American Century Investments®
Quarterly Portfolio Holdings
American Century® Focused Large Cap Value ETF (FLV)
May 31, 2026


Focused Large Cap Value ETF - Schedule of Investments
MAY 31, 2026 (UNAUDITED)
Shares
Value ($)
COMMON STOCKS — 99.4%
 
 
Aerospace and Defense — 1.3%
 
 
RTX Corp.
25,492 4,579,893 
Banks — 6.8%
 
 
Commerce Bancshares, Inc.
95,814 5,003,407 
JPMorgan Chase & Co.
35,761 10,703,625 
Truist Financial Corp.
178,711 8,615,657 
 
 
24,322,689 
Beverages — 2.4%
 
 
PepsiCo, Inc.
60,352 8,702,155 
Building Products — 3.3%
 
 
A.O. Smith Corp.
127,026 7,204,915 
Owens Corning
34,677 4,363,060 
 
 
11,567,975 
Capital Markets — 5.9%
 
 
Ameriprise Financial, Inc.
8,651 3,855,837 
Blackrock, Inc.
9,792 10,251,049 
Charles Schwab Corp.
80,353 7,018,835 
 
 
21,125,721 
Chemicals — 1.3%
 
 
PPG Industries, Inc.
41,642 4,704,713 
Communications Equipment — 4.0%
 
 
Cisco Systems, Inc.
63,468 7,642,817 
F5, Inc.(1)
16,972 6,507,913 
 
 
14,150,730 
Construction Materials — 2.0%
 
 
Amrize Ltd.(1)
129,490 7,042,961 
Consumer Staples Distribution & Retail — 1.2%
 
 
Target Corp.
33,402 4,244,392 
Containers and Packaging — 2.3%
 
 
Packaging Corp. of America
36,869 8,070,993 
Diversified Telecommunication Services — 1.2%
 
 
Verizon Communications, Inc.
87,068 4,162,721 
Electric Utilities — 3.5%
 
 
Duke Energy Corp.
100,736 12,363,329 
Electrical Equipment — 1.3%
 
 
Rockwell Automation, Inc.
9,916 4,472,711 
Electronic Equipment, Instruments and Components — 1.3%
 
 
TE Connectivity PLC
21,590 4,607,522 
Energy Equipment and Services — 2.0%
 
 
Baker Hughes Co.
111,585 7,128,050 
Financial Services — 3.5%
 
 
Berkshire Hathaway, Inc., Class B(1)
26,403 12,527,695 
Food Products — 2.0%
 
 
Mondelez International, Inc., Class A
114,687 7,015,404 
Gas Utilities — 1.5%
 
 
Atmos Energy Corp.
31,766 5,372,583 
Ground Transportation — 1.9%
 
 
Norfolk Southern Corp.
22,592 6,889,656 


Health Care Equipment and Supplies — 5.6%
 
 
Becton Dickinson & Co.
76,266 11,220,254 
Medtronic PLC
117,685 8,686,330 
 
 
19,906,584 
Health Care Providers and Services — 3.7%
 
 
Henry Schein, Inc.(1)
76,819 5,882,799 
UnitedHealth Group, Inc.
19,236 7,315,643 
 
 
13,198,442 
Household Durables — 1.1%
 
 
PulteGroup, Inc.
33,777 3,991,766 
Household Products — 3.9%
 
 
Colgate-Palmolive Co.
64,824 5,842,587 
Kimberly-Clark Corp.
80,510 7,857,776 
 
 
13,700,363 
Industrial Conglomerates — 2.1%
 
 
Honeywell International, Inc.
31,424 7,474,513 
Insurance — 5.9%
 
 
Marsh & McLennan Cos., Inc.
99,394 15,900,058 
Reinsurance Group of America, Inc.
24,950 5,008,463 
 
 
20,908,521 
Interactive Media and Services — 2.9%
 
 
Alphabet, Inc., Class A
26,620 10,124,651 
Life Sciences Tools and Services — 1.9%
 
 
IQVIA Holdings, Inc.(1)
37,019 6,745,232 
Machinery — 1.5%
 
 
PACCAR, Inc.
49,390 5,451,174 
Oil, Gas and Consumable Fuels — 6.6%
 
 
Chevron Corp.
48,378 8,827,050 
ONEOK, Inc.
113,066 9,490,760 
TotalEnergies SE
58,488 5,107,172 
 
 
23,424,982 
Personal Care Products — 3.0%
 
 
Estee Lauder Cos., Inc., Class A
27,467 2,443,189 
Unilever PLC, ADR
146,331 8,260,385 
 
 
10,703,574 
Pharmaceuticals — 4.6%
 
 
Johnson & Johnson
48,203 10,861,582 
Sanofi SA, ADR
124,289 5,427,701 
 
 
16,289,283 
Semiconductors and Semiconductor Equipment — 5.7%
 
 
Analog Devices, Inc.
21,446 8,875,427 
NXP Semiconductors NV
16,412 5,273,996 
QUALCOMM, Inc.
24,149 6,061,882 
 
 
20,211,305 
Software — 2.2%
 
 
Microsoft Corp.
17,111 7,704,057 
TOTAL COMMON STOCKS
(Cost $304,992,723)
 
352,886,340 
SHORT-TERM INVESTMENTS — 0.7%
 
 
Money Market Funds — 0.7%
 
 
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $2,449,776)
2,449,776 2,449,776 
TOTAL INVESTMENT SECURITIES — 100.1%
(Cost $307,442,499)
 
355,336,116 
OTHER ASSETS AND LIABILITIES — (0.1)%
 
(324,091)
TOTAL NET ASSETS — 100.0%
 
$355,012,025 


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


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS 

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

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

2. Fair Value Measurements

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

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

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

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

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

As of period end, the fund's investment securities were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual financial statements.