Document



			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			2
Mid Cap Growth Impact ETF
Performance			3
Portfolio Commentary			4
Fund Characteristics			6
Sustainable Equity ETF
Performance			7
Portfolio Commentary			8
Fund Characteristics			10
Sustainable Growth ETF
Performance			11
Portfolio Commentary			12
Fund Characteristics			14
Shareholder Fee Examples			15
Schedules of Investments			16
Statements of Assets and Liabilities			26
Statements of Operations			28
Statements of Changes in Net Assets			30
Notes to Financial Statements			32
Financial Highlights			37
Report of Independent Registered Public Accounting Firm			40
Management			42
Approval of Management Agreement			44

Liquidity Risk Management Program			48
Additional Information			49

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


President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 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,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


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


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.


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.

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 portfolio’s 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.


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%


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%

—


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


Value on August 31, 2022
			Net Asset Value — $12,531

			S&P 500 Index — $12,948

Total Annual Fund Operating Expenses

0.39%


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.

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 portfolio’s 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.


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%


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%

—


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


Value on August 31, 2022
			Net Asset Value — $8,609

			Russell 1000 Growth Index — $8,655

Total Annual Fund Operating Expenses

0.39%


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

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

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.


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%


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.


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


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.

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


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


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


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.

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


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


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


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.


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.


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.


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.


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.


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.


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.


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.

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.

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.

5. Capital Share Transactions

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

6. Fair Value Measurements

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

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

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

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

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

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

7. Risk Factors

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

8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 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.


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	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate(3)	Net Assets, End of Period (in thousands)
Sustainable Growth ETF
2022	$43.17	0.12	(8.72)	(8.60)	(0.08)	$34.49	(19.93)%	0.39%	0.29%	29%	$6,553
2021(4)	$40.15	0.01	3.01	3.02	—	$43.17	7.52%	0.39%(5)	0.14%(5)	4%	$6,044


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

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

(5)Annualized.

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Mid Cap Growth Impact ETF, American Century Sustainable Equity ETF, and American Century Sustainable Growth ETF (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.


Individual Fund Constituting the American Century ETF Trust	Statement of Operations	Statements of Changes in Net Assets	Financial Highlights
American Century Mid Cap Growth Impact ETF	For the year ended August 31, 2022	For the years ended August 31, 2022 and 2021	For the years ended August 31, 2022, 2021, and the period from July 13, 2020 (fund inception) through August 31, 2020
American Century Sustainable Equity ETF
American Century Sustainable Growth ETF	For the year ended August 31, 2022	For the year ended August 31, 2022 and the period from June 29, 2021 (fund inception) through August 31, 2021

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 17, 2022

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


Management

The Board of Trustees

The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.

Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.

The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Trustee

Other Directorships Held During Past 5 Years

Independent Trustees

Reginald M. Browne
(1968)

Trustee and Chairman of the Board

Since 2017 (Chairman since 2019)

Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019)

None

Jeremy I. Bulow
(1954)

Trustee

Since 2022

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

None

Barry A. Mendelson
(1958)

Trustee

Since 2017

Retired

None

Stephen E. Yates
(1948)

Trustee

Since 2017

Retired

105

None

Interested Trustees

Jonathan S. Thomas
(1963)

Trustee

Since 2017

President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries

139

None

The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.

Officers

The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Patrick Bannigan (1965)	President since 2019	Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2017	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak (1968)	General Counsel and Vice President since 2021	General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang (1977)	Vice President since 2019	Senior Vice President, ACIM (2015 to present)
David H. Reinmiller (1963)	Vice President since 2017	Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg (1973)	Vice President since 2017	Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade (1964)	Vice President since 2017	Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer (1960)	Secretary since 2019	Attorney, ACS (2003 to present)


Approval of Management Agreement

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

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

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

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided to each Fund and its shareholders on a routine and non-routine basis;

•the investment performance of each Fund, including data comparing each Fund's performance to an appropriate benchmark and/or a peer group of other funds with similar investment objectives and strategies;

•the cost of owning each Fund compared to the cost of owning similarly-managed funds;

•the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers;

•the Advisor’s strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;

•financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;

•information regarding payments to intermediaries by the Advisor;

•possible economies of scale associated with the Advisor’s management of each Fund; and

•possible collateral benefits to the Advisor from the management of the Funds.

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the

information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

•constructing and designing each Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of each Fund’s portfolio

•liquidity monitoring and management

•risk management, including cyber security

•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

•legal services (except the independent Trustees’ counsel)

•regulatory and portfolio compliance

•financial reporting

•marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

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

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

by the Advisor to each Fund under the management agreement to be competitive and of high quality.

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

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

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

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

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

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

different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

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

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

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


Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.


Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

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

Quarterly Portfolio Disclosure

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

Other Tax Information

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

Sustainable Equity ETF and Sustainable Growth ETF hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.


Mid Cap Growth Impact ETF	Sustainable Equity ETF	Sustainable Growth ETF
—	$1,219,340	$13,482

The funds hereby utilized earnings and profits distributed to shareholders on redemption of shares as part of the dividend paid deduction (tax equalization) for the fiscal year ended August 31, 2022.


Mid Cap Growth Impact ETF	Sustainable Equity ETF	Sustainable Growth ETF
—	$128,845	—


Notes


Notes




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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.

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