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Annual Report
August 31, 2022
American Century® Mid Cap Growth Impact ETF (MID)
American Century® Sustainable Equity ETF (ESGA)
American Century® Sustainable Growth ETF (ESGY)

























Table of Contents

President’s Letter
Mid Cap Growth Impact ETF
Performance
Portfolio Commentary
Fund Characteristics
Sustainable Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Sustainable Growth ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information










Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



President’s Letter

jthomasrev0514a66.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2022. Annual reports
help convey important information about fund returns, including market factors that affected
performance. For additional investment insights, please visit americancenturyetfs.com.

Mounting Market Challenges Hampered Performance

Asset class performance weakened dramatically during the funds’ fiscal year. In late 2021,
generally upbeat economic activity and corporate earnings supported gains for most U.S. and
global stock indices. Returns generally remained positive despite rapidly rising inflation and waning
central bank support—factors that had started to weigh on fixed-income indices.

By early 2022, the market climate shifted quickly. Inflation, which was already at multiyear highs,
rose to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during
the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns
and labor market shortages further aggravated inflation in the U.S. and other developed markets.
Russia’s invasion of Ukraine in February also exacerbated global inflationary pressures.

The Bank of England launched its inflation-fighting campaign in December and continued to lift
rates through period-end. The Federal Reserve responded to surging inflation in March, launching
an aggressive rate-hike campaign and ending its asset purchase program. Policymakers indicated
taming inflation remains their priority, even as the U.S. economy contracted in 2022’s first two
quarters. Facing record-high inflation in the eurozone, the European Central Bank in July embarked
on its first rate-hike effort in 11 years.

The combination of sharply elevated inflation, tighter monetary policy, geopolitical strife and weak
economies triggered sharp market volatility and fueled global recession fears. Against this
backdrop, most U.S. and global stock and bond indices declined sharply for the reporting period.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation,
rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine
complicates an increasingly tense geopolitical backdrop and threatens Europe’s winter energy
supply. We will continue to monitor the broad backdrop and its influence on financial markets.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history
of helping clients weather unpredictable markets, and we’re confident we will continue to meet
today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
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Performance
Mid Cap Growth Impact ETF (MID)
Total Returns as of August 31, 2022 Average
Annual Returns
1 year Since Inception Inception Date
Net Asset Value -27.33% 6.56% 7/13/2020
Market Price -27.39% 6.55% 7/13/2020
Russell Midcap Growth Index -26.69% 4.26%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made July 13, 2020
chart-9a8cb7c9b768475cba5a.jpg
Value on August 31, 2022
Net Asset Value — $11,451
Russell Midcap Growth Index — $10,931
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 americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
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Portfolio Commentary

Portfolio Managers: Rob Brookby, Nalin Yogasundram and Rene Casis

Fund Strategy

American Century Mid Cap Growth Impact ETF is an actively managed fund that seeks long-term capital growth. The portfolio managers look for stocks of medium-capitalization companies they believe will increase in value over time, using proprietary fundamental research. The initial research process begins by analyzing themes aligned with the U.N. Sustainable Development Goals (SDG) to identify companies that generate, or could generate, social and environmental impact alongside a financial return. We make our investment decisions based primarily on our analysis of individual companies, rather than on broad economic forecasts. We generate an impact thesis to explain current or projected SDG alignment in combination with each security’s fundamental growth profile.

Performance Review

The fund returned -27.39% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -27.33%. For the same time period, the Russell Midcap Growth Index, the fund’s benchmark, returned -26.69%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Industrials Detracted

Road and rail stocks weighed on performance in the industrials sector, largely due to our position in Lyft. The ride-hailing company surprised investors with a significant reduction in the company’s profit margin forecast due to launching initiatives that deviated from plans communicated earlier in the year.

The portfolio was underweight energy relative to the benchmark. Our lighter exposure was a meaningful underperformer as sanctions on Russian oil purchases effectively removed several million barrels of oil and refined products from global markets. The resulting price increases boosted the sector.

Other detractors included DocuSign. The company develops software for online signatures and document management. DocuSign was a beneficiary of the pandemic-driven work-from-home environment but offered weak guidance as that tailwind subsides. We believe in the long-term adoption of e-signature and a more efficient document workflow that DocuSign offers. The small- and micro-merchant digital payments company Block (formerly Square) suffered during the growth sell-off as initially rising interest rates and later recessionary fears weighed on the stock. Additionally, Block’s focus on blockchain technology—which enables cryptocurrencies—hurt as crypto prices fell. Surging interest rates and investors’ move away from riskier assets because of the Russia-Ukraine war led fast-growth and expensive technology stocks such as IT services company Twilio to underperform. Block and Twilio were eliminated. Natera hampered performance. The stock of this genetic testing company fell amid allegations of marketing impropriety. We eliminated our position as Natera no longer aligned with our mandate for proper governance.

Information Technology Benefited Performance

Stock selection in the software industry led performance in information technology, driven by Palo Alto Networks. Over the past three years this cybersecurity software provider has transformed into a cloud-based platform of next-generation cybersecurity products. On top of a very strong environment for its products, Palo Alto said it expects greater free cash flow generation now that the heavy lift in its transformation is over. Cadence Design Systems sells software to help build semiconductor chips. Semiconductors have unprecedented tailwinds enabling themes like the cloud, 5G, internet of things and ultimately the metaverse. Cadence benefited from more customers and more usage.

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Enphase Energy makes inverters to efficiently convert power from solar cells into usable electricity for the home. Demand for solar is high now that prices have been cut by 90% the past decade. After a period of revenue constrained by supply chain issues, Enphase experienced accelerating growth as the company addressed the supply challenges. Keysight Technologies sells measurement tools for high-frequency applications such as 5G and in automobiles. Keysight benefited from multiple tailwinds as complex communications capabilities are being added to an increasing set of applications from cars to consumer devices.

Elsewhere, Sarepta Therapeutics was a key contributor. This biopharmaceutical company benefited from investor enthusiasm about its pipeline of burgeoning gene therapies to treat rare diseases. Materials in general benefited from greater demand and firmer pricing due to global supply chain disruptions. Albemarle was a top contributor on demand for lithium, a key ingredient of batteries for electric vehicles.

Portfolio Positioning

Our process uses fundamental analysis aimed at identifying mid-capitalization companies producing attractive, sustained earnings growth. We seek to reduce unintended, nonfundamental risks and align the portfolio with fundamental, company-specific risks that we believe will be rewarded over time. As a result of this approach, our sector and industry allocations reflect where we are finding opportunities at a given time. We see longer-term opportunities in companies seeking to achieve the U.N. SDG with key impact themes of a greener planet; innovation, efficiency and education driven by technology; and improving health care outcomes across various sectors of our portfolio.
































A strategy that considers the United Nations Sustainable Development Goals (SDG) criteria may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an SDG investment focus. A portfolios SDG investment focus 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 underlying holdings that are not screened for SDG standards.
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Fund Characteristics
AUGUST 31, 2022
Mid Cap Growth Impact ETF
Types of Investments in Portfolio % of net assets
Common Stocks 97.3%
Short-Term Investments 3.2%
Other Assets and Liabilities (0.5)%
Top Five Industries % of net assets
Software 17.9%
Semiconductors and Semiconductor Equipment 14.6%
Hotels, Restaurants and Leisure 9.2%
Chemicals 7.5%
Biotechnology 7.2%

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Performance
Sustainable Equity ETF (ESGA)
Total Returns as of August 31, 2022 Average
Annual Returns
  1 year Since Inception Inception Date
Net Asset Value -14.03% 11.15% 7/13/2020
Market Price -14.10% 11.14% 7/13/2020
S&P 500 Index -11.23% 12.87%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made July 13, 2020
chart-3f6400e3880645da9eda.jpg
Value on August 31, 2022
Net Asset Value — $12,531
S&P 500 Index — $12,948
Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








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

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

Fund Strategy

American Century Sustainable Equity ETF is an actively managed fund that seeks long-term capital growth. We seek to invest in larger U.S. companies demonstrating both improving business fundamentals and sustainable corporate behaviors in pursuit of long-term financial returns and a stronger environmental, social and governance (ESG) profile than the S&P 500 Index. As opposed to avoiding certain sectors entirely, we seek to invest in the most attractive companies within all sectors. A broad investment universe provides investors with both an attractive ESG profile and the potential for positive risk-adjusted returns over time. We construct our portfolio to intentionally acquire stock-specific risk aligned with our financial and sustainability research, while minimizing relative exposures related to sectors and common factor risks, such as market-capitalization size, volatility and momentum.

Performance Review

The fund returned -14.10% on a market price basis for its fiscal year ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -14.03%. For the same time period, the S&P 500 Index, the fund’s benchmark, returned -11.23%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Information Technology Detracted

Stock selection in the semiconductors and semiconductor equipment industry helped drive underperformance in information technology. Both chipmakers and semiconductor equipment manufacturers are being pressured by concerns that a slowdown in consumer spending will hamper demand for chips. ASML Holding, a Netherlands-based semiconductor capital equipment maker, was a significant industry detractor. Stock selection in the IT services industry also hurt performance in the sector. PayPal Holdings reported disappointing earnings largely due to declining eBay transactions. We eliminated PayPal. Underweighting Apple relative to the index hampered performance. The consumer electronics giant reported better-than-expected results, driven by iPhone sales.

Energy companies continued to benefit from rising oil and gas prices. Russia’s invasion of Ukraine, Europe’s energy supply concerns and slow production growth in the U.S. and from OPEC have kept energy markets volatile and in negative supply. We had lighter exposure to Exxon Mobil and Chevron than the benchmark, which hampered relative performance. Our underweight allocation to energy overall hampered relative performance, although a number of our holdings in the sector were top contributors, which helped offset some of the detraction. The portfolio was also underweight Tesla. The electric vehicle maker continued to outperform, exceeding production goals in the face of global supply chain disruptions and pandemic lockdowns in China.

Communication Services Was a Top Contributor

Positioning in the communication services sector benefited performance. We were underweight two laggards, Facebook’s parent Meta Platforms and streaming video company Netflix. Meta has been hurt more by both Apple iOS platform changes and TikTok competition than other digital advertising platforms. Our underweight reflects our elimination of Meta during the first quarter of 2022. Netflix announced layoffs amid weak subscriber growth. An expected renormalization of subscriber growth following the early gains of the pandemic has not materialized. We also eliminated Netflix.




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Some of the leading individual contributors to performance compared with the benchmark were energy companies ConocoPhillips and Schlumberger. This is consistent with our process, which seeks to identify companies we believe are ESG leaders within all sectors, rather than exclude certain sectors entirely. Our approach led us to overweight positions in these companies, which we believe have relatively more attractive financial and ESG characteristics than other energy companies. ConocoPhilllips was the fund’s top contributor, benefiting from the jump in fossil fuel prices. Rising energy prices also boosted oil field services companies such as Schlumberger. The company also benefited from a multiyear growth dynamic leading to strong cash flow growth. Schlumberger’s new energy division is focused on transitioning toward lower carbon energy solutions: geothermal, hydrogen, carbon capture and sequestration.

Elsewhere, Cigna was a top performer. Managed care companies such as Cigna were perceived as being relatively insulated from the inflationary environment. We think Cigna’s pharmacy benefit management division should also benefit from new biosimilar pharmaceutical launches in the coming years. NextEra Energy received a boost from an executive order delaying implementation of solar panel tariffs, which helped ease concerns that NextEra’s plans for renewable capacity expansion would be slowed.

Portfolio Positioning

Our process uses fundamental analysis aimed at identifying growing, large-capitalization companies demonstrating sustainable corporate behaviors. Rather than screen out certain industries or sectors, we seek to identify companies with attractive fundamental growth and ESG characteristics in their respective sectors. As a result of this approach, our sector and industry allocations reflect where we are finding opportunities at a given time.

Using our bottom-up analysis, we have found what we think are attractive positions in the industrials sector, led by building products and electrical equipment. Consumer staples was also modestly overweight due to positions in food and staples retailing and household products. Utilities was the largest underweight sector because many of the companies in the sector do not fit our process well.

























A strategy or emphasis on environmental, social and governance factors (ESG) may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolios ESG investment focus 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 underlying holdings that are not screened for ESG standards.
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Fund Characteristics
AUGUST 31, 2022
Sustainable Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.5%
Short-Term Investments 0.4%
Other Assets and Liabilities 0.1%
Top Five Industries % of net assets
Software 10.0%
Health Care Providers and Services 5.2%
Technology Hardware, Storage and Peripherals 5.0%
Interactive Media and Services 4.9%
Capital Markets 4.7%

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Performance
Sustainable Growth ETF (ESGY)
Total Returns as of August 31, 2022 Average
Annual Returns
 
1 year Since Inception Inception Date
Net Asset Value -19.93% -12.00% 6/29/2021
Market Price -19.93% -11.99% 6/29/2021
Russell 1000 Growth Index -19.06% -11.59%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made June 29, 2021
chart-f5c1cc06f5c0473aae0a.jpg
Value on August 31, 2022
Net Asset Value — $8,609
Russell 1000 Growth Index — $8,655

Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






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

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

David Cross joined the fund’s portfolio management team in February 2022.

Fund Strategy

American Century Sustainable Growth ETF is an actively managed fund that seeks capital appreciation. We seek to invest in larger U.S. companies demonstrating both improving business fundamentals and sustainable corporate behaviors in pursuit of long-term financial returns and a stronger environmental, social and governance (ESG) profile than the Russell 1000 Growth Index. As opposed to avoiding certain sectors entirely, we seek to invest in the most attractive companies within all sectors. A broad investment universe provides investors with both an attractive environmental, social and governance (ESG) profile and the potential for positive risk-adjusted returns over time. We construct our portfolio to intentionally acquire stock-specific risk aligned with our financial and sustainability research, while minimizing relative exposures related to sectors and common factor risks, such as market-capitalization size, volatility and momentum.

Performance Review

The fund returned -19.93% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -19.93%. For the same period, the Russell 1000 Growth Index, the fund’s benchmark, returned -19.06%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Information Technology Detracted

Stock selection in the semiconductors and semiconductor equipment industry helped drive underperformance in information technology. Both chipmakers and semiconductor equipment manufacturers are being pressured by concerns that a slowdown in consumer spending will hamper demand for chips. ASML Holding, a Netherlands-based semiconductor capital equipment maker, was a significant industry detractor. Stock selection in the IT services industry also hurt performance in the sector. PayPal Holdings reported disappointing earnings largely due to declining eBay transactions. We eliminated our holding. Software provider Adobe fell on expectations of slowing company spending on software as economic growth slows.

We were also hurt by lighter exposure than the benchmark in a trio of other stocks. Apple reported better-than-expected quarterly results, driven by iPhone sales. AbbVie, a large pharmaceutical company, benefited from investors looking for safer havens. We had no exposure to brick-and-mortar retailer Costco Wholesale, which recently reported membership renewals, its primary driver of profits, of more than 90%. Costco is also seen as recession-proof as consumers buy more bulk items to reduce costs.

Communication Services Benefited Performance

Stock choices in the interactive media and services industry led relative performance in communication services. We had less exposure to the lagging Meta Platforms than the benchmark. Facebook’s parent company has been hurt more by both Apple iOS platform changes and TikTok competition than other digital advertising platforms. Underweighting Netflix benefited relative performance. The streaming video service announced layoffs amid weak subscriber growth. An expected renormalization of subscriber growth following the early gains of the pandemic has not materialized. We eliminated Meta Platforms and Netflix.

Stock selection in health care was also helpful. UnitedHealth Group was a key contributor. The health insurer reported solid earnings and modestly increased its earnings guidance. However, the stock’s outperformance for much of the period was driven more by its defensive profile and being more insulated from the impact of inflation and a stronger U.S. dollar. Denmark-based pharmaceutical company Novo Nordisk continued to benefit from strong sales and demand for its obesity drug. Vertex Pharmaceuticals dominates the cystic fibrosis market with no real prospects of
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competition on the horizon, giving it a strong cash flow position. Its emerging pipeline is beginning to show its strength, including its kidney drug, acute pain drug and Type 1 diabetes stem cell therapy.

Car rental provider Avis Budget Group benefited from improving travel trends and also rose significantly in November 2021 as the stock became part of the meme stock investing craze. We eliminated the position on the large stock price increase as we saw no additional upside.

Portfolio Positioning

Our process uses fundamental analysis aimed at identifying growing, large-capitalization companies demonstrating sustainable corporate behaviors. Rather than screen out certain industries or sectors, we seek to identify companies with attractive fundamental growth and ESG characteristics in their respective sectors. As a result of this approach, our sector and industry allocations reflect where we are finding opportunities at a given time.

Using our bottom-up analysis, we have found attractive positions in several sectors, notably information technology. In particular, we invested in attractive companies in the software, electronic equipment, instruments and components and semiconductors and semiconductor equipment industries. We have also found opportunities in health care, especially pharmaceuticals.






















A strategy or emphasis on environmental, social and governance factors (ESG) may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolios ESG investment focus 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 underlying holdings that are not screened for ESG standards.
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Fund Characteristics
AUGUST 31, 2022
Sustainable Growth 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 19.7%
Technology Hardware, Storage and Peripherals 10.5%
Semiconductors and Semiconductor Equipment 7.6%
Interactive Media and Services 6.6%
IT Services 6.6%

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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, 2022 to August 31, 2022.

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
3/1/22
Ending
Account Value
8/31/22
Expenses Paid
During Period(1)
3/1/22 - 8/31/22
Annualized
Expense Ratio(1)
Mid Cap Growth Impact ETF
Actual $1,000 $907.90 $2.16 0.45%
Hypothetical $1,000 $1,022.94 $2.29 0.45%
Sustainable Equity ETF
Actual $1,000 $896.50 $1.86 0.39%
Hypothetical $1,000 $1,023.24 $1.99 0.39%
Sustainable Growth ETF
Actual $1,000 $860.00 $1.83 0.39%
Hypothetical $1,000 $1,023.24 $1.99 0.39%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
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Schedules of Investments

AUGUST 31, 2022
Mid Cap Growth Impact ETF
Shares Value
COMMON STOCKS — 97.3%
Aerospace and Defense — 1.2%
CAE, Inc.(1)
15,358  $ 280,437 
Auto Components — 3.4%
Aptiv PLC(1)
8,784  820,689 
Biotechnology — 7.2%
Alnylam Pharmaceuticals, Inc.(1)
894  184,763 
Horizon Therapeutics PLC(1)
6,376  377,523 
Sarepta Therapeutics, Inc.(1)
7,009  766,644 
Seagen, Inc.(1)
2,488  383,874 
1,712,804 
Building Products — 5.9%
Trane Technologies PLC 6,338  976,496 
Zurn Elkay Water Solutions Corp. 15,490  427,214 
1,403,710 
Capital Markets — 3.6%
MSCI, Inc. 1,896  851,759 
Chemicals — 7.5%
Albemarle Corp. 818  219,192 
Avient Corp. 14,012  614,146 
Element Solutions, Inc. 50,439  941,696 
1,775,034 
Electrical Equipment — 3.4%
Generac Holdings, Inc.(1)
2,524  556,315 
Plug Power, Inc.(1)(2)
8,609  241,396 
797,711 
Electronic Equipment, Instruments and Components — 5.1%
Keysight Technologies, Inc.(1)
7,444  1,219,997 
Health Care Equipment and Supplies — 3.1%
DexCom, Inc.(1)
8,858  728,216 
Health Care Technology — 3.2%
Veeva Systems, Inc., Class A(1)
3,875  772,365 
Hotels, Restaurants and Leisure — 9.2%
Airbnb, Inc., Class A(1)
7,866  889,802 
Chipotle Mexican Grill, Inc.(1)
814  1,299,795 
2,189,597 
Life Sciences Tools and Services — 5.4%
Bio-Techne Corp. 2,094  694,810 
IQVIA Holdings, Inc.(1)
2,816  598,851 
1,293,661 
Oil, Gas and Consumable Fuels — 2.4%
Excelerate Energy, Inc., Class A 22,237  571,046 
Professional Services — 3.3%
Jacobs Solutions, Inc. 6,246  778,127 
Road and Rail — 0.9%
Lyft, Inc., Class A(1)
14,999  220,935 
Semiconductors and Semiconductor Equipment — 14.6%
Enphase Energy, Inc.(1)
6,397  1,832,357 
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Mid Cap Growth Impact ETF
Shares Value
Marvell Technology, Inc. 18,045  $ 844,867 
Monolithic Power Systems, Inc. 1,745  790,799 
3,468,023 
Software — 17.9%
Cadence Design Systems, Inc.(1)
9,305  1,616,930 
DocuSign, Inc.(1)
5,777  336,337 
Manhattan Associates, Inc.(1)
8,491  1,199,438 
Palo Alto Networks, Inc.(1)
1,975  1,099,700 
4,252,405 
TOTAL COMMON STOCKS
(Cost $25,515,834)
23,136,516 
SHORT-TERM INVESTMENTS — 3.2%
Money Market Funds — 3.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 645,638  645,638 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
123,740  123,740 
TOTAL SHORT-TERM INVESTMENTS
(Cost $769,378)
769,378 
TOTAL INVESTMENT SECURITIES — 100.5%
(Cost $26,285,212)
23,905,894 
OTHER ASSETS AND LIABILITIES — (0.5)%
(126,566)
TOTAL NET ASSETS — 100.0%
$ 23,779,328 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $120,684. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $123,740.


See Notes to Financial Statements.
17


AUGUST 31, 2022
Sustainable Equity ETF
Shares Value
COMMON STOCKS — 99.5%
Aerospace and Defense — 1.2%
Lockheed Martin Corp. 2,931  $ 1,231,342 
Air Freight and Logistics — 1.3%
United Parcel Service, Inc., Class B 6,909  1,343,870 
Auto Components — 0.7%
Aptiv PLC(1)
8,004  747,814 
Automobiles — 1.7%
Tesla, Inc.(1)
6,434  1,773,275 
Banks — 3.1%
Bank of America Corp. 9,899  332,705 
JPMorgan Chase & Co. 12,533  1,425,378 
Regions Financial Corp. 67,559  1,464,004 
3,222,087 
Beverages — 1.8%
PepsiCo, Inc. 10,726  1,847,768 
Biotechnology — 2.0%
AbbVie, Inc. 8,834  1,187,820 
Amgen, Inc. 1,724  414,277 
Vertex Pharmaceuticals, Inc.(1)
1,672  471,103 
2,073,200 
Building Products — 1.6%
Johnson Controls International PLC 20,334  1,100,883 
Masco Corp. 10,435  530,828 
1,631,711 
Capital Markets — 4.7%
Ameriprise Financial, Inc. 2,645  708,886 
BlackRock, Inc. 1,516  1,010,247 
Intercontinental Exchange, Inc. 5,275  531,984 
Morgan Stanley 20,130  1,715,479 
S&P Global, Inc. 2,867  1,009,700 
4,976,296 
Chemicals — 2.3%
Air Products and Chemicals, Inc. 1,852  467,537 
Ecolab, Inc. 2,973  487,066 
Linde PLC 4,610  1,303,985 
Sherwin-Williams Co. 696  161,542 
2,420,130 
Communications Equipment — 1.9%
Cisco Systems, Inc. 43,373  1,939,641 
Consumer Finance — 0.5%
American Express Co. 3,633  552,216 
Containers and Packaging — 0.6%
Ball Corp. 10,554  589,019 
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc. 27,885  1,165,872 
Electric Utilities — 2.2%
NextEra Energy, Inc. 27,182  2,312,101 
Electrical Equipment — 1.3%
Eaton Corp. PLC 5,358  732,117 
18


Sustainable Equity ETF
Shares Value
Generac Holdings, Inc.(1)
1,278  $ 281,684 
Rockwell Automation, Inc. 1,601  379,341 
1,393,142 
Electronic Equipment, Instruments and Components — 2.1%
CDW Corp. 5,806  991,084 
Cognex Corp. 4,470  188,232 
Keysight Technologies, Inc.(1)
6,126  1,003,990 
2,183,306 
Energy Equipment and Services — 2.1%
Schlumberger NV 57,141  2,179,929 
Entertainment — 1.3%
Electronic Arts, Inc. 3,542  449,374 
Walt Disney Co.(1)
8,155  914,012 
1,363,386 
Equity Real Estate Investment Trusts (REITs) — 2.3%
Prologis, Inc. 19,453  2,422,093 
Food and Staples Retailing — 2.6%
Costco Wholesale Corp. 1,415  738,772 
Kroger Co. 14,977  717,997 
Sysco Corp. 15,554  1,278,850 
2,735,619 
Food Products — 0.8%
Mondelez International, Inc., Class A 13,533  837,151 
Vital Farms, Inc.(1)
3,757  48,653 
885,804 
Health Care Equipment and Supplies — 1.3%
Edwards Lifesciences Corp.(1)
10,948  986,415 
Medtronic PLC 1,819  159,926 
ResMed, Inc. 1,023  224,978 
1,371,319 
Health Care Providers and Services — 5.2%
Cigna Corp. 5,909  1,674,906 
CVS Health Corp. 12,726  1,249,057 
Humana, Inc. 1,159  558,383 
UnitedHealth Group, Inc. 3,811  1,979,167 
5,461,513 
Hotels, Restaurants and Leisure — 1.1%
Booking Holdings, Inc.(1)
349  654,658 
Chipotle Mexican Grill, Inc.(1)
163  260,278 
Expedia Group, Inc.(1)
2,781  285,470 
1,200,406 
Household Products — 1.6%
Colgate-Palmolive Co. 6,348  496,477 
Procter & Gamble Co. 8,789  1,212,355 
1,708,832 
Industrial Conglomerates — 0.9%
Honeywell International, Inc. 5,037  953,756 
Insurance — 2.1%
Marsh & McLennan Cos., Inc. 4,467  720,840 
Prudential Financial, Inc. 7,964  762,553 
Travelers Cos., Inc. 4,372  706,690 
2,190,083 
19


Sustainable Equity ETF
Shares Value
Interactive Media and Services — 4.9%
Alphabet, Inc., Class A(1)
47,020  $ 5,088,504 
Internet and Direct Marketing Retail — 3.2%
Amazon.com, Inc.(1)
26,721  3,387,421 
IT Services — 4.2%
Accenture PLC, Class A 4,297  1,239,513 
Mastercard, Inc., Class A 3,850  1,248,824 
Visa, Inc., Class A 9,470  1,881,784 
4,370,121 
Life Sciences Tools and Services — 2.1%
Agilent Technologies, Inc. 8,167  1,047,418 
Thermo Fisher Scientific, Inc. 2,114  1,152,806 
2,200,224 
Machinery — 2.0%
Cummins, Inc. 3,899  839,727 
Deere & Co. 1,160  423,690 
Parker-Hannifin Corp. 1,377  364,905 
Xylem, Inc. 5,038  458,962 
2,087,284 
Media — 0.4%
Comcast Corp., Class A 11,249  407,101 
Multiline Retail — 0.4%
Target Corp. 2,673  428,589 
Oil, Gas and Consumable Fuels — 2.5%
ConocoPhillips 23,927  2,618,810 
Personal Products — 0.3%
Estee Lauder Cos., Inc., Class A 1,152  293,046 
Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co. 18,902  1,274,184 
Merck & Co., Inc. 13,195  1,126,325 
Novo Nordisk A/S, ADR 6,202  658,032 
Zoetis, Inc. 5,460  854,654 
3,913,195 
Road and Rail — 1.3%
Norfolk Southern Corp. 2,691  654,263 
Uber Technologies, Inc.(1)
6,880  197,868 
Union Pacific Corp. 2,490  559,030 
1,411,161 
Semiconductors and Semiconductor Equipment — 4.3%
Advanced Micro Devices, Inc.(1)
7,106  603,086 
Analog Devices, Inc. 7,459  1,130,263 
Applied Materials, Inc. 7,584  713,427 
ASML Holding NV, NY Shares 1,232  603,606 
NVIDIA Corp. 9,815  1,481,476 
4,531,858 
Software — 10.0%
Adobe, Inc.(1)
1,471  549,330 
Cadence Design Systems, Inc.(1)
2,855  496,113 
Microsoft Corp. 31,947  8,353,182 
Salesforce, Inc.(1)
4,105  640,873 
ServiceNow, Inc.(1)
621  269,899 
20


Sustainable Equity ETF
Shares Value
Workday, Inc., Class A(1)
1,260  $ 207,346 
10,516,743 
Specialty Retail — 2.9%
Home Depot, Inc. 6,158  1,776,090 
TJX Cos., Inc. 14,347  894,536 
Tractor Supply Co. 1,776  328,826 
2,999,452 
Technology Hardware, Storage and Peripherals — 5.0%
Apple, Inc. 33,286  5,233,225 
Textiles, Apparel and Luxury Goods — 0.9%
Deckers Outdoor Corp.(1)
1,086  349,225 
NIKE, Inc., Class B 5,753  612,407 
961,632 
TOTAL COMMON STOCKS
(Cost $104,333,323)
104,323,896 
SHORT-TERM INVESTMENTS — 0.4%


Money Market Funds — 0.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $368,997)
368,997  368,997 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $104,702,320)

104,692,893 
OTHER ASSETS AND LIABILITIES — 0.1%

107,241 
TOTAL NET ASSETS — 100.0%

$ 104,800,134 

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


See Notes to Financial Statements.
21


AUGUST 31, 2022
Sustainable Growth ETF
Shares Value
COMMON STOCKS — 99.6%
Aerospace and Defense — 0.5%
Lockheed Martin Corp. 85  $ 35,709 
Air Freight and Logistics — 0.9%
United Parcel Service, Inc., Class B 298  57,964 
Auto Components — 0.9%
Aptiv PLC(1)
623  58,207 
Automobiles — 3.4%
Tesla, Inc.(1)
801  220,764 
Beverages — 3.0%
Coca-Cola Co. 1,331  82,136 
PepsiCo, Inc. 663  114,215 
196,351 
Biotechnology — 2.6%
AbbVie, Inc. 706  94,929 
Vertex Pharmaceuticals, Inc.(1)
268  75,511 
170,440 
Building Products — 2.1%
Johnson Controls International PLC 1,153  62,423 
Masco Corp. 1,343  68,318 
Trex Co., Inc.(1)
216  10,107 
140,848 
Capital Markets — 0.6%
S&P Global, Inc. 108  38,035 
Chemicals — 1.2%
Linde PLC 278  78,635 
Commercial Services and Supplies — 0.2%
Copart, Inc.(1)
133  15,913 
Communications Equipment — 0.4%
Cisco Systems, Inc. 660  29,515 
Distributors — 0.2%
Pool Corp. 45  15,264 
Electrical Equipment — 0.9%
Generac Holdings, Inc.(1)
67  14,767 
Rockwell Automation, Inc. 186  44,071 
58,838 
Electronic Equipment, Instruments and Components — 1.5%
CDW Corp. 199  33,969 
Cognex Corp. 301  12,675 
Keysight Technologies, Inc.(1)
301  49,331 
95,975 
Energy Equipment and Services — 0.6%
Schlumberger NV 1,100  41,965 
Entertainment — 1.4%
Electronic Arts, Inc. 296  37,554 
Walt Disney Co.(1)
454  50,884 
Warner Bros Discovery, Inc.(1)
387  5,124 
93,562 
Equity Real Estate Investment Trusts (REITs) — 0.7%
Prologis, Inc. 381  47,438 
22


Sustainable Growth ETF
Shares Value
Food and Staples Retailing — 0.2%
Kroger Co. 237  $ 11,362 
Food Products — 0.5%
Mondelez International, Inc., Class A 569  35,198 
Health Care Equipment and Supplies — 2.2%
Align Technology, Inc.(1)
33  8,042 
DexCom, Inc.(1)
180  14,798 
Edwards Lifesciences Corp.(1)
617  55,592 
IDEXX Laboratories, Inc.(1)
88  30,591 
Inari Medical, Inc.(1)
53  3,675 
Shockwave Medical, Inc.(1)
91  27,014 
Tandem Diabetes Care, Inc.(1)
141  6,449 
146,161 
Health Care Providers and Services — 3.6%
Cigna Corp. 249  70,579 
UnitedHealth Group, Inc. 314  163,070 
233,649 
Hotels, Restaurants and Leisure — 0.8%
Airbnb, Inc., Class A(1)
61  6,900 
Chipotle Mexican Grill, Inc.(1)
16  25,549 
Expedia Group, Inc.(1)
185  18,990 
51,439 
Household Products — 1.1%
Procter & Gamble Co. 529  72,970 
Interactive Media and Services — 6.6%
Alphabet, Inc., Class A(1)
3,980  430,716 
Internet and Direct Marketing Retail — 6.3%
Amazon.com, Inc.(1)
3,094  392,226 
eBay, Inc. 545  24,051 
416,277 
IT Services — 6.6%
Accenture PLC, Class A 183  52,788 
Mastercard, Inc., Class A 525  170,294 
Okta, Inc.(1)
289  26,415 
Snowflake, Inc., Class A(1)
65  11,762 
Visa, Inc., Class A 850  168,903 
430,162 
Leisure Products — 0.1%
YETI Holdings, Inc.(1)
238  8,780 
Life Sciences Tools and Services — 1.5%
Agilent Technologies, Inc. 379  48,607 
Illumina, Inc.(1)
128  25,810 
West Pharmaceutical Services, Inc. 78  23,142 
97,559 
Machinery — 1.3%
Deere & Co. 230  84,008 
Multiline Retail — 0.4%
Nordstrom, Inc. 341  5,835 
Target Corp. 113  18,118 
23,953 
23


Sustainable Growth ETF
Shares Value
Oil, Gas and Consumable Fuels — 0.6%
ConocoPhillips 357  $ 39,074 
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A 40  10,175 
Pharmaceuticals — 3.1%
Eli Lilly & Co. 120  36,148 
Novo Nordisk A/S, ADR 1,100  116,710 
Zoetis, Inc. 303  47,428 
200,286 
Road and Rail — 0.9%
Uber Technologies, Inc.(1)
1,161  33,391 
Union Pacific Corp. 118  26,492 
59,883 
Semiconductors and Semiconductor Equipment — 7.6%
Advanced Micro Devices, Inc.(1)
893  75,789 
Analog Devices, Inc. 125  18,941 
Applied Materials, Inc. 499  46,941 
ASML Holding NV, NY Shares 208  101,907 
Lam Research Corp. 114  49,922 
NVIDIA Corp. 1,335  201,505 
495,005 
Software — 19.7%
Adobe, Inc.(1)
164  61,244 
Cadence Design Systems, Inc.(1)
374  64,990 
Crowdstrike Holdings, Inc., Class A(1)
167  30,496 
Datadog, Inc., Class A(1)
178  18,681 
Fair Isaac Corp.(1)
14  6,292 
HubSpot, Inc.(1)
36  12,133 
Intuit, Inc. 43  18,567 
Microsoft Corp. 3,367  880,369 
PagerDuty, Inc.(1)
633  16,483 
Salesforce, Inc.(1)
299  46,680 
ServiceNow, Inc.(1)
182  79,101 
Splunk, Inc.(1)
255  22,958 
Workday, Inc., Class A(1)
194  31,925 
1,289,919 
Specialty Retail — 3.4%
Home Depot, Inc. 384  110,753 
TJX Cos., Inc. 1,080  67,338 
Ulta Beauty, Inc.(1)
85  35,689 
Williams-Sonoma, Inc. 61  9,074 
222,854 
Technology Hardware, Storage and Peripherals — 10.5%
Apple, Inc. 4,367  686,580 
Textiles, Apparel and Luxury Goods — 1.3%
Deckers Outdoor Corp.(1)
102  32,800 
NIKE, Inc., Class B 515  54,822 
87,622 
TOTAL COMMON STOCKS
(Cost $7,287,618)
6,529,055 
24


Sustainable Growth ETF
Shares Value
SHORT-TERM INVESTMENTS — 0.3%


Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $20,203)
20,203  $ 20,203 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $7,307,821)

6,549,258 
OTHER ASSETS AND LIABILITIES — 0.1%

3,555 
TOTAL NET ASSETS — 100.0%

$ 6,552,813 

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


See Notes to Financial Statements.
25


Statements of Assets and Liabilities
AUGUST 31, 2022
Mid Cap Growth Impact ETF Sustainable Equity ETF
Assets
Investment securities, at value (cost of $26,161,472 and $104,702,320, respectively) — including $120,684 and $—, respectively of securities on loan $ 23,782,154  $ 104,692,893 
Investment made with cash collateral received for securities on loan, at value (cost of $123,740 and $—, respectively) 123,740  — 
Total investment securities, at value (cost of $26,285,212 and $104,702,320, respectively) 23,905,894  104,692,893 
Dividends and interest receivable 6,956  143,756 
Securities lending receivable 60  — 
23,912,910  104,836,649 
Liabilities
Payable for collateral received for securities on loan 123,740  — 
Accrued management fees 9,842  36,515 
133,582  36,515 
Net Assets $ 23,779,328  $ 104,800,134 
Shares outstanding (unlimited number of shares authorized) 540,000  2,150,000 
Net Asset Value Per Share $ 44.04  $ 48.74 
Net Assets Consist of:
Capital paid in $ 29,041,230  $ 109,252,139 
Distributable earnings (5,261,902) (4,452,005)
$ 23,779,328  $ 104,800,134 


See Notes to Financial Statements.

26


AUGUST 31, 2022
Sustainable Growth ETF
Assets
Investment securities, at value (cost of $7,307,821) $ 6,549,258 
Dividends and interest receivable 5,878 
6,555,136 
Liabilities
Accrued management fees 2,323 
Net Assets $ 6,552,813 
Shares outstanding (unlimited number of shares authorized) 190,000 
Net Asset Value Per Share $ 34.49 
Net Assets Consist of:
Capital paid in $ 7,703,059 
Distributable earnings (1,150,246)
$ 6,552,813 


See Notes to Financial Statements.

27


Statements of Operations
YEAR ENDED AUGUST 31, 2022
Mid Cap Growth Impact ETF Sustainable Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $3,599, respectively) $ 67,118  $ 1,829,307 
Interest 2,754  1,683 
Securities lending, net 143  — 
70,015  1,830,990 
Expenses:
Management fees 108,165  542,552 
Net investment income (loss) (38,150) 1,288,438 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (1,116,341) 12,237,994 
Change in net unrealized appreciation (depreciation) on investments (6,850,129) (34,780,883)
Net realized and unrealized gain (loss) (7,966,470) (22,542,889)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (8,004,620) $ (21,254,451)


See Notes to Financial Statements.

28


YEAR ENDED AUGUST 31, 2022
Sustainable Growth ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $623) $ 44,202 
Interest 92 
44,294 
Expenses:
Management fees 25,380 
Net investment income (loss) 18,914 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (409,268)
Change in net unrealized appreciation (depreciation) on investments (1,158,774)
Net realized and unrealized gain (loss) (1,568,042)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (1,549,128)


See Notes to Financial Statements.

29


Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Mid Cap Growth Impact ETF Sustainable Equity ETF
Increase (Decrease) in Net Assets August 31, 2022 August 31, 2021 August 31, 2022 August 31, 2021
Operations
Net investment income (loss) $ (38,150) $ (23,635) $ 1,288,438  $ 1,130,539 
Net realized gain (loss) (1,116,341) 184,057  12,237,994  5,728,347 
Change in net unrealized appreciation (depreciation) (6,850,129) 3,888,428  (34,780,883) 28,182,166 
Net increase (decrease) in net assets resulting from operations (8,004,620) 4,048,850  (21,254,451) 35,041,052 
Distributions to Shareholders
From earnings —  —  (1,219,340) (1,026,655)
Capital Share Transactions
Proceeds from shares sold 17,585,267  13,522,367  52,262,088  56,555,628 
Payments for shares redeemed (7,918,146) (1,865,381) (75,423,895) (24,927,794)
Net increase (decrease) in net assets from capital share transactions 9,667,121  11,656,986  (23,161,807) 31,627,834 
Net increase (decrease) in net assets 1,662,501  15,705,836  (45,635,598) 65,642,231 
Net Assets
Beginning of period 22,116,827  6,410,991  150,435,732  84,793,501 
End of period $ 23,779,328  $ 22,116,827  $ 104,800,134  $ 150,435,732 
Transactions in Shares of the Funds
Sold 340,000  250,000  940,000  1,170,000 
Redeemed (165,000) (35,000) (1,420,000) (460,000)
Net increase (decrease) in shares of the funds 175,000  215,000  (480,000) 710,000 


See Notes to Financial Statements.

30


YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Sustainable Growth ETF
Increase (Decrease) in Net Assets August 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss) $ 18,914  $ 1,272 
Net realized gain (loss) (409,268) (9,099)
Change in net unrealized appreciation (depreciation) (1,158,774) 400,211 
Net increase (decrease) in net assets resulting from operations (1,549,128) 392,384 
Distributions to Shareholders
From earnings (13,482) — 
Capital Share Transactions
Proceeds from shares sold 2,444,496  5,651,186 
Payments for shares redeemed (372,643) — 
Net increase (decrease) in net assets from capital share transactions 2,071,853  5,651,186 
Net increase (decrease) in net assets 509,243  6,043,570 
Net Assets
Beginning of period 6,043,570  — 
End of period $ 6,552,813  $ 6,043,570 
Transactions in Shares of the Funds
Sold 60,000  140,000 
Redeemed (10,000) — 
Net increase (decrease) in shares of the funds 50,000  140,000 
(1)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
31


Notes to Financial Statements

AUGUST 31, 2022

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. Sustainable Growth ETF incepted on June 29, 2021.

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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

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 funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The funds monitor 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; 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 funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds 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.

32


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.

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. American Century Investment Management, Inc. (ACIM) (the investment advisor) 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.

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.

33


The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund/Securities Lending Transactions(1)
Overnight and
Continuous
<30 days
Between
30 & 90 days
>90 days Total
Mid Cap Growth Impact ETF
Common Stocks $ 123,740  —  —  —  $ 123,740 
Gross amount of recognized liabilities for securities lending transactions $ 123,740 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

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 10% and 66% of the shares of Mid Cap Growth Impact ETF and Sustainable Growth 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.

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%

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, 2022 were as follows:
Mid Cap Growth Impact ETF Sustainable Equity ETF Sustainable Growth ETF
Purchases $10,460,470 $30,642,094 $1,948,097
Sales $10,285,647 $28,855,996 $1,904,369

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind Net Realized
Gain/(Loss)*
Mid Cap Growth Impact ETF $16,899,888 $7,602,890 $1,592,068
Sustainable Equity ETF $46,888,848 $71,768,008 $16,603,849
Sustainable Growth ETF $2,384,602 $362,134 $7,010
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
34


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.


35


8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 (except as noted) were as follows:
2022 2021
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 $ 1,219,340  —  $ 1,026,655  — 
Sustainable Growth ETF(1)
$ 13,482  —  —  — 
(1)June 29, 2021 (fund inception) through August 31, 2021.

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 $ 1,483,139  $ 16,594,854  (19,980)
Distributable earnings $ (1,483,139) $ (16,594,854) 19,980 

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 $ 26,371,870  $ 105,078,846  $ 7,332,280 
Gross tax appreciation of investments $ 1,846,203  $ 6,016,523  $ 211,882 
Gross tax depreciation of investments (4,312,179) (6,402,476) (994,904)
Net tax appreciation (depreciation) of investments $ (2,465,976) $ (385,953) $ (783,022)
Undistributed ordinary income —  $ 142,411  $ 6,680 
Accumulated short-term capital losses $ (2,413,713) $ (3,055,556) $ (358,971)
Accumulated long-term capital losses $ (339,568) $ (1,152,907) $ (14,933)
Late-year ordinary loss deferral $ (42,645) —  — 

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.

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.
36


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
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.


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
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