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Semiannual Report
February 28, 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
Fund Characteristics
Quality Convertible Securities ETF
Fund Characteristics
Quality Diversified International ETF
Fund Characteristics
Quality Preferred ETF
Fund Characteristics
STOXX® U.S. Quality Growth ETF
Fund Characteristics
STOXX® U.S. Quality Value ETF
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Additional Information










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

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


President’s Letter

image44.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ended February 28, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.

Escalating Volatility, Soaring Inflation Weighed on Returns

Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.

In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.

Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.

Staying Focused in Uncertain Times

Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.

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

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

Fund Characteristics
FEBRUARY 28, 2022
Low Volatility ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.6%
Short-Term Investments 0.3%
Other Assets and Liabilities 0.1%
Top Five Industries % of net assets
Technology Hardware, Storage and Peripherals 6.7%
Pharmaceuticals 6.5%
Software 6.2%
Health Care Providers and Services 5.7%
Insurance 5.1%

3

Fund Characteristics
FEBRUARY 28, 2022
Quality Convertible Securities ETF
Types of Investments in Portfolio % of net assets
Convertible Bonds 67.6%
Convertible Preferred Stocks 26.1%
Common Stocks 2.0%
Short-Term Investments 4.0%
Other Assets and Liabilities 0.3%
Top Five Industries % of net assets
Software 13.0%
Health Care Equipment and Supplies 8.5%
Semiconductors and Semiconductor Equipment 6.8%
Life Sciences Tools and Services 5.5%
Electric Utilities 4.5%
4

Fund Characteristics
FEBRUARY 28, 2022
Quality Diversified International ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.5%
Short-Term Investments 0.5%
Other Assets and Liabilities
—*
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
Japan 18.3%
France 11.9%
United Kingdom 11.5%
Canada 6.9%
Australia 6.4%
5

Fund Characteristics
FEBRUARY 28, 2022
Quality Preferred ETF
Types of Investments in Portfolio % of net assets
Preferred Stocks 79.9%
Convertible Preferred Stocks 15.1%
Short-Term Investments 3.6%
Other Assets and Liabilities 1.4%
Top Five Industries % of net assets
Banks 26.0%
Capital Markets 13.8%
Insurance 8.8%
Multi-Utilities 6.2%
Mortgage Real Estate Investment Trusts (REITs) 6.0%
6

Fund Characteristics
FEBRUARY 28, 2022
STOXX® U.S. Quality Growth ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.7%
Short-Term Investments 0.6%
Other Assets and Liabilities (0.3)%
Top Five Industries % of net assets
Software 17.1%
Semiconductors and Semiconductor Equipment 14.8%
Specialty Retail 6.7%
Biotechnology 5.0%
Health Care Equipment and Supplies 4.8%
7

Fund Characteristics
FEBRUARY 28, 2022
STOXX® U.S. Quality Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.5%
Short-Term Investments 0.4%
Other Assets and Liabilities 0.1%
Top Five Industries % of net assets
Equity Real Estate Investment Trusts (REITs) 7.0%
Electric Utilities 6.6%
Semiconductors and Semiconductor Equipment 6.6%
Pharmaceuticals 6.3%
Oil, Gas and Consumable Fuels 6.3%
8

Shareholder Fee Examples

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2021 to February 28, 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.
9

Beginning
Account Value
9/1/21		 Ending
Account Value
2/28/22
Expenses Paid
During Period(1)
9/1/21 - 2/28/22
Annualized
Expense Ratio(1)
Low Volatility ETF
Actual $1,000 $951.20 $1.40 0.29%
Hypothetical $1,000 $1,023.36 $1.45 0.29%
Quality Convertible Securities ETF
Actual $1,000 $956.50 $1.55 0.32%
Hypothetical $1,000 $1,023.21 $1.61 0.32%
Quality Diversified International ETF
Actual $1,000 $888.30 $1.83 0.39%
Hypothetical $1,000 $1,022.86 $1.96 0.39%
Quality Preferred ETF
Actual $1,000 $951.80 $1.55 0.32%
Hypothetical $1,000 $1,023.21 $1.61 0.32%
STOXX® U.S. Quality Growth ETF
Actual $1,000 $888.50 $1.36 0.29%
Hypothetical $1,000 $1,023.36 $1.45 0.29%
STOXX® U.S. Quality Value ETF
Actual $1,000 $985.10 $1.43 0.29%
Hypothetical $1,000 $1,023.36 $1.45 0.29%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
10

Schedules of Investments

FEBRUARY 28, 2022 (UNAUDITED)
Low Volatility ETF
Shares Value
COMMON STOCKS — 99.6%
Aerospace and Defense — 1.4%
General Dynamics Corp. 432  $ 101,282 
Air Freight and Logistics — 0.7%
FedEx Corp. 231  51,344 
Auto Components — 0.6%
Magna International, Inc. 597  44,339 
Banks — 3.9%
Bank of America Corp. 2,304  101,837 
First Horizon Corp. 1,302  30,571 
JPMorgan Chase & Co. 915  129,747 
Toronto-Dominion Bank (The) 301  24,287 
286,442 
Beverages — 2.6%
Coca-Cola Co. (The) 2,548  158,588 
PepsiCo, Inc. 233  38,151 
196,739 
Biotechnology — 0.6%
AbbVie, Inc. 202  29,850 
Amgen, Inc. 69  15,627 
45,477 
Capital Markets — 2.1%
Goldman Sachs Group, Inc. (The) 117  39,931 
Moody's Corp. 137  44,118 
S&P Global, Inc. 139  52,222 
Virtu Financial, Inc., Class A 593  20,803 
157,074 
Chemicals — 2.2%
Linde plc 77  22,579 
Nutrien Ltd. 290  24,937 
Sherwin-Williams Co. (The) 451  118,672 
166,188 
Commercial Services and Supplies — 2.8%
Republic Services, Inc. 712  85,639 
Waste Management, Inc. 870  125,628 
211,267 
Communications Equipment — 2.8%
Cisco Systems, Inc. 2,561  142,827 
Juniper Networks, Inc. 1,161  39,230 
Telefonaktiebolaget LM Ericsson, ADR 3,031  28,128 
210,185 
Construction Materials — 0.1%
CRH plc, ADR 221  9,921 
Containers and Packaging — 1.1%
International Paper Co. 1,222  53,193 
WestRock Co. 603  27,298 
80,491 
11

Low Volatility ETF
Shares Value
Diversified Financial Services — 1.9%
Berkshire Hathaway, Inc., Class B(1)
438  $ 140,795 
Diversified Telecommunication Services — 0.2%
Lumen Technologies, Inc. 1,152  11,935 
Electric Utilities — 0.6%
Southern Co. (The) 687  44,497 
Electrical Equipment — 0.3%
Emerson Electric Co. 251  23,323 
Electronic Equipment, Instruments and Components — 1.3%
Amphenol Corp., Class A 364  27,667 
TE Connectivity Ltd. 474  67,512 
95,179 
Equity Real Estate Investment Trusts (REITs) — 2.7%
AvalonBay Communities, Inc. 123  29,347 
Host Hotels & Resorts, Inc.(1)
1,489  27,204 
Mid-America Apartment Communities, Inc. 126  25,781 
Prologis, Inc. 265  38,650 
Public Storage 97  34,437 
Simon Property Group, Inc. 317  43,606 
199,025 
Food and Staples Retailing — 3.3%
Costco Wholesale Corp. 242  125,658 
Kroger Co. (The) 1,064  49,795 
Walmart, Inc. 491  66,364 
241,817 
Food Products — 3.2%
Archer-Daniels-Midland Co. 596  46,756 
Conagra Brands, Inc. 685  23,955 
Hershey Co. (The) 215  43,486 
Ingredion, Inc. 506  44,902 
Kellogg Co. 352  22,507 
Tyson Foods, Inc., Class A 638  59,117 
240,723 
Health Care Equipment and Supplies — 3.1%
Becton Dickinson and Co. 150  40,692 
Boston Scientific Corp.(1)
527  23,278 
Intuitive Surgical, Inc.(1)
75  21,775 
Medtronic plc 412  43,256 
Stryker Corp. 387  101,916 
230,917 
Health Care Providers and Services — 5.7%
Anthem, Inc. 160  72,296 
Centene Corp.(1)
795  65,683 
CVS Health Corp. 692  71,726 
Henry Schein, Inc.(1)
600  51,828 
Humana, Inc. 88  38,220 
Laboratory Corp. of America Holdings(1)
55  14,919 
McKesson Corp. 214  58,841 
Quest Diagnostics, Inc. 74  9,714 
UnitedHealth Group, Inc. 87  41,401 
424,628 
12

Low Volatility ETF
Shares Value
Hotels, Restaurants and Leisure — 2.0%
McDonald's Corp. 392  $ 95,950 
Starbucks Corp. 538  49,383 
145,333 
Household Products — 1.3%
Colgate-Palmolive Co. 501  38,552 
Procter & Gamble Co. (The) 392  61,109 
99,661 
Independent Power and Renewable Electricity Producers — 0.6%
Vistra Corp. 1,903  43,426 
Insurance — 5.1%
Aflac, Inc. 181  11,057 
Allstate Corp. (The) 378  46,252 
Brown & Brown, Inc. 653  44,149 
Everest Re Group Ltd. 220  65,609 
Marsh & McLennan Cos., Inc. 906  140,802 
Progressive Corp. (The) 640  67,795 
375,664 
Interactive Media and Services — 4.4%
Alphabet, Inc., Class A(1)
121  326,838 
Internet and Direct Marketing Retail — 1.6%
Amazon.com, Inc.(1)
38  116,708 
IT Services — 4.5%
Accenture plc, Class A 443  139,997 
International Business Machines Corp. 193  23,644 
Visa, Inc., Class A 805  173,977 
337,618 
Life Sciences Tools and Services — 0.9%
Agilent Technologies, Inc. 163  21,249 
Danaher Corp. 159  43,631 
64,880 
Machinery — 2.2%
AGCO Corp. 197  23,672 
Dover Corp. 370  58,038 
IDEX Corp. 172  33,007 
Illinois Tool Works, Inc. 209  45,215 
159,932 
Media — 0.3%
Comcast Corp., Class A 467  21,837 
Multi-Utilities — 0.5%
Brookfield Infrastructure Partners LP 665  39,441 
Multiline Retail — 0.2%
Target Corp. 68  13,584 
Oil, Gas and Consumable Fuels — 4.4%
Cheniere Energy, Inc. 106  14,088 
Chevron Corp. 520  74,880 
ConocoPhillips 294  27,889 
Devon Energy Corp. 577  34,360 
Equinor ASA, ADR 931  29,289 
Exxon Mobil Corp. 1,230  96,457 
Marathon Petroleum Corp. 184  14,328 
13

Low Volatility ETF
Shares Value
Phillips 66 454  $ 38,245 
329,536 
Pharmaceuticals — 6.5%
Bristol-Myers Squibb Co. 2,222  152,585 
Johnson & Johnson 823  135,441 
Merck & Co., Inc. 726  55,597 
Pfizer, Inc. 1,416  66,467 
Viatris, Inc. 2,587  28,483 
Zoetis, Inc. 236  45,701 
484,274 
Professional Services — 2.8%
CACI International, Inc., Class A(1)
215  60,155 
Jacobs Engineering Group, Inc. 413  50,799 
KBR, Inc. 426  21,147 
ManpowerGroup, Inc. 178  18,918 
Science Applications International Corp. 261  22,887 
Verisk Analytics, Inc. 207  36,709 
210,615 
Real Estate Management and Development — 0.2%
CBRE Group, Inc., Class A(1)
154  14,915 
Road and Rail — 1.4%
Knight-Swift Transportation Holdings, Inc. 277  15,091 
Schneider National, Inc., Class B 1,065  27,818 
Union Pacific Corp. 240  59,028 
101,937 
Semiconductors and Semiconductor Equipment — 2.6%
Broadcom, Inc. 148  86,941 
Intel Corp. 626  29,860 
QUALCOMM, Inc. 236  40,590 
Texas Instruments, Inc. 215  36,548 
193,939 
Software — 6.2%
Adobe, Inc.(1)
146  68,281 
Intuit, Inc. 31  14,706 
Microsoft Corp. 1,053  314,626 
Synopsys, Inc.(1)
214  66,851 
464,464 
Specialty Retail — 1.4%
AutoNation, Inc.(1)
212  24,308 
Home Depot, Inc. (The) 139  43,900 
O'Reilly Automotive, Inc.(1)
35  22,723 
Penske Automotive Group, Inc. 150  14,744 
105,675 
Technology Hardware, Storage and Peripherals — 6.7%
Apple, Inc. 2,250  371,520 
Dell Technologies, Inc., Class C(1)
400  20,384 
Hewlett Packard Enterprise Co. 3,284  52,281 
HP, Inc. 517  17,764 
NetApp, Inc. 217  17,009 
Seagate Technology Holdings plc 179  18,466 
497,424 
14

Low Volatility ETF
Shares Value
Textiles, Apparel and Luxury Goods — 0.6%
NIKE, Inc., Class B 338  $ 46,154 
TOTAL COMMON STOCKS
(Cost $7,197,712)
 7,407,443 
SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
20,197  20,197 
TOTAL SHORT-TERM INVESTMENTS
(Cost $20,197)
 20,197 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $7,217,909)
 7,427,640 
OTHER ASSETS AND LIABILITIES — 0.1%
 9,401 
TOTAL NET ASSETS — 100.0%
 $ 7,437,041 

NOTES TO SCHEDULE OF INVESTMENTS
ADR - American Depositary Receipt
(1)Non-income producing.


See Notes to Financial Statements.
15

FEBRUARY 28, 2022 (UNAUDITED)
Quality Convertible Securities ETF
Principal Amount/
Shares		 Value
CONVERTIBLE BONDS — 67.6%
Air Freight and Logistics — 0.9%
Air Transport Services Group, Inc., 1.125%, 10/15/24 $ 81,000  $ 92,658 
Atlas Air Worldwide Holdings, Inc., 1.875%, 6/1/24 105,000  147,367 
240,025 
Airlines — 1.9%
American Airlines Group, Inc., 6.50%, 7/1/25 257,000  346,821 
Southwest Airlines Co., 1.25%, 5/1/25 122,000  163,511 
510,332 
Auto Components — 0.4%
Patrick Industries, Inc., 1.00%, 2/1/23 111,000  118,437 
Automobiles — 1.6%
Ford Motor Co., 0.00%, 3/15/26(1)(2)
 204,000  249,958 
Tesla, Inc., 2.00%, 5/15/24 13,000  182,179 
432,137 
Biotechnology — 0.6%
Halozyme Therapeutics, Inc., 0.25%, 3/1/27(1)
 180,000  157,050 
Capital Markets — 0.6%
Digitalbridge Operating Co. LLC, 5.75%, 7/15/25(1)
 47,000  154,160 
Communications Equipment — 1.8%
Lumentum Holdings, Inc., 0.50%, 12/15/26 208,000  247,645 
Viavi Solutions, Inc., 1.00%, 3/1/24 194,000  258,626 
506,271 
Consumer Finance — 0.3%
PRA Group, Inc., 3.50%, 6/1/23 69,000  76,763 
Electronic Equipment, Instruments and Components — 0.8%
Insight Enterprises, Inc., 0.75%, 2/15/25 72,000  112,932 
Vishay Intertechnology, Inc., 2.25%, 6/15/25 109,000  109,414 
222,346 
Entertainment — 1.5%
World Wrestling Entertainment, Inc., 3.375%, 12/15/23 92,000  223,008 
Zynga, Inc., 0.25%, 6/1/24 157,000  191,540 
414,548 
Equity Real Estate Investment Trusts (REITs) — 0.5%
IIP Operating Partnership LP, 3.75%, 2/21/24(1)
 17,000  49,067 
Summit Hotel Properties, Inc., 1.50%, 2/15/26 83,000  87,441 
136,508 
Health Care Equipment and Supplies — 5.9%
CONMED Corp., 2.625%, 2/1/24 145,000  247,443 
Dexcom, Inc., 0.25%, 11/15/25 438,000  460,447 
Envista Holdings Corp., 2.375%, 6/1/25 82,000  193,725 
Insulet Corp., 0.375%, 9/1/26 299,000  398,866 
Integra LifeSciences Holdings Corp., 0.50%, 8/15/25 132,000  143,708 
Mesa Laboratories, Inc., 1.375%, 8/15/25 63,000  68,702 
NuVasive, Inc., 1.00%, 6/1/23 118,000  117,705 
1,630,596 
Health Care Providers and Services — 2.1%
Anthem, Inc., 2.75%, 10/15/42 92,000  589,324 
Health Care Technology — 0.9%
Omnicell, Inc., 0.25%, 9/15/25 164,000  233,126 
16

Quality Convertible Securities ETF
Principal Amount/
Shares		 Value
Hotels, Restaurants and Leisure — 2.6%
Airbnb, Inc., 0.00%, 3/15/26(1)(2)
 $ 243,000  $ 228,771 
Booking Holdings, Inc., 0.75%, 5/1/25 187,000  258,340 
Royal Caribbean Cruises Ltd., 4.25%, 6/15/23 172,000  221,244 
708,355 
Independent Power and Renewable Electricity Producers — 0.2%
Sunnova Energy International, Inc., 0.25%, 12/1/26(1)
 63,000  54,290 
Interactive Media and Services — 2.8%
Snap, Inc., 0.75%, 8/1/26 79,000  150,515 
Snap, Inc., 0.00%, 5/1/27(1)(2)
 212,000  186,560 
Twitter, Inc., 0.25%, 6/15/24 185,000  188,006 
Ziff Davis, Inc., 1.75%, 11/1/26(1)
 204,000  237,966 
763,047 
Internet and Direct Marketing Retail — 3.2%
Etsy, Inc., 0.25%, 6/15/28(1)
 243,000  238,990 
Match Group Financeco 2, Inc., 0.875%, 6/15/26(1)
 150,000  212,925 
Match Group Financeco 3, Inc., 2.00%, 1/15/30(1)
 47,000  72,474 
Wayfair, Inc., 0.625%, 10/1/25 338,000  294,398 
Wayfair, Inc., 1.00%, 8/15/26 44,000  54,230 
873,017 
IT Services — 3.5%
Akamai Technologies, Inc., 0.375%, 9/1/27 519,000  572,023 
Block, Inc., 0.25%, 11/1/27 143,000  130,666 
Cloudflare, Inc., 0.75%, 5/15/25 32,000  100,739 
Perficient, Inc., 1.25%, 8/1/25 35,000  71,271 
Perficient, Inc., 0.125%, 11/15/26(1)
 113,000  98,310 
973,009 
Leisure Products — 0.4%
Callaway Golf Co., 2.75%, 5/1/26 62,000  98,270 
Life Sciences Tools and Services — 1.0%
Illumina, Inc., 0.00%, 8/15/23(2)
 167,000  181,529 
Repligen Corp., 0.375%, 7/15/24 55,000  98,285 
279,814 
Machinery — 2.0%
Chart Industries, Inc., 1.00%, 11/15/24(1)
 65,000  162,747 
John Bean Technologies Corp., 0.25%, 5/15/26(1)
 102,000  96,278 
Middleby Corp. (The), 1.00%, 9/1/25 193,000  284,554 
543,579 
Media — 2.6%
Cable One, Inc., 1.125%, 3/15/28(1)
 92,000  82,662 
Liberty Broadband Corp., 2.75%, 9/30/50(1)
 443,000  446,217 
Liberty Media Corp., 2.75%, 12/1/49(1)
 167,000  171,592 
700,471 
Metals and Mining — 0.4%
MP Materials Corp., 0.25%, 4/1/26(1)
 93,000  115,599 
Mortgage Real Estate Investment Trusts (REITs) — 2.7%
Apollo Commercial Real Estate Finance, Inc., 5.375%, 10/15/23 171,000  171,107 
Arbor Realty Trust, Inc., 4.75%, 11/1/22 105,000  112,875 
Blackstone Mortgage Trust, Inc., 4.75%, 3/15/23 181,000  187,154 
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 4.125%, 9/1/22 45,000  81,478 
17

Quality Convertible Securities ETF
Principal Amount/
Shares		 Value
PennyMac Corp., 5.50%, 3/15/26(1)
 $ 195,000  $ 184,884 
737,498 
Oil, Gas and Consumable Fuels — 3.5%
EQT Corp., 1.75%, 5/1/26 85,000  144,628 
Green Plains, Inc., 2.25%, 3/15/27 50,000  64,800 
Pioneer Natural Resources Co., 0.25%, 5/15/25 330,000  756,014 
965,442 
Personal Products — 0.3%
Herbalife Nutrition Ltd., 2.625%, 3/15/24 98,000  94,668 
Pharmaceuticals — 0.9%
Jazz Investments I Ltd., 2.00%, 6/15/26 223,000  258,541 
Professional Services — 1.1%
FTI Consulting, Inc., 2.00%, 8/15/23 88,000  130,900 
KBR, Inc., 2.50%, 11/1/23 86,000  170,280 
301,180 
Real Estate Management and Development — 0.9%
Opendoor Technologies, Inc., 0.25%, 8/15/26(1)
 108,000  82,809 
Zillow Group, Inc., 2.75%, 5/15/25 140,000  170,450 
253,259 
Semiconductors and Semiconductor Equipment — 4.0%
Enphase Energy, Inc., 0.00%, 3/1/26(2)
 135,000  130,275 
Microchip Technology, Inc., 0.125%, 11/15/24 203,000  228,882 
ON Semiconductor Corp., 0.00%, 5/1/27(1)(2)
 190,000  260,205 
Silicon Laboratories, Inc., 0.625%, 6/15/25 63,000  88,635 
SMART Global Holdings, Inc., 2.25%, 2/15/26 94,000  142,377 
Teradyne, Inc., 1.25%, 12/15/23 67,000  249,916 
1,100,290 
Software — 12.3%
Alarm.com Holdings, Inc., 0.00%, 1/15/26(2)
 131,000  110,892 
Bentley Systems, Inc., 0.125%, 1/15/26 200,000  185,900 
Bill.com Holdings, Inc., 0.00%, 12/1/25(2)
 87,000  144,115 
Blackline, Inc., 0.00%, 3/15/26(1)(2)
 153,000  129,667 
Datadog, Inc., 0.125%, 6/15/25 139,000  259,304 
Dropbox, Inc., 0.00%, 3/1/28(1)(2)
 156,000  147,716 
Envestnet, Inc., 1.75%, 6/1/23 68,000  81,643 
Five9, Inc., 0.50%, 6/1/25 93,000  101,190 
HubSpot, Inc., 0.375%, 6/1/25 80,000  154,920 
Mandiant, Inc., 0.875%, 6/1/24 100,000  107,438 
Mitek Systems, Inc., 0.75%, 2/1/26(1)
 64,000  64,640 
NortonLifeLock, Inc., 2.00%, 8/15/22(1)
 175,000  250,075 
Palo Alto Networks, Inc., 0.375%, 6/1/25 296,000  599,844 
Pegasystems, Inc., 0.75%, 3/1/25 129,000  125,710 
Rapid7, Inc., 0.25%, 3/15/27(1)
 108,000  128,925 
Tyler Technologies, Inc., 0.25%, 3/15/26(1)
 159,000  171,402 
Varonis Systems, Inc., 1.25%, 8/15/25 51,000  80,045 
Workday, Inc., 0.25%, 10/1/22 86,000  135,106 
Workiva, Inc., 1.125%, 8/15/26 65,000  96,647 
Zendesk, Inc., 0.625%, 6/15/25 151,000  188,750 
Zscaler, Inc., 0.125%, 7/1/25 61,000  104,158 
3,368,087 
18

Quality Convertible Securities ETF
Principal Amount/
Shares		 Value
Specialty Retail — 2.6%
American Eagle Outfitters, Inc., 3.75%, 4/15/25 $ 57,000  $ 146,234 
Burlington Stores, Inc., 2.25%, 4/15/25 136,000  172,635 
Dick's Sporting Goods, Inc., 3.25%, 4/15/25 73,000  237,934 
RH, 0.00%, 9/15/24(2)
 80,000  153,760 
710,563 
Technology Hardware, Storage and Peripherals — 0.4%
Pure Storage, Inc., 0.125%, 4/15/23 87,000  101,747 
Textiles, Apparel and Luxury Goods — 0.4%
Under Armour, Inc., 1.50%, 6/1/24 58,000  97,803 
TOTAL CONVERTIBLE BONDS
(Cost $18,954,450)
 18,520,152 
CONVERTIBLE PREFERRED STOCKS — 26.1%
Auto Components — 0.8%
Aptiv plc, 5.50%, 6/15/23 1,432  209,473 
Banks — 1.1%
Bank of America Corp., 7.25% 109  144,915 
Wells Fargo & Co., 7.50% 128  173,120 
318,035 
Capital Markets — 2.2%
AMG Capital Trust II, 5.15%, 10/15/37 2,974  160,834 
KKR & Co., Inc., 6.00%, 9/15/23 5,782  439,201 
600,035 
Diversified Financial Services — 0.1%
2020 Mandatory Exchangeable Trust, 6.50%, 5/16/23(1)
 38  42,131 
Electric Utilities — 4.5%
American Electric Power Co., Inc., 6.125%, 8/15/23 3,276  173,137 
NextEra Energy, Inc., 5.28%, 3/1/23 3,912  195,013 
NextEra Energy, Inc., 6.22%, 9/1/23 7,249  365,422 
PG&E Corp., 5.50%, 8/16/23 1,940  210,102 
Southern Co. (The), 6.75%, 8/1/22 5,569  284,854 
1,228,528 
Electronic Equipment, Instruments and Components — 0.6%
II-VI, Inc., 6.00%, 7/1/23 580  166,785 
Equity Real Estate Investment Trusts (REITs) — 0.6%
LXP Industrial Trust, 6.50% 2,949  155,383 
Food Products — 1.3%
Bunge Ltd., 4.875% 2,736  369,168 
Health Care Equipment and Supplies — 2.6%
Becton Dickinson and Co., 6.00%, 6/1/23 6,960  373,474 
Boston Scientific Corp., 5.50%, 6/1/23 2,897  337,471 
710,945 
Life Sciences Tools and Services — 4.5%
Avantor, Inc., 6.25%, 5/15/22 3,650  387,338 
Danaher Corp., 5.00%, 4/15/23 566  844,326 
1,231,664 
Machinery — 0.9%
Stanley Black & Decker, Inc., 5.25%, 11/15/22 2,476  240,717 
Metals and Mining — 0.8%
ArcelorMittal SA, 5.50%, 5/18/23 3,178  231,072 
Multi-Utilities — 2.1%
Dominion Energy, Inc., 7.25%, 6/1/22 1,344  133,795 
19

Quality Convertible Securities ETF
Principal Amount/
Shares		 Value
DTE Energy Co., 6.25%, 11/1/22 5,533  $ 283,843 
NiSource, Inc., 7.75%, 3/1/24 1,367  151,723 
569,361 
Semiconductors and Semiconductor Equipment — 2.8%
Broadcom, Inc., 8.00%, 9/30/22 414  761,371 
Wireless Telecommunication Services — 1.2%
2020 Cash Mandatory Exchangeable Trust, 5.25%, 6/1/23(1)
 300  325,200 
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $7,284,361)
 7,159,868 
COMMON STOCKS — 2.0%
Consumer Finance — 0.3%
Encore Capital Group, Inc.(3)
1,262  83,280 
Equity Real Estate Investment Trusts (REITs) — 0.5%
Innovative Industrial Properties, Inc. 241  45,419 
Invitation Homes, Inc. 2,603  98,393 
143,812 
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Chimera Investment Corp. 10,958  133,359 
Software — 0.7%
DocuSign, Inc.(3)
736  87,164 
ServiceNow, Inc.(3)
190  110,185 
197,349 
TOTAL COMMON STOCKS
(Cost $635,319)
 557,800 
SHORT-TERM INVESTMENTS — 4.0%
Money Market Funds — 4.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class
1,090,358  1,090,358 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,090,358)
 1,090,358 
TOTAL INVESTMENT SECURITIES — 99.7%
(Cost $27,964,488)
 27,328,178 
OTHER ASSETS AND LIABILITIES — 0.3%
 76,880 
TOTAL NET ASSETS — 100.0%
 $ 27,405,058 

NOTES TO SCHEDULE OF INVESTMENTS
(1)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 $4,803,270, which represented 17.5% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(3)Non-income producing.


See Notes to Financial Statements.
20

FEBRUARY 28, 2022 (UNAUDITED)
Quality Diversified International ETF
Shares Value
COMMON STOCKS — 99.5%


Australia — 6.4%
Aristocrat Leisure Ltd. 12,729  $ 349,156 
ASX Ltd. 3,881  233,099 
BHP Group Ltd. 9,706  331,423 
BlueScope Steel Ltd. 19,230  284,755 
Charter Hall Group 20,148  246,399 
Computershare Ltd. 20,024  316,386 
CSL Ltd. 1,146  217,882 
Dexus 34,264  271,233 
Domino's Pizza Enterprises Ltd. 5,384  310,884 
Fortescue Metals Group Ltd. 247,332  3,295,040 
Goodman Group 14,204  229,816 
GPT Group (The) 72,787  259,709 
IGO Ltd. 46,065  369,551 
James Hardie Industries plc 29,157  951,890 
Lynas Rare Earths Ltd.(1)
39,592  299,685 
Medibank Pvt Ltd. 101,001  232,960 
Mineral Resources Ltd. 7,750  258,436 
Origin Energy Ltd. 79,374  329,613 
REA Group Ltd. 2,348  226,322 
Santos Ltd. 55,072  293,304 
Scentre Group 123,369  274,077 
Sonic Healthcare Ltd. 71,324  1,820,017 
Stockland, REIT 432,625  1,309,077 
Vicinity Centres 461,458  600,883 
WiseTech Global Ltd. 11,470  367,224 
Xero Ltd.(1)
2,854  196,235 
13,875,056 
Austria — 1.1%
BAWAG Group AG(1)
4,900  264,550 
OMV AG 27,794  1,323,091 
Raiffeisen Bank International AG 12,268  199,906 
Verbund AG 3,223  388,747 
voestalpine AG 8,089  267,350 
2,443,644 
Belgium — 0.5%
D'ieteren Group 1,380  222,932 
Etablissements Franz Colruyt NV 5,845  233,782 
Solvay SA 2,441  272,222 
UCB SA 2,512  274,151 
1,003,087 
Canada — 6.9%
Aritzia, Inc.(1)
6,330  240,665 
Bank of Montreal 2,620  299,166 
BRP, Inc. 3,173  227,405 
Canadian Imperial Bank of Commerce 2,448  309,848 
Canadian Natural Resources Ltd. 7,981  445,865 
CGI, Inc.(1)
3,299  270,479 
Constellation Software, Inc. 1,632  2,750,464 
21

Quality Diversified International ETF
Shares Value
Dollarama, Inc. 6,474  $ 334,554 
Empire Co. Ltd., Class A 9,525  295,031 
FirstService Corp. 1,688  240,302 
George Weston Ltd. 3,114  337,663 
Gildan Activewear, Inc. 6,872  269,784 
iA Financial Corp., Inc. 5,317  315,916 
Loblaw Cos. Ltd. 15,207  1,186,206 
Lundin Mining Corp. 36,496  352,147 
Magna International, Inc. 3,345  248,520 
Manulife Financial Corp. 110,037  2,229,389 
Metro, Inc. 5,255  274,296 
Ritchie Bros Auctioneers, Inc. 3,694  193,603 
Shaw Communications, Inc., B Shares 8,660  259,697 
Sun Life Financial, Inc.(2)
4,723  248,391 
Suncor Energy, Inc. 11,208  342,739 
TFI International, Inc. 5,051  526,499 
Toromont Industries Ltd. 3,141  266,248 
Tourmaline Oil Corp. 22,610  891,913 
West Fraser Timber Co. Ltd. 13,739  1,371,407 
Wheaton Precious Metals Corp. 5,998  262,824 
14,991,021 
China — 4.4%
Angang Steel Co. Ltd., H Shares 392,000  194,936 
ANTA Sports Products Ltd. 71,000  1,084,397 
BYD Co. Ltd., H Shares 28,500  883,139 
China Coal Energy Co. Ltd., H Shares 880,000  548,534 
CSPC Pharmaceutical Group Ltd. 822,000  974,368 
JD.com, Inc., ADR(1)
728  52,147 
Li Ning Co. Ltd. 99,500  993,821 
NetEase, Inc., ADR 10,512  1,002,214 
Tingyi Cayman Islands Holding Corp. 584,000  1,292,043 
Want Want China Holdings Ltd. 1,341,000  1,427,529 
Weibo Corp., ADR(1)
12,450  341,503 
Yihai International Holding Ltd.(1)(2)
46,000  192,468 
Zhongsheng Group Holdings Ltd. 77,500  541,177 
9,528,276 
Denmark — 2.2%
AP Moller - Maersk A/S, B Shares 575  1,819,019 
Danske Bank A/S 16,599  281,154 
DSV A/S 1,155  212,585 
Novo Nordisk A/S, B Shares 14,528  1,503,407 
Novozymes A/S, B Shares 3,956  259,643 
Pandora A/S 3,796  388,700 
Royal Unibrew A/S 2,360  250,208 
4,714,716 
Finland — 1.7%
Elisa Oyj 4,267  236,422 
Fortum Oyj 9,511  199,044 
Kesko Oyj, B Shares 22,358  657,989 
Neste Oyj 5,314  207,218 
Nokia Oyj(1)
57,962  313,420 
22

Quality Diversified International ETF
Shares Value
Nokian Renkaat Oyj 27,759  $ 523,192 
Valmet Oyj 39,516  1,370,694 
Wartsila Oyj Abp(2)
19,674  220,340 
3,728,319 
France — 11.9%
Amundi SA 3,022  209,593 
ArcelorMittal SA 10,099  313,358 
BNP Paribas SA 4,642  269,350 
Bollore SA 51,034  258,237 
Bouygues SA 11,858  424,019 
Capgemini SE 1,183  247,637 
Carrefour SA 99,195  1,994,241 
Cie de Saint-Gobain 32,325  2,004,314 
Cie Generale des Etablissements Michelin SCA 1,700  234,018 
Eiffage SA 2,938  299,276 
Engie SA 20,567  327,683 
Eurofins Scientific SE 1,964  199,302 
Faurecia SE(2)
6,350  239,103 
Hermes International 1,342  1,850,667 
Ipsen SA 5,584  649,752 
Kering SA 1,807  1,253,396 
Klepierre SA(1)
12,934  369,712 
L'Oreal SA 6,702  2,649,463 
Legrand SA 2,293  216,322 
LVMH Moet Hennessy Louis Vuitton SE 1,215  892,909 
Orange SA 131,014  1,584,181 
Pernod Ricard SA 1,095  239,039 
Publicis Groupe SA 18,413  1,221,992 
Remy Cointreau SA 1,340  257,887 
Rexel SA(1)
14,895  327,807 
Sanofi 34,585  3,615,257 
Sartorius Stedim Biotech 2,449  939,119 
SCOR SE 9,600  312,551 
STMicroelectronics NV 5,926  248,762 
Teleperformance 796  295,365 
Thales SA 8,065  922,014 
TotalEnergies SE 5,950  303,124 
Unibail-Rodamco-Westfield(1)
4,092  311,916 
Unibail-Rodamco-Westfield(1)
60  4,567 
Vinci SA 2,887  302,706 
Wendel SE 2,389  242,528 
26,031,167 
Germany — 5.8%
adidas AG 868  205,231 
Brenntag SE 2,932  245,797 
Carl Zeiss Meditec AG 4,287  672,779 
Covestro AG 46,522  2,460,349 
Deutsche Post AG 8,886  446,630 
Evonik Industries AG 99,190  2,985,780 
GEA Group AG 37,824  1,653,997 
HelloFresh SE(1)
9,934  541,860 
23

Quality Diversified International ETF
Shares Value
Merck KGaA 5,235  $ 1,038,349 
Nemetschek SE 3,405  302,130 
Puma SE 2,173  199,274 
Rational AG 271  199,446 
Sartorius AG, Preference Shares 616  271,972 
Schaeffler AG, Preference Shares 70,576  469,564 
Siemens Healthineers AG 3,756  241,024 
Symrise AG 1,781  211,844 
Uniper SE 6,290  201,224 
Wacker Chemie AG 1,495  231,620 
12,578,870 
Hong Kong — 1.0%
Chow Tai Fook Jewellery Group Ltd.(1)
243,600  505,844 
SITC International Holdings Co. Ltd. 141,000  581,365 
Techtronic Industries Co. Ltd. 31,000  519,438 
Xinyi Glass Holdings Ltd. 232,000  617,988 
2,224,635 
Ireland — 0.4%
Bank of Ireland Group plc(1)
46,125  306,051 
Smurfit Kappa Group plc 10,298  514,305 
820,356 
Israel — 0.9%
Bank Hapoalim BM 25,539  270,675 
Bank Leumi Le-Israel BM 57,305  620,780 
ICL Group Ltd. 37,232  422,826 
Israel Discount Bank Ltd., A Shares 50,983  336,190 
Mizrahi Tefahot Bank Ltd. 6,753  263,903 
1,914,374 
Italy — 2.1%
A2A SpA 139,955  249,693 
Amplifon SpA 5,148  220,924 
Assicurazioni Generali SpA(2)
13,632  269,598 
Davide Campari-Milano NV 19,088  207,732 
De' Longhi SpA 8,170  259,246 
DiaSorin SpA 1,175  175,844 
Enel SpA 36,037  265,554 
Eni SpA 20,760  322,916 
Ferrari NV 1,215  261,089 
Interpump Group SpA 12,945  698,864 
Intesa Sanpaolo SpA 131,695  336,655 
Mediobanca Banca di Credito Finanziario SpA 25,227  262,720 
Moncler SpA 4,609  276,771 
Recordati Industria Chimica e Farmaceutica SpA 4,022  196,722 
Reply SpA 1,306  212,951 
Stellantis NV 15,963  290,078 
4,507,357 
Japan — 18.3%
Advantest Corp. 3,000  241,095 
AGC, Inc. 5,500  243,994 
Aisin Corp. 14,500  528,152 
Ajinomoto Co., Inc. 11,600  338,036 
24

Quality Diversified International ETF
Shares Value
Asahi Kasei Corp. 28,800  $ 270,283 
Astellas Pharma, Inc. 104,500  1,743,501 
BayCurrent Consulting, Inc. 1,200  479,872 
Bridgestone Corp. 6,100  251,204 
Canon, Inc.(2)
14,500  341,228 
Capcom Co., Ltd. 10,000  242,708 
Chugai Pharmaceutical Co. Ltd. 7,600  252,119 
CyberAgent, Inc. 40,700  532,586 
Daikin Industries Ltd. 1,200  221,765 
Daito Trust Construction Co. Ltd. 2,400  265,536 
Denso Corp. 3,800  267,216 
Dentsu Group, Inc. 8,500  339,151