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Annual Report
August 31, 2023
American Century® Diversified Corporate Bond ETF (KORP)
American Century® Diversified Municipal Bond ETF (TAXF)
American Century® Emerging Markets Bond ETF (AEMB)
American Century® Multisector Floating Income ETF (FUSI)
American Century® Multisector Income ETF (MUSI)
American Century® Select High Yield ETF (AHYB)
American Century® Short Duration Strategic Income ETF (SDSI)




























Table of Contents

President’s Letter
Diversified Corporate Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Diversified Municipal Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Emerging Markets Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Multisector Floating Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Multisector Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Select High Yield ETF
Performance
Portfolio Commentary
Fund Characteristics
Short Duration Strategic Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management and Subadvisory Agreements
Liquidity Risk Management Program
Additional Information

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



President’s Letter

image24.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2023. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Stocks Rebounded, Bonds Struggled

Asset class returns, particularly for U.S. and global stocks, improved dramatically compared with the previous fiscal year. The bounce back occurred despite ongoing volatility, rising interest rates and Fitch Ratings’ first-ever downgrade of U.S. debt.

Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign partly fueled the optimism. Inflation’s steady slowdown, mounting recession worries and a series of U.S. regional bank failures prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, the Fed and its developed markets peers continued to raise interest rates.

After pausing in June, the Fed resumed its tightening campaign in July, raising rates to a range of 5.25% to 5.5%, a 22-year high. Citing still-higher-than-target inflation and still-strong economic data, policymakers left their future policy options open. Inflation remained even higher in the eurozone and the U.K., prompting central bankers there to steadily raise interest rates. Government bond yields soared, including the benchmark 10-year Treasury yield, which surged to a 16-year high late in the period.

Despite the inflation and rate backdrops, better-than-expected corporate earnings helped the S&P 500 Index return 15.94% for the 12-month period. Non-U.S. developed markets stocks delivered modestly higher returns, while emerging markets stocks gained only 1.25%. Meanwhile, amid elevated inflation and sharply higher Treasury yields, most U.S. bond and other rate-sensitive sectors declined, though not as much as in the prior fiscal year. Exceptions included corporate and municipal bonds, which delivered modest gains.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions, banking industry turbulence and recession risk. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

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

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


Performance
Diversified Corporate Bond ETF (KORP)
Total Returns as of August 31, 2023 Average Annual Returns
1 year 5 years Since Inception Inception Date
Net Asset Value 1.85% 1.55% 1.23% 1/11/2018
Market Price 2.13% 1.50% 1.23% 1/11/2018
Bloomberg U.S. Intermediate Corporate Bond Index 2.00% 1.82% 1.55%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made January 11, 2018

chart-b5e01477940d42f8964.jpg
Value on August 31, 2023
Net Asset Value — $10,714
Bloomberg U.S. Intermediate Corporate Bond Index — $10,908

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





Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
3


Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath, Jeffrey Houston, Gavin Fleischman and Le Tran

Performance Review

American Century Diversified Corporate Bond ETF returned 2.13% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 1.85%. For the same period, the Bloomberg U.S. Intermediate Corporate Bond Index, the fund’s benchmark index, returned 2.00%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad bond market sentiment improved early in 2023. Growing expectations for the Federal Reserve (Fed) to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, Treasury yields rose across the yield curve, generating a better backdrop for income-seeking investors.

Nevertheless, the optimism prevalent in early 2023 faded somewhat by period-end. Amid persistent inflation, investors came to terms with the Fed likely holding rates higher for longer than previously expected. Additionally, growing recession worries and tighter bank lending standards challenged the corporate bond market late in the reporting period.

Security Selection Aided Relative Performance

Security selection contributed to relative results for the 12-month period. Our choices in the financial institutions (mainly banks), industrials, consumer noncyclical and technology, media and telecommunications sectors primarily drove results at the security level.

Sector allocation was generally flat versus the index. However, our weightings in the machinery and health care industries and underweights versus the index in the integrated energy and retail segments had an overall positive influence on allocation.

Our defensive credit exposure slightly detracted from performance. We generally favored a higher-quality bias, to align with our concerns about valuations and the macroeconomic direction. As such, we maintained a smaller-than-typical weighting in high-yield bonds, which significantly outperformed investment-grade corporates for the reporting period.

Duration Detracted

We began extending duration in late 2022, as recession risk increased and Treasury yields rose to multiyear highs. We maintained this strategy into 2023, given our expectations for the economy to slow and yields to decline. This positioning, which included Treasury futures, detracted from results as Treasury yields generally rose through the 12-month period.
4


Fund Characteristics

AUGUST 31, 2023
Diversified Corporate Bond ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 92.6%
U.S. Treasury Securities 4.0%
Municipal Securities 0.2%
Short-Term Investments 2.6%
Other Assets and Liabilities 0.6%
5


Performance
Diversified Municipal Bond ETF (TAXF)
Total Returns as of August 31, 2023 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 1.70% 1.91% 9/10/2018
Market Price 1.85% 1.93% 9/10/2018
S&P National AMT-Free Municipal Bond Index 2.17% 1.64%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-08e72c0a7bc0464293f.jpg
Value on August 31, 2023
Net Asset Value — $10,989
S&P National AMT-Free Municipal Bond Index — $10,843
Total Annual Fund Operating Expenses
0.29%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
6


Portfolio Commentary

Portfolio Managers: Joseph Gotelli and Alan Kruss

Performance Review

American Century Diversified Municipal Bond ETF returned 1.85% on a market price basis for the 12 months ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 1.70%. For the same period, the S&P National AMT-Free Municipal Bond Index, the fund’s benchmark index, returned 2.17%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad municipal bond (muni) market sentiment improved early in 2023. Growing expectations for the Federal Reserve to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, the yield backdrop became more attractive for investors seeking tax-exempt income.

Also, despite declining state tax revenues, strong reserve fund balances and conservative budgeting practices suggested most states were prepared for a slowing economy. Additionally, municipal credit fundamentals remained resilient, and outflows from the muni asset class generally stabilized compared with 2022.

Investment-grade munis broadly outperformed the U.S. Treasury index, which declined for the 12-month period. Investment-grade munis also outperformed high-yield munis.

Sector Allocation, Security Selection Weighed on Relative Results

Sector allocation was the main driver of the fund’s underperformance versus the index. Overweight positions versus the index in the hospital and charter school sectors and an out-of-index position in retirement communities largely accounted for the lagging results. Conversely, underweight exposure in the prefunded and state general obligation (GO) sectors contributed and helped offset some of the negative allocation effects.

Security selection was a modest detractor for the period, largely due to our choices in the special tax, local GO and public power sectors. These holdings more than offset positive selection results in the toll facilities and other transportation sectors.

Anticipating a more challenging economic environment, we continued to review the fund’s exposure to credit risk. This effort reduced the fund’s exposure to out-of-index high-yield munis from approximately 10% on August 31, 2022, to approximately 9% at period-end.

Yield Curve Strategy Boosted Results

Our yield curve positioning, which generally favored the intermediate portion of the curve, had a positive influence on relative performance. The fund’s yield curve exposure more than offset the negative effects of maintaining a modestly longer-than-index duration in the rising-rate environment.







7


Fund Characteristics
AUGUST 31, 2023
Diversified Municipal Bond ETF
Types of Investments in Portfolio % of net assets
Municipal Securities 97.2%
Short-Term Investments 3.3%
Other Assets and Liabilities (0.5)%
Top Five States and Territories % of net assets
Texas 11.1%
New York 9.3%
California 6.7%
Illinois 6.5%
Florida 6.4%
Top Five Sectors % of fund investments
Special Tax 15%
General Obligation (GO) - Local 11%
General Obligation (GO) - State 10%
Water & Sewer 9%
Hospital 8%

8


Performance
Emerging Markets Bond ETF (AEMB)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 3.40% -8.28% 6/29/2021
Market Price 4.14% -8.20% 6/29/2021
JP Morgan EMBI Global Diversified Index 5.77% -7.22%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made June 29, 2021
chart-04eae52cbc24470899f.jpg
Value on August 31, 2023
Net Asset Value — $8,288
JP Morgan EMBI Global Diversified Index — $8,498

Total Annual Fund Operating Expenses
0.39%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
9


Portfolio Commentary

Portfolio Managers: John Lovito, Thomas Youn and Rajat Ahuja

Performance Review

American Century Emerging Markets Bond ETF returned 4.14% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 3.40%. For the same period, the JP Morgan EMBI Global Diversified Index, the fund’s benchmark index, returned 5.77%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Performance among emerging markets bonds rebounded compared with the previous fiscal year. Central banks in many emerging markets countries had started tightening monetary policy ahead of their developed markets counterparts. Accordingly, as inflation eased, many central banks concluded their rate-hike campaigns and moved closer to easing policy. Additionally, the U.S. dollar depreciated during the 12-month period, which provided a boost to emerging markets assets.

The positive sentiment faded somewhat late in the reporting period. Slowing global growth data and mounting challenges in China’s economy led to heightened uncertainty for the asset class.

Security Selection Weighed on Results

Security selection was the primary performance detractor versus the index, particularly among Latin American sovereigns. Holdings in Brazil and Mexico were key laggards, largely due to the hedging positions we held in these countries. Positions in El Salvador and Guatemala also detracted. Sovereign security selection in the Middle East also broadly weighed on relative results, while our choices in Africa and the Asia/Pacific region boosted performance. Meanwhile, security selection among quasi-sovereigns was broadly negative.

The fund’s yield curve strategy detracted from relative results, largely due to our duration position.

Allocation Contributed to Performance

Overall, our asset allocation decisions modestly boosted results. Our weightings in nominal government bonds, sovereigns and quasi-sovereigns, along with a larger-than-usual allocation to cash equivalents, aided performance. Meanwhile, exposure to corporate bonds and our high-yield hedging strategy weighed on results.

In terms of quality, our limited exposure to lower-rated high-yield securities detracted from performance. Given our expectations for a global economic downturn, we largely avoided securities with B and CCC credit weightings, which outperformed in the better-than-expected economic environment.
10


Fund Characteristics

AUGUST 31, 2023
Emerging Markets Bond ETF
Types of Investments in Portfolio % of net assets
Sovereign Governments and Agencies 52.6%
Corporate Bonds 32.6%
U.S. Treasury Securities 4.8%
Preferred Stocks 0.3%
Short-Term Investments 8.7%
Other Assets and Liabilities 1.0%
11


Performance
Multisector Floating Income ETF (FUSI)
Total Returns as of August 31, 2023 Since Inception Inception Date
Net Asset Value 3.51% 3/14/2023
Market Price 3.90% 3/14/2023
Bloomberg U.S. 1-3 Month Treasury Bill Index 2.34%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Total Annual Fund Operating Expenses
0.27%
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 americancentury.com. For additional information about the funds, please consult the prospectus.
12


Portfolio Commentary

Portfolio Managers: Charles Tan and Jason Greenblath

Peter Van Gelderen left the portfolio management team effective August 31, 2023.

Performance Review

American Century Multisector Floating Income ETF returned 3.90%* on a market price basis for the period from the fund’s inception on March 14, 2023, through August 31, 2023. On a net asset value (NAV) basis, the fund returned 3.51%. For the same period, the Bloomberg U.S. 1-3 Month Treasury Bill Index, the fund’s benchmark index, returned 2.34%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad bond market sentiment improved early in 2023. Growing expectations for the Federal Reserve (Fed) to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, Treasury yields rose across the yield curve, generating a better backdrop for income-seeking investors.

Nevertheless, the optimism prevalent in early 2023 faded somewhat by period-end. Amid persistent inflation, investors came to terms with the Fed likely holding rates higher for longer than previously expected.

Securitized Holdings Boosted Relative Performance

Our asset allocation decisions were broadly positive for the reporting period, with out-of-index positioning in the securitized sector driving results. Specifically, non-agency commercial mortgage-backed securities and collateralized loan obligations were key contributors. Our non-agency collateralized mortgage obligations and asset-backed securities also enhanced performance.

Additionally, our U.S. government securities aided relative results. Overall, we maintained a focus on higher-quality securities. At period-end, 91% of the fund’s holdings were rated A or better.




















*Total returns for periods less than one year are not annualized.
13


Fund Characteristics

AUGUST 31, 2023
Multisector Floating Income ETF
Types of Investments in Portfolio % of net assets
Collateralized Loan Obligations 41.4%
U.S. Treasury Securities 30.4%
Commercial Mortgage-Backed Securities 15.6%
Collateralized Mortgage Obligations 9.0%
Asset-Backed Securities 1.5%
Short-Term Investments 1.7%
Other Assets and Liabilities 0.4%
14


Performance
Multisector Income ETF (MUSI)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 1.63% -3.49% 6/29/2021
Market Price 2.12% -3.38% 6/29/2021
Bloomberg U.S. Aggregate Bond Index -1.19% -5.56%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made June 29, 2021
chart-cea891c4c5ed4ba49ea.jpg
Value on August 31, 2023
Net Asset Value — $9,257
Bloomberg U.S. Aggregate Bond Index — $8,831
Total Annual Fund Operating Expenses
0.36%
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 americancentury.com. For additional information about the funds, please consult the prospectus.
15


Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath and Jeffrey Houston

Peter Van Gelderen left the portfolio management team effective August 31, 2023.

Performance Review

American Century Multisector Income ETF returned 2.12% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 1.63%. For the same period, the Bloomberg U.S. Aggregate Bond Index, the fund’s benchmark index, returned -1.19%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad bond market sentiment improved early in 2023. Growing expectations for the Federal Reserve (Fed) to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, Treasury yields rose across the yield curve, generating a better backdrop for income-seeking investors.

Nevertheless, the optimism prevalent in early 2023 faded somewhat by period-end. Amid persistent inflation, investors came to terms with the Fed likely holding rates higher for longer than previously expected. Additionally, growing recession worries and tighter bank lending standards created a more cautious backdrop for credit-sensitive securities late in the reporting period.

Securitized, High-Yield Securities Aided Performance

The fund’s allocations to securitized securities and corporate credit were top contributors to performance. Out-of-index exposure to asset-backed securities, collateralized loan obligations, non-agency commercial mortgage-backed securities and non-agency collateralized mortgage obligations drove results in the securitized sector. Among corporate credit, out-of-index high-yield bonds were strong contributors, followed by investment-grade corporates.

Elsewhere, our U.S. dollar-denominated emerging markets bonds contributed to results. A larger-than-usual position in cash equivalents also helped performance. Furthermore, these cash holdings may help us take advantage of expected attractive buying opportunities as the economy slows.

Duration Strategy Detracted

We began extending duration in late 2022, as recession risk increased and Treasury yields rose to multiyear highs. We maintained this strategy into 2023, given our expectations for the economy to slow and yields to decline. This positioning, which included Treasury futures, detracted from results as Treasury yields generally rose through the 12-month period.


16


Fund Characteristics

AUGUST 31, 2023
Multisector Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 41.0%
U.S. Treasury Securities 23.8%
Collateralized Loan Obligations 8.9%
Asset-Backed Securities 7.9%
U.S. Government Agency Mortgage-Backed Securities 5.0%
Collateralized Mortgage Obligations 4.6%
Commercial Mortgage-Backed Securities 4.3%
Bank Loan Obligations 1.4%
Sovereign Governments and Agencies 1.1%
Preferred Stocks 1.1%
Short-Term Investments 9.5%
Other Assets and Liabilities (8.6)%
17


Performance
Select High Yield ETF (AHYB)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 7.14% -2.04% 11/16/2021
Market Price 7.82% -1.98% 11/16/2021
ICE BofA U.S. High Yield Constrained (BB-B) Index 6.72% -2.30%
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made November 16, 2021
chart-5b545986944c48bda0e.jpg
Value on August 31, 2023
Net Asset Value — $9,638
ICE BofA U.S. High Yield Constrained (BB-B) Index — $9,592

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 americancentury.com. For additional information about the funds, please consult the prospectus.
18


Portfolio Commentary

Investment Advisor: American Century Investment Management, Inc.

Subadvisor: Nomura Corporate Research and Asset Management Inc.

Portfolio Managers: David Crall, Amy Yu Chang, Stephen Kotsen, Derek Leung and Rene Casis

Performance Review

American Century Select High Yield ETF returned 7.82% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 7.14%. For the same period, the ICE BofA U.S. High Yield Constrained (BB-B) Index, the fund’s benchmark index, returned 6.72%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

The high-yield market experienced a sharp drop in September 2022. Hawkish rhetoric from the Federal Reserve (Fed), including the “higher for longer” theme, pressured the higher-quality segment of the U.S. high-yield market. But the faster-than-expected decline in U.S. inflation led to a broad rally in October and November. The high-yield market gave back some of its gains in December, and the index declined more than 10% in 2022.

The recovery resumed in early 2023 until the collapse of several banks in March and early April. Fast action by the Fed and other central banks spurred a relief rally and calmed the market’s contagion fears. Moderating inflation, slow growth and broadly stable employment data supported further high-yield gains through period-end. Light new issuance in the high-yield market provided further technical support during the fiscal year.

Security Selection Drove Results

Overall, positive security selection, particularly among securities with B and BB credit ratings, aided performance. These selections more than offset the negative effects of overweight positions versus the index in the BBB and CCC ratings categories.

From a sector perspective, recreation and travel was a top contributor, largely due to an overweight stake in cruise lines. Positions in Carnival Cruise Line, Royal Caribbean Group and Norwegian Cruise Line Holdings benefited from the strong recovery in consumer travel spending. In the specialty retail sector, another top contributor, we avoided credit problems, including home shopping network QVC and online shopping portal Rakuten Group. We passed on a new issue from Rakuten in late 2022 due to concerns around cash burn, accessing equity value and covenants, which helped performance in the first half of 2023. Our positions in the financial services sector also boosted results.

The air transportation and energy exploration and production sectors were the main detractors for the period. Cargo airline Western Global Airlines filed for bankruptcy after the unexpected loss of its largest client made its levered capital structure unsustainable. We exited the position by period-end. Occidental Petroleum, an oil and gas exploration company, detracted slightly. The company’s long-duration bonds gave back some gains ahead of Occidental’s upgrade to investment-grade status in May.




19


Fund Characteristics
AUGUST 31, 2023
Select High Yield ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 93.8%
Preferred Stocks 0.7%
Short-Term Investments 10.0%
Other Assets and Liabilities (4.5)%
20


Performance
Short Duration Strategic Income ETF (SDSI)
Total Returns as of August 31, 2023 Since Inception Inception Date
Net Asset Value 4.98% 10/11/2022
Market Price 5.27% 10/11/2022
Bloomberg U.S. 1-3 Year Government/Credit Bond Index 2.90%
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 Nasdaq Stock Market LLC.

Growth of $10,000 Over Life of Fund
$10,000 investment made October 11, 2022
chart-6e31272f633e4663a80.jpg
Value on August 31, 2023
Net Asset Value — $10,498
Bloomberg U.S. 1-3 Year Government/Credit Bond Index — $10,290

Total Annual Fund Operating Expenses
0.32%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.









Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
21


Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath and Jeffrey Houston

Peter Van Gelderen left the portfolio management team effective August 31, 2023.

Performance Review

American Century Short Duration Strategic Income ETF returned 5.27%* on a market price basis for the period from the fund’s inception on October 11, 2022, through August 31, 2023. On a net asset value (NAV) basis, the fund returned 4.98%. For the same period, the Bloomberg U.S. 1-3 Year Government/Credit Bond Index, the fund’s benchmark index, returned 2.90%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad bond market sentiment improved early in 2023. Growing expectations for the Federal Reserve (Fed) to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, Treasury yields rose across the yield curve, generating a better backdrop for income-seeking investors.

Nevertheless, the optimism prevalent in early 2023 faded somewhat by period-end. Amid persistent inflation, investors came to terms with the Fed likely holding rates higher for longer than previously expected. Additionally, growing recession worries and tighter bank lending standards created a more cautious backdrop for credit-sensitive securities late in the reporting period.

Securitized, High-Yield Securities Aided Performance

The fund’s allocations to securitized securities and corporate credit were top contributors to performance. Out-of-index exposure to asset-backed securities, collateralized loan obligations, non-agency collateralized mortgage obligations and non-agency commercial mortgage-backed securities drove results in the securitized sector. Among corporate credit, investment-grade corporates and an out-of-index allocation to high-yield bonds were strong contributors.

Additionally, our U.S. dollar-denominated emerging markets bonds contributed to results. A larger-than-usual position in cash equivalents also helped performance. Furthermore, these cash holdings may help us take advantage of expected attractive buying opportunities as the economy slows.

Duration Strategy Detracted

We began positioning the portfolio at the longer end of its target duration range in late 2022, as recession risk increased and Treasury yields rose to multiyear highs. We maintained this strategy into 2023, given our expectations for the economy to slow and yields to decline. This positioning, which included Treasury futures, detracted from results as Treasury yields generally rose through the 12-month period.










*Total returns for periods less than one year are not annualized.
22


Fund Characteristics
AUGUST 31, 2023
Short Duration Strategic Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 41.8%
U.S. Treasury Securities 17.4%
Collateralized Loan Obligations 8.0%
Asset-Backed Securities 7.7%
Collateralized Mortgage Obligations 4.0%
Commercial Mortgage-Backed Securities 3.3%
Bank Loan Obligations 1.0%
Preferred Stocks 0.8%
Sovereign Governments and Agencies 0.3%
Short-Term Investments 15.1%
Other Assets and Liabilities 0.6%
23


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, 2023 to August 31, 2023 (except as noted).

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.

24


Beginning
Account Value
3/1/23
Ending
Account Value
8/31/23
Expenses Paid
During Period(1)
3/1/23 - 8/31/23
Annualized
Expense Ratio(1)
Diversified Corporate Bond ETF
Actual $1,000 $1,022.50 $1.48 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
Diversified Municipal Bond ETF
Actual $1,000 $1,012.50 $1.47 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
Emerging Markets Bond ETF
Actual $1,000 $1,017.40 $2.24 0.44%
Hypothetical $1,000 $1,022.99 $2.24 0.44%
Multisector Floating Income ETF
Actual $1,000 $1,035.10
$1.33(2)
0.28%
Hypothetical $1,000 $1,023.79 $1.43 0.28%
Multisector Income ETF
Actual $1,000 $1,016.50 $1.78 0.35%
Hypothetical $1,000 $1,023.44 $1.79 0.35%
Select High Yield ETF
Actual $1,000 $1,045.80 $2.32 0.45%
Hypothetical $1,000 $1,022.94 $2.29 0.45%
Short Duration Strategic Income ETF
Actual $1,000 $1,017.30 $1.63 0.32%
Hypothetical $1,000 $1,023.59 $1.63 0.32%
(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.
(2)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 171, the number of days in the period from March 14, 2023 (fund inception) through August 31, 2023, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
25


Schedules of Investments

AUGUST 31, 2023
Diversified Corporate Bond ETF
Principal
Amount/Shares
Value
CORPORATE BONDS — 92.6%
Aerospace and Defense — 1.6%
Boeing Co., 5.15%, 5/1/30 $ 900,000  $ 885,877 
Lockheed Martin Corp., 4.45%, 5/15/28 990,000  975,618 
RTX Corp., 2.25%, 7/1/30 1,924,000  1,600,449 
3,461,944 
Air Freight and Logistics — 0.2%
GXO Logistics, Inc., 2.65%, 7/15/31 542,000  425,029 
Automobiles — 2.0%
American Honda Finance Corp., 5.00%, 5/23/25 1,050,000  1,040,974 
Ford Motor Credit Co. LLC, 6.80%, 5/12/28 400,000  400,236 
General Motors Financial Co., Inc., 5.10%, 1/17/24 849,000  846,384 
General Motors Financial Co., Inc., 3.80%, 4/7/25 200,000  193,316 
Hyundai Capital America, 5.80%, 6/26/25(1)
714,000  715,328 
Toyota Motor Credit Corp., 4.55%, 5/17/30 1,058,000  1,030,596 
4,226,834 
Banks — 21.0%
Banco Santander SA, 6.92%, 8/8/33 400,000  400,195 
Banco Santander SA, VRN, 1.72%, 9/14/27 900,000  791,685 
Bank of America Corp., VRN, 2.09%, 6/14/29 505,000  431,165 
Bank of America Corp., VRN, 2.88%, 10/22/30 1,813,000  1,556,471 
Bank of America Corp., VRN, 2.57%, 10/20/32 3,870,000  3,103,315 
Bank of America NA, 5.53%, 8/18/26 1,000,000  1,005,035 
Bank of Montreal, 5.20%, 2/1/28 1,921,000  1,906,308 
Barclays PLC, VRN, 2.28%, 11/24/27 897,000  797,067 
BNP Paribas SA, VRN, 5.34%, 6/12/29(1)
710,000  699,867 
BPCE SA, 5.15%, 7/21/24(1)
790,000  780,561 
Canadian Imperial Bank of Commerce, 5.62%, 7/17/26 685,000  686,973 
Canadian Imperial Bank of Commerce, 5.00%, 4/28/28 1,085,000  1,063,305 
Citigroup, Inc., VRN, 2.01%, 1/25/26 965,000  913,462 
Citigroup, Inc., VRN, 3.52%, 10/27/28 865,000  798,723 
Citigroup, Inc., VRN, 3.98%, 3/20/30 945,000  870,791 
Citigroup, Inc., VRN, 4.41%, 3/31/31 255,000  236,909 
Citigroup, Inc., VRN, 2.52%, 11/3/32 1,250,000  992,440 
Citigroup, Inc., VRN, 3.06%, 1/25/33 64,000  52,819 
Cooperatieve Rabobank UA, 5.50%, 7/18/25 980,000  980,479 
Credit Agricole SA, 5.59%, 7/5/26(1)
490,000  490,015 
Discover Bank, VRN, 5.97%, 8/9/28 680,000  627,428 
Fifth Third Bank NA, 3.85%, 3/15/26 500,000  466,760 
HSBC Holdings PLC, VRN, 1.16%, 11/22/24 518,000  511,779 
HSBC Holdings PLC, VRN, 5.89%, 8/14/27 510,000  508,549 
HSBC Holdings PLC, VRN, 6.16%, 3/9/29 3,190,000  3,213,303 
Intesa Sanpaolo SpA, 6.625%, 6/20/33(1)
540,000  533,370 
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27 491,000  441,104 
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 921,000  790,539 
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 1,320,000  1,107,796 
26


Diversified Corporate Bond ETF
Principal
Amount/Shares
Value
JPMorgan Chase & Co., VRN, 2.58%, 4/22/32 $ 1,724,000  $ 1,411,828 
KeyBank NA, 4.39%, 12/14/27 580,000  529,471 
KeyCorp, VRN, 3.88%, 5/23/25 210,000  200,454 
Lloyds Banking Group PLC, VRN, 5.99%, 8/7/27 923,000  922,461 
Mitsubishi UFJ Financial Group, Inc., VRN, 5.72%, 2/20/26 927,000  924,802 
Mitsubishi UFJ Financial Group, Inc., VRN, 5.42%, 2/22/29 1,337,000  1,332,029 
PNC Financial Services Group, Inc., VRN, 5.58%, 6/12/29 311,000  308,560 
PNC Financial Services Group, Inc., VRN, 5.94%, 8/18/34(2)
580,000  586,903 
Royal Bank of Canada, 4.24%, 8/3/27 1,222,000  1,177,252 
Societe Generale SA, VRN, 6.69%, 1/10/34(1)
218,000  222,278 
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 3/9/26(1)
800,000  801,182 
Toronto-Dominion Bank, 4.69%, 9/15/27 908,000  886,149 
Toronto-Dominion Bank, 2.45%, 1/12/32 350,000  283,118 
Truist Bank, 3.30%, 5/15/26 2,259,000  2,100,813 
Truist Bank, VRN, 2.64%, 9/17/29 1,159,000  1,078,650 
U.S. Bancorp, VRN, 5.78%, 6/12/29 1,640,000  1,637,105 
UniCredit SpA, 7.83%, 12/4/23(1)
475,000  476,488 
Wells Fargo & Co., VRN, 3.58%, 5/22/28 960,000  891,617 
Wells Fargo & Co., VRN, 5.57%, 7/25/29 583,000  580,786 
Wells Fargo & Co., VRN, 4.48%, 4/4/31 695,000  650,488 
Wells Fargo & Co., VRN, 4.90%, 7/25/33 253,000  238,162 
Wells Fargo & Co., VRN, 5.39%, 4/24/34 534,000  520,336 
Wells Fargo & Co., VRN, 5.56%, 7/25/34 282,000  278,407 
44,797,552 
Beverages — 1.4%
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29 1,900,000  1,883,382 
PepsiCo, Inc., 1.625%, 5/1/30 1,378,000  1,134,832 
3,018,214 
Biotechnology — 2.0%
AbbVie, Inc., 3.20%, 11/21/29 1,573,000  1,418,773 
Amgen, Inc., 5.25%, 3/2/25 750,000  747,270 
Amgen, Inc., 4.05%, 8/18/29 924,000  873,644 
Amgen, Inc., 5.25%, 3/2/33 340,000  338,375 
CSL Finance PLC, 3.85%, 4/27/27(1)
816,000  784,264 
4,162,326 
Building Products — 0.1%
Builders FirstSource, Inc., 6.375%, 6/15/32(1)(2)
235,000  229,321 
Capital Markets — 7.0%
Bank of New York Mellon Corp., VRN, 4.95%, 4/26/27 1,170,000  1,152,071 
Blue Owl Capital Corp., 3.40%, 7/15/26 470,000  423,739 
Blue Owl Credit Income Corp., 3.125%, 9/23/26 126,000  111,139 
Charles Schwab Corp., 5.875%, 8/24/26 625,000  628,898 
Charles Schwab Corp., VRN, 5.85%, 5/19/34 515,000  515,847 
Charles Schwab Corp., VRN, 6.14%, 8/24/34 110,000  111,966 
Deutsche Bank AG, VRN, 1.45%, 4/1/25 575,000  557,137 
Deutsche Bank AG, VRN, 7.15%, 7/13/27 414,000  420,398 
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25 524,000  514,373 
Goldman Sachs Group, Inc., VRN, 1.43%, 3/9/27 33,000  29,605 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 1,532,000  1,363,898 
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 1,034,000  957,225 
27


Diversified Corporate Bond ETF
Principal
Amount/Shares
Value
Goldman Sachs Group, Inc., VRN, 1.99%, 1/27/32 $ 750,000  $ 584,305 
Goldman Sachs Group, Inc., VRN, 2.65%, 10/21/32 395,000  317,085 
Morgan Stanley, VRN, 1.16%, 10/21/25 893,000  842,587 
Morgan Stanley, VRN, 3.59%, (3-month LIBOR plus 1.34%), 7/22/28 230,000  212,898 
Morgan Stanley, VRN, 3.77%, 1/24/29 915,000  849,150 
Morgan Stanley, VRN, 5.12%, 2/1/29 191,000  187,288 
Morgan Stanley, VRN, 5.16%, 4/20/29 321,000  314,944 
Morgan Stanley, VRN, 5.45%, 7/20/29 357,000  355,026 
Morgan Stanley, VRN, 2.70%, 1/22/31 695,000  585,328 
Morgan Stanley, VRN, 2.51%, 10/20/32 1,068,000  850,778 
Morgan Stanley, VRN, 4.89%, 7/20/33 670,000  635,008 
Morgan Stanley, VRN, 5.42%, 7/21/34 336,000  330,497 
Nasdaq, Inc., 5.55%, 2/15/34 510,000  509,435 
State Street Corp., 5.27%, 8/3/26 1,210,000  1,210,616 
UBS Group AG, VRN, 2.75%, 2/11/33(1)
430,000  338,924 
14,910,165 
Commercial Services and Supplies — 1.2%
Republic Services, Inc., 2.90%, 7/1/26 1,585,000  1,490,754 
Republic Services, Inc., 4.875%, 4/1/29 250,000  246,819 
Waste Connections, Inc., 4.25%, 12/1/28 760,000  731,249 
2,468,822 
Construction and Engineering — 0.3%
Quanta Services, Inc., 2.35%, 1/15/32 912,000  722,246 
Consumer Finance — 0.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 10/29/24 745,000  708,364 
BOC Aviation USA Corp., 1.625%, 4/29/24(1)
760,000  738,586 
1,446,950 
Containers and Packaging — 0.4%
Berry Global, Inc., 5.50%, 4/15/28(1)(2)
800,000  786,951 
Diversified REITs — 2.8%
Agree LP, 2.90%, 10/1/30 500,000  415,474 
Brixmor Operating Partnership LP, 3.90%, 3/15/27 412,000  384,120 
Essex Portfolio LP, 3.00%, 1/15/30 696,000  593,695 
Extra Space Storage LP, 5.50%, 7/1/30 1,226,000  1,216,822 
Extra Space Storage LP, 2.20%, 10/15/30 175,000  139,805 
Federal Realty OP LP, 3.50%, 6/1/30 550,000  481,408 
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 243,000  238,155 
Invitation Homes Operating Partnership LP, 5.50%, 8/15/33 197,000  190,875 
Kilroy Realty LP, 3.05%, 2/15/30 265,000  211,862 
Kilroy Realty LP, 2.50%, 11/15/32 348,000  245,401 
Kilroy Realty LP, 2.65%, 11/15/33 34,000  23,640 
Spirit Realty LP, 4.00%, 7/15/29 520,000  468,217 
VICI Properties LP, 4.375%, 5/15/25 1,340,000  1,303,967 
5,913,441 
Diversified Telecommunication Services — 2.1%
AT&T, Inc., 4.30%, 2/15/30 1,171,000  1,092,236 
AT&T, Inc., 5.40%, 2/15/34 505,000  490,609 
Sprint Capital Corp., 6.875%, 11/15/28 1,341,000  1,417,896 
Verizon Communications, Inc., 2.55%, 3/21/31 1,790,000  1,474,539 
4,475,280 
28


Diversified Corporate Bond ETF
Principal
Amount/Shares
Value
Electric Utilities — 6.4%
CenterPoint Energy Houston Electric LLC, 4.95%, 4/1/33 $ 237,000  $ 233,247 
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/1/32 1,178,000  1,118,479 
Duke Energy Carolinas LLC, 4.95%, 1/15/33 1,079,000  1,063,645 
Duke Energy Corp., 2.55%, 6/15/31 1,140,000  932,253 
Exelon Corp., 2.75%, 3/15/27 1,040,000  955,340 
Florida Power & Light Co., 2.45%, 2/3/32 985,000  817,387 
Georgia Power Co., 4.65%, 5/16/28 1,255,000  1,224,741 
Jersey Central Power & Light Co., 4.30%, 1/15/26(1)
1,050,000  1,018,738 
MidAmerican Energy Co., 3.65%, 4/15/29 2,050,000  1,912,105 
NextEra Energy Capital Holdings, Inc., 4.90%, 2/28/28 1,000,000  983,414 
NextEra Energy Capital Holdings, Inc., 5.05%, 2/28/33 592,000  573,443 
NRG Energy, Inc., 2.00%, 12/2/25(1)
555,000  504,690 
Pacific Gas & Electric Co., 6.40%, 6/15/33 300,000  296,199 
Public Service Electric & Gas Co., 3.10%, 3/15/32 575,000  499,319 
Southern Co., 5.20%, 6/15/33 400,000  389,378 
Southern Co. Gas Capital Corp., 1.75%, 1/15/31 547,000  425,523 
Vistra Operations Co. LLC, 5.125%, 5/13/25(1)
650,000  633,786 
13,581,687 
Electrical Equipment — 0.3%
Regal Rexnord Corp., 6.40%, 4/15/33(1)
677,000  671,230 
Energy Equipment and Services — 0.2%
Helmerich & Payne, Inc., 2.90%, 9/29/31 631,000  513,236 
Entertainment — 0.4%
Warnermedia Holdings, Inc., 3.76%, 3/15/27 995,000  933,560 
Financial Services — 1.6%
Antares Holdings LP, 2.75%, 1/15/27(1)
255,000  216,286 
Antares Holdings LP, 7.95%, 8/11/28(1)
315,000  316,692 
Corebridge Financial, Inc., 3.90%, 4/5/32 490,000  428,730 
GE Capital Funding LLC, 4.55%, 5/15/32 500,000  476,962 
Global Payments, Inc., 4.45%, 6/1/28 1,035,000  976,798 
Nationwide Building Society, 4.85%, 7/27/27(1)
1,116,000  1,090,200 
3,505,668 
Food Products — 0.9%
Kraft Heinz Foods Co., 5.00%, 7/15/35 1,000,000  971,759 
Mars, Inc., 4.75%, 4/20/33(1)
1,000,000  982,401 
1,954,160 
Gas Utilities — 0.7%
CenterPoint Energy Resources Corp., 5.25%, 3/1/28 1,485,000  1,482,449 
Ground Transportation — 2.6%
Ashtead Capital, Inc., 4.375%, 8/15/27(1)
600,000  565,319 
Ashtead Capital, Inc., 5.50%, 8/11/32(1)
800,000  763,061 
Ashtead Capital, Inc., 5.95%, 10/15/33(1)
302,000  296,674 
CSX Corp., 4.25%, 3/15/29 1,197,000  1,156,620 
DAE Funding LLC, 1.55%, 8/1/24(1)
231,000  220,496 
Penske Truck Leasing Co. LP/PTL Finance Corp., 6.05%, 8/1/28(1)
355,000  355,673 
Triton Container International Ltd., 1.15%, 6/7/24(1)
1,215,000  1,161,164 
United Rentals North America, Inc., 6.00%, 12/15/29(1)
1,070,000  1,064,407 
5,583,414 
29


Diversified Corporate Bond ETF
Principal
Amount/Shares
Value
Health Care Equipment and Supplies — 1.5%
Becton Dickinson & Co., 4.69%, 2/13/28 $ 1,250,000  $ 1,228,260 
GE HealthCare Technologies, Inc., 5.65%, 11/15/27 480,000  485,981 
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24 1,500,000  1,424,733 
3,138,974 
Health Care Providers and Services — 5.7%
Centene Corp., 4.25%, 12/15/27 1,398,000  1,309,071 
Cigna Group, 4.375%, 10/15/28 1,834,000  1,767,216 
CVS Health Corp., 5.00%, 1/30/29 1,416,000  1,395,587 
CVS Health Corp., 5.25%, 2/21/33 400,000  391,372 
HCA, Inc., 5.20%, 6/1/28 1,145,000  1,128,616 
HCA, Inc., 4.125%, 6/15/29 1,202,000  1,110,860 
Humana, Inc., 3.70%, 3/23/29 1,212,000  1,122,745 
IQVIA, Inc., 5.70%, 5/15/28(1)
825,000  822,968 
McKesson Corp., 4.90%, 7/15/28 745,000  737,105 
UnitedHealth Group, Inc., 4.25%, 1/15/29 1,345,000  1,305,400 
UnitedHealth Group, Inc., 2.30%, 5/15/31 1,000,000  836,574 
UnitedHealth Group, Inc., 5.35%, 2/15/33 235,000  241,294 
12,168,808 
Hotels, Restaurants and Leisure — 1.2%
Hyatt Hotels Corp., 5.75%, 1/30/27 206,000  206,289 
Marriott International, Inc., 4.90%, 4/15/29 1,000,000  974,176 
Marriott International, Inc., 4.625%, 6/15/30 615,000  583,168 
Starbucks Corp., 2.55%, 11/15/30 1,000,000  848,790 
2,612,423 
Independent Power and Renewable Electricity Producers — 0.2%
Alexander Funding Trust II, 7.47%, 7/31/28(1)
500,000  506,858 
Insurance — 1.2%
Allstate Corp., 5.25%, 3/30/33 51,000  49,997 
Belrose Funding Trust, 2.33%, 8/15/30(1)
503,000  385,291 
Chubb INA Holdings, Inc., 1.375%, 9/15/30 1,150,000  906,357 
Met Tower Global Funding, 1.25%, 9/14/26(1)
777,000  685,858 
MetLife, Inc., 5.375%, 7/15/33 536,000  533,997 
2,561,500 
IT Services — 0.2%
Kyndryl Holdings, Inc., 3.15%, 10/15/31 641,000  498,343 
Life Sciences Tools and Services — 0.4%
Illumina, Inc., 5.80%, 12/12/25 750,000  750,003 
Machinery — 3.0%
CNH Industrial Capital LLC, 5.45%, 10/14/25 1,132,000  1,129,486 
Ingersoll Rand, Inc., 5.70%, 8/14/33 240,000  243,501 
John Deere Capital Corp., 4.95%, 7/14/28 835,000  838,348 
John Deere Capital Corp., 4.85%, 10/11/29 1,284,000  1,286,348 
John Deere Capital Corp., 4.70%, 6/10/30 692,000  683,887 
Otis Worldwide Corp., 5.25%, 8/16/28 1,000,000  1,007,134 
Parker-Hannifin Corp., 4.25%, 9/15/27 1,202,000  1,166,875 
6,355,579 
Media — 4.2%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.20%, 3/15/28 983,000  916,205 
Comcast Corp., 4.25%, 10/15/30 2,638,000  2,511,309 
30


Diversified Corporate Bond ETF
Principal
Amount/Shares
Value
Cox Communications, Inc., 3.15%, 8/15/24(1)
$ 1,768,000  $ 1,721,788 
Cox Communications, Inc., 5.70%, 6/15/33(1)
625,000  623,648 
Paramount Global, 4.00%, 1/15/26 1,025,000  984,569 
Paramount Global, 4.95%, 1/15/31(2)
504,000  449,830 
WPP Finance 2010, 3.75%, 9/19/24 1,714,000  1,667,685 
8,875,034 
Metals and Mining — 0.4%
Glencore Funding LLC, 2.625%, 9/23/31(1)
479,000  381,726 
South32 Treasury Ltd., 4.35%, 4/14/32(1)
589,000  510,578 
892,304 
Multi-Utilities — 1.6%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1)
400,000  351,680 
Ameren Corp., 3.50%, 1/15/31 431,000  380,866 
Ameren Illinois Co., 4.95%, 6/1/33 710,000  696,109 
DTE Energy Co., 4.22%, 11/1/24 988,000  969,590 
DTE Energy Co., 2.85%, 10/1/26 650,000  602,119 
Sempra, 5.50%, 8/1/33 400,000  396,670 
3,397,034 
Oil, Gas and Consumable Fuels — 6.4%
Aker BP ASA, 6.00%, 6/13/33(1)
700,000  700,281 
Chesapeake Energy Corp., 6.75%, 4/15/29(1)
133,000  132,167 
Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33(1)
710,000  717,810 
Diamondback Energy, Inc., 6.25%, 3/15/33 340,000  351,473 
Enbridge, Inc., 5.70%, 3/8/33 980,000  980,911 
Energy Transfer LP, 5.50%, 6/1/27 580,000  576,951 
Energy Transfer LP, 5.75%, 2/15/33 794,000  790,271 
EQT Corp., 5.70%, 4/1/28 350,000  348,780 
Hess Corp., 3.50%, 7/15/24 445,000  435,819 
HF Sinclair Corp., 2.625%, 10/1/23 425,000  423,651 
MPLX LP, 4.875%, 6/1/25 700,000  689,049 
Occidental Petroleum Corp., 6.625%, 9/1/30 1,490,000  1,539,720 
ONEOK, Inc., 6.05%, 9/1/33 260,000  262,137 
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 739,000  742,582 
Shell International Finance BV, 2.375%, 11/7/29 2,129,000  1,851,208 
Southwestern Energy Co., 5.375%, 3/15/30 643,000  602,629 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28 1,000,000  963,174 
Western Midstream Operating LP, 6.15%, 4/1/33 400,000  398,443 
Williams Cos., Inc., 4.55%, 6/24/24 871,000  861,885 
Williams Cos., Inc., 5.30%, 8/15/28 355,000  353,398 
13,722,339 
Paper and Forest Products — 0.7%
Georgia-Pacific LLC, 3.60%, 3/1/25(1)
1,485,000  1,442,206 
Personal Care Products — 1.1%
Kenvue, Inc., 5.00%, 3/22/30(1)
2,385,000  2,388,181 
Pharmaceuticals — 1.9%
Pfizer Investment Enterprises Pte. Ltd., 4.45%, 5/19/28 1,100,000  1,079,707 
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/33 754,000  742,361 
Royalty Pharma PLC, 1.20%, 9/2/25 1,109,000  1,010,661 
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 725,000  685,516 
31


Diversified Corporate Bond ETF
Principal
Amount/Shares
Value
Viatris, Inc., 1.65%, 6/22/25 $ 650,000  $ 601,967 
4,120,212 
Retail REITs — 0.7%
NNN REIT, Inc., 4.30%, 10/15/28 1,076,000  1,010,587 
NNN REIT, Inc., 5.60%, 10/15/33 510,000  500,289 
1,510,876 
Semiconductors and Semiconductor Equipment — 1.5%
Broadcom, Inc., 3.42%, 4/15/33(1)
577,000  478,366 
Intel Corp., 5.20%, 2/10/33 1,307,000  1,306,554 
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.50%, 5/11/31 1,670,000  1,351,082 
3,136,002 
Specialized REITs — 1.7%
American Tower Corp., 5.25%, 7/15/28 752,000  741,165 
American Tower Corp., 5.55%, 7/15/33 400,000  396,297 
Crown Castle, Inc., 1.05%, 7/15/26 1,500,000  1,326,924 
Equinix, Inc., 2.90%, 11/18/26 815,000  753,849 
Equinix, Inc., 1.80%, 7/15/27 340,000  297,284 
Public Storage Operating Co., 5.10%, 8/1/33 156,000  154,826 
3,670,345 
Specialty Retail — 2.0%
AutoZone, Inc., 4.50%, 2/1/28 1,000,000  973,710 
AutoZone, Inc., 4.00%, 4/15/30 779,000  721,478 
Lowe's Cos., Inc., 3.35%, 4/1/27 1,227,000  1,155,574 
Lowe's Cos., Inc., 2.625%, 4/1/31 850,000  713,053 
O'Reilly Automotive, Inc., 4.70%, 6/15/32 700,000  669,680 
4,233,495 
Trading Companies and Distributors — 1.1%
Air Lease Corp., 3.125%, 12/1/30 710,000  592,426 
Aircastle Ltd., 5.25%, 8/11/25(1)
971,000  947,906 
Aircastle Ltd., 6.50%, 7/18/28(1)
800,000  795,279 
2,335,611 
TOTAL CORPORATE BONDS
(Cost $201,144,318)
197,586,606 
U.S. TREASURY SECURITIES — 4.0%
U.S. Treasury Notes, 4.50%, 7/15/26 6,200,000  6,189,343 
U.S. Treasury Notes, 4.375%, 8/15/26 2,200,000  2,190,117 
U.S. Treasury Notes, 1.875%, 2/28/29 140,000  123,818 
TOTAL U.S. TREASURY SECURITIES
(Cost $8,522,397)
8,503,278 
MUNICIPAL SECURITIES — 0.2%
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34
(Cost $517,585)
515,000  416,187 
SHORT-TERM INVESTMENTS — 2.6%
Money Market Funds — 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4,331,170  4,331,170 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
1,158,938  1,158,938 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,490,108)
5,490,108 
TOTAL INVESTMENT SECURITIES — 99.4%
(Cost $215,674,408)
211,996,179 
OTHER ASSETS AND LIABILITIES — 0.6% 1,333,007 
TOTAL NET ASSETS — 100.0% $ 213,329,186 
32


Diversified Corporate Bond ETF

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 126 December 2023 $ 25,679,391  $ 85,166 
U.S. Treasury 10-Year Notes 69 December 2023 7,661,156  62,194 
U.S. Treasury 10-Year Ultra Notes 10 December 2023 1,161,094  7,559 
$ 34,501,641  $ 154,919 
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount
Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes 49 December 2023 $ 5,239,172  $ (37,173)
U.S. Treasury Long Bonds 3 December 2023 365,062  (3,214)
$ 5,604,234  $ (40,387)
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
LIBOR London Interbank Offered Rate
VRN Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(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 $31,050,543, which represented 14.6% of total net assets. 
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,124,197. 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 $1,158,938.


See Notes to Financial Statements.
33


AUGUST 31, 2023
Diversified Municipal Bond ETF
Principal
Amount/Shares
Value
MUNICIPAL SECURITIES — 97.2%
Alabama — 1.6%
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) $ 535,000  $ 534,462 
Black Belt Energy Gas District Rev., VRN, 5.50%, 6/1/49 (GA: Goldman Sachs Group, Inc.)(1)
770,000  803,667 
Black Belt Energy Gas District Rev., VRN, 4.00%, 7/1/52 (LIQ FAC: Royal Bank of Canada) (GA: Royal Bank of Canada) 415,000  410,613 
Black Belt Energy Gas District Rev., VRN, 4.41%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.) 500,000  486,634 
Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) 500,000  513,095 
Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) 330,000  343,929 
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.) 455,000  453,699 
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 6/1/49 (GA: Morgan Stanley) 1,205,000  1,199,852 
Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 1/1/54 (LIQ FAC: Royal Bank of Canada) 600,000  622,472 
5,368,423 
Arizona — 3.8%
Arizona Board of Regents Rev., (Arizona State University), 5.00%, 7/1/36 250,000  281,001 
Arizona Board of Regents Rev., (Arizona State University), 5.50%, 7/1/48 750,000  841,252 
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29 160,000  161,899 
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 4.31%, (MUNIPSA plus 0.25%), 1/1/46 155,000  152,978 
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(2)
250,000  219,716 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(2)(3)(4)
100,000  10,000 
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(2)
200,000  164,791 
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) 400,000  420,967 
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(2)
750,000  601,221 
Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/27 1,000,000  1,073,222 
Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(2)
205,000  201,216 
Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 155,000  161,039 
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(2)
620,000  509,174 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 75,000  76,462 
Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 5.00%, 1/1/53 1,000,000  1,036,496 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31(2)
500,000  435,300 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(2)
200,000  187,898 
Pima County Sewer System Rev., 5.00%, 7/1/30 600,000  651,637 
34


Diversified Municipal Bond ETF
Principal
Amount/Shares
Value
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 $ 910,000  $ 984,065 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 350,000  376,336 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 755,000  797,759 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/47 1,750,000  1,882,922 
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) 175,000  179,360 
Scottsdale GO, 4.00%, 7/1/31 500,000  530,143 
State of Arizona COP, 5.00%, 9/1/25 240,000  247,841 
State of Arizona COP, 5.00%, 9/1/25(5)
580,000  598,385 
12,783,080 
Arkansas — 0.1%
Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.70%, 5/1/53 330,000  331,393 
California — 6.7%
Bay Area Toll Authority Rev., 4.00%, 4/1/29 275,000  284,756 
Bay Area Toll Authority Rev., VRN, 4.51%, (MUNIPSA plus 0.45%), 4/1/56 250,000  246,762 
California Community Choice Financing Authority Rev., VRN, 4.51%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) 1,755,000  1,629,876 
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 500,000  520,806 
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(6)
100,000  19,544 
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50 100,000  101,159 
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/48 850,000  869,175 
California Housing Finance Rev., 4.25%, 1/15/35 469,573  458,164 
California Housing Finance Rev., 3.50%, 11/20/35 385,651  354,821 
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 4.41%, (MUNIPSA plus 0.35%), 8/1/47 250,000  247,645 
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 4.76%, (MUNIPSA plus 0.70%), 12/1/50 1,000,000  974,003 
California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) 165,000  176,267 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(2)
50,000  51,291 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(2)
110,000  113,262 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(2)
175,000  175,479 
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52(2)
110,000  96,214 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(2)
265,000  255,594 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/25(2)
260,000  257,524 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/26(2)
405,000  400,564 
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/30(2)
320,000  320,669 
35


Diversified Municipal Bond ETF
Principal
Amount/Shares
Value
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42(2)
$ 200,000  $ 203,316 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34 185,000  190,813 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/48 625,000  602,569 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24 250,000  251,374 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(2)
240,000  240,528 
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29 250,000  265,623 
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40 245,000  218,529 
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(2)
500,000  404,321 
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(2)
350,000  238,856 
CSCDA Community Improvement Authority Rev., (Altana Apartments), 4.00%, 10/1/56(2)
100,000  73,415 
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(2)
750,000  447,323 
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(2)
300,000  216,900 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(2)
290,000  186,304 
Eastern Municipal Water District Rev., VRN, 4.16%, (MUNIPSA plus 0.10%), 7/1/46 750,000  747,648 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 500,000  510,889 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25 155,000  148,529 
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66(6)
500,000  49,722 
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(2)
1,070,000  932,445 
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(2)
215,000  218,770 
Los Angeles Department of Airports Rev., 5.00%, 5/15/47 905,000  918,117 
Metropolitan Water District of Southern California Rev., VRN, 4.20%, (MUNIPSA plus 0.14%), 7/1/37 200,000  199,904 
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(2)
100,000  96,551 
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/35 1,000,000  1,062,202 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45 415,000  419,523 
Orange County Transportation Authority Rev., 4.00%, 10/15/24(5)
1,715,000  1,731,979 
Palomar Health GO, 5.00%, 8/1/27 545,000  569,229 
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31 315,000  307,366 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38 400,000  417,063 
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35 600,000  627,106 
36


Diversified Municipal Bond ETF
Principal
Amount/Shares
Value
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) $ 630,000  $ 659,278 
State of California GO, 5.00%, 8/1/34 245,000  257,210 
State of California GO, 5.00%, 4/1/35 1,045,000  1,144,358 
State of California GO, 5.00%, 9/1/42 290,000  307,184 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39 280,000  282,952 
22,701,471 
Colorado — 3.1%
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/1/23 1,000,000  1,003,601 
Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44 1,220,000  1,166,597