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Annual Report
August 31, 2022
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
Performance
Portfolio Commentary
Fund Characteristics
Quality Convertible Securities ETF
Performance
Portfolio Commentary
Fund Characteristics
Quality Diversified International ETF
Performance
Portfolio Commentary
Fund Characteristics
Quality Preferred ETF
Performance
Portfolio Commentary
Fund Characteristics
STOXX® U.S. Quality Growth ETF
Performance
Portfolio Commentary
Fund Characteristics
STOXX® U.S. Quality Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information

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

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

jthomasrev0514a66.jpg Jonathan Thomas

Dear Investor:

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

Mounting Market Challenges Hampered Performance

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

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

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

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

Staying Disciplined in Uncertain Times

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

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

Sincerely,
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Jonathan Thomas
President and Chief Executive Officer
American Century Investments
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Performance
Low Volatility ETF (LVOL)
Total Returns as of August 31, 2022 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -11.98% 3.55% 1/12/2021
Market Price -11.99% 3.55% 1/12/2021
S&P 500 Index -11.23% 3.99%
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 January 12, 2021
chart-2874fa5c43fe4de0a88a.jpg

Value on August 31, 2022
Net Asset Value — $10,586
S&P 500 Index — $10,659

Total Annual Fund Operating Expenses
0.29%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






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

Portfolio Managers: Steve Rossi and Rene Casis

During the period, Tsuyoshi Ozaki left the fund’s management team.

Fund Strategy

American Century Low Volatility ETF is an actively managed fund that seeks to deliver long-term market returns while realizing less volatility, particularly in downturns. We seek to achieve the long-term growth of equities, while minimizing the variability of returns by emphasizing strong fundamentals to limit potential risk of speculative companies with questionable profits. We utilize proprietary models to screen and rank companies based on fundamental metrics typically derived from financial statement data and market information but may include other sources. The fund seeks to deliver a lower realized portfolio volatility than its benchmark, the S&P 500 Index, by utilizing a stock selection process that expands on traditional measures of price volatility by including measures of asymmetric (e.g., downside) volatility and seeking securities of businesses that demonstrate consistent cash flows, stable operations and strong balance sheets.

Performance Review

The fund returned -11.99% on a market price basis for its fiscal year ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -11.98%. For the same 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.

Materials and Health Care Weighed on Relative Performance

Stock choices and an underweight allocation meant materials stocks detracted the most from relative performance. Chemical companies LyondellBasell Industries and Linde were leading detractors amid weakening demand and poor pricing for plastic.

In the health care sector, stock choices among health care equipment and supplies companies detracted. Medical device makers Stryker and Medtronic underperformed amid production challenges resulting from supply chain disruptions and ongoing pandemic-related disruptions to medical procedures.

Other Detractors

Other significant detractors from performance compared with the benchmark were Apple, Amazon and Tesla. These were stocks that held up relatively well during a difficult period for equities, and to which the portfolio had less exposure than the benchmark, or in the case of Tesla, no exposure. The stocks tend to be volatile and comparatively unappealing based on our multipronged approach to limiting volatility.

Industrials and Information Technology Stocks Benefited Relative Performance

The leading contributions to performance compared with the benchmark came from commercial services and supplies companies Waste Management and Republic Services. These companies produced solid results and raised future guidance amid strong demand for environmental, recycling and sustainability services. Elsewhere in the sector, aerospace and defense firm General Dynamics performed well amid strong defense spending given the ongoing war in Ukraine.


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Several information technology holdings were top contributors to relative performance. It was beneficial to have less exposure than the benchmark to semiconductors and semiconductor equipment companies NVIDIA and Intel. Chipmakers were vulnerable to declines after performing well at the height of the pandemic, when demand for chips used in gaming, cryptocurrencies and cloud computing surged. But semiconductor demand fell during the period as the pandemic eased and the threat of recession loomed. We had no exposure to Intel and eliminated our stake in NVIDIA during the period.

Portfolio Positioning

We manage the portfolio by allocating to one or more investment sleeves: Stand-alone strategies designed to generate alpha from distinct market segments. Each sleeve emphasizes domain-specific, fundamental drivers of investment performance, validated through empirical research. In contrast with more naïve approaches, which typically rely on only a single, backward-looking measure of risk, the low-volatility strategy utilizes a three-pronged approach focused specifically on downside volatility. The approach incorporates fundamental business risks (balance sheet and earnings quality), trailing stock volatility measures (downside beta) and traditional risk measures (price volatility).

As a result of this process, our largest overweight positions at period-end were in the consumer staples, financials and industrials sectors. We also maintained sizable absolute weighting in the information technology sector, reflecting this segment’s significant representation in the index. The consumer discretionary and communication services sectors were our largest underweights.
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Fund Characteristics
AUGUST 31, 2022
Low Volatility ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.3%
Short-Term Investments 0.6%
Other Assets and Liabilities 0.1%
Top Five Industries % of net assets
Insurance 7.4%
Health Care Equipment and Supplies 7.2%
Commercial Services and Supplies 5.5%
Household Products 5.4%
Technology Hardware, Storage and Peripherals 5.1%

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Performance
Quality Convertible Securities ETF (QCON)
Total Returns as of August 31, 2022   Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -13.13% -10.55% 2/16/2021
Market Price -12.85% -10.49% 2/16/2021
ICE BofA Convertible Index -16.35% -12.15%
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 Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made February 16, 2021
chart-a627c92a2fa849ddbcaa.jpg

Value on August 31, 2022
Net Asset Value — $8,424
ICE BofA Convertible Index — $8,195

Total Annual Fund Operating Expenses
0.32%
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.
7


Portfolio Commentary

Portfolio Managers: Rene Casis and Hitesh Patel

Fund Strategy

American Century Quality Convertible Securities ETF seeks to offer enhanced return potential versus passive capitalization-weighted convertible bond portfolios. The fund seeks to capitalize on the deficiencies inherent in passive indices, which ignore various fundamental and market risks, to deliver potential outperformance and downside protection.

We employ a holistic approach, emphasizing high-quality, growth-oriented names through a series of quantitative screens and fundamental oversight. We enhance the investment process via fundamental and technical measures. These include sales or earnings growth, profitability, leverage, balance sheet strength, price momentum relative to peers and valuation and yield relative to other convertible securities.

We seek to integrate fundamental and quantitative analysis to develop a diversified portfolio with an optimal balance between risk and return. We consider each portfolio security’s fundamental scores, structural features, benchmark weight and equity sensitivity.

The fund is an actively managed exchange-traded fund (ETF) that combines quantitative and fundamental insights implemented with ETF portfolio management expertise to seek maximize tax efficiency. The fund actively manages beta exposure, seeking an optimal mix of bond- and equity-sensitive securities. We have the flexibility to act in response to corporate actions, market dislocations and changes to regulatory, tax and monetary policy and other macroeconomic considerations.

Performance Review

The American Century Quality Convertible Securities ETF returned -12.85% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -13.13%. For the same period, the ICE BofA Convertible Index, the fund’s benchmark index, returned -16.35%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Market Overview

The U.S. equity and credit markets experienced a tumultuous 12-month period, declining sharply amid mounting inflationary pressures and increasingly hawkish Federal Reserve (Fed) policy. Additionally, Russia’s invasion of Ukraine in February and the spread of the omicron variant of COVID-19 disrupted global supply chains and led to surging oil and commodity prices. These factors exacerbated economic concerns and triggered bouts of market volatility.

The entire U.S. Treasury yield curve shifted higher over the period, and several segments along the curve inverted, a potential harbinger of future recession. For example, the two- to 10-year segment declined 140 basis points (bps) in the last 12 months, as two-year Treasury yields rose 328 bps and 10-year Treasury yields climbed 188 bps. The sharp rise in rates hampered credit markets, and investment-grade and high-yield bonds posted double-digit declines.

Broad U.S. equity indices also posted precipitous losses. Larger-capitalization (larger-cap) stocks weathered the stress better than small-cap stocks, and value stocks generally fared better than growth stocks.


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The convertible bond market was not immune to the broader market stress, and it also declined. Although convertibles have a high degree of correlation with the underlying equity, they generally fared better due to their bond profiles providing some downside risk mitigation. Smaller-cap growth companies, which tend to be the dominant issuers of convertibles, suffered sharp losses for the period.

Defensive Positioning, Quality Focus Drove Fund’s Relative Outperformance

Our more actively managed risk-balanced positioning relative to the benchmark primarily accounted for the fund’s outperformance versus the index.

Investors’ expectations for rising costs to curb consumer demand and weigh on company profit margins led to broad-based selling and negative returns across most sectors. However, stocks in the energy sector benefited from rising oil and natural gas prices. Additionally, as investors sought more defensive positioning, the utilities and consumer staples sectors generated slightly positive returns. Meanwhile, growth sectors, such as technology, telecommunications and consumer discretionary, were among the weakest. Rising rates in the first half of 2022 weighed on valuations of their underlying equities.

The fund’s underweight position versus the index in convertibles from growth sectors aided relative results. Moreover, the fund’s overweight position in consumer staples, utilities and health care convertibles boosted performance. These defensive sectors were more resilient than cyclical and growth sectors. The fund also benefited from an opportunistic overweight to convertibles in the energy sector.

Security selection, particularly in the technology, health care and telecommunications sectors, was also a key driver of the fund’s relative outperformance. We focused on convertibles from profitable companies with reasonable valuations. These securities experienced less volatility than growth companies that were not profitable or trading at more expensive multiples. The fund also had less exposure to convertibles with higher sensitivity to the underlying equity of the issuer, which helped reduce exposure to market volatility.

Portfolio Positioning

U.S. economic growth is slowing, and recession risk is rising. While we expect headline inflation to decline from peak levels, core inflation may stay elevated. Goods-related inflation may fade as supply chain issues improve, but we expect services-related inflation to stay elevated as rents and wages remain high.

Sustained high inflation likely will keep the Fed on a persistent tightening path. While earnings generally have held up so far, we expect higher costs will eventually dampen corporate earnings for many firms. This dynamic likely will spur continued market volatility and potentially trigger further weakness in equity and credit markets through year-end.

We are focusing on higher-quality issuers with profitable businesses and stronger balance sheets. We believe these qualities should enable issuers to better manage this period of expected elevated volatility. We also believe valuations of certain growth companies have become more attractive, and we are adding to positions we expect to benefit from strong, persistent secular trends.

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Fund Characteristics
AUGUST 31, 2022
Quality Convertible Securities ETF
Types of Investments in Portfolio % of net assets
Convertible Bonds 72.3%
Convertible Preferred Stocks 19.4%
Common Stocks 5.1%
Short-Term Investments 2.9%
Other Assets and Liabilities 0.3%
Top Five Industries % of net assets
Software 15.8%
Health Care Equipment and Supplies 7.4%
Semiconductors and Semiconductor Equipment 5.7%
Hotels, Restaurants and Leisure 4.7%
IT Services 4.1%
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Performance
Quality Diversified International ETF (QINT)
Total Returns as of August 31, 2022 Average Annual Returns
  1 year Since Inception Inception Date
Net Asset Value -24.82% 1.22% 9/10/2018
Market Price -24.80% 1.23% 9/10/2018
Alpha Vee American Century Diversified International Equity Index -24.05% 2.04%
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 September 10, 2018
chart-3a2e8717e0584430b0fa.jpg

Value on August 31, 2022
Net Asset Value — $10,493
Alpha Vee American Century Diversified International Equity Index — $10,837
Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancenturyetfs.com. For additional information about the funds, please consult the prospectus.
11


Portfolio Commentary
Portfolio Managers: Peruvemba Satish, Rene Casis, Will Enderle and Paul Jo
In August 2022, Will Enderle and Paul Jo joined the management team.
Effective September 9, 2022, Peruvemba Satish will no longer serve as a portfolio manager for American Century Quality Diversified International ETF.

Fund Strategy
American Century Quality Diversified International ETF seeks to deliver investment results that closely correspond, before fees and expenses, to the performance of the Alpha Vee American Century Diversified International Equity Index* (the underlying index). The fund invests in a representative sample of securities included in the underlying index that collectively has an investment profile similar to the underlying index. Under normal market conditions, the fund invests at least 80% of its assets, exclusive of collateral held from securities lending, in the component securities of the underlying index.
The underlying index is designed to select securities with attractive growth, valuation and quality fundamentals. The universe of the index is comprised of large- and mid-capitalization (mid-cap) equity securities of global issuers in developed and emerging markets, excluding the U.S.

Performance Review
For the 12 months ended August 31, 2022, the fund returned -24.80% on a market price basis. On a net asset value (NAV) basis, the fund returned -24.82%. For the same time period, the underlying index returned -24.05%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.
Non-U.S. equities, as measured by the MSCI World ex USA Index** (world index), declined during the reporting period. The world index, which is an unmanaged index generally representative of the performance of large- and mid-cap non-U.S. equities, returned -18.56%. The fund’s underperformance versus the world index was largely due to the different compositions of the fund and the world index. The fund tracks the Alpha Vee American Century Diversified International Equity Index, which is designed to distinguish between high-quality value and growth companies, primarily in developed markets, and dynamically allocates to each category depending on the market environment.
Significant disparities between the performance of growth and value stocks in non-U.S. developed markets weighed on performance. Rising inflation and aggressive central bank policy responses led investors to suddenly turn away from higher-multiple growth stocks early in 2022. Value stocks continued to benefit as concerns about a global economic slowdown mounted, particularly in the wake of Russia’s invasion of Ukraine. However, growth stocks rebounded in early summer. The fund’s dynamic allocation adjusted accordingly, but the monthly rebalancing somewhat lagged the market’s rapid style rotations.
From a sector perspective, the industrials, consumer discretionary, health care, materials and financials sectors detracted from performance versus the world index. Conversely, information technology holdings boosted relative performance, with modest additional contribution from the real estate and consumer staples sectors.


*On September 9, 2022, the American Century Quality Diversified International ETF began to track the American Century Quality Diversified International Equity Index.
**The MSCI World ex USA Index returns for the one-year and since-inception periods ended August 31, 2022, were -18.56% and 2.13%, respectively.
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Within industrials, concerns about the slowing global economy weighed on machinery stocks. Companies in the professional services industry, such as merger and acquisition specialists and staffing agencies, also declined amid growing economic uncertainty. Consumer discretionary stocks further detracted, led by names in the hotels, restaurants and leisure industry and household durables. Within health care, not owning AstraZeneca had a negative effect on relative performance as the pharmaceuticals stock advanced strongly as part of the world index. The materials sector also detracted, particularly mining and steel manufacturing company Evraz, which declined sharply amid sanctions following Russia’s invasion of Ukraine. Among financials, an underweight to banks weighed on relative returns.
On the upside, the information technology sector proved beneficial. Not owning several stocks that underperformed notably as part of the world index, such as Shopify in the IT services industry and SAP in the software industry, contributed to relative performance.
Dynamic allocation began the reporting period with growth at the maximum allocation level, however, late in 2021, a shift began amid a market rotation toward value stocks. By February 2022, value attained the maximum allocation level, where it remained for six months. Toward the end of the period, the growth allocation began to rise. The fund’s allocation ended the reporting period with an approximately 51% allocation to value and 49% allocation to growth. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.

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Fund Characteristics
AUGUST 31, 2022
Quality Diversified International ETF
Types of Investments in Portfolio % of net assets
Common Stocks 98.9%
Short-Term Investments 1.4%
Other Assets and Liabilities (0.3)%
Top Five Countries % of net assets
Japan 19.8%
United Kingdom 11.8%
France 11.0%
Canada 8.7%
Australia 5.6%
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Performance
Quality Preferred ETF (QPFF)
Total Returns as of August 31, 2022   Average Annual Returns
  1 year Since Inception Inception Date
Net Asset Value -8.58% -1.81% 2/16/2021
Market Price -8.35% -1.70% 2/16/2021
ICE Exchange-Listed Preferred & Hybrid
Securities Index
-11.34% -3.51%
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 Cboe BZX Exchange, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made February 16, 2021
chart-d05283fda0c64eb6a65a.jpg

Value on August 31, 2022
Net Asset Value — $9,723
ICE Exchange-Listed Preferred & Hybrid Securities Index — $9,465

Total Annual Fund Operating Expenses
0.32%
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.
15


Portfolio Commentary

Portfolio Managers: Rene Casis and Hitesh Patel

Fund Strategy

American Century Quality Preferred ETF seeks to offer high sustainable income and attractive risk-adjusted returns compared with passive capitalization-weighted preferred securities portfolios. The fund seeks to capitalize on the deficiencies inherent in passive indices, which ignore various fundamental and market risks, to deliver potential outperformance.

We employ a holistic approach, emphasizing issuers we believe can sustain dividends throughout the market cycle by focusing on earnings quality and profitability. Through quantitative screens and fundamental oversight, we seek to avoid highly levered issuers with poor credit quality. We enhance the investment process with fundamental and technical measures. These include earnings quality, profitability, leverage, balance sheet strength, valuation and yield relative to other preferred securities.

We seek to integrate fundamental and quantitative analysis to develop a diversified portfolio with an optimal balance between risk and return. We consider each portfolio security’s fundamental scores, structural features, benchmark weight and equity sensitivity.

The fund is an actively managed exchange-traded fund (ETF) that combines quantitative and fundamental insights implemented with ETF portfolio management expertise to seek to maximize tax efficiency.

Performance Review

The American Century Quality Preferred ETF returned -8.35% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -8.58%. For the same period, the ICE Exchange-Listed Preferred & Hybrid Securities Index, the fund’s benchmark, returned -11.34%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Market Overview

The U.S. equity and credit markets experienced a tumultuous 12-month period, declining sharply amid mounting inflationary pressures and increasingly hawkish Federal Reserve (Fed) policy. Additionally, Russia’s invasion of Ukraine in February and the spread of the omicron variant of COVID-19 disrupted global supply chains and led to surging oil and commodity prices. These factors exacerbated economic concerns and triggered bouts of market volatility.

The entire U.S. Treasury yield curve shifted higher over the period, and several segments along the curve inverted, a potential harbinger of future recession. For example, the two- to 10-year segment declined 140 basis points (bps) in the last 12 months, as two-year Treasury yields rose 328 bps and 10-year Treasury yields climbed 188 bps. The sharp rise in rates hampered credit markets, and investment-grade and high-yield bonds posted double-digit declines.

Broad U.S. equity indices also posted precipitous losses. Larger-capitalization (larger-cap) stocks weathered the stress better than small-cap stocks, and value stocks generally fared better than growth stocks.

Tracking the broad decline among risk assets, the preferred securities market also declined. Rising interest rates and widening credit spreads combined with the market’s correlation with the equity market drove valuations of preferred securities lower.




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Defensive Positioning, Duration Management Drove Fund’s Relative Outperformance

Our more actively managed risk-balanced positioning relative to the benchmark primarily accounted for the fund’s outperformance versus the index.

We positioned the fund for a fairly constructive macroeconomic environment for most of 2021. However, in late 2021, we shifted tactically to a more defensive posture amid stretched equity valuations and historically tight credit spreads. The prospect of Fed tightening loomed as inflation expectations rose and elevated prices appeared more persistent than transitory. Overall, the fund entered 2022 positioned for a more volatile market environment.

Several active and defensive measures helped the fund outperform the index in the subsequent rising-rate period and for the entire fiscal year. In particular, we maintained a much shorter duration than the index, which aided relative results. We also reduced the fund’s exposure to broad market volatility. Additionally, we shifted the fund’s sector allocations to reduce cyclical exposure in favor of a more defensive and value orientation.

Portfolio Positioning

U.S. economic growth is slowing, and recession risk is rising. While we expect headline inflation to decline from peak levels, core inflation may stay elevated. Markets have now priced in higher rates, followed by subsequent cuts once inflation and growth have abated. Credit spreads have widened on slowing growth concerns, and we expect defaults to rise over the next 12 months.

We believe preferred securities still appear attractive relative to other fixed-income investments. These predominately high-quality securities currently offer yields that are slightly lower than lower-quality high-yield corporate credit. We also believe preferreds offer value relative to investment-grade bonds, potentially offering yield advantages and less duration risk.

We have maintained a lower duration than the index. Recently, we have been adding duration exposure due to the market pricing in significant rate hikes and due to the increased risk of recession. We continue to favor higher-quality issues, focusing on higher-coupon preferreds as credit concerns are rising. We also remain overweight to value-oriented sectors, including banks that are well capitalized and have maintained core capital ratios. We believe these issuers may benefit from higher margins amid rising rates and loan growth.
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Fund Characteristics
AUGUST 31, 2022
Quality Preferred ETF
Types of Investments in Portfolio % of net assets
Preferred Stocks 83.9%
Convertible Preferred Stocks 7.1%
Corporate Bonds 2.3%
Common Stocks 2.0%
Short-Term Investments 4.0%
Other Assets and Liabilities 0.7%
Top Five Industries % of net assets
Banks 26.4%
Capital Markets 15.2%
Insurance 14.5%
Multi-Utilities 7.0%
Mortgage Real Estate Investment Trusts (REITs) 5.6%
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Performance
STOXX® U.S. Quality Growth ETF (QGRO)
Total Returns as of August 31, 2022 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -19.83% 11.15% 9/10/2018
Market Price -19.83% 11.15% 9/10/2018
iSTOXX® American Century USA Quality Growth Index
-19.68% 11.53%
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 September 10, 2018
chart-58cf8fb9f51c48d58f5a.jpg

Value on August 31, 2022
Net Asset Value — $15,222
iSTOXX® American Century USA Quality Growth Index — $15,429
Total Annual Fund Operating Expenses
0.29%
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.
19


Portfolio Commentary

Portfolio Managers: Peruvemba Satish, Rene Casis, Will Enderle and Paul Jo

Will Enderle and Paul Jo joined the investment management team in August 2022.

Fund Strategy

American Century STOXX® U.S. Quality Growth ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the iSTOXX® American Century USA Quality Growth Index (the underlying index). Under normal market conditions, the fund invests at least 80% of its assets in the component securities of the underlying index.

The STOXX® USA 900 Index, which consists of the 900 largest publicly traded U.S. equity securities, defines the universe we use to create the underlying index. The index is designed to measure the performance of securities in the universe and identify those that exhibit higher growth and quality characteristics relative to their peers. Though component securities of the underlying index may change from time to time, the index typically consists of 150 to 250 securities.

Performance Review

The fund returned -19.83% on a market price basis for the 12 months ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -19.83%. For the same time period, the underlying index returned -19.68%. The fund fully replicated the underlying index’s components during the reporting period. The fund’s NAV and market price performance differed from the underlying index’s return due to fees and operating expenses associated with the fund.

For the same time period, the fund lagged market-capitalization-weighted growth strategies, as measured by the Russell 1000 Growth Index* (growth index). The growth index is an unmanaged index generally representative of the performance of U.S. large-capitalization growth stocks. The fund’s underperformance versus the growth index was largely due to the different compositions of the fund and the growth index. Specifically, the fund tracks the underlying index, which is designed to identify securities within the investment universe that exhibit higher growth and quality characteristics as well as securities that offer high-quality growth with attractive profitability and valuation relative to their peers. This approach led to underperformance versus the growth index, which selects and weights growth stocks based on market capitalization.

From a broad perspective, stock selection in the information technology sector helped drive underperformance versus the growth index. Within information technology, an underweight allocation to computers and peripherals stocks hampered performance. Underweighting communication services benefited relative performance, led by interactive media and services stocks.

The fund’s allocation began and closed the fiscal year with a bias toward high growth with a 65% weight in high growth and 35% weight in stable growth. However, during the year the fund’s allocations were tilted more toward stable growth, on average. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.











*The Russell 1000 Growth Index returns for the one-year and since-inception periods ended August 31, 2022, were -19.06% and 12.32%, respectively.
20


Fund Characteristics
AUGUST 31, 2022
STOXX® U.S. Quality Growth ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.7%
Short-Term Investments 0.3%
Other Assets and Liabilities
—*
*Category is less than 0.05% of total net assets.
Top Five Industries % of net assets
Software 21.6%
Semiconductors and Semiconductor Equipment 10.6%
Hotels, Restaurants and Leisure 6.1%
IT Services 5.1%
Biotechnology 4.8%
21


Performance
STOXX® U.S. Quality Value ETF (VALQ)
Total Returns as of August 31, 2022 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -7.70% 5.49% 1/11/2018
Market Price -7.69% 5.50% 1/11/2018
iSTOXX® American Century USA Quality Value Index
-7.41% 5.79%
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 January 11, 2018
chart-3fdcb56da2e04d8bb22a.jpg

Value on August 31, 2022
Net Asset Value — $12,815
iSTOXX® American Century USA Quality Value Index — $12,985
Total Annual Fund Operating Expenses
0.29%
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.
22


Portfolio Commentary

Portfolio Managers: Peruvemba Satish, Rene Casis, Will Enderle and Paul Jo

Will Enderle and Paul Jo joined the investment management team in August 2022.

Fund Strategy

American Century STOXX® U.S. Quality Value ETF seeks to track the investment results (before fees and expenses) of the iSTOXX® American Century USA Quality Value Index (the underlying index). Under normal market conditions, the fund invests at least 80% of its assets in the component securities of the underlying index.

The STOXX® USA 900 Index, which consists of the 900 largest publicly traded U.S. equity securities, defines the universe we use to create the underlying index. From that universe, we use a rules-based methodology that screens and weights stocks based on fundamental measures of quality, value and income. The resulting underlying index is designed to include high-quality securities of large- and mid-capitalization companies that are undervalued or have sustainable income. Although component securities of the underlying index may change from time to time, the index typically consists of 200 to 300 securities.

Performance Review

The fund returned -7.69% on a market price basis for the 12-month period ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -7.70%. For the same time period, the underlying index returned -7.41%. The fund fully replicated the underlying index’s components during the reporting period. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

For the same time period, the Russell 1000 Value Index* (value index), a market-capitalization index, returned -6.23%. The value index is an unmanaged index generally representative of the performance of U.S. large-capitalization value stocks. The fund’s performance versus the value index was largely attributable to the different compositions of the fund and the value index. Specifically, the fund tracks the underlying index, which pursues risk-adjusted returns by dynamically allocating among high-quality, attractively valued companies and companies offering sustainable income.

From a broad perspective, the fund’s stock selection in the consumer discretionary sector detracted from performance relative to the value index, especially in the specialty retail industry. Health care also detracted due to stock selection, led by weakness in the biotechnology and health care providers and services industries. Stock choices in industrials and an underweight allocation to financials were top positive contributors to performance.

The fund’s allocation closed the 12-month period with a 65% allocation to value and a 35% allocation to income. Over the course of the year, the allocation to value was as high as 80% and as low as 35%. Allocations are rebalanced monthly, based on a strategy informed by recent risk-adjusted performance.











*The Russell 1000 Value Index returns for the one-year and since-inception periods ended August 31, 2022, were -6.23% and 6.00%, respectively.
23


Fund Characteristics
AUGUST 31, 2022
STOXX® U.S. Quality Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.6%
Short-Term Investments 0.5%
Other Assets and Liabilities (0.1)%
Top Five Industries % of net assets
Oil, Gas and Consumable Fuels 6.8%
Semiconductors and Semiconductor Equipment 5.6%
Health Care Providers and Services 5.4%
Biotechnology 5.1%
Equity Real Estate Investment Trusts (REITs) 5.0%
24


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.

25


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)
Low Volatility ETF
Actual $1,000 $925.40 $1.41 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
Quality Convertible Securities ETF
Actual $1,000 $908.30 $1.54 0.32%
Hypothetical $1,000 $1,023.59 $1.63 0.32%
Quality Diversified International ETF
Actual $1,000 $846.40 $1.82 0.39%
Hypothetical $1,000 $1,023.24 $1.99 0.39%
Quality Preferred ETF
Actual $1,000 $960.50 $1.58 0.32%
Hypothetical $1,000 $1,023.59 $1.63 0.32%
STOXX® U.S. Quality Growth ETF
Actual $1,000 $902.30 $1.39 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
STOXX® U.S. Quality Value ETF
Actual $1,000 $937.00 $1.42 0.29%
Hypothetical $1,000 $1,023.74 $1.48 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 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.
26


Schedules of Investments

AUGUST 31, 2022
Low Volatility ETF
Shares Value
COMMON STOCKS — 99.3%


Aerospace and Defense — 3.4%
General Dynamics Corp. 1,090  $ 249,534 
Banks — 2.8%
F.N.B. Corp. 2,007  23,923 
JPMorgan Chase & Co. 187  21,268 
Truist Financial Corp. 385  18,033 
U.S. Bancorp 3,134  142,942 
206,166 
Beverages — 5.0%
Coca-Cola Co. 4,940  304,847 
PepsiCo, Inc. 384  66,152 
370,999 
Biotechnology — 0.4%
Gilead Sciences, Inc. 443  28,117 
Capital Markets — 4.7%
FactSet Research Systems, Inc. 52  22,534 
Moody's Corp. 195  55,481 
MSCI, Inc. 62  27,853 
Raymond James Financial, Inc. 188  19,622 
S&P Global, Inc. 57  20,074 
SEI Investments Co. 2,860  156,442 
T. Rowe Price Group, Inc. 377  45,240 
347,246 
Chemicals — 4.4%
Dow, Inc. 619  31,569 
Linde PLC 803  227,136 
LyondellBasell Industries NV, Class A 614  50,962 
Sherwin-Williams Co. 87  20,193 
329,860 
Commercial Services and Supplies — 5.5%
Cintas Corp. 201  81,775 
Copart, Inc.(1)
148  17,708 
Republic Services, Inc. 1,052  150,141 
Waste Management, Inc. 934  157,874 
407,498 
Communications Equipment — 3.7%
Cisco Systems, Inc. 6,106  273,060 
Diversified Financial Services — 1.8%
Berkshire Hathaway, Inc., Class B(1)
466  130,853 
Diversified Telecommunication Services — 0.7%
AT&T, Inc. 1,199  21,031 
Verizon Communications, Inc. 809  33,824 
54,855 
Electronic Equipment, Instruments and Components — 4.4%
Amphenol Corp., Class A 1,627  119,633 
Keysight Technologies, Inc.(1)
204  33,433 
27


Low Volatility ETF
Shares Value
TE Connectivity Ltd. 1,384  $ 174,675 
327,741 
Equity Real Estate Investment Trusts (REITs) — 2.3%
Mid-America Apartment Communities, Inc. 665  110,170 
Public Storage 128  42,346 
WP Carey, Inc. 254  21,344 
173,860 
Food and Staples Retailing — 1.8%
Costco Wholesale Corp. 262  136,790 
Food Products — 1.3%
Mondelez International, Inc., Class A 1,195  73,923 
Tyson Foods, Inc., Class A 264  19,900 
93,823 
Health Care Equipment and Supplies — 7.2%
Abbott Laboratories 1,488  152,743 
Edwards Lifesciences Corp.(1)
146  13,155 
Intuitive Surgical, Inc.(1)
79  16,253 
Medtronic PLC 1,980  174,082 
Stryker Corp. 879  180,371 
536,604 
Hotels, Restaurants and Leisure — 2.8%
McDonald's Corp. 762  192,237 
Starbucks Corp. 197  16,562 
208,799 
Household Products — 5.4%
Colgate-Palmolive Co. 1,704  133,270 
Procter & Gamble Co. 1,950  268,983 
402,253 
Industrial Conglomerates — 0.3%
3M Co. 155  19,274 
Insurance — 7.4%
Aflac, Inc. 1,370  81,405 
Arch Capital Group Ltd.(1)
1,539  70,363 
Brown & Brown, Inc. 473  29,818 
Chubb Ltd. 208  39,322 
Everest Re Group Ltd. 66  17,757 
Hanover Insurance Group, Inc. 152  19,667 
Hartford Financial Services Group, Inc. 354  22,766 
Marsh & McLennan Cos., Inc. 737  118,930 
Travelers Cos., Inc. 732  118,321 
WR Berkley Corp. 561  36,353 
554,702 
Interactive Media and Services — 1.0%
Alphabet, Inc., Class A(1)
656  70,992 
Internet and Direct Marketing Retail — 0.5%
Amazon.com, Inc.(1)
296  37,524 
IT Services — 4.8%
Accenture PLC, Class A 372  107,307 
Amdocs Ltd. 842  71,966 
Visa, Inc., Class A 915  181,819 
361,092 
28


Low Volatility ETF
Shares Value
Life Sciences Tools and Services — 1.2%
Danaher Corp. 332  $ 89,610 
Machinery — 3.7%
Dover Corp. 858  107,216 
IDEX Corp. 281  56,540 
Illinois Tool Works, Inc. 352  68,580 
Parker-Hannifin Corp. 66  17,490 
Snap-on, Inc. 114  24,836 
274,662 
Media — 1.1%
Comcast Corp., Class A 2,362  85,481 
Multi-Utilities — 1.0%
Brookfield Infrastructure Partners LP 704  29,561 
NiSource, Inc. 1,451  42,819 
72,380 
Oil, Gas and Consumable Fuels — 3.4%
Devon Energy Corp. 338  23,870 
Exxon Mobil Corp. 2,207  210,967 
Marathon Petroleum Corp. 200  20,150 
254,987 
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co. 629  42,401 
Johnson & Johnson 854  137,785 
Zoetis, Inc. 295  46,176 
226,362 
Semiconductors and Semiconductor Equipment — 2.5%
Advanced Micro Devices, Inc.(1)
191  16,210 
Analog Devices, Inc. 219  33,185 
Broadcom, Inc. 173  86,346 
KLA Corp. 49  16,863 
ON Semiconductor Corp.(1)
286  19,668 
QUALCOMM, Inc. 129  17,063 
189,335 
Software — 4.8%
Adobe, Inc.(1)
38  14,191 
Microsoft Corp. 895  234,016 
Roper Technologies, Inc. 194  78,100 
Synopsys, Inc.(1)
99  34,256 
360,563 
Specialty Retail — 1.2%
Home Depot, Inc. 195  56,242 
O'Reilly Automotive, Inc.(1)
43  29,976 
86,218 
Technology Hardware, Storage and Peripherals — 5.1%
Apple, Inc. 2,427  381,573 
Textiles, Apparel and Luxury Goods — 0.2%
NIKE, Inc., Class B 171  18,203 
Trading Companies and Distributors — 0.5%
Fastenal Co. 702  35,332 
TOTAL COMMON STOCKS
(Cost $7,465,448)
7,396,348 
29


Low Volatility ETF
Shares Value
SHORT-TERM INVESTMENTS — 0.6%


Money Market Funds — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $45,362)
45,362  $ 45,362 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $7,510,810)

7,441,710 
OTHER ASSETS AND LIABILITIES — 0.1%

8,602 
TOTAL NET ASSETS — 100.0%

$ 7,450,312 

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


See Notes to Financial Statements.
30


AUGUST 31, 2022
Quality Convertible Securities ETF
Principal
Amount/Shares
Value
CONVERTIBLE BONDS — 72.3%


Aerospace and Defense — 0.7%
Parsons Corp., 0.25%, 8/15/25 $ 170,000  $ 181,815 
Air Freight and Logistics — 0.7%
Air Transport Services Group, Inc., 1.125%, 10/15/24 148,000  164,798 
Airlines — 1.0%
American Airlines Group, Inc., 6.50%, 7/1/25 98,000  106,526 
Southwest Airlines Co., 1.25%, 5/1/25 122,000  152,896 
259,422 
Automobiles — 1.3%
Ford Motor Co., 0.00%, 3/15/26(1)
204,000  222,972 
Tesla, Inc., 2.00%, 5/15/24 7,000  93,121 
316,093 
Beverages — 1.4%
MGP Ingredients, Inc., 1.875%, 11/15/41(2)
271,000  348,751 
Biotechnology — 3.3%
Ascendis Pharma A/S, 2.25%, 4/1/28(2)
96,000  87,080 
Exact Sciences Corp., 0.375%, 3/1/28 102,000  70,176 
Halozyme Therapeutics, Inc., 0.25%, 3/1/27 261,000  233,921 
Insmed, Inc., 0.75%, 6/1/28 94,000  93,389 
Intercept Pharmaceuticals, Inc., 3.50%, 2/15/26 72,000  81,630 
Neurocrine Biosciences, Inc., 2.25%, 5/15/24 71,000  98,786 
Sarepta Therapeutics, Inc., 1.50%, 11/15/24 96,000  160,200 
825,182 
Communications Equipment — 2.1%
Lumentum Holdings, Inc., 0.50%, 12/15/26 208,000  219,440 
Lumentum Holdings, Inc., 0.50%, 6/15/28(2)
188,000  168,636 
Viavi Solutions, Inc., 1.00%, 3/1/24 120,000  140,250 
528,326 
Electrical Equipment — 1.0%
Plug Power, Inc., 3.75%, 6/1/25 20,000  111,950 
SunPower Corp., 4.00%, 1/15/23 117,000  133,673 
245,623 
Electronic Equipment, Instruments and Components — 2.1%
Insight Enterprises, Inc., 0.75%, 2/15/25 256,000  356,608 
Vishay Intertechnology, Inc., 2.25%, 6/15/25 178,000  169,611 
526,219 
Entertainment — 3.0%
iQIYI, Inc., 2.00%, 4/1/25 132,000  120,120 
Live Nation Entertainment, Inc., 2.50%, 3/15/23 68,000  93,975 
Pandora Media LLC, 1.75%, 12/1/23 65,000  70,980 
Sea Ltd., 0.25%, 9/15/26 239,000  176,027 
World Wrestling Entertainment, Inc., 3.375%, 12/15/23 35,000  96,740 
Zynga, Inc., 0.25%, 6/1/24 157,000  176,668 
734,510 
Equity Real Estate Investment Trusts (REITs) — 0.4%
IIP Operating Partnership LP, 3.75%, 2/21/24(2)
17,000  24,407 
31


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Summit Hotel Properties, Inc., 1.50%, 2/15/26 $ 83,000  $ 74,077 
98,484 
Health Care Equipment and Supplies — 4.5%
CONMED Corp., 2.625%, 2/1/24 132,000  152,460 
Dexcom, Inc., 0.25%, 11/15/25 243,000  233,128 
Envista Holdings Corp., 2.375%, 6/1/25 78,000  143,949 
Haemonetics Corp., 0.00%, 3/1/26(1)
119,000  99,777 
Insulet Corp., 0.375%, 9/1/26 110,000  140,635 
Integra LifeSciences Holdings Corp., 0.50%, 8/15/25 240,000  222,405 
Mesa Laboratories, Inc., 1.375%, 8/15/25 63,000  55,861 
Omnicell, Inc., 0.25%, 9/15/25 60,000  71,100 
1,119,315 
Health Care Providers and Services — 3.1%
Elevance Health, Inc., 2.75%, 10/15/42 86,000  592,755 
Guardant Health, Inc., 0.00%, 11/15/27(1)
215,000  160,262 
753,017 
Hotels, Restaurants and Leisure — 3.8%
Airbnb, Inc., 0.00%, 3/15/26(1)
243,000  209,587 
Booking Holdings, Inc., 0.75%, 5/1/25 352,000  458,267 
Marriott Vacations Worldwide Corp., 0.00%, 1/15/26(1)
97,000  99,134 
Royal Caribbean Cruises Ltd., 4.25%, 6/15/23 172,000  169,877 
936,865 
Interactive Media and Services — 1.9%
Snap, Inc., 0.75%, 8/1/26 79,000  72,186 
Twitter, Inc., 0.25%, 6/15/24 185,000  185,093 
Ziff Davis, Inc., 1.75%, 11/1/26(2)
204,000  202,062 
459,341 
Internet and Direct Marketing Retail — 2.4%
Etsy, Inc., 0.25%, 6/15/28 149,000  124,713 
Match Group Financeco 2, Inc., 0.875%, 6/15/26(2)
150,000  145,875 
Match Group Financeco 3, Inc., 2.00%, 1/15/30(2)
137,000  136,700 
Pinduoduo, Inc., 0.00%, 12/1/25(1)
203,000  186,557 
593,845 
IT Services — 4.1%
Akamai Technologies, Inc., 0.375%, 9/1/27 411,000  414,493 
Block, Inc., 0.25%, 11/1/27 143,000  111,124 
Cloudflare, Inc., 0.75%, 5/15/25 32,000  57,540 
MongoDB, Inc., 0.25%, 1/15/26 53,000  87,357 
Okta, Inc., 0.375%, 6/15/26 100,000  84,800 
Perficient, Inc., 1.25%, 8/1/25 35,000  56,943 
Perficient, Inc., 0.125%, 11/15/26(2)
113,000  90,909 
Shift4 Payments, Inc., 0.50%, 8/1/27 127,000  101,282 
1,004,448 
Leisure Products — 0.4%
Callaway Golf Co., 2.75%, 5/1/26 62,000  89,319 
Machinery — 2.0%
Chart Industries, Inc., 1.00%, 11/15/24(2)
53,000  175,600 
John Bean Technologies Corp., 0.25%, 5/15/26 136,000  123,420 
Middleby Corp., 1.00%, 9/1/25 147,000  183,088 
482,108 
32


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Media — 1.8%
Cable One, Inc., 1.125%, 3/15/28 $ 92,000  $ 74,980 
Liberty Broadband Corp., 2.75%, 9/30/50(2)
130,000  126,225 
Liberty Media Corp., 2.75%, 12/1/49(2)
259,000  239,187 
440,392 
Mortgage Real Estate Investment Trusts (REITs) — 2.5%
Apollo Commercial Real Estate Finance, Inc., 5.375%, 10/15/23 171,000  170,038 
Arbor Realty Trust, Inc., 4.75%, 11/1/22 105,000  105,945 
Blackstone Mortgage Trust, Inc., 5.50%, 3/15/27 184,000  170,430 
PennyMac Corp., 5.50%, 3/15/26 195,000  174,623 
621,036 
Oil, Gas and Consumable Fuels — 2.9%
EQT Corp., 1.75%, 5/1/26 51,000  165,138 
Green Plains, Inc., 2.25%, 3/15/27 50,000  68,475 
Pioneer Natural Resources Co., 0.25%, 5/15/25 197,000  484,324 
717,937 
Personal Products — 0.4%
Herbalife Nutrition Ltd., 2.625%, 3/15/24 98,000  90,503 
Pharmaceuticals — 2.2%
Jazz Investments I Ltd., 2.00%, 6/15/26 339,000  402,139 
Pacira BioSciences, Inc., 0.75%, 8/1/25 71,000  70,112 
Revance Therapeutics, Inc., 1.75%, 2/15/27 91,000  82,526 
554,777 
Professional Services — 1.6%
FTI Consulting, Inc., 2.00%, 8/15/23 99,000  158,984 
KBR, Inc., 2.50%, 11/1/23 117,000  226,395 
385,379 
Real Estate Management and Development — 0.5%
Zillow Group, Inc., 2.75%, 5/15/25 140,000  136,500 
Semiconductors and Semiconductor Equipment — 3.8%
Enphase Energy, Inc., 0.00%, 3/1/26(1)
303,000  358,752 
Microchip Technology, Inc., 0.125%, 11/15/24 130,000  136,338 
ON Semiconductor Corp., 0.00%, 5/1/27(1)
114,000  163,818 
Silicon Laboratories, Inc., 0.625%, 6/15/25 63,000  75,739 
SMART Global Holdings, Inc., 2.25%, 2/15/26 94,000  105,468 
Wolfspeed, Inc., 0.25%, 2/15/28(2)
78,000  88,530 
928,645 
Software — 15.5%
Alarm.com Holdings, Inc., 0.00%, 1/15/26(1)
131,000  110,106 
Bentley Systems, Inc., 0.125%, 1/15/26 291,000  265,549 
Bill.com Holdings, Inc., 0.00%, 4/1/27(1)(2)
150,000  128,344 
CyberArk Software Ltd., 0.00%, 11/15/24(1)
138,000  155,626 
Datadog, Inc., 0.125%, 6/15/25 88,000  118,089 
Dropbox, Inc., 0.00%, 3/1/28(1)
156,000  138,645 
Envestnet, Inc., 1.75%, 6/1/23 68,000  69,360 
Five9, Inc., 0.50%, 6/1/25 90,000  91,395 
HubSpot, Inc., 0.375%, 6/1/25 66,000  90,387 
InterDigital, Inc., 2.00%, 6/1/24 84,000  80,535 
Mandiant, Inc., 0.875%, 6/1/24 387,000  435,955 
Mitek Systems, Inc., 0.75%, 2/1/26 260,000  220,534 
33


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Palo Alto Networks, Inc., 0.375%, 6/1/25 $ 290,000  $ 551,870 
Pegasystems, Inc., 0.75%, 3/1/25 129,000  107,634 
Progress Software Corp., 1.00%, 4/15/26 241,000  244,133 
Rapid7, Inc., 0.25%, 3/15/27 173,000  149,645 
Splunk, Inc., 1.125%, 9/15/25 169,000  161,142 
Tyler Technologies, Inc., 0.25%, 3/15/26 159,000  159,159 
Varonis Systems, Inc., 1.25%, 8/15/25 174,000  196,968 
Workday, Inc., 0.25%, 10/1/22 86,000  96,234 
Workiva, Inc., 1.125%, 8/15/26 149,000  164,049 
Zscaler, Inc., 0.125%, 7/1/25 65,000  81,933 
3,817,292 
Specialty Retail — 0.6%
Burlington Stores, Inc., 2.25%, 4/15/25 136,000  141,610 
Technology Hardware, Storage and Peripherals — 1.3%
Pure Storage, Inc., 0.125%, 4/15/23 268,000  318,920 
TOTAL CONVERTIBLE BONDS
(Cost $18,996,007)
17,820,472 
CONVERTIBLE PREFERRED STOCKS — 19.4%


Banks — 2.4%
Bank of America Corp., 7.25% 237  291,294 
Wells Fargo & Co., 7.50% 233  290,668 
581,962 
Capital Markets — 1.8%
AMG Capital Trust II, 5.15%, 10/15/37 2,974  149,057 
KKR & Co. Inc., 6.00%, 9/15/23 4,568  286,265 
435,322 
Electric Utilities — 2.2%
American Electric Power Co., Inc., 6.125%, 8/15/23 4,799  263,513 
NextEra Energy, Inc., 6.22%, 9/1/23 5,125  268,678 
532,191 
Electronic Equipment, Instruments and Components — 0.5%
II-VI, Inc., 6.00%, 7/1/23 580  118,094 
Equity Real Estate Investment Trusts (REITs) — 0.6%
LXP Industrial Trust, 6.50% 2,949  152,700 
Gas Utilities — 0.7%
Spire, Inc., 7.50%, 3/1/24 3,300  165,396 
Health Care Equipment and Supplies — 2.9%
Becton Dickinson & Co., 6.00%, 6/1/23 6,960  351,480 
Boston Scientific Corp., 5.50%, 6/1/23 3,436  363,278 
714,758 
Life Sciences Tools and Services — 1.8%
Danaher Corp., 5.00%, 4/15/23 323  454,999 
Metals and Mining — 0.4%
ArcelorMittal SA, 5.50%, 5/18/23 1,687  95,585 
Multi-Utilities — 1.7%
DTE Energy Co., 6.25%, 11/1/22 4,839  248,386 
NiSource, Inc., 7.75%, 3/1/24 1,578  178,140 
426,526 
34


Quality Convertible Securities ETF
Principal
Amount/Shares
Value
Semiconductors and Semiconductor Equipment — 1.9%
Broadcom, Inc., 8.00%, 9/30/22 294  $ 459,872 
Wireless Telecommunication Services — 2.5%
2020 Cash Mandatory Exchangeable Trust, 5.25%, 6/1/23(2)
528  630,474 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $5,009,184)
4,767,879 
COMMON STOCKS — 5.1%


Biotechnology — 0.2%
PTC Therapeutics, Inc.(3)
975  48,691 
Communications Equipment — 0.2%
Viavi Solutions, Inc.(3)
3,469  48,843 
Consumer Finance — 1.0%
Encore Capital Group, Inc.(3)
4,270  233,484 
Electric Utilities — 1.0%
Southern Co. 3,287  253,329 
Electrical Equipment — 0.1%
SunPower Corp.(3)
1,041  24,984 
Equity Real Estate Investment Trusts (REITs) — 0.4%
Invitation Homes, Inc. 2,603  94,437 
Food Products — 1.0%
Bunge Ltd. 2,370  235,033 
Hotels, Restaurants and Leisure — 0.9%
Bloomin' Brands, Inc. 11,335  229,194 
Software — 0.3%
Alteryx, Inc., Class A(3)
927  57,771 
Avalara, Inc.(3)
256  23,447 
81,218 
TOTAL COMMON STOCKS
(Cost $1,252,395)
1,249,213 
SHORT-TERM INVESTMENTS — 2.9%


Money Market Funds — 2.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $723,066)
723,066  723,066 
TOTAL INVESTMENT SECURITIES — 99.7%
(Cost $25,980,652)

24,560,630 
OTHER ASSETS AND LIABILITIES — 0.3%

77,555 
TOTAL NET ASSETS — 100.0%

$ 24,638,185 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(2)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 $2,592,780, which represented 10.5% of total net assets.
(3)Non-income producing.


See Notes to Financial Statements.
35


AUGUST 31, 2022
Quality Diversified International ETF
Shares Value
COMMON STOCKS — 98.9%


Australia — 5.6%
Aristocrat Leisure Ltd. 13,291  $ 320,797 
ASX Ltd. 26,763  1,424,655 
Australia & New Zealand Banking Group Ltd. 15,377  237,706 
BlueScope Steel Ltd. 37,625  422,146 
Computershare Ltd. 16,624  277,250 
CSL Ltd. 1,098  219,619 
Fortescue Metals Group Ltd. 192,924  2,397,577 
Goodman Group 14,865  197,675 
IGO Ltd. 47,826  428,008 
Incitec Pivot Ltd. 132,955  351,354 
James Hardie Industries PLC 29,036  658,112 
Lynas Rare Earths Ltd.(1)
60,801  363,229 
Macquarie Group Ltd. 1,605  192,043 
Medibank Pvt Ltd. 106,736  268,865 
REA Group Ltd. 2,664  229,739 
Sonic Healthcare Ltd. 68,399  1,581,726 
South32 Ltd. 145,511  400,695 
WiseTech Global Ltd. 9,113  359,959 
Woodside Energy Group Ltd. 12,924  300,205 
10,631,360 
Austria — 1.0%
ANDRITZ AG 5,990  275,877 
OMV AG 30,499  1,228,874 
Verbund AG 3,353  320,405 
voestalpine AG 9,471  190,580 
2,015,736 
Belgium — 0.6%
D'ieteren Group 1,435  216,328 
KBC Group NV 4,445  211,993 
Proximus SADP 16,072  204,581 
Solvay SA 2,835  228,859 
UCB SA 3,143  220,849 
1,082,610 
Canada — 8.7%
Alimentation Couche-Tard, Inc. 4,771  205,029 
ARC Resources Ltd. 18,975  261,938 
Canadian Natural Resources Ltd. 7,935  435,010 
Canadian Tire Corp. Ltd., Class A 13,059  1,535,938 
CGI, Inc.(1)
3,270  258,941 
Constellation Software, Inc. 1,514  2,279,064 
Dollarama, Inc. 6,805  414,409 
Empire Co. Ltd., Class A 10,059  286,525 
Fairfax Financial Holdings Ltd. 482  240,290 
George Weston Ltd. 5,054  577,803 
Gildan Activewear, Inc.(2)
7,221  213,548 
Great-West Lifeco, Inc.(2)
10,183  239,194 
Imperial Oil Ltd. 5,223  256,348 
Loblaw Cos. Ltd. 17,234  1,523,090 
36


Quality Diversified International ETF
Shares Value
Lundin Mining Corp. 31,370  $ 163,138 
Manulife Financial Corp. 181,033  3,131,739 
Metro, Inc.(2)
5,523  290,500 
Nutrien Ltd. 2,724  250,072 
Open Text Corp.(2)
7,369  232,121 
Pembina Pipeline Corp. 5,377  189,885 
Shaw Communications, Inc., B Shares(2)
7,649  196,154 
Suncor Energy, Inc.(2)
14,610  472,668 
Teck Resources Ltd., Class B 6,738  228,200 
TFI International, Inc. 2,639  263,287 
Toromont Industries Ltd. 3,301  255,514 
Tourmaline Oil Corp. 17,213  1,017,695 
West Fraser Timber Co. Ltd. 10,077  901,548 
Wheaton Precious Metals Corp.(2)
5,936  181,196 
16,500,844 
China — 5.0%
ANTA Sports Products Ltd. 77,200  929,676 
BYD Co. Ltd., H Shares 30,500  939,867 
China Coal Energy Co. Ltd., H Shares 602,000  535,339 
China Shenhua Energy Co. Ltd., H Shares 495,500  1,554,022 
COSCO SHIPPING Holdings Co. Ltd., Class H 623,500  930,798 
CSPC Pharmaceutical Group Ltd. 884,000  896,751 
JD.com, Inc., ADR 820  52,062 
Li Ning Co. Ltd. 70,500  642,136 
NetEase, Inc., ADR 10,655  943,074 
Orient Overseas International Ltd. 18,000  501,749 
Want Want China Holdings Ltd. 1,095,000  771,341 
Yankuang Energy Group Co. Ltd., H Shares(2)
166,000  657,096 
Zhongsheng Group Holdings Ltd. 33,000  156,036 
9,509,947 
Denmark — 2.2%
AP Moller - Maersk A/S, B Shares 457  1,096,413 
Carlsberg A/S, B Shares 2,176  282,554 
Danske Bank A/S 17,344  231,593 
Novo Nordisk A/S, B Shares 19,424  2,076,693 
Novozymes A/S, B Shares 3,389  194,507 
Pandora A/S 6,096  366,227 
4,247,987 
Finland — 1.9%
Elisa Oyj 4,169  222,951 
Fortum Oyj 15,021  154,513 
Kesko Oyj, B Shares 8,626  181,471 
Nokia Oyj 188,044  947,622 
Orion Oyj, Class B 10,496  475,890 
Stora Enso Oyj, R Shares 26,200  390,012 
Valmet Oyj 24,965  632,797 
Wartsila Oyj Abp 65,527  540,286 
3,545,542 
France — 11.0%
ArcelorMittal SA 9,341  221,700 
AXA SA 10,990  258,832 
37


Quality Diversified International ETF
Shares Value
BNP Paribas SA 4,864  $ 226,031 
Bouygues SA 43,512  1,278,164 
Bureau Veritas SA 7,460  185,157 
Capgemini SE 1,430  247,072 
Carrefour SA 86,756  1,448,000 
Cie de Saint-Gobain 33,797  1,361,267 
Cie Generale des Etablissements Michelin SCA 1,652  40,179 
Eiffage SA 5,332  468,976 
Electricite de France SA(2)
31,834  380,615 
Engie SA 21,503  255,393 
Eurofins Scientific SE 2,308  159,686 
Hermes International 1,624  2,079,963 
Ipsen SA 5,516  528,637 
Kering SA 1,936  971,393 
Klepierre SA(1)
12,174  249,716 
L'Oreal SA 6,711  2,304,854 
Legrand SA 2,488  180,018 
LVMH Moet Hennessy Louis Vuitton SE 1,399  902,728 
Orange SA 78,678  796,802 
Pernod Ricard SA 1,139  208,993 
Publicis Groupe SA 6,363  310,675 
Remy Cointreau SA 1,393  258,350 
Rexel SA(1)
27,395  444,948 
Sanofi 33,418  2,731,915 
Sartorius Stedim Biotech 2,548  931,960 
Societe Generale SA 10,332  227,773 
STMicroelectronics NV 6,166  214,886 
Teleperformance 828  235,820 
Thales SA 2,273  274,035 
TotalEnergies SE(2)
4,646  235,226 
Unibail-Rodamco-Westfield(1)
3,944  202,759 
Vivendi SE 23,277  210,993 
21,033,516 
Germany — 5.1%
Bayerische Motoren Werke AG 13,312  980,810 
Brenntag SE 2,784