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Annual Report
August 31, 2023
American Century® Mid Cap Growth Impact ETF (MID)
American Century® Sustainable Equity ETF (ESGA)
American Century® Sustainable Growth ETF (ESGY)

























Table of Contents

President’s Letter
Mid Cap Growth Impact ETF
Performance
Portfolio Commentary
Fund Characteristics
Sustainable Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Sustainable Growth 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
Mid Cap Growth Impact ETF (MID)
Total Returns as of August 31, 2023 Average
Annual Returns
1 year Since Inception Inception Date
Net Asset Value 6.78% 6.63% 7/13/2020
Market Price 6.80% 6.63% 7/13/2020
Russell Midcap Growth Index 13.00% 6.97%
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 July 13, 2020
chart-e4bb1b53b0db46c0a39.jpg
Value on August 31, 2023
Net Asset Value — $12,228
Russell Midcap Growth Index — $12,352
Total Annual Fund Operating Expenses
0.45%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








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


Portfolio Commentary

Portfolio Managers: Rob Brookby, Nalin Yogasundram and Rene Casis

Performance Review

American Century Mid Cap Growth Impact ETF returned 6.80% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 6.78%. For the same time period, the Russell Midcap Growth Index, the fund’s benchmark, returned 13.00%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Health Care Detracted

An overweight allocation to pharmaceuticals hampered performance in the health care sector relative to the benchmark. The chief financial officer of Catalent, a contract drug manufacturer, left the firm as the company restated prior financial statements, delayed its quarterly earnings call and lowered guidance. Operational and financial missteps eroded investor confidence in management’s ability to execute. We eliminated our holding. Biotechnology company Viking Therapeutics underperformed over concerns about competition from large-capitalization pharmaceutical companies related to the company’s obesity and NASH (nonalcoholic steatohepatitis, or fatty liver) drugs in development.

Stock choices in information technology also detracted. Enphase Energy was the fund’s top detractor. The maker of microinverters for solar panels fell on sluggish demand for solar amid higher interest rates. Keysight Technologies detracted. The company manufactures test and measurement instruments for use in communications, networking and electronics applications. It posted mixed quarterly results with revenues and earnings that beat expectations but new orders that lagged. The company also issued disappointing guidance. Generac Holdings, which manufactures generators, preannounced revenue and earnings that were below consensus, citing rising inventories and lower dealer orders for its core product. We sold our holding.

Industrials Benefited Performance

Stock selection among electrical equipment companies led positive contributors in the industrials sector. Vertiv Holdings was the fund’s top contributor. The manufacturer of power and cooling equipment for data centers reported strong results driven by increased spending by large cloud computing providers and data center real estate investment trusts to meet increased demand from artificial intelligence. The financials sector also was a solid contributor. Performance was led by our lack of exposure to the banks that were most involved in a liquidity crisis early in 2023.

Elsewhere, IVERIC bio was a top contributor. Astellas Pharma agreed to acquire the biotechnology company, sending IVERIC’s stock higher. Our holding was eliminated due to the acquisition. Manhattan Associates, a provider of warehouse management software solutions, began to see an acceleration by customers moving from on-premise to its cloud offering. Cadence Design Systems sells software to help design semiconductor chips. Semiconductor companies have to spend on research and development regardless of economic conditions, which benefits Cadence.

Because the portfolio managers consider the United Nations Sustainable Development Goals (SDG) in stock selection, the fund may exclude the securities of certain issuers for extra-financial reasons, and the fund may forgo some market opportunities available to funds that do not consider SDG. The fund’s investment process may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to funds that do not use the SDG. SDG considerations may be linked to long-term rather than short-term returns. Furthermore, when analyzing securities for SDG impact, the portfolio managers rely on the veracity of management’s claims about its business operations and governance, as well as information published by commercial and industry sources. Stocks selected by the portfolio managers may perform differently or not have the impact expected due to the portfolio managers’ judgments given available information, the weight placed on each SDG and changes from historical trends. There is no guarantee that the investment process will result in effective investment decisions for the fund.
4


Fund Characteristics
AUGUST 31, 2023
Mid Cap Growth Impact ETF
Types of Investments in Portfolio % of net assets
Common Stocks 97.4%
Short-Term Investments 2.6%
Other Assets and Liabilities —*
*Category is less than 0.05% of total net assets.
Top Five Industries % of net assets
Software 14.8%
Chemicals 7.9%
Semiconductors and Semiconductor Equipment 7.8%
Hotels, Restaurants and Leisure 7.3%
Life Sciences Tools and Services 7.2%

5


Performance
Sustainable Equity ETF (ESGA)
Total Returns as of August 31, 2023 Average
Annual Returns
  1 year Since Inception Inception Date
Net Asset Value 16.44% 12.81% 7/13/2020
Market Price 16.51% 12.83% 7/13/2020
S&P 500 Index 15.94% 13.84%
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 July 13, 2020
chart-d33a0c6b352f48388fb.jpg
Value on August 31, 2023
Net Asset Value — $14,590
S&P 500 Index — $15,012
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.
6


Portfolio Commentary

Portfolio Managers: Joe Reiland, Justin Brown, Rob Bove and Rene Casis

Performance Review

American Century Sustainable Equity ETF returned 16.51% on a market price basis for its fiscal year ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 16.44%. For the same time period, the S&P 500 Index, the fund’s benchmark, returned 15.94%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Energy Benefited Performance

Energy companies benefited from rising oil and gas prices, especially during the first half of our reporting period Schlumberger was a top contributor. The oil services company reported better-than-expected revenues, margins and earnings. Pricing was strong, supporting margins, and the company’s growing focus on its new energy division (energy transition, low carbon solutions) continued to gain momentum. The financials sector also was a solid contributor. Performance was led by positive stock selection in the banking industry, where we did not own holdings of the banks that were most involved in a liquidity crisis early in 2023, such as SVB Financial Group and First Republic Bank.

Elsewhere, NVIDIA and Applied Materials were significant contributors. NVIDIA beat quarterly expectations and raised guidance due to demand for its graphics processing units for generative artificial intelligence, which relies on NVIDIA for training models and inference (utilizing the model to perform a function). The semiconductor equipment maker Applied Materials delivered strong results due to its exposure to lagging edge demand and its substantial backlog. Also, sentiment around its growth profile in 2024 improved.

Communication Services Detracted

Stock selection in the communication services sector weighed on performance relative to the benchmark. We did not own benchmark component Netflix, which outperformed, aided by its new advertising-supported streaming video tier. The health care sector also hampered performance. CVS Health, a diversified health services company, beat revenue and earnings expectations and reaffirmed guidance for all of 2023. Nevertheless, the stock fell as investors worried about potential drug pricing legislation, which could affect CVS Health’s pharmacy benefit management business.

NextEra Energy was the fund’s top detractor. Utilities generally underperformed on a combination of higher interest rates and investor rotation to growth-oriented sectors. Semiconductor company Broadcom detracted from relative performance because the fund was underweight relative to the benchmark. Broadcom delivered solid results and recently detailed strong exposure to artificial intelligence, specifically in its custom ASIC and networking businesses. Broadcom was not in the portfolio at the end of the period.









Because the fund considers environmental, social and governance (ESG) metrics in addition to fundamental financial metrics when selecting securities, its portfolio may perform differently than funds that do not use ESG metrics. ESG considerations may prioritize long-term rather than short-term returns. Furthermore, when analyzing ESG criteria for securities, if the portfolio management team relies on the information and scoring models published by third-party sources, there is a risk that this information might be incorrect or only take into account one of many ESG-related components of portfolio companies. Moreover, scores and ratings across third-party providers may be inconsistent or incomparable.
7


Fund Characteristics
AUGUST 31, 2023
Sustainable Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.6%
Short-Term Investments 0.3%
Other Assets and Liabilities 0.1%
Top Five Industries % of net assets
Software 10.4%
Semiconductors and Semiconductor Equipment 7.6%
Interactive Media and Services 6.3%
Technology Hardware, Storage and Peripherals 5.1%
Health Care Providers and Services 4.3%

8


Performance
Sustainable Growth ETF (ESGY)
Total Returns as of August 31, 2023 Average
Annual Returns
 
1 year Since Inception Inception Date
Net Asset Value 23.50% 2.86% 6/29/2021
Market Price 23.56% 2.88% 6/29/2021
Russell 1000 Growth Index 21.94% 2.51%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made June 29, 2021
chart-575d0ba018bd4c51bf5.jpg
Value on August 31, 2023
Net Asset Value — $10,632
Russell 1000 Growth Index — $10,553

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: Joe Reiland, Rob Bove, David Cross, Scott Marolf and Rene Casis

Performance Review

American Century Sustainable Growth ETF returned 23.56% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 23.50%. For the same period, the Russell 1000 Growth Index, the fund’s benchmark, returned 21.94%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Information Technology Benefited Performance

Stock selection and an overweight allocation in the semiconductors and semiconductor equipment industry helped drive outperformance in information technology. Both chipmakers and semiconductor equipment manufacturers benefited from strong chip demand and excitement about artificial intelligence. Semiconductor company NVIDIA posted strong revenue and earnings and raised guidance due to demand for its graphics processing units for generative artificial intelligence, which relies on NVIDIA for training models and inference (utilizing the model to perform a function). ASML Holding, a Netherlands-based semiconductor capital equipment maker, outperformed on demand for its photolithography systems. Fund performance was also helped by not owning a lagging semiconductor company. Qualcomm delivered weak results and guidance due to continued smartphone inventory digestion caused by the macroeconomic uncertainty and a slower China recovery.

Other top contributors included Novo Nordisk. The Denmark-based pharmaceutical company’s stock rose sharply on the strength of its weight-loss drugs Ozempic and Wegovy, which are demonstrating positive results for heart-related and other health issues tied to excess weight. Energy companies benefited from rising oil and gas prices, especially during the first half of our reporting period Schlumberger was a top contributor. The oil services company reported better-than-expected revenues, margins and earnings. Pricing was strong, supporting margins, and the company’s growing focus on its new energy division (energy transition, low carbon solutions) continued to gain momentum.

Communication Services Hampered Performance

Stock choices in the entertainment industry detracted from performance in communication services. The Walt Disney Co. lagged due to a variety of issues, including disappointing revenues in its streaming television service. We eliminated the position.

Elsewhere, semiconductor company Broadcom detracted from relative performance because the fund was underweight relative to the benchmark. Broadcom delivered solid results and recently detailed strong exposure to artificial intelligence. Broadcom was not in the portfolio at the end of the period. UnitedHealth Group, the world’s largest private health insurer, fell after a company executive said health care costs were likely to soar as people resume elective procedures. Headwinds in the managed health care industry weighed on Cigna Group. There is increased congressional scrutiny of pharmacy benefit managers (PBM). Cigna has the highest mix of PBM earnings within the group of publicly traded managed care companies. Keysight Technologies detracted. The company manufactures test and measurement instruments for use in communications, networking and electronics applications. It posted mixed quarterly results and also issued disappointing guidance.

Because the fund considers environmental, social and governance (ESG) metrics in addition to fundamental financial metrics when selecting securities, its portfolio may perform differently than funds that do not use ESG metrics. ESG considerations may prioritize long-term rather than short-term returns. Furthermore, when analyzing ESG criteria for securities, if the portfolio management team relies on the information and scoring models published by third-party sources, there is a risk that this information might be incorrect or only take into account one of many ESG-related components of portfolio companies. Moreover, scores and ratings across third-party providers may be inconsistent or incomparable.
10


Fund Characteristics
AUGUST 31, 2023
Sustainable Growth ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.7%
Short-Term Investments 0.3%
Other Assets and Liabilities —*
*Category is less than 0.05% of total net assets.
Top Five Industries % of net assets
Software 21.5%
Semiconductors and Semiconductor Equipment 10.9%
Technology Hardware, Storage and Peripherals 10.1%
Interactive Media and Services 9.6%
Financial Services 6.2%

11


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.
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)
Mid Cap Growth Impact ETF
Actual $1,000 $1,049.10 $2.32 0.45%
Hypothetical $1,000 $1,022.94 $2.29 0.45%
Sustainable Equity ETF
Actual $1,000 $1,133.40 $2.10 0.39%
Hypothetical $1,000 $1,023.24 $1.99 0.39%
Sustainable Growth ETF
Actual $1,000 $1,237.50 $2.20 0.39%
Hypothetical $1,000 $1,023.24 $1.99 0.39%
(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.
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Schedules of Investments

AUGUST 31, 2023
Mid Cap Growth Impact ETF
Shares Value
COMMON STOCKS — 97.4%
Aerospace and Defense — 2.3%
CAE, Inc.(1)
43,852  $ 1,057,272 
Automobile Components — 7.2%
Aptiv PLC(1)
20,826  2,112,798 
Mobileye Global, Inc., Class A(1)
31,397  1,114,907 
3,227,705 
Biotechnology — 6.5%
Cytokinetics, Inc.(1)
24,248  847,225 
Natera, Inc.(1)
8,340  489,808 
Sarepta Therapeutics, Inc.(1)
7,804  944,362 
Viking Therapeutics, Inc.(1)
45,683  630,883 
2,912,278 
Building Products — 3.5%
Trane Technologies PLC
7,802  1,601,438 
Capital Markets — 4.2%
MSCI, Inc.
3,493  1,898,865 
Chemicals — 7.9%
Avient Corp.
43,153  1,730,867 
Element Solutions, Inc.
89,139  1,838,046 
3,568,913 
Commercial Services and Supplies — 3.4%
Republic Services, Inc.
10,539  1,518,986 
Electrical Equipment — 6.1%
Vertiv Holdings Co.
70,458  2,775,341 
Electronic Equipment, Instruments and Components — 2.9%
Keysight Technologies, Inc.(1)
9,847  1,312,605 
Health Care Equipment and Supplies — 6.3%
Dexcom, Inc.(1)
15,820  1,597,504 
GE HealthCare Technologies, Inc.
9,578  674,770 
Lantheus Holdings, Inc.(1)
8,451  578,386 
2,850,660 
Health Care Providers and Services — 1.0%
R1 RCM, Inc.(1)
25,931  447,050 
Hotels, Restaurants and Leisure — 7.3%
Airbnb, Inc., Class A(1)
13,901  1,828,676 
Chipotle Mexican Grill, Inc.(1)
753
1,450,760 
3,279,436 
Life Sciences Tools and Services — 7.2%
Bio-Techne Corp.
18,405  1,442,952 
IQVIA Holdings, Inc.(1)
8,144  1,813,099 
3,256,051 
Oil, Gas and Consumable Fuels — 2.8%
Excelerate Energy, Inc., Class A
66,977  1,245,772 
Professional Services — 3.3%
Jacobs Solutions, Inc.
11,024  1,486,256 
13


Mid Cap Growth Impact ETF
Shares Value
Semiconductors and Semiconductor Equipment — 7.8%
Enphase Energy, Inc.(1)
9,108  $ 1,152,435 
Monolithic Power Systems, Inc.
4,586  2,390,269 
3,542,704 
Software — 14.8%
Cadence Design Systems, Inc.(1)
10,130  2,435,657 
DocuSign, Inc.(1)
30,022  1,510,107 
Manhattan Associates, Inc.(1)
13,568  2,749,148 
6,694,912 
Textiles, Apparel and Luxury Goods — 2.9%
On Holding AG, Class A(1)
44,848  1,292,968 
TOTAL COMMON STOCKS
(Cost $41,990,814)
43,969,212 
SHORT-TERM INVESTMENTS — 2.6%
Money Market Funds — 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $1,167,829)
1,167,829  1,167,829 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $43,158,643)
45,137,041 
OTHER ASSETS AND LIABILITIES
4,635 
TOTAL NET ASSETS — 100.0%
$ 45,141,676 

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


See Notes to Financial Statements.
14


AUGUST 31, 2023
Sustainable Equity ETF
Shares Value
COMMON STOCKS — 99.6%
Aerospace and Defense — 0.9%
Lockheed Martin Corp.
2,966  $ 1,329,806 
Air Freight and Logistics — 0.8%
United Parcel Service, Inc., Class B
6,953  1,177,838 
Automobile Components — 0.9%
Aptiv PLC(1)
12,244  1,242,154 
Automobiles — 1.3%
Tesla, Inc.(1)
7,084  1,828,239 
Banks — 2.9%
Bank of America Corp.
42,547  1,219,822 
JPMorgan Chase & Co.
14,772  2,161,587 
Regions Financial Corp.
49,284  903,869 
4,285,278 
Beverages — 1.5%
PepsiCo, Inc.
12,403  2,206,742 
Biotechnology — 2.2%
AbbVie, Inc.
11,573  1,700,768 
Amgen, Inc.
3,902  1,000,239 
Vertex Pharmaceuticals, Inc.(1)
1,629  567,446 
3,268,453 
Broadline Retail — 2.7%
Amazon.com, Inc.(1)
28,557  3,941,152 
Building Products — 1.5%
Johnson Controls International PLC
25,286  1,493,391 
Masco Corp.
12,194  719,568 
2,212,959 
Capital Markets — 4.2%
Ameriprise Financial, Inc.
2,693  909,103 
BlackRock, Inc.
1,537  1,076,730 
Charles Schwab Corp.
5,776  341,650 
Intercontinental Exchange, Inc.
6,325  746,287 
Morgan Stanley
25,781  2,195,252 
S&P Global, Inc.
2,385  932,201 
6,201,223 
Chemicals — 2.3%
Air Products & Chemicals, Inc.
2,418  714,495 
Ecolab, Inc.
3,576  657,304 
Linde PLC
5,129  1,985,128 
3,356,927 
Communications Equipment — 1.3%
Cisco Systems, Inc.
33,665  1,930,688 
Consumer Finance — 0.5%
American Express Co.
4,778  754,876 
Consumer Staples Distribution & Retail — 2.8%
Costco Wholesale Corp.
1,690  928,283 
Kroger Co.
19,041  883,312 
Sysco Corp.
19,065  1,327,877 
Target Corp.
7,523  952,036 
4,091,508 
15


Sustainable Equity ETF
Shares Value
Containers and Packaging — 0.5%
Ball Corp.
12,438  $ 677,249 
Distributors — 0.6%
LKQ Corp.
17,045  895,374 
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc.
45,498  1,591,520 
Electric Utilities — 1.6%
NextEra Energy, Inc.
34,945  2,334,326 
Electrical Equipment — 1.2%
Eaton Corp. PLC
6,743  1,553,385 
Generac Holdings, Inc.(1)
1,579  187,601 
1,740,986 
Electronic Equipment, Instruments and Components — 1.7%
CDW Corp.
6,865  1,449,545 
Keysight Technologies, Inc.(1)
7,257  967,358 
2,416,903 
Energy Equipment and Services — 1.5%
Schlumberger NV
37,134  2,189,421 
Entertainment — 1.0%
Electronic Arts, Inc.
4,231  507,636 
Liberty Media Corp.-Liberty Formula One, Class C(1)
4,522  311,068 
Walt Disney Co.(1)
7,147  598,061 
1,416,765 
Financial Services — 3.0%
Mastercard, Inc., Class A
4,194  1,730,612 
Visa, Inc., Class A
10,904  2,678,895 
4,409,507 
Food Products — 0.8%
Mondelez International, Inc., Class A
16,208  1,154,982 
Ground Transportation — 1.0%
Norfolk Southern Corp.
3,177  651,317 
Uber Technologies, Inc.(1)
8,497  401,313 
Union Pacific Corp.
2,028  447,316 
1,499,946 
Health Care Equipment and Supplies — 0.7%
Intuitive Surgical, Inc.(1)
2,571  803,900 
ResMed, Inc.
1,196  190,870 
994,770 
Health Care Providers and Services — 4.3%
Cigna Group
6,963  1,923,598 
CVS Health Corp.
15,942  1,038,940 
Humana, Inc.
1,377  635,665 
UnitedHealth Group, Inc.
5,685  2,709,357 
6,307,560 
Hotels, Restaurants and Leisure — 1.0%
Airbnb, Inc., Class A(1)
2,714  357,027 
Chipotle Mexican Grill, Inc.(1)
175  337,162 
Starbucks Corp.
7,524  733,138 
1,427,327 
Household Products — 1.3%
Colgate-Palmolive Co.
7,529  553,156 
16


Sustainable Equity ETF
Shares Value
Procter & Gamble Co.
9,024  $ 1,392,764 
1,945,920 
Industrial Conglomerates — 0.8%
Honeywell International, Inc.
5,987  1,125,197 
Industrial REITs — 1.7%
Prologis, Inc.
20,199  2,508,716 
Insurance — 2.2%
Marsh & McLennan Cos., Inc.
6,027  1,175,204 
Prudential Financial, Inc.
9,425  892,265 
Travelers Cos., Inc.
6,717  1,082,982 
3,150,451 
Interactive Media and Services — 6.3%
Alphabet, Inc., Class A(1)
49,008  6,673,419 
Meta Platforms, Inc., Class A(1)
8,576  2,537,553 
9,210,972 
IT Services — 2.0%
Accenture PLC, Class A
5,088  1,647,342 
International Business Machines Corp.
8,628  1,266,849 
2,914,191 
Life Sciences Tools and Services — 2.6%
Agilent Technologies, Inc.
9,712  1,175,832 
Danaher Corp.
4,925  1,305,125 
Thermo Fisher Scientific, Inc.
2,495  1,389,964 
3,870,921 
Machinery — 2.3%
Cummins, Inc.
4,626  1,064,165 
Deere & Co.
1,917  787,772 
Parker-Hannifin Corp.
2,115  881,743 
Xylem, Inc.
6,763  700,241 
3,433,921 
Oil, Gas and Consumable Fuels — 2.9%
ConocoPhillips 19,407  2,310,015 
EOG Resources, Inc.
15,599  2,006,344 
4,316,359 
Pharmaceuticals — 4.0%
Bristol-Myers Squibb Co.
23,419  1,443,781 
Eli Lilly & Co.
1,489  825,204 
Merck & Co., Inc.
12,419  1,353,423 
Novo Nordisk A/S, ADR
5,257  975,804 
Zoetis, Inc.
6,447  1,228,218 
5,826,430 
Semiconductors and Semiconductor Equipment — 7.6%
Advanced Micro Devices, Inc.(1)
10,768  1,138,393 
Analog Devices, Inc.
7,764  1,411,340 
Applied Materials, Inc.
12,864  1,965,105 
ASML Holding NV, NY Shares
1,371  905,587 
GLOBALFOUNDRIES, Inc.(1)
5,181  286,250 
NVIDIA Corp.
11,104  5,480,379 
11,187,054 
Software — 10.4%
Adobe, Inc.(1)
898  502,287 
17


Sustainable Equity ETF
Shares Value
Cadence Design Systems, Inc.(1)
3,322  $ 798,742 
Microsoft Corp.
35,180  11,530,597 
Salesforce, Inc.(1)
7,043  1,559,743 
ServiceNow, Inc.(1)
612  360,364 
Workday, Inc., Class A(1)
2,225  544,012 
15,295,745 
Specialized REITs — 0.6%
Equinix, Inc.
1,092  853,267 
Specialty Retail — 3.5%
CarMax, Inc.(1)
4,888  399,252 
Home Depot, Inc.
7,769  2,566,100 
TJX Cos., Inc.
17,129  1,584,090 
Tractor Supply Co.
2,450  535,325 
5,084,767 
Technology Hardware, Storage and Peripherals — 5.1%
Apple, Inc.
39,954  7,506,158 
Textiles, Apparel and Luxury Goods — 0.5%
Deckers Outdoor Corp.(1)
1,359  719,033 
TOTAL COMMON STOCKS
(Cost $126,883,039)
145,833,581 
SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $469,642)
469,642  469,642 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $127,352,681)
146,303,223 
OTHER ASSETS AND LIABILITIES — 0.1%
150,776 
TOTAL NET ASSETS — 100.0%
$ 146,453,999 

NOTES TO SCHEDULE OF INVESTMENTS
ADR
American Depositary Receipt
(1)Non-income producing.


See Notes to Financial Statements.
18


AUGUST 31, 2023
Sustainable Growth ETF
Shares Value
COMMON STOCKS — 99.7%
Air Freight and Logistics — 0.3%
United Parcel Service, Inc., Class B
221  $ 37,437 
Automobile Components — 0.8%
Aptiv PLC(1)
1,073  108,856 
Automobiles — 2.6%
Tesla, Inc.(1)
1,411  364,151 
Beverages — 2.4%
Coca-Cola Co.
2,289  136,951 
PepsiCo, Inc.
1,144  203,540 
340,491 
Biotechnology — 1.9%
AbbVie, Inc.
1,210  177,822 
Vertex Pharmaceuticals, Inc.(1)
244  84,995 
262,817 
Broadline Retail — 5.0%
Amazon.com, Inc.(1)
4,841  668,107 
eBay, Inc.
794  35,555 
703,662 
Building Products — 1.6%
Johnson Controls International PLC
1,974  116,585 
Trane Technologies PLC
423  86,825 
Trex Co., Inc.(1)
374  26,692 
230,102 
Capital Markets — 0.6%
MSCI, Inc.
34  18,483 
S&P Global, Inc.
153  59,802 
78,285 
Chemicals — 1.3%
Linde PLC
477  184,618 
Commercial Services and Supplies — 0.2%
Copart, Inc.(1)
554  24,836 
Communications Equipment — 0.7%
Cisco Systems, Inc.
1,781  102,140 
Consumer Staples Distribution & Retail — 0.3%
Kroger Co.
411  19,066 
Target Corp.
195  24,677 
43,743 
Distributors — 0.2%
Pool Corp.
77  28,151 
Electrical Equipment — 0.1%
Eaton Corp. PLC
83  19,121 
Electronic Equipment, Instruments and Components — 1.0%
CDW Corp.
343  72,425 
Keysight Technologies, Inc.(1)
517  68,916 
141,341 
Energy Equipment and Services — 0.3%
Schlumberger NV
770  45,399 
Entertainment — 0.9%
Electronic Arts, Inc.
509  61,070 
19


Sustainable Growth ETF
Shares Value
Netflix, Inc.(1)
138  $ 59,848 
120,918 
Financial Services — 6.2%
Block, Inc.(1)
675  38,914 
Mastercard, Inc., Class A
780  321,859 
Visa, Inc., Class A
2,080  511,014 
871,787 
Food Products — 0.4%
Mondelez International, Inc., Class A
699  49,811 
Ground Transportation — 0.9%
Uber Technologies, Inc.(1)
2,647  125,018 
Health Care Equipment and Supplies — 1.0%
Dexcom, Inc.(1)
306  30,900 
IDEXX Laboratories, Inc.(1)
148  75,689 
Shockwave Medical, Inc.(1)
137  30,193 
136,782 
Health Care Providers and Services — 3.4%
Cigna Group
373  103,045 
Elevance Health, Inc.
71  31,383 
UnitedHealth Group, Inc.
727  346,473 
480,901 
Hotels, Restaurants and Leisure — 1.6%
Airbnb, Inc., Class A(1)
417  54,856 
Chipotle Mexican Grill, Inc.(1)
28  53,946 
Hilton Worldwide Holdings, Inc.
450  66,893 
Starbucks Corp.
476  46,381 
222,076 
Interactive Media and Services — 9.6%
Alphabet, Inc., Class A(1)
7,172  976,611 
Meta Platforms, Inc., Class A(1)
1,242  367,496 
1,344,107 
IT Services — 1.5%
Accenture PLC, Class A
489  158,324 
Okta, Inc.(1)
489  40,836 
Snowflake, Inc., Class A(1)
66  10,352 
209,512 
Leisure Products — 0.1%
YETI Holdings, Inc.(1)
414  20,679 
Life Sciences Tools and Services — 1.5%
Agilent Technologies, Inc.
650  78,695 
Danaher Corp.
287  76,055 
West Pharmaceutical Services, Inc.
131  53,304 
208,054 
Machinery — 1.3%
Deere & Co.
357  146,706 
Xylem, Inc.
313  32,408 
179,114 
Pharmaceuticals — 4.0%
Eli Lilly & Co.
411  227,776 
Novo Nordisk A/S, ADR
1,246  231,282 
20


Sustainable Growth ETF
Shares Value
Zoetis, Inc.
517  $ 98,494 
557,552 
Professional Services — 0.6%
Automatic Data Processing, Inc.
308  78,420 
Semiconductors and Semiconductor Equipment — 10.9%
Advanced Micro Devices, Inc.(1)
1,533  162,069 
Analog Devices, Inc.
150  27,267 
Applied Materials, Inc.
924  141,150 
ASML Holding NV, NY Shares
329  217,314 
Enphase Energy, Inc.(1)
78  9,869 
GLOBALFOUNDRIES, Inc.(1)
465  25,691 
Lam Research Corp.
41  28,799 
NVIDIA Corp.
1,852  914,055 
1,526,214 
Software — 21.5%
Adobe, Inc.(1)
156  87,257 
Cadence Design Systems, Inc.(1)
483  116,133 
Crowdstrike Holdings, Inc., Class A(1)
320  52,170 
Datadog, Inc., Class A(1)
385  37,145 
Intuit, Inc.
261  141,412 
Microsoft Corp.
5,812  1,904,941 
PagerDuty, Inc.(1)
1,094  28,182 
Palo Alto Networks, Inc.(1)
281  68,367 
Salesforce, Inc.(1)
1,037  229,654 
ServiceNow, Inc.(1)
345  203,146 
Splunk, Inc.(1)
443  53,718 
Workday, Inc., Class A(1)
358  87,531 
3,009,656 
Specialized REITs — 0.6%
Equinix, Inc.
102  79,701 
Specialty Retail — 3.6%
Burlington Stores, Inc.(1)
79  12,819 
CarMax, Inc.(1)
413  33,734 
Home Depot, Inc.
661  218,328 
TJX Cos., Inc.
1,858  171,828 
Ulta Beauty, Inc.(1)
147  61,009 
497,718 
Technology Hardware, Storage and Peripherals — 10.1%
Apple, Inc.
7,508  1,410,528 
Textiles, Apparel and Luxury Goods — 0.7%
Crocs, Inc.(1)
49  4,769 
Deckers Outdoor Corp.(1)
176  93,120 
97,889 
TOTAL COMMON STOCKS
(Cost $12,649,740)
13,941,587 
SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $37,574)
37,574  37,574 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $12,687,314)
13,979,161 
OTHER ASSETS AND LIABILITIES
6,233 
TOTAL NET ASSETS — 100.0%
$ 13,985,394 
21


Sustainable Growth ETF

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


See Notes to Financial Statements.
22


Statements of Assets and Liabilities
AUGUST 31, 2023
Mid Cap Growth
Impact ETF
Sustainable
Equity ETF
Assets
Investment securities, at value (cost of $43,158,643 and $127,352,681, respectively) $ 45,137,041  $ 146,303,223 
Receivable for investments sold —  549,533 
Dividends and interest receivable 21,655  219,147 
45,158,696  147,071,903 
Liabilities
Payable for investments purchased —  8,890 
Payable for capital shares redeemed —  561,126 
Accrued management fees 17,020  47,888 
17,020  617,904 
Net Assets $ 45,141,676  $ 146,453,999 
Shares outstanding (unlimited number of shares authorized) 960,000  2,610,000 
Net Asset Value Per Share $ 47.02  $ 56.11 
Net Assets Consist of:
Capital paid in $ 47,766,276  $ 134,132,378 
Distributable earnings (loss) (2,624,600) 12,321,621 
$ 45,141,676  $ 146,453,999 


See Notes to Financial Statements.
23


AUGUST 31, 2023
Sustainable Growth ETF
Assets
Investment securities, at value (cost of $12,687,314) $ 13,979,161 
Dividends and interest receivable 10,537 
13,989,698 
Liabilities
Accrued management fees 4,304 
Net Assets $ 13,985,394 
Shares outstanding (unlimited number of shares authorized) 330,000 
Net Asset Value Per Share $ 42.38 
Net Assets Consist of:
Capital paid in $ 13,537,705 
Distributable earnings (loss) 447,689 
$ 13,985,394 


See Notes to Financial Statements.

24


Statements of Operations
YEAR ENDED AUGUST 31, 2023
Mid Cap Growth Impact ETF Sustainable Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $3,674, respectively) $ 144,042  $ 2,001,969 
Interest 23,150  15,469 
Securities lending, net 243  — 
167,435  2,017,438 
Expenses:
Management fees 150,665  462,089 
Other expenses 57  — 
150,722  462,089 
Net investment income (loss) 16,713  1,555,349 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (1,721,372) (1,352,376)
Change in net unrealized appreciation (depreciation) on investments 4,357,716  18,959,969 
Net realized and unrealized gain (loss) 2,636,344  17,607,593 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 2,653,057  $ 19,162,942 


See Notes to Financial Statements.
25


YEAR ENDED AUGUST 31, 2023
Sustainable Growth ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $696) $ 71,446 
Interest 773 
72,219 
Expenses:
Management fees 30,940 
Net investment income (loss) 41,279 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (299,906)
Change in net unrealized appreciation (depreciation) on investments 2,050,410 
Net realized and unrealized gain (loss) 1,750,504 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 1,791,783 


See Notes to Financial Statements.
26


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022
Mid Cap Growth Impact ETF Sustainable Equity ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 16,713  $ (38,150) $ 1,555,349  $ 1,288,438 
Net realized gain (loss) (1,721,372) (1,116,341) (1,352,376) 12,237,994 
Change in net unrealized appreciation (depreciation) 4,357,716  (6,850,129) 18,959,969  (34,780,883)
Net increase (decrease) in net assets resulting from operations 2,653,057  (8,004,620) 19,162,942  (21,254,451)
Distributions to Shareholders
From earnings —  —  (1,302,542) (1,219,340)
Capital Share Transactions
Proceeds from shares sold 18,924,772  17,585,267  28,821,576  52,262,088 
Payments for shares redeemed (215,481) (7,918,146) (5,028,111) (75,423,895)
Net increase (decrease) in net assets from capital share transactions 18,709,291  9,667,121  23,793,465  (23,161,807)
Net increase (decrease) in net assets 21,362,348  1,662,501  41,653,865  (45,635,598)
Net Assets
Beginning of period 23,779,328  22,116,827  104,800,134  150,435,732 
End of period $ 45,141,676  $ 23,779,328  $ 146,453,999  $ 104,800,134 
Transactions in Shares of the Funds
Sold 425,000  340,000  560,000  940,000 
Redeemed (5,000) (165,000) (100,000) (1,420,000)
Net increase (decrease) in shares of the funds 420,000  175,000  460,000  (480,000)


See Notes to Financial Statements.
27


YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022
Sustainable Growth ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 41,279  $ 18,914 
Net realized gain (loss) (299,906) (409,268)
Change in net unrealized appreciation (depreciation) 2,050,410  (1,158,774)
Net increase (decrease) in net assets resulting from operations 1,791,783  (1,549,128)
Distributions to Shareholders
From earnings (36,337) (13,482)
Capital Share Transactions
Proceeds from shares sold 6,817,351  2,444,496 
Payments for shares redeemed (1,140,216) (372,643)
Net increase (decrease) in net assets from capital share transactions 5,677,135  2,071,853 
Net increase (decrease) in net assets 7,432,581  509,243 
Net Assets
Beginning of period 6,552,813  6,043,570 
End of period $ 13,985,394  $ 6,552,813 
Transactions in Shares of the Funds
Sold 170,000  60,000 
Redeemed (30,000) (10,000)
Net increase (decrease) in shares of the funds 140,000  50,000 


See Notes to Financial Statements.
28


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 Mid Cap Growth Impact ETF (Mid Cap Growth Impact ETF), American Century Sustainable Equity ETF (Sustainable Equity ETF) and American Century Sustainable Growth ETF (Sustainable Growth ETF) (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Mid Cap Growth Impact ETF and Sustainable Equity ETF is to seek long-term capital growth. Sustainable Growth ETF's investment objective is to seek capital appreciation. Shares of each fund are listed for trading on the NYSE Arca, 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.

Open-end management investment companies are valued at the reported NAV per share.

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.

29


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. Securities lending income is net of fees and rebates earned by the lending agent for its services.

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

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

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

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

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. ACIM owns 38% of the shares of Sustainable Growth ETF. Related parties do not invest in the fund 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. 

30


The annual management fee for each fund is as follows:
Annual Management Fee
Mid Cap Growth Impact ETF 0.45%
Sustainable Equity ETF 0.39%
Sustainable Growth ETF 0.39%

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:
Mid Cap Growth Impact ETF Sustainable Equity ETF Sustainable Growth ETF
Purchases $21,291,145 $22,612,333 $2,622,691
Sales $21,040,361 $20,518,881 $2,518,539

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)*
Mid Cap Growth Impact ETF $18,216,090 $206,634 $41,688
Sustainable Equity ETF $26,734,160 $4,925,519 $1,105,308
Sustainable Growth ETF $6,676,826 $1,118,951 $175,595
*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.

31


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.

As of period end, the funds' investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds' portfolio holdings.

7. 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.

8. 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
Mid Cap Growth Impact ETF
Sustainable Equity ETF $ 1,302,542 $ 1,219,340
Sustainable Growth ETF $ 36,337 $ 13,482

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:
Mid Cap Growth Impact ETF Sustainable Equity ETF Sustainable Growth ETF
Capital paid in $ 15,755  $ 1,086,774  $ 157,511 
Distributable earnings (loss) $ (15,755) $ (1,086,774) $ (157,511)

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As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Mid Cap Growth Impact ETF Sustainable Equity ETF Sustainable Growth ETF
Federal tax cost of investments $ 43,402,261  $ 127,974,067  $ 12,767,658 
Gross tax appreciation of investments $ 4,575,637  $ 22,438,469  $ 1,419,726 
Gross tax depreciation of investments (2,840,857) (4,109,313) (208,223)
Net tax appreciation (depreciation) of investments $ 1,734,780  $ 18,329,156  $ 1,211,503 
Undistributed ordinary income —  $ 394,166  $ 11,600 
Accumulated short-term capital losses $ (2,942,774) $ (3,593,205) $ (451,449)
Accumulated long-term capital losses $ (1,416,606) $ (2,808,496) $ (323,965)

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

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.

33


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
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)
Mid Cap Growth Impact ETF
2023 $44.04 0.02 2.96 2.98 $47.02 6.78% 0.45% 0.05% 64% $45,142 
2022 $60.59 (0.08) (16.47) (16.55) $44.04 (27.33)% 0.45% (0.16)% 44% $23,779 
2021 $42.74 (0.11) 17.96 17.85 $60.59 41.78% 0.45% (0.20)% 48% $22,117 
2020(4)
$38.45 (0.02) 4.31 4.29 $42.74 11.14%
0.45%(5)
(0.29)%(5)
2% $6,411 

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)July 13, 2020 (fund inception) through August 31, 2020. 
(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)
Sustainable Equity ETF
2023 $48.74 0.67 7.27 7.94 (0.57) $56.11 16.44% 0.39% 1.31% 17% $146,454 
2022 $57.20 0.50 (8.49) (7.99) (0.47) $48.74 (14.03)% 0.39% 0.93% 21% $104,800 
2021 $44.16 0.45 13.01 13.46 (0.42) $57.20 30.65% 0.39% 0.91% 22% $150,436 
2020(4)
$39.59 0.06 4.51 4.57 $44.16 11.56%
0.39%(5)
1.13%(5)
10% $84,794 

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)July 13, 2020 (fund inception) through August 31, 2020. 
(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)
Sustainable Growth ETF
2023 $34.49 0.19 7.88 8.07 (0.18) $42.38