American Century Investments®
Quarterly Portfolio Holdings
American Century® Quality Preferred ETF (QPFF)
May 31, 2024
| Quality Preferred ETF - Schedule of Investments | ||
| MAY 31, 2024 (UNAUDITED) | ||
Shares/Principal Amount ($) | Value ($) | |||||||
| PREFERRED STOCKS — 79.9% | ||||||||
| Automobiles — 1.8% | ||||||||
Ford Motor Co., 6.00%(1) | 23,942 | 558,567 | ||||||
| Ford Motor Co., 6.20% | 15,547 | 369,397 | ||||||
| Ford Motor Co., 6.50% | 16,401 | 413,305 | ||||||
| 1,341,269 | ||||||||
| Banks — 19.2% | ||||||||
| Bank of America Corp., 5.875% | 909,000 | 893,572 | ||||||
| Bank of America Corp., 5.875% | 14,654 | 364,885 | ||||||
| Bank of America Corp., 6.00% | 27,713 | 695,319 | ||||||
| Bank of America Corp., 6.09% | 12,218 | 273,194 | ||||||
| Bank of America Corp., 6.125% | 583,000 | 582,997 | ||||||
| Bank of America Corp., 6.25% | 16,501 | 364,672 | ||||||
Citizens Financial Group, Inc., 5.00%(1) | 12,543 | 237,313 | ||||||
| Fifth Third Bancorp, 4.50% | 186,000 | 179,822 | ||||||
| Fifth Third Bancorp, 6.00% | 15,094 | 353,049 | ||||||
| Huntington Bancshares, Inc., 6.875% | 10,767 | 272,620 | ||||||
| JPMorgan Chase & Co., 3.65% | 180,000 | 169,401 | ||||||
| JPMorgan Chase & Co., 4.20% | 21,484 | 409,270 | ||||||
JPMorgan Chase & Co., 4.55%(1) | 20,313 | 415,198 | ||||||
JPMorgan Chase & Co., 4.625%(1) | 20,191 | 417,752 | ||||||
| JPMorgan Chase & Co., 4.75% | 19,346 | 410,716 | ||||||
| JPMorgan Chase & Co., 5.75% | 63,200 | 1,567,360 | ||||||
| JPMorgan Chase & Co., 6.875% | 164,000 | 169,639 | ||||||
| M&T Bank Corp., 3.50% | 218,000 | 179,922 | ||||||
M&T Bank Corp., 5.125%(1) | 179,000 | 168,704 | ||||||
| PNC Financial Services Group, Inc., 5.00% | 367,000 | 355,727 | ||||||
| PNC Financial Services Group, Inc., 6.00% | 174,000 | 169,765 | ||||||
| PNC Financial Services Group, Inc., 6.20% | 469,000 | 461,984 | ||||||
| PNC Financial Services Group, Inc., 6.25% | 368,000 | 352,114 | ||||||
| Regions Financial Corp., 5.70% | 24,086 | 552,774 | ||||||
| Regions Financial Corp., 6.375% | 23,618 | 603,204 | ||||||
| Truist Financial Corp., 5.125% | 197,000 | 182,769 | ||||||
| Truist Financial Corp., 6.12% | 11,492 | 255,122 | ||||||
| U.S. Bancorp, 6.19% | 47,194 | 1,013,727 | ||||||
| Wells Fargo & Co., 3.90% | 191,000 | 180,634 | ||||||
| Wells Fargo & Co., 4.70% | 8,498 | 172,849 | ||||||
Wells Fargo & Co., 4.75%(1) | 28,215 | 576,150 | ||||||
| Wells Fargo & Co., 5.625% | 24,258 | 572,246 | ||||||
| Wells Fargo & Co., 5.90% | 501,000 | 501,294 | ||||||
| 14,075,764 | ||||||||
| Capital Markets — 14.0% | ||||||||
Affiliated Managers Group, Inc., 4.20%(1) | 15,248 | 253,422 | ||||||
| Affiliated Managers Group, Inc., 5.875% | 50,393 | 1,124,772 | ||||||
| Brookfield Oaktree Holdings LLC, 6.55% | 18,579 | 392,388 | ||||||
| Brookfield Oaktree Holdings LLC, 6.625% | 20,421 | 439,052 | ||||||
| Charles Schwab Corp., 4.00% | 183,000 | 170,453 | ||||||
Charles Schwab Corp., 4.45%(1) | 19,608 | 399,023 | ||||||
| Charles Schwab Corp., 5.00% | 395,000 | 357,967 | ||||||
| Charles Schwab Corp., 5.00% | 191,000 | 182,382 | ||||||
Charles Schwab Corp., 5.95%(1) | 35,874 | 901,155 | ||||||
| Goldman Sachs Group, Inc., 6.34% | 31,044 | 729,534 | ||||||
| Goldman Sachs Group, Inc., 6.35% | 17,989 | 434,254 | ||||||
| Morgan Stanley, 4.25% | 22,877 | 433,519 | ||||||
| Morgan Stanley, 5.85% | 27,605 | 675,770 | ||||||
| Morgan Stanley, 6.29% | 52,524 | 1,211,729 | ||||||
| Morgan Stanley, 6.375% | 13,760 | 347,440 | ||||||
| Morgan Stanley, 6.50% | 13,370 | 343,342 | ||||||
State Street Corp., 5.35%(1) | 23,681 | 581,369 | ||||||
| State Street Corp., 8.13% | 181,000 | 182,306 | ||||||
| Stifel Financial Corp., 5.20% | 12,562 | 271,339 | ||||||
| Stifel Financial Corp., 6.25% | 11,645 | 291,591 | ||||||
| TPG Operating Group II LP, 6.95% | 18,894 | 499,935 | ||||||
| 10,222,742 | ||||||||
| Chemicals — 0.3% | ||||||||
| EIDP, Inc., 4.50% | 3,395 | 242,844 | ||||||
| Consumer Finance — 5.1% | ||||||||
| American Express Co., 3.55% | 669,000 | 611,498 | ||||||
| Capital One Financial Corp., 3.95% | 188,000 | 169,428 | ||||||
Capital One Financial Corp., 4.375%(1) | 24,964 | 435,372 | ||||||
| Capital One Financial Corp., 4.80% | 60,511 | 1,145,473 | ||||||
Capital One Financial Corp., 5.00%(1) | 52,311 | 1,045,174 | ||||||
| Discover Financial Services, 5.50% | 197,000 | 168,169 | ||||||
| Discover Financial Services, 6.125% | 182,000 | 181,392 | ||||||
| 3,756,506 | ||||||||
| Diversified Telecommunication Services — 3.9% | ||||||||
| AT&T, Inc., 4.75% | 41,947 | 845,232 | ||||||
AT&T, Inc., 5.00%(1) | 32,796 | 695,275 | ||||||
| AT&T, Inc., 5.35% | 55,433 | 1,283,829 | ||||||
| 2,824,336 | ||||||||
| Electric Utilities — 5.7% | ||||||||
| BIP Bermuda Holdings I Ltd., 5.125% | 15,926 | 288,898 | ||||||
Brookfield Infrastructure Finance ULC, 5.00%(1) | 16,586 | 289,426 | ||||||
| Duke Energy Corp., 5.625% | 35,138 | 865,449 | ||||||
| NextEra Energy Capital Holdings, Inc., 5.65% | 13,509 | 330,700 | ||||||
| SCE Trust IV, 5.375% | 15,584 | 376,665 | ||||||
Southern Co., 4.20%(1) | 100,942 | 2,007,736 | ||||||
| 4,158,874 | ||||||||
| Financial Services — 2.5% | ||||||||
| Equitable Holdings, Inc., 4.30% | 22,222 | 414,885 | ||||||
Equitable Holdings, Inc., 5.25%(1) | 43,416 | 966,006 | ||||||
| Jackson Financial, Inc., 8.00% | 16,639 | 444,261 | ||||||
| 1,825,152 | ||||||||
| Food Products — 1.0% | ||||||||
| CHS, Inc., 6.75% | 13,930 | 359,394 | ||||||
CHS, Inc., 7.10%(1) | 13,781 | 364,232 | ||||||
| 723,626 | ||||||||
| Insurance — 13.5% | ||||||||
| American Financial Group, Inc., 5.125% | 12,397 | 255,006 | ||||||
| American Financial Group, Inc., 5.625% | 10,902 | 245,513 | ||||||
| Arch Capital Group Ltd., 4.55% | 23,770 | 464,466 | ||||||
| Arch Capital Group Ltd., 5.45% | 16,739 | 375,288 | ||||||
| Aspen Insurance Holdings Ltd., 5.625% | 16,397 | 323,185 | ||||||
| Assurant, Inc., 5.25% | 13,627 | 286,576 | ||||||
| Athene Holding Ltd., 4.875% | 31,405 | 602,662 | ||||||
| Athene Holding Ltd., 5.625% | 29,602 | 643,843 | ||||||
| Athene Holding Ltd., 6.35% | 12,116 | 293,571 | ||||||
Athene Holding Ltd., 6.375%(1) | 12,787 | 319,675 | ||||||
| Athene Holding Ltd., 7.75% | 23,667 | 618,892 | ||||||
| Axis Capital Holdings Ltd., 5.50% | 25,891 | 549,407 | ||||||
| Enstar Group Ltd., 7.00% | 19,016 | 477,492 | ||||||
| F&G Annuities & Life, Inc., 7.95% | 16,286 | 420,993 | ||||||
| Globe Life, Inc., 4.25% | 14,136 | 205,255 | ||||||
Hartford Financial Services Group, Inc., 6.00%(1) | 16,900 | 420,979 | ||||||
| MetLife, Inc., 3.85% | 176,000 | 169,665 | ||||||
MetLife, Inc., 5.625%(1) | 20,494 | 486,732 | ||||||
MetLife, Inc., 6.59%(1) | 28,576 | 705,541 | ||||||
Mitsui Sumitomo Insurance Co. Ltd., 4.95%(2) | 188,000 | 181,948 | ||||||
QBE Insurance Group Ltd., 5.875%(2) | 184,000 | 181,986 | ||||||
| Reinsurance Group of America, Inc., 5.75% | 19,048 | 474,486 | ||||||
| RenaissanceRe Holdings Ltd., 5.75% | 14,033 | 318,128 | ||||||
Selective Insurance Group, Inc., 4.60%(1) | 13,713 | 250,674 | ||||||
Sumitomo Life Insurance Co., 5.875%(2) | 174,000 | 169,765 | ||||||
| W R Berkley Corp., 5.10% | 9,329 | 198,241 | ||||||
| W R Berkley Corp., 5.70% | 9,733 | 238,361 | ||||||
| 9,878,330 | ||||||||
| Leisure Products — 0.4% | ||||||||
| Brunswick Corp., 6.625% | 10,783 | 269,575 | ||||||
| Mortgage Real Estate Investment Trusts (REITs) — 1.4% | ||||||||
| AGNC Investment Corp., 6.125% | 15,272 | 367,292 | ||||||
| AGNC Investment Corp., 6.50% | 14,746 | 368,355 | ||||||
| MFA Financial, Inc., 6.50% | 10,791 | 261,897 | ||||||
| 997,544 | ||||||||
| Multi-Utilities — 3.6% | ||||||||
| Brookfield Infrastructure Partners LP, 5.00% | 28,580 | 489,861 | ||||||
| Brookfield Infrastructure Partners LP, 5.125% | 19,271 | 351,310 | ||||||
| CMS Energy Corp., 5.875% | 21,051 | 514,276 | ||||||
CMS Energy Corp., 5.875%(1) | 14,844 | 364,866 | ||||||
| Dominion Energy, Inc., 4.35% | 769,000 | 730,522 | ||||||
| Sempra, 5.75% | 7,505 | 175,692 | ||||||
| 2,626,527 | ||||||||
| Oil, Gas and Consumable Fuels — 0.5% | ||||||||
| Energy Transfer LP, 6.625% | 377,000 | 356,059 | ||||||
| Retail REITs — 1.1% | ||||||||
| Agree Realty Corp., 4.25% | 13,414 | 230,855 | ||||||
| Kimco Realty Corp., 5.25% | 14,221 | 311,440 | ||||||
| Realty Income Corp., 6.00% | 11,091 | 260,638 | ||||||
| 802,933 | ||||||||
| Specialized REITs — 3.4% | ||||||||
| National Storage Affiliates Trust, 6.00% | 12,358 | 293,626 | ||||||
| Public Storage, 3.875% | 16,203 | 283,553 | ||||||
Public Storage, 4.00%(1) | 28,625 | 512,960 | ||||||
Public Storage, 4.00%(1) | 29,207 | 532,152 | ||||||
Public Storage, 4.875%(1) | 10,453 | 233,520 | ||||||
Public Storage, 5.15%(1) | 13,340 | 312,956 | ||||||
Public Storage, 5.60%(1) | 13,354 | 337,188 | ||||||
| 2,505,955 | ||||||||
| Trading Companies and Distributors — 1.7% | ||||||||
| Triton International Ltd., 6.875% | 24,807 | 593,631 | ||||||
| WESCO International, Inc., 10.625% | 25,698 | 684,595 | ||||||
| 1,278,226 | ||||||||
| Wireless Telecommunication Services — 0.8% | ||||||||
U.S. Cellular Corp., 6.25%(1) | 24,723 | 569,865 | ||||||
TOTAL PREFERRED STOCKS (Cost $59,097,370) | 58,456,127 | |||||||
| CORPORATE BONDS — 11.5% | ||||||||
| Capital Markets — 0.3% | ||||||||
ARES Finance Co. III LLC, VRN, 4.125%, 6/30/51(2) | 196,000 | 182,649 | ||||||
| Electric Utilities — 1.2% | ||||||||
| American Electric Power Co., Inc., VRN, 3.875%, 2/15/62 | 187,000 | 171,288 | ||||||
| Duke Energy Corp., VRN, 3.25%, 1/15/82 | 193,000 | 173,144 | ||||||
| NextEra Energy Capital Holdings, Inc., VRN, 4.80%, 12/1/77 | 187,000 | 172,341 | ||||||
| NextEra Energy Capital Holdings, Inc., VRN, 3.80%, 3/15/82 | 199,000 | 181,763 | ||||||
| Southern Co., Seires B, VRN, 4.00%, 1/15/51 | 188,000 | 181,535 | ||||||
| 880,071 | ||||||||
| Financial Services — 0.2% | ||||||||
| Corebridge Financial, Inc., VRN, 6.875%, 12/15/52 | 170,000 | 171,147 | ||||||
| Insurance — 6.7% | ||||||||
| ACE Capital Trust II, 9.70%, 4/1/30 | 145,000 | 172,547 | ||||||
| Aegon Ltd., VRN, 5.50%, 4/11/48 | 177,000 | 171,494 | ||||||
| Allstate Corp., VRN, 6.50%, 5/15/67 | 1,197,000 | 1,205,128 | ||||||
| Enstar Finance LLC, VRN, 5.75%, 9/1/40 | 186,000 | 183,004 | ||||||
| Enstar Finance LLC, VRN, 5.50%, 1/15/42 | 187,000 | 182,718 | ||||||
Meiji Yasuda Life Insurance Co., VRN, 5.20%, 10/20/45(2) | 184,000 | 182,345 | ||||||
Meiji Yasuda Life Insurance Co., VRN, 5.10%, 4/26/48(2) | 175,000 | 171,820 | ||||||
MetLife Capital Trust IV, 7.875%, 12/15/67(2) | 160,000 | 171,351 | ||||||
| MetLife, Inc., 6.40%, 12/15/66 | 169,000 | 170,565 | ||||||
MetLife, Inc., 9.25%, 4/8/68(2) | 148,000 | 171,745 | ||||||
| MetLife, Inc., 10.75%, 8/1/69 | 129,000 | 171,882 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, VRN, 5.875%, 5/23/42(2) | 200,000 | 199,959 | ||||||
Nippon Life Insurance Co., VRN, 5.10%, 10/16/44(2) | 537,000 | 535,396 | ||||||
Nippon Life Insurance Co., VRN, 4.70%, 1/20/46(2) | 364,000 | 356,142 | ||||||
| PartnerRe Finance B LLC, VRN, 4.50%, 10/1/50 | 189,000 | 171,764 | ||||||
| Prudential Financial, Inc., VRN, 6.00%, 9/1/52 | 538,000 | 526,246 | ||||||
Sumitomo Life Insurance Co., VRN, 4.00%, 9/14/77(2) | 194,000 | 182,737 | ||||||
| 4,926,843 | ||||||||
| Multi-Utilities — 0.5% | ||||||||
| CMS Energy Corp., VRN, 4.75%, 6/1/50 | 187,000 | 172,026 | ||||||
| CMS Energy Corp., VRN, 3.75%, 12/1/50 | 207,000 | 171,303 | ||||||
| 343,329 | ||||||||
| Oil, Gas and Consumable Fuels — 2.6% | ||||||||
| Enbridge, Inc., VRN, 5.50%, 7/15/77 | 291,000 | 274,169 | ||||||
| Enbridge, Inc., VRN, 6.25%, 3/1/78 | 373,000 | 356,323 | ||||||
| Enbridge, Inc., VRN, 7.375%, 1/15/83 | 357,000 | 354,518 | ||||||
| Enterprise Products Operating LLC, VRN, 5.375%, 2/15/78 | 184,000 | 171,208 | ||||||
| Transcanada Trust, VRN, 5.30%, 3/15/77 | 381,000 | 355,930 | ||||||
| Transcanada Trust, VRN, 5.50%, 9/15/79 | 389,000 | 357,194 | ||||||
| 1,869,342 | ||||||||
TOTAL CORPORATE BONDS (Cost $8,271,256) | 8,373,381 | |||||||
| CONVERTIBLE PREFERRED STOCKS — 7.0% | ||||||||
| Banks — 2.1% | ||||||||
Wells Fargo & Co., 7.50%(1) | 1,311 | 1,534,646 | ||||||
| Electric Utilities — 2.5% | ||||||||
| NextEra Energy, Inc., 6.93%, 9/1/25 | 39,541 | 1,795,359 | ||||||
| Financial Services — 1.6% | ||||||||
| Apollo Global Management, Inc., 6.75%, 7/31/26 | 18,628 | 1,209,330 | ||||||
| Machinery — 0.8% | ||||||||
| Chart Industries, Inc., 6.75%, 12/15/25 | 9,895 | 604,486 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,106,736) | 5,143,821 | |||||||
| SHORT-TERM INVESTMENTS — 7.0% | ||||||||
| Money Market Funds — 7.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) (Cost $5,114,872) | 5,114,872 | 5,114,872 | ||||||
TOTAL INVESTMENT SECURITIES — 105.4% (Cost $77,590,234) | 77,088,201 | |||||||
| OTHER ASSETS AND LIABILITIES — (5.4)% | (3,935,228) | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 73,152,973 | ||||||
| NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
| 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, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,985,982. 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.
(2)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 $2,687,843, which represented 3.7% of total net assets.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $5,114,872.
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.
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. Corporate bonds 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.
Hybrid 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. Preferred stocks and convertible preferred stocks with perpetual maturities 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.
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 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. 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.
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 | |||||||||||
| Preferred Stocks | $ | 50,094,243 | $ | 8,361,884 | — | ||||||
| Corporate Bonds | — | 8,373,381 | — | ||||||||
| Convertible Preferred Stocks | 1,813,816 | 3,330,005 | — | ||||||||
| Short-Term Investments | 5,114,872 | — | — | ||||||||
| $ | 57,022,931 | $ | 20,065,270 | — | |||||||
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.