# EDGAR Filing Document

**Accession Number:** 0001710607
**File Stem:** 0001710607-25-000376
**Filing Date:** 2025-12
**Character Count:** 20551
**Document Hash:** 6a31b710b5b7b239f7a09a005df89884
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001710607-25-000376.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001710607-25-000376

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**EFFECTIVENESS DATE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY ETF TRUST
- **CENTRAL INDEX KEY:** 0001710607

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-221045
- **FILM NUMBER:** 251616240

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** (816) 531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Century ETF Trust
- **DATE OF NAME CHANGE:** 20170628

## Series and Classes Contracts Data

### American Century Select High Yield ETF (Series ID: S000074150)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000231722 | American Century Select High Yield ETF | AHYB            |

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| | |
|:---|:---|
| **Summary Prospectus &nbsp;&nbsp;&nbsp;&nbsp;** <br>January 1, 2026 | ![aci_horizxrgbxblackcroppeda.jpg](aci_horizxrgbxblackcroppeda.jpg) |
| **American Century**<sup>®</sup> **Select High Yield ETF** | **American Century**<sup>®</sup> **Select High Yield ETF** |
| **Ticker:** AHYB | **Exchange:** NYSE Arca, Inc. |

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| |
|:---|
| Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund online at americancentury.com/etfdocs. You can also get this information at no cost by calling 833-ACI-ETFS or sending an email request to prospectus@americancentury.com. The fund's prospectus and other information are also available from financial intermediaries through which shares of the fund may be purchased or sold. |
| This summary prospectus incorporates by reference the fund's <u>[prospectus and statement of additional information](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001710607/000171060725000314/ck0001710607-20251229.htm)</u> (SAI) each dated January 1, 2026 (as supplemented at the time you receive this summary prospectus), as well as the Report of Independent Registered Public Accounting Firm and the financial statements included in the fund's <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001710607/000171060725000307/ck0001710607-20250831.htm)</u> for the fiscal year ended August 31, 2025. The fund's SAI and Form N-CSR may be obtained, free of charge, in the same manner as the prospectus. |

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**Investment Objective**

The fund seeks to provide high current income.

**Fees and Expenses**

The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee | 0.45% |
| Other Expenses | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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**Example**

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that you earn a 5% return each year, and that the fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| *1 year* | *3 years* | *5 years* | *10 years* |
| $46 | $145 | $252 | $567 |

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**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 39% of the average value of its portfolio.

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**Principal Investment Strategies**

Under normal market conditions, the portfolio managers will invest at least 80% of the fund's net assets, plus any borrowings for investment purposes, in high-yield debt securities. A high-yield security is one that has been rated below the four highest categories used by a nationally recognized statistical rating organization (for example, below BBB by Standard & Poor's Corporation or below Baa by Moody's Investors Service, Inc.), or, if unrated, determined by the investment advisor to be of similar quality. High-yield securities are also referred to as junk bonds.

The portfolio managers generally operate a long-only strategy using a bottom-up investment philosophy by investing in companies that they believe can carry debt loads through different economic cycles. The portfolio managers look for companies that demonstrate the ability to generate strong, sustainable cash flow, which may enable them to decrease leverage and improve their ratings. The portfolio managers also use a top-down investment overlay to identify areas of the high yield market that they believe are undervalued relative to the rest of the market. The portfolio managers decide which debt securities to buy and sell by, among other things:

• &nbsp;&nbsp;&nbsp;&nbsp;identifying debt securities that satisfy the fund's credit quality standards;

• &nbsp;&nbsp;&nbsp;&nbsp;considering the price of the security and the issuer's financial history, condition, management and prospects;

• &nbsp;&nbsp;&nbsp;&nbsp;assessing current and anticipated interest rates;

• &nbsp;&nbsp;&nbsp;&nbsp;evaluating current economic conditions and the risk of inflation; or

• &nbsp;&nbsp;&nbsp;&nbsp;evaluating special features of the debt securities that may make them more or less attractive to alternatives.

The portfolio managers will actively allocate the fund's assets in a range of high-yield corporate bonds. The fund also may invest in preferred securities, convertible securities and cash and cash equivalents. The fund will invest primarily in securities rated BB or B, but may invest a portion of its portfolio in securities rated BBB and above, or CCC and below.

The fund has no average maturity limitations. The fund typically invests in debt securities with maturities of 3-10 years, but may also hold securities maturing in less than 3 years and more than 10 years.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. American Century Investment Management, Inc. (the advisor) has hired Nomura Corporate Research and Asset Management Inc. (the subadvisor) to make investment recommendations for the fund by delivering a model portfolio together with portfolio parameters to the advisor. The advisor has investment discretion to implement the model portfolio delivered by the subadvisor. When deciding whether to buy or sell a security, and how and when to implement a trade, portfolio managers may consider the expected implementation costs and tax consequences of the trade in an attempt to gain trading efficiencies, avoid unnecessary risk, minimize tax impact, and/or enhance fund returns.

**Principal Risks**

**• High-Yield Risk —** Issuers of high-yield securities are more vulnerable to real or perceived economic changes (such as an economic down turn or a prolonged period of rising interest rates), political changes or adverse developments specific to an issuer. These factors may be more likely to cause an issuer of low quality bonds to default on its obligations. High-yield securities are speculative.

**• Credit Risk —** The inability or perceived inability of a security's issuer to make interest and principal payments may cause the value of the security to decrease. As a result, the fund's share price could also decrease. Changes in the credit rating of a debt security held by the fund could have a similar effect.

**• Interest Rate Risk —** Investments in debt securities are also sensitive to interest rate changes. Generally, the value of debt securities and the funds that hold them decline as interest rates rise. The fund is more susceptible to interest rate changes than funds that have shorter-weighted average maturities, such as money market and short-term bond funds. A period of rising interest rates may negatively affect the fund's performance.

• **Liquidity Risk —** During periods of market turbulence or unusually low trading activity, it may be necessary for the fund to sell securities at prices that could have an adverse effect on the fund. The market for lower-quality debt securities is generally less liquid than the market for higher-quality securities. Changing regulatory and market conditions, including increases in interest rates and credit spreads may adversely affect the liquidity of the fund's investments.

• **Cash Transactions Risk —** The fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. Brokerage fees and taxes will be higher than if the fund sold and redeemed shares in-kind.

• **Convertible Securities Risk —** The value of convertible securities may rise and fall with the market value of the underlying stock or, like a debt security, vary with changes in interest rates and the credit quality of the issuer. A convertible security tends to

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perform more like a stock when the underlying stock price is high relative to the conversion price and more like a debt security when the underlying stock price is low relative to the conversion price.

• **Preferred Securities Risk —** Preferred securities combine some of the characteristics of both common stocks and bonds. Preferred securities are typically subordinated to a company's other debt which subjects them to greater credit risk . Generally, holders of preferred securities have no voting rights. In certain circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases, redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid than other securities and may have less upside potential than common stock.

• **Market Trading Risk —** The fund faces numerous market trading risks, including the potential lack of an active market for fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the fund. Any of these factors, among others, may lead to the fund's shares trading at a premium or discount to net asset value (NAV). Thus, you may pay more (or less) than NAV when you buy shares of the fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The portfolio managers cannot predict whether shares will trade above (premium), below (discount) or at NAV.

• **Absence of Active Market Risk —** Although shares of the fund are listed for trading on one or more stock exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained by market makers or authorized participants. Authorized participants are not obligated to execute purchase or redemption orders for creation units. In periods of market volatility, market makers and/or authorized participants may be less willing to transact in fund shares. The absence of an active market for the fund's shares may contribute to the fund's shares trading at a premium or discount to NAV and also greater than normal bid/ask spreads.

**• Market Risk —** The value of the fund's shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the issuers whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

**• Authorized Participant Concentration Risk —** Only an authorized participant may engage in creation or redemption transactions directly with the fund. The fund may have a limited number of institutions that act as authorized participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the fund and no other authorized participant is able to step forward to process creation and/or redemption orders, fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs generally.

• **Large Shareholder Risk —** Certain shareholders, including other funds advised by the advisor, may from time to time own a substantial amount of the shares of the fund. In addition, a third party investor, the advisor or an affiliate of the advisor, an authorized participant, a market maker, or another entity may invest in the fund and hold its investment for a limited period of time solely to facilitate commencement of the fund or to facilitate the fund's achieving a specified size or scale. There can be no assurance that any large shareholder would not redeem its investment, that the size of the fund would be maintained at such levels or that the fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the fund. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the NYSE Arca, Inc. and may therefore have a material upward or downward effect on the market price of the shares.

**• Principal Loss Risk —** At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

An investment in the fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

**Fund Performance**

The following bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year. The table shows how the fund's average annual returns for the periods shown compared with those of a broad measure of market performance. The table also shows returns for the ICE BofA US High Yield Constrained (BB-B) Index, which the advisor considers to be more representative of the fund's investment strategy. The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. For current performance information, please visit americancentury.com.

Sales charges and account fees, if applicable, are not reflected in the bar chart. If those charges were included, returns would be less than those shown.

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**Calendar Year Total Returns**

![chart-2b1fc02b2f314e47abfa.jpg](chart-2b1fc02b2f314e47abfa.jpg)

**Highest Performance Quarter (4Q 2023): 6.54% Lowest Performance Quarter (2Q 2022): -9.79%**

**As of September 30, 2025, the most recent calendar quarter end, the fund's year-to-date return was 6.85%.**

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>*For the calendar year ended December 31, 2024* | *1 year* | *Since Inception* | *Inception Date* |
| **American Century Select High Yield ETF Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | 6.30% | 2.43% | 11/16/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 3.80% | 0.21% | 11/16/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 3.69% | 0.86% | 11/16/2021 |
| **Bloomberg U.S. Aggregate Bond Index**<br>&nbsp;&nbsp;&nbsp;&nbsp;(reflects no deduction for fees, expenses or taxes) | 1.25% | -2.14% |  |
| **ICE BofA US High Yield Constrained (BB-B) Index**<br>&nbsp;&nbsp;&nbsp;&nbsp;(reflects no deduction for fees, expenses or taxes) | 6.84% | 2.62% |  |

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.

**Portfolio Management**

**Investment Advisor**

American Century Investment Management, Inc. (ACIM)

**Subadvisor**

Nomura Corporate Research and Asset Management Inc. (NCRAM)

**Portfolio Managers**

**David Crall**, CFA, Chief Executive Officer, Chief Investment Officer and Managing Director of NCRAM, has managed the fund since its inception.

**Amy Yu Chang**, CFA, Managing Director and Portfolio Manager of NCRAM, has managed the fund since its inception.

**Stephen Kotsen**, CFA, Managing Director and Portfolio Manager of NCRAM, has managed the fund since its inception.

**Derek Leung**, CFA, Executive Director and Portfolio Manager of NCRAM, has managed the fund since its inception.

**Will Enderle**, Portfolio Manager, has been a member of the team that manages the fund since its inception.

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**Purchase and Sale of Fund Shares**

The fund is an ETF. Fund shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the fund (bid) and the lowest price a seller is willing to accept for shares of the fund (ask) when buying or selling shares in the secondary market (bid-ask spread). Investors can find information on the fund's NAV, market price, premiums and discounts, and bid-ask spread at americancentury.com.

**Tax Information**

Fund distributions are generally taxable as ordinary income or capital gains, unless you are investing through a tax-deferred account such as a 401(k) or individual retirement account (in which case you may be taxed upon withdrawal of your investment from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the advisor and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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<br>©2026 American Century Proprietary Holdings, Inc. All rights reserved.

CL-SUM-97451 2601

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