Fund Description: American Century Diversified Municipal Bond 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.. <p> INVESTMENT OBJECTIVE: The Fund's investment objective is to seek current income exempt from regular federal income tax. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective. <p> FUND STRATEGY: The Fund will normally invest at least 80% of its net assets in municipal bonds paying interest that is exempt from regular federal income tax. The Fund also principally invest in investment grade municipal bonds (i.e. rated Baa or BBB or higher) or unrated municipal bonds considered to be of comparable quality as determined by the Fund's investment adviser. The Fund may invest in bonds rated below investment grade.<p> FUND MANAGEMENT: The Fund's Advisor is American Century Investment Management, Inc.