American Century Focused Large Cap Value ETF

American Century Focused Large Cap Value ETF (FLV) is an actively managed fund that holds 30 to 50 large companies its managers judge to be undervalued. It held 49 as of August 31, 2026. It is a nontransparent ETF: each day it publishes a stand-in "proxy portfolio" instead of its actual holdings. Its 0.42% expense ratio is above the 0.34% average of similar funds. Its three-year return trailed all eight similar funds compared, through October 27, 2026.

• Over the year to Oct 27, 2026, FLV returned +20.6%, 7th of 9 among similar funds.
• Its 5-year annualized return was +11.2%.
• Its worst full calendar year was 2022 (+1.0%); its best was 2025 (+15.8%).
• The deepest fall in its price history was 15.1% (Apr 20, 2022 to Sep 30, 2022), recovered by Jan 12, 2023.

As of Aug 31, 2026, the fund held 49 securities; the ten largest made up 34.35% of assets.

By sector

• Over the three months to Aug 31, 2026, investors withdrew a net $338K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.83%, +5.64%, +1.35%.

FLV does not track an index. Its portfolio managers at American Century Investments keep at least 80% of assets in large companies. The fund defines these as companies within the size range of the Russell 1000 Index, which ran from about $1.1 billion to $4.5 trillion as of September 30, 2025. The managers look for out-of-favor stocks that seem cheap compared with their earnings, cash flows or assets. They aim to hold each stock until its price reaches what they see as fair value. The prospectus sets no fixed weighting rule or rebalancing schedule. It reports 56% portfolio turnover, which means trading equal to a little over half the portfolio in a year.

The fund normally owns 30 to 50 companies, so single stocks matter more than in a broad index fund. As of August 31, 2026, it held 49. The top 10 made up about 34% of assets, led by Microsoft (5.3%), Amazon (3.6%) and Marsh & McLennan (3.5%). The fund can also own foreign companies through American Depositary Receipts (ADRs), which are US-listed shares that represent foreign stock.

FLV is a nontransparent ETF. Most ETFs post their holdings every day. FLV instead posts a daily proxy portfolio built to mirror the performance of its real holdings, and the two are not required to overlap at all. This can make it harder to keep the share price close to net asset value (NAV), the per-share value of what the fund owns, especially in volatile markets.

• FLV charges 0.42% a year, versus an average of 0.34% for the similar funds below (6th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $43 in the first year and $530 over 10 years (assuming a 5% annual return).

A concentrated, actively picked large-value fund can add a value tilt next to a broad core holding, but with about 49 stocks it works better as a complement than as a whole stock allocation.

FLV could add a value-oriented slice to a portfolio built around a broad index fund, with holdings such as Duke Energy, Johnson & Johnson and PepsiCo. It launched March 31, 2020, so it has no record from the 2008 crisis or the 2020 crash. In the 2022 bear market it fell 15.1% from April 20 to September 30, 2022. It was back to its earlier peak by January 12, 2023, about 3.4 months later. Its weakest calendar year, 2022, still ended up 1.23%. That matters for anyone who might need to sell shares in a bad year. The yield was 1.63% as of October 27, 2026, paid quarterly. The 0.42% expense ratio works out to $43 in the first year in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.