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Semiannual Report
February 28, 2023
American Century® Low Volatility ETF (LVOL)
American Century® Quality Convertible Securities ETF (QCON)
American Century® Quality Diversified International ETF (QINT)
American Century® Quality Preferred ETF (QPFF)
American Century® STOXX® U.S. Quality Growth ETF (QGRO)
American Century® STOXX® U.S. Quality Value ETF (VALQ)

























Table of Contents

President’s Letter
Low Volatility ETF
Fund Characteristics
Quality Convertible Securities ETF
Fund Characteristics
Quality Diversified International ETF
Fund Characteristics
Quality Preferred ETF
Fund Characteristics
STOXX® U.S. Quality Growth ETF
Fund Characteristics
STOXX® U.S. Quality Value ETF
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Additional Information















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

The STOXX® Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland ("STOXX"), Deutsche Börse Group or their licensors, which is used under license. The funds are neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the STOXX® Index or its data.


President’s Letter

image24a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.

Stocks and Bonds Delivered Mixed Results as Volatility Reigned

Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.

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

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

For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

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,
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Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2

Fund Characteristics
FEBRUARY 28, 2023
Low Volatility ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.4%
Short-Term Investments 0.5%
Other Assets and Liabilities 0.1%
Top Five Industries % of net assets
Insurance 10.3%
IT Services 8.1%
Health Care Equipment and Supplies 7.8%
Machinery 7.2%
Household Products 5.2%

3

Fund Characteristics
FEBRUARY 28, 2023
Quality Convertible Securities ETF
Types of Investments in Portfolio % of net assets
Convertible Bonds 71.8%
Convertible Preferred Stocks 15.8%
Common Stocks 2.6%
Short-Term Investments 6.9%
Other Assets and Liabilities 2.9%
Top Five Industries % of net assets
Software 12.8%
Health Care Equipment and Supplies 9.1%
Internet and Direct Marketing Retail 5.4%
IT Services 5.0%
Semiconductors and Semiconductor Equipment 4.8%
4

Fund Characteristics
FEBRUARY 28, 2023
Quality Diversified International ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.4%
Short-Term Investments 2.5%
Other Assets and Liabilities (1.9)%
Top Five Countries % of net assets
Japan 18.6%
United Kingdom 15.1%
France 11.8%
Canada 9.4%
Germany 7.3%
5

Fund Characteristics
FEBRUARY 28, 2023
Quality Preferred ETF
Types of Investments in Portfolio % of net assets
Preferred Stocks 81.5%
Corporate Bonds 4.3%
Convertible Preferred Stocks 3.9%
Common Stocks 1.1%
Short-Term Investments 15.1%
Other Assets and Liabilities (5.9)%
Top Five Industries % of net assets
Banks 24.7%
Insurance 15.4%
Capital Markets 15.2%
Mortgage Real Estate Investment Trusts (REITs) 5.7%
Multi-Utilities 5.3%
6

Fund Characteristics
FEBRUARY 28, 2023
STOXX® U.S. Quality Growth ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Short-Term Investments 0.3%
Other Assets and Liabilities (0.1)%
Top Five Industries % of net assets
Software 18.4%
Hotels, Restaurants and Leisure 12.9%
Semiconductors and Semiconductor Equipment 10.4%
Specialty Retail 5.6%
IT Services 5.1%
7

Fund Characteristics
FEBRUARY 28, 2023
STOXX® U.S. Quality Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.6%
Short-Term Investments 1.0%
Other Assets and Liabilities (0.6)%
Top Five Industries % of net assets
Oil, Gas and Consumable Fuels 7.8%
Equity Real Estate Investment Trusts (REITs) 6.9%
IT Services 6.0%
Health Care Providers and Services 5.4%
Electric Utilities 5.1%
8

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 September 1, 2022 to February 28, 2023.

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

9

Beginning
Account Value
9/1/22
Ending
Account Value
2/28/23
Expenses Paid
During Period(1)
9/1/22 - 2/28/23
Annualized
Expense Ratio(1)
Low Volatility ETF
Actual $1,000 $1,040.70 $1.47 0.29%
Hypothetical $1,000 $1,023.36 $1.45 0.29%
Quality Convertible Securities ETF
Actual $1,000 $990.90 $1.58 0.32%
Hypothetical $1,000 $1,023.21 $1.61 0.32%
Quality Diversified International ETF
Actual $1,000 $1,119.10 $2.05 0.39%
Hypothetical $1,000 $1,022.86 $1.96 0.39%
Quality Preferred ETF
Actual $1,000 $1,031.70 $1.61 0.32%
Hypothetical $1,000 $1,023.21 $1.61 0.32%
STOXX® U.S. Quality Growth ETF
Actual $1,000 $1,025.40 $1.46 0.29%
Hypothetical $1,000 $1,023.36 $1.45 0.29%
STOXX® U.S. Quality Value ETF
Actual $1,000 $1,042.40 $1.47 0.29%
Hypothetical $1,000 $1,023.36 $1.45 0.29%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
10

Schedules of Investments

FEBRUARY 28, 2023 (UNAUDITED)
Low Volatility ETF
Shares Value
COMMON STOCKS — 99.4%
Aerospace and Defense — 2.5%
General Dynamics Corp.
 927  $ 211,273 
Banks — 1.8%
First Republic Bank
 393  48,343 
U.S. Bancorp
 2,147  102,476 
150,819 
Beverages — 4.4%
Coca-Cola Co.
 4,912  292,313 
PepsiCo, Inc.
 416  72,189 
364,502 
Biotechnology — 1.0%
AbbVie, Inc.
 257  39,552 
Regeneron Pharmaceuticals, Inc.(1)
 56  42,584 
82,136 
Capital Markets — 3.6%
FactSet Research Systems, Inc.
 184  76,277 
Moody's Corp.
 63  18,279 
SEI Investments Co.
 2,675  161,169 
T. Rowe Price Group, Inc.
 384  43,116 
298,841 
Chemicals — 2.4%
Dow, Inc.
 292  16,702 
Linde PLC
 522  181,849 
LyondellBasell Industries NV, Class A
 10  960 
199,511 
Commercial Services and Supplies — 4.6%
Cintas Corp.
 243  106,548 
Republic Services, Inc.
 1,096  141,308 
Waste Management, Inc.
 912  136,581 
384,437 
Communications Equipment — 3.6%
Cisco Systems, Inc.
 6,195  299,962 
Diversified Financial Services — 1.1%
Berkshire Hathaway, Inc., Class B(1)
 312  95,216 
Diversified Telecommunication Services — 2.3%
Verizon Communications, Inc.
 4,968  192,808 
Electric Utilities — 0.3%
American Electric Power Co., Inc.
 297  26,127 
Electronic Equipment, Instruments and Components — 4.5%
Amphenol Corp., Class A
 1,960  151,939 
Keysight Technologies, Inc.(1)
 311  49,747 
TE Connectivity Ltd.
 1,205  153,421 
Zebra Technologies Corp., Class A(1)
 71  21,318 
376,425 
Entertainment — 0.3%
Walt Disney Co.(1)
 260  25,899 
11

Low Volatility ETF
Shares Value
Equity Real Estate Investment Trusts (REITs) — 3.6%
Mid-America Apartment Communities, Inc.
 1,282  $ 205,248 
National Retail Properties, Inc.
 685  31,044 
WP Carey, Inc.
 827  67,120 
303,412 
Food and Staples Retailing — 0.6%
Costco Wholesale Corp.
 102  49,386 
Food Products — 1.4%
Hershey Co.
 100  23,832 
Mondelez International, Inc., Class A
 1,387  90,405 
114,237 
Health Care Equipment and Supplies — 7.8%
Abbott Laboratories
 2,363  240,364 
Edwards Lifesciences Corp.(1)
 832  66,926 
Hologic, Inc.(1)
 522  41,572 
Medtronic PLC
 2,593  214,701 
Stryker Corp.
 319  83,859 
647,422 
Health Care Providers and Services — 0.2%
McKesson Corp.
 55  19,240 
Hotels, Restaurants and Leisure — 3.6%
Airbnb, Inc., Class A(1)
 227  27,984 
Caesars Entertainment, Inc.(1)
 8  406 
Expedia Group, Inc.(1)
 188  20,486 
McDonald's Corp.
 738  194,766 
Texas Roadhouse, Inc.
 170  17,262 
Yum! Brands, Inc.
 274  34,842 
295,746 
Household Products — 5.2%
Colgate-Palmolive Co.
 2,369  173,647 
Procter & Gamble Co.
 1,880  258,613 
432,260 
Industrial Conglomerates — 0.2%
Honeywell International, Inc.
 108  20,680 
Insurance — 10.3%
Arthur J Gallagher & Co.
 263  49,273 
Brown & Brown, Inc.
 320  17,942 
Chubb Ltd.
 721  152,146 
Hartford Financial Services Group, Inc.
 1,515  118,594 
Marsh & McLennan Cos., Inc.
 1,450  235,103 
Travelers Cos., Inc.
 812  150,318 
W R Berkley Corp.
 1,981  131,122 
854,498 
Interactive Media and Services — 1.2%
Alphabet, Inc., Class A(1)
 637  57,368 
Meta Platforms, Inc., Class A(1)
 242  42,336 
99,704 
Internet and Direct Marketing Retail — 1.0%
Amazon.com, Inc.(1)
 622  58,611 
eBay, Inc.
 516  23,684 
82,295 
12

Low Volatility ETF
Shares Value
IT Services — 8.1%
Accenture PLC, Class A
 524  $ 139,148 
Amdocs Ltd.
 2,383  218,307 
Cognizant Technology Solutions Corp., Class A
 644  40,334 
Fidelity National Information Services, Inc.
 704  44,612 
PayPal Holdings, Inc.(1)
 642  47,251 
SS&C Technologies Holdings, Inc.
 850  49,895 
Visa, Inc., Class A
 624  137,243 
676,790 
Machinery — 7.2%
Donaldson Co., Inc.
 422  26,691 
Dover Corp.
 570  85,443 
Fortive Corp.
 633  42,196 
Graco, Inc.
 1,164  80,945 
IDEX Corp.
 117  26,323 
Illinois Tool Works, Inc.
 306  71,347 
Nordson Corp.
 1,049  230,402 
Parker-Hannifin Corp.
 100  35,185 
598,532 
Media — 0.8%
Comcast Corp., Class A
 1,861  69,173 
Multi-Utilities — 0.3%
NiSource, Inc.
 966  26,497 
Oil, Gas and Consumable Fuels — 1.2%
Chevron Corp.
 2  322 
Exxon Mobil Corp.
 909  99,908 
100,230 
Pharmaceuticals — 4.9%
Bristol-Myers Squibb Co.
 775  53,444 
Eli Lilly & Co.
 43  13,382 
Johnson & Johnson
 1,371  210,120 
Merck & Co., Inc.
 689  73,199 
Zoetis, Inc.
 351  58,617 
408,762 
Semiconductors and Semiconductor Equipment — 2.1%
Broadcom, Inc.
 136  80,823 
Marvell Technology, Inc.
 537  24,246 
NXP Semiconductors NV
 224  39,979 
Qorvo, Inc.(1)
 265  26,736 
171,784 
Software — 4.4%
Dolby Laboratories, Inc., Class A
 1,156  95,115 
Intuit, Inc.
 127  51,712 
Microsoft Corp.
 676  168,608 
Roper Technologies, Inc.
 56  24,091 
Salesforce, Inc.(1)
 175  28,632 
368,158 
Specialty Retail — 1.2%
Floor & Decor Holdings, Inc., Class A(1)
 3  275 
Home Depot, Inc.
 129  38,254 
13

Low Volatility ETF
Shares Value
Lowe's Cos., Inc.
 283  $ 58,227 
96,756 
Technology Hardware, Storage and Peripherals — 0.7%
Apple, Inc.
 375  55,279 
Textiles, Apparel and Luxury Goods — 0.4%
NIKE, Inc., Class B
 266  31,598 
Trading Companies and Distributors — 0.6%
Fastenal Co.
 516  26,605 
SiteOne Landscape Supply, Inc.(1)
 164  24,328 
50,933 
TOTAL COMMON STOCKS
(Cost $8,088,980)
 8,281,328 
SHORT-TERM INVESTMENTS — 0.5%
Money Market Funds — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $42,006)
 42,006  42,006 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $8,130,986)
 8,323,334 
OTHER ASSETS AND LIABILITIES — 0.1%
 6,329 
TOTAL NET ASSETS — 100.0%
 $ 8,329,663 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.


See Notes to Financial Statements.
14

FEBRUARY 28, 2023 (UNAUDITED)
Quality Convertible Securities ETF
Principal
Amount/Shares		 Value
CONVERTIBLE BONDS — 71.8%
Air Freight and Logistics — 0.6%
Air Transport Services Group, Inc., 1.125%, 10/15/24 $ 120,000  $ 109,800 
Airlines — 1.4%
American Airlines Group, Inc., 6.50%, 7/1/25 120,000  145,260 
Southwest Airlines Co., 1.25%, 5/1/25(1)
 122,000  139,476 
284,736 
Auto Components — 0.4%
Patrick Industries, Inc., 1.75%, 12/1/28 92,000  84,928 
Automobiles — 0.7%
Ford Motor Co., 0.00%, 3/15/26(2)
 142,000  137,385 
Beverages — 0.9%
MGP Ingredients, Inc., 1.875%, 11/15/41 149,000  179,324 
Biotechnology — 3.3%
Guardant Health, Inc., 0.00%, 11/15/27(2)
 176,000  120,912 
Halozyme Therapeutics, Inc., 0.25%, 3/1/27 215,000  192,562 
Illumina, Inc., 0.00%, 8/15/23(2)
 94,000  91,886 
Insmed, Inc., 0.75%, 6/1/28 138,000  119,953 
Sarepta Therapeutics, Inc., 1.50%, 11/15/24 75,000  133,612 
658,925 
Commercial Services and Supplies — 0.4%
Alarm.com Holdings, Inc., 0.00%, 1/15/26(2)
 101,000  83,264 
Communications Equipment — 0.8%
Viavi Solutions, Inc., 1.00%, 3/1/24 154,000  158,273 
Consumer Finance — 1.8%
Block, Inc., 0.25%, 11/1/27 250,000  194,375 
Shift4 Payments, Inc., 0.50%, 8/1/27 181,000  158,103 
352,478 
Diversified Consumer Services — 0.4%
Stride, Inc., 1.125%, 9/1/27 76,000  77,781 
Electric Utilities — 0.3%
NRG Energy, Inc., 2.75%, 6/1/48 63,000  63,032 
Electronic Equipment, Instruments and Components — 0.7%
Vishay Intertechnology, Inc., 2.25%, 6/15/25 148,000  144,313 
Entertainment — 1.4%
iQIYI, Inc., 4.00%, 12/15/26 120,000  106,080 
Live Nation Entertainment, Inc., 3.125%, 1/15/29 66,000  65,505 
Pandora Media LLC, 1.75%, 12/1/23 55,000  54,575 
Snap, Inc., 0.75%, 8/1/26 65,000  57,955 
284,115 
Equity Real Estate Investment Trusts (REITs) — 0.9%
Pebblebrook Hotel Trust, 1.75%, 12/15/26 158,000  135,801 
Summit Hotel Properties, Inc., 1.50%, 2/15/26 59,000  51,595 
187,396 
Food and Staples Retailing — 0.4%
Chefs' Warehouse, Inc., 2.375%, 12/15/28(3)
 75,000  74,942 
Food Products — 0.8%
Post Holdings, Inc., 2.50%, 8/15/27(3)
 150,000  155,895 
Health Care Equipment and Supplies — 7.1%
CONMED Corp., 2.625%, 2/1/24 102,000  120,156 
15

Quality Convertible Securities ETF
Principal
Amount/Shares		 Value
Dexcom, Inc., 0.25%, 11/15/25 $ 244,000  $ 259,494 
Envista Holdings Corp., 2.375%, 6/1/25 92,000  174,984 
Exact Sciences Corp., 0.375%, 3/1/28 155,000  134,370 
Haemonetics Corp., 0.00%, 3/1/26(2)
 162,000  135,191 
Insulet Corp., 0.375%, 9/1/26 203,000  271,309 
Integra LifeSciences Holdings Corp., 0.50%, 8/15/25 194,000  186,919 
Omnicell, Inc., 0.25%, 9/15/25 45,000  41,017 
Revance Therapeutics, Inc., 1.75%, 2/15/27 70,000  90,090 
1,413,530 
Hotels, Restaurants and Leisure — 2.7%
DraftKings Holdings, Inc., 0.00%, 3/15/28(2)
 115,000  80,845 
Expedia Group, Inc., 0.00%, 2/15/26(2)
 88,000  77,970 
Marriott Vacations Worldwide Corp., 0.00%, 1/15/26(2)
 132,000  136,092 
Marriott Vacations Worldwide Corp., 3.25%, 12/15/27 94,000  96,914 
Royal Caribbean Cruises Ltd., 4.25%, 6/15/23 142,000  153,052 
544,873 
Independent Power and Renewable Electricity Producers — 0.7%
Enphase Energy, Inc., 0.00%, 3/1/26(2)
 141,000  143,397 
Interactive Media and Services — 0.5%
Ziff Davis, Inc., 1.75%, 11/1/26(3)
 98,000  96,334 
Internet and Direct Marketing Retail — 5.4%
Airbnb, Inc., 0.00%, 3/15/26(2)
 197,000  170,110 
Booking Holdings, Inc., 0.75%, 5/1/25 168,000  242,763 
Etsy, Inc., 0.25%, 6/15/28 222,000  186,275 
Match Group Financeco 3, Inc., 2.00%, 1/15/30(3)
 115,000  101,833 
PDD Holdings, Inc., 0.00%, 12/1/25(2)
 161,000  153,353 
Perficient, Inc., 0.125%, 11/15/26 93,000  73,317 
Sea Ltd., 0.25%, 9/15/26 190,000  144,495 
1,072,146 
IT Services — 5.0%
Insight Enterprises, Inc., 0.75%, 2/15/25 121,000  238,794 
KBR, Inc., 2.50%, 11/1/23 82,000  179,539 
Palo Alto Networks, Inc., 0.375%, 6/1/25 191,000  365,287 
Parsons Corp., 0.25%, 8/15/25 135,000  148,770 
Wix.com Ltd., 0.00%, 8/15/25(2)
 82,000  70,274 
1,002,664 
Leisure Products — 0.4%
Topgolf Callaway Brands Corp., 2.75%, 5/1/26 52,000  75,953 
Machinery — 1.0%
Chart Industries, Inc., 1.00%, 11/15/24 46,000  105,708 
Middleby Corp., 1.00%, 9/1/25 77,000  99,869 
205,577 
Media — 1.6%
Cable One, Inc., 1.125%, 3/15/28 130,000  94,965 
Liberty Broadband Corp., 2.75%, 9/30/50(1)(3)
 133,000  132,972 
World Wrestling Entertainment, Inc., 3.375%, 12/15/23 29,000  97,904 
325,841 
Metals and Mining — 1.0%
Ivanhoe Mines Ltd., 2.50%, 4/15/26(3)
 74,000  94,745 
MP Materials Corp., 0.25%, 4/1/26(3)
 102,000  104,965 
199,710 
16

Quality Convertible Securities ETF
Principal
Amount/Shares		 Value
Mortgage Real Estate Investment Trusts (REITs) — 1.4%
Blackstone Mortgage Trust, Inc., 5.50%, 3/15/27 $ 152,000  $ 135,660 
PennyMac Corp., 5.50%, 3/15/26 153,000  137,394 
273,054 
Oil, Gas and Consumable Fuels — 2.1%
EQT Corp., 1.75%, 5/1/26 41,000  93,746 
Pioneer Natural Resources Co., 0.25%, 5/15/25 161,000  328,762 
422,508 
Pharmaceuticals — 3.4%
Ascendis Pharma A/S, 2.25%, 4/1/28(3)
 193,000  191,842 
Jazz Investments I Ltd., 2.00%, 6/15/26 276,000  300,495 
Neurocrine Biosciences, Inc., 2.25%, 5/15/24 93,000  128,107 
Pacira BioSciences, Inc., 0.75%, 8/1/25 57,000  53,331 
673,775 
Professional Services — 1.0%
FTI Consulting, Inc., 2.00%, 8/15/23 108,000  196,938 
Road and Rail — 0.9%
Uber Technologies, Inc., 0.00%, 12/15/25(2)
 206,000  179,990 
Semiconductors and Semiconductor Equipment — 4.8%
Impinj, Inc., 1.125%, 5/15/27 63,000  87,973 
MACOM Technology Solutions Holdings, Inc., 0.25%, 3/15/26 198,000  205,227 
Microchip Technology, Inc., 0.125%, 11/15/24(1)
 165,000  183,562 
ON Semiconductor Corp., 0.00%, 5/1/27(2)
 93,000  144,615 
Silicon Laboratories, Inc., 0.625%, 6/15/25 147,000  223,460 
Wolfspeed, Inc., 0.25%, 2/15/28 117,000  103,253 
948,090 
Software — 12.8%
Akamai Technologies, Inc., 0.375%, 9/1/27 261,000  232,942 
Alteryx, Inc., 1.00%, 8/1/26 83,000  71,089 
Bentley Systems, Inc., 0.125%, 1/15/26 238,000  220,388 
Bills Holdings, Inc., 0.00%, 4/1/27(2)
 225,000  176,175 
Confluent, Inc., 0.00%, 1/15/27(2)
 90,000  70,388 
Datadog, Inc., 0.125%, 6/15/25 74,000  81,437 
Dropbox, Inc., 0.00%, 3/1/28(2)
 131,000  112,005 
Envestnet, Inc., 2.625%, 12/1/27(3)
 106,000  115,169 
Five9, Inc., 0.50%, 6/1/25 70,000  63,000 
Guidewire Software, Inc., 1.25%, 3/15/25 73,000  69,131 
HubSpot, Inc., 0.375%, 6/1/25 89,000  130,563 
InterDigital, Inc., 3.50%, 6/1/27(3)
 74,000  82,288 
MongoDB, Inc., 0.25%, 1/15/26 46,000  55,787 
Okta, Inc., 0.375%, 6/15/26 164,000  138,088 
Pegasystems, Inc., 0.75%, 3/1/25 99,000  87,417 
Progress Software Corp., 1.00%, 4/15/26 264,000  288,420 
Q2 Holdings, Inc., 0.75%, 6/1/26 93,000  79,050 
Splunk, Inc., 1.125%, 9/15/25 139,000  136,637 
Tyler Technologies, Inc., 0.25%, 3/15/26 124,000  116,002 
Unity Software, Inc., 0.00%, 11/15/26(2)
 91,000  69,570 
Workiva, Inc., 1.125%, 8/15/26 121,000  154,819 
2,550,365 
17

Quality Convertible Securities ETF
Principal
Amount/Shares		 Value
Specialty Retail — 0.7%
Burlington Stores, Inc., 2.25%, 4/15/25(1)
 $ 108,000  $ 127,643 
Technology Hardware, Storage and Peripherals — 4.1%
CyberArk Software Ltd., 0.00%, 11/15/24(2)
 110,000  122,189 
Lumentum Holdings, Inc., 0.50%, 12/15/26 166,000  142,345 
Lumentum Holdings, Inc., 0.50%, 6/15/28(3)
 156,000  118,188 
Rapid7, Inc., 0.25%, 3/15/27 138,000  122,091 
Varonis Systems, Inc., 1.25%, 8/15/25 139,000  154,429 
Western Digital Corp., 1.50%, 2/1/24 105,000  100,957 
Zscaler, Inc., 0.125%, 7/1/25 51,000  56,840 
817,039 
TOTAL CONVERTIBLE BONDS
(Cost $15,417,563)
 14,306,014 
CONVERTIBLE PREFERRED STOCKS — 15.8%
Banks — 2.9%
Bank of America Corp., 7.25% 243  290,710 
Wells Fargo & Co., 7.50% 238  285,204 
575,914 
Capital Markets — 1.5%
AMG Capital Trust II, 5.15%, 10/15/37 2,481  129,508 
KKR & Co., Inc., 6.00%, 9/15/23 2,571  173,331 
302,839 
Electric Utilities — 3.3%
American Electric Power Co., Inc., 6.125%, 8/15/23 3,893  192,159 
NextEra Energy, Inc., 6.22%, 9/1/23 6,150  285,206 
PG&E Corp., 5.50%, 8/16/23 1,369  188,433 
665,798 
Equity Real Estate Investment Trusts (REITs) — 0.6%
LXP Industrial Trust, 6.50% 2,363  116,921 
Gas Utilities — 0.7%
Spire, Inc., 7.50%, 3/1/24 2,630  131,789 
Health Care Equipment and Supplies — 2.0%
Becton Dickinson & Co., 6.00%, 6/1/23 3,974  192,222 
Boston Scientific Corp., 5.50%, 6/1/23 1,768  200,796 
393,018 
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp., 6.875%, 2/15/24 615  56,199 
Life Sciences Tools and Services — 0.9%
Danaher Corp., 5.00%, 4/15/23(1)
 144  182,278 
Metals and Mining — 0.7%
ArcelorMittal SA, 5.50%, 5/18/23 2,053  146,974 
Multi-Utilities — 0.9%
NiSource, Inc., 7.75%, 3/1/24 1,805  188,316 
Wireless Telecommunication Services — 2.0%
2020 Cash Mandatory Exchangeable Trust, 5.25%, 6/1/23(3)
 339  393,919 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $3,414,492)
 3,153,965 
COMMON STOCKS — 2.6%
Biotechnology — 0.3%
PTC Therapeutics, Inc.(4)
 1,359  59,348 
18

Quality Convertible Securities ETF
Principal
Amount/Shares		 Value
Consumer Finance — 0.2%
Encore Capital Group, Inc.(4)
 924  $ 47,752 
Health Care Providers and Services — 1.3%
Elevance Health, Inc. 558  262,076 
Hotels, Restaurants and Leisure — 0.8%
Bloomin' Brands, Inc. 5,856  152,842 
TOTAL COMMON STOCKS
(Cost $545,417)
 522,018 
SHORT-TERM INVESTMENTS — 6.9%
Money Market Funds — 6.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 920,593  920,593 
State Street Navigator Securities Lending Government Money Market Portfolio(5)
 458,313  458,313 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,378,906)
 1,378,906 
TOTAL INVESTMENT SECURITIES — 97.1%
(Cost $20,756,378)
 19,360,903 
OTHER ASSETS AND LIABILITIES — 2.9% 579,419 
TOTAL NET ASSETS — 100.0% $ 19,940,322 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $448,896. 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.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $1,663,092, which represented 8.3% of total net assets.
(4)Non-income producing.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $458,313.


See Notes to Financial Statements.
19

FEBRUARY 28, 2023 (UNAUDITED)
Quality Diversified International ETF
Shares Value
COMMON STOCKS — 99.4%
Australia — 4.2%
Allkem Ltd.(1)
 25,736  $ 195,643 
Aristocrat Leisure Ltd. 32,888  805,895 
Aurizon Holdings Ltd. 95,561  212,350 
BHP Group Ltd. 15,069  456,064 
BlueScope Steel Ltd. 20,770  265,746 
Brambles Ltd. 30,065  259,782 
carsales.com Ltd. 13,545  206,060 
Computershare Ltd. 13,078  217,528 
CSL Ltd. 1,219  242,541 
IDP Education Ltd. 10,984  211,235 
IGO Ltd. 23,420  205,875 
Incitec Pivot Ltd. 168,362  387,608 
Lynas Rare Earths Ltd.(1)
 40,484  222,338 
Northern Star Resources Ltd. 35,226  245,854 
Origin Energy Ltd. 54,272  291,138 
Pilbara Minerals Ltd.(1)
 78,884  219,816 
Qantas Airways Ltd.(1)
 58,347  250,951 
REA Group Ltd.(2)
 4,687  385,949 
Sonic Healthcare Ltd. 31,999  692,238 
South32 Ltd. 465,763  1,353,239 
Treasury Wine Estates Ltd. 29,609  278,489 
Whitehaven Coal Ltd. 67,077  324,928 
WiseTech Global Ltd. 6,180  261,159 
Woodside Energy Group Ltd. 8,382  203,096 
8,395,522 
Austria — 1.1%
ANDRITZ AG 9,633  594,435 
Erste Group Bank AG 8,943  351,040 
OMV AG 12,378  602,901 
Raiffeisen Bank International AG(1)
 15,736  262,720 
voestalpine AG 9,111  336,515 
2,147,611 
Belgium — 0.8%
Ageas SA 25,589  1,154,807 
D'ieteren Group 1,131  219,202 
Solvay SA 2,514  287,169 
1,661,178 
Canada — 9.4%
Alimentation Couche-Tard, Inc. 4,551  213,492 
ARC Resources Ltd.(2)
 17,438  189,907 
Canadian National Railway Co. 1,639  186,674 
Canadian Natural Resources Ltd.(2)
 13,952  788,449 
CGI, Inc.(1)
 2,795  250,597 
Constellation Software, Inc. 1,033  1,776,169 
Descartes Systems Group, Inc.(1)
 5,556  409,788 
Dollarama, Inc. 12,879  743,952 
Element Fleet Management Corp.(2)
 31,319  447,349 
Fairfax Financial Holdings Ltd. 1,652  1,154,971 
20

Quality Diversified International ETF
Shares Value
George Weston Ltd. 6,102  $ 764,483 
IGM Financial, Inc.(2)
 8,434  256,636 
Imperial Oil Ltd.(2)
 10,072  498,175 
Intact Financial Corp. 5,539  795,676 
Loblaw Cos. Ltd. 3,701  316,287 
Lumine Group, Inc.(1)
 3,099  37,048 
Lundin Mining Corp.(2)
 39,725  247,171 
Manulife Financial Corp.(2)
 119,989  2,372,520 
Metro, Inc. 3,605  187,238 
Northland Power, Inc. 7,356  178,711 
Nutrien Ltd. 5,538  430,746 
Open Text Corp. 51,492  1,772,502 
Pembina Pipeline Corp.(2)
 5,679  186,456 
Quebecor, Inc., Class B(2)
 24,288  574,582 
Restaurant Brands International, Inc. 3,684  237,725 
Ritchie Bros Auctioneers, Inc. 8,029  491,134 
Shaw Communications, Inc., B Shares 8,962  259,632 
Stantec, Inc.(2)
 5,673  329,529 
Suncor Energy, Inc. 29,512  991,880 
Teck Resources Ltd., Class B 6,490  259,081 
TFI International, Inc. 2,324  283,598 
Toromont Industries Ltd. 3,201  264,009 
Tourmaline Oil Corp. 7,611  333,556 
West Fraser Timber Co. Ltd. 3,129  235,048 
Whitecap Resources, Inc.(2)
 30,651  234,965 
18,699,736 
China — 2.5%
Alibaba Health Information Technology Ltd.(1)
 266,000  190,463 
ANTA Sports Products Ltd. 71,800  948,135 
Bosideng International Holdings Ltd. 526,000  291,784 
BYD Co. Ltd., H Shares 19,000  510,801 
COSCO SHIPPING Holdings Co. Ltd., Class H 242,500  251,527 
CSPC Pharmaceutical Group Ltd. 100,000  107,430 
JD Health International, Inc.(1)
 35,800  250,609 
Kanzhun Ltd., ADR(1)
 6,408  129,121 
Li Ning Co. Ltd. 64,500  550,359 
Nongfu Spring Co. Ltd., H Shares 99,200  556,826 
PDD Holdings, Inc., ADR(1)
 6,800  596,564 
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares(2)
 60,000  246,197 
Yadea Group Holdings Ltd. 148,000  317,636 
4,947,452 
Denmark — 2.7%
AP Moller - Maersk A/S, B Shares 697  1,623,555 
Genmab A/S(1)
 2,166  814,955 
Novo Nordisk A/S, B Shares 19,335  2,731,171 
Pandora A/S 3,333  315,714 
5,485,395 
Finland — 0.4%
Kesko Oyj, B Shares 11,543  250,666 
Sampo Oyj, A Shares 10,109  492,108 
742,774 
21

Quality Diversified International ETF
Shares Value
France — 11.8%
BNP Paribas SA 26,956  $ 1,884,525 
Bouygues SA 8,001  270,727 
Capgemini SE 2,558  479,717 
Carrefour SA 14,400  284,680 
Cie de Saint-Gobain 5,641  335,203 
Danone SA 4,706  264,535 
Dassault Systemes SE 5,721  220,774 
Edenred 3,826  215,351 
Eiffage SA 2,512  275,690 
Engie SA 108,676  1,585,949 
EssilorLuxottica SA 1,131  196,063 
Getlink SE 12,664  212,690 
Hermes International 1,180  2,135,956 
Ipsen SA 6,028  688,751 
Kering SA 938  549,969 
La Francaise des Jeux SAEM 9,346  368,910 
L'Oreal SA 4,882  1,929,722 
LVMH Moet Hennessy Louis Vuitton SE 1,058  879,543 
Orange SA 24,213  276,423 
Pernod Ricard SA 3,959  825,892 
Publicis Groupe SA 11,505  913,349 
Rexel SA(1)
 14,776  367,295 
Sanofi 31,388  2,934,723 
Sartorius Stedim Biotech 1,366  444,901 
Sodexo SA 12,403  1,148,737 
STMicroelectronics NV 30,333  1,453,106 
Teleperformance 2,081  540,202 
TotalEnergies SE 11,588  715,028 
Veolia Environnement SA 9,622  287,162 
Vinci SA 4,567  519,304 
Vivendi SE 27,566  283,673 
23,488,550 
Germany — 7.3%
Allianz SE 1,154  270,975 
BASF SE 4,875  249,611 
Bayerische Motoren Werke AG 2,734  282,054 
BioNTech SE, ADR 4,472  581,584 
Brenntag SE 3,931  296,095 
Carl Zeiss Meditec AG, Bearer Shares 1,578  210,340 
CTS Eventim AG & Co. KGaA(1)
 3,682  241,637 
Daimler Truck Holding AG(1)
 6,397  202,619 
Deutsche Bank AG 27,348  340,956 
Deutsche Lufthansa AG(1)
 30,889  320,033 
Deutsche Post AG 20,273  857,364 
Deutsche Telekom AG 112,058  2,514,923 
Evonik Industries AG 12,631  269,693 
Fresenius Medical Care AG & Co. KGaA 33,062  1,291,915 
GEA Group AG 5,630  247,494 
Hannover Rueck SE 1,459  283,336 
HeidelbergCement AG 5,047  346,489 
22

Quality Diversified International ETF
Shares Value
Henkel AG & Co. KGaA 31,414  $ 2,172,118 
Mercedes-Benz Group AG 3,663  280,742 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 5,086  1,752,011 
Nemetschek SE 4,310  244,075 
Rational AG 339  224,856 
SAP SE 2,260  256,761 
Telefonica Deutschland Holding AG 103,372  313,572 
VERBIO Vereinigte BioEnergie AG 2,673  134,095 
Wacker Chemie AG 1,950  305,539 
14,490,887 
Hong Kong — 0.2%
Atlas Corp. 15,660  240,538 
SITC International Holdings Co. Ltd. 74,000  154,804 
395,342 
Israel — 0.8%
Bank Hapoalim BM 21,978  183,829 
ICL Group Ltd. 72,228  524,185 
Israel Discount Bank Ltd., A Shares 35,792  169,779 
Nice Ltd.(1)
 1,106  229,898 
Teva Pharmaceutical Industries Ltd.(1)
 28,601  283,872 
Tower Semiconductor Ltd.(1)
 4,589  186,130 
1,577,693 
Italy — 4.9%
Banco BPM SpA 100,013  435,972 
CNH Industrial NV 33,773  553,619 
Davide Campari-Milano NV 21,594  241,758 
Eni SpA 77,373  1,092,818 
Ferrari NV 8,110  2,104,109 
Intesa Sanpaolo SpA 111,458  301,080 
Leonardo SpA 30,860  346,228 
Moncler SpA 4,091  249,371 
Poste Italiane SpA 25,199  271,715 
Prysmian SpA 6,378  245,202 
Stellantis NV 108,507  1,898,252 
Tenaris SA 24,257  399,079 
UniCredit SpA 83,967  1,717,840 
9,857,043 
Japan — 18.6%
Advantest Corp.(2)
 3,200  253,660 
AGC, Inc. 7,400  273,775 
Aisin Corp. 9,000  246,632 
Ajinomoto Co., Inc. 11,500  339,332 
Asahi Intecc Co. Ltd. 13,100  223,041 
Astellas Pharma, Inc. 16,000  224,681 
Bandai Namco Holdings, Inc. 3,200  197,732 
BayCurrent Consulting, Inc. 7,100  278,729 
Canon, Inc.(2)
 12,300  264,724 
Capcom Co. Ltd. 7,200  226,587 
Chugai Pharmaceutical Co. Ltd. 8,000  199,020 
Dai Nippon Printing Co. Ltd. 12,000  321,717 
Daifuku Co. Ltd. 4,100  223,590 
23

Quality Diversified International ETF
Shares Value
Daiichi Sankyo Co. Ltd. 34,100  $ 1,074,025 
Daito Trust Construction Co. Ltd. 1,900  178,978 
Daiwa Securities Group, Inc.(2)
 55,900  267,199 
Dentsu Group, Inc. 7,700  246,928 
Disco Corp. 700  219,493 
Fast Retailing Co. Ltd. 1,200  236,899 
Fujitsu Ltd. 1,800  231,171 
Hamamatsu Photonics KK 4,600  225,725 
Hirose Electric Co. Ltd. 3,500  427,924 
Hitachi Ltd. 4,700  237,904 
Honda Motor Co. Ltd. 18,700  486,259 
Hoya Corp. 5,500  544,515 
Ibiden Co. Ltd. 5,800  198,949 
INPEX Corp. 59,700  625,918 
Isuzu Motors Ltd. 35,100  419,740 
ITOCHU Corp.(2)
 16,400  490,207 
Itochu Techno-Solutions Corp. 10,100  224,763 
Japan Tobacco, Inc. 103,200  2,098,613 
Kajima Corp. 21,900  261,727 
Kao Corp. 6,200  230,962 
Kawasaki Kisen Kaisha Ltd.(2)
 13,100  313,721 
Keyence Corp. 3,000  1,296,682 
Koei Tecmo Holdings Co. Ltd.(2)
 12,200  204,363 
Komatsu Ltd. 20,700  495,256 
Konami Group Corp. 5,300  233,770 
Kose Corp. 2,100  237,418 
Kyowa Kirin Co. Ltd. 9,100  194,744 
M3, Inc. 6,900  164,546 
Marubeni Corp. 120,200  1,534,480 
Mazda Motor Corp. 31,100  278,253 
MEIJI Holdings Co. Ltd. 5,100  233,558 
Mitsubishi Corp. 17,000  577,508 
Mitsubishi Electric Corp. 24,700  277,559 
Mitsubishi HC Capital, Inc. 52,000  271,469 
Mitsubishi Heavy Industries Ltd. 11,500  423,771 
Mitsui & Co. Ltd. 20,500  575,350 
MonotaRO Co. Ltd. 12,400  168,657 
MS&AD Insurance Group Holdings, Inc. 8,300  271,610 
Nihon M&A Center Holdings, Inc.(2)
 15,700  130,901 
Nintendo Co. Ltd. 4,900  183,442 
NIPPON EXPRESS HOLDINGS, Inc. 4,200  234,297 
Nippon Steel Corp. 15,500  346,390 
Nissin Foods Holdings Co. Ltd. 2,800  233,185 
NTT Data Corp. 16,200