Document


President’s Letter			2
Focused Dynamic Growth ETF


Fund Characteristics			3
Focused Large Cap Value ETF


Fund Characteristics			4
Shareholder Fee Examples			5
Schedules of Investments			6
Statements of Assets and Liabilities			11
Statements of Operations			12
Statements of Changes in Net Assets			13
Notes to Financial Statements			14
Financial Highlights			18





Additional Information			20

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.

The funds utilize the ActiveShares® methodology licensed from Precidian Investments, LLC (Precidian). Precidian’s products and services are protected by domestic and international intellectual property protections, including, without limitation, the following issued patents and pending patent applications: 7813987, 8285624, 7925562, 13011746, 14528658, 14208966, 16196560.

The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.


FEBRUARY 28, 2023

Focused Dynamic Growth ETF
Types of Investments in Portfolio			% of net assets
Common Stocks			98.4%
Short-Term Investments			1.6%
Other Assets and Liabilities			—*
*Category is less than 0.05% of total net assets.

Top Five Industries			% of net assets
IT Services			13.1%
Biotechnology			10.9%
Software			10.4%
Internet and Direct Marketing Retail			7.5%
Interactive Media and Services			7.3%


FEBRUARY 28, 2023

Focused Large Cap Value ETF
Types of Investments in Portfolio			% of net assets
Common Stocks			98.7%
Short-Term Investments			1.1%
Other Assets and Liabilities			0.2%

Top Five Industries			% of net assets
Health Care Equipment and Supplies			9.7%
Insurance			9.4%
Household Products			8.3%
Oil, Gas and Consumable Fuels			7.5%
Pharmaceuticals			7.1%

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 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.

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 9/1/22	Ending Account Value 2/28/23	Expenses Paid During Period(1) 9/1/22 - 2/28/23	Annualized Expense Ratio(1)
Focused Dynamic Growth ETF
Actual	$1,000	$962.50	$2.19	0.45%
Hypothetical	$1,000	$1,022.56	$2.26	0.45%
Focused Large Cap Value ETF
Actual	$1,000	$1,066.20	$2.15	0.42%
Hypothetical	$1,000	$1,022.71	$2.11	0.42%

(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 181, 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.


Focused Dynamic Growth ETF
	Shares	Value
COMMON STOCKS — 98.4%
Aerospace and Defense — 0.8%
Rocket Lab USA, Inc.(1)(2)	210,518	$	947,331
Automobiles — 7.2%
Tesla, Inc.(1)	44,457	9,145,249
Beverages — 6.0%
Boston Beer Co., Inc., Class A(1)	5,288	1,712,255
Constellation Brands, Inc., Class A	26,586	5,947,288
		7,659,543
Biotechnology — 10.9%
Alnylam Pharmaceuticals, Inc.(1)	18,195	3,483,433
Argenx SE, ADR(1)	7,120	2,606,062
Ascendis Pharma A/S, ADR(1)	12,322	1,368,851
Blueprint Medicines Corp.(1)	14,694	622,585
Regeneron Pharmaceuticals, Inc.(1)	7,503	5,705,431
		13,786,362
Capital Markets — 3.4%
Intercontinental Exchange, Inc.	26,021	2,648,938
S&P Global, Inc.	4,973	1,696,787
		4,345,725
Electronic Equipment, Instruments and Components — 2.8%
Cognex Corp.	32,544	1,543,237
Keysight Technologies, Inc.(1)	12,394	1,982,544
		3,525,781
Energy Equipment and Services — 1.6%
Cactus, Inc., Class A	45,312	2,082,086
Entertainment — 1.8%
Netflix, Inc.(1)	6,974	2,246,535
Health Care Equipment and Supplies — 4.0%
Intuitive Surgical, Inc.(1)	16,407	3,763,602
Silk Road Medical, Inc.(1)	25,722	1,363,009
		5,126,611
Hotels, Restaurants and Leisure — 2.9%
Chipotle Mexican Grill, Inc.(1)	2,464	3,674,021
Interactive Media and Services — 7.3%
Alphabet, Inc., Class C(1)	102,992	9,300,178
Internet and Direct Marketing Retail — 7.5%
Amazon.com, Inc.(1)	101,616	9,575,276
IT Services — 13.1%
Block, Inc.(1)	32,600	2,501,398
Mastercard, Inc., Class A	15,925	5,657,993
Okta, Inc.(1)	36,138	2,576,278
Visa, Inc., Class A	26,971	5,932,002
		16,667,671
Machinery — 7.3%
Graco, Inc.	47,988	3,337,086


Focused Dynamic Growth ETF
	Shares	Value
Westinghouse Air Brake Technologies Corp.	56,916	$	5,938,046
		9,275,132
Professional Services — 1.2%
Verisk Analytics, Inc.	8,928	1,527,670
Semiconductors and Semiconductor Equipment — 6.9%
Monolithic Power Systems, Inc.	5,295	2,564,316
NVIDIA Corp.	26,470	6,145,275
		8,709,591
Software — 10.4%
Bill.com Holdings, Inc.(1)	18,011	1,524,271
Cadence Design Systems, Inc.(1)	10,615	2,048,058
DocuSign, Inc.(1)	28,626	1,756,205
HubSpot, Inc.(1)	1,638	633,677
Paylocity Holding Corp.(1)	23,307	4,489,161
Salesforce, Inc.(1)	16,572	2,711,345
		13,162,717
Textiles, Apparel and Luxury Goods — 3.3%
NIKE, Inc., Class B	35,589	4,227,617
TOTAL COMMON STOCKS (Cost $126,842,445)		124,985,096
SHORT-TERM INVESTMENTS — 1.6%
Money Market Funds — 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $2,030,352)	2,030,352	2,030,352
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $128,872,797)		127,015,448
OTHER ASSETS AND LIABILITIES†		(2,803)
TOTAL NET ASSETS — 100.0%		$	127,012,645

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $644,706. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. At the period end, the aggregate value of the collateral held by the fund was $672,929, all of which is securities collateral.


Focused Large Cap Value ETF
	Shares	Value
COMMON STOCKS — 98.7%
Aerospace and Defense — 3.7%
Raytheon Technologies Corp.	83,913	$	8,231,026
Airlines — 1.0%
Southwest Airlines Co.	68,995	2,316,852
Banks — 5.7%
JPMorgan Chase & Co.	58,124	8,332,075
Truist Financial Corp.	93,763	4,402,173
		12,734,248
Capital Markets — 4.4%
Bank of New York Mellon Corp.	140,360	7,141,517
BlackRock, Inc.	3,936	2,713,596
		9,855,113
Communications Equipment — 3.8%
Cisco Systems, Inc.	98,079	4,748,985
F5, Inc.(1)	26,676	3,814,135
		8,563,120
Containers and Packaging — 2.7%
Packaging Corp. of America	26,933	3,682,280
Sonoco Products Co.	40,848	2,412,483
		6,094,763
Diversified Financial Services — 3.9%
Berkshire Hathaway, Inc., Class B(1)	28,896	8,818,481
Diversified Telecommunication Services — 2.9%
AT&T, Inc.	343,648	6,498,384
Electric Utilities — 3.7%
Duke Energy Corp.	88,935	8,383,013
Electrical Equipment — 4.5%
ABB Ltd., ADR(2)	55,953	1,863,235
Emerson Electric Co.	56,070	4,637,550
nVent Electric PLC	78,531	3,599,861
		10,100,646
Electronic Equipment, Instruments and Components — 1.3%
TE Connectivity Ltd.	23,153	2,947,840
Entertainment — 1.7%
Walt Disney Co.(1)	37,903	3,775,518
Equity Real Estate Investment Trusts (REITs) — 1.9%
Public Storage	14,247	4,259,141
Food and Staples Retailing — 2.4%
Sysco Corp.	35,077	2,615,692
Walmart, Inc.	19,753	2,807,494
		5,423,186
Food Products — 3.7%
Conagra Brands, Inc.	110,536	4,024,616
Mondelez International, Inc., Class A	64,913	4,231,029
		8,255,645
Gas Utilities — 2.9%
Atmos Energy Corp.	56,711	6,397,568
Health Care Equipment and Supplies — 9.7%
Becton Dickinson & Co.	9,800	2,298,590


Focused Large Cap Value ETF
	Shares	Value
Medtronic PLC	134,055	$	11,099,754
Zimmer Biomet Holdings, Inc.	66,981	8,296,936
		21,695,280
Health Care Providers and Services — 3.0%
Henry Schein, Inc.(1)	47,555	3,724,032
Quest Diagnostics, Inc.	22,470	3,108,949
		6,832,981
Household Products — 8.3%
Colgate-Palmolive Co.	65,583	4,807,234
Kimberly-Clark Corp.	44,619	5,579,606
Procter & Gamble Co.	59,750	8,219,210
		18,606,050
Industrial Conglomerates — 0.4%
Honeywell International, Inc.	4,192	802,684
Insurance — 9.4%
Aflac, Inc.	56,754	3,867,785
Allstate Corp.	48,034	6,185,819
Marsh & McLennan Cos., Inc.	31,623	5,127,353
Reinsurance Group of America, Inc.	40,310	5,823,586
		21,004,543
Machinery — 1.0%
Oshkosh Corp.	25,580	2,281,480
Oil, Gas and Consumable Fuels — 7.5%
Exxon Mobil Corp.	77,046	8,468,126
TotalEnergies SE, ADR	135,455	8,386,019
		16,854,145
Pharmaceuticals — 7.1%
Johnson & Johnson	76,222	11,681,783
Novartis AG, ADR	50,048	4,210,038
		15,891,821
Semiconductors and Semiconductor Equipment — 1.1%
Texas Instruments, Inc.	14,155	2,426,875
Software — 1.0%
Microsoft Corp.	8,927	2,226,572
TOTAL COMMON STOCKS (Cost $203,775,422)		221,276,975
SHORT-TERM INVESTMENTS — 1.1%
Money Market Funds — 1.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $2,362,856)	2,362,856	2,362,856
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $206,138,278)		223,639,831
OTHER ASSETS AND LIABILITIES — 0.2%		501,876
TOTAL NET ASSETS — 100.0%		$	224,141,707

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,191,774. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. At the period end, the aggregate value of the collateral held by the fund was $1,226,879, all of which is securities collateral.


FEBRUARY 28, 2023 (UNAUDITED)
	Focused Dynamic Growth ETF		Focused Large Cap Value ETF
Assets
Investment securities, at value (cost of $128,872,797 and $206,138,278, respectively) — including $644,706 and $1,191,774, respectively of securities on loan	$	127,015,448	$	223,639,831
Receivable for investments sold	—		831,083
Dividends and interest receivable	42,629		687,772
Securities lending receivable	125		714
	127,058,202		225,159,400

Liabilities
Payable for investments purchased	—		944,104
Accrued management fees	45,557		73,589
	45,557		1,017,693

Net Assets	$	127,012,645	$	224,141,707

Shares outstanding (unlimited number of shares authorized)	2,285,000		3,840,000

Net Asset Value Per Share	$	55.59	$	58.37

Net Assets Consist of:
Capital paid in	$	154,091,390	$	204,359,933
Distributable earnings (loss)	(27,078,745)		19,781,774
	$	127,012,645	$	224,141,707


FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)
	Focused Dynamic Growth ETF		Focused Large Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $67,078, respectively)	$	237,267	$	2,866,658
Interest	44,467		41,469
Securities lending, net	414		3,855
	282,148		2,911,982

Expenses:
Management fees	283,969		460,812

Net investment income (loss)	(1,821)		2,451,170

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(5,430,239)		2,568,412
Change in net unrealized appreciation (depreciation) on investments	352,747		9,251,422

Net realized and unrealized gain (loss)	(5,077,492)		11,819,834

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(5,079,313)	$	14,271,004


SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022
	Focused Dynamic Growth ETF				Focused Large Cap Value ETF
Increase (Decrease) in Net Assets	February 28, 2023		August 31, 2022		February 28, 2023		August 31, 2022
Operations
Net investment income (loss)	$	(1,821)	$	(325,018)	$	2,451,170	$	4,722,272
Net realized gain (loss)	(5,430,239)		(7,024,149)		2,568,412		18,521,090
Change in net unrealized appreciation (depreciation)	352,747		(69,246,962)		9,251,422		(33,742,584)
Net increase (decrease) in net assets resulting from operations	(5,079,313)		(76,596,129)		14,271,004		(10,499,222)

Distributions to Shareholders
From earnings	—		—		(8,567,054)		(9,716,163)

Capital Share Transactions
Proceeds from shares sold	4,342,895		43,427,709		15,450,593		25,226,721
Payments for shares redeemed	(12,585,142)		(57,885,327)		(10,783,110)		(55,367,369)
Other capital	1,301		1,646		1,053		1,808
Net increase (decrease) in net assets from capital share transactions	(8,240,946)		(14,455,972)		4,668,536		(30,138,840)

Net increase (decrease) in net assets	(13,320,259)		(91,052,101)		10,372,486		(50,354,225)

Net Assets
Beginning of period	140,332,904		231,385,005		213,769,221		264,123,446
End of period	$	127,012,645	$	140,332,904	$	224,141,707	$	213,769,221

Transactions in Shares of the Funds
Sold	80,000		585,000		265,000		420,000
Redeemed	(225,000)		(820,000)		(180,000)		(915,000)
Net increase (decrease) in shares of the funds	(145,000)		(235,000)		85,000		(495,000)

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 Focused Dynamic Growth ETF (Focused Dynamic Growth ETF) and American Century Focused Large Cap Value ETF (Focused Large Cap Value ETF) (collectively, the funds) are two funds in a series issued by the trust. Each fund's investment objective is to seek long-term capital growth. Shares of each fund are listed for trading on the Cboe BZX Exchange, Inc.

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.

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.

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.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

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.

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 41% and 31% of the shares of Focused Dynamic Growth ETF and Focused Large Cap Value ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.

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

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.

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.

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 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.

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.

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

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.

As of August 31, 2022, Focused Dynamic Growth ETF had accumulated short-term capital losses of $(10,714,374) and accumulated long-term capital losses of $(7,768,132), which 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.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data									Ratios and Supplemental Data
		Income From Investment Operations:							Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Other Capital(1)	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate(3)	Net Assets, End of Period (in thousands)
Focused Dynamic Growth ETF
2023(4)	$57.75	—(5)	(2.16)	(2.16)	—	0.00(5)	$55.59	(3.75)%	0.45%(6)	—%(6)(7)	14%	$127,013
2022	$86.82	(0.13)	(28.94)	(29.07)	—	0.00(5)	$57.75	(33.49)%	0.45%	(0.19)%	42%	$140,333
2021	$68.04	(0.13)	18.92	18.79	(0.01)	0.00(5)	$86.82	27.61%	0.45%	(0.17)%	28%	$231,385
2020(8)	$40.00	(0.04)	28.07	28.03	—	0.01	$68.04	70.11%	0.45%(6)	(0.16)%(6)	27%	$209,213


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data											Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:						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 Investment Income	Net Realized Gains	Total Distributions	Other Capital(1)	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate(3)	Net Assets, End of Period (in thousands)
Focused Large Cap Value ETF
2023(4)	$56.93	0.65	3.10	3.75	(0.70)	(1.61)	(2.31)	0.00(5)	$58.37	6.62%	0.42%(6)	2.23%(6)	25%	$224,142
2022	$62.15	1.24	(3.89)	(2.65)	(1.23)	(1.34)	(2.57)	0.00(5)	$56.93	(4.41)%	0.42%	2.06%	22%	$213,769
2021	$48.95	1.14	13.01	14.15	(0.95)	—	(0.95)	0.00(5)	$62.15	29.19%	0.42%	2.00%	36%	$264,123
2020(7)	$40.00	0.41	8.59	9.00	(0.06)	—	(0.06)	0.01	$48.95	22.53%	0.42%(6)	2.10%(6)	73%	$82,723

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.

*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.

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.




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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-SAN-96953 2304



			Semiannual Report

			February 28, 2023

			American Century® Focused Dynamic Growth ETF (FDG)
			American Century® Focused Large Cap Value ETF (FLV)


NOTES TO SCHEDULE OF INVESTMENTS
ADR	–	American Depositary Receipt


NOTES TO SCHEDULE OF INVESTMENTS
ADR	–	American Depositary Receipt


	Focused Dynamic Growth ETF	Focused Large Cap Value ETF
Purchases	$18,265,889	$63,066,341
Sales	$20,669,497	$53,937,026


	In kind Subscriptions	In kind Redemptions	In kind Net Realized Gain/(Loss)*
Focused Dynamic Growth ETF	—	$6,196,114	$1,320,137
Focused Large Cap Value ETF	—	$10,546,722	$1,973,929


			Annual Management Fee
Focused Dynamic Growth ETF			0.45%
Focused Large Cap Value ETF			0.42%


	Focused Dynamic Growth ETF		Focused Large Cap Value ETF
Federal tax cost of investments	$	130,872,311	$	206,231,775
Gross tax appreciation of investments	$	14,024,139	$	22,118,586
Gross tax depreciation of investments	(17,881,002)		(4,710,530)
Net tax appreciation (depreciation) of investments	$	(3,856,863)	$	17,408,056


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