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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 SECURITIES — 99.9%
(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 SECURITIES — 103.5%
(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  288,837 
13,395,271 
35

Quality Diversified International ETF
Shares Value
Ireland — 0.4%
CRH PLC
 4,651  $ 267,589 
Ryanair Holdings PLC, ADR(1)
 5,172  513,321 
780,910 
Israel — 1.7%
Bank Hapoalim BM
 59,539  492,932 
Bank Leumi Le-Israel BM
 107,219  832,289 
ICL Group Ltd.
 47,750  285,345 
Israel Discount Bank Ltd., A Shares
 99,564  497,958 
Mizrahi Tefahot Bank Ltd.
 25,106  825,495 
Monday.com Ltd.(1)
 1,300  230,672 
Nice Ltd.(1)
 1,089  212,250 
Teva Pharmaceutical Industries Ltd.(1)
 36,205  352,194 
3,729,135 
Italy — 4.7%
A2A SpA
 314,248  601,385 
Amplifon SpA
 6,354  206,336 
Assicurazioni Generali SpA
 13,750  284,803 
Banco BPM SpA
 141,287  674,115 
CNH Industrial NV
 17,018  234,508 
Enel SpA
 60,441  405,851 
Ferrari NV
 6,539  2,077,702 
Hera SpA
 83,302  251,833 
Intesa Sanpaolo SpA
 114,007  304,444 
Mediobanca Banca di Credito Finanziario SpA
 98,131  1,281,058 
Moncler SpA
 4,260  288,635 
Pirelli & C SpA
 47,991  238,971 
Prysmian SpA
 6,535  266,997 
Recordati Industria Chimica e Farmaceutica SpA
 5,050  253,146 
Stellantis NV
 117,156  2,174,796 
UniCredit SpA
 18,493  450,547 
9,995,127 
Japan — 19.2%
Advantest Corp.
 3,200  400,546 
Aisin Corp.
 9,800  327,055 
Ajinomoto Co., Inc.
 11,700  495,645 
Asahi Intecc Co. Ltd.
 12,600  255,597 
Astellas Pharma, Inc.
 16,400  248,138 
BayCurrent Consulting, Inc.
 6,300  216,548 
Canon, Inc.(2)
 12,500  307,676 
Capcom Co. Ltd.
 12,100  510,417 
Chubu Electric Power Co., Inc.
 21,800  290,563 
Chugai Pharmaceutical Co. Ltd.
 8,700  265,193 
Daiichi Sankyo Co. Ltd.
 34,900  1,027,932 
Daiwa Securities Group, Inc.
 57,200  325,276 
Denso Corp.
 4,200  286,661 
Dentsu Group, Inc.
 8,400  250,875 
Disco Corp.
 2,200  434,818 
Fast Retailing Co. Ltd.
 900  206,470 
Fuji Electric Co. Ltd.
 6,200  292,147 
Hikari Tsushin, Inc.
 1,900  316,094 
36

Quality Diversified International ETF
Shares Value
Hirose Electric Co. Ltd.
 3,800  $ 460,085 
Hitachi Ltd.
 5,300  352,250 
Honda Motor Co. Ltd.
 18,600  601,085 
Hoya Corp.
 5,600  621,325 
Isuzu Motors Ltd.
 58,100  743,770 
ITOCHU Corp.(2)
 16,700  626,740 
Itochu Techno-Solutions Corp.
 10,000  296,914 
Japan Tobacco, Inc.
 102,400  2,242,179 
Kao Corp.
 46,100  1,780,733 
Kawasaki Kisen Kaisha Ltd.(2)
 13,400  449,049 
KDDI Corp.
 8,400  249,710 
Keyence Corp.
 2,500  1,037,929 
Kirin Holdings Co. Ltd.
 17,900  251,303 
Kobe Bussan Co. Ltd.
 7,900  196,822 
Koei Tecmo Holdings Co. Ltd.
 13,000  201,913 
Kose Corp.
 2,200  182,456 
Marubeni Corp.
 122,800  2,006,380 
MatsukiyoCocokara & Co.
 4,100  241,410 
Mazda Motor Corp.
 31,800  331,321 
MEIJI Holdings Co. Ltd.
 11,700  293,378 
Mitsubishi Chemical Group Corp.
 46,300  276,398 
Mitsubishi Corp.
 66,100  3,260,376 
Mitsubishi Electric Corp.
 19,900  259,259 
Mitsubishi Heavy Industries Ltd.
 11,300  639,943 
Mitsui & Co. Ltd.
 21,200  789,601 
MonotaRO Co. Ltd.
 15,900  187,783 
MS&AD Insurance Group Holdings, Inc.(2)
 8,500  305,249 
Nexon Co. Ltd.
 23,800  482,847 
NIPPON EXPRESS HOLDINGS, Inc.
 4,800  249,261 
Nippon Paint Holdings Co. Ltd.
 28,500  220,207 
Nippon Telegraph & Telephone Corp.
 231,700  267,529 
Nissin Foods Holdings Co. Ltd.
 5,900  515,261 
Obayashi Corp.
 32,200  291,627 
Obic Co. Ltd.
 1,500  260,802 
Olympus Corp.
 20,500  276,881 
Ono Pharmaceutical Co. Ltd.
 25,600  483,633 
Oriental Land Co. Ltd.
 51,900  1,869,501 
ORIX Corp.
 15,300  285,264 
Osaka Gas Co. Ltd.
 16,400  261,816 
Otsuka Corp.
 8,000  356,544 
Otsuka Holdings Co. Ltd.
 14,700  558,478 
Pan Pacific International Holdings Corp.
 12,800  255,042 
Panasonic Holdings Corp.
 30,800  354,510 
Recruit Holdings Co. Ltd.
 7,900  281,418 
Ricoh Co. Ltd.
 34,600  281,865 
Rohm Co. Ltd.(2)
 3,100  258,564 
Rohto Pharmaceutical Co. Ltd.
 10,300  267,969 
SCREEN Holdings Co. Ltd.
 2,500  254,529 
SCSK Corp.
 18,500  320,686 
Sega Sammy Holdings, Inc.
 13,400  267,421 
Shin-Etsu Chemical Co. Ltd.
 65,900  2,100,480 
37

Quality Diversified International ETF
Shares Value
Softbank Corp.
 24,400  $ 279,836 
Sojitz Corp.(2)
 53,300  1,145,129 
Subaru Corp.
 28,500  547,866 
SUMCO Corp.
 36,400  486,149 
Sumitomo Mitsui Trust Holdings, Inc.
 7,400  277,195 
Suntory Beverage & Food Ltd.
 7,100  228,438 
Tokyo Gas Co. Ltd.
 25,600  592,398 
Toyo Suisan Kaisha Ltd.
 5,300  218,527 
Toyota Tsusho Corp.
 5,900  351,219 
Trend Micro, Inc.
 5,500  233,429 
Yakult Honsha Co. Ltd.
 3,400  178,139 
ZOZO, Inc.
 10,700  213,690 
41,117,162 
Netherlands — 3.3%
Adyen NV(1)
 134  111,893 
ASM International NV
 1,267  609,895 
ASML Holding NV
 1,882  1,237,468 
Coca-Cola Europacific Partners PLC
 4,583  293,816 
Heineken NV(2)
 4,958  481,969 
ING Groep NV
 21,166  299,901 
JDE Peet's NV
 16,508  459,491 
Koninklijke Ahold Delhaize NV
 45,666  1,493,735 
Koninklijke Vopak NV
 7,415  267,339 
OCI NV(1)
 21,582  545,836 
Randstad NV
 18,484  1,084,735 
Wolters Kluwer NV
 2,217  267,127 
7,153,205 
Norway — 1.9%
Aker BP ASA
 23,954  651,498 
Equinor ASA
 38,560  1,184,224 
Kongsberg Gruppen ASA
 5,939  246,355 
Mowi ASA
 15,205  275,626 
Norsk Hydro ASA
 79,542  440,098 
Telenor ASA
 25,408  272,027 
Yara International ASA
 28,971  1,055,973 
4,125,801 
Portugal — 0.5%
Jeronimo Martins SGPS SA
 37,838  964,565 
Singapore — 1.2%
Genting Singapore Ltd.
 1,084,700  701,799 
Jardine Cycle & Carriage Ltd.
 65,900  1,628,301 
Singapore Airlines Ltd.(2)
 63,600  323,161 
2,653,261 
South Korea — 0.7%
Coupang, Inc.(1)
 39,116  742,422 
HYBE Co. Ltd.(1)
 489  93,370 
Kia Corp.
 4,608  279,309 
Samsung SDI Co. Ltd.
 717  332,546 
1,447,647 
Spain — 3.8%
Aena SME SA
 5,963  937,366 
38

Quality Diversified International ETF
Shares Value
Banco Bilbao Vizcaya Argentaria SA
 389,286  $ 3,071,423 
Banco de Sabadell SA
 493,991  571,331 
CaixaBank SA
 59,852  242,415 
Endesa SA
 13,668  283,856 
Industria de Diseno Textil SA
 20,170  772,740 
Mapfre SA
 535,924  1,133,594 
Repsol SA
 35,358  546,497 
Telefonica SA
 152,848  633,352 
8,192,574 
Sweden — 3.3%
AddTech AB, B Shares
 10,700  180,773 
Assa Abloy AB, Class B
 36,954  831,684 
Boliden AB
 7,202  191,505 
Epiroc AB, A Shares
 13,074  250,830 
Evolution AB
 4,315  466,697 
Getinge AB, B Shares
 11,331  196,449 
H & M Hennes & Mauritz AB, B Shares(2)
 20,874  318,704 
Industrivarden AB, C Shares
 9,745  253,378 
Indutrade AB
 10,785  206,982 
Lifco AB, B Shares
 10,759  196,744 
Nibe Industrier AB, B Shares
 54,932  411,170 
Nordea Bank Abp
 22,307  244,379 
Saab AB, B Shares
 4,507  237,583 
SKF AB, B Shares
 16,446  266,283 
SSAB AB, B Shares
 119,936  663,800 
Swedbank AB, A Shares
 31,350  554,823 
Swedish Orphan Biovitrum AB(1)(2)
 10,916  210,552 
Telefonaktiebolaget LM Ericsson, B Shares
 212,945  1,092,831 
Volvo AB, B Shares
 14,118  284,529 
7,059,696 
Switzerland — 4.6%
Belimo Holding AG
 482  253,532 
Cie Financiere Richemont SA, Class A
 2,270  321,980 
DKSH Holding AG
 3,615  276,266 
Flughafen Zurich AG
 1,188  244,482 
Julius Baer Group Ltd.
 4,266  296,101 
Kuehne + Nagel International AG
 1,687  506,851 
Logitech International SA
 7,741  535,542 
Novartis AG
 36,949  3,718,610 
Partners Group Holding AG
 1,092  1,177,072 
PSP Swiss Property AG
 2,427  294,869 
Roche Holding AG, Bearer Shares
 1,520  473,721 
Sika AG
 1,635  462,022 
Sonova Holding AG
 856  226,183 
Straumann Holding AG
 3,584  541,863 
Swatch Group AG, Bearer Shares
 877  246,209 
VAT Group AG
 779  311,325 
9,886,628 
Taiwan — 1.4%
Accton Technology Corp.
 27,000  402,687 
Airtac International Group
 6,000  172,838 
39

Quality Diversified International ETF
Shares Value
Global Unichip Corp.
 6,000  $ 273,077 
MediaTek, Inc.
 36,000  793,924 
momo.com, Inc.
 4,180  68,179 
Taiwan Semiconductor Manufacturing Co. Ltd.
 40,000  687,318 
Unimicron Technology Corp.
 52,000  300,887 
Voltronic Power Technology Corp.
 5,000  226,938 
2,925,848 
United Kingdom — 13.7%
3i Group PLC
 26,040  655,725 
Anglo American PLC
 9,453  251,371 
Ashtead Group PLC
 15,259  1,064,441 
Associated British Foods PLC
 11,473  289,003 
AstraZeneca PLC
 5,787  777,325 
BAE Systems PLC
 25,416  323,489 
Barratt Developments PLC
 47,343  271,392 
Beazley PLC
 32,767  226,235 
BP PLC
 46,202  285,495 
British American Tobacco PLC
 44,978  1,489,867 
Burberry Group PLC
 9,758  269,415 
Centrica PLC
 178,013  341,672 
Coca-Cola HBC AG
 18,833  542,520 
Compass Group PLC
 33,136  835,581 
ConvaTec Group PLC
 103,270  303,111 
DCC PLC
 4,572  250,166 
Diploma PLC
 6,494  257,142 
DS Smith PLC
 69,210  273,229 
easyJet PLC(1)
 37,421  199,903 
Endeavour Mining PLC
 9,385  194,132 
Evraz PLC(1)(3)
 199,959  25 
Glencore PLC
 216,675  1,153,836 
GSK PLC
 118,554  2,076,584 
Halma PLC
 7,321  198,461 
Hikma Pharmaceuticals PLC
 21,535  594,864 
Hiscox Ltd.
 15,048  189,863 
Howden Joinery Group PLC
 31,926  298,589 
HSBC Holdings PLC
 373,103  2,752,458 
IMI PLC
 11,064  209,967 
Imperial Brands PLC
 71,184  1,611,718 
InterContinental Hotels Group PLC
 5,324  400,446 
J Sainsbury PLC
 93,924  321,197 
JD Sports Fashion PLC
 253,813  465,873 
Kingfisher PLC
 90,664  268,682 
Legal & General Group PLC
 92,148  254,595 
Mondi PLC
 16,822  279,427 
NatWest Group PLC
 102,567  298,273 
Pearson PLC
 26,238  278,089 
RELX PLC
 7,687  250,556 
Rightmove PLC
 33,683  238,416 
Rio Tinto PLC
 20,612  1,269,382 
RS Group PLC
 26,386  253,553 
Shell PLC(2)
 116,590  3,611,328 
40

Quality Diversified International ETF
Shares Value
Smith & Nephew PLC
 17,487  $ 235,987 
Spectris PLC
 5,075  213,476 
Standard Chartered PLC
 68,535  616,658 
Taylor Wimpey PLC
 183,390  265,035 
Tesco PLC
 91,901  309,181 
Unilever PLC
 5,389  275,212 
Wise PLC, Class A(1)
 33,145  268,291 
WPP PLC
 83,422  808,643 
29,369,879 
United States — 0.6%
Autoliv, Inc.
 3,181  310,465 
Noble Corp. PLC
 5,786  305,154 
NXP Semiconductors NV
 2,667  548,655 
Waste Connections, Inc.
 1,612  220,828 
1,385,102 
TOTAL COMMON STOCKS
(Cost $193,125,151)
 212,386,506 
RIGHTS†
Canada†
Constellation Software, Inc.(1)
 966  536 
Sweden†
Swedish Orphan Biovitrum AB(1)(2)
 10,916  9,861 
TOTAL RIGHTS
(Cost $429)
 10,397 
WARRANTS†
Canada†
Constellation Software, Inc.(1)
(Cost $—)
 966  7 
SHORT-TERM INVESTMENTS — 2.0%
Money Market Funds — 2.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 484,013  484,013 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
 3,771,087  3,771,087 
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,255,100)
 4,255,100 
TOTAL INVESTMENT SECURITIES — 101.3%
(Cost $197,380,680)
 216,652,010 
OTHER ASSETS AND LIABILITIES — (1.3)%
 (2,812,048)
TOTAL NET ASSETS — 100.0%
 $ 213,839,962 

41

Quality Diversified International ETF

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Industrials 16.1%
Financials 15.5%
Consumer Discretionary 13.5%
Health Care 12.9%
Consumer Staples 10.4%
Information Technology 9.9%
Materials 7.8%
Energy 6.6%
Communication Services 3.2%
Utilities 2.8%
Real Estate 0.6%
Short-Term Investments 2.0%
Other Assets and Liabilities (1.3)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR – American Depositary Receipt
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $6,644,451. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Security may be subject to resale, redemption or transferability restrictions.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $7,001,218, which includes securities collateral of $3,230,131.


See Notes to Financial Statements.
42

AUGUST 31, 2023
Quality Preferred ETF
Shares/
Principal Amount		 Value
PREFERRED STOCKS — 76.3%
Automobiles — 1.9%
Ford Motor Co., 6.00%(1)
 11,556  $ 269,602 
Ford Motor Co., 6.20%
 7,513  182,641 
General Motors Financial Co., Inc., Series C, 5.70%(1)
 289,000  248,689 
700,932 
Banks — 18.4%
Bank of America Corp., 5.875%
 464,000  428,806 
Bank of America Corp., 5.875%
 7,072  170,647 
Bank of America Corp., 6.00%(1)
 13,375  327,955 
Bank of America Corp., 6.125%
 294,000  285,915 
Bank of America Corp., 6.25%
 387,000  386,033 
Citigroup, Inc., 6.30%(1)
 852,000  840,498 
Citigroup, Inc., 6.875%
 10,239  257,306 
Citizens Financial Group, Inc., 6.35%
 13,371  322,776 
Fifth Third Bancorp, 6.00%(1)
 7,287  174,159 
First Citizens BancShares, Inc., 5.375%
 4,565  94,678 
JPMorgan Chase & Co., 5.75%
 10,868  264,092 
JPMorgan Chase & Co., 8.93%(1)
 534,000  535,389 
JPMorgan Chase & Co., Series GG, 4.75%(1)
 9,358  193,617 
JPMorgan Chase & Co., Series JJ, 4.55%
 9,804  189,707 
JPMorgan Chase & Co., Series LL, 4.625%(1)
 9,755  193,052 
JPMorgan Chase & Co., Series MM, 4.20%(1)
 10,373  193,560 
Old National Bancorp, 7.00%
 6,776  159,507 
PNC Financial Services Group, Inc., 6.20%(1)
 472,000  441,357 
Regions Financial Corp., 5.70%
 6,316  129,162 
Truist Financial Corp., 4.80%
 266,000  236,208 
USB Capital IX, 6.59%
 288,000  216,960 
Wells Fargo & Co., 5.90%
 785,000  778,838 
6,820,222 
Capital Markets — 12.3%
Affiliated Managers Group, Inc., 4.20%
 7,365  119,239 
Affiliated Managers Group, Inc., 5.875%
 24,111  524,173 
Goldman Sachs Group, Inc., 6.375%
 10,501  263,050 
Goldman Sachs Group, Inc., 6.38%
 8,681  186,642 
Morgan Stanley, 6.375%(1)
 14,328  357,197 
Morgan Stanley, Series A, 6.27%
 18,498  396,227 
Morgan Stanley, Series P, 6.50%(1)
 6,462  167,366 
Oaktree Capital Group LLC, 6.55%
 25,925  553,499 
Oaktree Capital Group LLC, 6.625%
 25,631  555,680 
State Street Corp., 5.625%
 790,000  754,450 
State Street Corp., 5.90%(1)
 21,987  549,015 
Stifel Financial Corp., 6.25%
 5,637  130,497 
4,557,035 
Consumer Finance — 0.5%
Capital One Financial Corp., 4.375%
 12,051  200,288 
Diversified Telecommunication Services — 2.2%
AT&T, Inc., 5.00%(1)
 15,830  321,824 
AT&T, Inc., 5.35%
 22,260  502,853 
824,677 
43

Quality Preferred ETF
Shares/
Principal Amount		 Value
Electric Utilities — 5.1%
Duke Energy Corp., 5.625%
 16,969  $ 420,831 
NextEra Energy Capital Holdings, Inc., 5.65%
 7,917  198,955 
SCE Trust VI, 5.00%
 15,208  288,648 
Southern Co., 4.20%
 48,349  981,968 
1,890,402 
Financial Services — 3.1%
Apollo Asset Management, Inc., 6.375%
 37,006  925,150 
Equitable Holdings, Inc., 5.25%(1)
 11,281  224,830 
1,149,980 
Food Products — 0.9%
CHS, Inc., 6.75%
 6,724  170,117 
CHS, Inc., 7.10%
 6,650  171,437 
341,554 
Insurance — 13.8%
American Equity Investment Life Holding Co., 5.95%
 8,333  174,910 
American Equity Investment Life Holding Co., 6.625%
 4,013  93,503 
Arch Capital Group Ltd., 5.45%
 7,914  169,676 
Aspen Insurance Holdings Ltd., 5.625%
 7,914  144,035 
Athene Holding Ltd., 4.875%
 5,826  98,984 
Athene Holding Ltd., 5.625%
 14,288  286,617 
Athene Holding Ltd., 6.35%
 5,958  131,612 
Athene Holding Ltd., 6.375%(1)
 6,180  150,792 
Axis Capital Holdings Ltd., 5.50%
 8,059  159,085 
Brighthouse Financial, Inc., 5.375%
 8,750  152,863 
Brighthouse Financial, Inc., 6.60%
 11,556  259,317 
Enstar Group Ltd., 7.00%
 13,587  327,039 
Hartford Financial Services Group, Inc., 6.00%(1)
 21,980  550,599 
MetLife, Inc., 5.625%(1)
 36,136  861,844 
MetLife, Inc., 6.55%
 4,232  95,601 
Progressive Corp., 8.09%
 405,000  402,748 
Prudential Financial, Inc., 4.125%(1)
 8,134  159,914 
Prudential Financial, Inc., 5.95%
 7,502  185,374 
RenaissanceRe Holdings Ltd., 5.75%
 23,317  523,700 
W R Berkley Corp., 5.10%
 4,521  93,087 
W R Berkley Corp., 5.70%
 4,703  105,629 
5,126,929 
Mortgage Real Estate Investment Trusts (REITs) — 5.8%
AGNC Investment Corp., 6.125%
 15,695  342,622 
AGNC Investment Corp., 6.50%
 14,958  358,094 
Annaly Capital Management, Inc., 6.50%
 11,693  295,131 
Chimera Investment Corp., 7.75%
 7,247  145,810 
Chimera Investment Corp., 8.00%
 13,449  289,019 
MFA Financial, Inc., 6.50%
 12,831  252,771 
Rithm Capital Corp., 6.375%
 22,489  465,747 
2,149,194 
Multi-Utilities — 5.3%
Algonquin Power & Utilities Corp., 6.20%
 5,795  140,529 
Algonquin Power & Utilities Corp., 6.875%
 11,299  287,899 
CMS Energy Corp., 5.875%
 10,165  244,875 
44

Quality Preferred ETF
Shares/
Principal Amount		 Value
CMS Energy Corp., 5.875%
 7,184  $ 171,338 
Dominion Energy, Inc., Series C, 4.35%
 391,000  332,251 
DTE Energy Co., 4.375%
 7,353  152,942 
NiSource, Inc., 6.50%
 11,690  291,081 
Sempra, 4.875%
 342,000  324,315 
1,945,230 
Real Estate Management and Development — 0.8%
Brookfield Property Partners LP, 5.75%
 22,548  297,408 
Residential REITs — 0.5%
American Homes 4 Rent, Series G, 5.875%
 7,714  172,485 
Retail REITs — 0.4%
Kimco Realty Corp., 5.25%
 6,864  155,401 
Specialized REITs — 3.5%
Digital Realty Trust, Inc., 5.25%(1)
 5,639  118,306 
Public Storage, 5.05%(1)
 7,120  171,521 
Public Storage, 5.15%(1)
 10,902  262,302 
Public Storage, Series L, 4.625%
 12,072  254,599 
Public Storage, Series P, 4.00%(1)
 13,833  253,144 
Public Storage, Series R, 4.00%
 14,115  251,670 
1,311,542 
Trading Companies and Distributors — 1.2%
Triton International Ltd., 6.875%
 11,970  282,612 
WESCO International, Inc., 10.625%
 5,928  161,656 
444,268 
Wireless Telecommunication Services — 0.6%
United States Cellular Corp., 6.25%
 11,957  228,020 
TOTAL PREFERRED STOCKS
(Cost $29,850,435)
 28,315,567 
CORPORATE BONDS — 13.1%
Insurance — 8.9%
Allstate Corp., VRN, 8.56%, (3-month LIBOR plus 2.94%), 8/15/53
 $ 567,000  559,913 
Allstate Corp., VRN, 6.50%, 5/15/67
 852,000  817,307 
Nippon Life Insurance Co., VRN, 5.10%, 10/16/44(2)
 363,000  356,262 
Prudential Financial, Inc., VRN, 6.00%, 9/1/52(1)
 1,105,000  1,057,518 
Sumitomo Life Insurance Co., VRN, 6.50%, 9/20/73(2)
 513,000  512,397 
3,303,397 
Multi-Utilities — 2.2%
CMS Energy Corp., VRN, 4.75%, 6/1/50
 372,000  325,843 
Dominion Energy, Inc., VRN, 5.75%, 10/1/54
 517,000  498,385 
824,228 
Oil, Gas and Consumable Fuels — 1.3%
Enbridge, Inc., VRN, 5.50%, 7/15/77
 150,000  134,940 
Transcanada Trust, VRN, 5.30%, 3/15/77
 397,000  347,375 
482,315 
Wireless Telecommunication Services — 0.7%
Vodafone Group plc, VRN, 4.125%, 6/4/81
 319,000  249,538 
TOTAL CORPORATE BONDS
(Cost $4,891,125)
 4,859,478 
45

Quality Preferred ETF
Shares/
Principal Amount		 Value
SHORT-TERM INVESTMENTS — 15.5%
Money Market Funds — 15.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 3,510,441  $ 3,510,441 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 2,241,056  2,241,056 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,751,497)
 5,751,497 
TOTAL INVESTMENT SECURITIES — 104.9%
(Cost $40,493,057)
 38,926,542 
OTHER ASSETS AND LIABILITIES — (4.9)%
 (1,808,790)
TOTAL NET ASSETS — 100.0%
 $ 37,117,752 

NOTES TO SCHEDULE OF INVESTMENTS
LIBOR – London Interbank Offered Rate
VRN – Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,241,535. 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.
(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 $868,659, which represented 2.3% of total net assets.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,312,693, which includes securities collateral of $71,637.


See Notes to Financial Statements.
46

AUGUST 31, 2023
U.S. Quality Growth ETF
Shares Value
COMMON STOCKS — 99.8%
Aerospace and Defense — 0.2%
Howmet Aerospace, Inc.
 28,787  $ 1,424,093 
Automobiles — 0.2%
Tesla, Inc.(1)
 4,162  1,074,129 
Beverages — 0.8%
Coca-Cola Consolidated, Inc.
 6,935  4,846,871 
Monster Beverage Corp.(1)
 9,938  570,541 
5,417,412 
Biotechnology — 6.5%
Alkermes PLC(1)
 173,294  5,058,452 
Exelixis, Inc.(1)
 413,186  9,251,234 
Gilead Sciences, Inc.
 13,789  1,054,583 
Incyte Corp.(1)
 205,459  13,258,269 
Neurocrine Biosciences, Inc.(1)
 125,676  13,684,860 
Vertex Pharmaceuticals, Inc.(1)
 3,034  1,056,864 
43,364,262 
Broadline Retail — 0.3%
Dillard's, Inc., Class A
 6,235  2,151,823 
Building Products — 2.1%
AAON, Inc.
 9,445  595,602 
Builders FirstSource, Inc.(1)
 47,539  6,895,056 
Carlisle Cos., Inc.
 4,051  1,065,494 
Simpson Manufacturing Co., Inc.
 3,697  590,633 
Trane Technologies PLC
 2,843  583,554 
UFP Industries, Inc.
 43,676  4,557,591 
14,287,930 
Capital Markets — 3.2%
Affiliated Managers Group, Inc.
 8,024  1,075,296 
Evercore, Inc., Class A
 12,672  1,774,714 
FactSet Research Systems, Inc.
 1,286  561,223 
LPL Financial Holdings, Inc.
 34,205  7,887,331 
MSCI, Inc.
 10,643  5,785,748 
SEI Investments Co.
 73,726  4,575,435 
21,659,747 
Chemicals — 0.7%
CF Industries Holdings, Inc.
 39,499  3,044,188 
Ecolab, Inc.
 3,168  582,310 
Linde PLC
 1,793  693,963 
PPG Industries, Inc.
 4,128  585,185 
4,905,646 
Commercial Services and Supplies — 0.4%
Copart, Inc.(1)
 13,167  590,277 
Rollins, Inc.
 35,984  1,423,887 
Tetra Tech, Inc.
 3,603  566,932 
2,581,096 
Communications Equipment — 0.4%
Arista Networks, Inc.(1)
 3,163  617,512 
Cisco Systems, Inc.
 19,053  1,092,690 
F5, Inc.(1)
 6,755  1,105,523 
2,815,725 
47

U.S. Quality Growth ETF
Shares Value
Construction and Engineering — 0.6%
Comfort Systems USA, Inc.
 12,635  $ 2,332,042 
EMCOR Group, Inc.
 8,131  1,823,377 
4,155,419 
Construction Materials — 0.1%
Eagle Materials, Inc.
 3,201  606,013 
Consumer Staples Distribution & Retail — 0.8%
Casey's General Stores, Inc.
 2,344  572,897 
Costco Wholesale Corp.
 1,110  609,701 
US Foods Holding Corp.(1)
 68,251  2,759,388 
Walmart, Inc.
 10,320  1,678,135 
5,620,121 
Containers and Packaging — 0.1%
AptarGroup, Inc.
 4,529  600,364 
Diversified Consumer Services — 1.0%
H&R Block, Inc.
 160,488  6,416,310 
Electrical Equipment — 1.0%
Acuity Brands, Inc.
 26,457  4,266,985 
Atkore, Inc.(1)
 14,787  2,276,754 
6,543,739 
Electronic Equipment, Instruments and Components — 0.4%
Jabil, Inc.
 16,476  1,885,184 
Keysight Technologies, Inc.(1)
 8,242  1,098,659 
2,983,843 
Energy Equipment and Services — 0.3%
Baker Hughes Co.
 16,087  582,189 
ChampionX Corp.
 16,049  579,208 
Halliburton Co.
 14,820  572,348 
1,733,745 
Entertainment — 1.6%
Live Nation Entertainment, Inc.(1)
 54,168  4,578,821 
Netflix, Inc.(1)
 13,927  6,039,862 
10,618,683 
Financial Services — 0.6%
Block, Inc.(1)
 10,187  587,281 
Mastercard, Inc., Class A
 4,691  1,935,694 
Visa, Inc., Class A
 6,761  1,661,042 
4,184,017 
Gas Utilities — 0.8%
National Fuel Gas Co.
 105,312  5,659,467 
Ground Transportation — 0.1%
Uber Technologies, Inc.(1)
 12,683  599,018 
Health Care Equipment and Supplies — 1.4%
Align Technology, Inc.(1)
 1,616  598,146 
Contra Abiomed, Inc.(1)
 2,586  2,638 
Dexcom, Inc.(1)
 44,896  4,533,598 
Haemonetics Corp.(1)
 6,558  588,449 
IDEXX Laboratories, Inc.(1)
 3,367  1,721,918 
Insulet Corp.(1)
 3,016  578,197 
Lantheus Holdings, Inc.(1)
 16,129  1,103,869 
9,126,815 
48

U.S. Quality Growth ETF
Shares Value
Health Care Providers and Services — 3.1%
Centene Corp.(1)
 16,457  $ 1,014,574 
Cigna Group
 3,727  1,029,621 
CorVel Corp.(1)
 2,656  574,891 
Elevance Health, Inc.
 2,308  1,020,159 
Humana, Inc.
 26,170  12,080,857 
Molina Healthcare, Inc.(1)
 3,308  1,025,877 
Option Care Health, Inc.(1)
 95,495  3,326,091 
UnitedHealth Group, Inc.
 2,156  1,027,507 
21,099,577 
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A(1)
 3,040  634,448 
Hotels, Restaurants and Leisure — 7.5%
Airbnb, Inc., Class A(1)
 41,600  5,472,480 
Booking Holdings, Inc.(1)
 6,420  19,934,293 
Boyd Gaming Corp.
 16,182  1,082,090 
Chipotle Mexican Grill, Inc.(1)
          302
 581,845 
Expedia Group, Inc.(1)
 59,600  6,460,044 
Hilton Worldwide Holdings, Inc.
 3,852  572,600 
Marriott International, Inc., Class A
 39,506  8,039,866 
Starbucks Corp.
 70,072  6,827,816 
Texas Roadhouse, Inc.
 5,399  562,036 
Wingstop, Inc.
 3,452  554,529 
50,087,599 
Household Durables — 1.0%
Lennar Corp., Class A
 9,081  1,081,456 
Meritage Homes Corp.
 7,776  1,081,175 
NVR, Inc.(1)
          173
 1,103,278 
PulteGroup, Inc.
 13,429  1,101,984 
Taylor Morrison Home Corp.(1)
 23,284  1,103,662 
Toll Brothers, Inc.
 13,480  1,104,416 
6,575,971 
Household Products — 2.0%
Clorox Co.
 3,671  574,328 
Kimberly-Clark Corp.
 100,524  12,950,507 
13,524,835 
Industrial Conglomerates — 0.1%
General Electric Co.
 5,104  584,204 
Insurance — 0.9%
Cincinnati Financial Corp.
 5,448  576,344 
Erie Indemnity Co., Class A
 2,035  567,216 
Everest Re Group Ltd.
 2,939  1,060,039 
Kinsale Capital Group, Inc.
 9,045  3,605,608 
Marsh & McLennan Cos., Inc.
 2,954  576,000 
6,385,207 
Interactive Media and Services — 3.2%
Alphabet, Inc., Class A(1)
 149,719  20,387,236 
Meta Platforms, Inc., Class A(1)
 3,670  1,085,917 
21,473,153 
IT Services — 2.4%
Amdocs Ltd.
 12,079  1,077,447 
49

U.S. Quality Growth ETF
Shares Value
Cloudflare, Inc., Class A(1)
 9,461  $ 615,249 
Cognizant Technology Solutions Corp., Class A
 158,295  11,335,505 
EPAM Systems, Inc.(1)
 4,347  1,125,829 
Gartner, Inc.(1)
 1,670  583,966 
MongoDB, Inc.(1)
 1,571  599,022 
VeriSign, Inc.(1)
 5,195  1,079,469 
16,416,487 
Leisure Products — 0.2%
Polaris, Inc.
 9,482  1,062,838 
Life Sciences Tools and Services — 1.0%
Medpace Holdings, Inc.(1)
 25,618  6,923,777 
Machinery — 2.8%
AGCO Corp.
 53,714  6,957,574 
Allison Transmission Holdings, Inc.
 17,957  1,085,501 
Caterpillar, Inc.
 6,012  1,690,153 
Donaldson Co., Inc.
 17,371  1,109,486 
ITT, Inc.
 16,688  1,706,849 
Lincoln Electric Holdings, Inc.
 5,669  1,091,056 
Mueller Industries, Inc.
 27,683  2,136,020 
Snap-on, Inc.
 4,016  1,078,697 
Watts Water Technologies, Inc., Class A
 8,945  1,688,548 
18,543,884 
Media — 0.8%
New York Times Co., Class A
 39,587  1,752,516 
Trade Desk, Inc., Class A(1)
 48,360  3,870,251 
5,622,767 
Metals and Mining — 0.5%
Commercial Metals Co.
 19,473  1,096,135 
Nucor Corp.
 6,377  1,097,482 
Steel Dynamics, Inc.
 10,416  1,110,241 
3,303,858 
Oil, Gas and Consumable Fuels — 3.1%
APA Corp.
 24,922  1,092,580 
Cheniere Energy, Inc.
 3,521  574,627 
Chord Energy Corp.
 6,722  1,085,603 
EOG Resources, Inc.
 4,509  579,948 
EQT Corp.
 13,590  587,360 
HF Sinclair Corp.
 18,785  1,034,866 
Marathon Petroleum Corp.
 14,872  2,123,275 
Ovintiv, Inc.
 22,752  1,068,434 
Phillips 66
 14,407  1,644,703 
Texas Pacific Land Corp.
 5,148  9,702,693 
Valero Energy Corp.
 8,130  1,056,087 
20,550,176 
Personal Care Products — 0.4%
elf Beauty, Inc.(1)
 18,261  2,532,983 
Pharmaceuticals — 0.9%
Eli Lilly & Co.
 10,659  5,907,218 
Professional Services — 0.9%
ExlService Holdings, Inc.(1)
 20,054  586,178 
Genpact Ltd.
 29,115  1,086,863 
50

U.S. Quality Growth ETF
Shares Value
Insperity, Inc.
 18,313  $ 1,855,656 
Paycom Software, Inc.
 1,991  587,026 
Paylocity Holding Corp.(1)
 2,901  581,651 
Robert Half International, Inc.
 14,181  1,048,827 
5,746,201 
Semiconductors and Semiconductor Equipment — 5.4%
Allegro MicroSystems, Inc.(1)
 15,049  575,624 
Applied Materials, Inc.
 73,848  11,281,020 
Axcelis Technologies, Inc.(1)
 19,095  3,669,104 
Broadcom, Inc.
 1,894  1,747,954 
KLA Corp.
 22,092  11,087,312 
Lam Research Corp.
 1,604  1,126,650 
Lattice Semiconductor Corp.(1)
 25,210  2,451,925 
MACOM Technology Solutions Holdings, Inc.(1)
 7,116  601,729 
NVIDIA Corp.
 1,754  865,687 
ON Semiconductor Corp.(1)
 17,999  1,772,182 
QUALCOMM, Inc.
 9,699  1,110,826 
36,290,013 
Software — 26.2%
Adobe, Inc.(1)
 25,422  14,219,541 
Atlassian Corp., Class A(1)
 3,079  628,301 
Autodesk, Inc.(1)
 77,623  17,227,649 
Cadence Design Systems, Inc.(1)
 34,438  8,280,273 
Crowdstrike Holdings, Inc., Class A(1)
 3,896  635,165 
Datadog, Inc., Class A(1)
 6,170  595,282 
DocuSign, Inc.(1)
 102,304  5,145,891 
Dropbox, Inc., Class A(1)
 234,508  6,516,977 
Dynatrace, Inc.(1)
 12,559  605,344 
Elastic NV(1)
 9,543  590,521 
Fair Isaac Corp.(1)
 6,058  5,480,006 
Fortinet, Inc.(1)
 222,764  13,412,620 
Gen Digital, Inc.
 52,210  1,057,252 
HubSpot, Inc.(1)
 7,099  3,879,745 
Manhattan Associates, Inc.(1)
 85,243  17,271,937 
Microsoft Corp.
 47,822  15,674,139 
Palantir Technologies, Inc., Class A(1)
 40,074  600,309 
Palo Alto Networks, Inc.(1)
 24,560  5,975,448 
Qualys, Inc.(1)
 44,322  6,898,719 
ServiceNow, Inc.(1)
 29,464  17,349,287 
Splunk, Inc.(1)
 14,350  1,740,081 
SPS Commerce, Inc.(1)
 24,994  4,652,133 
Synopsys, Inc.(1)
 44,579  20,456,857 
Tenable Holdings, Inc.(1)
 14,400  653,328 
Teradata Corp.(1)
 60,929  2,819,185 
VMware, Inc., Class A(1)
 6,497  1,096,564 
Workday, Inc., Class A(1)
 2,520  616,140 
Zoom Video Communications, Inc., Class A(1)
 15,721  1,116,663 
Zscaler, Inc.(1)
 4,327  675,228 
175,870,585 
Specialty Retail — 6.2%
AutoNation, Inc.(1)
 6,757  1,061,457 
51

U.S. Quality Growth ETF
Shares Value
Best Buy Co., Inc.
 14,393  $ 1,100,345 
Home Depot, Inc.
 3,262  1,077,439 
Murphy USA, Inc.
 1,795  570,164 
O'Reilly Automotive, Inc.(1)
          605
 568,518 
Ross Stores, Inc.
 75,607  9,209,689 
TJX Cos., Inc.
 166,996  15,443,790 
Ulta Beauty, Inc.(1)
 19,917  8,266,152 
Williams-Sonoma, Inc.
 30,170  4,260,004 
41,557,558 
Technology Hardware, Storage and Peripherals — 2.2%
Apple, Inc.
 60,788  11,420,241 
Pure Storage, Inc., Class A(1)
 93,008  3,403,163 
14,823,404 
Textiles, Apparel and Luxury Goods — 2.1%
Crocs, Inc.(1)
 22,135  2,154,621 
Deckers Outdoor Corp.(1)
 10,707  5,664,967 
lululemon athletica, Inc.(1)
 1,573  599,722 
NIKE, Inc., Class B
 5,805  590,427 
Ralph Lauren Corp.
 9,356  1,091,190 
Tapestry, Inc.
 127,229  4,239,270 
14,340,197 
Trading Companies and Distributors — 3.2%
Applied Industrial Technologies, Inc.
 6,877  1,061,602 
Fastenal Co.
 10,039  578,046 
MSC Industrial Direct Co., Inc., Class A
 83,559  8,528,031 
WW Grainger, Inc.
 15,883  11,342,686 
21,510,365 
TOTAL COMMON STOCKS
(Cost $618,599,958)
 669,896,722 
SHORT-TERM INVESTMENTS — 0.2%
Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $1,429,932)
 1,429,932  1,429,932 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $620,029,890)
 671,326,654 
OTHER ASSETS AND LIABILITIES†
 80,884 
TOTAL NET ASSETS — 100.0%
 $ 671,407,538 

NOTES TO SCHEDULE OF INVESTMENTS
†Category is less than 0.05% of total net assets.
(1)Non-income producing.


See Notes to Financial Statements.
52

AUGUST 31, 2023
U.S. Quality Value ETF
Shares Value
COMMON STOCKS — 99.9%
Aerospace and Defense — 1.4%
Textron, Inc.
 38,775  $ 3,013,205 
Air Freight and Logistics — 0.5%
United Parcel Service, Inc., Class B
 5,946  1,007,252 
Automobile Components — 0.2%
Lear Corp.
 2,977  428,956 
Automobiles — 0.2%
Thor Industries, Inc.
 4,174  437,519 
Banks — 0.2%
Bank OZK
 10,493  421,504 
Beverages — 2.0%
Coca-Cola Co.
 26,664  1,595,307 
Coca-Cola Consolidated, Inc.
       836
 584,280 
National Beverage Corp.(1)
 30,850  1,582,914 
PepsiCo, Inc.
 2,940  523,085 
4,285,586 
Biotechnology — 4.1%
Alkermes PLC(1)
 15,123  441,441 
Amgen, Inc.
 6,639  1,701,841 
Biogen, Inc.(1)
 1,588  424,568 
Exelixis, Inc.(1)
 23,216  519,806 
Gilead Sciences, Inc.
 62,510  4,780,765 
Incyte Corp.(1)
 6,489  418,735 
United Therapeutics Corp.(1)
 1,834  411,476 
8,698,632 
Broadline Retail — 0.9%
Dillard's, Inc., Class A
 2,469  852,101 
eBay, Inc.
 24,603  1,101,723 
1,953,824 
Building Products — 2.4%
A O Smith Corp.
 6,058  439,205 
Allegion PLC
 7,089  806,799 
Fortune Brands Innovations, Inc.
 6,308  435,378 
Masco Corp.
 1,843  108,756 
Owens Corning
 22,741  3,272,657 
Trane Technologies PLC
       523
 107,351 
5,170,146 
Capital Markets — 1.1%
Affiliated Managers Group, Inc.
 3,178  425,884 
Evercore, Inc., Class A
 3,126  437,796 
Franklin Resources, Inc.
 20,730  554,320 
SEI Investments Co.
 6,852  425,235 
T. Rowe Price Group, Inc.
 3,806  427,148 
2,270,383 
Chemicals — 1.3%
Dow, Inc.
 7,784  424,695 
Ecolab, Inc.
 583  107,161 
LyondellBasell Industries NV, Class A
 14,995  1,481,056 
Olin Corp.
 7,364  427,260 
53

U.S. Quality Value ETF
Shares Value
Sherwin-Williams Co.
 949  $ 257,862 
2,698,034 
Commercial Services and Supplies — 1.4%
Cintas Corp.
 2,563  1,292,188 
Rollins, Inc.
 40,762  1,612,952 
2,905,140 
Communications Equipment — 4.0%
Cisco Systems, Inc.
 75,449  4,327,000 
F5, Inc.(1)
 18,726  3,064,697 
Juniper Networks, Inc.
 40,954  1,192,581 
8,584,278 
Construction and Engineering — 0.6%
EMCOR Group, Inc.
 6,052  1,357,161 
Consumer Finance — 0.5%
OneMain Holdings, Inc.
 10,420  432,534 
Synchrony Financial
 16,336  527,326 
959,860 
Consumer Staples Distribution & Retail — 3.9%
Kroger Co.
 60,242  2,794,627 
Walmart, Inc.
 34,535  5,615,736 
8,410,363 
Distributors — 0.9%
Genuine Parts Co.
 9,563  1,470,120 
LKQ Corp.
 10,138  532,549 
2,002,669 
Diversified Consumer Services — 1.0%
H&R Block, Inc.
 55,606  2,223,128 
Electrical Equipment — 1.4%
Acuity Brands, Inc.
 5,846  942,843 
Atkore, Inc.(1)
 2,928  450,824 
Eaton Corp. PLC
       721
 166,097 
Emerson Electric Co.
 1,259  123,697 
Hubbell, Inc.
 3,951  1,288,223 
2,971,684 
Electronic Equipment, Instruments and Components — 4.1%
Jabil, Inc.
 28,158  3,221,838 
Keysight Technologies, Inc.(1)
 3,264  435,091 
TE Connectivity Ltd.
 35,755  4,733,605 
Trimble, Inc.(1)
 7,975  436,950 
8,827,484 
Entertainment — 0.2%
Activision Blizzard, Inc.
 5,011  460,962 
Financial Services — 2.4%
Essent Group Ltd.
 8,266  415,119 
FleetCor Technologies, Inc.(1)
 1,591  432,322 
MGIC Investment Corp.
 121,369  2,133,667 
Visa, Inc., Class A
 1,740  427,483 
Western Union Co.
 104,894  1,295,441 
WEX, Inc.(1)
 2,248  441,013 
5,145,045 
54

U.S. Quality Value ETF
Shares Value
Food Products — 1.9%
Archer-Daniels-Midland Co.
 5,188  $ 411,408 
Bunge Ltd.
 3,718  425,042 
Campbell Soup Co.
 9,978  416,083 
Flowers Foods, Inc.
 17,758  418,378 
General Mills, Inc.
 7,660  518,276 
Hershey Co.
 2,122  455,933 
Kellogg Co.
 6,852  418,109 
Mondelez International, Inc., Class A
 1,551  110,524 
Post Holdings, Inc.(1)
 4,676  419,484 
Seaboard Corp.
 114  429,818 
4,023,055 
Ground Transportation — 0.2%
XPO, Inc.(1)
 6,011  448,601 
Health Care Equipment and Supplies — 0.1%
IDEXX Laboratories, Inc.(1)
 219  111,999 
Health Care Providers and Services — 7.7%
Cardinal Health, Inc.
 51,896  4,532,078 
Cencora, Inc.
 2,519  443,294 
Centene Corp.(1)
 6,516  401,711 
Chemed Corp.
 2,500  1,278,600 
Cigna Group
 1,574  434,833 
CVS Health Corp.
 6,268  408,486 
DaVita, Inc.(1)
 7,546  772,861 
Elevance Health, Inc.
       914
 403,997 
HCA Healthcare, Inc.
 1,529  423,992 
Henry Schein, Inc.(1)
 5,470  418,674 
Humana, Inc.
       864
 398,848 
McKesson Corp.
 12,798  5,276,871 
Molina Healthcare, Inc.(1)
 1,310  406,257 
Quest Diagnostics, Inc.
 3,129  411,464 
UnitedHealth Group, Inc.
 854  406,999 
16,418,965 
Hotels, Restaurants and Leisure — 1.9%
Booking Holdings, Inc.(1)
 150  465,754 
Boyd Gaming Corp.
 6,408  428,503 
Darden Restaurants, Inc.
 2,239  348,187 
Expedia Group, Inc.(1)
 15,734  1,705,408 
Marriott International, Inc., Class A
 2,339  476,010 
Texas Roadhouse, Inc.
 5,356  557,560 
3,981,422 
Household Durables — 1.2%
Lennar Corp., Class A
 4,698  559,485 
Meritage Homes Corp.
 3,080  428,243 
NVR, Inc.(1)
 90  573,960 
PulteGroup, Inc.
 6,036  495,314 
Taylor Morrison Home Corp.(1)
 9,221  437,075 
2,494,077 
Household Products — 3.9%
Clorox Co.
 2,700  422,415 
Colgate-Palmolive Co.
 22,738  1,670,561 
55

U.S. Quality Value ETF
Shares Value
Kimberly-Clark Corp.
 35,908  $ 4,626,027 
Procter & Gamble Co.
 10,929  1,686,782 
8,405,785 
Industrial Conglomerates — 0.6%
3M Co.
 12,426  1,325,481 
Insurance — 2.0%
Axis Capital Holdings Ltd.
 7,574  415,510 
Everest Re Group Ltd.
 1,164  419,831 
Hartford Financial Services Group, Inc.
 5,821  418,064 
Loews Corp.
 6,713  416,810 
Old Republic International Corp.
 15,328  419,221 
Reinsurance Group of America, Inc.
 2,969  411,563 
Unum Group
 36,203  1,780,826 
4,281,825 
Interactive Media and Services — 1.6%
Alphabet, Inc., Class A(1)
 4,414  601,054 
Meta Platforms, Inc., Class A(1)
 9,642  2,852,972 
3,454,026 
IT Services — 5.3%
Accenture PLC, Class A
 1,327  429,643 
Akamai Technologies, Inc.(1)
 13,503  1,419,030 
Amdocs Ltd.
 37,854  3,376,577 
Cognizant Technology Solutions Corp., Class A
 53,563  3,835,646 
International Business Machines Corp.
 3,881  569,847 
VeriSign, Inc.(1)
 8,230  1,710,112 
11,340,855 
Leisure Products — 0.8%
Polaris, Inc.
 15,019  1,683,480 
Life Sciences Tools and Services — 0.5%
Medpace Holdings, Inc.(1)
 3,685  995,945 
Mettler-Toledo International, Inc.(1)
         90
 109,213 
1,105,158 
Machinery — 3.9%
AGCO Corp.
 3,545  459,183 
Allison Transmission Holdings, Inc.
 7,111  429,860 
Caterpillar, Inc.
 1,935  543,987 
Donaldson Co., Inc.
 35,269  2,252,631 
Illinois Tool Works, Inc.
 5,261  1,301,309 
Lincoln Electric Holdings, Inc.
 6,736  1,296,411 
Mueller Industries, Inc.
 5,664  437,034 
PACCAR, Inc.
 5,828  479,586 
Parker-Hannifin Corp.
       307
 127,988 
Snap-on, Inc.
 1,647  442,384 
Watts Water Technologies, Inc., Class A
 2,425  457,767 
Xylem, Inc.
 1,046  108,303 
8,336,443 
Media — 2.6%
Charter Communications, Inc., Class A(1)
 1,179  516,543 
Comcast Corp., Class A
 34,517  1,614,015 
Fox Corp., Class A
 12,793  422,937 
New York Times Co., Class A
 49,056  2,171,709 
56

U.S. Quality Value ETF
Shares Value
News Corp., Class A
 20,193  $ 433,948 
Nexstar Media Group, Inc., Class A
 2,633  428,652 
5,587,804 
Metals and Mining — 0.6%
Reliance Steel & Aluminum Co.
 2,798  797,318 
Steel Dynamics, Inc.
 4,137  440,963 
1,238,281 
Oil, Gas and Consumable Fuels — 3.4%
APA Corp.
 11,693  512,621 
Chesapeake Energy Corp.
 4,931  434,964 
Chord Energy Corp.
 3,263  526,974 
Exxon Mobil Corp.
 3,919  435,754 
Marathon Oil Corp.
 16,332  430,348 
Marathon Petroleum Corp.
 19,545  2,790,440 
PBF Energy, Inc., Class A
 9,025  423,182 
Phillips 66
 12,153  1,387,386 
Valero Energy Corp.
 3,219  418,148 
7,359,817 
Pharmaceuticals — 3.0%
Eli Lilly & Co.
 2,838  1,572,819 
Jazz Pharmaceuticals PLC(1)
 3,041  435,958 
Johnson & Johnson
 25,246  4,081,773 
Merck & Co., Inc.
 3,808  414,996 
6,505,546 
Professional Services — 2.3%
Automatic Data Processing, Inc.
 417  106,172 
Booz Allen Hamilton Holding Corp.
 8,672  982,624 
CACI International, Inc., Class A(1)
 1,272  417,229 
Concentrix Corp.
 5,540  442,258 
Genpact Ltd.
 11,529  430,378 
Insperity, Inc.
 4,168  422,344 
ManpowerGroup, Inc.
 2,688  212,003 
Paychex, Inc.
 3,643  445,284 
Robert Half International, Inc.
 5,615  415,285 
Science Applications International Corp.
 3,536  416,046 
TriNet Group, Inc.(1)
 4,652  516,046 
4,805,669 
Real Estate Management and Development — 0.2%
CBRE Group, Inc., Class A(1)
 4,988  424,229 
Semiconductors and Semiconductor Equipment — 2.9%
Allegro MicroSystems, Inc.(1)
 11,067  423,313 
Applied Materials, Inc.
 4,808  734,470 
Axcelis Technologies, Inc.(1)
 2,458  472,305 
Broadcom, Inc.
 1,916  1,768,257 
Cirrus Logic, Inc.(1)
 5,408  443,672 
Lam Research Corp.
 847  594,933 
Microchip Technology, Inc.
 5,360  438,662 
ON Semiconductor Corp.(1)
 5,110  503,131 
Qorvo, Inc.(1)
 4,213  452,434 
Skyworks Solutions, Inc.
 3,999  434,851 
6,266,028 
57

U.S. Quality Value ETF
Shares Value
Software — 6.4%
Adobe, Inc.(1)
 1,070  $ 598,494 
ANSYS, Inc.(1)
       348
 110,967 
Autodesk, Inc.(1)
 2,497  554,184 
Cadence Design Systems, Inc.(1)
 1,828  439,524 
Dolby Laboratories, Inc., Class A
 5,031  424,969 
Dropbox, Inc., Class A(1)
 57,265  1,591,394 
Fair Isaac Corp.(1)
       133
 120,311 
Fortinet, Inc.(1)
 7,167  431,525 
Manhattan Associates, Inc.(1)
 11,495  2,329,117 
Microsoft Corp.
 1,303  427,071 
Qualys, Inc.(1)
 9,897  1,540,468 
ServiceNow, Inc.(1)
       758
 446,333 
SPS Commerce, Inc.(1)
 2,339  435,358 
Synopsys, Inc.(1)
 7,275  3,338,425 
Teradata Corp.(1)
 9,505  439,796 
VMware, Inc., Class A(1)
 2,573  434,271 
13,662,207 
Specialized REITs — 0.2%
Weyerhaeuser Co.
 12,718  416,515 
Specialty Retail — 5.1%
Asbury Automotive Group, Inc.(1)
 1,921  441,830 
AutoNation, Inc.(1)
 8,027  1,260,961 
AutoZone, Inc.(1)
       170
 430,326 
Best Buy Co., Inc.
 13,162  1,006,235 
Dick's Sporting Goods, Inc.
 3,670  426,968 
Home Depot, Inc.
 5,168  1,706,990 
Murphy USA, Inc.
 1,321  419,603 
O'Reilly Automotive, Inc.(1)
       820
 770,554 
Penske Automotive Group, Inc.
 4,225  694,168 
Ross Stores, Inc.
 3,506  427,066 
TJX Cos., Inc.
 1,180  109,126 
Ulta Beauty, Inc.(1)
 2,844  1,180,345 
Williams-Sonoma, Inc.
 14,389  2,031,727 
10,905,899 
Technology Hardware, Storage and Peripherals — 3.7%
Apple, Inc.
 27,730  5,209,635 
Dell Technologies, Inc., Class C
 7,349  413,308 
Hewlett Packard Enterprise Co.
 38,677  657,122 
HP, Inc.
 42,468  1,261,724 
NetApp, Inc.
 6,143  471,168 
8,012,957 
Textiles, Apparel and Luxury Goods — 0.6%
PVH Corp.
 5,259  439,653 
Skechers USA, Inc., Class A(1)
 8,597  432,515 
Tapestry, Inc.
 12,595  419,665 
1,291,833 
Tobacco — 0.4%
Altria Group, Inc.
 9,603  424,644 
Philip Morris International, Inc.
 4,430  425,546 
850,190 
58

U.S. Quality Value ETF
Shares Value
Trading Companies and Distributors — 2.2%
Applied Industrial Technologies, Inc.
 3,131  $ 483,332 
MSC Industrial Direct Co., Inc., Class A
 27,392  2,795,628 
Watsco, Inc.
 316  115,198 
WW Grainger, Inc.
 1,929  1,377,576 
4,771,734 
TOTAL COMMON STOCKS
(Cost $194,628,826)
 213,742,696 
SHORT-TERM INVESTMENTS — 0.4%
Money Market Funds — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $935,504)
 935,504  935,504 
TOTAL INVESTMENT SECURITIES — 100.3%
(Cost $195,564,330)
 214,678,200 
OTHER ASSETS AND LIABILITIES — (0.3)%
 (651,903)
TOTAL NET ASSETS — 100.0%
 $ 214,026,297 

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


See Notes to Financial Statements.
59

Statements of Assets and Liabilities
AUGUST 31, 2023
Low Volatility ETF Quality Convertible
Securities ETF
Assets
Investment securities, at value (cost of $8,790,087 and $25,365,758, respectively) — including $— and $958,710, respectively of securities on loan $ 9,573,245  $ 24,489,556 
Investment made with cash collateral received for securities on loan, at value (cost of $— and $940,664, respectively) —  940,664 
Total investment securities, at value (cost of $8,790,087 and $26,306,422, respectively) 9,573,245  25,430,220 
Dividends and interest receivable 13,273  86,634 
Securities lending receivable —  1,464 
9,586,518  25,518,318 
Liabilities
Payable for collateral received for securities on loan —  940,664 
Accrued management fees 2,338  6,520 
2,338  947,184 
Net Assets $ 9,584,180  $ 24,571,134 
Shares outstanding (unlimited number of shares authorized) 210,000  600,000 
Net Asset Value Per Share $ 45.64  $ 40.95 
Net Assets Consist of:
Capital paid in $ 9,504,745  $ 29,118,143 
Distributable earnings (loss) 79,435  (4,547,009)
$ 9,584,180  $ 24,571,134 


See Notes to Financial Statements.
60

AUGUST 31, 2023
Quality Diversified International ETF
Quality
Preferred ETF
Assets
Investment securities, at value (cost of $193,609,593 and $38,252,001, respectively) — including $6,644,451 and $2,241,535, respectively of securities on loan $ 212,880,923  $ 36,685,486 
Investment made with cash collateral received for securities on loan, at value (cost of $3,771,087 and $2,241,056, respectively) 3,771,087  2,241,056 
Total investment securities, at value (cost of $197,380,680 and $40,493,057, respectively) 216,652,010  38,926,542 
Cash 349  — 
Foreign currency holdings, at value (cost of $28,364 and $—, respectively) 28,204  — 
Receivable for capital shares sold —  530,251 
Dividends and interest receivable 1,000,752  377,569 
Securities lending receivable 848  8,200 
217,682,163  39,842,562 
Liabilities
Payable for collateral received for securities on loan 3,771,087  2,241,056 
Payable for investments purchased 451  474,011 
Accrued management fees 70,663  9,743 
3,842,201  2,724,810 
Net Assets $ 213,839,962  $ 37,117,752 
Shares outstanding (unlimited number of shares authorized) 4,850,000  1,050,000 
Net Asset Value Per Share $ 44.09  $ 35.35 
Net Assets Consist of:
Capital paid in $ 244,049,048  $ 40,765,765 
Distributable earnings (loss) (30,209,086) (3,648,013)
$ 213,839,962  $ 37,117,752 


See Notes to Financial Statements.
61

AUGUST 31, 2023
U.S. Quality Growth ETF U.S. Quality Value ETF
Assets
Investment securities, at value (cost of $620,029,890 and $195,564,330, respectively) $ 671,326,654  $ 214,678,200 
Receivable for investments sold 333,292,769  55,005,672 
Receivable for capital shares sold 116,954,550  17,626,420 
Dividends and interest receivable 669,977  320,217 
1,122,243,950  287,630,509 
Liabilities
Payable for investments purchased 338,472,097  55,923,928 
Payable for capital shares redeemed 112,203,520  17,626,665 
Accrued management fees 160,795  53,619 
450,836,412  73,604,212 
Net Assets $ 671,407,538  $ 214,026,297 
Shares outstanding (unlimited number of shares authorized) 9,575,000  4,250,000 
Net Asset Value Per Share $ 70.12  $ 50.36 
Net Assets Consist of:
Capital paid in $ 685,338,637  $ 233,421,123 
Distributable earnings (loss) (13,931,099) (19,394,826)
$ 671,407,538  $ 214,026,297 


See Notes to Financial Statements.
62

Statements of Operations
YEAR ENDED AUGUST 31, 2023
Low Volatility ETF
Quality Convertible
Securities ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $34 and $135, respectively) $ 168,840  $ 225,232 
Interest 2,004  373,529 
Securities lending, net —  6,807 
170,844  605,568 
Expenses:
Management fees 24,801  70,901 
Other expenses 4  — 
24,805  70,901 
Net investment income (loss) 146,039  534,667 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (19,686) (569,362)
Futures contract transactions 18,789  — 
(897) (569,362)
Change in net unrealized appreciation (depreciation) on investments 852,258  543,820 
Net realized and unrealized gain (loss) 851,361  (25,542)
Net Increase (Decrease) in Net Assets Resulting from Operations $ 997,400  $ 509,125 


See Notes to Financial Statements.
63

YEAR ENDED AUGUST 31, 2023
Quality Diversified International ETF
Quality
Preferred ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $930,870 and $2,375, respectively) $ 7,486,731  $ 1,154,354 
Interest 29,511  510,473 
Securities lending, net 71,618  49,101 
7,587,860  1,713,928 
Expenses:
Management fees 799,837  92,277 
Other expenses 5,089  — 
804,926  92,277 
Net investment income (loss) 6,782,934  1,621,651 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (12,128,358) (1,724,955)
Foreign currency translation transactions (30,716) — 
(12,159,074) (1,724,955)
Change in net unrealized appreciation (depreciation) on:
Investments 41,161,375  384,267 
Translation of assets and liabilities in foreign currencies 35,702  — 
41,197,077  384,267 
Net realized and unrealized gain (loss) 29,038,003  (1,340,688)
Net Increase (Decrease) in Net Assets Resulting from Operations $ 35,820,937  $ 280,963 


See Notes to Financial Statements.
64

YEAR ENDED AUGUST 31, 2023
U.S. Quality Growth ETF U.S Quality Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $928, respectively) $ 3,247,388  $ 5,707,843 
Interest 38,035  27,280 
Securities lending, net 557  399 
3,285,980  5,735,522 
Expenses:
Management fees 1,116,532  602,768 
Net investment income (loss) 2,169,448  5,132,754 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 17,773,879  (7,442,298)
Change in net unrealized appreciation (depreciation) on investments 52,016,923  23,331,081 
Net realized and unrealized gain (loss) 69,790,802  15,888,783 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 71,960,250  $ 21,021,537 


See Notes to Financial Statements.
65

Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022
Low Volatility ETF
Quality Convertible
Securities ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 146,039  $ 112,864  $ 534,667  $ 428,668 
Net realized gain (loss) (897) (184,372) (569,362) (1,495,888)
Change in net unrealized appreciation (depreciation) 852,258  (853,772) 543,820  (2,374,184)
Net increase (decrease) in net assets resulting from operations 997,400  (925,280) 509,125  (3,441,404)
Distributions to Shareholders
From earnings (128,357) (98,904) (618,718) (478,670)
Capital Share Transactions
Proceeds from shares sold 2,586,097  4,872,033  19,937,523  10,241,059 
Payments for shares redeemed (1,321,272) (2,830,681) (19,943,974) (7,753,296)
Other capital —  —  48,993  26,490 
Net increase (decrease) in net assets from capital share transactions 1,264,825  2,041,352  42,542  2,514,253 
Net increase (decrease) in net assets 2,133,868  1,017,168  (67,051) (1,405,821)
Net Assets
Beginning of period 7,450,312  6,433,144  24,638,185  26,044,006 
End of period $ 9,584,180  $ 7,450,312  $ 24,571,134  $ 24,638,185 
Transactions in Shares of the Funds
Sold 60,000  105,000  500,000  220,000 
Redeemed (30,000) (60,000) (500,000) (160,000)
Net increase (decrease) in shares of the funds 30,000  45,000  —  60,000 


See Notes to Financial Statements.
66

YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022
Quality Diversified
International ETF
Quality
Preferred ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 6,782,934  $ 6,631,579  $ 1,621,651  $ 951,620 
Net realized gain (loss) (12,159,074) (20,740,480) (1,724,955) (562,701)
Change in net unrealized appreciation (depreciation) 41,197,077  (46,399,437) 384,267  (2,353,989)
Net increase (decrease) in net assets resulting from operations 35,820,937  (60,508,338) 280,963  (1,965,070)
Distributions to Shareholders
From earnings (7,274,680) (6,315,055) (1,587,293) (961,361)
Capital Share Transactions
Proceeds from shares sold 51,868,842  69,646,490  47,848,338  11,206,587 
Payments for shares redeemed (56,824,512) (20,994,370) (31,857,915) (8,412,358)
Other capital —  —  39,853  11,268 
Net increase (decrease) in net assets from capital share transactions (4,955,670) 48,652,120  16,030,276  2,805,497 
Net increase (decrease) in net assets 23,590,587  (18,171,273) 14,723,946  (120,934)
Net Assets
Beginning of period 190,249,375  208,420,648  22,393,806  22,514,740 
End of period $ 213,839,962  $ 190,249,375  $ 37,117,752  $ 22,393,806 
Transactions in Shares of the Funds
Sold 1,250,000  1,400,000  1,335,000  285,000 
Redeemed (1,350,000) (400,000) (900,000) (210,000)
Net increase (decrease) in shares of the funds (100,000) 1,000,000  435,000  75,000 


See Notes to Financial Statements.
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YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022
U.S.
Quality Growth ETF
U.S.
Quality Value ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 2,169,448  $ 1,042,873  $ 5,132,754  $ 5,092,107 
Net realized gain (loss) 17,773,879  (22,578,679) (7,442,298) 14,286,072 
Change in net unrealized appreciation (depreciation) 52,016,923  (33,328,949) 23,331,081  (37,284,433)
Net increase (decrease) in net assets resulting from operations 71,960,250  (54,864,755) 21,021,537  (17,906,254)
Distributions to Shareholders
From earnings (1,839,795) (911,250) (5,272,570) (4,592,625)
Capital Share Transactions
Proceeds from shares sold 550,394,708  145,371,800  54,644,425  91,853,363 
Payments for shares redeemed (208,240,588) (88,984,655) (60,011,648) (120,929,370)
Net increase (decrease) in net assets from capital share transactions 342,154,120  56,387,145  (5,367,223) (29,076,007)
Net increase (decrease) in net assets 412,274,575  611,140  10,381,744  (51,574,886)
Net Assets
Beginning of period 259,132,963  258,521,823  203,644,553  255,219,439 
End of period $ 671,407,538  $ 259,132,963  $ 214,026,297  $ 203,644,553 
Transactions in Shares of the Funds
Sold 8,375,000  2,125,000  1,125,000  1,825,000 
Redeemed (3,100,000) (1,250,000) (1,225,000) (2,400,000)
Net increase (decrease) in shares of the funds 5,275,000  875,000  (100,000) (575,000)


See Notes to Financial Statements.
68

Notes to Financial Statements

AUGUST 31, 2023

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Low Volatility ETF (Low Volatility ETF), American Century Quality Convertible Securities ETF (Quality Convertible Securities ETF), American Century Quality Diversified International ETF (Quality Diversified International ETF), American Century Quality Preferred ETF (Quality Preferred ETF), American Century U.S. Quality Growth ETF (formerly American Century STOXX® U.S. Quality Growth ETF) (U.S. Quality Growth ETF) and American Century U.S. Quality Value ETF (formerly American Century STOXX® U.S. Quality Value ETF) (U.S. Quality Value ETF) are six funds in a series issued by the trust. Low Volatility ETF’s investment objective is to seek capital appreciation. Quality Convertible Securities ETF’s investment objective is to seek total return. Quality Preferred ETF's investment objective is to seek current income and capital appreciation. Quality Diversified International ETF, U.S. Quality Growth ETF and U.S. Quality Value ETF's investment objectives are to seek to provide investment results that closely correspond, before fees and expenses, to the performance of each fund's underlying index. Shares of Low Volatility ETF, Quality Diversified International ETF, U.S. Quality Growth ETF and U.S. Quality Value ETF are listed for trading on the NYSE Arca, Inc. Shares of Quality Convertible Securities ETF and Quality Preferred ETF are listed for trading on the Cboe BZX Exchange, Inc.

2. Significant Accounting Policies

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

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually. 

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
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Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

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

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. For convertible bonds, the premiums attributable only to the debt instrument are amortized. Securities lending income is net of fees and rebates earned by the lending agent for its services.

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

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly for Quality Convertible Securities ETF and Quality Preferred ETF. Distributions from net investment income, if any, are generally declared and paid quarterly for Low Volatility ETF, U.S. Quality Growth ETF and U.S. Quality Value ETF. Distributions from net investment income, if any, are generally declared and paid semiannually for Quality Diversified International ETF. Distributions from net realized gains, if any, are generally declared and paid annually for all funds. 

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
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Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2023.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
Overnight and
Continuous
 <30 days
Between
30 & 90 days
 >90 days Total
Quality Convertible Securities ETF
Convertible Bonds $ 611,714  —  —  —  $ 611,714 
Convertible Preferred Stocks 328,950  —  —  —  328,950 
Total Borrowings $ 940,664  —  —  —  $ 940,664 
Gross amount of recognized liabilities for securities lending transactions $ 940,664 
Quality Diversified International ETF
Common Stocks $ 3,770,930  —  —  —  $ 3,770,930 
Rights 157  —  —  —  157 
Total Borrowings $ 3,771,087  —  —  —  $ 3,771,087 
Gross amount of recognized liabilities for securities lending transactions $ 3,771,087 
Quality Preferred ETF
Corporate Bonds $ 315,433  —  —  —  $ 315,433 
Preferred Stocks 1,925,623  —  —  —  1,925,623 
Total Borrowings $ 2,241,056  —  —  —  $ 2,241,056 
Gross amount of recognized liabilities for securities lending transactions $ 2,241,056 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

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3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 33%, 13% and 46% of the shares of Quality Diversified International ETF, U.S. Quality Growth ETF and U.S. Quality Value ETF, respectively. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 31% of the shares of Low Volatility ETF. ACIM owns 48% of the shares of Low Volatility ETF. Related parties do not invest in the funds for the purpose of exercising management or control.

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

The annual management fee for each fund is as follows:
Annual Management Fee
Low Volatility ETF 0.29%
Quality Convertible Securities ETF 0.32%
Quality Diversified International ETF 0.39%
Quality Preferred ETF 0.32%
U.S. Quality Growth ETF 0.29%
U.S. Quality Value ETF 0.29%

Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2023 were as follows:
Low Volatility ETF Quality Convertible
Securities ETF		 Quality Diversified
International ETF		 Quality
Preferred ETF		 U.S.
Quality Growth ETF		 U.S.
Quality Value ETF
Purchases $15,004,750 $15,904,138 $270,775,637 $23,616,010 $795,334,465 $392,924,163
Sales $15,195,993 $8,859,597 $240,911,599 $20,929,500 $792,697,194 $387,672,731

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Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2023 were as follows:
In kind
Subscriptions		 In kind
Redemptions		 In kind
Net Realized
Gain/(Loss)*
Low Volatility ETF $2,450,722 $972,857 $174,322
Quality Convertible Securities ETF $10,485,236 $18,086,772 $504,312
Quality Diversified International ETF $17,227,259 $51,207,935 $10,935,917
Quality Preferred ETF $33,339,055 $21,338,188 $(228,580)
U.S. Quality Growth ETF $539,293,543 $200,218,078 $35,699,383
U.S. Quality Value ETF $50,088,323 $58,100,972 $10,421,388
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

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

6. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds' portfolio holdings.
Low Volatility ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 9,515,542  —  — 
Short-Term Investments 57,703  —  — 
$ 9,573,245  —  — 

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Quality Convertible Securities ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Convertible Bonds —  $ 19,139,918  — 
Convertible Preferred Stocks —  2,428,578  — 
Common Stocks $ 1,502,371  —  — 
Short-Term Investments 2,359,353  —  — 
$ 3,861,724  $ 21,568,496  — 

Quality Diversified International ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 7,893,919  $ 204,492,587  — 
Rights —  10,397  — 
Warrants —  7  — 
Short-Term Investments 4,255,100  —  — 
$ 12,149,019  $ 204,502,991  — 

Quality Preferred ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Preferred Stocks $ 22,103,110  $ 6,212,457  — 
Corporate Bonds —  4,859,478  — 
Short-Term Investments 5,751,497  —  — 
$ 27,854,607  $ 11,071,935  — 

U.S. Quality Growth ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 669,896,722  —  — 
Short-Term Investments 1,429,932  —  — 
$ 671,326,654  —  — 

U.S. Quality Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 213,742,696  —  — 
Short-Term Investments 935,504  —  — 
$ 214,678,200  —  — 

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7. Derivative Instruments

Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing their investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.

The funds' average notional exposure to equity price risk derivative instruments held during the period were as follows:
Futures Contracts
Sold
Low Volatility ETF $ 263,565 

At period end, Low Volatility ETF did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2023

 Net Realized Gain (Loss) Change in Net Unrealized Appreciation (Depreciation)
Fund / Type of Risk Exposure Location on Statement of Operations Value Location on Statement of Operations Value
Low Volatility ETF
Equity Price Risk Net realized gain (loss) on futures contract transactions $ 18,789  Change in net unrealized appreciation (depreciation) on futures contracts — 

8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The funds may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

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Quality Diversified International ETF, U.S. Quality Growth ETF and U.S. Quality Value ETF are not actively managed and do not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the funds generally will not buy or sell securities unless they are added or removed from their respective indexes, even if the security is underperforming. If the funds' respective indexes have high portfolio turnover, the funds may also have high portfolio turnover.

A fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2023 and August 31, 2022 were as follows:
2023 2022
Distributions Paid From: Distributions Paid From:
Ordinary Income Long-term Capital Gains Ordinary Income Long-term Capital Gains
Low Volatility ETF $ 128,357  —  $ 98,904  — 
Quality Convertible Securities ETF $ 618,718  —  $ 478,670  — 
Quality Diversified International ETF $ 7,274,680  —  $ 6,315,055  — 
Quality Preferred ETF $ 1,587,293  —  $ 961,361  — 
U.S. Quality Growth ETF $ 1,839,795  —  $ 911,250  — 
U.S. Quality Value ETF $ 5,272,570  —  $ 4,592,625  — 

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

The reclassifications, which are primarily due to in kind transactions, were as follows:
Low Volatility ETF Quality Convertible
Securities ETF		 Quality Diversified
International ETF		 Quality
Preferred ETF		 U.S.
Quality Growth ETF		 U.S.
Quality Value ETF
Capital paid in $ 170,526  $ 415,334  $ 10,587,455  $ (196,913) $ 35,349,431  $ 9,272,735 
Distributable earnings (loss) $ (170,526) $ (415,334) $ (10,587,455) $ 196,913  $ (35,349,431) $ (9,272,735)

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Low
Volatility ETF		 Quality Convertible Securities ETF Quality Diversified International ETF
Federal tax cost of investments $ 8,860,786  $ 26,389,736  $ 199,721,291 
Gross tax appreciation of investments $ 835,903  $ 932,507  $ 24,377,708 
Gross tax depreciation of investments (123,444) (1,892,023) (7,446,989)
Net tax appreciation (depreciation)
of investments		 712,459  (959,516) 16,930,719 
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies —  —  (295)
Net tax appreciation (depreciation) $ 712,459  $ (959,516) $ 16,930,424 
Undistributed ordinary income $ 34,045  $ 156,558  $ 2,023,658 
Accumulated short-term capital losses $ (667,069) $ (2,678,963) $ (40,299,840)
Accumulated long-term capital losses —  $ (1,065,088) $ (8,863,328)

76

Quality
Preferred ETF		 U.S.
Quality Growth ETF		 U.S.
Quality Value ETF
Federal tax cost of investments $ 40,757,866  $ 620,998,480  $ 197,157,624 
Gross tax appreciation of investments $ 154,332  $ 53,921,647  $ 19,058,279 
Gross tax depreciation of investments (1,985,656) (3,593,473) (1,537,703)
Net tax appreciation (depreciation) of investments $ (1,831,324) $ 50,328,174  $ 17,520,576 
Undistributed ordinary income $ 294,690  $ 325,552  $ 584,346 
Accumulated short-term capital losses $ (1,157,138) $ (56,999,648) $ (30,805,797)
Accumulated long-term capital losses $ (954,241) $ (7,585,177) $ (6,693,951)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and deemed dividends.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
77

Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net
Asset Value,
Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From Net
Investment
Income		 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Low Volatility ETF
2023 $41.39 0.74 4.16 4.90 (0.65) $45.64 11.96% 0.29% 1.71% 176% $9,584 
2022 $47.65 0.68 (6.35) (5.67) (0.59) $41.39 (11.98)% 0.29% 1.52% 167% $7,450 
2021(4)
 $39.84 0.34 7.70 8.04 (0.23) $47.65 20.26%
0.29%(5)
1.24%(5)
 61% $6,433 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)January 12, 2021 (fund inception) through August 31, 2021.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized
and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From
Net
Investment
Income
Other
Capital(1)
 Net Asset
Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net
Assets,
End of
Period
(in
thousands)
Quality Convertible Securities ETF
2023 $41.06 0.97 (0.05) 0.92 (1.12) 0.09 $40.95 2.56% 0.32% 2.41% 46% $24,571 
2022 $48.23 0.80 (7.10) (6.30) (0.92) 0.05 $41.06 (13.13)% 0.32% 1.79% 64% $24,638 
2021(4)
 $50.00 0.39 (1.95) (1.56) (0.25) 0.04 $48.23 (3.03)%
0.32%(5)
1.53%(5)
 110% $26,044 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)February 16, 2021 (fund inception) through August 31, 2021.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized
and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From
Net
Investment
Income		 Net Asset
Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net
Assets,
End of
Period
(in
thousands)
Quality Diversified International ETF
2023 $38.43 1.38 5.72 7.10 (1.44) $44.09 18.67% 0.39% 3.31% 119% $213,840 
2022 $52.76 1.45 (14.40) (12.95) (1.38) $38.43 (24.82)% 0.39% 3.15% 108% $190,249 
2021 $43.09 1.17 9.56 10.73 (1.06) $52.76 25.04% 0.39% 2.37% 107% $208,421 
2020 $37.44 0.78 5.42 6.20 (0.55) $43.09 16.67% 0.39% 2.00% 118% $101,271 
2019(4)
 $39.85 0.98 (2.69) (1.71) (0.70) $37.44 (4.32)%
0.39%(5)
2.67%(5)
 119% $18,719 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized
and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From
Net
Investment
Income
Other
Capital(1)
 Net Asset
Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net
Assets,
End of
Period
(in
thousands)
Quality Preferred ETF
2023 $36.41 1.99 (1.02) 0.97 (2.08) 0.05 $35.35 2.96% 0.32% 5.62% 77% $37,118 
2022 $41.69 1.78 (5.29) (3.51) (1.79) 0.02 $36.41 (8.58)% 0.32% 4.59% 51% $22,394 
2021(4)
 $40.00 1.01 1.48 2.49 (0.83) 0.03 $41.69 6.35%
0.32%(5)
4.59%(5)
 61% $22,515 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)February 16, 2021 (fund inception) through August 31, 2021.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized
and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From
Net
Investment
Income		 Net Asset
Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net
Assets,
End of
Period
(in
thousands)
U.S. Quality Growth ETF
2023 $60.26 0.36 9.82 10.18 (0.32) $70.12 16.96% 0.29% 0.56% 203% $671,408 
2022 $75.48 0.30 (15.26) (14.96) (0.26) $60.26 (19.83)% 0.29% 0.45% 153% $259,133 
2021 $55.96 0.23 19.44 19.67 (0.15) $75.48 35.20% 0.29% 0.36% 162% $258,522 
2020 $41.84 0.18 14.11 14.29 (0.17) $55.96 34.30% 0.29% 0.39% 180% $215,439 
2019(4)
 $40.15 0.18 1.64 1.82 (0.13) $41.84 4.57%
0.29%(5)
0.48%(5)
 191% $21,964 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
U.S. Quality Value ETF
2023 $46.81 1.18 3.59 4.77 (1.22) $50.36 10.40% 0.29% 2.47% 187% $214,026 
2022 $51.82 1.19 (5.14) (3.95) (1.06) $46.81 (7.70)% 0.29% 2.36% 118% $203,645 
2021 $38.76 0.83 13.02 13.85 (0.79) $51.82 36.16% 0.29% 1.81% 147% $255,219 
2020 $39.21 1.02 (0.47) 0.55 (1.00) $38.76 1.55% 0.29% 2.66% 178% $137,598 
2019 $41.66 1.15 (2.68) (1.53) (0.92) $39.21 (3.60)% 0.29% 2.94% 190% $30,391 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Low Volatility ETF, American Century Quality Convertible Securities ETF, American Century Quality Diversified International ETF, American Century Quality Preferred ETF, American Century U.S. Quality Growth ETF (formerly, “American Century STOXX® U.S. Quality Growth ETF”), and American Century U.S. Quality Value ETF (formerly, “American Century STOXX® U.S. Quality Value ETF”) (the “Funds”), six of the funds constituting the American Century ETF Trust, as of August 31, 2023, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust Statement of Operations Statements of Changes in Net Assets Financial Highlights
American Century Low Volatility ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023 and 2022, and the period from January 12, 2021 (fund inception) through August 31, 2021
American Century Quality Convertible Securities ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023 and 2022, and the period from February 16, 2021 (fund inception) through August 31, 2021
American Century Quality Diversified International ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023, 2022, 2021, and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century Quality Preferred ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023 and 2022, and the period from February 16, 2021 (fund inception) through August 31, 2021
American Century U.S. Quality Growth ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023, 2022, 2021, and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century U.S. Quality Value ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023, 2022, 2021, 2020, and 2019.
84

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2023

We have served as the auditor of one or more American Century investment companies since 1997.
85

Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Position(s) Held with Funds Length of Time Served Principal Occupation(s) During Past 5 Years Number of American Century Portfolios Overseen by Trustee Other Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)		 Trustee and Board Chair Since 2017 (Board Chair since 2019) Principal, GTS Securities (automated capital markets trading firm) (2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm) (2013 to 2019) 50 None
Jeremy I. Bulow
(1954)		 Trustee Since 2022 Professor of Economics, Stanford University
Graduate School of Business (1979 to present)		 82 None
Barry A. Mendelson
(1958)		 Trustee Since 2017 Retired 50 None
Stephen E. Yates
(1948)		 Trustee Since 2017 Retired 115 None
Interested Trustees
Jonathan S. Thomas
(1963)		 Trustee Since 2017 President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries 147 None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
86

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


87

Approval of Management Agreement

At a meeting held on June 21, 2023, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees.

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

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

•the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Funds;
•the wide range of programs and services the Advisor and other service providers provide to the Funds and their shareholders on a routine and non-routine basis;
•the Funds’ investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;
•the cost of owning the Funds compared to the cost of owning similarly-managed funds;
•the Advisor’s compliance policies, procedures, and regulatory experience and those of certain other service providers;
•the Advisor’s strategic plans, generally, and with respect to areas of heightened regulatory interest in the mutual fund industry and certain recent geopolitical and other issues;
•the Advisor’s business continuity plans, vendor management practices, and information security practices;
•the cost of services provided to the Funds, the profitability of the Funds to the Advisor, and the Advisor’s financial results of operation;
•possible economies of scale associated with the Advisor’s management of the Funds;
•any collateral benefits derived by the Advisor from the management of the Funds;
•fees and expenses associated with any investment by the Funds in other funds;
•payments to intermediaries by the Funds and the Advisor and services provided by intermediaries in connection therewith; and
•services provided and charges to the Advisor’s other investment management clients.

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors.
88

In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.
89


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

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

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

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

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

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

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

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

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

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Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2022 through December 31, 2022. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

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Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

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


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














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Other Tax Information

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income
for the fiscal year ended August 31, 2023.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2023 as qualified for the corporate dividends received deduction.

Low
Volatility ETF		 Quality Convertible Securities ETF Quality Diversified International ETF Quality Preferred ETF
U.S. Quality Growth ETF		 U.S. Quality Value ETF
$128,357 $244,101 $2,364 $600,703 $1,839,795 $5,272,570

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2023.

Low
Volatility ETF		 Quality Convertible Securities ETF Quality Diversified International ETF Quality Preferred ETF U.S. Quality Growth ETF U.S. Quality Value ETF
— $324,179 — $360,148 — —

For the fiscal year ended August 31, 2023, Quality Diversified International ETF intends to pass through to shareholders foreign source income of $6,193,940 and foreign taxes paid of $598,237, or up to the maximum amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per outstanding share on August 31, 2023 are $1.2771 and $0.1233, respectively.
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Notes
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Notes
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American Century ETF Trust
Investment Advisor:
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Distributor:
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