Fund Description: Avantis U.S. Small Cap Value ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the American Century ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Avantis U.S. Small Cap Value ETF seeks long-term capital appreciation. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specified index. FUND STRATEGY: The Fund invests primarily in a diverse group of U.S. small cap companies across market sectors and industry groups. The Fund seeks securities of companies that it expects to have higher returns by placing an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. To identify small capitalization, high profitability, or value companies, the portfolio managers may use reported and estimated company financials and market data including, but not limited to, shares outstanding, book value and its components, cash flows, revenue, expenses, accruals and income. Under normal market conditions, the Fund will invest at least 80% of its assets in securities of small capitalization companies located in the United States. To determine whether a company is a U.S. company, the portfolio managers will consider various factors, including where the company is headquartered, where the company’s principal operations are located, where the company’s revenues are derived, where the principal trading market is located, the country in which the company was legally organized, and whether the company is in the fund’s benchmark—the Russell 2000 Value Index. The Fund also may invest in derivative instruments such as futures contracts, currency forwards, and swap agreements. For example, the fund may use futures on securities and U.S. indices to gain exposure to equities to manage cash flows. The Fund may also engage in securities lending and invest its collateral in eligible securities. FUND MANAGEMENT: American Century Investment Management, Inc. serves as the Investment Adviser to the Fund.