Document



			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			2
Mid Cap Growth Impact ETF
Performance			3
Portfolio Commentary			4
Fund Characteristics			5
Sustainable Equity ETF
Performance			6
Portfolio Commentary			7
Fund Characteristics			8
Sustainable Growth ETF
Performance			9
Portfolio Commentary			10
Fund Characteristics			11
Shareholder Fee Examples			12
Schedules of Investments			13
Statements of Assets and Liabilities			23
Statements of Operations			25
Statements of Changes in Net Assets			27
Notes to Financial Statements			29
Financial Highlights			34
Report of Independent Registered Public Accounting Firm			37
Management			39
Approval of Management Agreement			41

Liquidity Risk Management Program			45
Additional Information			46

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

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,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


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


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.


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.


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%


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%

—


Growth of $10,000 Over Life of Fund
$10,000 investment made July 13, 2020


Value on August 31, 2023
			Net Asset Value — $14,590

			S&P 500 Index — $15,012

Total Annual Fund Operating Expenses

0.39%


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.


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%


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%

—


Growth of $10,000 Over Life of Fund
$10,000 investment made June 29, 2021


Value on August 31, 2023
			Net Asset Value — $10,632

			Russell 1000 Growth Index — $10,553

Total Annual Fund Operating Expenses

0.39%


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.


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%


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.


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


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.

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


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


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


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.

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


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


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

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.


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.


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.


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.


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.


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.


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.


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.

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.

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.

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)

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.


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.

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	23.50%	0.39%	0.52%	31%	$13,985
2022	$43.17	0.12	(8.72)	(8.60)	(0.08)	$34.49	(19.93)%	0.39%	0.29%	29%	$6,553
2021(4)	$40.15	0.01	3.01	3.02	—	$43.17	7.52%	0.39%(5)	0.14%(5)	4%	$6,044


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

(5)Annualized.

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Mid Cap Growth Impact ETF, American Century Sustainable Equity ETF, and American Century Sustainable Growth ETF (the “Funds”), three 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 Mid Cap Growth Impact 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, and 2021, and the period from July 13, 2020 (fund inception) through August 31, 2020
American Century Sustainable Equity ETF
American Century Sustainable 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, and 2022, and the period from June 29, 2021 (fund inception) through August 31, 2021

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.


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)

None

Jeremy I. Bulow
(1954)

Trustee

Since 2022

Professor of Economics, Stanford University
Graduate School of Business (1979 to present)

None

Barry A. Mendelson
(1958)

Trustee

Since 2017

Retired

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.

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)


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.

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 Mid Cap Growth Impact ETF, American Century Sustainable Equity ETF, and American Century Sustainable Growth ETF was below each Fund’s respective benchmark for the one-year period 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.

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 Mid Cap Growth Impact ETF, American Century Sustainable Equity ETF, and American Century Sustainable Growth 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 Board concluded that the management fee paid by each Fund to the Advisor under its management agreement is reasonable in light of the services provided to the Fund.

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

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


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.


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.

Other Tax Information

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

Sustainable Equity ETF and Sustainable Growth ETF 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.


Mid Cap Growth Impact ETF	Sustainable Equity ETF	Sustainable Growth ETF
—	$1,302,542	$36,337


Notes




Contact Us			americancentury.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies			1-833-ACI-ETFS
Telecommunications Relay Service for the Deaf			711

American Century ETF Trust

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.

This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-96950 2310