Sunday's traditional curtain-raiser will see Premier League champions Arsenal take on FA Cup winners City in Cardiff.
Arsenal, who lost last season's Champions League final to Paris Saint-Germain on penalties, aim to begin the campaign on a positive note after ending a 22-year wait for the Premier League title.
"It (the Community Shield) is a trophy, one that we can have because we earned it last year from winning the Premier League," Arteta told reporters.
"You can tell how hungry the players are, which is a good sign. I love the way the players have come back, most of them earlier than expected. Really fit, we've done all the testing. They all seem in great condition.
"The moment they start to look at each other, I said: look at the squad that we have and what we're building. There's a lot of excitement.
"The best version of Arsenal has to be on Sunday. That's the intention. The best performance, the best way to start the season by lifting the first trophy. That's the way we've prepared for the season. On day one, be at our maximum level."
The close season had also injected fresh competition into the squad following a busy spell of recruitment.
Arsenal have made a number of key additions, led by midfielder Bruno Guimaraes from Newcastle United, alongside Christos Tzolis and goalkeeper Illan Meslier.
The club were also linked with Brazil winger Vinicius Junior before the 26-year-old opted to extend his stay at Real Madrid.
"It's a very exciting part of the season ...," Arteta added. "There's an opportunity to evolve and understand how every player is feeling. We are trying the maximum within 13 or 14 days to compete for every possible position...
"I'm not going to talk about individuals. The ambition of the club is big. We want to improve and evolve the squad. We have detected the areas that can be strengthened."