Document



			Annual Report

			August 31, 2022

			American Century® Focused Dynamic Growth ETF (FDG)
			American Century® Focused Large Cap Value ETF (FLV)


Table of Contents


President’s Letter			2
Focused Dynamic Growth ETF
Performance			3
Portfolio Commentary			4
Fund Characteristics			6
Focused Large Cap Value ETF
Performance			7
Portfolio Commentary			8
Fund Characteristics			10
Shareholder Fee Examples			11
Schedules of Investments			12
Statements of Assets and Liabilities			17
Statements of Operations			18
Statements of Changes in Net Assets			19
Notes to Financial Statements			20
Financial Highlights			25
Report of Independent Registered Public Accounting Firm			27
Management			29
Approval of Management Agreement			31

Liquidity Risk Management Program			35
Additional Information			36

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 funds utilize the ActiveShares® methodology licensed from Precidian Investments, LLC (Precidian). Precidian’s products and services are protected by domestic and international intellectual property protections, including, without limitation, the following issued patents and pending patent applications: 7813987, 8285624, 7925562, 13011746, 14528658, 14208966, 16196560.


President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2022. Annual reports

help convey important information about fund returns, including market factors that affected

performance. For additional investment insights, please visit americancenturyetfs.com.

Mounting Market Challenges Hampered Performance

Asset class performance weakened dramatically during the funds’ fiscal year. In late 2021,

generally upbeat economic activity and corporate earnings supported gains for most U.S. and

global stock indices. Returns generally remained positive despite rapidly rising inflation and waning

central bank support—factors that had started to weigh on fixed-income indices.

By early 2022, the market climate shifted quickly. Inflation, which was already at multiyear highs,

rose to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during

the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns

and labor market shortages further aggravated inflation in the U.S. and other developed markets.

Russia’s invasion of Ukraine in February also exacerbated global inflationary pressures.

The Bank of England launched its inflation-fighting campaign in December and continued to lift

rates through period-end. The Federal Reserve responded to surging inflation in March, launching

an aggressive rate-hike campaign and ending its asset purchase program. Policymakers indicated

taming inflation remains their priority, even as the U.S. economy contracted in 2022’s first two

quarters. Facing record-high inflation in the eurozone, the European Central Bank in July embarked

on its first rate-hike effort in 11 years.

The combination of sharply elevated inflation, tighter monetary policy, geopolitical strife and weak

economies triggered sharp market volatility and fueled global recession fears. Against this

backdrop, most U.S. and global stock and bond indices declined sharply for the reporting period.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation,

rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine

complicates an increasingly tense geopolitical backdrop and threatens Europe’s winter energy

supply. We will continue to monitor the broad backdrop and its influence on financial markets.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history

of helping clients weather unpredictable markets, and we’re confident we will continue to meet

today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance

Focused Dynamic Growth ETF (FDG)

Total Returns as of August 31, 2022

Average Annual Returns

1 Year

Since
Inception

Inception
Date

Net Asset Value

-33.49%

16.42%

3/31/2020

Market Price

-33.45%

16.42%

3/31/2020

Russell 1000 Growth Index

-19.06%

20.82%

—

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 March 31, 2020


Value on August 31, 2022
			Net Asset Value — $14,439

			Russell 1000 Growth Index — $15,801

Total Annual Fund Operating Expenses

0.45%

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

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


Portfolio Commentary

Portfolio Managers: Keith Lee, Michael Li, Henry He and Rene Casis.

Portfolio Manager Prabha Ram left American Century Investments after period-end.

Fund Strategy

American Century Focused Dynamic Growth ETF is an actively managed fund that seeks long-term capital growth. We look for liquid stocks of early and rapid stage growth companies we believe will increase in value over time. We make investment decisions based primarily on fundamental analysis of individual companies, rather than on broad economic forecasts. Management of the fund is based on the belief that, over the long term, stock price movements follow growth in earnings, revenues and/or cash flow. The fund invests primarily in securities of large-capitalization companies but may invest in companies of any market capitalization. The fund normally invests in a relatively limited number of companies, generally 30 to 45 securities, but may incorporate more securities to account for liquidity constraints.

Performance Review

The fund returned -33.45% on a market price basis for its fiscal year ended August 31, 2022. On a net asset value (NAV) basis, the fund returned -33.49%. For the same time period, the Russell 1000 Growth Index, the fund’s benchmark, returned -19.06%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Information Technology Stocks Detracted From Relative Performance

Our holdings in the information technology sector dominated the fund’s underperformance amid the period’s growth sell-off, as investors sold the stocks of many companies that rose during the pandemic. DocuSign was a significant detractor. The stock of this developer of software for online signatures and document management had been a leading contributor to performance in recent years. It was a beneficiary of the pandemic-driven work-from-home environment but offered disappointing guidance as that tailwind subsided. Other sector detractors included Okta. The company provides cloud-based software for online identity verification, a rapidly growing market with scope for tremendous innovation. The stock fell sharply after Okta reported a third-party data breach potentially affecting a number of corporate clients that it had failed to notify in a timely manner. The small- and micro-merchant digital payments company Block (formerly Square), a darling during the pandemic, suffered during the growth sell-off as first rising interest rates and later recessionary fears weighed on the stock. Additionally, Block’s focus on blockchain technology—which enables cryptocurrencies—hurt as crypto prices fell.

Other Detractors

Elsewhere, the online education provider Chegg reported disappointing earnings and enrollment figures, precipitating a sharp decline. We eliminated our holding. Netflix hampered relative performance. The streaming video service announced layoffs amid weak subscriber growth. An expected renormalization of subscriber growth following the early gains of the pandemic has not materialized. Fund performance was also hurt by not owning some stocks that are benchmark components, including Apple. Despite supply chain struggles that have affected most electronics companies, Apple posted record sales and earnings, led by sales of the iPhone.

Consumer Staples Benefited Performance

Constellation Brands was a top contributor in the consumer staples sector. This innovative beer, wine and spirits beverage company reported quarterly revenue and earnings that beat expectations, driven by strength in its portfolio of beer brands.

Our positioning in the energy sector relative to the benchmark was helpful. Higher oil prices caused by rising demand benefited Cactus, which leases equipment to energy producers. The company is

gaining market share in niche capital equipment focused on shale oil well development by creating tools that are differentiated by their efficiency and safety.

Other top contributors came from a variety of sectors. The stock price of Tesla rose after the company reported better-than-expected quarterly earnings. The electric vehicle maker offered optimistic guidance but noted production headwinds due to supply chain disruptions and persistent lockdowns in China. We continue to view Tesla as an early stage growth company with significant competitive advantages relative to traditional automakers. Westinghouse Air Brake Technologies outperformed, aided by the strong results of its freight rail segment. The stock of Argenx, a Belgium-based biotechnology company, rose after it reported sales for Vyvgart that exceeded expectations. Vyvgart treats myasthenia gravis, a neuromuscular disorder. Our lack of exposure to PayPal Holdings benefited performance compared with the benchmark. The digital payment company’s stock price fell on slower growth, primarily due to losing its eBay account, but also because of difficult year-over-year comparisons as PayPal registered strong growth during the height of the pandemic.

Portfolio Positioning

The fund typically holds stakes in a relatively small number of companies in the early and rapid phases of growth. We seek companies that we believe are positioned for sustained, above-average growth over time driven by innovation. The fund’s sector allocations are primarily the result of this investment process emphasizing growth and individual security selection. The portfolio’s holdings are concentrated among companies that we see as having good management teams producing very strong earnings growth and that have demonstrated their unique value proposition for customers. We believe these companies are well-positioned competitively going forward.

While this has been a difficult period for growth equities, we want to reassure you that we retain high conviction in our investment process and portfolio holdings. We acknowledge the challenging environment and are closely monitoring the fundamentals of our investments. But our long-term focus also leads us to look through the short-term noise. Indeed, we believe many enduring secular growth trends will persist, such as a shift to electric vehicles; aging global demographics intersecting with advancements in health care; companies shifting more of their expenditures to technology; and increased digitization of transactions, among many others. As such, we believe this period can create attractive opportunities for long-term investors willing to be patient with companies that we believe are poised to grow over time.


Fund Characteristics


AUGUST 31, 2022

Focused Dynamic Growth ETF
Types of Investments in Portfolio			% of net assets
Common Stocks			98.8%
Short-Term Investments			1.3%
Other Assets and Liabilities			(0.1)%

Top Five Industries			% of net assets
IT Services			12.2%
Software			10.2%
Internet and Direct Marketing Retail			9.0%
Automobiles			8.9%
Biotechnology			8.9%


Performance

Focused Large Cap Value ETF (FLV)

Total Returns as of August 31, 2022

Average Annual Returns

1 year

Since Inception

Inception Date

Net Asset Value

-4.41%

18.69%

3/31/2020

Market Price

-4.48%

18.69%

3/31/2020

Russell 1000 Value Index

-6.23%

20.91%

—


Growth of $10,000 Over Life of Fund
$10,000 investment made March 31, 2020


Value on August 31, 2022
			Net Asset Value — $15,131

			Russell 1000 Value Index — $15,830

Total Annual Fund Operating Expenses

0.42%


Portfolio Commentary

Portfolio Managers: Phillip Davidson, Kevin Toney, Michael Liss, Brian Woglom, Adam Krenn, Philip Sundell and Rene Casis

Performance Summary

American Century Focused Large Cap Value ETF returned -4.48% on a market price basis over the 12-month period ending August 31, 2022. On a net asset value (NAV) basis, the fund returned -4.41%. The fund’s benchmark, the Russell 1000 Value Index, returned -6.23% during the same period. The fund’s market price and NAV returns reflect fees and operating expenses, but the index return does not.

The portfolio’s underweight and our choice of investments in the communication services sector positively impacted relative performance. In addition, several of our holdings in the financials sector helped drive the portfolio’s return relative to the benchmark, particularly in the insurance industry. On the other hand, security selection and an underweight in the energy sector detracted from results. Some of our positions in the health care sector also negatively impacted performance.

Communication Services and Financials Were Areas of Strength

During the reporting period, our bottom-up investment process resulted in an underweight to the communication services sector relative to the benchmark. This underweight, coupled with our security selection in the sector, positively impacted the portfolio’s relative performance. Notably, the portfolio’s underweight to The Walt Disney Co. was beneficial. Shares of this diversified global entertainment company experienced a sharp sell-off after the company reported Disney Plus subscriber numbers that came in below expectations. Later in the period, shares were pressured by a broad technology sell-off and investors’ concerns over direct-to-consumer business models. The portfolio also benefited from the lack of exposure to several of the benchmark’s names in the entertainment, media and interactive media and services industries. We avoided these names because they did not meet our investment criteria.

The financials sector was another area of strength, driven by the strong performance of several holdings in the insurance industry. Reinsurance Group of America was one of the portfolio’s top individual contributors. This global life and health reinsurance company reported strong financial results. Its core business performed well, and the impact from COVID-19 losses declined. Furthermore, investors expect earnings to rise over the next several years.

While the portfolio’s stock selection in the energy sector was negative overall, TotalEnergies (formerly named TOTAL), a large integrated energy company, was a key contributor to performance. Its shares rose as strong commodity prices increased the company’s free cash flow and earnings potential. Atmos Energy was another top contributor. This Texas-based utility company benefited from greater certainty about the recovery of costs stemming from extreme winter weather in 2021. Its shares were also buoyed by news of a peer being acquired at a significant premium to its market price.

Energy and Health Care Detracted

Rising commodity prices led to strong performance for many stocks in the energy sector. In turn, our lack of exposure to several of the benchmark’s energy names weighed on the portfolio’s relative results. More specifically, our avoidance of ConocoPhillips detracted. Shares of this oil and gas exploration and production company performed strongly after higher commodity prices led to financial results that were better than investors expected.

Security selection in the health care sector also detracted from results. Shares of Medtronic, a medical device company, were pressured by concerns about continued delays in elective procedures, a Food and Drug Administration warning letter regarding the company’s diabetes pumps and supply chain constraints. Zimmer Biomet Holdings, another medical device company,

was another key detractor. The pandemic weighed on its shares as patients deferred elective procedures.

Open Text and The Bank of New York Mellon were other key detractors. Shares of Open Text, an information technology company, declined after it provided 2023 earnings guidance that was slightly below expectations, driven by lower margins due to reinvestment in its cloud software. Also, investors became concerned that Open Text’s planned Micro Focus International acquisition may raise operational risk. Shares of The Bank of New York Mellon underperformed on concerns over reduced share repurchases. Furthermore, while we think rising interest rates should benefit this bank’s future earnings, rising rates acted as a near-term drag to capital levels due to higher unrealized losses on investment securities.

Portfolio Positioning

The portfolio seeks to invest in companies where we believe the valuation does not reflect the quality and normal earnings power of the company. Our process is based on individual security selection, but broad themes have emerged.

We have identified several opportunities in the consumer staples sector. Historically, many consumer staples companies have traded at a premium, but our analysis has led us to select companies in the sector that we believe are trading at a discount to the overall market. In addition, strong consumer demand for discretionary goods during the pandemic has shifted toward consumer staples due to soaring inflation and recession fears. In this uncertain environment, we believe companies that focus on consumer staples may hold up better than those focused on discretionary purchases.

Through our bottom-up process, we have also identified a number of companies in the health care sector that we believe offer attractive risk/reward profiles, particularly in the health care equipment and supplies and pharmaceuticals industries. We believe long-term demographic trends support demand for the health care companies that we hold in our portfolio. Additionally, we expect our medical device holdings to benefit from an increase in elective procedures.

On the other hand, as of August 31, 2022, the portfolio did not hold any positions in the consumer discretionary sector. It has been difficult for us to find higher-quality consumer discretionary companies with durable business models. The portfolio also ended the period with an underweight in communication services relative to the benchmark, as many companies in the sector have relatively volatile business models and more leveraged balance sheets.


Fund Characteristics


AUGUST 31, 2022

Focused Large Cap Value ETF
Types of Investments in Portfolio			% of net assets
Common Stocks			98.7%
Short-Term Investments			1.6%
Other Assets and Liabilities			(0.3)%

Top Five Industries			% of net assets
Insurance			12.1%
Pharmaceuticals			9.1%
Health Care Equipment and Supplies			9.0%
Oil, Gas and Consumable Fuels			6.9%
Electrical Equipment			4.8%


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2022 to August 31, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value 3/1/22	Ending Account Value 8/31/22	Expenses Paid During Period(1) 3/1/22 - 8/31/22	Annualized Expense Ratio(1)
Focused Dynamic Growth ETF
Actual	$1,000	$835.70	$2.08	0.45%
Hypothetical	$1,000	$1,022.94	$2.29	0.45%
Focused Large Cap Value ETF
Actual	$1,000	$955.90	$2.07	0.42%
Hypothetical	$1,000	$1,023.09	$2.14	0.42%

(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.


Schedules of Investments

AUGUST 31, 2022


Focused Dynamic Growth ETF
	Shares	Value
COMMON STOCKS — 98.8%
Aerospace and Defense — 0.6%
Rocket Lab USA, Inc.(1)	155,058	$	852,819
Automobiles — 8.9%
Tesla, Inc.(1)	45,324	12,491,748
Beverages — 7.5%
Boston Beer Co., Inc., Class A(1)	5,363	1,807,760
Constellation Brands, Inc., Class A	35,630	8,766,761
		10,574,521
Biotechnology — 8.9%
Alnylam Pharmaceuticals, Inc.(1)	14,767	3,051,896
Argenx SE, ADR(1)	7,208	2,723,687
Ascendis Pharma A/S, ADR(1)	11,549	1,034,444
Blueprint Medicines Corp.(1)	15,014	1,099,325
Regeneron Pharmaceuticals, Inc.(1)	7,842	4,556,672
		12,466,024
Capital Markets — 5.9%
Intercontinental Exchange, Inc.	37,185	3,750,107
S&P Global, Inc.	13,052	4,596,654
		8,346,761
Electronic Equipment, Instruments and Components — 1.1%
Cognex Corp.	37,937	1,597,527
Energy Equipment and Services — 1.4%
Cactus, Inc., Class A	48,339	1,931,143
Entertainment — 0.4%
Netflix, Inc.(1)	2,455	548,840
Health Care Equipment and Supplies — 3.9%
Intuitive Surgical, Inc.(1)	21,338	4,390,080
Silk Road Medical, Inc.(1)	26,550	1,057,487
		5,447,567
Hotels, Restaurants and Leisure — 3.2%
Chipotle Mexican Grill, Inc.(1)	2,862	4,570,042
Interactive Media and Services — 7.8%
Alphabet, Inc., Class C(1)	99,880	10,901,902
Internet and Direct Marketing Retail — 9.0%
Amazon.com, Inc.(1)	99,361	12,595,994
IT Services — 12.2%
Block, Inc.(1)	32,273	2,223,932
Mastercard, Inc., Class A	16,301	5,287,555
Okta, Inc.(1)	37,194	3,399,532
Visa, Inc., Class A	31,352	6,229,956
		17,140,975
Machinery — 6.7%
Graco, Inc.	53,239	3,398,778
Westinghouse Air Brake Technologies Corp.	68,533	6,006,917
		9,405,695


Focused Dynamic Growth ETF
	Shares	Value
Professional Services — 1.2%
Verisk Analytics, Inc.	9,094	$	1,702,033
Semiconductors and Semiconductor Equipment — 7.1%
Monolithic Power Systems, Inc.	13,376	6,061,736
NVIDIA Corp.	25,493	3,847,913
		9,909,649
Software — 10.2%
Bill.com Holdings, Inc.(1)	24,747	4,006,044
DocuSign, Inc.(1)	31,743	1,848,078
Paylocity Holding Corp.(1)	23,982	5,779,662
Salesforce, Inc.(1)	16,860	2,632,183
		14,265,967
Textiles, Apparel and Luxury Goods — 2.8%
NIKE, Inc., Class B	36,760	3,913,102
TOTAL COMMON STOCKS (Cost $140,872,405)		138,662,309
SHORT-TERM INVESTMENTS — 1.3%
Money Market Funds — 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $1,851,155)	1,851,155	1,851,155
TOTAL INVESTMENT SECURITIES — 100.1% (Cost $142,723,560)		140,513,464
OTHER ASSETS AND LIABILITIES — (0.1)%		(180,560)
TOTAL NET ASSETS — 100.0%		$	140,332,904


NOTES TO SCHEDULE OF INVESTMENTS
ADR	-	American Depositary Receipt

(1)Non-income producing.

See Notes to Financial Statements.

AUGUST 31, 2022


Focused Large Cap Value ETF
	Shares	Value
COMMON STOCKS — 98.7%
Aerospace and Defense — 2.3%
Raytheon Technologies Corp.	55,511	$	4,982,112
Airlines — 1.1%
Southwest Airlines Co.(1)	66,766	2,450,312
Banks — 4.4%
JPMorgan Chase & Co.	52,370	5,956,040
Truist Financial Corp.	72,913	3,415,245
		9,371,285
Beverages — 1.6%
PepsiCo, Inc.	20,027	3,450,051
Capital Markets — 4.0%
Bank of New York Mellon Corp.	131,629	5,466,552
BlackRock, Inc.	4,507	3,003,420
		8,469,972
Commercial Services and Supplies — 1.8%
Republic Services, Inc.	26,466	3,777,228
Communications Equipment — 3.6%
Cisco Systems, Inc.	109,485	4,896,169
F5, Inc.(1)	17,951	2,819,384
		7,715,553
Containers and Packaging — 1.5%
Packaging Corp. of America	7,806	1,068,798
Sonoco Products Co.	34,248	2,158,309
		3,227,107
Diversified Financial Services — 3.7%
Berkshire Hathaway, Inc., Class B(1)	28,269	7,937,935
Diversified Telecommunication Services — 3.0%
Verizon Communications, Inc.	155,246	6,490,835
Electric Utilities — 3.1%
Duke Energy Corp.	31,116	3,326,611
Pinnacle West Capital Corp.	43,485	3,276,595
		6,603,206
Electrical Equipment — 4.8%
ABB Ltd., ADR(2)	58,665	1,617,394
Emerson Electric Co.	60,015	4,905,626
Hubbell, Inc.	9,600	1,980,480
nVent Electric PLC	50,765	1,673,215
		10,176,715
Electronic Equipment, Instruments and Components — 0.9%
TE Connectivity Ltd.	14,441	1,822,599
Entertainment — 0.9%
Walt Disney Co.(1)	16,761	1,878,573
Equity Real Estate Investment Trusts (REITs) — 1.3%
Public Storage	8,487	2,807,754
Food and Staples Retailing — 2.4%
Sysco Corp.	30,946	2,544,380
Walmart, Inc.	20,299	2,690,633
		5,235,013


Focused Large Cap Value ETF
	Shares	Value
Food Products — 3.9%
Conagra Brands, Inc.	122,381	$	4,207,459
Mondelez International, Inc., Class A	66,589	4,119,195
		8,326,654
Gas Utilities — 3.2%
Atmos Energy Corp.	59,459	6,741,462
Health Care Equipment and Supplies — 9.0%
Becton Dickinson and Co.	10,790	2,723,612
Medtronic PLC	120,515	10,595,679
Zimmer Biomet Holdings, Inc.	55,382	5,888,214
		19,207,505
Health Care Providers and Services — 4.5%
Henry Schein, Inc.(1)	26,907	1,975,243
Humana, Inc.	4,057	1,954,581
Quest Diagnostics, Inc.	14,179	1,776,771
UnitedHealth Group, Inc.	7,645	3,970,278
		9,676,873
Household Products — 2.6%
Colgate-Palmolive Co.	9,065	708,974
Kimberly-Clark Corp.	38,064	4,853,921
		5,562,895
Industrial Conglomerates — 0.4%
Honeywell International, Inc.	4,372	827,838
Insurance — 12.1%
Aflac, Inc.	59,502	3,535,609
Allstate Corp.	56,275	6,781,137
Chubb Ltd.	23,897	4,517,728
Marsh & McLennan Cos., Inc.	35,109	5,665,539
Reinsurance Group of America, Inc.	42,266	5,298,466
		25,798,479
Oil, Gas and Consumable Fuels — 6.9%
Exxon Mobil Corp.	80,910	7,734,187
TotalEnergies SE, ADR	140,787	7,111,151
		14,845,338
Personal Products — 3.9%
Unilever PLC, ADR(2)	181,408	8,234,109
Pharmaceuticals — 9.1%
Johnson & Johnson	69,951	11,285,894
Merck & Co., Inc.	52,434	4,475,766
Novartis AG, ADR	46,722	3,762,056
		19,523,716
Semiconductors and Semiconductor Equipment — 1.0%
Texas Instruments, Inc.	12,766	2,109,071
Software — 1.7%
Open Text Corp.	71,374	2,246,853
Oracle Corp. (New York)	18,559	1,376,149
		3,623,002
TOTAL COMMON STOCKS (Cost $202,623,061)		210,873,192


Focused Large Cap Value ETF
	Shares	Value
SHORT-TERM INVESTMENTS — 1.6%
Money Market Funds — 1.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class	2,250,435	$	2,250,435
State Street Navigator Securities Lending Government Money Market Portfolio(3)	1,242,944	1,242,944
TOTAL SHORT-TERM INVESTMENTS (Cost $3,493,379)		3,493,379
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $206,116,440)		214,366,571
OTHER ASSETS AND LIABILITIES — (0.3)%		(597,350)
TOTAL NET ASSETS — 100.0%		$	213,769,221


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 $5,209,932. 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 $5,361,421, which includes securities collateral of $4,118,477.

See Notes to Financial Statements.


Statements of Assets and Liabilities


AUGUST 31, 2022
	Focused Dynamic Growth ETF		Focused Large Cap Value ETF
Assets
Investment securities, at value (cost of $142,723,560 and $204,873,496, respectively) — including $— and $5,209,932, respectively of securities on loan	$	140,513,464	$	213,123,627
Investment made with cash collateral received for securities on loan, at value (cost of $— and $1,242,944, respectively)	—		1,242,944
Total investment securities, at value (cost of $142,723,560 and $206,116,440, respectively)	140,513,464		214,366,571
Receivable for capital shares sold	4,667,208		—
Dividends and interest receivable	32,529		723,337
Securities lending receivable	—		1,434
	145,213,201		215,091,342

Liabilities
Payable for collateral received for securities on loan	—		1,242,944
Payable for investments purchased	4,825,423		—
Accrued management fees	54,874		79,177
	4,880,297		1,322,121

Net Assets	$	140,332,904	$	213,769,221

Shares outstanding (unlimited number of shares authorized)	2,430,000		3,755,000

Net Asset Value Per Share	$	57.75	$	56.93

Net Assets Consist of:
Capital paid in	$	162,332,336	$	199,691,397
Distributable earnings	(21,999,432)		14,077,824
	$	140,332,904	$	213,769,221

See Notes to Financial Statements.


Statements of Operations


YEAR ENDED AUGUST 31, 2022
	Focused Dynamic Growth ETF		Focused Large Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $— and $132,307, respectively)	$	453,401	$	5,670,941
Interest	6,621		11,539
Securities lending, net	74		2,231
	460,096		5,684,711

Expenses:
Management fees	785,114		962,439

Net investment income (loss)	(325,018)		4,722,272

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions	(7,024,149)		18,521,090
Change in net unrealized appreciation (depreciation) on investments	(69,246,962)		(33,742,584)

Net realized and unrealized gain (loss)	(76,271,111)		(15,221,494)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(76,596,129)	$	(10,499,222)

See Notes to Financial Statements.


Statements of Changes in Net Assets


YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
	Focused Dynamic Growth ETF				Focused Large Cap Value ETF
Increase (Decrease) in Net Assets	August 31, 2022		August 31, 2021		August 31, 2022		August 31, 2021
Operations
Net investment income (loss)	$	(325,018)	$	(370,443)	$	4,722,272	$	3,728,184
Net realized gain (loss)	(7,024,149)		27,904,615		18,521,090		5,086,205
Change in net unrealized appreciation (depreciation)	(69,246,962)		23,407,498		(33,742,584)		37,043,077
Net increase (decrease) in net assets resulting from operations	(76,596,129)		50,941,670		(10,499,222)		45,857,466

Distributions to Shareholders
From earnings	—		(21,840)		(9,716,163)		(2,991,009)

Capital Share Transactions
Proceeds from shares sold	43,427,709		59,816,448		25,226,721		138,524,192
Payments for shares redeemed	(57,885,327)		(88,569,594)		(55,367,369)		—
Other capital	1,646		4,916		1,808		9,570
Net increase (decrease) in net assets from capital share transactions	(14,455,972)		(28,748,230)		(30,138,840)		138,533,762

Net increase (decrease) in net assets	(91,052,101)		22,171,600		(50,354,225)		181,400,219

Net Assets
Beginning of period	231,385,005		209,213,405		264,123,446		82,723,227
End of period	$	140,332,904	$	231,385,005	$	213,769,221	$	264,123,446

Transactions in Shares of the Funds
Sold	585,000		780,000		420,000		2,560,000
Redeemed	(820,000)		(1,190,000)		(915,000)		—
Net increase (decrease) in shares of the funds	(235,000)		(410,000)		(495,000)		2,560,000

See Notes to Financial Statements.


Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Focused Dynamic Growth ETF (Focused Dynamic Growth ETF) and American Century Focused Large Cap Value ETF (Focused Large Cap Value ETF) (collectively, the funds) are two funds in a series issued by the trust. Each fund's investment objective is to seek long-term capital growth. Shares of each fund are listed for trading on the Cboe BZX Exchange, Inc.

2. Significant Accounting Policies

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

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

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Open-end management investment companies are valued at the reported NAV per share.

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

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

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

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

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

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

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

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.


Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Focused Large Cap Value ETF
Common Stocks	$	1,242,944	—	—	—	$	1,242,944
Gross amount of recognized liabilities for securities lending transactions						$	1,242,944

(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, 39% and 35% of the shares of Focused Dynamic Growth ETF and Focused Large Cap Value ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.

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

The annual management fee for each fund is as follows:


			Annual Management Fee
Focused Dynamic Growth ETF			0.45%
Focused Large Cap Value ETF			0.42%

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:


	Focused Dynamic Growth ETF	Focused Large Cap Value ETF
Purchases	$74,325,153	$65,689,361
Sales	$73,190,199	$50,887,391

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)*
Focused Dynamic Growth ETF	$31,582,883	$46,995,605	$12,731,524
Focused Large Cap Value ETF	$3,252,343	$53,772,134	$12,066,853

*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

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

6. Fair Value Measurements

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

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

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

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

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

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

7. Risk Factors

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

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 a significant portion of assets in one country or region may accentuate these risks.

8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 and August 31, 2021 were as follows:


	2022				2021
	Distributions Paid From:				Distributions Paid From:
	Ordinary Income		Long-term Capital Gains		Ordinary Income		Long-term Capital Gains
Focused Dynamic Growth ETF	—		—		$	21,565	$	275
Focused Large Cap Value ETF	$	9,198,604	$	517,559	$	2,991,009	—

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 for Focused Dynamic Growth ETF and Focused Large Cap Value ETF, which are primarily due to in kind transactions, were made to capital paid in $11,960,914 and $13,706,266 and distributable earnings $(11,960,914) and $(13,706,266),respectively.

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:


	Focused Dynamic Growth ETF		Focused Large Cap Value ETF
Federal tax cost of investments	$	143,897,499	$	206,240,807
Gross tax appreciation of investments	$	15,522,153	$	19,316,800
Gross tax depreciation of investments	(18,906,188)		(11,191,036)
Net tax appreciation (depreciation) of investments	$	(3,384,035)	$	8,125,764
Undistributed ordinary income	—		$	1,156,030
Accumulated long-term gains	—		$	4,796,030
Accumulated short -term capital losses	$	(10,714,374)	—
Accumulated long-term capital losses	$	(7,768,132)	—
Late-year ordinary loss deferral	$	(132,891)	—

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

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

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data									Ratios and Supplemental Data
		Income From Investment Operations:							Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investments 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)
Focused Dynamic Growth ETF
2022	$86.82	(0.13)	(28.94)	(29.07)	—	0.00(4)	$57.75	(33.49)%	0.45%	(0.19)%	42%	$140,333
2021	$68.04	(0.13)	18.92	18.79	(0.01)	0.00(4)	$86.82	27.61%	0.45%	(0.17)%	28%	$231,385
2020(5)	$40.00	(0.04)	28.07	28.03	—	0.01	$68.04	70.11%	0.45%(6)	(0.16)%(6)	27%	$209,213


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)Per-share amount was less than $0.005.

(5)March 31, 2020 (fund inception) through August 31, 2020.

(6)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:			Distributions From:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investments Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	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)
Focused Large Cap Value ETF
2022	$62.15	1.24	(3.89)	(2.65)	(1.23)	(1.34)	(2.57)	0.00(4)	$56.93	(4.41)%	0.42%	2.06%	22%	$213,769
2021	$48.95	1.14	13.01	14.15	(0.95)	—	(0.95)	0.00(4)	$62.15	29.19%	0.42%	2.00%	36%	$264,123
2020(5)	$40.00	0.41	8.59	9.00	(0.06)	—	(0.06)	0.01	$48.95	22.53%	0.42%(6)	2.10%(6)	73%	$82,723


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)Per-share amount was less than $0.005.

(5)March 31, 2020 (fund inception) through August 31, 2020.

(6)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 Focused Dynamic Growth ETF and American Century Focused Large Cap Value ETF (the “Funds”), two 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 Focused Dynamic 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 the period from March 31, 2020 (fund inception) through August 31, 2020
American Century Focused Large Cap Value ETF

Basis for Opinion

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

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

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

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 17, 2022

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


Management

The Board of Trustees

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

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

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

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Trustee

Other Directorships Held During Past 5 Years

Independent Trustees

Reginald M. Browne
(1968)

Trustee and Chairman of the Board

Since 2017 (Chairman since 2019)

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

None

Jeremy I. Bulow
(1954)

Trustee

Since 2022

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

None

Barry A. Mendelson
(1958)

Trustee

Since 2017

Retired

None

Stephen E. Yates
(1948)

Trustee

Since 2017

Retired

105

None

Interested Trustees

Jonathan S. Thomas
(1963)

Trustee

Since 2017

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

139

None

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

Officers

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


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


Approval of Management Agreement

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

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

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

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

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

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

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

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

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

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

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

•information regarding payments to intermediaries by the Advisor;

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

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

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In

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

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

•constructing and designing each Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of each Fund’s portfolio

•liquidity monitoring and management

•risk management, including cyber security

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

•legal services (except the independent Trustees’ counsel)

•regulatory and portfolio compliance

•financial reporting

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

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

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

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

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

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

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

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

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

Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

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

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

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


Liquidity Risk Management Program

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

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

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


Additional Information

Retirement Account Information

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

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

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

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

Proxy Voting Policies

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

Quarterly Portfolio Disclosure

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

Other Tax Information

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

Focused Large Cap Value ETF hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

For corporate taxpayers, Focused Large Cap Value ETF hereby designates $4,356,656, 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.

Focused Large Cap Value ETF hereby designates $1,652,395, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended August 31, 2022.

Focused Large Cap Value ETF hereby designates $5,032,999 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended August 31, 2022.

Focused Large Cap Value ETF utilized earnings and profits of $1,663,723 distributed to shareholders on redemption of shares as part of the dividends paid deduction (tax equalization).

Notes




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American Century ETF Trust

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.

This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

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