth Index (growth index). The growth index is an unmanaged index generally representative of the performance of U.S. large-capitalization growth stocks. The fund’s underperformance versus the growth index was largely due to the different compositions of the fund and the growth index. The fund’s returns also reflect fees and operating expenses, while the index return does not.

From a broad perspective, stock selection in the information technology sector helped drive underperformance versus the growth index. Within information technology, stock selection among semiconductors and semiconductor equipment companies detracted, although an overweight allocation to the industry mitigated some of that weakness. On the positive side, an underweight allocation to consumer staples was beneficial, as was stock selection in the sector.

The fund’s allocation closed the fiscal year with a 65% weight in stable growth and 35% weight in high growth. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.






















17


Fund Characteristics
AUGUST 31, 2023
U.S. Quality Growth ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Short-Term Investments 0.2%
Other Assets and Liabilities —*
*Category is less than 0.05% of total net assets.
Top Five Industries % of net assets
Software 26.2%
Hotels, Restaurants and Leisure 7.5%
Biotechnology 6.5%
Specialty Retail 6.2%
Semiconductors and Semiconductor Equipment 5.4%
18


Performance
U.S. Quality Value ETF (VALQ)
Total Returns as of August 31, 2023 Average Annual Returns
1 year 5 years Since Inception Inception Date
Net Asset Value 10.40% 6.31% 6.35% 1/11/2018
Market Price 10.37% 6.30% 6.35% 1/11/2018
American Century U.S. Quality Value Index N/A
iSTOXX® American Century USA Quality Value Index
10.65% 6.61% 6.64%
Russell 1000 Value Index 8.59% 7.11% 6.45%
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.

Effective May 31, 2023, the fund’s Index changed from the iSTOXX® American Century USA Quality Value Index to the American Century U.S. Quality Value Index. The inception date of the American Century U.S. Quality Value Index was November 22, 2022.






















The STOXX® Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich,
Switzerland ("STOXX"), Deutsche Börse Group or their licensors, which is used under license. The funds are
neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse
Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their
licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in
negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or
interruptions in the STOXX® Index or its data.

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 americancentury.com. For additional information about the funds, please consult the prospectus.
19


U.S. Quality Value ETF (VALQ)

Growth of $10,000 Over Life of Fund
$10,000 investment made January 11, 2018
chart-ae5e8925662f4ab8a57.jpg

Value on August 31, 2023
Net Asset Value — $14,147
iSTOXX® American Century USA Quality Value Index — $14,368
Russell 1000 Value Index — $14,228
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.












The STOXX® Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich,
Switzerland ("STOXX"), Deutsche Börse Group or their licensors, which is used under license. The funds are
neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse
Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their
licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in
negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or
interruptions in the STOXX® Index or its data.

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 americancentury.com. For additional information about the funds, please consult the prospectus.
20


Portfolio Commentary

Portfolio Managers: Rene Casis and Will Enderle

Portfolio manager Paul Jo left the investment team in April 2023, and portfolio manager Peruvemba Satish left the team in May 2023.

Performance Review

American Century U.S. Quality Value ETF returned 10.37% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 10.40%.

For the same time period, the Russell 1000 Value Index (value index), a market-capitalization index, returned 8.59%. The value index is an unmanaged index generally representative of the performance of U.S. large-capitalization value stocks. The fund’s performance versus the value index was largely attributable to the different compositions of the fund and the value index. The fund’s returns also reflect fees and operating expenses, while the index return does not.

From a broad perspective, the fund’s stock selection in the health care sector helped drive outperformance relative to the value index, especially in the health care providers and services industry. Utilities also benefited performance through an underweight allocation versus the index and stock choices. Stock selection in consumer staples and an overweight allocation to the sector detracted from relative performance.

The fund’s allocation closed the 12-month period with an 80% allocation to value and a 20% allocation to income. Over the course of the year, the allocation to value was as high as 80% and as low as 35%. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.



















21


Fund Characteristics
AUGUST 31, 2023
U.S. Quality Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.9%
Short-Term Investments 0.4%
Other Assets and Liabilities (0.3)%
Top Five Industries % of net assets
Health Care Providers and Services 7.7%
Software 6.4%
IT Services 5.3%
Specialty Retail 5.1%
Electronic Equipment, Instruments and Components 4.1%
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, 2023 to August 31, 2023.

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
3/1/23
Ending
Account Value
8/31/23
Expenses Paid
During Period(1)
3/1/23 - 8/31/23
Annualized
Expense Ratio(1)
Low Volatility ETF
Actual $1,000 $1,075.80 $1.52 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
Quality Convertible Securities ETF
Actual $1,000 $1,035.00 $1.64 0.32%
Hypothetical $1,000 $1,023.59 $1.63 0.32%
Quality Diversified International ETF
Actual $1,000 $1,060.40 $2.03 0.39%
Hypothetical $1,000 $1,023.24 $1.99 0.39%
Quality Preferred ETF
Actual $1,000 $998.00 $1.61 0.32%
Hypothetical $1,000 $1,023.59 $1.63 0.32%
U.S. Quality Growth ETF
Actual $1,000 $1,140.70 $1.56 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
U.S. Quality Value ETF
Actual $1,000 $1,059.10 $1.51 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
(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, 2023
Low Volatility ETF
Shares Value
COMMON STOCKS — 99.3%
Aerospace and Defense — 3.0%
General Dynamics Corp.
1,276  $ 289,193 
Beverages — 5.3%
Coca-Cola Co.
5,262  314,826 
PepsiCo, Inc.
1,097  195,178 
510,004 
Broadline Retail — 0.6%
Amazon.com, Inc.(1)
406  56,032 
Building Products — 0.6%
Fortune Brands Innovations, Inc.
819  56,527 
Capital Markets — 3.5%
BlackRock, Inc.
146  102,279 
FactSet Research Systems, Inc.
122  53,242 
Intercontinental Exchange, Inc.
262  30,913 
Nasdaq, Inc.
983  51,588 
S&P Global, Inc.
107  41,822 
T. Rowe Price Group, Inc.
489  54,881 
334,725 
Chemicals — 3.1%
Linde PLC
756  292,602 
Commercial Services and Supplies — 5.0%
Cintas Corp.
353  177,972 
Republic Services, Inc.
899  129,573 
Waste Management, Inc.
1,075  168,538 
476,083 
Communications Equipment — 4.3%
Cisco Systems, Inc.
7,137  409,307 
Consumer Staples Distribution & Retail — 1.7%
Costco Wholesale Corp.
222  121,940 
Walmart, Inc.
245  39,840 
161,780 
Diversified Telecommunication Services — 1.2%
Verizon Communications, Inc.
3,259  114,000 
Electric Utilities — 0.4%
American Electric Power Co., Inc.
333  26,108 
Constellation Energy Corp.
57  5,937 
Duke Energy Corp.
59  5,239 
37,284 
Electronic Equipment, Instruments and Components — 4.7%
Amphenol Corp., Class A
3,294  291,124 
Keysight Technologies, Inc.(1)
418  55,719 
TE Connectivity Ltd.
759  100,484 
447,327 
Financial Services — 9.9%
Berkshire Hathaway, Inc., Class B(1)
1,072  386,134 
Fiserv, Inc.(1)
227  27,556 
25


Low Volatility ETF
Shares Value
Mastercard, Inc., Class A
520  $ 214,573 
Visa, Inc., Class A
1,314  322,823 
951,086 
Food Products — 0.4%
Mondelez International, Inc., Class A
483  34,419 
Health Care Equipment and Supplies — 5.2%
Abbott Laboratories
3,094  318,373 
Medtronic PLC
2,164  176,366 
494,739 
Health Care Providers and Services — 0.9%
UnitedHealth Group, Inc.
180  85,784 
Hotels, Restaurants and Leisure — 3.6%
McDonald's Corp.
1,016  285,649 
Yum! Brands, Inc.
443  57,315 
342,964 
Household Products — 4.1%
Colgate-Palmolive Co.
613  45,037 
Procter & Gamble Co.
2,254  347,882 
392,919 
Industrial Conglomerates — 1.0%
Honeywell International, Inc.
529  99,420 
Industrial REITs — 0.3%
Prologis, Inc.
254  31,547 
Insurance — 8.2%
Chubb Ltd.
1,068  214,529 
Hartford Financial Services Group, Inc.
994  71,389 
Marsh & McLennan Cos., Inc.
1,604  312,764 
Travelers Cos., Inc.
484  78,035 
W R Berkley Corp.
1,829  113,142 
789,859 
Interactive Media and Services — 1.9%
Alphabet, Inc., Class A(1)
1,144  155,778 
Meta Platforms, Inc., Class A(1)
92  27,222 
183,000 
IT Services — 4.8%
Accenture PLC, Class A
910  294,631 
Amdocs Ltd.
1,147  102,312 
Cognizant Technology Solutions Corp., Class A
945  67,672 
464,615 
Life Sciences Tools and Services — 0.3%
Danaher Corp.
120  31,800 
Machinery — 3.5%
Cummins, Inc.
233  53,599 
Dover Corp.
398  59,024 
IDEX Corp.
133  30,111 
Illinois Tool Works, Inc.
232  57,385 
Ingersoll Rand, Inc.
473  32,926 
Kennametal, Inc.
1,043  27,608 
Nordson Corp.
298  72,754 
333,407 
26


Low Volatility ETF
Shares Value
Media — 2.1%
Comcast Corp., Class A
4,288  $ 200,507 
Personal Care Products — 1.0%
Kenvue, Inc.
4,184  96,441 
Pharmaceuticals — 6.4%
Bristol-Myers Squibb Co.
1,711  105,483 
Eli Lilly & Co.
247  136,887 
Johnson & Johnson
1,723  278,575 
Merck & Co., Inc.
861  93,832 
614,777 
Professional Services — 0.6%
SS&C Technologies Holdings, Inc.
1,012  58,109 
Semiconductors and Semiconductor Equipment — 1.6%
Broadcom, Inc.
122  112,592 
NXP Semiconductors NV
219  45,053 
157,645 
Software — 4.6%
Autodesk, Inc.(1)
143  31,737 
Dolby Laboratories, Inc., Class A
798  67,407 
Microsoft Corp.
1,039  340,543 
439,687 
Specialized REITs — 0.6%
Equinix, Inc.
74  57,822 
Specialty Retail — 1.7%
Home Depot, Inc.
505  166,801 
Technology Hardware, Storage and Peripherals — 2.8%
Apple, Inc.
1,408  264,521 
Trading Companies and Distributors — 0.4%
Fastenal Co.
674  38,809 
TOTAL COMMON STOCKS
(Cost $8,732,384)
9,515,542 
SHORT-TERM INVESTMENTS — 0.6%
Money Market Funds — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $57,703)
57,703  57,703 
TOTAL INVESTMENT SECURITIES99.9%
(Cost $8,790,087)
9,573,245 
OTHER ASSETS AND LIABILITIES — 0.1%
10,935 
TOTAL NET ASSETS — 100.0%
$ 9,584,180 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.


See Notes to Financial Statements.
27


AUGUST 31, 2023
Quality Convertible Securities ETF
Principal
Amount/Shares
Value
CONVERTIBLE BONDS — 77.9%
Aerospace and Defense — 0.7%
Parsons Corp., 0.25%, 8/15/25
$ 135,000  $ 178,402 
Air Freight and Logistics — 0.5%
Air Transport Services Group, Inc., 1.125%, 10/15/24
120,000  117,288 
Automobile Components — 0.4%
Patrick Industries, Inc., 1.75%, 12/1/28
92,000  92,322 
Automobiles — 1.3%
Ford Motor Co., 0.00%, 3/15/26(1)
326,000  319,643 
Beverages — 0.8%
MGP Ingredients, Inc., 1.875%, 11/15/41
149,000  199,660 
Biotechnology — 4.1%
Ascendis Pharma A/S, 2.25%, 4/1/28
247,000  230,328 
Exact Sciences Corp., 0.375%, 3/1/28
155,000  147,839 
Halozyme Therapeutics, Inc., 0.25%, 3/1/27
283,000  247,455 
Insmed, Inc., 0.75%, 6/1/28
138,000  123,096 
Neurocrine Biosciences, Inc., 2.25%, 5/15/24
93,000  135,408 
Sarepta Therapeutics, Inc., 1.50%, 11/15/24
75,000  133,134 
1,017,260 
Broadline Retail — 1.6%
Etsy, Inc., 0.25%, 6/15/28
304,000  234,384 
PDD Holdings, Inc., 0.00%, 12/1/25(1)
161,000  158,585 
392,969 
Chemicals — 0.4%
Livent Corp., 4.125%, 7/15/25
42,000  107,520 
Communications Equipment — 1.9%
Lumentum Holdings, Inc., 0.50%, 12/15/26
166,000  146,412 
Lumentum Holdings, Inc., 0.50%, 6/15/28
156,000  119,933 
Viavi Solutions, Inc., 1.00%, 3/1/24
200,000  196,370 
462,715 
Consumer Staples Distribution & Retail — 0.3%
Chefs' Warehouse, Inc., 2.375%, 12/15/28(2)
75,000  70,425 
Diversified Consumer Services — 0.6%
Stride, Inc., 1.125%, 9/1/27
151,000  155,228 
Electric Utilities — 0.7%
NRG Energy, Inc., 2.75%, 6/1/48
172,000  182,148 
Electronic Equipment, Instruments and Components — 2.5%
Insight Enterprises, Inc., 0.75%, 2/15/25
173,000  404,993 
Vishay Intertechnology, Inc., 2.25%, 6/15/25
192,000  202,445 
607,438 
Entertainment — 1.9%
iQIYI, Inc., 4.00%, 12/15/26
156,000  147,233 
Live Nation Entertainment, Inc., 3.125%, 1/15/29(2)(3)
66,000  70,125 
Pandora Media LLC, 1.75%, 12/1/23
55,000  57,200 
Sea Ltd., 0.25%, 9/15/26
250,000  199,375 
473,933 
Financial Services — 1.4%
Block, Inc., 0.25%, 11/1/27
250,000  192,191 
Shift4 Payments, Inc., 0.50%, 8/1/27(3)
181,000  150,773 
342,964 
28


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Food Products — 1.8%
Post Holdings, Inc., 2.50%, 8/15/27
$ 435,000  $ 443,700 
Ground Transportation — 1.9%
Uber Technologies, Inc., 0.00%, 12/15/25(1)(3)
492,000  462,994 
Health Care Equipment and Supplies — 6.5%
CONMED Corp., 2.625%, 2/1/24
102,000  129,846 
Dexcom, Inc., 0.25%, 11/15/25(3)
475,000  458,660 
Envista Holdings Corp., 2.375%, 6/1/25
114,000  178,911 
Haemonetics Corp., 0.00%, 3/1/26(1)
162,000  140,438 
Insulet Corp., 0.375%, 9/1/26
267,000  283,287 
Integer Holdings Corp., 2.125%, 2/15/28(2)
120,000  138,780 
Integra LifeSciences Holdings Corp., 0.50%, 8/15/25
250,000  231,250 
Omnicell, Inc., 0.25%, 9/15/25(3)
45,000  41,850 
1,603,022 
Health Care Providers and Services — 0.5%
Guardant Health, Inc., 0.00%, 11/15/27(1)
176,000  130,909 
Hotel & Resort REITs — 0.8%
Pebblebrook Hotel Trust, 1.75%, 12/15/26
158,000  134,995 
Summit Hotel Properties, Inc., 1.50%, 2/15/26
59,000  48,528 
183,523 
Hotels, Restaurants and Leisure — 6.4%
Airbnb, Inc., 0.00%, 3/15/26(1)
255,000  224,145 
Booking Holdings, Inc., 0.75%, 5/1/25
348,000  586,832 
Carnival Corp., 5.75%, 12/1/27(2)
67,000  98,920 
DraftKings Holdings, Inc., 0.00%, 3/15/28(1)
115,000  88,148 
Expedia Group, Inc., 0.00%, 2/15/26(1)
88,000  77,554 
Marriott Vacations Worldwide Corp., 0.00%, 1/15/26(1)
132,000  118,885 
Marriott Vacations Worldwide Corp., 3.25%, 12/15/27(2)
94,000  84,647 
Royal Caribbean Cruises Ltd., 6.00%, 8/15/25
115,000  242,246 
Vail Resorts, Inc., 0.00%, 1/1/26(1)
65,000  57,403 
1,578,780 
Interactive Media and Services — 0.6%
Snap, Inc., 0.75%, 8/1/26
65,000  58,690 
Ziff Davis, Inc., 1.75%, 11/1/26
98,000  90,944 
149,634 
IT Services — 3.3%
Akamai Technologies, Inc., 0.375%, 9/1/27
410,000  425,580 
MongoDB, Inc., 0.25%, 1/15/26
46,000  85,457 
Okta, Inc., 0.375%, 6/15/26
164,000  143,008 
Perficient, Inc., 0.125%, 11/15/26
93,000  74,688 
Wix.com Ltd., 0.00%, 8/15/25(1)
82,000  72,939 
801,672 
Leisure Products — 0.3%
Topgolf Callaway Brands Corp., 2.75%, 5/1/26
52,000  62,145 
Machinery — 0.4%
Middleby Corp., 1.00%, 9/1/25
77,000  94,479 
Media — 2.6%
Cable One, Inc., 1.125%, 3/15/28
130,000  98,345 
Liberty Broadband Corp., 3.125%, 3/31/53(2)
521,000  548,352 
646,697 
29


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Metals and Mining — 0.8%
Ivanhoe Mines Ltd., 2.50%, 4/15/26(2)
$ 74,000  $ 97,863 
MP Materials Corp., 0.25%, 4/1/26(2)
102,000  89,444 
187,307 
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Blackstone Mortgage Trust, Inc., 5.50%, 3/15/27
152,000  134,805 
PennyMac Corp., 5.50%, 3/15/26
153,000  136,751 
271,556 
Oil, Gas and Consumable Fuels — 2.5%
EQT Corp., 1.75%, 5/1/26
41,000  121,385 
Pioneer Natural Resources Co., 0.25%, 5/15/25
199,000  503,589 
624,974 
Passenger Airlines — 1.1%
American Airlines Group, Inc., 6.50%, 7/1/25
120,000  137,400 
Southwest Airlines Co., 1.25%, 5/1/25(3)
122,000  128,435 
265,835 
Pharmaceuticals — 2.2%
Jazz Investments I Ltd., 2.00%, 6/15/26
358,000  387,759 
Pacira BioSciences, Inc., 0.75%, 8/1/25
105,000  96,272 
Revance Therapeutics, Inc., 1.75%, 2/15/27
70,000  62,860 
546,891 
Professional Services — 1.7%
KBR, Inc., 2.50%, 11/1/23
167,000  404,390 
Real Estate Management and Development — 1.7%
Zillow Group, Inc., 2.75%, 5/15/25
390,000  422,175 
Semiconductors and Semiconductor Equipment — 4.1%
Enphase Energy, Inc., 0.00%, 3/1/26(1)
141,000  125,208 
Impinj, Inc., 1.125%, 5/15/27
63,000  58,829 
MACOM Technology Solutions Holdings, Inc., 0.25%, 3/15/26
240,000  279,360 
Microchip Technology, Inc., 0.125%, 11/15/24(3)
215,000  231,528 
ON Semiconductor Corp., 0.00%, 5/1/27(1)
123,000  233,639 
Wolfspeed, Inc., 0.25%, 2/15/28
117,000  86,756 
1,015,320 
Software — 16.6%
Alarm.com Holdings, Inc., 0.00%, 1/15/26(1)
101,000  87,062 
Alteryx, Inc., 1.00%, 8/1/26
83,000  69,720 
Bentley Systems, Inc., 0.125%, 1/15/26
308,000  301,255 
BILL Holdings, Inc., 0.00%, 4/1/27(1)
293,000  239,527 
Confluent, Inc., 0.00%, 1/15/27(1)
90,000  75,204 
CyberArk Software Ltd., 0.00%, 11/15/24(1)
110,000  128,634 
Datadog, Inc., 0.125%, 6/15/25
74,000  90,280 
Dropbox, Inc., 0.00%, 3/1/28(1)
131,000  126,743 
Envestnet, Inc., 2.625%, 12/1/27(2)
106,000  106,954 
Five9, Inc., 0.50%, 6/1/25
70,000  66,290 
Guidewire Software, Inc., 1.25%, 3/15/25
73,000  72,672 
HubSpot, Inc., 0.375%, 6/1/25
131,000  256,956 
InterDigital, Inc., 3.50%, 6/1/27
74,000  92,359 
Palo Alto Networks, Inc., 0.375%, 6/1/25
249,000  610,423 
Pegasystems, Inc., 0.75%, 3/1/25
99,000  91,278 
Progress Software Corp., 1.00%, 4/15/26
340,000  385,730 
30


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Q2 Holdings, Inc., 0.75%, 6/1/26
$ 93,000  $ 82,073 
Rapid7, Inc., 0.25%, 3/15/27
138,000  122,216 
Splunk, Inc., 1.125%, 9/15/25
139,000  145,255 
Tyler Technologies, Inc., 0.25%, 3/15/26
331,000  328,186 
Unity Software, Inc., 0.00%, 11/15/26(1)
91,000  72,345 
Varonis Systems, Inc., 1.25%, 8/15/25
183,000  221,339 
Workiva, Inc., 1.125%, 8/15/26
157,000  232,125 
Zscaler, Inc., 0.125%, 7/1/25
51,000  61,863 
4,066,489 
Specialty Retail — 0.9%
Burlington Stores, Inc., 2.25%, 4/15/25
108,000  113,332 
Match Group Financeco 3, Inc., 2.00%, 1/15/30(2)
115,000  108,319 
221,651 
Technology Hardware, Storage and Peripherals — 1.0%
Western Digital Corp., 1.50%, 2/1/24
240,000  235,860 
TOTAL CONVERTIBLE BONDS
(Cost $19,753,082)
19,139,918 
CONVERTIBLE PREFERRED STOCKS — 9.9%
Banks — 4.2%
Bank of America Corp., 7.25%
441  512,702 
Wells Fargo & Co., 7.50%
450  521,631 
1,034,333 
Capital Markets — 1.3%
AMG Capital Trust II, 5.15%, 10/15/37
2,481  122,685 
KKR & Co., Inc., 6.00%, 9/15/23
2,571  189,245 
311,930 
Electric Utilities — 1.1%
NextEra Energy, Inc., 6.22%, 9/1/23
6,150  281,393 
Gas Utilities — 0.5%
Spire, Inc., 7.50%, 3/1/24(3)
2,630  117,666 
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp., 6.875%, 2/15/24
615  43,862 
Industrial REITs — 0.5%
LXP Industrial Trust, 6.50%
2,363  111,061 
Multi-Utilities — 2.1%
NiSource, Inc., 7.75%, 3/1/24(3)
5,334  528,333 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $2,671,287)
2,428,578 
COMMON STOCKS — 6.1%
Biotechnology — 0.2%
PTC Therapeutics, Inc.(4)
1,359  53,681 
Consumer Finance — 0.2%
Encore Capital Group, Inc.(4)
924  43,299 
Electric Utilities — 2.0%
American Electric Power Co., Inc.
2,998  235,043 
PG&E Corp.(4)
15,759  256,872 
491,915 
Health Care Equipment and Supplies — 1.2%
Becton Dickinson & Co.
800  223,560 
Boston Scientific Corp.(4)
1,511  81,503 
305,063 
31


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Hotels, Restaurants and Leisure — 0.7%
Bloomin' Brands, Inc.
5,856  $ 164,319 
Machinery — 0.5%
Chart Industries, Inc.(4)
722  130,379 
Metals and Mining — 0.5%
ArcelorMittal SA, NY Shares
4,086  108,728 
Semiconductors and Semiconductor Equipment — 0.8%
Silicon Laboratories, Inc.(4)
1,520  204,987 
TOTAL COMMON STOCKS
(Cost $1,522,700)
1,502,371 
SHORT-TERM INVESTMENTS — 9.6%
Money Market Funds — 9.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class
1,418,689  1,418,689 
State Street Navigator Securities Lending Government Money Market Portfolio(5)
940,664  940,664 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,359,353)
2,359,353 
TOTAL INVESTMENT SECURITIES103.5%
(Cost $26,306,422)
25,430,220 
OTHER ASSETS AND LIABILITIES — (3.5)%
(859,086)
TOTAL NET ASSETS — 100.0%
$ 24,571,134 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(2)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 $1,413,829, which represented 5.8% of total net assets.
(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $958,710. 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.
(4)Non-income producing.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $976,637, which includes securities collateral of $35,973.


See Notes to Financial Statements.
32


AUGUST 31, 2023
Quality Diversified International ETF
Shares Value
COMMON STOCKS — 99.3%
Australia — 4.6%
Aristocrat Leisure Ltd.
33,668  $ 888,771 
BHP Group Ltd.
17,619  506,513 
BlueScope Steel Ltd.
39,976  540,457 
carsales.com Ltd.
14,569  270,959 
Cochlear Ltd.
1,445  253,633 
CSL Ltd.
1,248  220,395 
Fortescue Metals Group Ltd.
79,290  1,091,616 
IGO Ltd.
27,384  244,383 
Lottery Corp. Ltd.
67,961  221,062 
Lynas Rare Earths Ltd.(1)
49,990  230,574 
Northern Star Resources Ltd.
32,363  247,970 
Orica Ltd.
22,135  224,246 
Origin Energy Ltd.
96,166  540,795 
Pilbara Minerals Ltd.(2)
90,582  271,566 
Qantas Airways Ltd.(1)
172,111  655,676 
REA Group Ltd.
4,798  511,552 
Sonic Healthcare Ltd.
32,744  680,557 
South32 Ltd.
485,096  1,057,750 
Treasury Wine Estates Ltd.
29,126  219,344 
Washington H Soul Pattinson & Co. Ltd.
12,353  263,166 
WiseTech Global Ltd.
6,327  283,822 
Xero Ltd.(1)
4,133  334,540 
9,759,347 
Austria — 1.0%
ANDRITZ AG
9,987  530,511 
Erste Group Bank AG
9,147  326,309 
OMV AG
15,087  698,648 
Raiffeisen Bank International AG(1)
17,895  256,847 
voestalpine AG
8,405  245,588 
2,057,903 
Belgium — 0.7%
Ageas SA
24,812  986,780 
KBC Group NV
3,353  219,991 
Solvay SA
2,494  288,799 
1,495,570 
Canada — 8.8%
Alimentation Couche-Tard, Inc.
4,680  244,737 
ARC Resources Ltd.(2)
19,780  301,707 
Canadian National Railway Co.
1,940  218,523 
Canadian Natural Resources Ltd.
14,348  928,288 
CGI, Inc.(1)
2,990  311,790 
Constellation Software, Inc.
966  1,984,232 
Descartes Systems Group, Inc.(1)
5,714  428,423 
Dollarama, Inc.
10,643  690,078 
Element Fleet Management Corp.
30,990  476,363 
Fairfax Financial Holdings Ltd.
2,921  2,408,809 
Franco-Nevada Corp.
1,502  216,228 
IGM Financial, Inc.(2)
13,496  384,744 
33


Quality Diversified International ETF
Shares Value
Imperial Oil Ltd.(2)
10,359  $ 588,252 
Keyera Corp. 9,802  242,148 
Loblaw Cos. Ltd. 3,806  330,490 
Lundin Mining Corp. 43,079  334,124 
Manulife Financial Corp. 124,235  2,296,766 
MEG Energy Corp.(1)
14,481  259,033 
Metro, Inc. 4,159  214,352 
Open Text Corp. 39,212  1,580,146 
Quebecor, Inc., Class B 24,968  570,797 
Stantec, Inc. 5,835  389,777 
Suncor Energy, Inc.(2)
31,992  1,083,684 
Teck Resources Ltd., Class B 6,727  277,960 
TFI International, Inc. 4,576  623,544 
Thomson Reuters Corp. 1,653  212,890 
Tourmaline Oil Corp. 7,828  401,423 
West Fraser Timber Co. Ltd. 3,850  291,029 
Wheaton Precious Metals Corp. 4,825  210,274 
WSP Global, Inc. 1,765  247,220 
18,747,831 
China — 2.9%
Alibaba Health Information Technology Ltd.(1)
368,000  217,265 
ANTA Sports Products Ltd. 74,000  834,217 
Bosideng International Holdings Ltd. 586,000  229,954 
BYD Co. Ltd., H Shares 22,000  691,034 
China Resources Beer Holdings Co. Ltd. 18,000  105,684 
China Resources Mixc Lifestyle Services Ltd. 90,800  392,359 
COSCO SHIPPING Holdings Co. Ltd., Class H 188,000  192,791 
JD Health International, Inc.(1)
41,450  223,484 
JD Logistics, Inc.(1)
113,800  151,692 
KE Holdings, Inc., ADR(1)
33,398  574,446 
Li Ning Co. Ltd. 67,500  319,026 
Nongfu Spring Co. Ltd., H Shares(2)
170,600  958,159 
PDD Holdings, Inc., ADR(1)
9,342  924,578 
Yadea Group Holdings Ltd. 152,000  292,243 
6,106,932 
Denmark — 2.7%
AP Moller - Maersk A/S, B Shares 666  1,209,032 
Genmab A/S(1)
1,796  688,111 
Novo Nordisk A/S, B Shares 19,760  3,644,805 
Pandora A/S 3,269  338,532 
5,880,480 
Finland — 0.1%
Wartsila Oyj Abp 19,369  245,810 
France — 11.2%
Arkema SA 2,989  312,348 
BNP Paribas SA 4,510  291,651 
Bureau Veritas SA 10,264  274,953 
Carrefour SA 26,109  499,040 
Cie de Saint-Gobain 8,662  563,482 
Dassault Aviation SA 1,297  254,679 
Dassault Systemes SE 4,989  197,717 
34


Quality Diversified International ETF
Shares Value
Edenred 28,668  $ 1,826,820 
Eiffage SA 2,575  254,495 
Engie SA
115,551  1,860,861 
EssilorLuxottica SA
7,481  1,406,105 
Hermes International
1,005  2,066,969 
Ipsen SA
3,911  506,648 
Kering SA
489  261,483 
La Francaise des Jeux SAEM
9,585  346,590 
L'Oreal SA
4,996  2,194,404 
LVMH Moet Hennessy Louis Vuitton SE
1,382  1,168,698 
Orange SA
23,501  263,838 
Publicis Groupe SA
8,383  654,108 
Rexel SA
15,114  354,378 
Sanofi 29,872  3,181,486 
SCOR SE
10,187  316,733 
Sodexo SA
5,930  636,173 
STMicroelectronics NV
27,462  1,295,784 
TotalEnergies SE
42,720  2,679,778 
Vinci SA
2,169  241,601 
23,910,822 
Germany — 6.3%
Allianz SE
1,218  296,070 
Bayerische Motoren Werke AG
2,803  294,817 
Brenntag SE
3,319  268,454 
Carl Zeiss Meditec AG, Bearer Shares
1,956  194,006 
Commerzbank AG
21,821  239,758 
CTS Eventim AG & Co. KGaA
3,581  222,769 
Deutsche Bank AG
25,704  279,628 
Deutsche Lufthansa AG(1)
31,595  282,154 
DHL Group
20,737  967,030 
E.ON SE
24,517  301,796 
Evonik Industries AG
12,994  248,967 
Fresenius Medical Care AG & Co. KGaA
35,987  1,732,682 
Fresenius SE & Co. KGaA
31,054  995,566 
GEA Group AG
5,767  227,412 
Heidelberg Materials AG
3,642  292,841 
Henkel AG & Co. KGaA
14,649  1,012,366 
Hugo Boss AG
3,226  242,854 
Infineon Technologies AG
13,886  496,226 
Mercedes-Benz Group AG
3,491  255,453 
MTU Aero Engines AG
950  221,749 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
5,204  2,019,980 
Nemetschek SE
3,106  214,518 
Rational AG
355  270,421 
Rheinmetall AG
868  235,771 
SAP SE
2,360  329,231 
Scout24 SE
7,254  499,702 
Siemens AG
3,090  464,213 
Wacker Chemie AG
1,961