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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.
17

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  182,540 
Carl Zeiss Meditec AG 1,612  200,628 
Covestro AG 30,397  916,528 
CTS Eventim AG & Co. KGaA(1)
3,354  180,324 
Evonik Industries AG 108,730  2,027,284 
GEA Group AG 41,728  1,451,584 
Hannover Rueck SE 1,407  207,372 
HeidelbergCement AG 19,136  864,133 
K+S AG 9,887  225,241 
Knorr-Bremse AG 4,062  196,865 
Merck KGaA 1,161  199,437 
Muenchener Rueckversicherungs-Gesellschaft AG 1,133  270,697 
Nemetschek SE 3,015  177,614 
Rational AG 330  177,989 
Rheinmetall AG 1,063  168,746 
RWE AG 4,889  186,649 
38

Quality Diversified International ETF
Shares Value
Siemens Healthineers AG 4,623  $ 225,908 
Symrise AG 1,949  203,932 
Uniper SE 10,748  58,156 
Volkswagen AG, Preference Shares 1,668  237,255 
Wacker Chemie AG 2,753  391,526 
9,731,218 
Hong Kong — 0.7%
Chow Tai Fook Jewellery Group Ltd. 262,400  528,134 
SITC International Holdings Co. Ltd. 146,000  370,232 
Xinyi Glass Holdings Ltd. 217,000  400,775 
1,299,141 
Ireland — 0.1%
Bank of Ireland Group PLC 47,996  295,730 
Israel — 1.2%
Bank Hapoalim BM 23,202  240,546 
Bank Leumi Le-Israel BM 49,482  523,085 
ICL Group Ltd. 96,262  919,175 
Israel Discount Bank Ltd., A Shares 46,822  286,253 
Mizrahi Tefahot Bank Ltd. 6,538  265,905 
2,234,964 
Italy — 2.4%
A2A SpA 165,365  185,298 
Assicurazioni Generali SpA 15,242  223,551 
CNH Industrial NV 20,180  245,693 
Eni SpA 21,705  256,400 
Ferrari NV 1,264  244,006 
Italgas SpA 33,358  171,583 
Leonardo SpA 32,351  264,754 
Mediobanca Banca di Credito Finanziario SpA 27,753  219,690 
Moncler SpA 4,794  213,293 
Recordati Industria Chimica e Farmaceutica SpA 4,808  196,166 
Stellantis NV 142,431  1,897,256 
UniCredit SpA 41,061  401,818 
4,519,508 
Japan — 19.8%
Advantest Corp. 3,100  175,570 
AGC, Inc. 7,300  247,754 
Ajinomoto Co., Inc. 8,700  240,467 
Astellas Pharma, Inc. 30,700  435,258 
Bandai Namco Holdings, Inc. 2,800  210,102 
BayCurrent Consulting, Inc. 1,300  382,031 
Brother Industries Ltd. 44,900  859,274 
Canon, Inc.(2)
11,000  263,442 
Capcom Co. Ltd. 9,500  259,300 
Chugai Pharmaceutical Co. Ltd. 7,900  203,884 
CyberAgent, Inc. 39,700  387,046 
Daiichi Sankyo Co. Ltd. 8,000  240,414 
Daito Trust Construction Co. Ltd. 2,400  236,106 
Dentsu Group, Inc. 8,200  264,081 
Eisai Co. Ltd. 6,700  273,180 
Fuji Electric Co. Ltd. 4,500  194,410 
39

Quality Diversified International ETF
Shares Value
FUJIFILM Holdings Corp. 5,000  $ 253,834 
Fujitsu Ltd. 1,800  211,812 
Hirose Electric Co. Ltd. 1,500  212,546 
Hitachi Ltd. 5,200  259,803 
Honda Motor Co. Ltd. 11,200  298,169 
Hoya Corp. 2,000  203,954 
INPEX Corp. 52,700  605,767 
ITOCHU Corp. 9,500  261,447 
Itochu Techno-Solutions Corp. 11,100  280,132 
Japan Tobacco, Inc. 159,400  2,700,780 
Kao Corp. 59,200  2,563,376 
Kawasaki Kisen Kaisha Ltd.(2)
2,700  170,824 
KDDI Corp. 7,000  214,208 
Keyence Corp. 4,800  1,802,274 
Kirin Holdings Co. Ltd. 45,500  749,010 
Komatsu Ltd. 12,600  263,576 
Konami Group Corp. 7,100  360,323 
Kyocera Corp. 4,800  266,802 
Marubeni Corp. 38,600  402,300 
Mazda Motor Corp. 32,600  288,709 
MEIJI Holdings Co. Ltd. 5,600  266,778 
MISUMI Group, Inc. 9,400  230,734 
Mitsubishi Corp. 9,400  307,762 
Mitsubishi Electric Corp. 25,100  253,764 
Mitsubishi Heavy Industries Ltd. 7,200  277,564 
Mitsui & Co. Ltd. 22,800  535,096 
Mitsui OSK Lines Ltd.(2)
10,300  268,352 
Mizuho Financial Group, Inc. 23,400  267,939 
Murata Manufacturing Co. Ltd. 3,400  183,078 
NEC Corp. 20,300  740,375 
Nintendo Co. Ltd. 500  204,673 
NIPPON EXPRESS HOLDINGS, Inc. 4,700  258,607 
Nippon Steel Corp. 18,900  298,546 
Nippon Telegraph & Telephone Corp. 22,100  599,004 
Nippon Yusen KK(2)
5,800  442,390 
Nissan Chemical Corp. 5,500  277,104 
Nissin Foods Holdings Co. Ltd. 3,200  228,948 
Nitto Denko Corp. 3,200  197,225 
NTT Data Corp. 17,500  246,266 
Obayashi Corp. 38,900  269,055 
Olympus Corp. 61,600  1,311,910 
Ono Pharmaceutical Co. Ltd. 11,800  281,668 
Open House Group Co. Ltd. 10,300  403,121 
Otsuka Corp. 8,600  277,986 
Otsuka Holdings Co. Ltd. 8,400  274,366 
Recruit Holdings Co. Ltd. 15,400  489,575 
Ricoh Co. Ltd. 98,500  774,156 
Rohm Co. Ltd. 3,300  246,899 
SCSK Corp. 68,300  1,112,149 
Seiko Epson Corp.(2)
56,900  894,116 
Sekisui Chemical Co. Ltd. 19,200  261,760 
40

Quality Diversified International ETF
Shares Value
Sekisui House Ltd. 80,400  $ 1,367,172 
Shimano, Inc. 1,200  212,291 
Shin-Etsu Chemical Co. Ltd. 1,500  174,199 
Shinko Electric Industries Co. Ltd. 5,800  161,447 
Shionogi & Co. Ltd. 4,000  195,299 
SMC Corp. 400  189,772 
Sompo Holdings, Inc. 4,700  201,518 
SUMCO Corp. 16,900  229,382 
Sumitomo Metal Mining Co. Ltd. 5,000  157,333 
Sumitomo Mitsui Financial Group, Inc.(2)
9,000  271,469 
Sumitomo Mitsui Trust Holdings, Inc. 9,100  283,039 
Suntory Beverage & Food Ltd. 13,100  478,499 
T&D Holdings, Inc. 24,100  263,201 
Taisei Corp. 9,700  294,099 
TIS, Inc. 10,500  299,006 
Tokio Marine Holdings, Inc. 3,700  205,052 
Tokyo Electron Ltd. 2,800  878,183 
Toppan, Inc. 14,600  229,288 
Toray Industries, Inc. 53,400  304,724 
Trend Micro, Inc. 4,700  289,370 
Yakult Honsha Co. Ltd. 3,900  230,668 
Yamaha Motor Co. Ltd. 10,600  219,677 
ZOZO, Inc. 24,600  543,739 
37,601,358 
Netherlands — 3.8%
Aalberts NV 9,926  363,986 
Adyen NV(1)
255  393,502 
ASM International NV 1,378  374,663 
ASML Holding NV 3,097  1,511,693 
BE Semiconductor Industries NV 3,519  167,166 
Heineken Holding NV 6,395  453,649 
Heineken NV 2,136  191,982 
IMCD NV 1,434  197,829 
ING Groep NV 24,655  216,087 
Koninklijke Ahold Delhaize NV 16,734  460,299 
Koninklijke Philips NV 66,659  1,107,072 
Randstad NV 26,192  1,219,781 
Signify NV 6,948  197,503 
Wolters Kluwer NV 3,505  342,764 
7,197,976 
Norway — 1.8%
Aker BP ASA 33,503  1,173,638 
DNB Bank ASA 13,808  262,545 
Equinor ASA 17,165  666,184 
Mowi ASA(2)
8,326  170,697 
Norsk Hydro ASA 34,925  239,973 
Salmar ASA 2,927  193,555 
Telenor ASA 20,270  221,815 
TOMRA Systems ASA 10,663  242,974 
Yara International ASA 6,957  294,264 
3,465,645 
41

Quality Diversified International ETF
Shares Value
Portugal — 0.2%
Galp Energia SGPS SA 21,073  $ 227,567 
Jeronimo Martins SGPS SA 10,513  233,091 
460,658 
Singapore — 1.4%
DBS Group Holdings Ltd. 9,500  221,193 
Oversea-Chinese Banking Corp. Ltd. 32,200  277,536 
Singapore Exchange Ltd. 248,700  1,687,681 
Singapore Technologies Engineering Ltd. 110,300  293,922 
United Overseas Bank Ltd. 12,900  251,543 
2,731,875 
South Korea — 1.0%
Celltrion, Inc. 1,760  247,733 
HMM Co. Ltd. 21,067  347,186 
KT Corp. 7,731  214,251 
LG Innotek Co. Ltd. 1,774  451,586 
NCSoft Corp. 379  106,504 
SK Hynix, Inc. 7,797  548,191 
1,915,451 
Spain — 2.3%
ACS Actividades de Construccion y Servicios SA(2)
11,860  264,236 
Banco Bilbao Vizcaya Argentaria SA 97,359  436,869 
Banco Santander SA 153,226  370,914 
Bankinter SA 67,758  347,245 
Fluidra SA 8,136  130,133 
Repsol SA 80,708  1,048,242 
Telefonica SA 437,954  1,807,442 
4,405,081 
Sweden — 3.9%
Alleima AB(1)
2,703  10,854 
Assa Abloy AB, Class B 8,732  176,858 
Atlas Copco AB, A Shares 19,184  194,737 
Epiroc AB, A Shares 11,104  169,900 
Evolution AB 8,213  657,067 
Getinge AB, B Shares 9,549  176,862 
H & M Hennes & Mauritz AB, B Shares(2)
34,226  355,448 
Industrivarden AB, A Shares 22,344  495,186 
Indutrade AB 9,518  176,235 
Lifco AB, B Shares 10,440  162,166 
Orron Energy AB(2)
17,799  33,854 
Sandvik AB 13,517  210,737 
Skanska AB, B Shares 16,055  237,175 
SKF AB, B Shares 15,686  235,174 
SSAB AB, A Shares 124,633  599,453 
Svenska Handelsbanken AB, A Shares 28,145  230,512 
Swedbank AB, A Shares 18,320  236,784 
Swedish Match AB 83,213  835,387 
Swedish Orphan Biovitrum AB(1)
13,776  304,199 
Telefonaktiebolaget LM Ericsson, B Shares 139,309  1,041,812 
Trelleborg AB, B Shares 11,875  246,765 
Volvo AB, B Shares 38,983  617,502 
7,404,667 
42

Quality Diversified International ETF
Shares Value
Switzerland — 5.4%
Baloise Holding AG 1,629  $ 235,095 
Cie Financiere Richemont SA, Class A 1,938  216,723 
DKSH Holding AG 3,321  247,091 
EMS-Chemie Holding AG 1,428  1,002,794 
Geberit AG 391  180,660 
Holcim AG(1)
5,596  248,046 
Kuehne + Nagel International AG 6,525  1,507,999 
Novartis AG 25,740  2,082,058 
Partners Group Holding AG 1,601  1,545,371 
Roche Holding AG 1,442  464,672 
Sika AG 775  174,371 
Sonova Holding AG 607  159,928 
Straumann Holding AG 4,434  485,890 
Swatch Group AG, Bearer Shares 1,077  261,167 
Swiss Re AG 9,506  739,145 
VAT Group AG(1)
2,176  520,296 
Zurich Insurance Group AG 469  208,189 
10,279,495 
Taiwan — 1.5%
Evergreen Marine Corp. Taiwan Ltd. 114,000  326,692 
Globalwafers Co. Ltd. 21,000  332,238 
MediaTek, Inc. 33,000  714,012 
momo.com, Inc. 8,800  208,670 
Taiwan Semiconductor Manufacturing Co. Ltd. 30,000  491,093 
Unimicron Technology Corp. 74,000  362,580 
Wan Hai Lines Ltd. 16,100  45,376 
Yang Ming Marine Transport Corp. 128,000  327,907 
2,808,568 
United Kingdom — 11.8%
Anglo American PLC 10,100  324,558 
Ashtead Group PLC 19,026  934,706 
Associated British Foods PLC 12,785  225,796 
Auto Trader Group PLC 31,915  240,980 
Avast PLC 45,545  373,818 
Aviva PLC 51,426  249,480 
B&M European Value Retail SA 56,720  243,226 
BAE Systems PLC 62,191  560,098 
Barratt Developments PLC 74,135  367,027 
Berkeley Group Holdings PLC 5,264  222,841 
BP PLC 66,481  339,713 
Bunzl PLC 6,200  205,618 
Burberry Group PLC 10,017  202,631 
Coca-Cola HBC AG(1)
37,960  866,222 
Compass Group PLC 9,653  207,646 
DCC PLC 3,940  226,764 
Dechra Pharmaceuticals PLC 5,037  203,711 
Diageo PLC 16,508  717,213 
Evraz PLC(3)
 199,959  23 
Experian PLC 13,451  408,177 
Ferguson PLC 1,910  221,193 
43

Quality Diversified International ETF
Shares Value
Glencore PLC(1)
42,350  $ 231,551 
GSK PLC 150,616  2,407,599 
Hargreaves Lansdown PLC 60,059  568,589 
HomeServe PLC 33,751  464,631 
Howden Joinery Group PLC 51,681  341,708 
Imperial Brands PLC 102,334  2,250,513 
InterContinental Hotels Group PLC 3,478  188,807 
Intertek Group PLC 3,701  169,871 
Investec PLC 98,831  475,055 
Kingfisher PLC 336,087  902,820 
Lloyds Banking Group PLC 479,873  243,178 
Mondi PLC 25,527  433,331 
NatWest Group PLC 89,991  256,804 
Next PLC 2,647  178,254 
Pearson PLC 29,311  293,344 
Persimmon PLC 10,156  173,780 
RELX PLC 7,581  198,813 
Rightmove PLC 72,359  508,612 
Rio Tinto PLC 6,850  378,191 
RS GROUP PLC 17,708  222,760 
Sage Group PLC 33,649  278,906 
Shell PLC 16,416  434,648 
Taylor Wimpey PLC 681,170  854,551 
Tesco PLC 91,055  262,991 
Unilever PLC 5,769  261,695 
Vodafone Group PLC 1,402,692  1,877,997 
WPP PLC 24,013  206,825 
22,407,265 
United States — 0.5%
Ovintiv, Inc. 16,591  881,754 
TOTAL COMMON STOCKS
(Cost $210,097,941)
 188,207,896 
SHORT-TERM INVESTMENTS — 1.4%


Money Market Funds — 1.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,178,830  1,178,830 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
1,364,843  1,364,843 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,543,673)
 2,543,673 
TOTAL INVESTMENT SECURITIES — 100.3%
(Cost $212,641,614)

190,751,569 
OTHER ASSETS AND LIABILITIES — (0.3)%

(502,194)
TOTAL NET ASSETS — 100.0%

$ 190,249,375 









44

Quality Diversified International ETF

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Industrials 16.6%
Information Technology 12.1%
Consumer Discretionary 12.0%
Consumer Staples 12.0%
Health Care 11.8%
Financials 10.4%
Materials 10.2%
Energy 6.8%
Communication Services 5.7%
Utilities 0.9%
Real Estate 0.4%
Short-Term Investments 1.4%
Other Assets and Liabilities (0.3)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR - American Depositary Receipt
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,558,796. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Security may be subject to resale, redemption or transferability restrictions.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,842,885, which includes securities collateral of $2,478,042.


See Notes to Financial Statements.
45

AUGUST 31, 2022
Quality Preferred ETF
Shares/Principal Amount Value
PREFERRED STOCKS — 83.9%


Automobiles — 0.4%
Ford Motor Co., 6.00% 4,200  $ 100,044 
Banks — 25.5%
Bank of America Corp., 3.69% 4,892  90,796 
Bank of America Corp., 5.875% 242,000  219,615 
Bank of America Corp., 5.875% 4,331  108,405 
Bank of America Corp., 6.00% 8,202  205,296 
Bank of America Corp., 6.25% 169,000  167,450 
Citigroup, Inc., 6.30% 183,000  177,281 
Citigroup, Inc., 6.875% 15,296  387,754 
Citigroup, Inc., 7.125% 15,120  388,433 
Citizens Financial Group, Inc., 6.35% 8,200  203,770 
Fifth Third Bancorp, 6.00% 4,440  109,979 
First Citizens BancShares, Inc., 5.375% 2,680  59,040 
First Republic Bank, 4.00% 3,480  59,682 
First Republic Bank, 5.125% 12,065  268,084 
JPMorgan Chase & Co., 5.75% 6,672  164,865 
JPMorgan Chase & Co., 6.75% 319,000  321,138 
JPMorgan Chase & Co., Series EE, 6.00% 6,598  166,599 
JPMorgan Chase & Co., Series R, 6.00% 334,000  327,504 
KeyCorp, 5.65% 9,193  219,713 
Old National Bancorp., 7.00% 4,154  107,173 
PNC Financial Services Group, Inc., 6.85% 10,617  267,761 
Regions Financial Corp., 5.70% 3,960  91,753 
Synovus Financial Corp., 6.30% 8,200  195,980 
Truist Financial Corp., 4.00% 4,243  81,890 
Truist Financial Corp., 4.80% 164,000  152,757 
U.S. Bancorp, 3.50% 4,400  86,504 
USB Capital IX, 3.53% 179,000  136,765 
Wells Fargo & Co., 5.85% 19,723  473,549 
Wells Fargo & Co., 5.90% 490,000  462,193 
5,701,729 
Capital Markets — 15.2%
Affiliated Managers Group, Inc., 4.20% 4,320  74,606 
Affiliated Managers Group, Inc., 5.875% 14,803  345,206 
Goldman Sachs Group, Inc., 4.00% 5,243  100,980 
Goldman Sachs Group, Inc., 5.50% 13,730  336,111 
Goldman Sachs Group, Inc., 6.375% 6,360  160,526 
Morgan Stanley, 6.375% 5,960  151,801 
Morgan Stanley, 6.875% 11,600  294,640 
Morgan Stanley, 7.125% 15,440  394,801 
Oaktree Capital Group LLC, 6.55% 15,918  385,057 
Oaktree Capital Group LLC, 6.625% 15,739  380,884 
State Street Corp., 5.625% 392,000  365,540 
State Street Corp., 5.90% 13,490  333,203 
Stifel Financial Corp., 6.25% 3,457  86,079 
3,409,434 
46

Quality Preferred ETF
Shares/Principal Amount Value
Consumer Finance — 0.6%
Capital One Financial Corp., 4.375% 7,399  $ 130,888 
Diversified Financial Services — 3.1%
Apollo Asset Management, Inc., 6.375% 22,720  550,960 
Equitable Holdings, Inc., 5.25% 6,900  146,073 
697,033 
Diversified Telecommunication Services — 1.1%
AT&T, Inc., 5.00% 4,800  101,472 
Qwest Corp., 6.75% 6,280  145,382 
246,854 
Electric Utilities — 2.8%
Duke Energy Corp., 5.625% 10,400  257,400 
NextEra Energy Capital Holdings, Inc., 5.65% 4,880  118,926 
SCE Trust VI, 5.00% 9,337  179,737 
Southern Co., 4.20% 3,106  59,262 
615,325 
Equity Real Estate Investment Trusts (REITs) — 2.0%
Digital Realty Trust, Inc., 5.25% 3,440  80,530 
Kimco Realty Corp., 5.25% 4,201  101,118 
Public Storage, 5.05% 4,440  107,937 
Public Storage, 5.15% 6,680  162,257 
451,842 
Food Products — 1.0%
CHS, Inc., 6.75% 4,200  108,066 
CHS, Inc., 7.10% 4,160  107,619 
215,685 
Industrial Conglomerates — 1.8%
General Electric Co., 5.16% 426,000  404,487 
Insurance — 13.6%
Allstate Corp., 5.10% 4,755  105,228 
Allstate Corp., 5.10% 4,631  111,561 
Allstate Corp., 5.625% 2,920  71,657 
American Equity Investment Life Holding Co., 5.95% 5,104  119,025 
American Equity Investment Life Holding Co., 6.625% 2,360  58,032 
Arch Capital Group Ltd., 5.45% 4,826  109,502 
Aspen Insurance Holdings Ltd., 5.625% 4,832  102,245 
Athene Holding Ltd., 4.875% 3,564  66,968 
Athene Holding Ltd., 5.625% 8,762  192,326 
Athene Holding Ltd., 6.35% 3,493  85,404 
Athene Holding Ltd., 6.375% 3,760  96,482 
Axis Capital Holdings Ltd., 5.50% 4,925  107,759 
Brighthouse Financial, Inc., 5.375% 5,335  106,113 
Brighthouse Financial, Inc., 6.60% 7,080  175,159 
Enstar Group Ltd., 7.00% 8,332  204,800 
Hartford Financial Services Group, Inc., 6.00% 13,485  336,586 
MetLife, Inc., 4.10% 2,600  53,508 
MetLife, Inc., 5.625% 3,560  87,362 
Progressive Corp., 5.375% 179,000  166,470 
Reinsurance Group of America, Inc., 6.20% 9,400  235,282 
RenaissanceRe Holdings Ltd., 5.75% 14,319  329,480 
47

Quality Preferred ETF
Shares/Principal Amount Value
W R Berkley Corp., 5.10% 2,800  $ 60,844 
W R Berkley Corp., 5.70% 2,760  64,336 
3,046,129 
Leisure Products — 1.1%
Brunswick Corp., 6.50% 5,080  127,102 
Brunswick Corp., 6.625% 4,441  115,910 
243,012 
Mortgage Real Estate Investment Trusts (REITs) — 5.6%
AGNC Investment Corp., 6.125% 9,637  206,810 
AGNC Investment Corp., 6.50% 9,080  201,848 
Annaly Capital Management, Inc., 6.50% 7,080  158,875 
Chimera Investment Corp., 7.75% 4,560  93,298 
Chimera Investment Corp., 8.00% 8,160  175,277 
MFA Financial, Inc., 6.50% 8,120  158,259 
Rithm Capital Corp., 6.375% 13,809  269,690 
1,264,057 
Multi-Utilities — 4.4%
Algonquin Power & Utilities Corp., 6.20% 3,541  85,905 
Algonquin Power & Utilities Corp., 6.875% 6,920  171,477 
CMS Energy Corp., 5.875% 6,240  149,760 
CMS Energy Corp., 5.875% 4,360  106,646 
DTE Energy Co., 4.375% 4,530  86,115 
NiSource, Inc., 6.50% 7,160  181,148 
Sempra Energy, 4.875% 213,000  206,284 
987,335 
Oil, Gas and Consumable Fuels — 2.6%
DCP Midstream LP, 7.875% 11,308  282,135 
Enbridge, Inc., 6.375% 12,056  296,095 
578,230 
Real Estate Management and Development — 1.1%
Brookfield Property Partners LP, 5.75% 13,716  245,516 
Trading Companies and Distributors — 1.3%
Triton International Ltd., 6.875% 7,337  179,023 
WESCO International, Inc., 10.625% 3,640  101,265 
280,288 
Wireless Telecommunication Services — 0.7%
United States Cellular Corp., 6.25% 7,336  158,824 
TOTAL PREFERRED STOCKS
(Cost $20,615,887)
 18,776,712 
CONVERTIBLE PREFERRED STOCKS — 7.1%


Banks — 0.9%
Bank of America Corp., 7.25% 91  111,847 
Wells Fargo & Co., 7.50% 80  99,800 
211,647 
Electric Utilities — 1.1%
American Electric Power Co., Inc., 6.125%, 8/15/23 2,513  137,989 
NextEra Energy, Inc., 6.22%, 9/1/23 1,978  103,696 
241,685 
Health Care Equipment and Supplies — 1.8%
Becton Dickinson & Co., 6.00%, 6/1/23 4,448  224,624 
48

Quality Preferred ETF
Shares/Principal Amount Value
Boston Scientific Corp., 5.50%, 6/1/23 1,680  $ 177,621 
402,245 
Independent Power and Renewable Electricity Producers — 0.6%
AES Corp., 6.875%, 2/15/24 1,342  130,550 
Life Sciences Tools and Services — 0.7%
Danaher Corp., 5.00%, 4/15/23 111  156,362 
Multi-Utilities — 1.6%
DTE Energy Co., 6.25%, 11/1/22 3,910  200,700 
NiSource, Inc., 7.75%, 3/1/24 1,315  148,451 
349,151 
Thrifts and Mortgage Finance — 0.4%
New York Community Capital Trust V, 6.00%, 11/1/51 1,900  86,673 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $1,652,548)
 1,578,313 
CORPORATE BONDS — 2.3%


Insurance — 0.9%
Allstate Corp., VRN, 5.75%, 8/15/53 $ 231,000  212,231 
Oil, Gas and Consumable Fuels — 1.4%
Enbridge, Inc., VRN, 5.50%, 7/15/77 91,000  83,322 
Transcanada Trust, VRN, 5.30%, 3/15/77 248,000  230,022 
313,344 
TOTAL CORPORATE BONDS
(Cost $556,878)
 525,575 
COMMON STOCKS — 2.0%


Electric Utilities — 1.0%
Southern Co. 2,786  214,717 
Multi-Utilities — 1.0%
Dominion Energy, Inc. 2,853  233,376 
TOTAL COMMON STOCKS
(Cost $454,162)
 448,093 
SHORT-TERM INVESTMENTS — 4.0%


Money Market Funds — 4.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $904,709)
 904,709  904,709 
TOTAL INVESTMENT SECURITIES — 99.3%
(Cost $24,184,184)

22,233,402 
OTHER ASSETS AND LIABILITIES — 0.7%

160,404 
TOTAL NET ASSETS — 100.0%

$ 22,393,806 

NOTES TO SCHEDULE OF INVESTMENTS
VRN - Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.


See Notes to Financial Statements.
49

AUGUST 31, 2022
STOXX® U.S. Quality Growth ETF
Shares Value
COMMON STOCKS — 99.7%


Aerospace and Defense — 0.2%
Howmet Aerospace, Inc. 11,849  $ 419,810 
Air Freight and Logistics — 1.3%
Expeditors International of Washington, Inc. 2,235  229,959 
United Parcel Service, Inc., Class B 16,462  3,202,024 
3,431,983 
Auto Components — 0.2%
Autoliv, Inc. 5,481  426,367 
Automobiles — 1.7%
Tesla, Inc.(1)
15,934  4,391,570 
Beverages — 0.5%
Brown-Forman Corp., Class B 5,772  419,625 
Constellation Brands, Inc., Class A 1,737  427,389 
Monster Beverage Corp.(1)
4,910  436,155 
1,283,169 
Biotechnology — 4.8%
AbbVie, Inc. 1,730  232,616 
Exelixis, Inc.(1)
75,060  1,331,565 
Incyte Corp.(1)
3,317  233,616 
Neurocrine Biosciences, Inc.(1)
34,337  3,592,680 
Regeneron Pharmaceuticals, Inc.(1)
5,589  3,247,544 
Vertex Pharmaceuticals, Inc.(1)
13,125  3,698,100 
12,336,121 
Building Products — 0.8%
Masco Corp. 36,187  1,840,833 
Owens Corning 2,689  219,772 
2,060,605 
Capital Markets — 3.9%
Ameriprise Financial, Inc. 2,428  650,728 
Blackstone, Inc. 6,532  613,616 
FactSet Research Systems, Inc. 5,251  2,275,468 
LPL Financial Holdings, Inc. 3,014  667,089 
MarketAxess Holdings, Inc. 2,690  668,707 
Moody's Corp. 788  224,202 
MSCI, Inc. 9,916  4,454,664 
Raymond James Financial, Inc. 2,217  231,388 
Tradeweb Markets, Inc., Class A 6,171  429,440 
10,215,302 
Chemicals — 1.2%
Air Products and Chemicals, Inc. 1,679  423,864 
CF Industries Holdings, Inc. 12,320  1,274,627 
Chemours Co. 20,576  694,028 
Corteva, Inc. 7,079  434,863 
Mosaic Co. 3,892  209,662 
3,037,044 
Commercial Services and Supplies — 1.5%
Cintas Corp. 1,033  420,266 
Republic Services, Inc. 3,034  433,012 
Waste Management, Inc. 18,716  3,163,566 
4,016,844 
50

STOXX® U.S. Quality Growth ETF
Shares Value
Communications Equipment — 1.4%
Arista Networks, Inc.(1)
30,219  $ 3,622,654 
Construction and Engineering — 0.2%
WillScot Mobile Mini Holdings Corp.(1)
10,518  422,192 
Construction Materials — 0.1%
Eagle Materials, Inc. 1,881  225,005 
Diversified Consumer Services — 0.3%
H&R Block, Inc. 20,589  926,505 
Electrical Equipment — 0.1%
Generac Holdings, Inc.(1)
1,795  395,636 
Electronic Equipment, Instruments and Components — 0.5%
CDW Corp. 3,665  625,616 
Keysight Technologies, Inc.(1)
3,990  653,921 
1,279,537 
Equity Real Estate Investment Trusts (REITs) — 1.4%
Camden Property Trust 3,239  416,244 
Equinix, Inc. 649  426,633 
Gaming and Leisure Properties, Inc. 8,684  419,177 
National Retail Properties, Inc. 9,634  432,567 
SBA Communications Corp. 3,685  1,198,546 
Weyerhaeuser Co. 20,235  691,227 
3,584,394 
Food and Staples Retailing — 2.3%
Casey's General Stores, Inc. 1,102  235,575 
Costco Wholesale Corp. 9,754  5,092,563 
Sysco Corp. 7,972  655,458 
5,983,596 
Food Products — 1.3%
Archer-Daniels-Midland Co. 7,576  665,855 
Hershey Co. 2,951  663,001 
Lamb Weston Holdings, Inc. 25,050  1,992,226 
3,321,082 
Gas Utilities — 0.1%
National Fuel Gas Co. 3,248  231,485 
Health Care Equipment and Supplies — 2.2%
ABIOMED, Inc.(1)
1,631  422,886 
DexCom, Inc.(1)
40,527  3,331,724 
Edwards Lifesciences Corp.(1)
7,126  642,052 
Hologic, Inc.(1)
3,387  228,826 
IDEXX Laboratories, Inc.(1)
1,855  644,835 
ResMed, Inc. 1,953  429,504 
5,699,827 
Health Care Providers and Services — 0.7%
AmerisourceBergen Corp. 1,603  234,936 
Chemed Corp. 500  238,095 
HCA Healthcare, Inc. 1,129  223,395 
Humana, Inc. 904  435,529 
Molina Healthcare, Inc.(1)
736  248,304 
UnitedHealth Group, Inc. 827  429,486 
1,809,745 
51

STOXX® U.S. Quality Growth ETF
Shares Value
Health Care Technology — 0.9%
Veeva Systems, Inc., Class A(1)
12,314  $ 2,454,426 
Hotels, Restaurants and Leisure — 6.1%
Chipotle Mexican Grill, Inc.(1)
2,836  4,528,525 
Choice Hotels International, Inc. 1,992  228,502 
Churchill Downs, Inc. 2,099  413,692 
Marriott International, Inc., Class A 42,338  6,509,044 
Texas Roadhouse, Inc. 14,861  1,319,063 
Vail Resorts, Inc. 12,278  2,758,621 
15,757,447 
Household Durables — 0.1%
Tempur Sealy International, Inc. 8,895  222,464 
Household Products — 0.2%
Colgate-Palmolive Co. 2,979  232,988 
Kimberly-Clark Corp. 1,814  231,321 
464,309 
Insurance — 0.7%
Arthur J. Gallagher & Co. 2,343  425,418 
Kinsale Capital Group, Inc. 1,663  421,704 
Progressive Corp. 3,541  434,304 
WR Berkley Corp. 6,634  429,883 
1,711,309 
Interactive Media and Services — 2.7%
Alphabet, Inc., Class C(1)
24,576  2,682,470 
Meta Platforms, Inc., Class A(1)
14,282  2,326,966 
ZoomInfo Technologies, Inc.(1)
42,478  1,929,351 
6,938,787 
Internet and Direct Marketing Retail — 1.2%
Etsy, Inc.(1)
4,133  436,486 
MercadoLibre, Inc.(1)
3,184  2,723,466 
3,159,952 
IT Services — 5.1%
Accenture PLC, Class A 1,445  416,825 
Automatic Data Processing, Inc. 1,734  423,807 
Cognizant Technology Solutions Corp., Class A 3,596  227,159 
EPAM Systems, Inc.(1)
4,554  1,942,281 
Gartner, Inc.(1)
9,370  2,673,449 
Globant SA(1)
1,960  413,109 
GoDaddy, Inc., Class A(1)
8,538  647,351 
Mastercard, Inc., Class A 18,883  6,125,079 
Visa, Inc., Class A 2,134  424,047 
13,293,107 
Life Sciences Tools and Services — 3.2%
Agilent Technologies, Inc. 3,292  422,199 
Bio-Techne Corp. 1,249  414,431 
Bruker Corp. 7,358  412,048 
IQVIA Holdings, Inc.(1)
1,907  405,543 
Mettler-Toledo International, Inc.(1)
520  630,479 
Repligen Corp.(1)
7,535  1,652,953 
West Pharmaceutical Services, Inc. 14,992  4,447,976 
8,385,629 
52

STOXX® U.S. Quality Growth ETF
Shares Value
Machinery — 0.4%
Chart Industries, Inc.(1)
4,404  $ 853,760 
Lincoln Electric Holdings, Inc. 1,654  226,085 
1,079,845 
Media — 0.1%
Nexstar Media Group, Inc., Class A 1,237  236,663 
Metals and Mining — 0.1%
Nucor Corp. 2,554  339,529 
Oil, Gas and Consumable Fuels — 3.4%
Chesapeake Energy Corp. 9,289  933,452 
ConocoPhillips 6,145  672,570 
Coterra Energy, Inc. 7,711  238,347 
Devon Energy Corp. 32,231  2,276,153 
Diamondback Energy, Inc. 1,769  235,772 
HF Sinclair Corp. 12,479  656,770 
Marathon Oil Corp. 9,141  233,918 
Marathon Petroleum Corp. 6,470  651,853 
Matador Resources Co. 3,843  229,043 
Occidental Petroleum Corp. 9,247  656,537 
Pioneer Natural Resources Co. 2,650  671,033 
SM Energy Co. 10,422  459,298 
Texas Pacific Land Corp. 385  708,577 
Valero Energy Corp. 1,954  228,852 
8,852,175 
Personal Products — 0.1%
Estee Lauder Cos., Inc., Class A 1,614  410,569 
Pharmaceuticals — 2.4%
Eli Lilly & Co. 1,385  417,204 
Merck & Co., Inc. 37,385  3,191,184 
Pfizer, Inc. 46,389  2,098,174 
Zoetis, Inc. 2,704  423,257 
6,129,819 
Professional Services — 0.5%
Robert Half International, Inc. 17,891  1,377,070 
Real Estate Management and Development — 0.1%
CBRE Group, Inc., Class A(1)
2,888  228,036 
Road and Rail — 3.7%
J.B. Hunt Transport Services, Inc. 18,913  3,291,240 
Landstar System, Inc. 1,558  228,450 
Old Dominion Freight Line, Inc. 18,310  4,969,517 
Saia, Inc.(1)
3,995  826,286 
XPO Logistics, Inc.(1)
4,233  221,894 
9,537,387 
Semiconductors and Semiconductor Equipment — 10.6%
Advanced Micro Devices, Inc.(1)
36,853  3,127,714 
Applied Materials, Inc. 22,957  2,159,565 
Enphase Energy, Inc.(1)
9,763  2,796,514 
KLA Corp. 6,399  2,202,088 
Lam Research Corp. 504  220,707 
Lattice Semiconductor Corp.(1)
22,588  1,217,493 
Microchip Technology, Inc. 3,415  222,829 
53

STOXX® U.S. Quality Growth ETF
Shares Value
Micron Technology, Inc. 3,939  $ 222,672 
Monolithic Power Systems, Inc. 8,033  3,640,395 
NVIDIA Corp. 38,448  5,803,341 
ON Semiconductor Corp.(1)
24,690  1,697,931 
Power Integrations, Inc. 6,009  429,824 
QUALCOMM, Inc. 16,482  2,180,074 
SolarEdge Technologies, Inc.(1)
1,488  410,643 
Teradyne, Inc. 2,502  211,769 
Texas Instruments, Inc. 1,360  224,685 
Universal Display Corp. 5,771  644,794 
27,413,038 
Software — 21.6%
Adobe, Inc.(1)
8,270  3,088,349 
Aspen Technology, Inc.(1)
3,179  669,497 
Atlassian Corp. PLC, Class A(1)
1,681  416,317 
Autodesk, Inc.(1)
25,027  5,048,947 
Cadence Design Systems, Inc.(1)
37,268  6,476,060 
Crowdstrike Holdings, Inc., Class A(1)
13,236  2,417,026 
Datadog, Inc., Class A(1)
24,334  2,553,853 
Fair Isaac Corp.(1)
1,418  637,249 
Five9, Inc.(1)
4,284  420,303 
Fortinet, Inc.(1)
81,233  3,955,235 
HubSpot, Inc.(1)
5,087  1,714,523 
Intuit, Inc. 10,127  4,372,636 
Microsoft Corp. 13,708  3,584,231 
Palantir Technologies, Inc., Class A(1)
212,668  1,641,797 
Palo Alto Networks, Inc.(1)
6,222  3,464,472 
Paycom Software, Inc.(1)
7,179  2,521,265 
Paylocity Holding Corp.(1)
1,792  431,872 
PTC, Inc.(1)
5,772  663,145 
Salesforce, Inc.(1)
2,574  401,853 
ServiceNow, Inc.(1)
8,202  3,564,753 
Synopsys, Inc.(1)
13,407  4,639,090 
Trade Desk, Inc., Class A(1)
40,556  2,542,861 
Workday, Inc., Class A(1)
2,757  453,692 
Zoom Video Communications, Inc., Class A(1)
2,812  226,085 
55,905,111 
Specialty Retail — 2.3%
AutoNation, Inc.(1)
3,733  465,132 
Dick's Sporting Goods, Inc. 4,374  465,262 
Floor & Decor Holdings, Inc., Class A(1)
5,016  408,102 
Lowe's Cos., Inc. 1,143  221,902 
Murphy USA, Inc. 810  235,037 
O'Reilly Automotive, Inc.(1)
1,290  899,285 
Ulta Beauty, Inc.(1)
5,667  2,379,403 
Williams-Sonoma, Inc. 5,809  864,089 
5,938,212 
Technology Hardware, Storage and Peripherals — 2.2%
Apple, Inc. 22,481  3,534,463 
NetApp, Inc. 3,068  221,295 
Pure Storage, Inc., Class A(1)
65,434  1,895,623 
5,651,381 
54

STOXX® U.S. Quality Growth ETF
Shares Value
Textiles, Apparel and Luxury Goods — 2.7%
lululemon athletica, Inc.(1)
11,821  $ 3,545,827 
NIKE, Inc., Class B 23,926  2,546,923 
Tapestry, Inc. 26,223  910,725 
7,003,475 
Trading Companies and Distributors — 0.2%
Univar Solutions, Inc.(1)
16,636  419,560 
W.W. Grainger, Inc. 413  229,190 
648,750 
Wireless Telecommunication Services — 2.4%
T-Mobile US, Inc.(1)
42,615  6,134,855 
TOTAL COMMON STOCKS
(Cost $259,113,977)
 258,393,818 
SHORT-TERM INVESTMENTS — 0.3%


Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $692,303)
 692,303  692,303 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $259,806,280)

259,086,121 
OTHER ASSETS AND LIABILITIES†

46,842 
TOTAL NET ASSETS — 100.0%

$ 259,132,963 

NOTES TO SCHEDULE OF INVESTMENTS
†Category is less than 0.05% of total net assets.
(1)Non-income producing.


See Notes to Financial Statements.
55

AUGUST 31, 2022
STOXX® U.S. Quality Value ETF
Shares Value
COMMON STOCKS — 99.6%


Aerospace and Defense — 2.4%
General Dynamics Corp. 1,469  $ 336,298 
Huntington Ingalls Industries, Inc. 1,447  333,186 
Lockheed Martin Corp. 8,400  3,528,924 
Raytheon Technologies Corp. 3,637  326,421 
Textron, Inc. 5,221  325,686 
4,850,515 
Air Freight and Logistics — 1.7%
FedEx Corp. 12,266  2,585,796 
United Parcel Service, Inc., Class B 4,571  889,105 
3,474,901 
Airlines — 0.3%
Alaska Air Group, Inc.(1)
7,568  329,662 
Southwest Airlines Co.(1)
9,069  332,832 
662,494 
Auto Components — 0.2%
BorgWarner, Inc. 8,992  338,998 
Automobiles — 1.2%
Ford Motor Co. 93,428  1,423,843 
Harley-Davidson, Inc. 8,445  325,724 
Thor Industries, Inc. 7,847  635,685 
2,385,252 
Banks — 2.9%
Citigroup, Inc. 36,162  1,765,067 
Citizens Financial Group, Inc. 47,951  1,758,843 
Comerica, Inc. 8,122  652,197 
KeyCorp 79,018  1,397,828 
Popular, Inc. 4,316  333,282 
5,907,217 
Beverages — 0.3%
Molson Coors Beverage Co., Class B 6,280  324,488 
PepsiCo, Inc. 1,950  335,926 
660,414 
Biotechnology — 5.1%
AbbVie, Inc. 18,724  2,517,629 
Amgen, Inc. 10,619  2,551,746 
Biogen, Inc.(1)
1,707  333,514 
Gilead Sciences, Inc. 41,025  2,603,857 
Moderna, Inc.(1)
12,306  1,627,714 
Regeneron Pharmaceuticals, Inc.(1)
579  336,434 
United Therapeutics Corp.(1)
1,584  358,966 
10,329,860 
Building Products — 0.3%
Johnson Controls International PLC 6,132  331,986 
Owens Corning 4,464  364,843 
696,829 
Capital Markets — 1.6%
Bank of New York Mellon Corp. 8,037  333,777 
Franklin Resources, Inc. 27,513  717,264 
56

STOXX® U.S. Quality Value ETF
Shares Value
Morgan Stanley 6,195  $ 527,938 
State Street Corp. 4,878  333,411 
T. Rowe Price Group, Inc. 11,916  1,429,920 
3,342,310 
Chemicals — 3.3%
CF Industries Holdings, Inc. 3,140  324,864 
Dow, Inc. 46,785  2,386,035 
DuPont de Nemours, Inc. 5,770  321,043 
Huntsman Corp. 11,493  322,034 
LyondellBasell Industries NV, Class A 20,455  1,697,765 
Mosaic Co. 22,578  1,216,277 
Olin Corp. 9,842  537,964 
6,805,982 
Communications Equipment — 0.2%
F5, Inc.(1)
2,088  327,941 
Construction and Engineering — 0.2%
EMCOR Group, Inc. 2,819  335,236 
Consumer Finance — 0.2%
American Express Co. 2,155  327,560 
Containers and Packaging — 0.4%
Packaging Corp. of America 4,010  549,049 
Sealed Air Corp. 6,057  325,927 
874,976 
Diversified Financial Services — 0.2%
Berkshire Hathaway, Inc., Class B(1)
1,173  329,378 
Diversified Telecommunication Services — 3.1%
AT&T, Inc. 193,271  3,389,973 
Verizon Communications, Inc. 70,302  2,939,327 
6,329,300 
Electric Utilities — 4.7%
Alliant Energy Corp. 4,422  269,919 
American Electric Power Co., Inc. 6,730  674,346 
Duke Energy Corp. 3,158  337,622 
Entergy Corp. 17,542  2,022,593 
FirstEnergy Corp. 4,777  188,930 
NRG Energy, Inc. 75,299  3,108,343 
OGE Energy Corp. 17,904  725,828 
Pinnacle West Capital Corp. 24,434  1,841,102 
Southern Co. 2,379  183,349 
Xcel Energy, Inc. 2,475  183,769 
9,535,801 
Electrical Equipment — 0.2%
Emerson Electric Co. 3,974  324,835 
Electronic Equipment, Instruments and Components — 0.9%
Corning, Inc. 15,004  514,937 
Flex Ltd.(1)
21,647  385,533 
II-VI, Inc.(1)
6,426  303,500 
Jabil, Inc. 5,928  357,459 
TE Connectivity Ltd. 2,640  333,194 
1,894,623 
57

STOXX® U.S. Quality Value ETF
Shares Value
Equity Real Estate Investment Trusts (REITs) — 5.0%
Apartment Income REIT Corp. 4,361  $ 178,147 
Brixmor Property Group, Inc. 29,552  634,777 
Crown Castle, Inc. 1,089  186,034 
CubeSmart 3,809  175,404 
Essex Property Trust, Inc. 664  176,000 
Extra Space Storage, Inc. 1,088  216,218 
Federal Realty Investment Trust 8,848  896,037 
Gaming and Leisure Properties, Inc. 36,520  1,762,820 
Host Hotels & Resorts, Inc. 18,276  324,764 
Kimco Realty Corp. 9,094  191,702 
Lamar Advertising Co., Class A 14,749  1,384,784 
Life Storage, Inc. 1,672  212,762 
National Retail Properties, Inc. 40,512  1,818,989 
Omega Healthcare Investors, Inc. 10,585  345,706 
STORE Capital Corp. 54,117  1,460,077 
Weyerhaeuser Co. 9,547  326,125 
10,290,346 
Food and Staples Retailing — 4.4%
Kroger Co. 56,712  2,718,774 
Walgreens Boots Alliance, Inc. 106,565  3,736,169 
Walmart, Inc. 19,355  2,565,505 
9,020,448 
Food Products — 4.5%
Archer-Daniels-Midland Co. 3,846  338,025 
Campbell Soup Co. 38,793  1,954,391 
General Mills, Inc. 26,891  2,065,229 
J.M. Smucker Co. 4,024  563,320 
Kellogg Co. 2,482  180,541 
Kraft Heinz Co. 31,474  1,177,127 
Tyson Foods, Inc., Class A 39,026  2,941,780 
9,220,413 
Gas Utilities — 0.1%
UGI Corp. 4,650  183,675 
Health Care Equipment and Supplies — 0.5%
Becton Dickinson and Co. 1,345  339,505 
DENTSPLY SIRONA, Inc. 10,058  329,601 
Medtronic PLC 3,795  333,656 
1,002,762 
Health Care Providers and Services — 5.4%
Cardinal Health, Inc. 5,060  357,843 
Centene Corp.(1)
32,870  2,949,754 
Cigna Corp. 1,774  502,840 
CVS Health Corp. 3,423  335,967 
DaVita, Inc.(1)
11,381  970,686 
Elevance Health, Inc. 710  344,428 
HCA Healthcare, Inc. 9,823  1,943,677 
Henry Schein, Inc.(1)
4,655  341,724 
Humana, Inc. 706  340,137 
Laboratory Corp. of America Holdings 1,475  332,273 
Molina Healthcare, Inc.(1)
1,068  360,311 
58

STOXX® U.S. Quality Value ETF
Shares Value
Quest Diagnostics, Inc. 2,677  $ 335,455 
Tenet Healthcare Corp.(1)
16,570  936,205 
UnitedHealth Group, Inc. 646  335,487 
Universal Health Services, Inc., Class B 5,984  585,475 
10,972,262 
Hotels, Restaurants and Leisure — 1.0%
Boyd Gaming Corp. 6,109  332,513 
Darden Restaurants, Inc. 10,638  1,316,027 
Expedia Group, Inc.(1)
3,225  331,046 
1,979,586 
Household Durables — 1.7%
Leggett & Platt, Inc. 18,803  718,651 
Lennar Corp., Class A 4,118  318,939 
Mohawk Industries, Inc.(1)
9,061  999,972 
PulteGroup, Inc. 8,121  330,200 
Whirlpool Corp. 6,554  1,026,356 
3,394,118 
Household Products — 1.2%
Colgate-Palmolive Co. 2,327  181,995 
Kimberly-Clark Corp. 15,777  2,011,883 
Procter & Gamble Co. 1,334  184,012 
2,377,890 
Industrial Conglomerates — 1.0%
3M Co. 16,312  2,028,397 
Insurance — 1.7%
Alleghany Corp.(1)
415  349,090 
First American Financial Corp. 3,252  173,982 
MetLife, Inc. 5,197  334,323 
Principal Financial Group, Inc. 2,661  198,936 
Reinsurance Group of America, Inc. 2,708  339,475 
Unum Group 53,708  2,032,848 
3,428,654 
Interactive Media and Services — 2.6%
Alphabet, Inc., Class C(1)
26,734  2,918,016 
Meta Platforms, Inc., Class A(1)
14,500  2,362,485 
5,280,501 
Internet and Direct Marketing Retail — 0.2%
eBay, Inc. 7,504  331,152 
IT Services — 4.9%
Accenture PLC, Class A 1,129  325,671 
Akamai Technologies, Inc.(1)
3,695  333,585 
Amdocs Ltd. 3,975  339,743 
Cognizant Technology Solutions Corp., Class A 41,728  2,635,958 
Concentrix Corp. 7,842  986,367 
Genpact Ltd. 7,327  344,222 
International Business Machines Corp. 26,095  3,351,903 
PayPal Holdings, Inc.(1)
3,615  337,785 
Visa, Inc., Class A 1,666  331,051 
Western Union Co. 70,413  1,043,521 
10,029,806 
59

STOXX® U.S. Quality Value ETF
Shares Value
Leisure Products — 0.2%
Brunswick Corp. 4,259  $ 318,190 
Machinery — 0.8%
AGCO Corp. 3,033  329,718 
Caterpillar, Inc. 1,758  324,720 
Cummins, Inc. 1,527  328,870 
Dover Corp. 2,590  323,646 
Parker-Hannifin Corp. 1,196  316,940 
1,623,894 
Media — 2.1%
Altice USA, Inc., Class A(1)
67,042  670,420 
Charter Communications, Inc., Class A(1)
797  328,866 
Comcast Corp., Class A 9,299  336,531 
Fox Corp., Class A 9,995  341,629 
Interpublic Group of Cos., Inc. 43,922  1,214,004 
Omnicom Group, Inc. 21,500  1,438,350 
4,329,800 
Metals and Mining — 0.7%
Alcoa Corp. 16,996  840,962 
Nucor Corp. 2,424  322,246 
Steel Dynamics, Inc. 4,030  325,302 
1,488,510 
Multi-Utilities — 0.2%
Ameren Corp. 1,955  181,072 
WEC Energy Group, Inc. 2,126  219,276 
400,348 
Multiline Retail — 1.2%
Macy's, Inc. 36,687  635,419 
Target Corp. 11,722  1,879,505 
2,514,924 
Oil, Gas and Consumable Fuels — 6.8%
Antero Resources Corp.(1)
8,244  330,419 
APA Corp. 25,962  1,015,374 
Chesapeake Energy Corp.(2)
3,368  338,450 
Chevron Corp. 13,560  2,143,294 
Exxon Mobil Corp. 22,527  2,153,356 
HF Sinclair Corp. 9,746  512,932 
Marathon Oil Corp. 13,258  339,272 
Marathon Petroleum Corp. 3,299  332,374 
Murphy Oil Corp. 8,949  348,743 
Occidental Petroleum Corp. 4,694  333,274 
Ovintiv, Inc. 19,299  1,025,549 
PDC Energy, Inc. 10,210  693,361 
Phillips 66 19,782  1,769,698 
SM Energy Co. 15,116  666,162 
Valero Energy Corp. 15,043  1,761,836 
13,764,094 
Paper and Forest Products — 0.3%
Louisiana-Pacific Corp. 11,945  647,777 
Pharmaceuticals — 4.9%
Bristol-Myers Squibb Co. 4,890  329,635 
60

STOXX® U.S. Quality Value ETF
Shares Value
Johnson & Johnson 13,194  $ 2,128,720 
Merck & Co., Inc. 28,470  2,430,199 
Organon & Co. 11,524  328,780 
Perrigo Co. PLC 8,678  324,731 
Pfizer, Inc. 99,071  4,480,981 
10,023,046 
Professional Services — 1.1%
CACI International, Inc., Class A(1)
1,244  349,402 
Leidos Holdings, Inc. 3,505  333,150 
ManpowerGroup, Inc. 11,355  832,549 
Nielsen Holdings PLC 12,558  349,615 
Robert Half International, Inc. 4,325  332,895 
2,197,611 
Real Estate Management and Development — 0.3%
CBRE Group, Inc., Class A(1)
4,190  330,842 
Jones Lang LaSalle, Inc.(1)
1,933  334,409 
665,251 
Road and Rail — 0.8%
CSX Corp. 10,289  325,647 
Norfolk Southern Corp. 1,329  323,120 
Union Pacific Corp. 1,462  328,233 
XPO Logistics, Inc.(1)
12,278  643,613 
1,620,613 
Semiconductors and Semiconductor Equipment — 5.6%
Analog Devices, Inc. 2,093  317,152 
Applied Materials, Inc. 3,330  313,253 
Broadcom, Inc. 978  488,130 
Intel Corp. 90,188  2,878,801 
Microchip Technology, Inc. 4,954  323,248 
Micron Technology, Inc. 39,990  2,260,635 
MKS Instruments, Inc. 3,199  318,652 
ON Semiconductor Corp.(1)
22,789  1,567,199 
Qorvo, Inc.(1)
3,429  307,856 
QUALCOMM, Inc. 2,632  348,135 
Skyworks Solutions, Inc. 14,039  1,383,543 
Synaptics, Inc.(1)
2,611  301,858 
Teradyne, Inc. 3,629  307,159 
Texas Instruments, Inc. 1,972  325,794 
11,441,415 
Software — 1.1%
Check Point Software Technologies Ltd.(1)
2,850  342,684 
Microsoft Corp. 1,254  327,883 
NortonLifeLock, Inc. 14,954  337,811 
Oracle Corp. (New York) 4,547  337,160 
Salesforce, Inc.(1)
2,010  313,801 
VMware, Inc., Class A 2,873  333,354 
Zoom Video Communications, Inc., Class A(1)
4,079  327,952 
2,320,645 
Specialty Retail — 3.2%
Advance Auto Parts, Inc. 1,932  325,813 
AutoNation, Inc.(1)
5,415  674,709 
61

STOXX® U.S. Quality Value ETF
Shares Value
Bath & Body Works, Inc. 9,218  $ 344,108 
Best Buy Co., Inc. 36,804  2,601,675 
Dick's Sporting Goods, Inc.(2)
6,344  674,811 
Home Depot, Inc. 1,129  325,626 
Lowe's Cos., Inc. 1,657  321,690 
Murphy USA, Inc. 1,176  341,240 
Williams-Sonoma, Inc. 6,319  939,951 
6,549,623 
Technology Hardware, Storage and Peripherals — 4.3%
Apple, Inc. 12,572  1,976,570 
Dell Technologies, Inc., Class C 7,299  279,479 
Hewlett Packard Enterprise Co. 163,594  2,224,878 
HP, Inc. 103,696  2,977,112 
NetApp, Inc. 4,450  320,978 
Seagate Technology Holdings PLC 15,131  1,013,172 
8,792,189 
Textiles, Apparel and Luxury Goods — 0.8%
Capri Holdings Ltd.(1)
6,746  318,276 
PVH Corp. 10,326  580,837 
Ralph Lauren Corp. 5,475  500,032 
Tapestry, Inc. 9,508  330,213 
1,729,358 
Tobacco — 1.4%
Altria Group, Inc. 7,537  340,070 
Philip Morris International, Inc. 26,568  2,536,978 
2,877,048 
Trading Companies and Distributors — 0.2%
United Rentals, Inc.(1)
1,094  319,492 
TOTAL COMMON STOCKS
(Cost $207,115,471)
 202,898,260 
SHORT-TERM INVESTMENTS — 0.5%


Money Market Funds — 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 340,212  340,212 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
600,005  600,005 
TOTAL SHORT-TERM INVESTMENTS
(Cost $940,217)
 940,217 
TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $208,055,688)

203,838,477 
OTHER ASSETS AND LIABILITIES — (0.1)%

(193,924)
TOTAL NET ASSETS — 100.0%

$ 203,644,553 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $790,512. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $801,453, which includes securities collateral of $201,448.


See Notes to Financial Statements.
62

Statements of Assets and Liabilities
AUGUST 31, 2022
Low Volatility ETF Quality Convertible Securities ETF
Assets
Investment securities, at value (cost of $7,510,810 and $25,980,652, respectively) $ 7,441,710  $ 24,560,630 
Dividends and interest receivable 10,525  84,411 
7,452,235  24,645,041 
Liabilities
Accrued management fees 1,923  6,856 
Net Assets $ 7,450,312  $ 24,638,185 
Shares outstanding (unlimited number of shares authorized) 180,000  600,000 
Net Asset Value Per Share $ 41.39  $ 41.06 
Net Assets Consist of:
Capital paid in $ 8,069,394  $ 28,660,267 
Distributable earnings (619,082) (4,022,082)
$ 7,450,312  $ 24,638,185 


See Notes to Financial Statements.
63

AUGUST 31, 2022
Quality Diversified International ETF Quality Preferred ETF
Assets
Investment securities, at value (cost of $211,276,771 and $24,184,184, respectively) — including $3,558,796 and $—, respectively of securities on loan $ 189,386,726  $ 22,233,402 
Investment made with cash collateral received for securities on loan, at value (cost of $1,364,843 and $—, respectively) 1,364,843  — 
Total investment securities, at value (cost of $212,641,614 and $24,184,184, respectively) 190,751,569  22,233,402 
Foreign currency holdings, at value (cost of $12,286 and $—, respectively) 12,253  — 
Dividends and interest receivable 912,624  166,659 
Securities lending receivable 3,744  — 
191,680,190  22,400,061 
Liabilities
Payable for collateral received for securities on loan 1,364,843  — 
Accrued management fees 65,972  6,255 
1,430,815  6,255 
Net Assets $ 190,249,375  $ 22,393,806 
Shares outstanding (unlimited number of shares authorized) 4,950,000  615,000 
Net Asset Value Per Share $ 38.43  $ 36.41 
Net Assets Consist of:
Capital paid in $ 238,417,263  $ 24,932,402 
Distributable earnings (48,167,888) (2,538,596)
$ 190,249,375  $ 22,393,806 


See Notes to Financial Statements.
64

AUGUST 31, 2022
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Assets
Investment securities, at value (cost of $259,806,280 and $207,455,683, respectively) — including $— and $790,512, respectively of securities on loan $ 259,086,121  $ 203,238,472 
Investment made with cash collateral received for securities on loan, at value (cost of $— and $600,005, respectively) —  600,005 
Total investment securities, at value (cost of $259,806,280 and $208,055,688, respectively) 259,086,121  203,838,477 
Receivable for investments sold 79,636,065  54,241,945 
Receivable for capital shares sold —  5,984,300 
Dividends and interest receivable 515,259  722,495 
Securities lending receivable —  70 
339,237,445  264,787,287 
Liabilities
Payable for collateral received for securities on loan —  600,005 
Payable for investments purchased 80,041,719  54,637,433 
Payable for capital shares redeemed —  5,852,425 
Accrued management fees 62,763  52,871 
80,104,482  61,142,734 
Net Assets $ 259,132,963  $ 203,644,553 
Shares outstanding (unlimited number of shares authorized) 4,300,000  4,350,000 
Net Asset Value Per Share $ 60.26  $ 46.81 
Net Assets Consist of:
Capital paid in $ 307,835,086  $ 229,515,611 
Distributable earnings (48,702,123) (25,871,058)
$ 259,132,963  $ 203,644,553 


See Notes to Financial Statements.
65

Statements of Operations
YEAR ENDED AUGUST 31, 2022
Low Volatility ETF Quality Convertible Securities ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $105 and $—, respectively) $ 134,229  $ 317,603 
Interest 163  187,658 
134,392  505,261 
Expenses:
Management fees 21,528  76,593 
Net investment income (loss) 112,864  428,668 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (184,372) (1,495,888)
Change in net unrealized appreciation (depreciation) on investments (853,772) (2,374,184)
Net realized and unrealized gain (loss) (1,038,144) (3,870,072)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (925,280) $ (3,441,404)


See Notes to Financial Statements.
66

YEAR ENDED AUGUST 31, 2022
Quality Diversified International ETF Quality Preferred ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $813,572 and $83, respectively) $ 7,394,818  $ 915,771 
Interest 3,461  102,226 
Securities lending, net 54,338  — 
7,452,617  1,017,997 
Expenses:
Management fees 820,589  66,377 
Other expenses 449  — 
821,038  66,377 
Net investment income (loss) 6,631,579  951,620 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (20,714,345) (562,701)
Foreign currency translation transactions (26,135) — 
(20,740,480) (562,701)
Change in net unrealized appreciation (depreciation) on:
Investments (46,361,540) (2,353,989)
Translation of assets and liabilities in foreign currencies (37,897) — 
(46,399,437) (2,353,989)
Net realized and unrealized gain (loss) (67,139,917) (2,916,690)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (60,508,338) $ (1,965,070)


See Notes to Financial Statements.
67

YEAR ENDED AUGUST 31, 2022
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $751, respectively) $ 1,704,112  $ 5,713,152 
Securities lending, net 6,175  1,889 
Interest 2,853  2,350 
1,713,140  5,717,391 
Expenses:
Management fees 670,267  624,809 
Other expenses —  475 
670,267  625,284 
Net investment income (loss) 1,042,873  5,092,107 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (22,578,679) 14,286,072 
Change in net unrealized appreciation (depreciation) on investments (33,328,949) (37,284,433)
Net realized and unrealized gain (loss) (55,907,628) (22,998,361)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (54,864,755) $ (17,906,254)


See Notes to Financial Statements.
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Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Low Volatility ETF Quality Convertible Securities ETF
Increase (Decrease) in Net Assets August 31, 2022
August 31, 2021(1)
 August 31, 2022
August 31, 2021(2)
Operations
Net investment income (loss) $ 112,864  $ 40,657  $ 428,668  $ 147,026 
Net realized gain (loss) (184,372) 165,605  (1,495,888) (523,605)
Change in net unrealized appreciation (depreciation) (853,772) 784,672  (2,374,184) 954,162 
Net increase (decrease) in net assets resulting from operations (925,280) 990,934  (3,441,404) 577,583 
Distributions to Shareholders
From earnings (98,904) (27,228) (478,670) (104,616)
Capital Share Transactions
Proceeds from shares sold 4,872,033  6,851,065  10,241,059  25,554,072 
Payments for shares redeemed (2,830,681) (1,381,627) (7,753,296) — 
Other capital —  —  26,490  16,967 
Net increase (decrease) in net assets from capital share transactions 2,041,352  5,469,438  2,514,253  25,571,039 
Net increase (decrease) in net assets 1,017,168  6,433,144  (1,405,821) 26,044,006 
Net Assets
Beginning of period 6,433,144  —  26,044,006  — 
End of period $ 7,450,312  $ 6,433,144  $ 24,638,185  $ 26,044,006 
Transactions in Shares of the Funds
Sold 105,000  165,000  220,000  540,000 
Redeemed (60,000) (30,000) (160,000) — 
Net increase (decrease) in shares of the funds 45,000  135,000  60,000  540,000 
(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
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YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021 (EXCEPT AS NOTED)
Quality Diversified International ETF Quality Preferred ETF
Increase (Decrease) in Net Assets August 31, 2022 August 31, 2021 August 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss) $ 6,631,579  $ 3,487,829  $ 951,620  $ 344,799 
Net realized gain (loss) (20,740,480) 13,029,182  (562,701) 175,516 
Change in net unrealized appreciation (depreciation) (46,399,437) 13,883,259  (2,353,989) 403,207 
Net increase (decrease) in net assets resulting from operations (60,508,338) 30,400,270  (1,965,070) 923,522 
Distributions to Shareholders
From earnings (6,315,055) (3,209,185) (961,361) (292,191)
Capital Share Transactions
Proceeds from shares sold 69,646,490  129,800,116  11,206,587  26,206,795 
Payments for shares redeemed (20,994,370) (49,841,406) (8,412,358) (4,335,252)
Other capital —  —  11,268  11,866 
Net increase (decrease) in net assets from capital share transactions 48,652,120  79,958,710  2,805,497  21,883,409 
Net increase (decrease) in net assets (18,171,273) 107,149,795  (120,934) 22,514,740 
Net Assets
Beginning of period 208,420,648  101,270,853  22,514,740  — 
End of period $ 190,249,375  $ 208,420,648  $ 22,393,806  $ 22,514,740 
Transactions in Shares of the Funds
Sold 1,400,000  2,600,000  285,000  645,000 
Redeemed (400,000) (1,000,000) (210,000) (105,000)
Net increase (decrease) in shares of the funds 1,000,000  1,600,000  75,000  540,000 
(1)February 16, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
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YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Increase (Decrease) in Net Assets August 31, 2022 August 31, 2021 August 31, 2022 August 31, 2021
Operations
Net investment income (loss) $ 1,042,873  $ 841,343  $ 5,092,107  $ 3,562,962 
Net realized gain (loss) (22,578,679) 68,950,979  14,286,072  33,367,852 
Change in net unrealized appreciation (depreciation) (33,328,949) 1,940,684  (37,284,433) 21,953,183 
Net increase (decrease) in net assets resulting from operations (54,864,755) 71,733,006  (17,906,254) 58,883,997 
Distributions to Shareholders
From earnings (911,250) (546,618) (4,592,625) (3,277,478)
Capital Share Transactions
Proceeds from shares sold 145,371,800  250,557,892  91,853,363  171,502,978 
Payments for shares redeemed (88,984,655) (278,660,990) (120,929,370) (109,488,315)
Net increase (decrease) in net assets from capital share transactions 56,387,145  (28,103,098) (29,076,007) 62,014,663 
Net increase (decrease) in net assets 611,140  43,083,290  (51,574,886) 117,621,182 
Net Assets
Beginning of period 258,521,823  215,438,533  255,219,439  137,598,257 
End of period $ 259,132,963  $ 258,521,823  $ 203,644,553  $ 255,219,439 
Transactions in Shares of the Funds
Sold 2,125,000  3,800,000  1,825,000  3,625,000 
Redeemed (1,250,000) (4,225,000) (2,400,000) (2,250,000)
Net increase (decrease) in shares of the funds 875,000  (425,000) (575,000) 1,375,000 


See Notes to Financial Statements.
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Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Low Volatility ETF (Low Volatility ETF), American Century Quality Convertible Securities ETF (Quality Convertible Securities ETF), American Century Quality Diversified International ETF (Quality Diversified International ETF), American Century Quality Preferred ETF (Quality Preferred ETF), American Century STOXX® U.S. Quality Growth ETF (STOXX® U.S. Quality Growth ETF) and American Century STOXX® U.S. Quality Value ETF (STOXX® U.S. Quality Value ETF) are six funds in a series issued by the trust. Low Volatility ETF’s investment objective is to seek capital appreciation. Quality Convertible Securities ETF’s investment objective is to seek total return. Quality Preferred ETF’s investment objective is to seek current income and capital appreciation. Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF's investment objectives are to seek to provide investment results that closely correspond, before fees and expenses, to the performance of each fund's underlying index. Shares of Low Volatility ETF, Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF are listed for trading on the NYSE Arca, Inc. Shares of Quality Convertible Securities ETF and Quality Preferred ETF are listed for trading on the Cboe BZX Exchange, Inc. Low Volatility ETF incepted on January 12, 2021. Quality Convertible Securities ETF and Quality Preferred ETF incepted on February 16, 2021.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds and convertible bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
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Open-end management investment companies are valued at the reported NAV per share.

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

The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. For convertible bonds, the premiums attributable only to the debt instrument are amortized. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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


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Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly for Quality Convertible Securities ETF and Quality Preferred ETF. Distributions from net investment income, if any, are generally declared and paid quarterly for Low Volatility ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF. Distributions from net investment income, if any, are generally declared and paid semiannually for Quality Diversified International ETF. Distributions from net realized gains, if any, are generally declared and paid annually for all funds. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
 Overnight and
Continuous		 <30 days Between
30 & 90 days		 >90 days Total
Quality Diversified International ETF
Common Stocks $ 1,364,843  —  —  —  $ 1,364,843 
Gross amount of recognized liabilities for securities lending transactions $ 1,364,843 
STOXX® U.S. Quality Value ETF
Common Stocks $ 600,005  —  —  —  $ 600,005 
Gross amount of recognized liabilities for securities lending transactions $ 600,005 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 33%, 29% and 50% of the shares of Quality Diversified International ETF , STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF, respectively. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 28% of the shares of Low Volatility ETF. ACIM owns 56% of the shares of Low Volatility ETF. Related parties do not invest in the funds for the purpose of exercising management or control.


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

The annual management fee for each fund is as follows:
Annual Management Fee
Low Volatility ETF 0.29%
Quality Convertible Securities ETF 0.32%
Quality Diversified International ETF 0.39%
Quality Preferred ETF 0.32%
STOXX® U.S. Quality Growth ETF
 0.29%
STOXX® U.S. Quality Value ETF
 0.29%

Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Low Volatility ETF Quality Convertible Securities ETF Quality Diversified International ETF Quality Preferred ETF
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Purchases $12,251,359 $19,441,852 $243,674,955 $10,673,005 $355,965,698 $254,650,658
Sales $12,420,675 $14,271,836 $224,291,655 $10,026,302 $353,091,972 $253,603,879

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions		 In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Low Volatility ETF $4,787,173 $2,577,803 $371,508
Quality Convertible Securities ETF $4,859,721 $7,436,970 $585,502
Quality Diversified International ETF $49,446,769 $20,530,312 $3,791,238
Quality Preferred ETF $9,328,371 $7,489,105 $80,601
STOXX® U.S. Quality Growth ETF
 $142,635,735 $87,724,212 $20,081,510
STOXX® U.S. Quality Value ETF
 $89,166,023 $118,311,256 $25,188,025
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

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

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Low Volatility ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 7,396,348  —  — 
Short-Term Investments 45,362  —  — 
$ 7,441,710  —  — 

Quality Convertible Securities ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Convertible Bonds —  $ 17,820,472  — 
Convertible Preferred Stocks $ 351,480  4,416,399  — 
Common Stocks 1,249,213  —  — 
Short-Term Investments 723,066  —  — 
$ 2,323,759  $ 22,236,871  — 

Quality Diversified International ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 995,136  $ 187,212,760  — 
Short-Term Investments 2,543,673  —  — 
$ 3,538,809  $ 187,212,760  — 

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Quality Preferred ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Preferred Stocks $ 15,669,228  $ 3,107,484  — 
Convertible Preferred Stocks 224,624  1,353,689  — 
Corporate Bonds —  525,575  — 
Common Stocks 448,093  —  — 
Short-Term Investments 904,709  —  — 
$ 17,246,654  $ 4,986,748  — 

STOXX® U.S. Quality Growth ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 258,393,818  —  — 
Short-Term Investments 692,303  —  — 
$ 259,086,121  —  — 

STOXX® U.S. Quality Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 202,898,260  —  — 
Short-Term Investments 940,217  —  — 
$ 203,838,477  —  — 

7. Risk Factors

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

Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF are not actively managed and do not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the funds generally will not buy or sell securities unless they are added or removed from their respective indexes, even if the security is underperforming. If the funds' respective indexes have high portfolio turnover, the funds may also have high portfolio turnover.

A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

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

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8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 (except as noted) were as follows:
2022 2021
Distributions Paid From: Distributions Paid From:
Ordinary Income Long-term Capital Gains Ordinary Income Long-term Capital Gains
Low Volatility ETF(1)
 $ 98,904  —  $ 27,228  — 
Quality Convertible
Securities ETF(2)
 $ 478,670  —  $ 104,616  — 
Quality Diversified
International ETF		 $ 6,315,055  —  $ 3,209,185  — 
Quality Preferred ETF(2)
 $ 961,361  —  $ 292,191  — 
STOXX® U.S. Quality
Growth ETF
 $ 911,250  —  $ 546,618  — 
STOXX® U.S. Quality
Value ETF
 $ 4,592,625  —  $ 3,277,478  — 
(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

The reclassifications, which are primarily due to in kind transactions, were as follows:
  Low Volatility ETF Quality Convertible Securities ETF Quality Diversified International ETF Quality Preferred ETF
STOXX® U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
Capital paid in $ 376,002  $ 574,975  $ 3,828,624  $ 94,063  $ 20,050,908  $ 25,040,370 
Distributable earnings $ (376,002) $ (574,975) $ (3,828,624) $ (94,063) $ (20,050,908) $ (25,040,370)


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As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Low
Volatility ETF		 Quality Convertible Securities ETF Quality Diversified International ETF
Federal tax cost of investments $ 7,541,719  $ 26,101,126  $ 213,787,716 
Gross tax appreciation of investments $ 275,753  $ 937,851  $ 7,501,079 
Gross tax depreciation of investments (375,762) (2,478,347) (30,537,226)
Net tax appreciation (depreciation)
of investments		 (100,009) (1,540,496) (23,036,147)
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies —  —  $ (35,997)
Net tax appreciation (depreciation) $ (100,009) $ (1,540,496) $ (23,072,144)
Undistributed ordinary income $ 16,001  $ 87,677  $ 1,328,397 
Accumulated long-term capital losses —  $ (375,354) $ (2,425,958)
Accumulated short-term capital losses $ (535,074) $ (2,193,909) $ (23,998,183)

Quality
Preferred ETF
STOXX® U.S.
Quality Growth ETF
STOXX® U.S.
Quality Value ETF
Federal tax cost of investments $ 24,125,881  $ 261,283,766  $ 209,819,547 
Gross tax appreciation of investments $ 13,044  $ 9,226,611  $ 8,060,393 
Gross tax depreciation of investments (1,905,523) (11,424,256) (14,041,463)
Net tax appreciation (depreciation)
of investments		 $ (1,892,479) $ (2,197,645) $ (5,981,070)
Undistributed ordinary income $ 123,232  $ 51,900  $ 806,810 
Accumulated long-term capital losses $ (60,171) $ (3,532,154) $ (1,378,509)
Accumulated short-term capital losses $ (709,178) $ (43,024,224) $ (19,318,289)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, return of capital dividends received and to the timing and recognition of partnership income.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
79

Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:  
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From Net
Investment
Income		 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Low Volatility ETF
2022 $47.65 0.68 (6.35) (5.67) (0.59) $41.39 (11.98)% 0.29% 1.52% 167% $7,450 
2021(4)
 $39.84 0.34 7.70 8.04 (0.23) $47.65 20.26%
0.29%(5)
1.24%(5)
 61% $6,433 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)January 12, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:  
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From Net
Investment
Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Quality Convertible Securities ETF
2022 $48.23 0.80 (7.10) (6.30) (0.92) 0.05 $41.06 (13.13)% 0.32% 1.79% 64% $24,638 
2021(4)
 $50.00 0.39 (1.95) (1.56) (0.25) 0.04 $48.23 (3.03)%
0.32%(5)
1.53%(5)
 110% $26,044 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)February 16, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Quality Diversified International ETF
2022 $52.76 1.45 (14.40) (12.95) (1.38) $38.43 (24.82)% 0.39% 3.15% 108% $190,249 
2021 $43.09 1.17 9.56 10.73 (1.06) $52.76 25.04% 0.39% 2.37% 107% $208,421 
2020 $37.44 0.78 5.42 6.20 (0.55) $43.09 16.67% 0.39% 2.00% 118% $101,271 
2019(4)
 $39.85 0.98 (2.69) (1.71) (0.70) $37.44 (4.32)%
0.39%(5)
2.67%(5)
 119% $18,719 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Quality Preferred ETF
2022 $41.69 1.78 (5.29) (3.51) (1.79) 0.02 $36.41 (8.58)% 0.32% 4.59% 51% $22,394 
2021(4)
 $40.00 1.01 1.48 2.49 (0.83) 0.03 $41.69 6.35%
0.32%(5)
4.59%(5)
 61% $22,515 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)February 16, 2021 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
STOXX® U.S. Quality Growth ETF
2022 $75.48 0.30 (15.26) (14.96) (0.26) $60.26 (19.83)% 0.29% 0.45% 153% $259,133 
2021 $55.96 0.23 19.44 19.67 (0.15) $75.48 35.20% 0.29% 0.36% 162% $258,522 
2020 $41.84 0.18 14.11 14.29 (0.17) $55.96 34.30% 0.29% 0.39% 180% $215,439 
2019(4)
 $40.15 0.18 1.64 1.82 (0.13) $41.84 4.57%
0.29%(5)
0.48%(5)
 191% $21,964 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
STOXX® U.S. Quality Value ETF
2022 $51.82 1.19 (5.14) (3.95) (1.06) $46.81 (7.70)% 0.29% 2.36% 118% $203,645 
2021 $38.76 0.83 13.02 13.85 (0.79) $51.82 36.16% 0.29% 1.81% 147% $255,219 
2020 $39.21 1.02 (0.47) 0.55 (1.00) $38.76 1.55% 0.29% 2.66% 178% $137,598 
2019 $41.66 1.15 (2.68) (1.53) (0.92) $39.21 (3.60)% 0.29% 2.94% 190% $30,391 
2018(4)
 $40.37 0.55 1.11 1.66 (0.37) $41.66 4.16%
0.29%(5)
2.17%(5)
 77% $7,291 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)January 11, 2018 (fund inception) through August 31, 2018.
(5)Annualized.


See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Low Volatility ETF, American Century Quality Convertible Securities ETF, American Century Quality Diversified International ETF, American Century Quality Preferred ETF, American Century STOXX® U.S. Quality Growth ETF, and American Century STOXX® U.S. Quality Value ETF (the “Funds”), six of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust Statement of Operations Statements of Changes in Net Assets Financial Highlights
American Century Low Volatility ETF For the year ended August 31, 2022 For the year ended August 31, 2022 and the period from January 12, 2021 (fund inception) through August 31, 2021
American Century Quality Convertible Securities ETF For the year ended August 31, 2022 For the year ended August 31, 2022 and the period from February 16, 2021 (fund inception) through August 31, 2021
American Century Quality Diversified International ETF For the year ended August 31, 2022 For the years ended August 31, 2022 and 2021 For the years ended August 31, 2022, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century Quality Preferred ETF For the year ended August 31, 2022 For the year ended August 31, 2022 and the period from February 16, 2021 (fund inception) through August 31, 2021
American Century STOXX® U.S. Quality Growth ETF
 For the year ended August 31, 2022 For the years ended August 31, 2022 and 2021 For the years ended August 31, 2022, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century STOXX® U.S. Quality Value ETF
 For the year ended August 31, 2022 For the years ended August 31, 2022 and 2021 For the years ended August 31, 2022, 2021, 2020, and 2019, and the period from January 11, 2018 (fund inception) through August 31, 2018

86

Basis for Opinion

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

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

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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
87

Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Position(s) Held with Funds Length of Time Served Principal Occupation(s) During Past 5 Years Number of American Century Portfolios Overseen by Trustee Other Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)		 Trustee and Chairman of the Board Since 2017 (Chairman since 2019) Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019) 41 None
Jeremy I. Bulow
(1954)		 Trustee Since 2022 Professor of Economics, Stanford University
Graduate School of Business (1979 to present)		 75 None
Barry A. Mendelson
(1958)		 Trustee Since 2017 Retired 41 None
Stephen E. Yates
(1948)		 Trustee Since 2017 Retired 105 None
Interested Trustees
Jonathan S. Thomas
(1963)		 Trustee Since 2017 President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries 139 None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
88

Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Offices with the Funds Principal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
 President since 2019 Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)		 Chief Financial Officer and Treasurer since 2018 Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)		 Chief Compliance Officer and Vice President since 2017 Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)		 General Counsel and
Vice President since
2021		 General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)		 Vice President
since 2019		 Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)		 Vice President since 2017 Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)		 Vice President since 2017 Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)		 Vice President since 2017 Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)		 Secretary since 2019 Attorney, ACS (2003 to present)


89

Approval of Management Agreement

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

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

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

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
•the wide range of other programs and services provided to each Fund and its shareholders on a routine and non-routine basis;
•the investment performance of each Fund, including data comparing each Fund's performance to an appropriate benchmark and/or a peer group of other funds with similar investment objectives and strategies;
•the cost of owning each Fund compared to the cost of owning similarly-managed funds;
•the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers;
•the Advisor’s strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;
•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;
•financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
•information regarding payments to intermediaries by the Advisor;
•possible economies of scale associated with the Advisor’s management of each Fund; and
•possible collateral benefits to the Advisor from the management of the Funds.

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the
90

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

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

•constructing and designing each Fund
•portfolio research and security selection
•initial capitalization/funding
•securities trading
•Fund administration
•custody of Fund assets
•daily valuation of each Fund’s portfolio
•liquidity monitoring and management
•risk management, including cyber security
•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
•legal services (except the independent Trustees’ counsel)
•regulatory and portfolio compliance
•financial reporting
•marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

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

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided
91

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

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

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

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

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

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.
92


Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

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

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

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


93

Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.
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Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

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


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

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Other Tax Information

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income
for the fiscal year ended August 31, 2022.

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

Low
Volatility ETF		 Quality Convertible Securities ETF Quality Diversified International ETF Quality Preferred ETF
STOXX®
U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
$98,904 $326,651 $11,565 $716,290 $911,250 $4,592,625

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2022.

Low
Volatility ETF		 Quality Convertible Securities ETF Quality Diversified International ETF Quality Preferred ETF
STOXX®
U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
— $160,953 — $101,725 — —

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

Low
Volatility ETF		 Quality Convertible Securities ETF Quality Diversified International ETF Quality Preferred ETF
STOXX®
U.S. Quality Growth ETF
STOXX® U.S. Quality Value ETF
$11,276 — — — $102,168 $509,912

For the fiscal year ended August 31, 2022, Quality Diversified International ETF intends to pass through to shareholders foreign source income of $6,866,938 and foreign taxes paid of $617,422, or up to the maximum amount allowable, as a foreign tax credit. Foreign source income and foreign tax expense per outstanding share on August 31, 2022 are $1.3873 and $0.1247, respectively.
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
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