American Century Investments®
Quarterly Portfolio Holdings
American Century® U.S. Quality Value ETF (VALQ)
May 31, 2026


U.S. Quality Value ETF - Schedule of Investments
MAY 31, 2026 (UNAUDITED)
 SharesValue ($)
COMMON STOCKS — 99.8%  
Aerospace and Defense — 3.0%  
General Dynamics Corp.1,497 519,190 
Lockheed Martin Corp.14,995 7,954,098 
RTX Corp.2,881 517,600 
Textron, Inc.5,619 515,599 
 9,506,487 
Air Freight and Logistics — 0.3%  
FedEx Corp.1,304 536,922 
United Parcel Service, Inc., Class B5,161 550,627 
  1,087,549 
Automobile Components — 0.6%  
BorgWarner, Inc.13,462 966,841 
Gentex Corp.21,667 523,475 
Lear Corp.3,663 524,248 
  2,014,564 
Automobiles — 0.2%  
Tesla, Inc.(1)
1,213 528,613 
Banks — 0.2%  
Bank of America Corp.9,847 508,105 
Beverages — 2.0%  
Coca-Cola Co.30,203 2,386,339 
Coca-Cola Consolidated, Inc.2,875 498,123 
PepsiCo, Inc.25,416 3,664,733 
  6,549,195 
Biotechnology — 2.9%  
AbbVie, Inc.17,637 3,839,928 
Exelixis, Inc.(1)
10,212 515,502 
Gilead Sciences, Inc.34,094 4,583,256 
Incyte Corp.(1)
5,205 503,532 
  9,442,218 
Broadline Retail — 0.6%  
Amazon.com, Inc.(1)
1,889 511,239 
Dillard's, Inc., Class A(2)
919 542,403 
Macy's, Inc.37,829 823,159 
  1,876,801 
Building Products — 1.4%  
A.O. Smith Corp.37,521 2,128,191 
Carlisle Cos., Inc.1,526 526,180 
Fortune Brands Innovations, Inc.13,964 543,758 
Masco Corp.11,616 816,024 
UFP Industries, Inc.6,292 509,652 
  4,523,805 
Capital Markets — 3.4%  
Ameriprise Financial, Inc.1,125 501,424 
Blackrock, Inc.733 767,363 
Charles Schwab Corp.56,080 4,898,588 
Evercore, Inc., Class A1,464 499,019 
FactSet Research Systems, Inc.2,253 553,044 
Goldman Sachs Group, Inc.513 526,112 
Morgan Stanley2,529 526,032 


Morningstar, Inc.2,924 532,226 
Piper Sandler Cos.6,278 492,258 
S&P Global, Inc.1,220 517,280 
SEI Investments Co.5,659 497,313 
T. Rowe Price Group, Inc.4,973 519,828 
  10,830,487 
Chemicals — 0.5%  
CF Industries Holdings, Inc.4,166 468,050 
Linde PLC1,516 754,498 
NewMarket Corp.704 544,600 
  1,767,148 
Commercial Services and Supplies — 0.1%  
Rollins, Inc.5,149 245,092 
Communications Equipment — 2.6%  
Arista Networks, Inc.(1)
3,412 544,112 
Cisco Systems, Inc.61,703 7,430,275 
F5, Inc.(1)
1,321 506,537 
  8,480,924 
Consumer Finance — 0.2%  
American Express Co.1,637 518,061 
Consumer Staples Distribution & Retail — 1.9%  
Costco Wholesale Corp.483 461,902 
Dollar General Corp.4,824 533,583 
Dollar Tree, Inc.(1)
5,297 616,783 
Kroger Co.7,560 469,854 
Target Corp.25,661 3,260,743 
Walmart, Inc.6,428 744,041 
  6,086,906 
Containers and Packaging — 1.0%  
Avery Dennison Corp.15,710 2,498,990 
Crown Holdings, Inc.5,256 499,740 
Packaging Corp. of America1,277 279,548 
  3,278,278 
Distributors — 0.2%  
LKQ Corp.29,019 786,995 
Diversified Consumer Services — 0.4%  
ADT, Inc.111,433 747,715 
Grand Canyon Education, Inc.(1)
3,234 484,615 
  1,232,330 
Diversified Telecommunication Services — 4.0%  
AT&T, Inc.92,751 2,300,225 
Comcast Corp., Class A129,072 3,210,021 
Verizon Communications, Inc.151,539 7,245,079 
  12,755,325 
Electrical Equipment — 0.5%  
Acuity, Inc.1,804 550,419 
Eaton Corp. PLC1,329 532,397 
Sensata Technologies Holding PLC10,683 527,633 
  1,610,449 
Electronic Equipment, Instruments and Components — 1.9%  
Amphenol Corp., Class A13,742 2,044,260 
Corning, Inc.2,642 478,625 
Itron, Inc.(1)
6,194 510,881 
Jabil, Inc.1,423 518,769 
Keysight Technologies, Inc.(1)
1,502 508,172 


Littelfuse, Inc.1,142 533,165 
Sanmina Corp.(1)
2,163 561,796 
TE Connectivity PLC2,503 534,165 
Zebra Technologies Corp., Class A(1)
2,093 509,918 
  6,199,751 
Entertainment — 0.7%  
Netflix, Inc.(1)
5,678 488,421 
Walt Disney Co.15,854 1,614,413 
  2,102,834 
Financial Services — 1.4%  
Berkshire Hathaway, Inc., Class B(1)
1,056 501,051 
Fidelity National Information Services, Inc.11,624 499,716 
Fiserv, Inc.(1)
9,083 513,734 
Global Payments, Inc.6,985 527,437 
Jack Henry & Associates, Inc.3,633 495,251 
Mastercard, Inc., Class A1,015 501,390 
MGIC Investment Corp.19,374 488,612 
PayPal Holdings, Inc.11,445 512,164 
Visa, Inc., Class A1,531 499,657 
  4,539,012 
Food Products — 0.5%  
Archer-Daniels-Midland Co.6,574 524,474 
Hershey Co.1,434 278,239 
Ingredion, Inc.7,636 774,596 
  1,577,309 
Ground Transportation — 2.4%  
Landstar System, Inc.2,653 548,906 
Lyft, Inc., Class A(1)
37,613 530,720 
Ryder System, Inc.2,126 533,307 
Uber Technologies, Inc.(1)
6,888 484,915 
Union Pacific Corp.21,441 5,631,264 
  7,729,112 
Health Care Equipment and Supplies — 1.6%  
Abbott Laboratories43,103 3,689,617 
Align Technology, Inc.(1)
3,110 544,094 
Medtronic PLC3,493 257,818 
Stryker Corp.1,617 493,331 
  4,984,860 
Health Care Providers and Services — 2.9%  
Cardinal Health, Inc.2,527 497,314 
Centene Corp.(1)
8,777 523,109 
Chemed Corp.1,148 489,519 
Cigna Group2,766 767,288 
CVS Health Corp.46,390 4,220,562 
HCA Healthcare, Inc.1,292 489,074 
UnitedHealth Group, Inc.4,839 1,840,320 
Universal Health Services, Inc., Class B3,121 456,009 
  9,283,195 
Hotels, Restaurants and Leisure — 1.9%  
Booking Holdings, Inc.27,149 4,545,557 
Domino's Pizza, Inc.863 268,031 
Expedia Group, Inc.2,324 524,736 
McDonald's Corp.2,745 766,404 
  6,104,728 


Household Durables — 0.8%  
DR Horton, Inc.3,518 517,463 
Mohawk Industries, Inc.(1)
4,955 532,266 
NVR, Inc.(1)
84 512,803 
PulteGroup, Inc.4,360 515,265 
Toll Brothers, Inc.3,769 522,157 
  2,599,954 
Household Products — 4.9%  
Clorox Co.17,212 1,549,424 
Colgate-Palmolive Co.36,224 3,264,869 
Kimberly-Clark Corp.38,318 3,739,837 
Procter & Gamble Co.50,605 7,264,854 
  15,818,984 
Industrial Conglomerates — 0.3%  
Honeywell International, Inc.3,505 833,699 
Insurance — 0.8%  
Allstate Corp.2,364 487,197 
Chubb Ltd.1,535 478,506 
CNA Financial Corp.6,159 259,047 
Everest Group Ltd.1,422 460,771 
First American Financial Corp.4,024 266,509 
Old Republic International Corp.6,885 256,329 
Progressive Corp.2,548 485,139 
  2,693,498 
Interactive Media and Services — 1.5%  
Alphabet, Inc., Class A1,318 501,288 
Match Group, Inc.14,218 513,696 
Meta Platforms, Inc., Class A6,119 3,870,329 
  4,885,313 
IT Services — 6.2%  
Accenture PLC, Class A21,356 3,995,067 
Amdocs Ltd.66,920 4,213,952 
Cognizant Technology Solutions Corp., Class A28,808 1,606,190 
EPAM Systems, Inc.(1)
9,827 1,006,874 
Gartner, Inc.(1)
3,225 523,095 
GoDaddy, Inc., Class A(1)
5,538 475,327 
International Business Machines Corp.24,525 7,303,545 
VeriSign, Inc.2,550 727,719 
  19,851,769 
Life Sciences Tools and Services — 0.3%  
Danaher Corp.2,925 534,310 
Thermo Fisher Scientific, Inc.1,128 555,551 
  1,089,861 
Machinery — 2.6%  
Donaldson Co., Inc.9,441 772,935 
Gates Industrial Corp. PLC(1)
21,064 545,979 
Graco, Inc.6,732 507,929 
Illinois Tool Works, Inc.13,108 3,241,346 
Oshkosh Corp.3,988 518,440 
Otis Worldwide Corp.10,890 771,448 
Snap-on, Inc.1,399 519,323 
Stanley Black & Decker, Inc.3,614 287,024 
Timken Co.4,263 545,579 
Toro Co.8,681 780,248 
  8,490,251 


Media — 0.6%  
Charter Communications, Inc., Class A(1)
3,405 490,490 
Fox Corp., Class A7,890 504,329 
New York Times Co., Class A6,828 513,534 
News Corp., Class A19,308 503,939 
  2,012,292 
Metals and Mining — 0.2%  
Commercial Metals Co.7,171 545,355 
Oil, Gas and Consumable Fuels — 2.0%  
Antero Midstream Corp.12,518 262,377 
Chevron Corp.19,806 3,613,803 
ConocoPhillips6,471 737,565 
Exxon Mobil Corp.5,023 729,641 
HF Sinclair Corp.7,414 518,165 
Valero Energy Corp.2,103 514,856 
  6,376,407 
Passenger Airlines — 0.2%  
Delta Air Lines, Inc.6,702 552,781 
Personal Care Products — 0.8%  
Kenvue, Inc.154,232 2,665,129 
Pharmaceuticals — 6.3%  
Bristol-Myers Squibb Co.140,156 8,014,120 
Johnson & Johnson16,405 3,696,538 
Merck & Co., Inc.65,018 7,718,937 
Pfizer, Inc.19,538 511,505 
Zoetis, Inc.3,401 264,224 
  20,205,324 
Professional Services — 2.9%  
Automatic Data Processing, Inc.14,886 3,302,310 
Booz Allen Hamilton Holding Corp.3,576 283,148 
Equifax, Inc.3,109 515,441 
ExlService Holdings, Inc.(1)
17,346 503,554 
Genpact Ltd.24,599 810,537 
Leidos Holdings, Inc.4,121 526,664 
Paychex, Inc.28,967 2,809,220 
SS&C Technologies Holdings, Inc.7,573 511,329 
  9,262,203 
Real Estate Management and Development — 0.2%  
Jones Lang LaSalle, Inc.(1)
1,731 488,679 
Semiconductors and Semiconductor Equipment — 10.9%  
Advanced Micro Devices, Inc.(1)
1,128 582,161 
Analog Devices, Inc.11,877 4,915,297 
Applied Materials, Inc.8,305 3,737,748 
Cirrus Logic, Inc.(1)
3,909 664,335 
First Solar, Inc.(1)
2,037 624,931 
KLA Corp.1,927 3,703,135 
Lam Research Corp.11,743 3,736,388 
Micron Technology, Inc.1,890 1,835,190 
NVIDIA Corp.2,310 487,733 
ON Semiconductor Corp.(1)
4,626 557,988 
Qorvo, Inc.(1)
20,630 2,136,443 
QUALCOMM, Inc.26,865 6,743,652 
Skyworks Solutions, Inc.24,938 1,941,423 
Texas Instruments, Inc.9,733 2,975,184 
Universal Display Corp.5,537 510,068 
  35,151,676 


Software — 4.0%  
Adobe, Inc.(1)
15,115 3,917,959 
AppLovin Corp., Class A(1)
1,043 639,453 
Docusign, Inc.(1)
10,354 543,792 
Dropbox, Inc., Class A(1)
18,606 500,129 
Microsoft Corp.1,210 544,790 
Pegasystems, Inc.14,803 528,911 
Salesforce, Inc.24,554 4,692,270 
Trimble, Inc.(1)
9,059 511,018 
Workday, Inc., Class A(1)
4,161 608,297 
Zoom Communications, Inc., Class A(1)
5,240 532,332 
  13,018,951 
Specialized REITs — 0.1%  
Public Storage895 271,803 
Specialty Retail — 5.5%  
Best Buy Co., Inc.20,664 1,610,759 
Chewy, Inc., Class A(1)
25,440 573,418 
Gap, Inc.33,665 712,015 
Home Depot, Inc.12,057 3,823,757 
Lowe's Cos., Inc.27,194 5,829,306 
TJX Cos., Inc.24,026 3,718,023 
Urban Outfitters, Inc.(1)
6,874 499,396 
Williams-Sonoma, Inc.4,064 827,308 
 17,593,982 
Technology Hardware, Storage and Peripherals — 6.3%   
Apple, Inc.17,519 5,466,979 
Dell Technologies, Inc., Class C2,006 844,346 
HP, Inc.122,881 3,322,702 
NetApp, Inc.25,918 4,517,248 
Sandisk Corp.(1)
1,973 3,344,196 
Seagate Technology Holdings PLC2,529 2,225,014 
Western Digital Corp.1,042 553,521 
 20,274,006 
Textiles, Apparel and Luxury Goods — 1.0%  
Crocs, Inc.(1)
4,655 552,409 
Lululemon Athletica, Inc.(1)
4,000 524,720 
NIKE, Inc., Class B49,202 2,274,608 
 3,351,737 
Tobacco — 1.5%  
Altria Group, Inc.68,786 4,786,130 
Trading Companies and Distributors — 0.4%  
MSC Industrial Direct Co., Inc., Class A10,304 1,127,979 
Wireless Telecommunication Services — 0.2%  
T-Mobile U.S., Inc.4,086 766,248 
TOTAL COMMON STOCKS
(Cost $295,714,005)
 320,864,144 
SHORT-TERM INVESTMENTS — 0.5%  
Money Market Funds — 0.5%  
State Street Institutional U.S. Government Money Market Fund, Premier Class1,182,939 1,182,939 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
523,148 523,148 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,706,087)
 1,706,087 
TOTAL INVESTMENT SECURITIES — 100.3%
(Cost $297,420,092)
 322,570,231 
OTHER ASSETS AND LIABILITIES — (0.3)% (1,055,919)
TOTAL NET ASSETS — 100.0% $321,514,312 


NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $180,604. 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 $523,148.


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.