American Century Investments®
Quarterly Portfolio Holdings
American Century® Multisector Floating Income ETF (FUSI)
November 30, 2023
Multisector Floating Income ETF - Schedule of Investments | ||
NOVEMBER 30, 2023 (UNAUDITED) |
Principal Amount ($)/Shares | Value ($) | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 40.7% | ||||||||
ACRES Commercial Realty Ltd., Series 2021-FL1, Class AS, VRN, 7.04%, (1-month SOFR plus 1.71%), 6/15/36(1) | 247,000 | 239,616 | ||||||
ACRES Commercial Realty Ltd., Series 2021-FL2, Class A, VRN, 6.84%, (1-month SOFR plus 1.51%), 1/15/37(1) | 230,000 | 226,472 | ||||||
AMMC CLO 21 Ltd., Series 2017-21A, Class A, VRN, 6.89%, (3-month SOFR plus 1.51%), 11/2/30(1) | 174,693 | 174,495 | ||||||
AMMC CLO 22 Ltd., Series 2018-22A, Class A, VRN, 6.67%, (3-month SOFR plus 1.29%), 4/25/31(1) | 186,654 | 186,391 | ||||||
AMMC CLO XI Ltd., Series 2012-11A, Class BR2, VRN, 7.25%, (3-month SOFR plus 1.86%), 4/30/31(1) | 250,000 | 249,326 | ||||||
Apidos CLO XXV Ltd., Series 2016-25A, Class A1R, VRN, 6.85%, (3-month SOFR plus 1.43%), 10/20/31(1) | 250,000 | 249,468 | ||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 6.41%, (1-month SOFR plus 1.08%), 12/15/35(1) | 94,861 | 93,658 | ||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, VRN, 6.51%, (1-month SOFR plus 1.18%), 8/15/34(1) | 150,000 | 147,155 | ||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 6.79%, (1-month SOFR plus 1.46%), 11/15/36(1) | 200,000 | 196,840 | ||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL2, Class A, VRN, 7.17%, (1-month SOFR plus 1.85%), 5/15/37(1) | 200,000 | 196,964 | ||||||
AREIT Trust, Series 2022-CRE6, Class A, SEQ, VRN, 6.58%, (30-day average SOFR plus 1.25%), 1/20/37(1) | 178,815 | 174,456 | ||||||
Barings CLO Ltd., Series 2015-IA, Class AR, VRN, 6.67%, (3-month SOFR plus 1.25%), 1/20/31(1) | 241,149 | 241,034 | ||||||
Barings Private Credit Corp. CLO Ltd., Series 2023-1A, Class A1, VRN, 7.81%, (3-month SOFR plus 2.40%), 7/15/31(1) | 250,000 | 245,926 | ||||||
BSPRT Issuer Ltd., Series 2021-FL6, Class A, VRN, 6.54%, (1-month SOFR plus 1.21%), 3/15/36(1) | 186,374 | 183,437 | ||||||
BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 7.58%, (1-month SOFR plus 2.26%), 9/15/35(1) | 100,000 | 99,896 | ||||||
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 7.16%, (3-month SOFR plus 1.76%), 4/15/32(1) | 118,175 | 117,933 | ||||||
CIFC Funding Ltd., Series 2015-1A, Class ARR, VRN, 6.78%, (3-month SOFR plus 1.37%), 1/22/31(1) | 232,285 | 232,284 | ||||||
Cook Park CLO Ltd., Series 2018-1A, Class B, VRN, 7.06%, (3-month SOFR plus 1.66%), 4/17/30(1) | 250,000 | 247,727 | ||||||
Dryden 60 CLO Ltd., Series 2018-60A, Class A, VRN, 6.71%, (3-month SOFR plus 1.31%), 7/15/31(1) | 246,471 | 246,114 | ||||||
FS Rialto Issuer LLC, Series 2022-FL6, Class A, SEQ, VRN, 7.91%, (1-month SOFR plus 2.58%), 8/17/37(1) | 200,000 | 200,836 | ||||||
Greystone CRE Notes Ltd., Series 2019-FL2, Class A, VRN, 6.62%, (1-month SOFR plus 1.29%), 9/15/37(1) | 67,869 | 67,796 | ||||||
Grippen Park CLO Ltd., Series 2017-1A, Class A, VRN, 6.94%, (3-month SOFR plus 1.52%), 1/20/30(1) | 144,728 | 144,823 | ||||||
HGI CRE CLO Ltd., Series 2021-FL1, Class A, VRN, 6.49%, (1-month SOFR plus 1.16%), 6/16/36(1) | 114,154 | 111,239 | ||||||
HGI CRE CLO Ltd., Series 2021-FL2, Class A, VRN, 6.44%, (1-month SOFR plus 1.11%), 9/17/36(1) | 109,640 | 107,422 | ||||||
LCM XV LP, Series 15A, Class AR2, VRN, 6.68%, (3-month SOFR plus 1.26%), 7/20/30(1) | 145,525 | 145,525 | ||||||
LMREC LLC, Series 2021-CRE4, Class A, VRN, 6.51%, (1-month SOFR plus 1.16%), 4/22/37(1) | 30,583 | 30,507 | ||||||
LoanCore Issuer Ltd., Series 2022-CRE7, Class A, VRN, 6.87%, (30-day average SOFR plus 1.55%), 1/17/37(1) | 300,000 | 293,627 | ||||||
Magnetite XII Ltd., Series 2015-12A, Class ARR, VRN, 6.76%, (3-month SOFR plus 1.36%), 10/15/31(1) | 250,000 | 249,965 | ||||||
MF1 Ltd., Series 2020-FL4, Class AS, VRN, 7.54%, (1-month SOFR plus 2.21%), 11/15/35(1) | 200,000 | 197,535 | ||||||
MF1 Ltd., Series 2021-FL7, Class A, VRN, 6.53%, (1-month SOFR plus 1.19%), 10/16/36(1) | 259,896 | 252,787 | ||||||
Neuberger Berman Loan Advisers CLO 34 Ltd., Series 2019-34A, Class BR, VRN, 7.17%, (3-month SOFR plus 1.75%), 1/20/35(1) | 250,000 | 247,076 | ||||||
OFSI BSL VIII Ltd., Series 2017-1A, Class AR, VRN, 6.66%, (3-month SOFR plus 1.26%), 8/16/29(1) | 77,729 | 77,706 | ||||||
OHA Loan Funding Ltd., Series 2013-1A, Class A1R2, VRN, 6.76%, (3-month SOFR plus 1.35%), 7/23/31(1) | 199,274 | 199,171 | ||||||
Owl Rock CLO I Ltd., Series 2019-1A, Class A, VRN, 7.43%, (3-month SOFR plus 2.06%), 5/20/31(1) | 199,129 | 198,692 | ||||||
Owl Rock CLO IV Ltd., Series 2020-4A, Class A2R, VRN, 7.53%, (3-month SOFR plus 2.16%), 8/20/33(1) | 250,000 | 240,689 | ||||||
Palmer Square CLO Ltd., Series 2013-2A, Class A2R3, VRN, 7.16%, (3-month SOFR plus 1.76%), 10/17/31(1) | 200,000 | 198,361 | ||||||
Palmer Square CLO Ltd., Series 2023-4A, Class B, VRN, 7.56%, (3-month SOFR plus 2.15%), 10/20/33(1) | 100,000 | 100,100 | ||||||
Rad CLO 5 Ltd., Series 2019-5A, Class AR, VRN, 6.78%, (3-month SOFR plus 1.38%), 7/24/32(1) | 250,000 | 249,410 | ||||||
Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, VRN, 6.66%, (1-month SOFR plus 1.31%), 11/25/36(1) | 143,868 | 141,799 | ||||||
Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 6.87%, (3-month SOFR plus 1.45%), 10/20/30(1) | 86,978 | 86,984 | ||||||
Saranac CLO VII Ltd., Series 2014-2A, Class A1AR, VRN, 6.86%, (3-month SOFR plus 1.49%), 11/20/29(1) | 130,450 | 130,189 | ||||||
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 8.09%, (1-month SOFR plus 2.75%), 5/19/38(1) | 90,000 | 89,739 | ||||||
THL Credit Wind River CLO Ltd., Series 2017-4A, Class B, VRN, 7.08%, (3-month SOFR plus 1.71%), 11/20/30(1) | 250,000 | 249,387 | ||||||
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 6.61%, (3-month SOFR plus 1.23%), 4/25/31(1) | 219,951 | 219,893 |
Voya CLO Ltd., Series 2016-2A, Class A2R, VRN, 7.41%, (3-month SOFR plus 2.01%), 7/19/28(1) | 250,000 | 249,239 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $8,195,642) | 8,229,689 | |||||||
U.S. TREASURY SECURITIES — 14.8% | ||||||||
U.S. Treasury Notes, VRN, 5.49%, (3-month USBMMY plus 0.14%), 10/31/24 | 1,000,000 | 1,000,869 | ||||||
U.S. Treasury Notes, VRN, 5.55%, (3-month USBMMY plus 0.20%), 1/31/25 | 1,000,000 | 1,001,312 | ||||||
U.S. Treasury Notes, VRN, 5.52%, (3-month USBMMY plus 0.17%), 10/31/25 | 1,000,000 | 999,490 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $3,002,595) | 3,001,671 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 13.5% | ||||||||
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class B, VRN, 6.77%, (1-month SOFR plus 1.45%), 9/15/34(1) | 100,000 | 99,460 | ||||||
BX Commercial Mortgage Trust, Series 2021-XL2, Class A, VRN, 6.13%, (1-month SOFR plus 0.80%), 10/15/38(1) | 175,934 | 171,822 | ||||||
BX Mortgage Trust, Series 2022-MVRK, Class A, VRN, 6.79%, (1-month SOFR plus 1.47%), 3/15/39(1) | 247,216 | 244,335 | ||||||
BX Trust, Series 2018-BILT, Class A, VRN, 6.42%, (1-month SOFR plus 1.10%), 5/15/30(1) | 200,000 | 197,736 | ||||||
BX Trust, Series 2018-GW, Class A, VRN, 6.42%, (1-month SOFR plus 1.10%), 5/15/35(1) | 300,000 | 296,609 | ||||||
BX Trust, Series 2021-SDMF, Class A, VRN, 6.03%, (1-month SOFR plus 0.70%), 9/15/34(1) | 250,000 | 243,984 | ||||||
CSMC Trust Capital Certificates, Series 2019-ICE4, Class B, VRN, 6.60%, (1-month SOFR plus 1.28%), 5/15/36(1) | 204,491 | 203,813 | ||||||
EQUS Mortgage Trust, Series 2021-EQAZ, Class A, VRN, 6.19%, (1-month SOFR plus 0.87%), 10/15/38(1) | 199,996 | 195,217 | ||||||
GS Mortgage Securities Corp. Trust, Series 2018-HULA, Class C, VRN, 7.08%, (1-month SOFR plus 1.75%), 7/15/25(1) | 91,477 | 89,170 | ||||||
GS Mortgage Securities Corp. Trust, Series 2021-ARDN, Class A, VRN, 6.69%, (1-month SOFR plus 1.36%), 11/15/36(1) | 200,000 | 194,045 | ||||||
GS Mortgage Securities Corp. Trust, Series 2021-STAR, Class A, VRN, 6.39%, (1-month SOFR plus 1.06%), 12/15/36(1) | 200,000 | 196,225 | ||||||
Life Mortgage Trust, Series 2021-BMR, Class A, VRN, 6.14%, (1-month SOFR plus 0.81%), 3/15/38(1) | 196,594 | 191,854 | ||||||
Med Trust, Series 2021-MDLN, Class A, VRN, 6.39%, (1-month SOFR plus 1.06%), 11/15/38(1) | 199,045 | 194,430 | ||||||
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, VRN, 8.11%, (1-month SOFR plus 2.79%), 11/15/27(1) | 200,000 | 200,473 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,712,521) | 2,719,173 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% | ||||||||
Private Sponsor Collateralized Mortgage Obligations — 1.4% | ||||||||
Bellemeade RE Ltd., Series 2020-2A, Class M2, VRN, 11.44%, (30-day average SOFR plus 6.11%), 8/26/30(1) | 69,518 | 70,255 | ||||||
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 8.03%, (30-day average SOFR plus 2.70%), 10/25/33(1) | 90,083 | 90,473 | ||||||
Home RE Ltd., Series 2022-1, Class M1A, VRN, 8.18%, (30-day average SOFR plus 2.85%), 10/25/34(1) | 113,954 | 114,814 | ||||||
275,542 | ||||||||
U.S. Government Agency Collateralized Mortgage Obligations — 6.7% | ||||||||
FHLMC, Series 2023-DNA1, Class M1A, VRN, 7.43%, (30-day average SOFR plus 2.10%), 3/25/43(1) | 243,332 | 247,140 | ||||||
FHLMC, Series 2023-HQA2, Class M1A, VRN, 7.33%, (30-day average SOFR plus 2.00%), 6/25/43(1) | 260,420 | 262,180 | ||||||
FHLMC, Series 4619, Class NF, VRN, 5.84%, (30-day average SOFR plus 0.51%), 3/15/44 | 500,550 | 488,503 | ||||||
FNMA, Series 2022-R04, Class 1M1, VRN, 7.33%, (30-day average SOFR plus 2.00%), 3/25/42(1) | 174,802 | 176,199 | ||||||
FNMA, Series 2023-R04, Class 1M1, VRN, 7.63%, (30-day average SOFR plus 2.30%), 5/25/43(1) | 91,021 | 92,478 | ||||||
FNMA, Series 2023-R06, Class 1M1, VRN, 7.03%, (30-day average SOFR plus 1.70%), 7/25/43(1) | 100,488 | 100,747 | ||||||
1,367,247 | ||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,635,544) | 1,642,789 | |||||||
ASSET-BACKED SECURITIES — 4.3% | ||||||||
321 Henderson Receivables I LLC, Series 2004-A, Class A1, VRN, 5.79%, (1-month SOFR plus 0.46%), 9/15/45(1) | 8,390 | 8,326 | ||||||
321 Henderson Receivables LLC, Series 2005-2A, Class A1, VRN, 5.67%, (1-month SOFR plus 0.34%), 11/15/40(1) | 91,096 | 89,491 | ||||||
Brazos Higher Education Authority, Inc., Series 2011-1, Class A3, VRN, 6.66%, (90-day average SOFR plus 1.31%), 11/25/33 | 65,542 | 65,692 | ||||||
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, VRN, 6.07%, (1-month SOFR plus 0.73%), 4/22/26 | 600,000 | 600,845 | ||||||
Navient Private Education Loan Trust, Series 2015-BA, Class A3, VRN, 6.89%, (1-month SOFR plus 1.56%), 7/16/40(1) | 44,591 | 44,750 | ||||||
Northstar Education Finance, Inc., Series 2006-A, Class B, VRN, 6.20%, (3-month SOFR plus 0.81%), 11/28/35 | 65,449 | 64,960 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost $866,694) | 874,064 | |||||||
SHORT-TERM INVESTMENTS — 18.2% | ||||||||
Money Market Funds — 4.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 927,238 | 927,238 | ||||||
Treasury Bills(2) — 13.6% | ||||||||
U.S. Treasury Bills, 5.31%, 10/31/24(3) | 400,000 | 381,864 | ||||||
U.S. Treasury Bills, 5.12%, 11/29/24 | 2,500,000 | 2,376,834 | ||||||
2,758,698 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,685,498) | 3,685,936 | |||||||
TOTAL INVESTMENT SECURITIES — 99.6% (Cost $20,098,494) | 20,153,322 | |||||||
OTHER ASSETS AND LIABILITIES — 0.4% | 87,906 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 20,241,228 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 5 | March 2024 | $ | 1,022,305 | $ | 2,451 |
^Amount represents value and unrealized appreciation (depreciation).
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
FHLMC | – | Federal Home Loan Mortgage Corporation | ||||||
FNMA | – | Federal National Mortgage Association | ||||||
SEQ | – | Sequential Payer | ||||||
SOFR | – | Secured Overnight Financing Rate | ||||||
USBMMY | – | U.S. Treasury Bill Money Market Yield | ||||||
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 $12,245,715, which represented 60.5% of total net assets.
(2)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $14,320.
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.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. U.S. Treasury and Government Agency securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
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 the 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 fund’s 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.
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.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Collateralized Loan Obligations | — | $ | 8,229,689 | — | |||||||
U.S. Treasury Securities | — | 3,001,671 | — | ||||||||
Commercial Mortgage-Backed Securities | — | 2,719,173 | — | ||||||||
Collateralized Mortgage Obligations | — | 1,642,789 | — | ||||||||
Asset-Backed Securities | — | 874,064 | — | ||||||||
Short-Term Investments | $ | 927,238 | 2,758,698 | — | |||||||
$ | 927,238 | $ | 19,226,084 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 2,451 | — | — |
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 shareholder report.