American Century Select High Yield ETF

American Century Select High Yield ETF (AHYB) is an actively managed fund that buys high-yield corporate bonds, also called junk bonds, mostly rated BB or B. Its picks come from a model portfolio built by subadvisor Nomura. Its trailing 12-month yield was 6.2% as of October 27, 2026, paid monthly. Its 0.45% expense ratio is well above HYLB and SPHY at 0.05%. With about $62 million in net assets as of August 31, 2026, it is the smallest fund in its peer group.

• Over the year to Oct 27, 2026, AHYB returned +1.8%, 3rd of 8 among similar funds.
• Its worst full calendar year was 2022 (-10.3%); its best was 2023 (+11.7%).
• The deepest fall in its price history was 14.8% (Dec 27, 2021 to Sep 27, 2022), recovered by Dec 21, 2023.

As of Aug 31, 2026, the fund held 622 securities; the ten largest made up 4.21% of assets, and 6% sat in cash and money-market holdings.

The bonds mature in 4.7 years on average (weighted by size), with an average coupon of 6.35%.

• Over the three months to Aug 31, 2026, investors added a net $2.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.15%, -0.32%, +0.94%.

AHYB does not track an index. Under normal conditions it keeps at least 80% of its net assets in high-yield debt. That means bonds rated below BBB by S&P or below Baa by Moody's, or unrated bonds the advisor judges to be of similar quality. The fund focuses on BB- and B-rated bonds. It may also hold some bonds rated BBB or higher, some rated CCC or lower, plus preferred securities, convertible securities and cash.

American Century hired Nomura Corporate Research and Asset Management to deliver a model portfolio and guidelines. American Century decides how to put that model into practice. The managers start with individual companies. They look for firms with strong, steady cash flow that can carry their debt through economic cycles and might cut that debt and earn better credit ratings. A top-down layer then looks for corners of the junk-bond market that seem cheap. Holdings are not weighted by any formula. Portfolio turnover was 39%.

As of August 31, 2026, the fund held 622 holdings. The 10 largest made up just 4.21% of assets. The largest was a CoreWeave 9.25% bond due 2030, at about 0.5%. Cash was about 6%, and the fund held no derivatives. The bonds' average maturity was 4.7 years. The fund may create and redeem shares for cash, which can trigger taxable gains. Like all bonds, its holdings tend to fall in price when interest rates rise.

• AHYB charges 0.45% a year, versus an average of 0.42% for the similar funds below (5th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).

The fund's main purpose is high current income from monthly payouts on junk bonds, not growth or protection in a downturn.

AHYB could add monthly income to a portfolio. Its trailing 12-month yield was 6.2% as of October 27, 2026. The trade-off is credit risk: weaker companies are more likely to default when the economy turns down. The fund launched in November 2021, so it has no record in the 2008 or 2020 crashes. From its December 2021 peak to its September 2022 low, it fell 14.8%. It took about 15 months to recover, finally doing so in December 2023. Its worst calendar year was 2022, at -10.35%. Anyone who sold shares in late 2022 to cover spending would have locked in that loss. Under the SEC's $10,000 example, costs come to $46 after one year and $567 after 10 years. HYLB and SPHY charge less. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).