Capital Group Fixed Income ETF Trust

Annual report
for the period ended
December 31, 2022

Fixed income
for a variety of
investor goals

The funds within Capital Group Fixed Income ETF Trust seek to pursue a variety of objectives for investors and are offered by Capital Group, home of American Funds^®. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com. Market price returns are determined using the official closing price of the fund’s shares and do not represent the returns you would receive if you traded shares at other times.

Here are the average annual total returns on a $1,000 investment for periods ended December 31, 2022:

		Cumulative
	Fund inception date	Since fund inception			Gross expense ratio

Capital Group Core Plus Income ETF	2/22/22					0.34	%
Net asset value			–9.59	%
Market price			–9.39

Capital Group Municipal Income ETF	10/25/22					0.27
Net asset value			4.92
Market price			5.24

Capital Group U.S. Multi-Sector Income ETF	10/25/22					0.39
Net asset value			3.63
Market price			3.83

Capital Group Short Duration Income ETF	10/25/22					0.25
Net asset value			1.73
Market price			2.01

Capital Group exchange-traded funds (ETFs) are actively managed and do not seek to replicate a specific index. ETFs are bought and sold through an exchange at the then current market price, not net asset value (NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV when traded on an exchange. Brokerage commissions will reduce returns. There can be no guarantee that an active market for ETFs will develop or be maintained, or that the ETF’s listing will continue or remain unchanged.

ETF market price returns since inception are calculated using NAV for the period until market price became available (generally a few days after inception).

As nondiversified funds, Capital Group ETFs have the ability to invest a larger percentage of assets in securities of individual issuers than a diversified fund. As a result, a single issuer could adversely affect a fund’s results more than if the fund invested a smaller percentage of assets in securities of that issuer. Refer to the applicable prospectus for details.

The expense ratio is as of the fund’s prospectus available at the time of publication. The expense ratio is estimated.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents

1	Letter to investors

3	Fund reviews

7	Funds’ 30-day yields

	Investment portfolios

8	Capital Group Core Plus Income ETF

21	Capital Group Municipal Income ETF

28	Capital Group U.S. Multi-Sector Income ETF

37	Capital Group Short Duration Income ETF

46	Financial statements

73	Board of trustees and other officers

Fellow investors:

We are pleased to present this annual report for Capital Group Fixed Income ETF Trust, which includes Capital Group Core Plus Income ETF (ticker: CGCP), Capital Group Municipal Income ETF (ticker: CGMU), Capital Group U.S. Multi-Sector Income ETF (ticker: CGMS) and Capital Group Short Duration Income ETF (ticker:CGSD). It covers the period from the funds’ inceptions to December 31, 2022, the conclusion of the funds’ fiscal year.

Bond market overview

Last year was one of the most challenging on record for fixed income markets. Although economic growth in the U.S. and much of the rest of the world remained positive, developed economies experienced the highest levels of inflation in decades, deeply impacting financial markets. Central banks around the world took aggressive action to raise rates in an effort to control rising prices. As bond yields rose in response, prices fell —leading to losses across all major sectors.

In the U.S., a strong labor market alongside high and rising inflation led the U.S. Federal Reserve to raise its policy rate target sharply from 0–0.25% to 4.25–4.5% by the end of the year. The impact on bond yields was dramatic. The 10-year Treasury yield ended 2021 at 1.51% and peaked at 4.24% in October 2022, the highest since 2008 and an increase of 2.73%. It ultimately came back down to 3.88% by the end of the year, for a full-year change of 2.37%. For shorter term bonds, yields rose even more. Two- and five-year Treasuries ended the year at 4.43% and 4.01%, an increase of 3.70% and 2.75%, respectively, from when the year began. This characterizes a flattening of the yield curve, where short-term bond yields are rising faster than longer term bond yields. Much of the curve ended the year inverted, with short-term yields higher than longer term yields.

When bond yields rise, prices feel a negative impact. As a result, the sharp move upward in yields drove negative bond results across virtually all fixed income sectors. Returns for the Bloomberg U.S. Aggregate Index¹(the U.S. bond market “benchmark”) and the Bloomberg Global Aggregate Index²were –13.01% and –16.25%, respectively. Amid heightened inflation, the Bloomberg U.S. Treasury Inflation-Protected Securities Index³outpaced the broader market, with a return of –11.85%. Mortgage bonds also had a difficult year due to detrimental supply and demand dynamics, with the Bloomberg U.S. Mortgage Backed Securities Index⁴returning –11.81%.

Within U.S. credit sectors, investment-grade bonds were among the weakest, as the Bloomberg U.S. Corporate Investment Grade Index⁵posted a return of –15.76%. These higher quality corporate bonds were hit both by rising interest rates and higher risk premiums, characterized by their spreads to Treasuries widening 38 basis points. High-yield corporates did moderately better, as the Bloomberg U.S. Corporate High-Yield Index⁶returned –11.19% due largely to its relative lower interest rate exposure and higher starting yields. That stronger result occurred despite an even broader 186-basis-point spread widening. In emerging markets debt, local currency bonds outpaced dollar-denominated bonds, with returns of

¹	Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
²	Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets.
³	Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index consists of investment-grade, fixed-rate, publicly placed, dollar-denominated and non-convertible inflation-protected securities issued by the U.S. Treasury that have at least one year remaining to maturity, and have at least $250 million par amount outstanding.
⁴	Bloomberg U.S. Mortgage Backed Securities Index is a market-value-weighted index that covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).
⁵	Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements.
⁶	Bloomberg U.S. Corporate High Yield Index covers the universe of fixed-rate, non-investment-grade debt.

Past results are not predictive of results in future periods.

Capital Group Fixed Income ETF Trust

–11.69% for the JPM GBI-EM Global Diversified Index⁷and –17.78% for the JPM EMBI Global Diversified Index.⁸

Turning to the municipal bond market, the selloff in municipal bonds in 2022 sent yields to 15-year highs. However, strong state reserve levels — the highest in more than 40 years — and the longer lag time for lower tax revenue and other negative recessionary impacts to flow to munis compared to corporate credit and high-yield bonds helped the Bloomberg Municipal Bond Index⁹see smaller losses. The index’s return was –8.53% in 2022.

Inside the funds

When presented with one of the most challenging years in bond market history, CGCP — the fixed income ETF that launched in February — found opportunities in a higher rate environment, while pursuing some resilience in line with a core-plus approach. The fund focused investments on high-conviction interest rate and credit strategies, consisting largely of high-quality assets such as U.S. Treasuries and investment-grade bonds. Although its return was negative, the fund outpaced its benchmark since inception.

CGSD, CGMS and CGMU launched in October and pursue a range of objectives. Each fund outpaced their respective benchmarks during their short histories. CGSD saw opportunities in shorter duration asset-backed securities which managers felt provided attractive yields without structurally more interest rate or duration risk. In CGMS, managers were selective in high yield and credit sectors as macroeconomic risks tilted to the downside and suggested a more cautious approach. Meanwhile, CGMU focused on flexibility to take advantage of any weaknesses that could arise in select municipal credit sectors.

Looking ahead

Entering the year, interest rate markets appear to be more pessimistic than credit and equity markets in terms of outlook. We expect the Fed to end its interest rate hikes sometime in the first half of 2023, with its policy rate peaking near 5%. How quickly the central bank will pivot to rate cuts depends in large part on policymakers’ view of whether inflation is contained and also whether a recession hits. While we do not have a strong view on recession timing or depth, signals from the yield curve and other indicators lead us to believe that a recession is more likely than average in 2023.

Looking at these interest rate and yield curve indicators leads us to remain cautious on credit. Managers across the funds maintained a largely defensive posture entering the year. This includes hedging broad high-yield corporate bond market risk. Across credit sectors, managers intend to invest selectively in idiosyncratic opportunities unearthed by our research analysts.

Broadly speaking, managers are optimistic on bond market prospects in 2023, particularly compared to what investors experienced in 2022. The year begins with major bond sector yields near or above the highest levels since 2010. That provides strong income potential contributing to total return. It also creates a thicker cushion against potential bond price losses if yields drift higher than markets anticipate or if credit deteriorates and risk premiums rise. Unlike the sharp rate hikes we saw last year, by the end of 2023 markets anticipate cuts could be employed, which historically have provided a tailwind to bond returns.

While managers believe the uncertain fixed income environment may present opportunities, macroeconomic headwinds reinforce the need for active interest rate risk management and selectivity within credit sectors. Managers will continue to employ abundant resources to identify attractively valued opportunities to pursue the funds’ investment objectives.

Cordially,

David A. Hoag

President, Capital Group Core Plus Income ETF

Courtney K. Wolf

President, Capital Group Municipal Income ETF

Damien J. McCann

President, Capital Group U.S. Multi-Sector Income ETF

Vincent J. Gonzales

President, Capital Group Short Duration Income ETF

February 14, 2023

For current information about the fund, visit capitalgroup.com.

⁷	J.P. Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified: JP Morgan Government Bond Index – Emerging Markets Global Diversified covers the universe of regularly traded, liquid fixed-rate, domestic currency emerging market government bonds to which international investors can gain exposure.
⁸	J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified: The J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified is a uniquely weighted emerging market debt benchmark that tracks total returns for U.S. dollar-denominated bonds issued by emerging market sovereign and quasi-sovereign entities.
⁹	Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

Past results are not predictive of results in future periods.

2	Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF

Capital Group Core Plus Income ETF seeks to provide current income and maximum total return, consistent with preservation of capital.

The fund registered a total return of –9.59% on a net asset value (NAV) basis and –9.39% on a market price basis for inception (February 22, 2022) to fiscal year-end date. The fund’s benchmark index, the Bloomberg U.S. Aggregate Index, a market value-weighted index that represents the U.S. investment-grade fixed-rate bond market, posted a –9.61% decrease. For the fiscal year, the fund paid an average monthly dividend of more than 6 cents a share.

By the end of 2022, managers positioned CGCP to benefit should financial conditions tighten further by taking advantage of what they believe are attractive valuations in some sectors to hedge their base-case positioning should market conditions evolve unexpectedly. The fund was also underweight duration at the end of 2022 as yields are below the level the managers view as fair pricing. Managers believe inflation has peaked but will remain elevated and anticipate market expectations coalescing around tighter-than-expected monetary policy.

The portfolio has a sizeable allocation to credit to pursue its income objective. However, given the outsized macroeconomic risks, managers are more cautious with their credit exposure — particularly overall investment in the sector and quality — compared to an allocation in an environment with less perceived risk. Within the credit markets, at the end of 2022, managers saw more attractive valuations and idiosyncratic opportunities in the high-yield and securitized credit sectors compared to investment-grade credit and emerging market debt.

How a hypothetical $10,000 investment has grown
since fund’s inception on February 22, 2022 (with all distributions reinvested)

The results shown are before taxes on fund distributions and sale of fund shares.

Results at a glance

For periods ended December 31, 2022, with all distributions reinvested

	Cumulative total returns
	Lifetime (since 2/22/22)

Capital Group Core Plus Income ETF
Net asset value		–9.59	%
Market price*		–9.39
Bloomberg U.S. Aggregate Index^†		–9.61


*	ETF market price results since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
^†	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

Capital Group Fixed Income ETF Trust

Capital Group Municipal Income ETF

Capital Group Municipal Income ETF seeks to provide a high level of current income exempt from regular federal income tax, consistent with the preservation of capital.

The fund registered a total return of 4.92% on a net asset value (NAV) basis and 5.24% on a market price basis for inception (October 25, 2022) to fiscal year-end date, surpassing the 3.90% total return of the fund’s benchmark index, the 85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Index, which blends the Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index with the Bloomberg 1-15 Year Blend (1-17) High Yield Municipal Bond Index by weighting their cumulative total returns at 85% and 15%, respectively. The blend is rebalanced monthly. Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 17 years. Bloomberg 1-15 Year Blend (1-17) High Yield Municipal Bond Index consists of a broad selection of below-investment-grade general obligation and revenue bonds of maturities ranging from one year to 17 years.

At the end of 2022, managers saw significant opportunity in the municipal housing sector and in select, attractively valued opportunities in waste/pollution facilities. Managers were less attracted to state general obligation debt. Given the heightened macroeconomic risks that may lead to wider spreads in the future, managers remain focused on higher-quality credit. The fund’s holdings had a longer average duration compared to the benchmark, reflecting managers’ belief that the Fed was nearing the end of its rate hike cycle, as well as what managers felt were attractive yields in the muni market.

Results at a glance

For periods ended December 31, 2022, with all distributions reinvested

	Cumulative total returns
	Lifetime (since 10/25/22)

Capital Group Municipal Income ETF
Net asset value		4.92	%
Market price*		5.24
85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/ Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Index^†		3.90


*	ETF market price results since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
^†	Source: Bloomberg Index Services Ltd. 85%/15% Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17) High Yield Municipal Bond Index blends the Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index with the Bloomberg 1-15 Year Blend (1-17) High Yield Municipal Bond Index by weighting their cumulative total returns at 85% and 15%, respectively. The blend is rebalanced monthly. Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 17 years. Bloomberg 1-15 Year Blend (1-17) High Yield Municipal Bond Index consists of a broad selection of below-investment-grade general obligation and revenue bonds of maturities ranging from one year to 17 years. The indexes are unmanaged, and results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

Past results are not predictive of results in future periods.

4	Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF

Capital Group U.S. Multi-Sector Income ETF seeks to provide a high level of current income. Its secondary investment objective is capital appreciation.

The fund registered a total return of 3.63% on a net asset value (NAV) basis and 3.83% on a market price basis for inception (October 25, 2022) to fiscal year-end date, surpassing the 3.59% total return of the fund’s benchmark index, the Bloomberg U.S. Aggregate Index, a market value-weighted index that represents the U.S. investment-grade fixed-rate bond market.

At the end of 2022, portfolio managers preferred higher quality bonds as macroeconomic risks seemed weighted toward the downside. Securitized credit was a high conviction within the portfolio as pockets of the market were attractive from a relative valuation perspective.

Results at a glance

For periods ended December 31, 2022, with all distributions reinvested

	Cumulative total returns
	Lifetime (since 10/25/22)

Capital Group U.S. Multi-Sector Income ETF
Net asset value		3.63	%
Market price*		3.83
Bloomberg U.S. Aggregate Index^†		3.59


*	ETF market price results since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
^†	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF

Capital Group Short Duration Income ETF seeks to provide current income, consistent with a short duration profile as described in the prospectus and with the preservation of capital.

The fund registered a total return of 1.73% on a net asset value (NAV) basis and 2.01% on a market price basis for inception (October 25, 2022) to fiscal year-end date surpassing the 1.05% increase of the fund’s benchmark index, the Bloomberg U.S. Government /Credit (1-3 years) Index, which is a market-value weighted index that tracks the total return results of fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements, with maturities of one to three years.

At the end of 2022, the average duration of the fund’s holdings was less than two years, as three-month, six-month and one-year maturities offered the highest yields along the yield curve. The fund’s positioning reflected managers’ belief that yields would continue to steepen along shorter maturities. The fund was most heavily invested in investment grade corporate bonds. In the securitized sector, the fund was mostly invested in mortgage-backed securities and asset-backed securities.

Results at a glance

For periods ended December 31, 2022, with all distributions reinvested

	Cumulative total returns
	Lifetime (since 10/25/22)

Capital Group Short Duration Income ETF
Net asset value		1.73	%
Market price*		2.01
Bloomberg U.S. Government/Credit (1-3 years) Index^†		1.05


*	ETF market price results since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
^†	Source: Bloomberg Index Services Ltd. Bloomberg 1-3 Year U.S. Government/Credit Index is a market-value weighted index that tracks the total return results of fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements, with maturities of one to three years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

Past results are not predictive of results in future periods.

6	Capital Group Fixed Income ETF Trust

Funds’ 30-day yields

Below is a summary of each fund’s 30-day yield as of December 31, 2022. Each fund’s 30-day yield is calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The SEC yield reflects the rate at which each fund is earning income on its current portfolio of securities. Accordingly, the funds’ SEC yields may differ.

	Fund inception date	30 day SEC yield as of 12/31/22
Capital Group Core Plus Income ETF	2/22/22		4.79	%
Capital Group Municipal Income ETF	10/25/22		3.37
Capital Group U.S. Multi-Sector Income ETF	10/25/22		6.26
Capital Group Short Duration Income ETF	10/25/22		4.04

Past results are not predictive of results in future periods.

Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF

Investment portfolio December 31, 2022

Portfolio by type of security	Percent of net assets

Portfolio quality summary*	Percent of net assets
U.S. Treasury and agency^†		23.69	%
AAA/Aaa		31.21
AA/Aa		6.02
A/A		8.93
BBB/Baa		14.14
Below investment grade		14.68
Short-term securities & other assets less liabilities		1.33

Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

^†

These securities are guaranteed by the full faith and credit of the U.S. government.

Bonds, notes & other debt instruments 98.67%	Principal amount (000)		Value (000)
Mortgage-backed obligations 36.07%
Federal agency mortgage-backed obligations 29.55%
Fannie Mae Pool #FS0647 3.00% 2/1/2052¹	USD	4,344	$	3,877
Fannie Mae Pool #FS0893 3.00% 2/1/2052¹		861		757
Fannie Mae Pool #FS1030 3.00% 3/1/2052¹		944		830
Fannie Mae Pool #BV3117 3.00% 3/1/2052¹		800		703
Fannie Mae Pool #BV2954 3.00% 3/1/2052¹		750		662
Fannie Mae Pool #FS1405 3.00% 4/1/2052¹		824		724
Fannie Mae Pool #BU8933 3.00% 4/1/2052¹		774		680
Fannie Mae Pool #CB3361 3.00% 4/1/2052¹		766		674
Fannie Mae Pool #CB3586 3.00% 5/1/2052¹		2,801		2,462
Fannie Mae Pool #BW1128 3.00% 6/1/2052¹		1,000		879
Fannie Mae Pool #CB3890 3.00% 6/1/2052¹		743		653
Fannie Mae Pool #BV7903 3.50% 8/1/2052¹		2,000		1,820
Fannie Mae Pool #BW7610 3.50% 8/1/2052¹		1,000		910
Fannie Mae Pool #BW9184 4.00% 9/1/2052¹		4,000		3,756
Fannie Mae Pool #MA4732 4.00% 9/1/2052¹		2,500		2,347
Fannie Mae Pool #BW1201 5.00% 9/1/2052¹		1,740		1,718
Fannie Mae Pool #MA4784 4.50% 10/1/2052¹		1,723		1,660
Fannie Mae Pool #BW1226 4.50% 10/1/2052¹		1,577		1,520
Fannie Mae Pool #MA4785 5.00% 10/1/2052¹		2,400		2,369
Fannie Mae Pool #CB5380 5.00% 10/1/2052¹		1,598		1,578
Fannie Mae Pool #MA4803 3.50% 11/1/2052¹		300		273
Fannie Mae Pool #MA4804 4.00% 11/1/2052¹		2,915		2,737
Fannie Mae Pool #MA4805 4.50% 11/1/2052¹		3,331		3,209
Fannie Mae Pool #BX1342 4.50% 11/1/2052¹		2,476		2,386
Fannie Mae Pool #MA4806 5.00% 11/1/2052¹		2,373		2,343
Fannie Mae Pool #BX1274 5.50% 11/1/2052¹		100		100
Fannie Mae Pool #MA4839 4.00% 12/1/2052¹		3,000		2,817
Fannie Mae Pool #MA4841 5.00% 12/1/2052¹		848		837
Freddie Mac Pool #QC3826 3.00% 7/1/2051¹		1,000		879
Freddie Mac Pool #QD5662 3.00% 1/1/2052¹		1,000		879
Freddie Mac Pool #QD7819 3.00% 2/1/2052¹		869		764
Freddie Mac Pool #QD7918 3.00% 3/1/2052¹		880		773

8	Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #QD8673 3.00% 3/1/2052¹	USD	847	$	744
Freddie Mac Pool #SD8206 3.00% 4/1/2052¹		941		827
Freddie Mac Pool #SD1156 3.00% 4/1/2052¹		924		813
Freddie Mac Pool #RA7130 3.00% 4/1/2052¹		869		766
Freddie Mac Pool #QE2315 3.00% 4/1/2052¹		500		440
Freddie Mac Pool #QE2503 3.00% 5/1/2052¹		1,000		879
Freddie Mac Pool #SD1121 3.50% 6/1/2052¹		8,980		8,171
Freddie Mac Pool #QE5066 3.50% 6/1/2052¹		1,000		910
Freddie Mac Pool #QE4383 4.00% 6/1/2052¹		800		751
Freddie Mac Pool #QE7503 3.50% 8/1/2052¹		600		546
Freddie Mac Pool #QE8253 4.50% 8/1/2052¹		400		385
Freddie Mac Pool #QF1489 4.00% 10/1/2052¹		2,000		1,878
Freddie Mac Pool #SD8256 4.00% 10/1/2052¹		1,900		1,784
Freddie Mac Pool #QF1925 4.00% 10/1/2052¹		650		610
Freddie Mac Pool #SD8257 4.50% 10/1/2052¹		6,571		6,331
Freddie Mac Pool #SD8275 4.50% 12/1/2052¹		1,992		1,919
Freddie Mac Pool #QF4182 5.00% 12/1/2052¹		1,592		1,572
Freddie Mac Pool #SD8276 5.00% 12/1/2052¹		907		896
Freddie Mac Pool #SD8286 4.00% 1/1/2053¹		6,000		5,634
Freddie Mac Pool #SD8288 5.00% 1/1/2053¹		1,000		987
Government National Mortgage Assn. 3.50% 1/1/2053¹		5,435		4,994
Uniform Mortgage-Backed Security 2.50% 1/1/2053^1,2		4,200		3,557
Uniform Mortgage-Backed Security 4.50% 1/1/2053^1,2		15,300		14,727
Uniform Mortgage-Backed Security 5.00% 1/1/2053^1,2		5,600		5,519
Uniform Mortgage-Backed Security 5.50% 1/1/2053^1,2		12,100		12,134
Uniform Mortgage-Backed Security 3.00% 2/1/2053^1,2		2,500		2,197
Uniform Mortgage-Backed Security 3.50% 2/1/2053^1,2		2,000		1,818
Uniform Mortgage-Backed Security 4.00% 2/1/2053^1,2		2,000		1,876
Uniform Mortgage-Backed Security 4.50% 2/1/2053^1,2		1,200		1,155
Uniform Mortgage-Backed Security 5.00% 2/1/2053^1,2		1,000		985
				134,381

Commercial mortgage-backed securities 5.26%
3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.289% 11/15/2055¹		1,690		1,494
Bank Commercial Mortgage Trust, Series 2019-BN19, Class B, 3.647% 8/15/2061¹		1,000		811
Bank Commercial Mortgage Trust, Series 2019-BN24, Class B, 3.455% 11/15/2062¹		1,033		829
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class AS, 3.394% 3/15/2064^1,3		250		208
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class B, 3.394% 3/15/2064^1,3		273		208
Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C, 6.148% 12/15/2055¹		1,355		1,167
Benchmark Mortgage Trust, Series 2020-B21, Class AS, 2.2543% 12/17/2053¹		250		194
Benchmark Mortgage Trust, Series 2022-B35, Class C, 4.445% 5/15/2055^1,3		2,005		1,573
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.7696%) 6.105% 5/15/2039^1,3,4		623		612
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class B, (1-month USD CME Term SOFR + 2.3191%) 6.655% 5/15/2039^1,3,4		317		306
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.450% 6/15/2027^1,3,4		716		712
BX Trust, Series 2021-SDMF, Class D, (1-month USD-LIBOR + 1.387%) 5.705% 9/15/2034^1,3,4		500		470
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/2036^1,4		2,976		2,799
BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 7.175% 4/15/2037^1,3,4		147		139
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/2039^1,3,4		760		760
BX Trust, Series 2022-GPA, Class B, (1-month USD CME Term SOFR + 2.664%) 7.00% 10/15/2039^1,3,4		982		976
BX Trust, Series 2022-GPA, Class C, (1-month USD CME Term SOFR + 3.213%) 7.549% 10/15/2039^1,3,4		622		617
BX Trust, Series 2022-GPA, Class D, (1-month USD CME Term SOFR + 4.061%) 8.397% 10/15/2039^1,3,4		169		168

Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class B, (1-month USD CME Term SOFR + 2.092%) 6.428% 3/15/2035^1,4	USD	2,985	$	2,894
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, (1-month USD CME Term SOFR + 3.188%) 7.524% 3/15/2035^1,3,4		249		238
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class C, 4.418% 2/10/2048^1,3		448		406
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 6.568% 7/15/2038^1,3,4		488		468
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/2036^1,4		730		710
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class B, (1-month USD CME Term SOFR + 2.744%) 7.080% 10/15/2039^1,3,4		409		408
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class C, (1-month USD CME Term SOFR + 3.493%) 7.829% 10/15/2039^1,3,4		545		540
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class B, 4.16% 2/15/2048¹		2,000		1,869
Morgan Stanley Capital I Trust, Series 2019-L3, Class B, 3.659% 11/15/2052^1,3		750		611
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C, 4.550% 9/15/2058^1,3		130		117
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/2027^1,4		1,646		1,644
				23,948

Collateralized mortgage-backed obligations (privately originated) 1.26%
Cascade Funding Mortgage Trust, Series 2020-HB4, Class M3, 2.720% 12/26/2030^1,3,4		500		465
Connecticut Avenue Securities, Series 2022-R03, Class 1M1, (30-day Average USD-SOFR + 2.10%) 6.028% 3/25/2042^1,3,4		286		284
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2, (30-day Average USD-SOFR + 1.50%) 5.428% 10/25/2041^1,3,4		793		754
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/2042^1,3,4		535		532
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 9.489% 6/27/2050^1,3,4		1,100		1,147
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)^1,4,5		1,818		1,684
Progress Residential Trust, Series 2021-SFR4, Class F, 3.407% 5/17/2038^1,4		1,000		853
				5,719

Total mortgage-backed obligations				164,048

Corporate bonds, notes & loans 30.05% Financials 5.73%
Advisor Group Holdings, LLC 6.25% 3/1/2028⁴		925		852
AerCap Ireland Capital DAC 1.75% 1/30/2026		150		132
AerCap Ireland Capital DAC 3.30% 1/30/2032		1,300		1,020
AerCap Ireland Capital DAC 3.85% 10/29/2041		1,025		728
AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027⁴		200		202
AIA Group, Ltd. 3.375% 4/7/2030		450		396
American Express Co. 2.55% 3/4/2027		150		137
American Express Co. 4.05% 5/3/2029		450		430
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)⁵		791		750
American International Group, Inc. 4.375% 6/30/2050		250		213
Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)⁵		450		377
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)⁵		750		734
Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)⁵		450		364
Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)⁵		650		596
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)⁵		801		763
Bank of Montreal 2.65% 3/8/2027		350		320
Bank of Nova Scotia 2.45% 2/2/2032		125		101
Berkshire Hathaway, Inc. 3.85% 3/15/2052		400		321
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)^4,5		200		176
Charles Schwab Corp. 2.45% 3/3/2027		100		91
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)⁵		115		93

10	Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)⁵	USD	106	$	100
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)⁵		1,044		1,080
CME Group, Inc. 2.65% 3/15/2032		150		126
Coinbase Global, Inc. 3.625% 10/1/2031⁴		350		169
Compass Diversified Holdings 5.25% 4/15/2029⁴		1,145		981
Compass Diversified Holdings 5.00% 1/15/2032⁴		295		235
Corebridge Financial, Inc. 3.85% 4/5/2029⁴		299		273
Corebridge Financial, Inc. 3.90% 4/5/2032⁴		361		316
Corebridge Financial, Inc. 4.35% 4/5/2042⁴		98		81
Corebridge Financial, Inc. 4.40% 4/5/2052⁴		1,197		955
Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)^4,5		250		257
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)^4,5		275		253
Discover Financial Services 6.70% 11/29/2032		125		127
Goldman Sachs Group, Inc. 1.757% 1/24/2025 (USD-SOFR + 0.73% on 1/24/2024)⁵		40		38
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)⁵		455		371
Goldman Sachs Group, Inc. 3.436% 2/24/2043 (USD-SOFR + 1.632% on 2/24/2042)⁵		385		284
HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)⁵		925		859
ING Groep NV 4.017% 3/28/2028 (USD-SOFR + 1.83% on 3/28/2027)⁵		375		351
ING Groep NV 4.252% 3/28/2033 (USD-SOFR + 2.07% on 3/28/2032)⁵		249		220
Intercontinental Exchange, Inc. 4.35% 6/15/2029		500		484
Intercontinental Exchange, Inc. 4.60% 3/15/2033		328		314
Intercontinental Exchange, Inc. 4.95% 6/15/2052		682		635
Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032⁴		500		416
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)⁵		338		330
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)⁵		190		155
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)⁵		72		67
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)⁵		1,710		1,633
Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)⁵		500		441
Marsh & McLennan Companies, Inc. 2.375% 12/15/2031		100		81
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)⁵		330		325
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)⁵		371		353
Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)⁵		195		158
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)⁵		225		212
Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)⁵		269		247
Navient Corp. 6.125% 3/25/2024		82		81
Navient Corp. 5.50% 3/15/2029		500		409
Navient Corp. 5.625% 8/1/2033		950		679
New York Life Global Funding 0.85% 1/15/2026⁴		125		111
Progressive Corp. 3.00% 3/15/2032		350		305
Royal Bank of Canada 6.00% 11/1/2027		555		580
Toronto-Dominion Bank 2.00% 9/10/2031		90		71
Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)⁵		469		456
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)⁵		1,050		1,027
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)⁵		30		25
Wells Fargo & Company 4.89% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)⁵		420		400
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)⁵		241		205
				26,072

Communication services 4.36%
AT&T, Inc. 2.55% 12/1/2033		250		193
AT&T, Inc. 3.50% 9/15/2053		1,775		1,206
CCO Holdings, LLC 4.75% 3/1/2030⁴		450		389
CCO Holdings, LLC 4.75% 2/1/2032⁴		914		743
CCO Holdings, LLC 4.50% 5/1/2032		100		80
CCO Holdings, LLC 4.50% 6/1/2033⁴		200		154
CCO Holdings, LLC 4.25% 1/15/2034⁴		1,850		1,369
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033		200		172
Charter Communications Operating, LLC 3.90% 6/1/2052		1,800		1,137
Comcast Corp. 1.50% 2/15/2031		100		78
Comcast Corp. 2.80% 1/15/2051		1,200		763

Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
DISH Network Corp. 11.75% 11/15/2027⁴	USD	500	$	515
Frontier Communications Corp. 5.00% 5/1/2028⁴		611		534
Gray Escrow II, Inc. 5.375% 11/15/2031⁴		575		415
Meta Platforms, Inc. 3.85% 8/15/2032		1,100		971
Meta Platforms, Inc. 4.45% 8/15/2052		775		620
Midas OpCo Holdings, LLC 5.625% 8/15/2029⁴		100		83
Netflix, Inc. 4.875% 4/15/2028		1,007		975
Netflix, Inc. 4.875% 6/15/2030⁴		840		785
News Corp. 3.875% 5/15/2029⁴		144		125
News Corp. 5.125% 2/15/2032⁴		930		848
Sirius XM Radio, Inc. 4.00% 7/15/2028⁴		430		375
Sirius XM Radio, Inc. 3.875% 9/1/2031⁴		682		533
T-Mobile US, Inc. 2.55% 2/15/2031		975		799
T-Mobile US, Inc. 2.875% 2/15/2031		538		445
T-Mobile US, Inc. 3.40% 10/15/2052		925		626
Univision Communications, Inc. 4.50% 5/1/2029⁴		1,950		1,634
Verizon Communications, Inc. 1.75% 1/20/2031		400		311
Verizon Communications, Inc. 2.55% 3/21/2031		220		181
Verizon Communications, Inc. 3.875% 3/1/2052		1,225		935
VZ Secured Financing BV 5.00% 1/15/2032⁴		200		163
WarnerMedia Holdings, Inc. 4.279% 3/15/2032⁴		841		695
WarnerMedia Holdings, Inc. 5.05% 3/15/2042⁴		440		338
WarnerMedia Holdings, Inc. 5.141% 3/15/2052⁴		847		619
				19,809

Energy 4.04%
Apache Corp. 5.25% 2/1/2042		300		247
Apache Corp. 5.35% 7/1/2049		700		567
Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026⁴		250		243
BP Capital Markets America, Inc. 2.721% 1/12/2032		500		418
Cheniere Energy Partners, LP 4.00% 3/1/2031		500		426
Cheniere Energy, Inc. 4.625% 10/15/2028		175		159
Chesapeake Energy Corp. 5.875% 2/1/2029⁴		350		332
Chesapeake Energy Corp. 6.75% 4/15/2029⁴		661		644
Chevron Corp. 1.995% 5/11/2027		250		225
CNX Resources Corp. 7.25% 3/14/2027⁴		175		174
CNX Resources Corp. 7.375% 1/15/2031⁴		185		178
ConocoPhillips 3.80% 3/15/2052		250		198
Continental Resources, Inc. 2.875% 4/1/2032⁴		75		56
Energy Transfer Operating, LP 3.75% 5/15/2030		150		133
Energy Transfer Partners, LP 6.25% 4/15/2049		675		631
Enterprise Products Operating, LLC 3.30% 2/15/2053		60		40
EQM Midstream Partners, LP 6.00% 7/1/2025⁴		430		416
EQM Midstream Partners, LP 4.75% 1/15/2031⁴		1,175		963
EQT Corp. 3.90% 10/1/2027		75		69
Exxon Mobil Corp. 2.61% 10/15/2030		400		350
Exxon Mobil Corp. 3.452% 4/15/2051		350		265
Genesis Energy, LP 8.00% 1/15/2027		725		686
Harvest Midstream I, LP 7.50% 9/1/2028⁴		75		72
Hilcorp Energy I, LP 6.00% 4/15/2030⁴		135		120
Hilcorp Energy I, LP 6.25% 4/15/2032⁴		625		540
Kinder Morgan, Inc. 3.60% 2/15/2051		825		572
MPLX, LP 2.65% 8/15/2030		75		61
MPLX, LP 4.95% 9/1/2032		481		452
MV24 Capital BV 6.748% 6/1/2034		343		314
New Fortress Energy, Inc. 6.50% 9/30/2026⁴		200		186
NGL Energy Operating, LLC 7.50% 2/1/2026⁴		1,260		1,124
Oasis Petroleum, Inc. 6.375% 6/1/2026⁴		710		693
Occidental Petroleum Corp. 6.125% 1/1/2031		300		303
Occidental Petroleum Corp. 6.60% 3/15/2046		1,050		1,083
ONEOK, Inc. 4.00% 7/13/2027		50		47
ONEOK, Inc. 6.35% 1/15/2031		40		41

12	Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
ONEOK, Inc. 4.50% 3/15/2050	USD	75	$	56
ONEOK, Inc. 7.15% 1/15/2051		150		153
Petrobras Global Finance Co. 5.60% 1/3/2031		611		582
Petróleos Mexicanos 6.49% 1/23/2027		1,275		1,165
Petróleos Mexicanos 8.75% 6/2/2029		754		708
Petróleos Mexicanos 6.70% 2/16/2032		254		200
Qatar Petroleum 2.25% 7/12/2031⁴		275		228
Shell International Finance BV 2.75% 4/6/2030		75		66
Shell International Finance BV 3.00% 11/26/2051		1,375		938
Southwestern Energy Co. 4.75% 2/1/2032		725		621
Sunoco, LP 4.50% 4/30/2030		150		130
Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031⁴		250		213
Weatherford International, Ltd. 6.50% 9/15/2028⁴		100		98
Weatherford International, Ltd. 8.625% 4/30/2030⁴		125		120
Williams Companies, Inc. 2.60% 3/15/2031		55		45
				18,351

Health care 2.67%
AmerisourceBergen Corp. 2.70% 3/15/2031		125		104
Amgen, Inc. 4.05% 8/18/2029		625		585
Amgen, Inc. 4.20% 3/1/2033		675		627
Amgen, Inc. 4.875% 3/1/2053		275		245
Anthem, Inc. 4.10% 5/15/2032		423		395
Anthem, Inc. 4.55% 5/15/2052		203		177
Bausch Health Companies, Inc. 6.125% 2/1/2027⁴		75		52
Bausch Health Companies, Inc. 5.25% 2/15/2031⁴		110		53
Baxter International, Inc. 2.539% 2/1/2032		70		56
Becton, Dickinson and Company 4.298% 8/22/2032		525		493
Centene Corp. 2.45% 7/15/2028		655		554
Centene Corp. 2.625% 8/1/2031		1,575		1,241
Community Health Systems, Inc. 5.25% 5/15/2030⁴		75		57
CVS Health Corp. 1.875% 2/28/2031		50		39
GE Healthcare Holding, LLC 5.905% 11/22/2032⁴		650		676
GE Healthcare Holding, LLC 6.377% 11/22/2052⁴		125		134
HCA, Inc. 3.625% 3/15/2032⁴		79		67
HCA, Inc. 4.625% 3/15/2052⁴		122		96
Humana, Inc. 3.70% 3/23/2029		152		139
Merck & Co., Inc. 1.70% 6/10/2027		50		44
Molina Healthcare, Inc. 3.875% 5/15/2032⁴		800		665
Mozart Debt Merger Sub, Inc. 5.25% 10/1/2029⁴		75		60
Owens & Minor, Inc. 6.25% 4/1/2030⁴		415		357
Roche Holdings, Inc. 2.076% 12/13/2031⁴		200		163
Tenet Healthcare Corp. 4.875% 1/1/2026⁴		300		284
Tenet Healthcare Corp. 4.375% 1/15/2030⁴		625		542
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		1,717		1,505
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028		100		98
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029		1,192		1,063
UnitedHealth Group, Inc. 5.30% 2/15/2030		325		336
UnitedHealth Group, Inc. 4.20% 5/15/2032		230		219
UnitedHealth Group, Inc. 5.35% 2/15/2033		363		376
UnitedHealth Group, Inc. 4.75% 5/15/2052		255		237
UnitedHealth Group, Inc. 5.875% 2/15/2053		200		217
Zoetis, Inc. 5.60% 11/16/2032		200		208
				12,164

Consumer discretionary 2.45%
Allied Universal Holdco, LLC 4.625% 6/1/2028⁴		650		538
Amazon.com, Inc. 2.10% 5/12/2031		100		82
Amazon.com, Inc. 3.60% 4/13/2032		600		551
Amazon.com, Inc. 3.95% 4/13/2052		400		333
AutoNation, Inc. 3.85% 3/1/2032		300		240
Bayerische Motoren Werke AG 3.45% 4/1/2027⁴		200		189

Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Bayerische Motoren Werke AG 1.95% 8/12/2031⁴	USD	50	$	39
Bayerische Motoren Werke AG 3.70% 4/1/2032⁴		125		112
Daimler Trucks Finance North America, LLC 3.65% 4/7/2027⁴		350		328
Daimler Trucks Finance North America, LLC 2.50% 12/14/2031⁴		150		117
Fertitta Entertainment, Inc. 4.625% 1/15/2029⁴		350		297
Fertitta Entertainment, Inc. 6.75% 1/15/2030⁴		425		344
Ford Motor Co. 2.30% 2/10/2025		700		640
Ford Motor Co. 3.25% 2/12/2032		100		75
Ford Motor Credit Company, LLC 5.125% 6/16/2025		483		465
Ford Motor Credit Company, LLC 4.95% 5/28/2027		570		533
General Motors Financial Co. 2.35% 2/26/2027		75		66
Hanesbrands, Inc. 4.625% 5/15/2024⁴		272		264
Home Depot, Inc. 1.375% 3/15/2031		125		97
Hyundai Capital America 1.65% 9/17/2026⁴		100		88
International Game Technology PLC 5.25% 1/15/2029⁴		400		373
Lowe’s Companies, Inc. 4.25% 4/1/2052		81		65
Lowe’s Companies, Inc. 5.625% 4/15/2053		400		385
Macy’s Retail Holdings, LLC 5.875% 3/15/2030⁴		50		43
Marriott International, Inc. 2.75% 10/15/2033		800		613
McDonald’s Corp. 4.60% 9/9/2032		180		176
McDonald’s Corp. 5.15% 9/9/2052		1,165		1,124
Party City Holdings, Inc. 8.75% 2/15/2026⁴		461		134
Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027⁴		350		284
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028		750		552
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029⁴		500		503
Scientific Games Holdings, LP 6.625% 3/1/2030⁴		875		740
Sonic Automotive, Inc. 4.875% 11/15/2031⁴		200		157
Stellantis Finance US, Inc. 1.711% 1/29/2027⁴		600		516
Wheel Pros, Inc. 6.50% 5/15/2029⁴		275		98
				11,161

Industrials 2.40%
Allegiant Travel Co. 7.25% 8/15/2027⁴		276		263
Ashtead Capital, Inc. 5.50% 8/11/2032⁴		1,100		1,055
Boeing Company 2.75% 2/1/2026		115		107
Boeing Company 3.625% 2/1/2031		1,992		1,750
Boeing Company 5.805% 5/1/2050		855		797
Bombardier, Inc. 7.125% 6/15/2026⁴		220		214
Bombardier, Inc. 7.875% 4/15/2027⁴		1,195		1,162
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		1,125		762
Carrier Global Corp. 2.722% 2/15/2030		100		84
CoreLogic, Inc. 4.50% 5/1/2028⁴		300		231
CSX Corp. 2.50% 5/15/2051		550		337
Eaton Corp. 4.15% 3/15/2033		266		248
Eaton Corp. 4.70% 8/23/2052		107		97
Lockheed Martin Corp. 5.10% 11/15/2027		228		233
Lockheed Martin Corp. 5.25% 1/15/2033		271		280
Lockheed Martin Corp. 5.70% 11/15/2054		212		223
Maxar Technologies, Inc. 7.75% 6/15/2027⁴		475		494
Mileage Plus Holdings, LLC 6.50% 6/20/2027⁴		54		54
Raytheon Technologies Corp. 2.375% 3/15/2032		80		65
Raytheon Technologies Corp. 2.82% 9/1/2051		925		603
Spirit AeroSystems, Inc. 9.375% 11/30/2029⁴		683		720
TransDigm, Inc. 4.625% 1/15/2029		400		352
Union Pacific Corp. 2.80% 2/14/2032		300		260
Union Pacific Corp. 2.95% 3/10/2052		650		443
United Airlines, Inc. 4.625% 4/15/2029⁴		100		87
				10,921

14	Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities 2.13%
AES Panama Generation Holdings SRL 4.375% 5/31/2030⁴	USD	200	$	174
Alabama Power Co. 3.94% 9/1/2032		525		484
Consumers Energy Co. 3.60% 8/15/2032		315		288
Consumers Energy Co. 3.10% 8/15/2050		195		137
Consumers Energy Co. 3.50% 8/1/2051		80		61
Consumers Energy Co. 2.65% 8/15/2052		505		320
Duke Energy Corp. 5.00% 8/15/2052		275		246
Duke Energy Florida, LLC 5.95% 11/15/2052		125		134
Edison International 6.95% 11/15/2029		150		157
Entergy Louisiana, LLC 4.75% 9/15/2052		200		181
FirstEnergy Corp. 2.65% 3/1/2030		1,055		862
Florida Power & Light Company 2.875% 12/4/2051		150		101
MidAmerican Energy Holdings Co. 2.70% 8/1/2052		50		32
Northern States Power Co. 2.60% 6/1/2051		50		32
Northern States Power Co. 4.50% 6/1/2052		350		319
Oncor Electric Delivery Company, LLC 4.55% 9/15/2032⁴		625		614
Oncor Electric Delivery Company, LLC 2.70% 11/15/2051		175		115
Pacific Gas and Electric Co. 3.15% 1/1/2026		40		37
Pacific Gas and Electric Co. 4.65% 8/1/2028		100		92
Pacific Gas and Electric Co. 4.55% 7/1/2030		755		686
Pacific Gas and Electric Co. 3.25% 6/1/2031		200		163
Pacific Gas and Electric Co. 3.50% 8/1/2050		2,100		1,312
PG&E Corp. 5.25% 7/1/2030		550		501
Southern California Edison Co. 2.75% 2/1/2032		1,065		895
Southern California Edison Co. 3.45% 2/1/2052		1,015		727
Union Electric Co. 3.90% 4/1/2052		275		223
Virginia Electric and Power Co. 2.40% 3/30/2032		50		41
Virginia Electric and Power Co. 2.45% 12/15/2050		81		48
WEC Energy Group, Inc. 5.15% 10/1/2027		175		177
Xcel Energy, Inc. 2.35% 11/15/2031		40		32
Xcel Energy, Inc. 4.60% 6/1/2032		500		479
				9,670

Consumer staples 1.79%
7-Eleven, Inc. 1.80% 2/10/2031⁴		725		555
Altria Group, Inc. 3.40% 5/6/2030		100		86
Altria Group, Inc. 3.70% 2/4/2051		890		561
Anheuser-Busch InBev NV 4.50% 6/1/2050		1,095		964
British American Tobacco PLC 2.259% 3/25/2028		100		83
British American Tobacco PLC 4.742% 3/16/2032		250		222
British American Tobacco PLC 4.758% 9/6/2049		887		646
British American Tobacco PLC 3.984% 9/25/2050		375		247
British American Tobacco PLC 5.65% 3/16/2052		604		500
Conagra Brands, Inc. 5.40% 11/1/2048		525		488
Constellation Brands, Inc. 4.35% 5/9/2027		326		318
Constellation Brands, Inc. 4.75% 5/9/2032		173		167
Imperial Tobacco Finance PLC 6.125% 7/27/2027⁴		200		199
Keurig Dr Pepper, Inc. 3.20% 5/1/2030		40		35
Kraft Heinz Company 5.50% 6/1/2050		75		72
Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026⁴		250		217
PepsiCo, Inc. 1.95% 10/21/2031		50		40
Philip Morris International, Inc. 5.125% 11/17/2027		615		621
Philip Morris International, Inc. 5.625% 11/17/2029		335		341
Philip Morris International, Inc. 5.75% 11/7/2032		600		613
Post Holdings, Inc. 4.625% 4/15/2030⁴		200		173
Post Holdings, Inc. 4.50% 9/15/2031⁴		1,136		957
TreeHouse Foods, Inc. 4.00% 9/1/2028		50		43
				8,148

Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials 1.76%
Anglo American Capital PLC 2.25% 3/17/2028⁴	USD	200	$	169
Anglo American Capital PLC 4.75% 3/16/2052⁴		200		167
Ball Corp. 6.875% 3/15/2028		640		658
Braskem Idesa SAPI 6.99% 2/20/2032		200		143
Celanese US Holdings, LLC 6.379% 7/15/2032		125		119
Cleveland-Cliffs, Inc. 4.875% 3/1/2031⁴		300		265
Dow Chemical Co. 3.60% 11/15/2050		40		29
First Quantum Minerals, Ltd. 6.875% 10/15/2027⁴		1,050		987
FXI Holdings, Inc. 12.25% 11/15/2026⁴		700		581
Glencore Funding, LLC 2.625% 9/23/2031⁴		200		160
International Flavors & Fragrances, Inc. 2.30% 11/1/2030⁴		230		183
International Flavors & Fragrances, Inc. 3.468% 12/1/2050⁴		950		647
LABL, Inc. 5.875% 11/1/2028⁴		75		65
LSB Industries, Inc. 6.25% 10/15/2028⁴		100		92
LYB International Finance III, LLC 3.625% 4/1/2051		75		51
Methanex Corp. 5.25% 12/15/2029		550		489
Nova Chemicals Corp. 4.25% 5/15/2029⁴		1,325		1,085
Nutrien, Ltd. 5.90% 11/7/2024		220		223
SCIH Salt Holdings, Inc. 4.875% 5/1/2028⁴		492		423
Sherwin-Williams Company 2.90% 3/15/2052		1,085		680
South32 Treasury (USA), Ltd. 4.35% 4/14/2032⁴		209		179
Yara International ASA 7.378% 11/14/2032⁴		586		613
				8,008

Information technology 1.47%
Analog Devices, Inc. 1.70% 10/1/2028		25		21
Analog Devices, Inc. 2.95% 10/1/2051		583		396
Apple, Inc. 3.35% 8/8/2032		350		319
Apple, Inc. 2.65% 2/8/2051		900		598
Apple, Inc. 2.70% 8/5/2051		435		289
Apple, Inc. 3.95% 8/8/2052		364		311
Block, Inc. 3.50% 6/1/2031		100		80
Broadcom, Inc. 4.00% 4/15/2029⁴		46		42
Broadcom, Inc. 4.15% 4/15/2032⁴		908		799
Broadcom, Inc. 2.60% 2/15/2033⁴		200		151
Broadcom, Inc. 3.469% 4/15/2034⁴		450		360
Broadcom, Inc. 3.137% 11/15/2035⁴		156		115
Broadcom, Inc. 3.187% 11/15/2036⁴		450		325
Broadcom, Inc. 4.926% 5/15/2037⁴		700		613
Entegris Escrow Corp. 4.75% 4/15/2029⁴		445		407
Mastercard, Inc. 2.00% 11/18/2031		80		64
Oracle Corp. 2.875% 3/25/2031		186		155
Sabre GLBL, Inc. 11.25% 12/15/2027⁴		300		309
salesforce.com, inc. 2.90% 7/15/2051		1,200		792
ServiceNow, Inc. 1.40% 9/1/2030		100		77
Tibco Software Inc, Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.180% 9/29/2028^3,6		500		445
				6,668

Real estate 1.25%
American Tower Corp. 2.30% 9/15/2031		80		62
American Tower Corp. 4.05% 3/15/2032		229		205
American Tower Corp. 2.95% 1/15/2051		675		421
Equinix, Inc. 2.15% 7/15/2030		350		279
Equinix, Inc. 2.50% 5/15/2031		400		322
Equinix, Inc. 3.40% 2/15/2052		460		315
Howard Hughes Corp. 4.375% 2/1/2031⁴		375		304
Iron Mountain, Inc. 4.50% 2/15/2031⁴		900		742
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029		575		457
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030		975		745
Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031		200		151
Sun Communities Operating, LP 2.70% 7/15/2031		40		32

16	Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Sun Communities Operating, LP 4.20% 4/15/2032	USD	649	$	573
VICI Properties, LP 3.875% 2/15/2029⁴		75		66
VICI Properties, LP 4.125% 8/15/2030⁴		250		219
VICI Properties, LP 5.125% 5/15/2032		875		812
				5,705

Total corporate bonds, notes & loans				136,677

U.S. Treasury bonds & notes 23.69%
U.S. Treasury 17.64%
U.S. Treasury 4.25% 10/15/2025		8,150		8,146
U.S. Treasury 4.50% 11/15/2025		5,200		5,233
U.S. Treasury 4.00% 12/15/2025		24,400		24,247
U.S. Treasury 4.125% 9/30/2027		5,375		5,396
U.S. Treasury 4.125% 10/31/2027		5,690		5,712
U.S. Treasury 3.875% 11/30/2027		6,700		6,664
U.S. Treasury 2.75% 8/15/2032		6,138		5,588
U.S. Treasury 4.125% 11/5/2032		5,798		5,913
U.S. Treasury 4.00% 11/15/2042⁷		13,630		13,355
				80,254

U.S. Treasury inflation-protected securities 6.05%
U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027⁸		17,201		17,178
U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032^7,8		11,818		10,339
				27,517

Total U.S. Treasury bonds & notes				107,771

Asset-backed obligations 7.33%
AGL CLO, Ltd., Series 2022-18A, Class B, (3-month USD CME Term SOFR + 2.00%) 5.988% 4/21/2031^1,3,4		1,500		1,480
ALM Loan Funding, Series 2020-1A, Class A2, (3-month USD-LIBOR + 1.85%) 5.929% 10/15/2029^1,3,4		500		488
American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 10/13/2028^1,4		701		683
American Credit Acceptance Receivables Trust, Series 2022-2, Class F, 7.74% 2/13/2029^1,4		1,647		1,474
Avis Budget Rental Car Funding AESOP, LLC, Series 2022-5, Class B, 7.09% 4/20/2027^1,4		2,394		2,385
Brex Commercial Charge Card Master Trust, Series 2022-1, Class A, 4.63% 7/15/2025^1,4		1,000		969
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060^1,4		490		429
CFG Investments, Ltd., Series 2021-1, Class B, 5.82% 5/20/2032^1,4		750		714
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026^1,4		460		451
CPS Auto Receivables Trust, Series 2022-B, Class D, 5.19% 8/15/2028^1,4		1,250		1,188
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C, 5.70% 10/15/2032^1,4		1,000		967
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class D, 6.63% 12/15/2032^1,4		1,000		959
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/2025¹		268		265
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028¹		117		110
Exeter Automobile Receivables Trust, Series 2022-2A, Class E, 6.34% 10/15/2029^1,4		1,443		1,256
Exeter Automobile Receivables Trust, Series 2022-3A, Class E, 8.17% 1/15/2030^1,4		2,000		1,945
Exeter Automobile Receivables Trust, Series 2022-5, Class E, 10.45% 4/15/2030^1,4		3,000		2,953
Exeter Automobile Receivables Trust, Series 2022-6, Class E, 11.61% 6/17/2030^1,4		4,000		4,047
FirstKey Homes Trust, Series 2022-SFR2, Class S, 5.197% 5/17/2039^1,4		456		420
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 6/26/2028^1,4		300		248
Mission Lane Credit Card Master Trust, Series 2022-B, Class B, 10.42% 1/15/2028^1,9		465		465
Mission Lane Credit Card Master Trust, Series 2022-B, Class D, 14.45% 1/15/2028^1,9		3,500		3,499
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A, 5.38% 11/25/2030^1,4		1,193		1,163
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B, 6.58% 11/25/2030^1,4		337		315
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/2031¹		796		813

Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
SMB Private Education Loan Trust, Series 2022-A, Class D, 4.75% 11/16/2054^1,4	USD	208	$	189
SMB Private Education Loan Trust, Series 2022-D, Class D, 7.23% 10/15/2058^1,4		2,000		1,967
Westlake Automobile Receivables Trust, Series 2022-2A, Class D, 5.48% 9/15/2027^1,4		1,562		1,493
				33,335

Bonds & notes of governments & government agencies outside the U.S. 1.53%
Abu Dhabi (Emirate of) 1.70% 3/2/2031⁴		300		248
Angola (Republic of) 8.75% 4/14/2032⁴		800		695
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)⁵		1,100		299
Chile (Republic of) 2.45% 1/31/2031		400		333
Chile (Republic of) 4.34% 3/7/2042		200		170
Colombia (Republic of) 8.00% 4/20/2033		280		281
Dominican Republic 4.50% 1/30/2030⁴		500		428
Egypt (Arab Republic of) 8.75% 9/30/2051		1,839		1,242
Export-Import Bank of India 2.25% 1/13/2031⁴		250		198
Mongolia (State of) 4.45% 7/7/2031		500		390
Panama (Republic of) 2.252% 9/29/2032		1,000		744
South Africa (Republic of) 5.875% 4/20/2032		1,003		908
United Mexican States 4.50% 4/22/2029		450		430
United Mexican States 4.875% 5/19/2033		620		570
				6,936

Total bonds, notes & other debt instruments (cost: $460,080,000)				448,767

Short-term securities 10.96%		Shares
Money market investments 10.96%
Capital Group Central Cash Fund 4.31%^10,11		498,858		49,881

Total short-term securities (cost: $49,878,000)				49,881
Total investment securities 109.63% (cost: $509,958,000)				498,648
Other assets less liabilities (9.63)%				(43,820	)

Net assets 100.00%			$	454,828

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)				Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
2 Year U.S. Treasury Note Futures	Long	152	March 2023		USD	31,172			$	37
5 Year U.S. Treasury Note Futures	Long	156	March 2023			16,837				(97	)
10 Year U.S. Treasury Note Futures	Long	118	March 2023			13,251				(194	)
10 Year U.S. Treasury Note Futures	Short	412	March 2023			(48,732	)			382
30 Year Ultra U.S. Treasury Bond Futures	Short	9	March 2023			(1,209	)			(3	)
30 Year U.S. Treasury Bond Futures	Long	57	March 2023			7,145				(90	)
									$	35

18	Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive

Pay

Notional

Value at

Upfront
premium

Unrealized
appreciation

Rate

Payment
frequency

Rate

Payment
frequency

Expiration
date

amount
(000)

12/31/2022
(000)

paid
(000)

at 12/31/2022
(000)

SOFR

Annual

2.121%

Annual

3/28/2024

USD5,700

$185

$ —

$185

Bilateral interest rate swaps

Receive

Pay

Notional

Value at

Upfront
premium

Unrealized
depreciation

Rate

Payment
frequency

Rate

Payment
frequency

Counterparty

Expiration
date

amount
(000)

12/31/2022
(000)

paid
(000)

at 12/31/2022
(000)

12.54%

At maturity

BZDIOVER

At maturity

Barclays Bank PLC

1/2/2026

BRL19,454

$(1

)

$—

$(1

)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference
index

Financing
rate paid

Payment
frequency

Expiration
date

Notional
amount
(000)

Value at
12/31/2022
(000)

Upfront
premium
received
(000)

Unrealized
appreciation
at 12/31/2022
(000)

CDX.NA.IG.39

1.00%

Quarterly

12/20/2027

$10,400

$(86

)

$(89

)

Investments in affiliates¹¹

	Value of affiliate at 2/22/2022¹² (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 12/31/2022 (000)		Dividend income (000)
Short-term securities 10.96%
Money market investments 10.96%
Capital Group Central Cash Fund 4.31%¹⁰	$	—	$	236,670	$	186,792	$	—	¹³	$	3	$	49,881	$	1,249

¹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
²	Purchased on a TBA basis.
³	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁴	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $97,533,000, which represented 21.44% of the net assets of the fund.
⁵	Step bond; coupon rate may change at a later date.
⁶	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $445,000, which represented 0.10% of the net assets of the fund.
⁷	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,273,000, which represented .28% of the net assets of the fund.
⁸	Index-linked bond whose principal amount moves with a government price index.
⁹	Value determined using significant unobservable inputs.
¹⁰	Rate represents the seven-day yield at December 31, 2022.
¹¹	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
¹²	Commencement of operations.
¹³	Amount less than one thousand.

Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF (continued)

Key to abbreviations

Assn. = Association
BRL = Brazilian reais
BZDIOVER = Overnight Brazilian Interbank Deposit Rate
CLO = Collateralized Loan Obligations
CME = CME Group

DAC = Designated Activity Company
LIBOR = London Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD = U.S. dollars

Refer to the notes to financial statements.

20	Capital Group Fixed Income ETF Trust

Capital Group Municipal Income ETF

Investment portfolio December 31, 2022

Portfolio quality summary*	Percent of net assets
AAA/Aaa		8.20	%
AA/Aa		32.95
A/A		20.71
BBB/Baa		11.83
Below investment grade		12.29
Short-term securities & other assets less liabilities		14.02

Bonds, notes & other debt instruments 85.98%	Principal amount (000)		Value (000)
Alabama 2.59%
Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2022-B-1, 5.25% 2/1/2053 (put 6/1/2029)	USD	600	$	626
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 4), Series 2019-A, 4.00% 12/1/2049 (put 12/1/2025)		500		495
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2022-F, 5.50% 11/1/2053 (put 12/1/2028)		750		787
				1,908

Arizona 1.00%
County of Maricopa, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2001, AMT, 3.375% 12/1/2031 (put 6/3/2024)		750		736

California 5.41%
Escondido Union High School Dist., G.O. Bonds, 2008 Election, Series 2009-A, Assured Guaranty insured, 0% 8/1/2028		500		418
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2032		500		596
Infrastructure and Econ. Dev. Bank, Rev. Bonds (WFCS Portfolio Projects), Series 2021-A-1, 5.00% 1/1/2056¹		500		372
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-D, AMT, 5.00% 5/15/2026		495		520
Monrovia Unified School Dist., G.O. Bonds, 1997 Election, Series 2001-B, National insured, 0% 8/1/2032		750		524
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2019-A-2, AMT, 5.00% 5/1/2044		500		512
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2027		500		541
Stockton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-D, Assured Guaranty Municipal insured, 0% 8/1/2033		725		496
				3,979

Colorado 2.58%
City and County of Denver, Airport System Rev. Bonds, Series 2022-A, AMT, 5.00% 11/15/2028		500		537
E-470 Public Highway Auth., Rev. Bonds, Capital Appreciation Bonds, Series 2004-A, National insured, 0% 9/1/2027		500		432
Town of Parker, Cottonwood Highlands Metropolitan Dist. No. 1, Limited Tax G.O. Bonds (Convertible to Unlimited Tax), Series 2019-A, 5.00% 12/1/2049		500		441
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 4.00% 7/15/2033		500		488
				1,898

Capital Group Fixed Income ETF Trust

Capital Group Municipal Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Connecticut 0.68%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-E-1, 4.25% 5/15/2042	USD	500	$	503

Delaware 0.61%
Econ. Dev. Auth., Charter School Rev. Bonds (First State Montessori Academy, Inc. Project), Series 2019-A, 4.00% 8/1/2029		460		451

District of Columbia 0.99%
Metropolitan Area Transit Auth., Dedicated Rev. Bonds, Series 2020-A, 4.00% 7/15/2020		750		727

Florida 1.28%
Capital Trust Agcy., Senior Rev. Bonds (Educational Growth Fund, LLC Charter School Portfolio Projects), Series 2021-A-1, 3.375% 7/1/2031¹		500		443
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 7/1/2049		500		500
				943

Georgia 3.30%
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-C, 4.00% 5/1/2052 (put 12/1/2028)		695		679
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 7/1/2052 (put 9/1/2027)		500		496
Municipal Electric Auth., Project One Bonds, Series 2020-A, 5.00% 1/1/2027		620		659
Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2022-A, 5.00% 9/1/2032		500		599
				2,433

Guam 0.68%
Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2046		500		501

Illinois 8.16%
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 12/1/2030		500		511
City of Chicago, G.O. Bonds, Series 2021-A, 4.00% 1/1/2035		500		470
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 11/1/2028		500		521
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A, 4.00% 11/1/2030		500		506
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 4.00% 11/15/2039		500		457
Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2019, AMT, 0.40% 11/1/2044 (put 11/1/2023)		500		501
G.O. Bonds, Series 2016, 4.00% 6/1/2033		1,060		996
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, Assured Guaranty Municipal insured, 0% 6/15/2030		1,055		788
Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, BAM insured, 5.00% 1/1/2029		510		552
Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2019, BAM insured, 5.00% 6/15/2029		665		704
				6,006

Indiana 2.28%
Fin. Auth., Environmental Improvement Rev. Bonds (Fulcrum Centerpoint, LLC Project), Series 2022-A, AMT, 4.50% 12/15/2046 (put 12/1/2023)		750		750
Fin. Auth., Environmental Improvement Rev. Ref. Bonds (U.S. Steel Corp. Project), Series 2021-A, 4.125% 12/1/2026		500		489
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-B, 3.00% 11/1/2030		500		443
				1,682

22	Capital Group Fixed Income ETF Trust

Capital Group Municipal Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Iowa 0.65%
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2022, 4.00% 12/1/2050 (put 12/1/2032)	USD	500	$	479

Kansas 0.74%
Dev. Fin. Auth., Hospital Rev. Bonds (Advent Health Obligated Group), Series 2021-B, 5.00% 11/15/2054 (put 11/15/2028)		500		542

Kentucky 0.66%
Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-1, 4.00% 8/1/2052 (put 8/1/2030)		500		485

Maryland 1.84%
County of Montgomery, Rev. Ref. Bonds (Dept. of Liquor Control), Series 2019-A, 4.00% 6/15/2037		750		785
Dept. of Transportation, Consolidated Transportation Bonds, Series 2021-A, 2.00% 10/1/2034		700		570
				1,355

Massachusetts 0.71%
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2026		500		525

Michigan 1.42%
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-A, 5.00% 12/1/2041		500		522
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 6/1/2033		500		523
				1,045

Minnesota 0.66%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-H, 3.00% 7/1/2052		500		484

Missouri 0.69%
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2020-C, 3.50% 11/1/2050		515		509

Nevada 3.24%
Dept. of Business and Industry, Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2001, AMT, 3.75% 12/1/2026 (put 6/1/2023)¹		700		699
County of Clark, Limited Tax G.O. Park Improvement Bonds, Series 2018, 5.00% 12/1/2031		600		671
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement Bonds, Series 2022-A, 4.00% 6/1/2035		500		519
City of North Las Vegas, Special Improvement Dist. No. 65 (Northern Beltway Commercial Area), Local Improvement Bonds, Series 2017, 4.00% 12/1/2027¹		505		496
				2,385

Capital Group Fixed Income ETF Trust

Capital Group Municipal Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New Jersey 4.25%
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 9/15/2029	USD	500	$	498
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series 2017-A, 5.00% 7/1/2032		500		541
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (RWJ Barnabas Health Obligated Group Issue), Series 2016-A, 5.00% 7/1/2033		500		531
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2020-E, 3.50% 4/1/2051		500		493
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 5.00% 12/15/2027		500		539
Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A, 5.00% 12/15/2036		500		524
				3,126

New York 9.85%
Build NYC Resource Corp., Rev. Bonds (East Harlem Scholars Academy Charter School Project), Series 2022, 5.00% 6/1/2032¹		250		250
Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2014-R-2, AMT, 3.125% 12/1/2044 (put 6/1/2026)¹		500		470
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2028		805		836
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 10/1/2047		500		503
New York City G.O. Bonds, Series 2022-A-1, 5.00% 9/1/2034		500		577
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2020-CC-1, 4.00% 6/15/2037		750		743
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-E-1, 5.00% 2/1/2030		500		521
Port Auth., Consolidated Bonds, Series 178, AMT, 5.00% 12/1/2025		560		567
Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 5.00% 3/15/2029		500		567
Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2021, AMT, 2.25% 8/1/2026		500		462
Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), Series 2020-C, 5.00% 12/1/2034		500		531
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 1/1/2033		500		506
Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Green Bonds (MTA Bridges and Tunnels), Series 2022-E-1, 5.00% 11/15/2027		650		717
				7,250

North Carolina 1.41%
City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2030		500		539
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 42, 4.00% 1/1/2050		500		501
				1,040

Ohio 2.01%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-B-2, 5.00% 6/1/2055		500		435
County of Cuyahoga, Metropolitan Housing Auth., Multifamily Housing Rev. Bonds (Wade Park Apartments), Series 2022, 4.75% 12/1/2027 (put 12/1/2025)		460		473
County of Franklin, Hospital Facs. Rev. Ref. Bonds (Nationwide Children’s Hospital), Series 2016-C, 5.00% 11/1/2031		500		573
				1,481

24	Capital Group Fixed Income ETF Trust

Capital Group Municipal Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Pennsylvania 6.23%
City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Bonds (City Center Ref. Project), Series 2017, 5.00% 5/1/2042¹	USD	500	$	473
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Penndot Major Bridges Package One Project), Series 2022, AMT, 5.00% 12/31/2030		700		750
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 12/31/2034		500		506
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2014, AMT, 2.60% 6/1/2044 (put 2022)		750		750
Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series 2015, 5.00% 8/15/2026		500		528
Philadelphia School Dist., G.O. Bonds, Series 2019-A, National insured, 5.00% 9/1/2026		500		532
Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2027		500		547
County of Westmoreland, Industrial Dev. Auth., Health System Rev. Bonds (Excela Health Project), Series 2020-A, 4.00% 7/1/2026		500		504
				4,590

Puerto Rico 2.95%
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 4.00% 7/1/2042¹		500		402
Electric Power Auth., Power Rev. Ref. Bonds, Series 2007-UU, Assured Guaranty Municipal insured, (3-month USD-LIBOR x 0.67 + 0.52%) 0.67% 7/1/2029		500		450
G.O. Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2033		500		435
G.O. Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2037		500		410
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1, 4.50% 7/1/2034		500		473
				2,170

South Carolina 0.71%
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2029		500		526

Tennessee 1.69%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2A, AMT, 4.00% 1/1/2042		500		496
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2018, 4.00% 11/1/2049		750		745
				1,241

Texas 6.43%
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2021-B, 5.00% 1/1/2032		500		553
County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 8/15/2030		500		554
Hays Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/15/2035		635		718
Laredo Unified School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 8/1/2034		750		821
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2022, Assured Guaranty Municipal insured, 5.00% 5/15/2026		500		536
North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2021-B, 4.00% 1/1/2036		500		506
Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 3/15/2033		500		550
Waco Education Fin. Corp., Rev. Bonds (Baylor University Issue), Series 2021, 4.00% 3/1/2040		500		498
				4,736

Utah 0.73%
Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2018-A, AMT, 5.00% 7/1/2028		500		535

Capital Group Fixed Income ETF Trust

Capital Group Municipal Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Vermont 0.66%
Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2013, AMT, 4.625% 4/1/2036 (put 4/3/2028)¹	USD	500	$	487

Virgin Islands 0.70%
Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% 10/1/2026		500		514

Virginia 0.61%
County of Charles City, Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004-A, 2.875% 2/1/2029		500		452

Washington 4.20%
G.O. Bonds, Series 2020-A, 5.00% 8/1/2039		650		708
Health Care Facs. Auth., Rev. Bonds (Multicare Health System), Series 2015-B, 5.00% 8/15/2025		500		522
Housing Fin. Commission, Municipal Certs., Series 2021-1, 3.50% 12/20/2035		489		431
Housing Fin. Commission, Single Family Program Bonds, Series 2018-1-N, 4.00% 12/1/2048		470		471
County of King, Convention Center Public Facs. Dist., Lodging Tax Green Notes, Series 2021, 4.00% 7/1/2031		500		458
Port of Seattle, Industrial Dev. Corp., Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2012, AMT, 5.00% 4/1/2030		500		500
				3,090

West Virginia 0.68%
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Arch Resources Project), Series 2020, AMT, 5.00% 7/1/2045 (put 7/1/2025)		500		499

Wisconsin 2.70%
Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series 2022-A-1, BAM insured, 5.00% 7/1/2030		700		770
Public Fin. Auth., Retirement Community Rev. Bonds (Lifespace Communities, Inc.), Series 2020-A, 4.00% 11/15/2041		500		494
Public Fin. Auth., Rev. Ref. Bonds (Celanese Corp.), Series 2016-C, AMT, 4.30% 11/1/2030		750		721
				1,985

Total bonds, notes & other debt instruments (cost: $62,150,000)				63,298

Short-term securities 6.66%
Municipals 6.66%
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-B, 3.50% 11/15/2052		400		400
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2008-B-4, 3.52% 1/1/2043		1,000		1,000
State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2008-A, 3.50% 4/1/2038		2,000		2,000
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 2007, 3.56% 12/1/2042		1,500		1,500
				4,900

Total short-term securities (cost: $4,900,000)				4,900
Total investment securities 92.64% (cost: $67,050,000)				68,198
Other assets less liabilities 7.36%				5,418

Net assets 100.00%			$	73,616

26	Capital Group Fixed Income ETF Trust

Capital Group Municipal Income ETF (continued)

Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $4,092,000, which represented 5.56% of the net assets of the fund.

Key to abbreviations

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

Refer to the notes to financial statements.

Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF

Investment portfolio December 31, 2022

Portfolio by type of security

Percent of net assets

Portfolio quality summary*	Percent of net assets
U.S. Treasury and agency^†		.74	%
AAA/Aaa		3.40
AA/Aa		10.89
A/A		15.00
BBB/Baa		22.45
Below investment grade		41.31
Short-term securities & other assets less liabilities		6.21

^†

These securities are guaranteed by the full faith and credit of the U.S. government.

Bonds, notes & other debt instruments 93.79%	Principal amount (000)			Value (000)
Corporate bonds, notes & loans 75.06%
Financials 13.47%
AerCap Ireland Capital DAC 3.85% 10/29/2041		USD	535	$	380
AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027¹			290		293
Alliant Holdings Intermediate, LLC 4.25% 10/15/2027¹			125		112
Alliant Holdings Intermediate, LLC 6.75% 10/15/2027¹			285		257
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)²			245		232
American International Group, Inc. 4.375% 6/30/2050			160		136
AmWINS Group, Inc. 4.875% 6/30/2029¹			195		166
Aretec Escrow Issuer, Inc. 7.50% 4/1/2029¹			180		149
AssuredPartners, Inc. 5.625% 1/15/2029¹			155		128
Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)²			250		209
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)²			400		391
Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)²			260		239
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)²			110		105
Charles Schwab Corp. 2.45% 3/3/2027			195		178
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)²			200		188
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)²			234		242
Coinbase Global, Inc. 3.625% 10/1/2031¹			125		60
Compass Diversified Holdings 5.25% 4/15/2029¹			435		373
Corebridge Financial, Inc. 3.90% 4/5/2032¹			225		197
Corebridge Financial, Inc. 4.40% 4/5/2052¹			195		156
Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)^1,2			295		230
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)²			235		200
Discover Financial Services 6.70% 11/29/2032			60		61
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)²			515		420
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)²			380		295
HUB International, Ltd. 7.00% 5/1/2026¹			135		132
HUB International, Ltd. 5.625% 12/1/2029¹			105		92
Intercontinental Exchange, Inc. 3.00% 6/15/2050			385		261
Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032¹			280		233
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)²			100		98
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)²			150		115

28	Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)²		USD	345	$	320
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)²			250		239
Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)²			200		176
LPL Holdings, Inc. 4.00% 3/15/2029¹			210		183
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)²			130		128
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)²			325		306
MSCI, Inc. 3.25% 8/15/2033¹			265		205
National Financial Partners Corp. 6.875% 8/15/2028¹			260		215
Navient Corp. 5.625% 8/1/2033			300		214
Oxford Finance, LLC 6.375% 2/1/2027¹			135		126
PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR Index + 2.14% on 10/28/2032)²			63		66
Power Financial Corp., Ltd. 3.35% 5/16/2031			250		208
Royal Bank of Canada 6.00% 11/1/2027			124		129
Ryan Specialty Group, LLC 4.375% 2/1/2030¹			160		139
State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)²			36		37
Wells Fargo & Company 4.89% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)²			545		519
					9,538

Energy 10.25%
Apache Corp. 5.25% 2/1/2042			175		144
Apache Corp. 5.35% 7/1/2049			100		81
Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029¹			200		179
Bonanza Creek Energy, Inc. 5.00% 10/15/2026¹			153		140
BP Capital Markets America, Inc. 1.749% 8/10/2030			195		156
California Resources Corp. 7.125% 2/1/2026¹			165		159
Callon Petroleum Co. 7.50% 6/15/2030¹			130		119
Canadian Natural Resources, Ltd. 2.95% 7/15/2030			70		59
Cheniere Energy Partners, LP 3.25% 1/31/2032			245		195
Cheniere Energy, Inc. 4.625% 10/15/2028			185		168
Chesapeake Energy Corp. 5.875% 2/1/2029¹			215		204
Chevron Corp. 1.995% 5/11/2027			230		207
CNX Resources Corp. 7.375% 1/15/2031¹			225		216
Comstock Resources, Inc. 5.875% 1/15/2030¹			205		177
Crestwood Midstream Partners, LP 8.00% 4/1/2029¹			75		75
Energy Transfer Partners, LP 6.25% 4/15/2049			234		219
EQM Midstream Partners, LP 4.75% 1/15/2031¹			370		303
EQT Corp. 3.625% 5/15/2031¹			80		68
Exxon Mobil Corp. 2.61% 10/15/2030			175		153
Exxon Mobil Corp. 3.452% 4/15/2051			325		246
Genesis Energy, LP 8.00% 1/15/2027			220		208
Harvest Midstream I, LP 7.50% 9/1/2028¹			100		96
Hilcorp Energy I, LP 6.25% 4/15/2032¹			250		216
Kinder Morgan, Inc. 4.80% 2/1/2033			200		186
Kinder Morgan, Inc. 5.45% 8/1/2052			70		63
Leviathan Bond, Ltd. 6.75% 6/30/2030¹			155		147
MPLX, LP 4.95% 9/1/2032			270		254
MPLX, LP 4.95% 3/14/2052			165		136
New Fortress Energy, Inc. 6.50% 9/30/2026¹			270		251
NGL Energy Operating, LLC 7.50% 2/1/2026¹			275		245
NGL Energy Partners, LP 7.50% 11/1/2023			65		63
Northern Oil and Gas, Inc. 8.125% 3/1/2028¹			222		213
Occidental Petroleum Corp. 6.625% 9/1/2030			125		129
Occidental Petroleum Corp. 6.125% 1/1/2031			150		152
Occidental Petroleum Corp. 6.60% 3/15/2046			100		103
Petróleos Mexicanos 6.49% 1/23/2027			150		137
Range Resources Corp. 4.75% 2/15/2030¹			215		190
Shell International Finance BV 3.00% 11/26/2051			340		232
Southwestern Energy Co. 4.75% 2/1/2032			350		300
Sunoco, LP 4.50% 5/15/2029			205		180
Total Capital International 3.13% 5/29/2050			135		96

Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031¹		USD	100	$	85
Western Gas Partners, LP 4.50% 3/1/2028			155		143
Williams Companies, Inc. 4.65% 8/15/2032			175		163
					7,256

Communication services 8.42%
AT&T, Inc. 2.25% 2/1/2032			165		130
AT&T, Inc. 3.50% 9/15/2053			180		122
AT&T, Inc. 3.55% 9/15/2055			190		128
CCO Holdings, LLC 4.50% 6/1/2033¹			250		192
CCO Holdings, LLC 4.25% 1/15/2034¹			525		388
Charter Communications Operating, LLC 2.30% 2/1/2032			135		100
Charter Communications Operating, LLC 3.70% 4/1/2051			375		229
Comcast Corp. 1.50% 2/15/2031			215		168
DISH Network Corp. 11.75% 11/15/2027¹			245		253
Frontier Communications Corp. 5.00% 5/1/2028¹			220		192
Gray Escrow II, Inc. 5.375% 11/15/2031¹			223		161
Lamar Media Corp. 3.625% 1/15/2031			230		190
Meta Platforms, Inc. 3.85% 8/15/2032			415		366
Meta Platforms, Inc. 4.45% 8/15/2052			345		276
Netflix, Inc. 4.875% 4/15/2028			315		305
Netflix, Inc. 5.875% 11/15/2028			120		122
Netflix, Inc. 5.375% 11/15/2029¹			90		87
News Corp. 3.875% 5/15/2029¹			320		278
Nexstar Escrow Corp. 5.625% 7/15/2027¹			155		143
Sirius XM Radio, Inc. 3.875% 9/1/2031¹			385		301
Sprint Corp. 6.875% 11/15/2028			195		203
Tencent Holdings, Ltd. 3.24% 6/3/2050			200		127
T-Mobile US, Inc. 2.55% 2/15/2031			350		287
T-Mobile US, Inc. 3.40% 10/15/2052			130		88
Univision Communications, Inc. 4.50% 5/1/2029¹			370		310
Verizon Communications, Inc. 2.355% 3/15/2032			280		223
Verizon Communications, Inc. 2.875% 11/20/2050			80		51
Verizon Communications, Inc. 3.55% 3/22/2051			160		115
Warner Music Group 3.875% 7/15/2030¹			140		121
WarnerMedia Holdings, Inc. 4.279% 3/15/2032¹			160		132
WarnerMedia Holdings, Inc. 5.141% 3/15/2052¹			240		175
					5,963

Consumer discretionary 8.00%
Allied Universal Holdco, LLC 4.625% 6/1/2028¹			320		265
Amazon.com, Inc. 4.70% 12/1/2032			155		154
Asbury Automotive Group, Inc. 4.625% 11/15/2029¹			180		152
Bath & Body Works, Inc. 6.875% 11/1/2035			230		205
Boyd Gaming Corp. 4.75% 12/1/2027			145		135
Boyne USA, Inc. 4.75% 5/15/2029¹			175		155
Caesars Entertainment, Inc. 4.625% 10/15/2029¹			190		155
Caesars Resort Collection, LLC 5.75% 7/1/2025¹			105		103
CDI Escrow Issuer, Inc. 5.75% 4/1/2030¹			195		175
Cedar Fair, LP 5.50% 5/1/2025¹			100		99
Fertitta Entertainment, Inc. 4.625% 1/15/2029¹			75		64
Fertitta Entertainment, Inc. 6.75% 1/15/2030¹			150		121
First Student Bidco, Inc. 4.00% 7/31/2029¹			210		174
Ford Motor Co. 6.10% 8/19/2032			175		162
Ford Motor Credit Company, LLC 3.815% 11/2/2027			360		317
Hanesbrands, Inc. 4.875% 5/15/2026¹			225		201
Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031¹			225		189
Home Depot, Inc. 2.375% 3/15/2051			130		78
International Game Technology PLC 5.25% 1/15/2029¹			230		215
Lowe’s Companies, Inc. 5.625% 4/15/2053			50		48
Marriott International, Inc. 3.50% 10/15/2032			110		92
McDonald’s Corp. 4.60% 9/9/2032			190		186

30	Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
McDonald’s Corp. 5.15% 9/9/2052		USD	125	$	121
Mohegan Gaming & Entertainment 8.00% 2/1/2026¹			96		90
Party City Holdings, Inc. 8.75% 2/15/2026¹			230		67
Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026¹			285		231
Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028¹			90		72
Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029¹			125		126
Sands China, Ltd. 3.75% 8/8/2031²			200		158
Scientific Games Holdings, LP 6.625% 3/1/2030¹			240		203
Sonic Automotive, Inc. 4.625% 11/15/2029¹			229		184
Stellantis Finance US, Inc. 2.691% 9/15/2031¹			305		233
Vail Resorts, Inc. 6.25% 5/15/2025¹			90		90
WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026¹			235		222
Wheel Pros, Inc. 6.50% 5/15/2029¹			100		35
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 8.825% 5/11/2028^3,4			100		68
Wyndham Worldwide Corp. 4.375% 8/15/2028¹			105		94
Wynn Las Vegas, LLC 4.25% 5/30/2023¹			125		123
Wynn Resorts Finance, LLC 5.125% 10/1/2029¹			120		103
					5,665

Health care 6.43%
AmerisourceBergen Corp. 2.70% 3/15/2031			160		133
Amgen, Inc. 4.20% 3/1/2033			260		241
Amgen, Inc. 3.00% 1/15/2052			200		129
Avantor Funding, Inc. 3.875% 11/1/2029¹			275		231
Bausch Health Companies, Inc. 5.00% 2/15/2029¹			125		60
Bausch Health Companies, Inc. 5.25% 2/15/2031¹			170		83
Baxter International, Inc. 2.539% 2/1/2032			270		215
Becton, Dickinson and Company 4.298% 8/22/2032			100		94
Catalent Pharma Solutions, Inc. 3.125% 2/15/2029¹			27		22
Catalent Pharma Solutions, Inc. 3.50% 4/1/2030¹			260		206
Centene Corp. 2.45% 7/15/2028			240		203
Centene Corp. 2.50% 3/1/2031			495		388
Charles River Laboratories International, Inc. 3.75% 3/15/2029¹			160		142
GE Healthcare Holding, LLC 5.905% 11/22/2032¹			150		156
GE Healthcare Holding, LLC 6.377% 11/22/2052¹			100		107
HCA, Inc. 2.375% 7/15/2031			150		117
HealthEquity, Inc. 4.50% 10/1/2029¹			100		88
Molina Healthcare, Inc. 3.875% 5/15/2032¹			235		195
Mozart Debt Merger Sub, Inc. 5.25% 10/1/2029¹			205		163
Radiology Partners, Inc. 9.25% 2/1/2028¹			125		70
Surgery Center Holdings 10.00% 4/15/2027¹			29		30
Tenet Healthcare Corp. 6.125% 10/1/2028¹			125		112
Tenet Healthcare Corp. 4.375% 1/15/2030¹			155		134
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026			250		219
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028			255		249
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029			200		178
Thermo Fisher Scientific, Inc. 4.95% 11/21/2032			51		52
UnitedHealth Group, Inc. 5.30% 2/15/2030			75		77
UnitedHealth Group, Inc. 5.35% 2/15/2033			105		109
UnitedHealth Group, Inc. 2.90% 5/15/2050			130		89
UnitedHealth Group, Inc. 5.875% 2/15/2053			35		38
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025¹			200		170
Zoetis, Inc. 5.60% 11/16/2032			50		52
					4,552

Industrials 6.28%
Allegiant Travel Co. 7.25% 8/15/2027¹			125		119
Ashtead Capital, Inc. 5.50% 8/11/2032¹			200		192
Boeing Company 3.625% 2/1/2031			200		176
Boeing Company 5.705% 5/1/2040			80		77
Boeing Company 5.805% 5/1/2050			205		191
Bombardier, Inc. 7.125% 6/15/2026¹			130		126

Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Bombardier, Inc. 7.875% 4/15/2027¹		USD	215	$	209
Burlington Northern Santa Fe, LLC 2.875% 6/15/2052			225		151
BWX Technologies, Inc. 4.125% 4/15/2029¹			150		131
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051			200		135
Clarivate Science Holdings Corp. 3.875% 7/1/2028¹			140		121
CoreLogic, Inc. 4.50% 5/1/2028¹			140		108
CSX Corp. 2.50% 5/15/2051			220		135
Dun & Bradstreet Corp. 5.00% 12/15/2029¹			130		111
Eaton Corp. 4.15% 3/15/2033			95		89
Harsco Corp. 5.75% 7/31/2027¹			155		123
Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034			95		92
Lockheed Martin Corp. 5.25% 1/15/2033			191		197
Norfolk Southern Corp. 3.05% 5/15/2050			175		118
Raytheon Technologies Corp. 2.82% 9/1/2051			240		157
Republic Services, Inc. 1.45% 2/15/2031			150		116
Sensata Technologies Holding BV 4.00% 4/15/2029¹			225		194
Spirit AeroSystems, Inc. 4.60% 6/15/2028			70		57
Spirit AeroSystems, Inc. 9.375% 11/30/2029¹			182		192
Stericycle, Inc. 3.875% 1/15/2029¹			175		153
TransDigm, Inc. 6.25% 3/15/2026¹			135		133
TransDigm, Inc. 4.625% 1/15/2029			100		88
Triumph Group, Inc. 6.25% 9/15/2024¹			95		90
Uber Technologies, Inc. 8.00% 11/1/2026¹			155		156
Union Pacific Corp. 2.95% 3/10/2052			395		269
United Rentals, Inc. 5.25% 1/15/2030			160		151
WESCO Distribution, Inc. 7.25% 6/15/2028¹			90		91
					4,448

Utilities 5.26%
Alabama Power Co. 3.94% 9/1/2032			120		111
CenterPoint Energy, Inc. 2.90% 7/1/2050			240		163
Consumers Energy Co. 3.60% 8/15/2032			75		69
Consumers Energy Co. 2.65% 8/15/2052			190		120
DTE Electric Co. 2.625% 3/1/2031			215		183
Duke Energy Carolinas, LLC 2.45% 8/15/2029			75		65
Duke Energy Corp. 5.00% 8/15/2052			70		63
Duke Energy Florida, LLC 5.95% 11/15/2052			175		187
Edison International 4.125% 3/15/2028			65		60
Edison International 6.95% 11/15/2029			95		99
Entergy Louisiana, LLC 2.90% 3/15/2051			250		161
FirstEnergy Corp. 2.65% 3/1/2030			195		159
FirstEnergy Transmission, LLC 4.35% 1/15/2025¹			150		146
Florida Power & Light Company 2.875% 12/4/2051			120		81
NextEra Energy Capital Holdings, Inc. 2.25% 6/1/2030			130		107
Oncor Electric Delivery Company, LLC 2.70% 11/15/2051			305		201
Pacific Gas and Electric Co. 3.30% 12/1/2027			240		212
Pacific Gas and Electric Co. 3.25% 6/1/2031			270		220
Pacific Gas and Electric Co. 3.30% 8/1/2040			135		92
Pacific Gas and Electric Co. 3.50% 8/1/2050			180		113
PG&E Corp. 5.25% 7/1/2030			155		141
Southern California Edison Co. 4.70% 6/1/2027			80		78
Southern California Edison Co. 2.50% 6/1/2031			190		157
Southern California Edison Co. 2.95% 2/1/2051			305		197
Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029¹			180		158
Virginia Electric and Power Co. 2.30% 11/15/2031			220		178
Xcel Energy, Inc. 3.40% 6/1/2030			230		206
					3,727

32	Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples 5.19%
7-Eleven, Inc. 1.80% 2/10/2031¹		USD	180	$	138
7-Eleven, Inc. 2.80% 2/10/2051¹			70		43
Altria Group, Inc. 3.70% 2/4/2051			560		353
Anheuser-Busch InBev NV 5.55% 1/23/2049			150		149
Anheuser-Busch InBev NV 4.50% 6/1/2050			250		220
B&G Foods, Inc. 5.25% 4/1/2025			220		193
British American Tobacco PLC 3.984% 9/25/2050			380		250
Central Garden & Pet Co. 4.125% 4/30/2031¹			205		170
Conagra Brands, Inc. 5.40% 11/1/2048			170		158
Constellation Brands, Inc. 2.25% 8/1/2031			205		163
Darling Ingredients, Inc. 6.00% 6/15/2030¹			175		171
Ingles Markets, Inc. 4.00% 6/15/2031¹			60		51
Kraft Heinz Company 4.375% 6/1/2046			100		82
Kroger Co. 3.95% 1/15/2050			110		86
Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027¹			230		190
Performance Food Group, Inc. 4.25% 8/1/2029¹			245		213
Philip Morris International, Inc. 5.125% 11/17/2027			160		162
Philip Morris International, Inc. 5.625% 11/17/2029			122		124
Philip Morris International, Inc. 5.75% 11/7/2032			150		153
Post Holdings, Inc. 4.625% 4/15/2030¹			335		290
Prestige Brands International, Inc. 3.75% 4/1/2031¹			170		140
Simmons Foods, Inc. 4.625% 3/1/2029¹			220		179
					3,678

Materials 5.07%
Allegheny Technologies, Inc. 4.875% 10/1/2029			155		137
Axalta Coating Systems, LLC 4.75% 6/15/2027¹			150		139
Ball Corp. 6.875% 3/15/2028			325		334
Braskem Idesa SAPI 6.99% 2/20/2032			250		179
CAN-PACK SA 3.875% 11/15/2029¹			200		158
Celanese US Holdings, LLC 6.379% 7/15/2032			85		81
Element Solutions, Inc. 3.875% 9/1/2028¹			155		132
First Quantum Minerals, Ltd. 6.875% 10/15/2027¹			250		235
FXI Holdings, Inc. 12.25% 11/15/2026¹			230		191
International Flavors & Fragrances, Inc. 3.468% 12/1/2050¹			255		174
Methanex Corp. 5.125% 10/15/2027			80		74
Mineral Resources, Ltd. 8.50% 5/1/2030¹			135		137
Nova Chemicals Corp. 4.25% 5/15/2029¹			55		45
Novelis Corp. 3.875% 8/15/2031¹			155		127
Nutrien, Ltd. 5.90% 11/7/2024			42		43
SCIH Salt Holdings, Inc. 4.875% 5/1/2028¹			210		181
SCIH Salt Holdings, Inc. 6.625% 5/1/2029¹			170		137
Scotts Miracle-Gro Co. 4.375% 2/1/2032			145		109
Sealed Air Corp. 4.00% 12/1/2027¹			100		91
Sherwin-Williams Company 2.90% 3/15/2052			225		141
Summit Materials, LLC 5.25% 1/15/2029¹			100		93
Valvoline, Inc. 3.625% 6/15/2031¹			210		173
Venator Finance SARL 9.50% 7/1/2025¹			95		69
Warrior Met Coal, Inc. 7.875% 12/1/2028¹			195		192
Yara International ASA 7.378% 11/14/2032¹			206		215
					3,587

Information technology 4.09%
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/2024^3,4			35		31
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025^3,4			50		38
Analog Devices, Inc. 2.10% 10/1/2031			285		231
Apple, Inc. 3.35% 8/8/2032			150		137
Apple, Inc. 2.40% 8/20/2050			100		63
Apple, Inc. 2.65% 2/8/2051			265		176
Block, Inc. 3.50% 6/1/2031			125		100
Booz Allen Hamilton, Inc. 4.00% 7/1/2029¹			165		145
Broadcom, Inc. 2.60% 2/15/2033¹			215		162

Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Broadcom, Inc. 4.926% 5/15/2037¹		USD	275	$	241
CDK Global, Inc. 7.25% 6/15/2029¹			130		127
Diebold Nixdorf, Inc. 9.375% 7/15/2025¹			51		36
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/2024^3,4		EUR	25		23
Gartner, Inc. 3.75% 10/1/2030¹		USD	125		108
Mastercard, Inc. 1.90% 3/15/2031			200		163
MoneyGram International, Inc. 5.375% 8/1/2026¹			180		183
PayPal Holdings, Inc. 4.40% 6/1/2032			100		94
PayPal Holdings, Inc. 5.05% 6/1/2052			210		191
Sabre GLBL, Inc. 11.25% 12/15/2027¹			100		103
salesforce.com, inc. 2.90% 7/15/2051			270		178
ServiceNow, Inc. 1.40% 9/1/2030			245		188
Tibco Software Inc, Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.180% 9/29/2028^3,4			200		178
					2,896

Real estate 2.60%
American Tower Corp. 2.95% 1/15/2051			315		196
Anywhere Real Estate Group, LLC 5.25% 4/15/2030¹			185		135
Equinix, Inc. 2.50% 5/15/2031			245		197
Howard Hughes Corp. 4.375% 2/1/2031¹			190		154
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030			300		229
Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029¹			140		113
Medical Properties Trust, Inc. 3.50% 3/15/2031			235		162
Park Intermediate Holdings, LLC 4.875% 5/15/2029¹			240		204
Sun Communities Operating, LP 4.20% 4/15/2032			200		177
VICI Properties, LP 5.125% 5/15/2032			250		232
WeWork Companies, LLC 5.00% 7/10/2025¹			125		42
					1,841

Total corporate bonds, notes & loans					53,151

Mortgage-backed obligations 9.44%
Commercial mortgage-backed securities 8.25%
3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.289% 11/15/2055⁵			634		561
Bank Commercial Mortgage Trust, Series 2022-BNK44, Class B, 5.746% 11/15/2032⁵			556		524
Bank Commercial Mortgage Trust, Series 2022-BNK44, Class C, 5.746% 11/15/2032⁵			500		410
Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C, 6.148% 12/15/2055⁵			508		438
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/2039^1,5			494		494
BX Trust, Series 2022-PSB, Class C, (1-month USD CME Term SOFR + 3.697%) 8.033% 8/15/2039^1,5			247		246
BX Trust, Series 2020-VIV4, Class A, 2.843% 3/9/2044^1,5			500		406
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/2036^1,5			243		236
Multifamily Connecticut Avenue Securities, Series 2020-1, Class M10, (1-month USD-LIBOR + 3.75%) 8.139% 3/25/2050^1,5			1,360		1,261
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class B, 4.633% 8/15/2051⁵			967		854
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/2027^1,5			412		412
					5,842

34	Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF (continued)

Bonds, notes & other debt instruments (continued)				Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) 1.19%
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/2050^1,5					USD	429	$	428
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/2050^1,5						389		415
								843

Total mortgage-backed obligations								6,685

Asset-backed obligations 8.55%
Avis Budget Rental Car Funding AESOP, LLC, Series 2022-5, Class B, 7.09% 4/20/2027^1,5						553		551
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060^1,5						681		609
Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11% 5/15/2026⁵						500		486
Exeter Automobile Receivables Trust, Series 2019-3, Class E, 4.00% 8/17/2026^1,5						810		775
Exeter Automobile Receivables Trust, Series 2022-6, Class E, 11.61% 6/17/2030^1,5						1,500		1,518
Mission Lane Credit Card Master Trust, Series 2022-B, Class C, 12.09% 1/15/2028^5,6						1,000		1,000
PPM CLO, Ltd., Series 2022-6, Class B, (3-month USD CME Term SOFR + 3.60%) 3.60% 1/20/2031^1,5						467		465
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/2031⁵						149		152
Stratus CLO, Series 2022-3, Class B, (3-month USD CME Term SOFR + 3.05%) 7.127% 10/20/2031^1,5						500		499
								6,055

U.S. Treasury bonds & notes 0.74%
U.S. Treasury 0.74%
U.S. Treasury 2.75% 8/15/2032						200		182
U.S. Treasury 3.375% 8/15/2042						385		344
								526

Total bonds, notes & other debt instruments (cost: $65,556,000)								66,417

Short-term securities 4.18%	Weighted average yield at acquisition
Federal agency bills and notes 2.47%
Federal Home Loan Bank 1/3/2023		3.956	%			350		350
Federal Home Loan Bank 1/10/2023		3.935				700		699
Federal Home Loan Bank 1/11/2023		4.190				500		500
Federal Home Loan Bank 1/13/2023		4.137				200		200
								1,749
Commercial paper 1.68%
Proctor & Gamble 2/21/2023¹		4.360				1,200		1,192

					Shares
Money market investments 0.03%
Capital Group Central Cash Fund 4.31%^7,8						206		20

Total short-term securities (cost: $2,962,000)								2,961
Total investment securities 97.97% (cost: $68,518,000)								69,378
Other assets less liabilities 2.03%								1,437

Net assets 100.00%							$	70,815

Capital Group Fixed Income ETF Trust

Capital Group U.S. Multi-Sector Income ETF (continued)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

										Upfront			Unrealized
Receive		Pay			Notional		Value at			premium			appreciation
	Payment		Payment	Expiration	amount		12/31/2022			paid			at 12/31/2022
Rate	frequency	Rate	frequency	date	(000)		(000)			(000)			(000)
4.446%	Annual	SOFR	Annual	1/4/2025	USD	7,800		$	—		$	—		$	—
3.7505%	Annual	SOFR	Annual	1/4/2028		4,900			—			—			—
SOFR	Annual	3.5145%	Annual	1/3/2033		9,700			34			—			34
3.4645%	Annual	SOFR	Annual	1/4/2043		800			—			—			—
SOFR	Annual	3.167	Annual	1/3/2053		3,900			33			—			33
								$	67		$	—		$	67

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing
rate received

Payment
frequency

Reference
index

Expiration
date

Notional
amount
(000)

Value at
12/31/2022
(000)

Upfront
premium
paid
(000)

Unrealized
appreciation
at 12/31/2022
(000)

5.00%

Quarterly

CDX.NA.HY.38

6/20/2027

$1,485

$31

$11

$20

Investments in affiliates⁸

	Value of affiliate at 10/25/2022⁹ (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)			Value of affiliate at 12/31/2022 (000)		Dividend income (000)
Short-term securities 0.03%
Money market investments 0.03%
Capital Group Central Cash Fund 4.31%⁷	$	—	$	28,822	$	28,803	$	1	$	—	¹⁰	$	20	$	28

¹	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $33,059,000, which represented 46.68% of the net assets of the fund.
²	Step bond; coupon rate may change at a later date.
³	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $338,000, which represented 0.47% of the net assets of the fund.
⁴	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁵	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁶	Value determined using significant unobservable inputs.
⁷	Rate represents the seven-day yield at December 31, 2022.
⁸	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁹	Commencement of operations.
¹⁰	Amount less than one thousand.

Key to abbreviations

CDI = CREST Depository Interest
CLO = Collateralized Loan Obligations
CME = CME Group
DAC = Designated Activity Company
EUR = Euros
EURIBOR = Euro Interbank Offered Rate
LIBOR = London Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
USD = U.S. dollars

Refer to the notes to financial statements.

36	Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF

Investment portfolio December 31, 2022

Portfolio by type of security

Percent of net assets

Portfolio quality summary*	Percent of net assets
U.S. Treasury and agency^†		.20	%
AAA/Aaa		39.73
AA/Aa		13.73
A/A		20.71
BBB/Baa		21.14
Short-term securities & other assets less liabilities		4.49

^†

These securities are guaranteed by the full faith and credit of the U.S. government.

Bonds, notes & other debt instruments 95.51%	Principal amount (000)			Value (000)
Corporate bonds, notes & loans 49.77%
Financials 15.01%
ACE INA Holdings Inc. 3.35% 5/15/2024		USD	50	$	49
AerCap Ireland Capital DAC 1.75% 10/29/2024			395		363
Allstate Corp. 0.75% 12/15/2025			195		173
American Express Co. 3.375% 5/3/2024			150		147
American Express Co. 2.50% 7/30/2024			100		96
American Express Co. 2.25% 3/4/2025			60		57
American International Group, Inc. 2.50% 6/30/2025			290		273
Aon Global, Ltd. 3.875% 12/15/2025			99		97
Australia & New Zealand Banking Group, Ltd. 5.088% 12/8/2025			415		417
Bank of America Corp. 1.319% 10/24/2024 (USD-SOFR + 0.74% on 10/24/2023)¹			540		518
Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)¹			107		100
Bank of America Corp. 0.981% 9/25/2025 (USD-SOFR + 0.91% on 9/25/2024)¹			420		387
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)¹			150		147
Bank of New York Mellon Corp., 4.414% 7/24/2026 (USD-SOFR + 1.345% on 7/24/2025)¹			100		99
Berkshire Hathaway, Inc. 3.125% 3/15/2026			50		48
BNP Paribas 3.375% 1/9/2025²			200		193
Capital One Financial Corp. 3.75% 4/24/2024			5		5
Capital One Financial Corp. 3.20% 2/5/2025			65		62
Capital One Financial Corp. 4.25% 4/30/2025			125		123
Charles Schwab Corp. 0.90% 3/11/2026			35		31
Citigroup, Inc. 3.30% 4/27/2025			50		48
Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)¹			1,020		956
Corebridge Financial, Inc. 3.50% 4/4/2025²			320		307
Credit Suisse AG (New York Branch) 0.495% 2/2/2024			315		291
Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)¹			150		145
Goldman Sachs Group, Inc. 5.70% 11/1/2024			70		71
Goldman Sachs Group, Inc. 3.50% 4/1/2025			405		390
Groupe BPCE SA 1.625% 1/14/2025²			250		233
Intercontinental Exchange, Inc. 3.65% 5/23/2025			115		112
Intercontinental Exchange, Inc. 4.00% 9/15/2027			125		121
JPMorgan Chase & Co. 0.653% 9/16/2024 (3-month USD CME Term SOFR + 0.60% on 9/16/2023)¹			965		931

Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
JPMorgan Chase & Co. 0.824% 6/1/2025 (USD-SOFR + 0.54% on 6/1/2024)¹		USD	375	$	350
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)¹			250		232
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)¹			200		200
Lloyds Banking Group PLC 3.87% 7/9/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.50% on 7/9/2024)¹			200		194
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024			590		582
Metropolitan Life Global Funding I 3.60% 1/11/2024²			240		236
Morgan Stanley 0.79% 5/30/2025 (USD-SOFR + 0.525% on 5/30/2024)¹			800		744
Morgan Stanley 1.164% 10/21/2025 (USD-SOFR + 0.56% on 10/21/2024)¹			365		336
Morgan Stanley, Series F, 3.875% 4/29/2024			75		74
New York Life Global Funding 0.95% 6/24/2025²			265		240
PNC Financial Services Group, Inc. 5.671% 10/28/2025 (USD-SOFR + 1.09% on 10/28/2024)¹			230		233
PRICOA Global Funding I 1.15% 12/6/2024²			458		424
Royal Bank of Canada 5.66% 10/25/2024			310		314
State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)¹			7		7
Toronto-Dominion Bank 0.55% 3/4/2024			250		237
Toronto-Dominion Bank 0.75% 9/11/2025			225		201
U.S. Bancorp 1.45% 5/12/2025			588		546
Wells Fargo & Company 0.805% 5/19/2025 (USD-SOFR + 0.51% on 5/19/2024)¹			400		375
Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)¹			200		189
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)¹			150		147
Westpac Banking Corp. 3.735% 8/26/2025			125		122
Willis North America, Inc. 3.60% 5/15/2024			464		452
					13,425

Health care 5.51%
AbbVie, Inc. 2.60% 11/21/2024			820		785
AmerisourceBergen Corp. 3.25% 3/1/2025			210		202
Amgen, Inc. 3.625% 5/22/2024			65		64
Amgen, Inc. 1.90% 2/21/2025			340		319
Anthem, Inc. 2.375% 1/15/2025			85		81
AstraZeneca Finance, LLC 0.70% 5/28/2024			70		66
Baxter International, Inc. 1.322% 11/29/2024			135		126
Becton, Dickinson and Company 3.363% 6/6/2024			105		103
Becton, Dickinson and Company 3.734% 12/15/2024			60		59
Boston Scientific Corp. 3.45% 3/1/2024			40		39
Boston Scientific Corp. 1.90% 6/1/2025			85		79
Bristol-Myers Squibb Company 2.90% 7/26/2024			25		24
CVS Health Corp. 2.625% 8/15/2024			325		312
DH Europe Finance II SARL 2.20% 11/15/2024			30		29
Elevance Health, Inc. 3.35% 12/1/2024			145		141
Eli Lilly and Company 2.75% 6/1/2025			205		196
GE Healthcare Holding, LLC 5.55% 11/15/2024²			100		100
Gilead Sciences, Inc. 3.70% 4/1/2024			160		157
HCA, Inc. 5.375% 2/1/2025			535		535
Humana, Inc. 3.85% 10/1/2024			340		333
Johnson & Johnson 0.55% 9/1/2025			180		163
Laboratory Corporation of America Holdings 3.60% 2/1/2025			270		262
Merck & Co., Inc. 2.75% 2/10/2025			125		120
Novartis Capital Corp. 3.40% 5/6/2024			55		54
Roche Holdings, Inc. 2.314% 3/10/2027²			200		182
Thermo Fisher Scientific, Inc. 1.215% 10/18/2024			185		174
UnitedHealth Group, Inc. 5.15% 10/15/2025			125		127
UnitedHealth Group, Inc. 5.25% 2/15/2028			75		77
Zoetis, Inc. 5.40% 11/14/2025			25		25
					4,934

38	Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Communication services 4.83%
AT&T, Inc. 0.90% 3/25/2024		USD	780	$	741
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2/1/2024			220		217
Charter Communications Operating, LLC 4.908% 7/23/2025			435		427
Comcast Corp. 3.70% 4/15/2024			250		246
Comcast Corp. 3.375% 2/15/2025			280		272
Comcast Corp. 5.25% 11/7/2025			150		152
Netflix, Inc. 5.875% 2/15/2025			500		507
T-Mobile US, Inc. 3.50% 4/15/2025			675		650
Verizon Communications Inc. 3.50% 11/1/2024			195		190
Verizon Communications, Inc. 0.75% 3/22/2024			220		209
Verizon Communications, Inc. 3.376% 2/15/2025			65		63
WarnerMedia Holdings, Inc. 3.528% 3/15/2024²			495		480
WarnerMedia Holdings, Inc. 3.788% 3/15/2025²			175		167
					4,321

Utilities 4.81%
Alabama Power Co. 3.55% 12/1/2023			65		64
CenterPoint Energy, Inc. 2.40% 9/1/2026			65		60
DTE Electric Co. 3.65% 3/15/2024			470		462
Duke Energy Corp. 5.00% 12/8/2025			125		125
Edison International 4.70% 8/15/2025			320		313
Entergy Louisiana, LLC 0.95% 10/1/2024			645		601
Florida Power & Light Company 3.25% 6/1/2024			125		122
Florida Power & Light Company 3.125% 12/1/2025			155		150
Jersey Central Power & Light Co. 4.70% 4/1/2024²			310		306
Jersey Central Power & Light Co. 4.30% 1/15/2026²			190		184
NiSource, Inc. 0.95% 8/15/2025			130		117
Oncor Electric Delivery Company, LLC 2.75% 6/1/2024			440		426
Pacific Gas and Electric Co. 3.75% 2/15/2024			220		216
Pacific Gas and Electric Co. 3.45% 7/1/2025			335		317
Public Service Electric and Gas Co. 3.25% 9/1/2023			95		94
Public Service Electric and Gas Co. 3.00% 5/15/2025			140		134
Southern California Edison Co. 4.20% 6/1/2025			255		251
Southern California Edison Co. 5.85% 11/1/2027			35		36
Southwestern Public Service Co. 3.30% 6/15/2024			130		127
Virginia Electric and Power Co. 3.10% 5/15/2025			210		202
					4,307

Consumer staples 3.97%
7-Eleven, Inc. 0.80% 2/10/2024²			395		376
Altria Group, Inc. 2.35% 5/6/2025			45		42
British American Tobacco PLC 3.222% 8/15/2024			135		130
Conagra Brands, Inc. 4.30% 5/1/2024			635		627
Constellation Brands, Inc. 4.35% 5/9/2027			150		146
General Mills, Inc. 5.241% 11/18/2025			60		60
Mondelez International, Inc. 1.50% 5/4/2025			255		236
Nestle Holdings, Inc. 4.00% 9/12/2025²			205		202
PepsiCo, Inc. 2.75% 4/30/2025			265		254
Philip Morris International, Inc. 2.875% 5/1/2024			40		39
Philip Morris International, Inc. 5.125% 11/15/2024			225		226
Philip Morris International, Inc. 1.50% 5/1/2025			160		148
Philip Morris International, Inc. 5.00% 11/17/2025			245		246
Philip Morris International, Inc. 5.125% 11/17/2027			88		89
Procter & Gamble Company 0.55% 10/29/2025			340		305
Reynolds American, Inc. 4.45% 6/12/2025			400		392
Wal-Mart Stores, Inc. 3.90% 9/9/2025			30		30
					3,548

Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Industrials 3.87%
Boeing Company 2.80% 3/1/2024		USD	125	$	121
Boeing Company 4.875% 5/1/2025			565		561
Boeing Company 2.196% 2/4/2026			125		114
Burlington Northern Santa Fe, LLC 3.40% 9/1/2024			125		122
Canadian Pacific Railway, Ltd. 1.35% 12/2/2024			405		378
Carrier Global Corp. 2.242% 2/15/2025			270		255
CSX Corp. 3.40% 8/1/2024			300		293
Eaton Corp. 6.50% 6/1/2025			65		67
General Dynamics Corp. 3.25% 4/1/2025			95		92
Honeywell International, Inc. 1.35% 6/1/2025			280		259
Lockheed Martin Corp. 4.95% 10/15/2025			205		207
Norfolk Southern Corp. 3.85% 1/15/2024			50		49
Northrop Grumman Corp. 2.93% 1/15/2025			325		312
Union Pacific Corp. 3.646% 2/15/2024			95		94
Union Pacific Corp. 3.25% 1/15/2025			135		131
United Technologies Corp. 3.95% 8/16/2025			415		406
					3,461

Information technology 3.23%
Adobe, Inc. 1.90% 2/1/2025			65		61
Analog Devices, Inc. 2.95% 4/1/2025			160		154
Apple, Inc. 2.50% 2/9/2025			125		120
Apple, Inc. 0.55% 8/20/2025			415		375
Broadcom Corp. 3.625% 1/15/2024			155		152
Broadcom Corp. 3.125% 1/15/2025			165		159
Broadcom, Inc. 3.625% 10/15/2024			202		197
Broadcom, Inc. 3.15% 11/15/2025			180		171
Global Payments, Inc. 1.50% 11/15/2024			65		60
Global Payments, Inc. 2.65% 2/15/2025			265		250
Mastercard, Inc. 3.375% 4/1/2024			100		98
Microsoft Corp. 2.875% 2/6/2024			45		44
Microsoft Corp. 2.70% 2/12/2025			360		346
Oracle Corp. 2.40% 9/15/2023			125		123
Oracle Corp. 3.40% 7/8/2024			115		112
Oracle Corp. 2.50% 4/1/2025			385		363
salesforce.com, inc. 0.625% 7/15/2024			5		5
Visa, Inc. 3.15% 12/14/2025			105		101
					2,891

Energy 2.88%
Baker Hughes Holdings, LLC 1.231% 12/15/2023			50		48
BP Capital Markets America, Inc. 3.796% 9/21/2025			55		54
Canadian Natural Resources, Ltd. 3.80% 4/15/2024			270		265
Canadian Natural Resources, Ltd. 2.05% 7/15/2025			50		47
Chevron Corp. 2.895% 3/3/2024			45		44
Chevron USA, Inc. 0.687% 8/12/2025			345		312
ConocoPhillips Co. 2.125% 3/8/2024			200		193
Continental Resources, Inc. 3.80% 6/1/2024			70		68
Energy Transfer Operating, LP 5.875% 1/15/2024			125		125
Energy Transfer, LP 3.90% 5/15/2024			325		317
EQT Corp. 6.125% 2/1/2025¹			75		75
Exxon Mobil Corp. 2.0019% 8/16/2024			130		125
Exxon Mobil Corp. 2.992% 3/19/2025			330		318
MPLX LP 4.875% 12/1/2024			185		184
ONEOK, Inc. 2.75% 9/1/2024			65		62
Shell International Finance BV 3.25% 5/11/2025			230		223
Total Capital International 3.75% 4/10/2024			45		44
Total Capital International 2.434% 1/10/2025			75		72
					2,576

40	Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary 2.84%
Amazon.com, Inc. 0.80% 6/3/2025		USD	210	$	192
Amazon.com, Inc. 4.60% 12/1/2025			50		50
Bayerische Motoren Werke AG 3.80% 4/6/2023²			65		65
Bayerische Motoren Werke AG 3.90% 4/9/2025²			205		201
General Motors Financial Co. 1.20% 10/15/2024			500		463
General Motors Financial Co. 2.75% 6/20/2025			5		4
Home Depot, Inc. 3.75% 2/15/2024			125		124
Home Depot, Inc. 2.70% 4/15/2025			45		43
Home Depot, Inc. 4.00% 9/15/2025			60		59
Hyundai Capital America 1.80% 10/15/2025²			65		58
Lowe’s Companies, Inc. 4.40% 9/8/2025			80		79
Marriott International, Inc. 3.60% 4/15/2024			270		265
Marriott International, Inc. 5.75% 5/1/2025			195		197
McDonald’s Corp. 3.50% 7/1/2027			100		95
Mercedes-Benz Finance North America, LLC 5.50% 11/27/2024²			150		151
Toyota Motor Credit Corp. 0.50% 6/18/2024			525		493
					2,539

Real estate 1.85%
American Tower Corp. 5.00% 2/15/2024			305		304
Corporate Office Properties, LP 2.25% 3/15/2026			65		57
Equinix, Inc. 2.625% 11/18/2024			185		176
Equinix, Inc. 1.00% 9/15/2025			374		335
Public Storage 0.875% 2/15/2026			90		80
Scentre Group 3.50% 2/12/2025²			315		302
Sun Communities Operating, LP 2.30% 11/1/2028			25		21
VICI Properties, LP 4.625% 6/15/2025²			395		379
					1,654

Materials 0.97%
Anglo American Capital PLC 3.625% 9/11/2024²			205		198
Dow Chemical Co. 4.55% 11/30/2025			65		65
Glencore Funding, LLC 1.625% 4/27/2026²			65		57
International Flavors & Fragrances, Inc. 1.23% 10/1/2025²			285		252
Linde, Inc. 4.70% 12/5/2025			40		40
LYB International Finance III, LLC 1.25% 10/1/2025			85		76
Nutrien, Ltd. 5.95% 11/7/2025			29		30
Sherwin-Williams Company 4.05% 8/8/2024			155		153
					871

Total corporate bonds, notes & loans					44,527

Mortgage-backed obligations 33.11%
Federal agency mortgage-backed obligations 14.52%
Uniform Mortgage-Backed Security 5.00% 3/1/2053^3,4			6,500		6,401
Uniform Mortgage-Backed Security 6.00% 3/1/2053^3,4			6,500		6,585
					12,986

Commercial mortgage-backed securities 13.46%
BX Commercial Mortgage Trust 2019-XL, Class A, (1-month USD-LIBOR + 0.92%) 5.370% 10/15/2036^2,3			151		149
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 5.268% 9/15/2036^2,3			189		179
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/2039^2,3			198		197
BX Trust, Series 2022-PSB, Class C, (1-month USD CME Term SOFR + 3.697%) 8.033% 8/15/2039^2,3			198		197
Citigroup Commercial Mortgage Trust, Series 2013-CG15, Class A4, 4.371% 9/10/2046³			830		822
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A4, 3.635% 10/10/2047³			325		313
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314% 4/10/2049³			270		252
Commercial Mortgage Trust, Series 2014-CR20, Class A4, 3.59% 11/10/2047³			500		482
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/2050³			445		427

Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 5.238% 7/15/2025^2,3		USD	457	$	446
GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931% 9/10/2047³			808		781
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (1-month USD CME Term SOFR + 2.245%) 6.581% 10/15/2039^2,3			200		200
INTOWN Mortgage Trust, Series 2022-STAY, Class A, (1-month USD CME Term SOFR + 2.489%) 6.283% 8/15/2039³			200		199
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class A4, 4.166% 12/15/2046³			395		389
LUXE Commercial Mortgage Trust, Series 21-TRIP, Class C, (1-month USD-LIBOR + 1.75%) 6.068% 10/15/2038^2,3			250		233
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.198% 8/15/2046³			200		197
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A-4, 4.039% 11/15/2046³			200		196
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/2047³			880		853
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class AS, 4.110% 10/15/2047³			592		565
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21, Class A4, 3.338% 3/15/2048³			200		190
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class A-4, 3.372% 10/15/2048³			305		289
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048³			550		505
Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class A5, 3.451% 2/15/2048³			755		719
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A5, 3.817% 8/15/2050³			500		486
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS-2, Class A-5, 3.767% 7/15/2058³			715		681
Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426% 3/15/2059³			541		508
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101% 3/15/2047³			520		509
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class B, 4.723% 3/15/2047³			615		588
WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class A4, 3.488% 9/15/2057³			297		287
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/2027^2,3			206		206
					12,045

Collateralized mortgage-backed obligations (privately originated) 5.13%
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059^2,3			122		115
CIM Trust, Series 2018-R3, Class A1, 5.00% 12/25/2057^2,3			120		117
Connecticut Avenue Securities, Series 2014-C04, Class 1M2, (1-month USD-LIBOR + 4.90%) 9.289% 11/25/2024³			197		202
Connecticut Avenue Securities, Series 2016-C02, Class 1M2, (1-month USD-LIBOR + 6.00%) 10.389% 9/25/2028³			185		192
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 7.689% 10/25/2027³			113		114
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/2028³			96		100
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA1, Class M3, (1-month USD-LIBOR + 5.55%) 9.939% 7/25/2028³			278		291
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M3, (1-month USD-LIBOR + 5.00%) 9.389% 12/25/2028³			212		219
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/2042^2,3			246		245
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 6.878% 6/25/2042^2,3			62		63
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/2050^2,3			245		245
Imperial Fund, LLC, Series 2022-NQM7, Class A1, 7.369% 11/25/2067 (8.369% on 11/25/2026)^1,2,3			349		359
Mill City Mortgage Trust, Series 2019-GS2, Class A1, 2.750% 8/25/2059^2,3			441		414

42	Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Mill City Mortgage Trust, Series 2019-1, Class A1, 3.250% 10/25/2069^2,3		USD	194	$	184
New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.750% 7/25/2059^2,3			51		48
NewRez Warehouse Securitization Trust, Series 2021-1, Class B, (1-month USD-LIBOR + 0.90%) 5.289% 5/25/2055^2,3			500		491
Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.750% 10/25/2056^2,3			145		143
Towd Point Mortgage Trust, Series 2017-2, Class A4, 3.316% 4/25/2057^2,3			341		328
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.750% 7/25/2057^2,3			507		495
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.750% 10/25/2057^2,3			231		221
					4,586

Total mortgage-backed obligations					29,617

Asset-backed obligations 12.43%
Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 2/20/2027^2,3			350		318
American Credit Acceptance Receivables Trust, Series 2022-4, Class A, 6.20% 5/13/2026^2,3			154		154
American Express Credit Account Master Trust, Series 2022-4, Class A, 4.95% 10/15/2027³			171		172
Avis Budget Rental Car Funding AESOP, LLC, Series 2022-5, Class A, 6.12% 4/20/2027^2,3			118		118
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/2028³			238		241
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/2027³			181		183
CarMaxAuto Owner Trust, Series 2022-4, Class A2A, 5.34% 12/15/2025³			145		145
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060^2,3			454		406
CPS Auto Receivables Trust, Series 2021-B, Class C, 1.23% 3/15/2027^2,3			520		505
Discover Card Execution Note Trust, Series 2022-4, Class A, 5.03% 10/15/2027³			176		178
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 7/15/2025³			10		10
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/2026^2,3			400		387
DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/2027^2,3			200		196
Dryden Senior Loan Fund, CLO, Series 2018-57, Class A, (3-month USD-LIBOR + 1.01%) 5.616% 5/15/2031^2,3			300		296
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029^2,3			230		231
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025³			44		44
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/2026³			561		539
Exeter Automobile Receivables Trust, Series 2022-6, Class B, 6.03% 8/16/2027³			77		77
Exeter Automobile Receivables Trust, Series 2022-6, Class C, 6.32% 5/15/2028³			193		193
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.968% 10/19/2037^2,3			325		285
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/2026^2,3			196		197
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040^2,3			226		201
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041^2,3			257		223
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035^2,3			135		138
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025^2,3			200		185
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/2026^2,3			350		322
Madison Park Funding, Ltd., CLO, Series 2021-50A, Class A, (3-month USD-LIBOR + 1.14%) 5.367% 4/19/2034^2,3			300		293
Neuberger Berman CLO, Ltd., Series 2017-25, Class AR, (3-month USD-LIBOR + 0.93%) 5.124% 10/18/2029^2,3			500		494
Palmer Square Loan Funding, CLO, Series 2021-3, Class A1, (3-month USD-LIBOR + 0.80%) 5.043% 7/20/2029^2,3			304		300
Palmer Square, Ltd., Series 2013-2A, Class A1A3, (3-month USD-LIBOR + 1.00%) 5.079% 10/17/2031^2,3			250		246
PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 2.450% 1/20/2031^2,3			298		298
RRAM, CLO, Series 2018-3, Class A1R2, (3-month USD-LIBOR + 1.09%) 5.169% 1/15/2030^2,3			300		297
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/2026³			200		195
Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.75% 4/15/2027³			84		85
Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95% 1/17/2028³			33		33
Santander Drive Auto Receivables Trust, Series 2022-1, Class C, 2.56% 4/17/2028³			200		191
Sound Point CLO, Ltd., Series 2013-3R, Class A, (3-month USD-LIBOR + 1.15%) 5.344% 4/18/2031^2,3			300		293
Stratus Static CLO, Ltd., Series 2021-2, Class A, (3-month USD-LIBOR + 0.90%) 5.143% 12/28/2029^2,3			267		263

Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 6.678% 10/20/2031^2,3		USD	250	$	250
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045^2,3			382		336
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046^2,3			282		240
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031^2,3			250		241
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045^2,3			404		347
Verizon Master Trust, Series 2022-7, Class A1A, 5.23% 11/22/2027 (5.98% on 11/20/2024)^1,3			339		341
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/2026^2,3			140		140
Wind River CLO, Ltd., Series 2014-2, Class AR, (3-month USD-LIBOR + 1.14%) 5.219% 1/15/2031^2,3			300		294
					11,121

U.S. Treasury bonds & notes 0.20%
U.S. Treasury 0.20%
U.S. Treasury 4.50% 11/30/2024⁵			180		180

Total bonds, notes & other debt instruments (cost: $85,254,000)					85,445

Short-term securities 14.70%			Shares
Money market investments 14.70%
Capital Group Central Cash Fund 4.31%^6,7			131,478		13,146

Total short-term securities (cost: $13,147,000)					13,146
Total investment securities 110.21% (cost: $98,401,000)					98,591
Other assets less liabilities (10.21)%					(9,133	)

Net assets 100.00%				$	89,458

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

														Unrealized
											Upfront			(depreciation)
Receive		Pay			Notional		Value at				premium			appreciation
	Payment		Payment	Expiration	amount		12/31/2022				paid			at 12/31/2022
Rate	frequency	Rate	frequency	date	(000)		(000)				(000)				(000)
4.4365%	Annual	SOFR	Annual	12/29/2024	USD	19,500		$	(11	)		$	—		$	(11	)
SOFR	Annual	4.4605%	Annual	1/4/2025		4,500			—				—			—
SOFR	Annual	3.252	Annual	12/27/2032		4,200			73				—			73
SOFR	Annual	3.433	Annual	12/28/2032		530			5				—			5
								$	67			$	—		$	67

Investments in affiliates⁷

	Value of affiliate at 10/25/2022⁸ (000)		Additions (000)		Reductions (000)		Net realized gain (000)			Net unrealized depreciation (000)			Value of affiliate at 12/31/2022 (000)		Dividend income (000)
Short-term securities 14.70%
Money market investments 14.70%
Capital Group Central Cash Fund 4.31%⁶	$	—	$	40,979	$	27,832	$	—	⁹	$	(1	)	$	13,146	$	46

44	Capital Group Fixed Income ETF Trust

Capital Group Short Duration Income ETF (continued)

¹	Step bond; coupon rate may change at a later date.
²	Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $19,062,000, which represented 21.31% of the net assets of the fund.
³	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁴	Purchased on a TBA basis.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $180,000, which represented .20% of the net assets of the fund.
⁶	Rate represents the seven-day yield at December 31, 2022.
⁷	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁸	Commencement of operations.
⁹	Amount less than one thousand.

Key to abbreviations

BA = Banker’s acceptances
CLO = Collateralized Loan Obligations
CME = CME Group
DAC = Designated Activity Company
LIBOR = London Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD = U.S. dollars

Refer to the notes to financial statements.

Capital Group Fixed Income ETF Trust

Financial statements

Statements of assets and liabilities
at December 31, 2022	(dollars and shares in thousands, except per-share amount)

	Core Plus Income ETF			Municipal Income ETF		U.S. Multi-Sector Income ETF			Short Duration Income ETF
Assets:
Investment securities, at value:
Unaffiliated issuers	$	448,767		$	68,198	$	69,358		$	85,445
Affiliated issuers		49,881			—		20			13,146
Cash		—			1,530		—			184
Cash collateral pledged for futures contracts		—			—		307			—
Cash collateral pledged for swap contracts		—			—		894			35
Cash denominated in currencies other than U.S. dollars		—	*		—		—	*		—
Receivables for:
Sales of investments		5,117			—		1,504			18,107
Sales of fund’s shares		—			7,840		—			7,582
Dividends and interest		3,226			676		834			437
Variation margin on futures contracts		901			—		—			—
Variation margin on centrally cleared swap contracts		199			—		50			—	*
		508,091			78,244		72,967			124,936
Liabilities:
Bilateral interest rate swaps, at value		1			—		—			—
Payables for:
Purchases of investments		50,007			4,410		1,486			35,200
Dividends on fund’s shares		1,744			205		391			267
Investment advisory services		116			13		21			11
Variation margin on futures contract		934			—		—			—
Variation margin on centrally cleared swap contracts		202			—		—			—
Bank overdraft		259			—		254			—
		53,263			4,628		2,152			35,478
Net assets at December 31, 2022	$	454,828		$	73,616	$	70,815		$	89,458

Net assets consist of:
Capital paid in on shares of beneficial interest		482,652			72,460		69,849			89,240
Total (accumulated loss) distributable earnings		(27,824	)		1,156		966			218
Net assets at December 31, 2022	$	454,828		$	73,616	$	70,815		$	89,458

Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Net assets	$	454,828		$	73,616	$	70,815		$	89,458
Shares outstanding		20,464			2,820		2,760			3,540
Net asset value per share	$	22.23		$	26.11	$	25.66		$	25.27

Investment securities, at cost:
Unaffiliated issuers	$	460,080		$	67,050	$	68,498		$	85,254
Affiliated issuers		49,878			—		20			13,147
Cash denominated in currencies other than U.S. dollars, at cost		—	*		—		—	*		—

*	Amount less than one thousand.

Refer to the notes to financial statements.

46	Capital Group Fixed Income ETF Trust

Financial statements (continued)

Statements of operations
for the period ended December 31, 2022	(dollars in thousands)

	Core Plus Income ETF¹			Municipal Income ETF²			U.S. Multi-Sector Income ETF²			Short Duration Income ETF²
Investment income:
Income (net of non-U.S. taxes³):
Interest from unaffiliated issuers	$	8,458		$	317		$	672		$	362
Dividends from affiliated issuers		1,249			—			28			46
		9,707			317			700			408
Fees and expenses:
Investment advisory services		721			22			42			21
Net investment income		8,986			295			658			387

Net realized loss and unrealized (depreciation) appreciation:
Net realized (loss) gain³on:
Investments in:
Unaffiliated issuers		(14,732	)		75			11			(15	)
Affiliated issuers		—	⁴		—			1			—	⁴
Futures contracts		(2,147	)		(76	)		33			44
Forward currency contracts		(532	)		—			—			—
Swap contracts		(37	)		—			(60	)		(79	)
		(17,448	)		(1	)		(15	)		(50	)
Net unrealized (depreciation) appreciation³on:
Investments in:
Unaffiliated issuers		(11,313	)		1,148			860			191
Affiliated issuers		3			—			—	⁴		(1	)
Futures contracts		35			—			—			—
Swap contracts		187			—			87			67
Currency translations		—	⁴		—			(1	)		—
		(11,088	)		1,148			946			257
Net realized loss and unrealized (depreciation) appreciation		(28,536	)		1,147			931			207
Net (decrease) increase in net assets resulting from operations	$	(19,550	)	$	1,442		$	1,589		$	594

¹	For the period February 22, 2022, commencement of operations, to December 31, 2022.
²	For the period October 25, 2022, commencement of operations, to December 31, 2022.
³	Additional information related to non-U.S. taxes is included in the notes to financial statements.
⁴	Amount less than one thousand.

Refer to the notes to financial statements.

Capital Group Fixed Income ETF Trust

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Core Plus Income ETF			Municipal Income ETF			U.S. Multi-Sector Income ETF			Short Duration Income ETF
	Period ended December 31, 2022*			Period ended December 31, 2022^†			Period ended December 31, 2022^†			Period ended December 31, 2022^†
Operations:
Net investment income	$	8,986		$	295		$	658		$	387
Net realized loss		(17,448	)		(1	)		(15	)		(50	)
Net unrealized (depreciation) appreciation		(11,088	)		1,148			946			257
Total (decrease) increase in net assets resulting from operations		(19,550	)		1,442			1,589			594

Distributions paid to shareholders		(8,274	)		(286	)		(623	)		(376	)

Net capital share transactions		482,652			72,460			69,849			89,240

Total increase in net assets		454,828			73,616			70,815			89,458

Net assets:
Beginning of period		—			—			—			—
End of period	$	454,828		$	73,616		$	70,815		$	89,458

*	For the period February 22, 2022, commencement of operations, to December 31, 2022.
^†	For the period October 25, 2022, commencement of operations, to December 31, 2022.

Refer to the notes to financial statements.

48	Capital Group Fixed Income ETF Trust

Notes to financial statements

1. Organization

Capital Group Fixed Income ETF Trust (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The series was organized on January 12, 2021, as a Delaware statutory trust. The series consists of four non-diversified exchange-traded funds: Capital Group Core Plus Income ETF (“Core Plus Income ETF”), Capital Group Municipal Income ETF (“Municipal Income ETF”), Capital Group U.S. Multi-Sector Income ETF (“U.S. Multi-Sector Income ETF”), and Capital Group Short Duration Income ETF (“Short Duration Income ETF”) (each a “fund”, or collectively, the “funds”). The funds’ fiscal year end is December 31.

The investment objective(s) for each fund are as follows:

Core Plus Income ETF — To provide current income and maximum total return, consistent with preservation of capital.

Municipal Income ETF — To provide a high level of current income exempt from regular federal income tax, consistent with the preservation of capital.

U.S. Multi-Sector Income ETF — To provide a high level of current income. The secondary objective is to provide capital appreciation.

Short Duration Income ETF — To provide current income, consistent with a short duration profile and with the preservation of capital.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the funds’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in each fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

Capital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The funds’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Capital Group Fixed Income ETF Trust

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class		Examples of standard inputs
All		Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities		Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies		Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations		Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities		Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the funds’ investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from one or more pricing vendors. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the funds’ investment adviser and approved by each fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — Each fund’s board of trustees has designated the funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. Each fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.

50	Capital Group Fixed Income ETF Trust

The funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

Classifications — The funds’ investment adviser classifies each fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of December 31, 2022 (dollars in thousands):

Core Plus Income ETF

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—	$	164,048	$	—	$	164,048
Corporate bonds, notes & loans		—		136,677		—		136,677
U.S. Treasury bonds & notes		—		107,771		—		107,771
Asset-backed obligations		—		29,371		3,964		33,335
Bonds & notes of governments & government agencies outside the U.S.		—		6,936		—		6,936
Short-term securities		49,881		—		—		49,881
Total	$	49,881	$	444,803	$	3,964	$	498,648

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	419		$	—		$	—	$	419
Unrealized appreciation on centrally cleared interest rate swaps		—			185			—		185
Unrealized appreciation on credit default swaps		—			3			—		3
Liabilities:
Unrealized depreciation on futures contracts		(384	)		—			—		(384	)
Unrealized depreciation on bilateral interest rate swaps		—			(1	)		—		(1	)
Total	$	35		$	187		$	—	$	222

*	Futures contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.

Municipal Income ETF

As of December 31, 2022, all of the fund’s investment securities were classified as Level 2.

U.S. Multi-Sector Income ETF

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	53,151	$	—	$	53,151
Mortgage-backed obligations		—		6,685		—		6,685
Asset-backed obligations		—		5,055		1,000		6,055
U.S. Treasury bonds & notes		—		526		—		526
Short-term securities		20		2,941		—		2,961
Total	$	20	$	68,358	$	1,000	$	69,378

Capital Group Fixed Income ETF Trust

	Other investments*
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on centrally cleared interest rate swaps	$	—	$	67	$	—	$	67
Unrealized appreciation on credit default swaps		—		20		—		20
Total	$	—	$	87	$	—	$	87

*	Interest rate swaps and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the period ended December 31, 2022 (dollars in thousands):

	Beginning value at 10/25/2022		Transfers into Level 3*		Purchases		Sales		Net realized gain		Unrealized appreciation^†		Transfers out of Level 3*		Ending value at 12/31/2022
Investment securities	$	—	$	—	$	1,000	$	—	$	—	$	—	$	—	$	1,000
Net unrealized appreciation during the period on Level 3 investment securities held at December 31, 2022															$	—

*	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
^†	Net unrealized appreciation is included in the related amounts on investments in the fund’s statement of operations.

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

Value at
12/31/2022
(000)

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average*

Impact to
valuation from
an increase in
input^†

Bonds, notes & other debt instruments

$ 1,000

Transaction

Transaction price

N/A

*	Weighted average is by relative fair value.
^†	This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Short Duration Income ETF

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	44,527	$	—	$	44,527
Mortgage-backed obligations		—		29,617		—		29,617
Asset-backed obligations		—		11,121		—		11,121
U.S. Treasury bonds & notes		—		180		—		180
Short-term securities		13,146		—		—		13,146
Total	$	13,146	$	85,445	$	—	$	98,591


	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on centrally cleared interest rate swaps	$	—	$	78		$	—	$	78
Liabilities:
Unrealized depreciation on centrally cleared interest rate swaps		—		(11	)		—		(11	)
Total	$	—	$	67		$	—	$	67

*	Interest rate swaps are not included in the investment portfolio.

52	Capital Group Fixed Income ETF Trust

4. Risk factors

Investing in each fund may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the securities held by a fund may decline due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Events (including public health emergencies, such as the spread of infectious disease) and other circumstances in one country or region could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives and the market response to any such initiatives.

Investing in municipal securities — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of a fund’s investments in municipal securities may be adversely affected by events tied to the municipal securities markets, which can be very volatile and significantly impacted by unfavorable legislative or political developments and negative changes in the financial conditions of municipal securities issuers and the economy. To the extent a fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of a fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by a fund could also be declared taxable because of changes in tax laws or interpretations by taxing authorities or as a result of noncompliant conduct of a municipal issuer. Additionally, the relative amount of publicly available information about municipal securities is generally less than that for corporate securities.

Alternative minimum tax — A fund may invest in securities that may be subject to federal alternative minimum tax. Therefore, while a fund’s distributions from tax-exempt securities are not subject to regular federal income tax, a portion or all of the distributions may be included in determining a shareholder’s federal alternative minimum tax.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund’s securities could cause the net asset value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities.

Capital Group Fixed Income ETF Trust

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and a fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in similar municipal bonds — Investing significantly in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries may make a fund more susceptible to certain economic, political or regulatory occurrences. As a result, a fund has greater risk of volatility, and greater risk of loss, from these investments.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates —i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that a fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

54	Capital Group Fixed Income ETF Trust

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, a fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

Exposure to country, region, industry or sector — Subject to each fund’s investment limitations, a fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause the fund to be more impacted by risks relating to and developments affecting the country, region, industry or sector, and thus its net asset value may be more volatile, than a fund without such levels of exposure. For example, if a fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the fund than on a fund that is more geographically diversified.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes. Further, there may be increased risks of delayed settlement of securities purchased or sold by a fund, which could impact the liquidity of the fund’s portfolio.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy in a manner that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for a fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa.

Capital Group Fixed Income ETF Trust

Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

Portfolio turnover — A fund may engage in frequent and active trading of its portfolio securities. Higher portfolio turnover may involve correspondingly greater transaction costs in the form of dealer spreads, brokerage commissions and other transaction costs on the sale of securities and on reinvestment in other securities. The sale of portfolio securities may also result in the realization of net capital gains, which are taxable when distributed to shareholders, unless the shareholder is exempt from taxation or the shareholder’s account is tax-favored. These costs and tax effects may adversely affect a fund’s returns to shareholders. A fund’s portfolio turnover rate may vary from year to year, as well as within a year.

Market trading — The funds’ shares are listed for trading on an exchange and are bought and sold on the secondary market at market prices. The market prices of fund shares are expected to fluctuate, in some cases materially, in response to changes in a fund’s net asset value (“NAV”), the intraday value of a fund’s holdings, and supply and demand for a fund’s shares. The existence of significant market volatility, disruptions to creations and redemptions, or potential lack of an active trading market for fund shares (including through a trading halt), among other factors, may result in the shares trading significantly above (at a premium) or below (at a discount) to the fund’s NAV and bid-ask spreads may widen. Purchasing a fund’s shares when its market price is at a premium or selling a fund’s shares when its market price is at a discount, may result in paying more than, or receiving less than, NAV, respectively.

Foreign securities held by a fund may be traded in markets that close at a different time than the exchange on which the fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when a fund’s exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the fund’s exchange and the corresponding premium or discount to the fund’s NAV may widen.

Authorized participant concentration — Only authorized participants may engage in creation or redemption transactions directly with a fund, and none of them is obligated to do so. A fund has a limited number of institutions that may act as authorized participants. If authorized participants exit the business or are unable to or elect not to engage in creation or redemption transactions, and no other authorized participant engages in such function, fund shares may trade at a premium or discount to NAV and/or at wider intraday bid-ask spreads and possibly face trading halts or delisting.

Nondiversification — As nondiversified funds, each fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if each fund were invested in a larger number of issuers. Each fund’s share price can be expected to fluctuate more than might be the case if the fund were more broadly diversified.

Cash transactions — Each fund currently expects to effect at least part of its creations and redemptions for cash rather than in-kind securities. When a fund effects redemptions partly or wholly for cash, rather than in-kind, the fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. If a fund realizes gains on these sales, the fund generally will be required to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. This strategy may cause shareholders to be subject to tax from distributions to which they would not otherwise be subject. The use of cash creations and redemptions may also cause a fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the fund’s NAV. As a result of such cash transactions, a fund could incur brokerage costs which, to the extent not offset by transaction fees that are payable by an authorized participant, may reduce the fund’s NAV.

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

56	Capital Group Fixed Income ETF Trust

5. Certain investment techniques

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund’s financial highlights table.

Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM“), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations.

Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The fund’s investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the funds’ investment adviser values forward currency contracts and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward currency contract is closed or offset by another contract with the same broker for the same settlement date and currency.

Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Swap contracts — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

Capital Group Fixed Income ETF Trust

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds’ statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds’ statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund’s statement of operations. Swap agreements can take different forms. Some of the funds entered into the following types of swap agreements:

Interest rate swaps — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the funds’ portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds’ current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

Credit default swap indices — The fund has entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSIs”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

Futures
contracts

Forward
currency
contracts

Interest
rate
swaps

Credit
default
swaps

Core Plus Income ETF

$138,340

$4,631

$25,154

$6,750

Municipal Income ETF

2,034

Not applicable

U.S. Multi-Sector Income ETF

23,629

Not applicable

22,850

1,485

Short Duration Income ETF

15,266

Not applicable

19,665

Not applicable

*	No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

58	Capital Group Fixed Income ETF Trust

The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and the effect on each fund’s statement of operations resulting from each fund’s use of futures contracts, forward currency contracts, interest rate swaps and credit default swaps as of, or for the period ended, December 31, 2022 (dollars in thousands):

Core Plus Income ETF

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	419		Unrealized depreciation*	$	384
Swap (centrally cleared)	Interest	Unrealized appreciation*		185		Unrealized depreciation*		—
Swap (bilateral)	Interest	Bilateral interest rate swaps, at value		—		Bilateral interest rate swaps, at value		1
Swap (centrally cleared)	Credit	Unrealized appreciation*		3		Unrealized depreciation*		—
			$	607			$	385

		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(2,147	)	Net unrealized appreciation on futures contracts	$	35
Forward currency	Currency	Net realized gain on forward currency contracts		(532	)	Net unrealized appreciation on forward currency contracts		—
Swap	Interest	Net realized loss on swap contracts		(94	)	Net unrealized appreciation on swap contracts		184
Swap	Credit	Net realized gain on swap contracts		57		Net unrealized appreciation on swap contracts		3
			$	(2,716	)		$	222

Municipal Income ETF

		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(76	)	Net unrealized appreciation on futures contracts	$	—
			$	(76	)		$	—

U.S. Multi-Sector Income ETF

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Swap (centrally cleared)	Interest	Unrealized appreciation*	$	67		Unrealized depreciation*	$	—
Swap (centrally cleared)	Credit	Unrealized appreciation*		20		Unrealized depreciation*		—
			$	87			$	—


Capital Group Fixed Income ETF Trust	59

		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	33		Net unrealized appreciation on futures contracts	$	—
Swap	Interest	Net realized loss on swap contracts		(60	)	Net unrealized appreciation on swap contracts		67
Swap	Credit	Net realized gain on swap contracts		—		Net unrealized appreciation on swap contracts		20
			$	(27	)		$	87

Short Duration Income ETF

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Swap (centrally cleared)	Interest	Unrealized appreciation*	$	78		Unrealized depreciation*	$	11
			$	78			$	11

		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	44		Net unrealized appreciation on futures contracts	$	—
Swap	Interest	Net realized loss on swap contracts		(79	)	Net unrealized appreciation on swap contracts		67
			$	(35	)		$	67


*	Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable tables following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.

Collateral — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For futures contracts centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts and bilateral interest rate swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counter-party. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts and/or bilateral interest rate swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

60	Capital Group Fixed Income ETF Trust

The following table presents each fund’s forward currency contracts and/or bilateral interest rate swaps by counterparty that are subject to master netting agreements but that are not offset in the funds’ statement of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of December 31, 2022, if close-out netting was exercised (dollars in thousands):

Core Plus Income ETF

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty		statement of assets and liabilities		Available to offset		Non-cash collateral		Cash collateral		Net amount
Liabilities:
Barclays Bank PLC	$	1	$	—	$	—	$	—	$	1

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; paydowns on fixed-income securities; net capital losses and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

	Core Plus Income ETF			Municipal Income ETF			U.S. Multi-Sector Income ETF			Short Duration Income ETF
Undistributed tax-exempt income	$	—		$	214		$	—		$	—
Undistributed ordinary income		1,880			—			436			258
Capital loss carryforward*		(16,682	)		(1	)		(5	)		(2	)
Gross unrealized appreciation on investments		3,204			1,291			1,300			283
Gross unrealized depreciation on investments		(14,366	)		(143	)		(374	)		(54	)
Net unrealized (depreciation) appreciation on investments		(11,162	)		1,148			926			229
Cost of investments		510,031			67,050			68,539			98,428


*	Each fund’s capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Capital Group Fixed Income ETF Trust

Distributions paid by each fund from commencement of operations to December 31, 2022, were characterized for tax purposes as follows (dollars in thousands):

	Year ended December 31, 2022
Fund	Ordinary income		Tax-exempt income		Long-term capital gains		Total distributions paid
Core Plus Income ETF	$	8,274	$	—	$	—	$	8,274
Municipal Income ETF		—		286		—		286
U.S. Multi-Sector Income ETF		623		—		—		623
Short Duration Income ETF		376		—		—		376

7. Fees and transactions

CRMC, the funds’ investment adviser, is the parent company of American Funds Distributors, Inc.^® (“AFD”), the principal underwriter of the fund’s’ shares. CRMC and AFD are considered related parties to the funds.

Investment advisory services – Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees, accrued daily. These fees are based on an annual rate of daily net assets as follows:

Fund	Annual rate
Core Plus Income ETF		0.34	%
Municipal Income ETF		0.27
U.S. Multi-Sector Income ETF		0.39
Short Duration Income ETF		0.25

Under the terms of the agreements, in addition to providing investment advisory services, the investment adviser and its affiliates provide certain administrative services to help assist third parties providing non-distribution services to the funds’ shareholders. These services include providing in-depth information on each fund and market developments that impact each fund’s investments. The agreement provides that the investment adviser will pay all ordinary operating expenses of each fund other than management fees, interest expenses, taxes, acquired fund fees and expenses, costs of holding shareholder meetings, legal fees and expenses relating to arbitration or litigation, payments under each fund’s plan of distribution (if any) and other non-routine or extraordinary expenses. Additionally, each fund will be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund’s securities lending program, if applicable.

Transfer agency and administration services – Each fund has entered into a transfer agency and service agreement and an administration agreement with State Street Bank and Trust Company (“State Street”). Under the terms of the transfer agency agreement, State Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent for each fund. Under the terms of the administration agreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for the maintenance and operations of each fund. The investment adviser bears the costs of services under these agreements.

Affiliated officers and trustees – Officers and certain trustees of each fund are or may be considered to be affiliated with CRMC and AFD. No affiliated officers or trustees received any compensation directly from any of the funds.

Investment in CCF — Each fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for each fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

Security transactions with related funds — Each fund may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by each fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. None of the funds engaged in any such purchase or sale transactions with any related funds during the period ended December 31, 2022.

62	Capital Group Fixed Income ETF Trust

Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the period ended December 31, 2022.

8. Indemnifications

Each fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, each fund may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against each fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to each fund’s board members and officers.

9. Capital share transactions

Each fund issues and redeems shares at NAV only with certain authorized participants in large increments known as creation units. Purchases of creation units are made by tendering a basket of designated securities and cash to a fund, and redemption proceeds are paid with a basket of securities from a fund’s portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per creation unit on the transaction date. The funds may issue creation units to authorized participants in advance of the delivery and settlement of all or a portion of the designated securities. When this occurs, the authorized participant provides cash collateral in an amount equal to 105% of the daily marked to market value of the securities that have not yet been delivered to the fund. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. Realized gains or losses resulting from redemptions of shares in-kind are reflected separately in each fund’s statement of operations.

Each fund’s shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming creation units of a fund. The transaction fee is used to defray the costs associated with the issuance and redemption of creation units. In addition, for cash creation unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the authorized participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in each fund’s statement of changes in net assets.

Capital Group Fixed Income ETF Trust

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Core Plus Income ETF

	Sales				Reinvestments of distributions				Repurchases				Net increase
	Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares

*For the period February 22, 2022, through December 31, 2022**

	$	482,652		20,464	$	—		—	$	—		—	$	482,652		20,464


Municipal Income ETF

		Sales				Reinvestments of distributions				Repurchases				Net increase
		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares

*For the period October 25, 2022, through December 31, 2022**

	$	72,460		2,820	$	—		—	$	—		—	$	72,460		2,820

U.S. Multi-Sector Income ETF

		Sales				Reinvestments of distributions				Repurchases				Net increase
		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares

*For the period October 25, 2022, through December 31, 2022**

	$	69,849		2,760	$	—		—	$	—		—	$	69,849		2,760

Short Duration Income ETF

		Sales				Reinvestments of distributions				Repurchases				Net increase
		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares

*For the period October 25, 2022, through December 31, 2022**

	$	89,240		3,540	$	—		—	$	—		—	$	89,240		3,540


*	Commencement of operations.

64	Capital Group Fixed Income ETF Trust

10. Investment transactions

The following table presents purchases and sales of investments, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, during the period ended December 31, 2022 (dollars in thousands):

Fund	Purchases		Sales
Core Plus Income ETF	$	119,313	$	12,842
Municipal Income ETF		54,719		225
U.S. Multi-Sector Income ETF		29,729		2,449
Short Duration Income ETF		27,634		349

The following table presents the value of securities received and delivered in-kind from the authorized participants to support creation and redemption transactions, if any, during the period ended December 31, 2022 (dollars in thousands):

Fund	In-kind creations		In-kind redemptions
Core Plus Income ETF	$	366,036	$	—
Municipal Income ETF		6,877		—
U.S. Multi-Sector Income ETF		36,934		—
Short Duration Income ETF		43,185		—


Capital Group Fixed Income ETF Trust	65

Financial highlights

			(Loss) income from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of year		Total return²			Net assets, end of year (in millions)		Ratio of expenses to average net assets³			Ratio of net income to average net assets
Core Plus Income ETF
12/31/2022^4,5	$	25.30	$	.83	$	(3.24	)	$	(2.41	)	$	(.66	)	$	—	$	(.66	)	$	22.23		(9.59	)%	$	455		.34	%⁶		4.24	%⁶
Municipal Income ETF
12/31/2022^4,7	$	25.00	$	.17	$	1.07		$	1.24		$	(.13	)	$	—	$	(.13	)	$	26.11		4.92	%	$	74		.05	%²		.67	%²
U.S. Multi-Sector Income ETF
12/31/2022^4,7	$	25.00	$	.29	$	.62		$	.91		$	(.25	)	$	—	$	(.25	)	$	25.66		3.63	%	$	71		.07	%²		1.13	%²
Short Duration Income ETF
12/31/2022^4,7	$	25.00	$	.22	$	.21		$	.43		$	(.16	)	$	—	$	(.16	)	$	25.27		1.73	%	$	89		.05	%²		.87	%²


Portfolio turnover rate excluding mortgage dollar roll transactions^8,9		Period ended December 31, 2022^2,4
Core Plus Income ETF⁵		172%
Municipal Income ETF⁷		1
U.S. Multi-Sector Income ETF⁷		6
Short Duration Income ETF ⁷		1

Portfolio turnover rate including mortgage dollar roll transactions^8,9		Period ended December 31, 2022^2,4
Core Plus Income ETF⁵		446%
Short Duration Income ETF ⁷		55


¹	Based on average shares outstanding.
²	Not annualized.
³	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
⁴	Based on operations for a period that is less than a full year.
⁵	For the period February 22, 2022, commencement of operations, through December 31, 2022.
⁶	Annualized.
⁷	For the period October 25, 2022, commencement of operations, through December 31, 2022.
⁸	Rates do not include each fund’s portfolio activity with respect to any Central Funds.
⁹	Refer to Note 5 for more information on mortgage dollar rolls. Refer to the notes to financial statements.


66	Capital Group Fixed Income ETF Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Capital Group Fixed Income ETF Trust and Shareholders of Capital Group Core Plus Income ETF, Capital Group Municipal Income ETF, Capital Group U.S. Multi-Sector Income ETF and Capital Group Short Duration Income ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds indicated in the table below (constituting Capital Group Fixed Income ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Fund	Statement of operations	Statement of changes in net assets	Financial highlights
Capital Group Core Plus Income ETF	For the period February 22, 2022 (commencement of operations) through December 31, 2022.
Capital Group Municipal Income ETF	For the period October 25, 2022 (commencement of operations) through December 31, 2022.
Capital Group U.S. Multi-Sector Income ETF
Capital Group Short Duration Income ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California
February 14, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

Capital Group Fixed Income ETF Trust

Expense example

unaudited

As a fund shareholder, you incur ongoing costs, including investment advisory services fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period.

Actual expenses:

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value		Ending account value 12/31/2022		Expenses paid during period			Annualized expense ratio
Core Plus Income ETF
Actual return	$	1,000.00	$	978.00	$	1.69	*		.34	%
Assumed 5% return		1,000.00		1,023.49		1.73	*		.34
Municipal Income ETF
Actual return	$	1,000.00	$	1,049.20	$	.51	^†		.27	%^†
Assumed 5% return		1,000.00		1,023.84		1.38	^†		.27	^†
U.S. Multi-Sector Income ETF
Actual return	$	1,000.00	$	1,036.30	$	.73	^†		.39	%^†
Assumed 5% return		1,000.00		1,023.24		1.99	^†		.39	^†
Short Duration Income ETF
Actual return	$	1,000.00	$	1,017.30	$	.46	^†		.25	%^†
Assumed 5% return		1,000.00		1,023.95		1.28	^†		.25	^†


*	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
^†	The period for the “annualized expense ratio” and “actual return” line is based on the number of days from October 25, 2022, commencement of operations, through December 31, 2022, and accordingly, is not representative of a full period. The “assumed 5% return” line is based on 184 days.


68	Capital Group Fixed Income ETF Trust

Tax information

unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. Each fund hereby designates the following amounts for the funds’ fiscal year ended December 31, 2022:

	Capital Group Core Plus Income ETF			Capital Group Municipal Income ETF		Capital Group U.S. Multi-Sector Income ETF			Capital Group Short Duration Income ETF
Section 163(j) interest dividends		100	%		—		100	%	$	365,000
Exempt interest dividends		—		$	286,000		—			—
U.S. government income that may be exempt from state taxation	$	1,075,000			—	$	24,000		$	16,000

Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2023, to determine the calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.

Capital Group Fixed Income ETF Trust

Liquidity Risk Management Program

unaudited

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

70	Capital Group Fixed Income ETF Trust

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Capital Group Fixed Income ETF Trust

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72	Capital Group Fixed Income ETF Trust

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the series/fund²	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
Vanessa C. L. Chang, 1952 Chair of the Board (Independent and Non-Executive)	2021	Former Director, EL & EL Investments (real estate)	22	Edison International/Southern California Edison; Transocean Ltd. (offshore drilling contractor)
Jennifer C. Feikin, 1968	2021	Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents	97	Hertz Global Holdings, Inc.
Pablo R. González Guajardo, 1967	2021	CEO, Kimberly-Clark de México, SAB de CV	22	América Móvil, SAB de CV (telecommunications company); Grupo Sanborns, SAB de CV (retail stores and restaurants); Kimberly-Clark de México, SAB de CV (consumer staples)
Leslie Stone Heisz, 1961	2021	Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management	97	Edwards Lifesciences; Public Storage
William D. Jones, 1955	2021	Managing Member, CityLink LLC (investing and consulting); former President and CEO, CityLink Investment Corporation (acquires, develops and manages real estate ventures in urban communities)	23	Biogen Inc.

Interested trustee^4,5

Name, year of birth and position with fund		Year first elected a trustee or officer of the series/fund²		Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund		Number of portfolios in fund complex overseen by trustee³		Other directorships³ held by trustee
William L. Robbins, 1968		2021		Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company⁶; Chair and Director, Capital Group International, Inc.⁶		13		None

The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the fund is 6455 Irvine Center Drive, Irvine, CA 92618, Attention: Secretary.

Refer to page 75 for footnotes.

Capital Group Fixed Income ETF Trust

Other officers⁵

Name, year of birth and position with fund	Year first elected an officer of the series/fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Vincent J. Gonzales, 1984 President	CGSD 2022	Partner — Capital Fixed Income Investors, Capital Research and Management Company
David A. Hoag, 1965 President	CGCP 2021	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital Fixed Income Investors, Capital Bank and Trust Company⁶
Damien J. McCann, 1977 President Senior Vice President	CGMS 2022 CGCP 2021	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Courtney K. Wolf, 1982 President	CGMU 2022	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.⁶
Walt Burkley, 1966 Principal Executive Officer	2021	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company⁶; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Steven D. Lotwin, 1969 Senior Vice President	CGSD 2022	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Mark Marinella, 1958 Senior Vice President	CGMU 2022	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Jerome Solomon, 1963 Senior Vice President	CGMU 2022	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Scott Sykes, 1971 Senior Vice President	CGMS 2022	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Ritchie Tuazon, 1978 Senior Vice President	CGCP 2021	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Erik A. Vayntrub, 1984 Senior Vice President	2021	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Secretary, Capital Management Services, Inc.⁶
Shannon Ward, 1964 Senior Vice President	CGMS 2022	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Xavier Goss, 1980 Vice President	CGCP 2021 CGMS 2022	Vice President — Capital Fixed Income Investors, Capital Research and Management Company
Jennifer L. Butler, 1966 Secretary	2021	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company
Troy S. Tanner, 1983 Treasurer	2021	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2021	Associate — Fund Business Management Group, Capital Research and Management Company


74	Capital Group Fixed Income ETF Trust

Other officers⁵ (continued)

Name, year of birth and position with fund	Year first elected an officer of the series/fund²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund
Michael R. Tom, 1988 Assistant Secretary	2021	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2021	Vice President — Investment Operations, Capital Research and Management Company
Gregory F. Niland, 1971 Assistant Treasurer	2021	Vice President — Investment Operations, Capital Research and Management Company

¹	The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
²	Trustees and officers of the fund serve until their resignation, removal or retirement.
³	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
⁴	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
⁵	All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
⁶	Company affiliated with Capital Research and Management Company.

Key:

CGCP = Capital Group Core Plus Income ETF

CGMU = Capital Group Municipal Income ETF

CGMS = Capital Group U.S. Multi-Sector Income ETF

CGSD = Capital Group Short Duration Income ETF

Capital Group Fixed Income ETF Trust

Office of the fund

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111-2900

Custodian of assets

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111-2900

Counsel

Dechert LLP

One Bush Street, Suite 1600
San Francisco, CA 94104-4446

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

76	Capital Group Fixed Income ETF Trust

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“Proxy Voting Procedures and Principles” — which describes our procedures and principles for voting portfolio securities — is available at capitalgroup.com/etf. Each fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Capital Group Fixed Income ETF Trust

For CGCP, CGMS and CGSD, the use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds.

For CGCP, CGMU and CGMS, lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.

For CGCP, CGMU, CGMS and CGSD, the return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.

For CGMU, income from municipal bonds may be subject to state or local income taxes and/or the federal alternative minimum tax. Certain other income, as well as capital gain distributions, may be taxable.

For CGCP, CGMS and CGSD, investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Bloomberg Index Services Limited. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds Distributors, Inc., member FINRA.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.