Capital Group Fixed Income ETF Trust

 

Semi-annual report
for the six months ended
June 30, 2023

 

 

 

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, refer to 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 total returns on a $1,000 investment for periods ended June 30, 2023 (the most recent calendar quarter-end):

 

    Fund
inception date
  6 months   1 year   Since fund
inception
  Expense ratio*
Capital Group Core Plus Income ETF         2/22/22                                         0.34 %       
Net asset value             2.26 %         0.02 %             –5.64 %              
Market price             2.17       –0.24       –5.55          
Bloomberg U.S. Aggregate Index             2.09       –0.94       –5.78          
                                         
Capital Group Municipal Income ETF     10/25/22                               0.27  
Net asset value             2.72             7.77          
Market price             2.63             8.01          
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
            2.09             6.07          
                                         
Capital Group U.S. Multi-Sector Income ETF     10/25/22                               0.39  
Net asset value             4.14             7.92          
Market price             4.21             8.20          
Bloomberg U.S. Aggregate Index             2.09             5.76          
Bloomberg Custom Multi-Sector Composite Index             3.59             6.82          
                                         
Capital Group Short Duration Income ETF     10/25/22                               0.25  
Net asset value             1.15             2.90          
Market price             1.07             3.10          
Bloomberg U.S. Government/Credit (1-3 years) Index             1.13             2.19          

 

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).

 

Since inception returns are cumulative for ETFs with less than one year of history and average annual for ETFs with more than one year of history.

 

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 total annual fund operating expense ratios were as of each fund’s prospectus dated March 1, 2023. The expense ratios are 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.

 

Fellow investors:

 

Results for the funds included in the Capital Group Fixed Income ETF Trust for the period ended June 30, 2023, are shown in the inside front cover, as well as results of each fund’s benchmark.

 

For additional information about the funds, their investment results, holdings and portfolio managers, refer to https://www.capitalgroup.com/advisor/investments/exchange-traded-funds/returns and select the individual funds. You can also access information about Capital Group’s exchange-traded funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

 

Contents

 

2 Fund’s 30-day yields
   
3 Investment portfolio
   
56 Financial statements
   
59 Notes to financial statements
   
76 Financial highlights

 

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.

 

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.

 

Bloomberg Custom Multi-Sector Composite Index comprises 50% Bloomberg U.S. High Yield Index 2% Issuer Cap, 30% Bloomberg U.S. Corporate Investment Grade Index, 16% Bloomberg CMBS ex AAA Index, 4% Bloomberg ABS ex AAA Index and blends the respective indices by weighting their cumulative total returns according to the weights described. The blend is rebalanced monthly. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. 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. Bloomberg CMBS ex AAA Index represents the universe of U.S. commercial mortgage-backed securities, excluding issuers with credit ratings of AAA, the highest credit quality rating. Bloomberg ABS ex AAA Index represents the universe of U.S. asset-backed securities, excluding issuers with credit ratings of AAA, the highest credit quality rating. 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.

 

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.

 

Capital Group Fixed Income ETF Trust 1
 

Funds’ 30-day yields

 

Below is a summary of each fund’s 30-day yield as of June 30, 2023. 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 6/30/22
Capital Group Core Plus Income ETF     2/22/22            5.27 %   
Capital Group Municipal Income ETF     10/25/22       3.54  
Capital Group U.S. Multi-Sector Income ETF     10/25/22       6.57  
Capital Group Short Duration Income ETF     10/25/22       5.01  

 

Past results are not predictive of results in future periods.

 

2 Capital Group Fixed Income ETF Trust
 
Capital Group Core Plus Income ETF unaudited
Investment portfolio June 30, 2023  
   
Portfolio by type of security Percent of net assets

 

 

Portfolio quality summary*   Percent of
net assets
U.S. Treasury and agency     12.03 %
AAA/Aaa     33.58  
AA/Aa     6.63  
A/A     11.54  
BBB/Baa     19.38  
Below investment grade     15.49  
Short-term securities & other assets less liabilities     1.35  
* 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.
These securities are guaranteed by the full faith and credit of the U.S. government.
   
Bonds, notes & other debt instruments 98.65%   Principal amount
(000)
    Value
(000)
 
Mortgage-backed obligations 45.23%                
Federal agency mortgage-backed obligations 31.72%                
Fannie Mae Pool #FS0647 3.00% 2/1/20521   USD 4,156     $ 3,709  
Fannie Mae Pool #FS0893 3.00% 2/1/20521     837       738  
Fannie Mae Pool #FS1030 3.00% 3/1/20521     928       819  
Fannie Mae Pool #BV3117 3.00% 3/1/20521     761       672  
Fannie Mae Pool #BV2954 3.00% 3/1/20521     743       655  
Fannie Mae Pool #FS1405 3.00% 4/1/20521     793       699  
Fannie Mae Pool #BU8933 3.00% 4/1/20521     765       675  
Fannie Mae Pool #CB3361 3.00% 4/1/20521     746       658  
Fannie Mae Pool #CB3586 3.00% 5/1/20521     2,748       2,423  
Fannie Mae Pool #MA4919 5.50% 2/1/20531     1,673       1,666  
Fannie Mae Pool #MA5010 5.50% 5/1/20531     285       284  
Fannie Mae Pool #MA5072 5.50% 7/1/20531     2,142       2,133  
Freddie Mac Pool #QC3826 3.00% 7/1/20511     989       873  
Freddie Mac Pool #QD5662 3.00% 1/1/20521     989       873  
Freddie Mac Pool #QD7819 3.00% 2/1/20521     861       759  
Freddie Mac Pool #QD7918 3.00% 3/1/20521     871       769  
Freddie Mac Pool #QD8673 3.00% 3/1/20521     822       725  
Freddie Mac Pool #SD8206 3.00% 4/1/20521     917       808  
Freddie Mac Pool #SD1156 3.00% 4/1/20521     899       793  
Freddie Mac Pool #RA7130 3.00% 4/1/20521     849       749  
Freddie Mac Pool #QE5301 3.50% 5/1/20521     713       651  
Freddie Mac Pool #QE8663 3.50% 5/1/20521     561       511  
Freddie Mac Pool #SD8214 3.50% 5/1/20521     100       91  
Freddie Mac Pool #QE4383 4.00% 6/1/20521     793       747  
Freddie Mac Pool #SD8342 5.50% 6/1/20531     2,312       2,303  
Freddie Mac Pool #SD8331 5.50% 6/1/20531     4,124       4,107  
Government National Mortgage Assn. 3.50% 7/1/20531     2,735       2,525  
Government National Mortgage Assn. 3.50% 8/1/20531     2,700       2,495  
Uniform Mortgage-Backed Security 2.00% 7/1/20531,2     24,010       19,586  
Uniform Mortgage-Backed Security 2.50% 7/1/20531,2     21,270       18,040  
Uniform Mortgage-Backed Security 3.00% 7/1/20531,2     8,904       7,838  
   
Capital Group Fixed Income ETF Trust 3
 

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)                
Uniform Mortgage-Backed Security 3.50% 7/1/20531,2   USD 26,955     $ 24,566  
Uniform Mortgage-Backed Security 4.00% 7/1/20531,2     32,291       30,307  
Uniform Mortgage-Backed Security 4.50% 7/1/20531,2     57,184       54,981  
Uniform Mortgage-Backed Security 5.00% 7/1/20531,2     41,062       40,238  
Uniform Mortgage-Backed Security 5.50% 7/1/20531,2     5,524       5,498  
Uniform Mortgage-Backed Security 6.00% 7/1/20531,2     10,730       10,826  
Uniform Mortgage-Backed Security 2.50% 8/1/20531,2     22,400       19,026  
Uniform Mortgage-Backed Security 3.00% 8/1/20531,2     10,460       9,221  
              275,037  
                 
Commercial mortgage-backed securities 10.93%                
3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.466% 11/15/20551     1,690       1,500  
Bank Commercial Mortgage Trust, Series 2023-5YR2, Class C, 7.403% 7/15/20281     2,288       2,136  
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class B, 6.148% 2/15/20561     1,873       1,806  
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class C, 6.489% 2/15/20561     512       444  
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class AS, 6.41% 3/15/20561     3,787       3,801  
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.41% 3/15/20561     2,641       2,493  
Bank Commercial Mortgage Trust, Series 2019-BN19, Class B, 3.647% 8/15/20611     1,000       777  
Bank Commercial Mortgage Trust, Series 2019-BN24, Class B, 3.455% 11/15/20621     1,033       828  
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class B, 3.507% 3/15/20641,3     273       209  
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class AS, 3.507% 3/15/20641,3     250       204  
Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C, 6.347% 12/15/20551     1,355       1,189  
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class B, 6.546% 4/15/20561     948       923  
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class C, 6.598% 4/15/20561     1,253       1,136  
Barclays Commercial Mortgage Securities, LLC, Series 2023-C20, Class C, 6.828% 7/15/20561     1,882       1,756  
Benchmark Mortgage Trust, Series 2020-B21, Class AS, 2.2543% 12/17/20531     250       188  
Benchmark Mortgage Trust, Series 2022-B35, Class C, 4.593% 5/15/20551,3     2,005       1,468  
Benchmark Mortgage Trust, Series 2023-V2, Class B, 6.77% 5/15/20501     4,994       5,003  
Benchmark Mortgage Trust, Series 2023-V2, Class C, 6.77% 5/15/20551     3,464       3,260  
Benchmark Mortgage Trust, Series 2023-B38, Class B, 6.24% 4/15/20561     4,994       4,801  
Benchmark Mortgage Trust, Series 2023-B38, Class C, 6.24% 4/15/20561     2,996       2,604  
BMO Mortgage Trust, Series 2023-C5, Class B, 6.476% 6/15/20561     1,873       1,939  
BMO Mortgage Trust, Series 2023-C5, Class C, 6.627% 6/15/20561     998       949  
BMO Mortgage Trust, Series 2023-C4, Class B, 5.39647% 2/15/20561     711       651  
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.917% 5/15/20391,3,4     623       620  
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class B, (1-month USD CME Term SOFR + 2.319%) 7.466% 5/15/20391,3,4     317       314  
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.262% 6/15/20271,3,4     716       716  
BX Trust, Series 2021-SDMF, Class D, (1-month USD-LIBOR + 1.387%) 6.58% 9/15/20341,3,4     500       474  
BX Trust, Series 2021-VOLT, Class D, (1-month USD-LIBOR + 1.65%) 6.843% 9/15/20361,4     2,480       2,350  
BX Trust, Series 2021-VOLT, Class E, (1-month USD-LIBOR + 2.00%) 7.193% 9/15/20361,4     4,000       3,784  
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 6.49% 10/15/20361,4     2,976       2,869  
BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 7.986% 4/15/20371,3,4     144       138  
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.137% 2/15/20391,4     4,887       4,758  
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 7.598% 8/15/20391,3,4     686       685  
BX Trust, Series 2022-GPA, Class B, (1-month USD CME Term SOFR + 2.664%) 7.811% 10/15/20391,3,4     982       979  
BX Trust, Series 2022-GPA, Class C, (1-month USD CME Term SOFR + 3.213%) 8.36% 10/15/20391,3,4     622       620  
   
4 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)                
BX Trust, Series 2022-GPA, Class D, (1-month USD CME Term SOFR + 4.061%) 9.208% 10/15/20391,3,4   USD 169     $ 168  
BX Trust, Series 2023-VLT2, Class C, (1-month USD CME Term SOFR + 4.176%) 9.323% 6/15/20401,4     2,500       2,500  
BX Trust, Series 2023-VLT2, Class D, (1-month USD CME Term SOFR + 4.774%) 9.833% 6/15/20401,4     6,000       5,975  
BX Trust, Series 2020-VIV2, Class C, 3.66% 3/9/20441,4     2,000       1,639  
BX Trust, Series 2020-VIV3, Class B, 3.662% 3/9/20441,4     989       834  
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class B, (1-month USD CME Term SOFR + 2.092%) 7.239% 3/15/20351,4     2,985       2,944  
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, (1-month USD CME Term SOFR + 3.188%) 8.335% 3/15/20351,3,4     249       245  
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class D, 5.85% 6/10/20281,4     3,950       3,727  
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class C, 5.85% 6/10/20281,4     1,225       1,182  
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class C, 4.567% 2/10/20481,3     448       407  
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class B, 3.15% 2/15/20531     840       627  
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 7.443% 7/15/20381,3,4     482       469  
FIVE Mortgage Trust, Series 2023-V1, Class B, 6.618% 2/10/20561     1,982       1,950  
FIVE Mortgage Trust, Series 2023-V1, Class C, 6.618% 2/10/20561     973       891  
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.149%) 6.295% 12/15/20361,4,5     730       722  
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class B, (1-month USD CME Term SOFR + 2.744%) 7.891% 10/15/20391,3,4     409       406  
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class C, (1-month USD CME Term SOFR + 3.493%) 8.64% 10/15/20391,3,4     545       541  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class B, 4.16% 2/15/20481     2,000       1,870  
Morgan Stanley Capital I Trust, Series 2019-L3, Class B, 3.78% 11/15/20521,3     750       602  
MSFW Commercial Mortgage Trust, Series 2023-1, Class B, 6.68% 5/15/20331     1,642       1,678  
MSFW Commercial Mortgage Trust, Series 2023-1, Class C, 6.68% 5/15/20331     1,698       1,572  
Multifamily Connecticut Avenue Securities, Series 2020-1, Class M10, (1-month USD-LIBOR + 3.75%) 8.90% 3/25/20501,4     3,000       2,883  
Multifamily Structured Credit Risk, Series 21-MN1, Class M2, (30-day Average USD-SOFR + 3.75%) 8.817% 1/25/20511,4     910       823  
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C, 4.696% 9/15/20581,3     130       117  
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.936% 11/15/20271,4     1,646       1,648  
              94,792  
                 
Collateralized mortgage-backed obligations (privately originated) 2.58%                
Cascade Funding Mortgage Trust, Series 2023-HB12, Class M1, 4.25% 4/25/20331,4     1,425       1,275  
Connecticut Avenue Securities, Series 2023-R04, Class 1B1, (30-day Average USD-SOFR + 5.35%) 10.417% 5/25/20431,4     812       835  
Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M1, (30-day Average USD-SOFR + 2.10%) 7.167% 3/25/20421,3,4     259       260  
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 8.617% 5/25/20431,4     813       831  
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1B1, (30-day Average USD-SOFR + 4.75%) 12.217% 6/25/20431,4     429       439  
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class D, 5.91% 8/12/20431,4     3,984       3,334  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2, (30-day Average USD-SOFR + 1.50%) 6.567% 10/25/20411,3,4     793       774  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.067% 4/25/20421,3,4     479       480  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 10.25% 6/27/20501,3,4     7,991       8,607  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class B2, (30-day Average USD-SOFR + 11.50%) 16.322% 10/25/20501,4     1,900       2,394  
   
Capital Group Fixed Income ETF Trust 5
 

Capital Group Core Plus 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)                
Legacy Mortgage Asset Trust, Series 2020-GS3, Class A1, 6.25% 5/25/20601,4,5   USD 590     $ 583  
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,4,5     1,727       1,660  
Progress Residential Trust, Series 2021-SFR4, Class F, 3.407% 5/17/20381,4     1,000       875  
              22,347  
                 
Total mortgage-backed obligations             392,176  
                 
Corporate bonds, notes & loans 32.11%                
Financials 6.89%                
AerCap Ireland Capital DAC 1.75% 1/30/2026     150       135  
AerCap Ireland Capital DAC 5.75% 6/6/2028     340       338  
AerCap Ireland Capital DAC 3.30% 1/30/2032     1,724       1,411  
AerCap Ireland Capital DAC 3.85% 10/29/2041     2,225       1,692  
AG Issuer, LLC 6.25% 3/1/20284     1,375       1,311  
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20274     675       692  
Alliant Holdings Intermediate, LLC 4.25% 10/15/20274     17       15  
American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033)5     200       196  
American International Group, Inc. 5.125% 3/27/2033     540       528  
American International Group, Inc. 4.375% 6/30/2050     1,430       1,210  
Aon Corp. 5.35% 2/28/2033     443       447  
Aretec Escrow Issuer, Inc. 7.50% 4/1/20294     300       261  
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)5     450       382  
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)5     750       737  
Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)5     450       375  
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)5     901       882  
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)5     2,290       2,270  
Bank of Montreal 2.65% 3/8/2027     350       320  
BBVA Bancomer, SA 8.45% 6/29/20384,5     1,055       1,057  
Berkshire Hathaway Finance Corp. 3.85% 3/15/2052     400       331  
Block, Inc. 3.50% 6/1/2031     600       498  
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)4,5     200       179  
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)4,5     225       225  
Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033)5     1,450       1,440  
Charles Schwab Corp. 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)5     1,067       1,084  
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)5     115       96  
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)5     1,140       1,211  
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)5     1,230       1,241  
CME Group, Inc. 2.65% 3/15/2032     150       128  
Coinbase Global, Inc. 3.625% 10/1/20314     350       207  
Compass Group Diversified Holdings, LLC 5.25% 4/15/20294     2,799       2,456  
Compass Group Diversified Holdings, LLC 5.00% 1/15/20324     375       304  
Corebridge Financial, Inc. 3.85% 4/5/2029     299       269  
Corebridge Financial, Inc. 3.90% 4/5/2032     741       645  
Corebridge Financial, Inc. 4.35% 4/5/2042     98       79  
Corebridge Financial, Inc. 4.40% 4/5/2052     2,097       1,652  
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     600       561  
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)5     575       576  
Deutsche Bank AG 7.079% 2/10/2034 (USD-SOFR + 3.65% on 2/10/2033)5     300       278  
Discover Financial Services 6.70% 11/29/2032     64       66  
Goldman Sachs Group, Inc. 1.757% 1/24/2025 (USD-SOFR + 0.73% on 1/24/2024)5     40       39  
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)5     480       406  
Goldman Sachs Group, Inc. 3.436% 2/24/2043 (USD-SOFR + 1.632% on 2/24/2042)5     1,950       1,485  
HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)5     1,125       1,100  
HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)5     1,500       1,538  
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)5     2,418       2,509  
HUB International, Ltd. 5.625% 12/1/20294     300       269  
HUB International, Ltd. 7.25% 6/15/20304     1,550       1,602  
ING Groep NV 4.017% 3/28/2028 (USD-SOFR + 1.83% on 3/28/2027)5     375       352  
ING Groep NV 4.252% 3/28/2033 (USD-SOFR + 2.07% on 3/28/2032)5     249       228  
Intercontinental Exchange, Inc. 4.35% 6/15/2029     500       490  
   
6 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)                
Intercontinental Exchange, Inc. 4.60% 3/15/2033   USD 428     $ 416  
Intercontinental Exchange, Inc. 3.00% 6/15/2050     200       139  
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20324     500       432  
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)5     338       334  
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)5     1,934       1,891  
JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)5     875       882  
Kasikornbank PCL 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)5     700       619  
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)4,5     200       199  
Marsh & McLennan Companies, Inc. 2.375% 12/15/2031     100       82  
Mastercard, Inc. 4.85% 3/9/2033     65       66  
Metropolitan Life Global Funding I 5.15% 3/28/20334     487       482  
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)5     471       453  
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)5     325       321  
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)5     160       158  
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)5     225       217  
Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)5     1,258       1,339  
Morgan Stanley 5.25% 4/21/2034 (USD-SOFR + 1.87% on 4/21/2033)5     1,450       1,432  
Nasdaq, Inc. 5.95% 8/15/2053     89       91  
Nasdaq, Inc. 6.10% 6/28/2063     141       144  
Navient Corp. 6.125% 3/25/2024     82       81  
Navient Corp. 5.50% 3/15/2029     500       427  
Navient Corp. 9.375% 7/25/2030     450       448  
Navient Corp. 5.625% 8/1/2033     1,998       1,505  
New York Life Global Funding 0.85% 1/15/20264     125       112  
New York Life Global Funding 4.55% 1/28/20334     378       364  
NFP Corp. 7.50% 10/1/20304     675       654  
PNC Financial Services Group, Inc. 5.068% 1/24/2034 (USD-SOFR + 1.933% on 1/24/2033)5     25       24  
Progressive Corp. 3.00% 3/15/2032     350       305  
State Street Corp. 4.821% 1/26/2034 (USD-SOFR + 1.567% on 1/26/2033)5     1,640       1,593  
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)5     478       475  
The Charles Schwab Corp. 2.45% 3/3/2027     98       88  
Toronto-Dominion Bank 2.00% 9/10/2031     90       71  
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)5     280       280  
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)5     800       748  
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)5     547       551  
Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)5     469       454  
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       26  
Wells Fargo & Company 4.89% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)5     520       499  
Wells Fargo & Company 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)5     2,050       2,038  
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)5     541       475  
              59,745  
                 
Energy 5.13%                
Apache Corp. 5.25% 2/1/2042     500       394  
Apache Corp. 5.35% 7/1/2049     965       752  
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20264     250       242  
BP Capital Markets America, Inc. 2.721% 1/12/2032     790       671  
Cheniere Energy Partners, LP 4.00% 3/1/2031     739       651  
Cheniere Energy Partners, LP 5.95% 6/30/20334     1,600       1,607  
Cheniere Energy, Inc. 4.625% 10/15/2028     175       164  
Chesapeake Energy Corp. 5.875% 2/1/20294     750       713  
Chesapeake Energy Corp. 6.75% 4/15/20294     761       756  
Chord Energy Corp. 6.375% 6/1/20264     710       705  
Civitas Resources, Inc. 8.375% 7/1/20284     850       861  
Civitas Resources, Inc. 8.75% 7/1/20314     775       787  
CNX Resources Corp. 7.25% 3/14/20274     275       272  
CNX Resources Corp. 7.375% 1/15/20314     185       180  
Comstock Resources, Inc. 5.875% 1/15/20304     1,407       1,223  
   
Capital Group Fixed Income ETF Trust 7
 

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)                
ConocoPhillips Co. 3.80% 3/15/2052   USD 1,590     $ 1,290  
Crescent Energy Finance, LLC 9.25% 2/15/20284     183       178  
Crestwood Midstream Partners, LP 7.375% 2/1/20314     151       149  
Earthstone Energy Holdings, LLC 9.875% 7/15/20314     820       812  
Ecopetrol SA 4.625% 11/2/2031     10       8  
Ecopetrol SA 8.875% 1/13/2033     1,350       1,338  
Energy Transfer, LP 6.25% 4/15/2049     1,425       1,393  
EQM Midstream Partners, LP 6.00% 7/1/20254     430       426  
EQM Midstream Partners, LP 4.75% 1/15/20314     2,194       1,924  
EQT Corp. 3.90% 10/1/2027     75       69  
Exxon Mobil Corp. 2.61% 10/15/2030     400       351  
Exxon Mobil Corp. 3.452% 4/15/2051     1,030       801  
Genesis Energy, LP 8.00% 1/15/2027     1,375       1,342  
Harvest Midstream I, LP 7.50% 9/1/20284     75       74  
Hilcorp Energy I, LP 6.00% 4/15/20304     135       123  
Hilcorp Energy I, LP 6.25% 4/15/20324     725       647  
Kinder Morgan, Inc. 5.20% 6/1/2033     253       245  
Kinder Morgan, Inc. 3.60% 2/15/2051     1,875       1,302  
MPLX, LP 2.65% 8/15/2030     75       63  
MPLX, LP 4.95% 9/1/2032     881       842  
MPLX, LP 4.95% 3/14/2052     630       536  
MPLX, LP 5.65% 3/1/2053     1,671       1,564  
MV24 Capital BV 6.748% 6/1/2034     336       304  
New Fortress Energy, Inc. 6.50% 9/30/20264     1,880       1,684  
NGL Energy Operating, LLC 7.50% 2/1/20264     1,960       1,932  
Noble Finance II, LLC 8.00% 4/15/20304     150       153  
Northern Oil and Gas, Inc. 8.75% 6/15/20314     235       231  
Occidental Petroleum Corp. 6.125% 1/1/2031     415       422  
Occidental Petroleum Corp. 6.60% 3/15/2046     1,875       1,933  
ONEOK, Inc. 4.00% 7/13/2027     50       47  
ONEOK, Inc. 6.35% 1/15/2031     40       41  
ONEOK, Inc. 4.50% 3/15/2050     75       57  
ONEOK, Inc. 7.15% 1/15/2051     150       157  
Petrobras Global Finance BV 5.60% 1/3/2031     611       587  
Petroleos Mexicanos 6.49% 1/23/2027     1,275       1,134  
Petroleos Mexicanos 8.75% 6/2/2029     254       230  
Shell International Finance BV 2.75% 4/6/2030     75       67  
Shell International Finance BV 3.00% 11/26/2051     2,899       2,045  
Southwestern Energy Co. 4.75% 2/1/2032     2,281       2,014  
Sunoco, LP 4.50% 4/30/2030     150       131  
Transocean, Inc. 8.00% 2/1/20274     400       363  
Transocean, Inc. 8.75% 2/15/20304     554       563  
Transocean, Inc. 6.80% 3/15/2038     1,280       891  
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20304     849       843  
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20314     1,394       1,201  
Venture Global LNG, Inc. 8.125% 6/1/20284     750       763  
Venture Global LNG, Inc. 8.375% 6/1/20314     750       757  
Weatherford International, Ltd. 6.50% 9/15/20284     300       302  
Weatherford International, Ltd. 8.625% 4/30/20304     125       127  
Williams Companies, Inc. 2.60% 3/15/2031     55       46  
              44,480  
                 
Communication services 3.76%                
AT&T, Inc. 2.55% 12/1/2033     1,900       1,493  
AT&T, Inc. 3.50% 9/15/2053     2,911       2,063  
AT&T, Inc. 3.55% 9/15/2055     234       164  
CCO Holdings, LLC 4.75% 3/1/20304     450       385  
CCO Holdings, LLC 4.75% 2/1/20324     1,064       869  
CCO Holdings, LLC 4.50% 5/1/2032     300       240  
CCO Holdings, LLC 4.50% 6/1/20334     355       279  
CCO Holdings, LLC 4.25% 1/15/20344     4,090       3,095  
Charter Communications Operating, LLC 4.40% 4/1/2033     210       184  
   
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)
 
Corporate bonds, notes & loans (continued)                
Communication services (continued)                
Charter Communications Operating, LLC 3.70% 4/1/2051   USD 1,680     $ 1,063  
Charter Communications Operating, LLC 3.90% 6/1/2052     2,450       1,605  
Charter Communications Operating, LLC 5.25% 4/1/2053     1,425       1,152  
Comcast Corp. 1.50% 2/15/2031     110       88  
Comcast Corp. 2.887% 11/1/2051     525       352  
Comcast Corp. 5.35% 5/15/2053     1,290       1,311  
DISH Network Corp. 11.75% 11/15/20274     1,000       977  
Frontier Communications Holdings, LLC 5.00% 5/1/20284     711       614  
Gray Escrow II, Inc. 5.375% 11/15/20314     1,875       1,245  
Meta Platforms, Inc. 3.85% 8/15/2032     1,100       1,022  
Meta Platforms, Inc. 4.45% 8/15/2052     775       674  
Midas OpCo Holdings, LLC 5.625% 8/15/20294     100       86  
Netflix, Inc. 4.875% 4/15/2028     1,609       1,593  
Netflix, Inc. 5.875% 11/15/2028     150       155  
Netflix, Inc. 4.875% 6/15/20304     1,475       1,453  
News Corp. 3.875% 5/15/20294     619       544  
News Corp. 5.125% 2/15/20324     976       892  
Sirius XM Radio, Inc. 3.875% 9/1/20314     1,939       1,501  
Tencent Holdings, Ltd. 3.24% 6/3/20504     960       631  
T-Mobile USA, Inc. 5.05% 7/15/2033     471       463  
T-Mobile USA, Inc. 3.40% 10/15/2052     1,365       976  
Univision Communications, Inc. 4.50% 5/1/20294     2,250       1,936  
Univision Communications, Inc. 7.375% 6/30/20304     950       905  
Verizon Communications, Inc. 1.75% 1/20/2031     400       316  
Verizon Communications, Inc. 2.55% 3/21/2031     320       267  
Verizon Communications, Inc. 3.875% 3/1/2052     1,582       1,249  
VZ Secured Financing BV 5.00% 1/15/20324     200       161  
WarnerMedia Holdings, Inc. 5.141% 3/15/2052     772       629  
              32,632  
                 
Health care 3.56%                
Amgen, Inc. 4.05% 8/18/2029     625       593  
Amgen, Inc. 5.25% 3/2/2030     623       625  
Amgen, Inc. 4.20% 3/1/2033     715       668  
Amgen, Inc. 5.25% 3/2/2033     995       997  
Amgen, Inc. 4.875% 3/1/2053     275       253  
Amgen, Inc. 5.65% 3/2/2053     3,044       3,085  
Amgen, Inc. 5.75% 3/2/2063     650       660  
Bausch Health Companies, Inc. 6.125% 2/1/20274     75       48  
Bausch Health Companies, Inc. 5.25% 2/15/20314     110       46  
Baxter International, Inc. 2.539% 2/1/2032     572       464  
Baxter International, Inc. 3.132% 12/1/2051     2,481       1,639  
Centene Corp. 2.45% 7/15/2028     1,015       869  
Centene Corp. 2.625% 8/1/2031     1,755       1,401  
CHS / Community Health Systems, Inc. 5.25% 5/15/20304     75       59  
CVS Health Corp. 1.875% 2/28/2031     50       40  
CVS Health Corp. 5.25% 2/21/2033     710       708  
CVS Health Corp. 5.875% 6/1/2053     1,733       1,778  
CVS Health Corp. 6.00% 6/1/2063     356       367  
Elevance Health, Inc. 4.10% 5/15/2032     423       394  
Elevance Health, Inc. 4.75% 2/15/2033     261       254  
Elevance Health, Inc. 4.55% 5/15/2052     203       182  
GE HealthCare Technologies, Inc. 5.905% 11/22/2032     650       680  
GE HealthCare Technologies, Inc. 6.377% 11/22/2052     125       139  
HCA, Inc. 3.625% 3/15/20324     79       69  
Humana, Inc. 3.70% 3/23/2029     152       139  
Medline Borrower, LP 5.25% 10/1/20294     75       65  
Merck & Co., Inc. 1.70% 6/10/2027     50       45  
Molina Healthcare, Inc. 3.875% 11/15/20304     350       301  
Molina Healthcare, Inc. 3.875% 5/15/20324     2,665       2,238  
Owens & Minor, Inc. 6.25% 4/1/20304     2,365       2,148  
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033     601       599  
   
Capital Group Fixed Income ETF Trust 9
 

Capital Group Core Plus Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Health care (continued)                
Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043   USD 1,000     $ 1,003  
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053     771       802  
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 9.467% 7/9/20253,6     40       30  
Roche Holdings, Inc. 2.076% 12/13/20314     200       165  
RP Escrow Issuer, LLC 5.25% 12/15/20254     290       214  
Tenet Healthcare Corp. 4.875% 1/1/2026     300       292  
Tenet Healthcare Corp. 6.125% 10/1/2028     150       144  
Tenet Healthcare Corp. 4.375% 1/15/2030     625       565  
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026     2,027       1,818  
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028     167       165  
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029     1,671       1,517  
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029     700       722  
Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031     651       683  
UnitedHealth Group, Inc. 4.20% 5/15/2032     230       220  
UnitedHealth Group, Inc. 5.35% 2/15/2033     363       377  
UnitedHealth Group, Inc. 4.75% 5/15/2052     355       337  
UnitedHealth Group, Inc. 5.875% 2/15/2053     200       222  
              30,829  
                 
Consumer discretionary 2.51%                
Alibaba Group Holding, Ltd. 2.125% 2/9/2031     1,590       1,296  
Allied Universal Holdco, LLC 4.625% 6/1/20284     1,692       1,434  
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20294     241       245  
Amazon.com, Inc. 2.10% 5/12/2031     100       84  
Amazon.com, Inc. 3.60% 4/13/2032     600       560  
Amazon.com, Inc. 3.95% 4/13/2052     400       349  
Atlas LuxCo 4 SARL 4.625% 6/1/20284     300       253  
AutoNation, Inc. 3.85% 3/1/2032     300       255  
Carnival Corp. 5.75% 3/1/20274     250       230  
Carnival Corp. 6.00% 5/1/20294     250       223  
Daimler Trucks Finance North America, LLC 3.65% 4/7/20274     350       331  
Fertitta Entertainment, LLC 4.625% 1/15/20294     350       307  
Fertitta Entertainment, LLC 6.75% 1/15/20304     725       618  
Ford Motor Co. 3.25% 2/12/2032     340       268  
Ford Motor Credit Co., LLC 2.30% 2/10/2025     950       889  
Ford Motor Credit Co., LLC 5.125% 6/16/2025     837       815  
Ford Motor Credit Co., LLC 2.70% 8/10/2026     1,475       1,318  
Ford Motor Credit Co., LLC 4.95% 5/28/2027     965       911  
Ford Motor Credit Company, LLC 6.95% 6/10/2026     400       402  
Ford Motor Credit Company, LLC 7.20% 6/10/2030     700       707  
General Motors Financial Co., Inc. 2.35% 2/26/2027     75       67  
Hanesbrands, Inc. 9.00% 2/15/20314     1,044       1,053  
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.852% 3/8/20303,6     256       257  
Home Depot, Inc. 1.375% 3/15/2031     125       99  
Hyundai Capital America 1.65% 9/17/20264     100       88  
International Game Technology PLC 5.25% 1/15/20294     650       616  
LCM Investments Holdings II, LLC 4.875% 5/1/20294     824       706  
Macy’s Retail Holdings, LLC 5.875% 3/15/20304     50       45  
Marriott Ownership Resorts, Inc. 4.50% 6/15/20294     773       668  
Party City Holdings, Inc. 8.75% 2/15/20264     461       71  
Party City Holdings, Inc., Term Loan DIP, 14.582% 7/19/20233,6     80       83  
RHP Hotel Properties, LP 7.25% 7/15/20284     317       321  
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20274     450       421  
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028     1,450       1,262  
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20284     706       659  
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20294     800       841  
Scientific Games Holdings, LP 6.625% 3/1/20304     975       859  
   
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)                
Consumer discretionary (continued)                
Sonic Automotive, Inc. 4.625% 11/15/20294   USD 75     $ 63  
Sonic Automotive, Inc. 4.875% 11/15/20314     2,122       1,744  
Wynn Resorts Finance, LLC 7.125% 2/15/20314     314       312  
              21,730  
                 
Utilities 2.36%                
AES Panama Generation Holdings SRL 4.375% 5/31/20304     198       169  
Alabama Power Co. 3.94% 9/1/2032     525       485  
Consumers Energy Co. 3.60% 8/15/2032     315       284  
Consumers Energy Co. 4.625% 5/15/2033     625       609  
Consumers Energy Co. 3.10% 8/15/2050     255       181  
Consumers Energy Co. 3.50% 8/1/2051     80       61  
Consumers Energy Co. 2.65% 8/15/2052     402       258  
Edison International 6.95% 11/15/2029     150       158  
Electricité de France SA 6.25% 5/23/20334     200       203  
Electricité de France SA 6.90% 5/23/20534     1,600       1,660  
Electricité de France SA 9.125% 12/31/2079 (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)4,5     800       822  
Entergy Louisiana, LLC 4.75% 9/15/2052     200       184  
FirstEnergy Corp. 2.65% 3/1/2030     1,065       899  
Florida Power & Light Company 2.875% 12/4/2051     150       104  
Florida Power & Light Company 5.30% 4/1/2053     360       373  
MidAmerican Energy Co. 2.70% 8/1/2052     50       32  
NiSource, Inc. 5.40% 6/30/2033     850       851  
Northern States Power Co. 2.60% 6/1/2051     50       32  
Northern States Power Co. 5.10% 5/15/2053     62       61  
Oncor Electric Delivery Co., LLC 4.55% 9/15/2032     625       607  
Oncor Electric Delivery Co., LLC 2.70% 11/15/2051     175       114  
Pacific Gas and Electric Co. 3.15% 1/1/2026     40       37  
Pacific Gas and Electric Co. 4.65% 8/1/2028     200       185  
Pacific Gas and Electric Co. 4.55% 7/1/2030     755       684  
Pacific Gas and Electric Co. 3.25% 6/1/2031     200       163  
Pacific Gas and Electric Co. 6.40% 6/15/2033     1,600       1,592  
Pacific Gas and Electric Co. 3.50% 8/1/2050     5,735       3,656  
Pacific Gas and Electric Co. 6.75% 1/15/2053     600       593  
PG&E Corp. 5.25% 7/1/2030     856       768  
Public Service Company of Colorado 2.70% 1/15/2051     272       173  
Southern California Edison Co. 2.75% 2/1/2032     864       723  
Southern California Edison Co. 2.95% 2/1/2051     530       348  
Southern California Edison Co. 3.45% 2/1/2052     2,365       1,696  
Talen Energy Supply, LLC 8.625% 6/1/20304     1,185       1,228  
Union Electric Co. 3.90% 4/1/2052     275       225  
WEC Energy Group, Inc. 5.15% 10/1/2027     175       175  
Xcel Energy, Inc. 4.60% 6/1/2032     75       71  
              20,464  
                 
Industrials 2.01%                
Boeing Co. 2.75% 2/1/2026     115       107  
Boeing Co. 3.625% 2/1/2031     1,992       1,795  
Boeing Co. 3.60% 5/1/2034     2,345       1,997  
Boeing Co. 5.805% 5/1/2050     2,385       2,378  
Bombardier, Inc. 7.125% 6/15/20264     249       248  
Bombardier, Inc. 7.875% 4/15/20274     1,395       1,393  
Canadian Pacific Railway Co. 3.10% 12/2/2051     2,570       1,827  
Carrier Global Corp. 2.722% 2/15/2030     100       86  
Clean Harbors, Inc. 6.375% 2/1/20314     73       73  
CoreLogic, Inc. 4.50% 5/1/20284     300       242  
Icahn Enterprises, LP 4.75% 9/15/2024     100       96  
Lockheed Martin Corp. 5.70% 11/15/2054     212       236  
Mileage Plus Holdings, LLC 6.50% 6/20/20274     48       48  
Norfolk Southern Corp. 4.45% 3/1/2033     78       75  
Raytheon Technologies Corp. 2.375% 3/15/2032     80       66  
   
Capital Group Fixed Income ETF Trust 11
 

Capital Group Core Plus Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Industrials (continued)                
Raytheon Technologies Corp. 2.82% 9/1/2051   USD 925     $ 622  
Raytheon Technologies Corp. 5.375% 2/27/2053     436       453  
Regal Rexnord Corp. 6.30% 2/15/20304     975       973  
Regal Rexnord Corp. 6.40% 4/15/20334     800       800  
Ritchie Bros. Holdings, Inc. 6.75% 3/15/20284     244       246  
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20314     280       291  
Sabre GLBL, Inc. 11.25% 12/15/20274     127       108  
Spirit AeroSystems, Inc. 9.375% 11/30/20294     683       732  
TransDigm, Inc. 4.625% 1/15/2029     400       356  
Triumph Group, Inc. 9.00% 3/15/20284     392       401  
Union Pacific Corp. 2.80% 2/14/2032     350       302  
Union Pacific Corp. 2.95% 3/10/2052     1,335       928  
Union Pacific Corp. 4.95% 5/15/2053     425       423  
United Airlines, Inc. 4.625% 4/15/20294     100       91  
              17,393  
                 
Materials 1.92%                
Anglo American Capital PLC 2.25% 3/17/20284     200       172  
Anglo American Capital PLC 4.75% 3/16/20524     200       166  
Ball Corp. 6.875% 3/15/2028     890       909  
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033     456       454  
Braskem Idesa SAPI 6.99% 2/20/2032     200       130  
Braskem Netherlands Finance BV 7.25% 2/13/2033     1,145       1,126  
Braskem Netherlands Finance BV 7.25% 2/13/20334     475       467  
Celanese US Holdings, LLC 6.379% 7/15/2032     425       429  
Cleveland-Cliffs, Inc. 4.875% 3/1/20314     300       264  
Dow Chemical Co. (The) 3.60% 11/15/2050     40       30  
EIDP, Inc. 4.80% 5/15/2033     595       583  
First Quantum Minerals, Ltd. 6.875% 10/15/20274     2,700       2,638  
FXI Holdings, Inc. 12.25% 11/15/20264     1,750       1,588  
International Flavors & Fragrances, Inc. 2.30% 11/1/20304     230       182  
International Flavors & Fragrances, Inc. 3.468% 12/1/20504     2,285       1,529  
LABL, Inc. 5.875% 11/1/20284     75       68  
LABL, Inc. 9.50% 11/1/20284     328       334  
LSB Industries, Inc. 6.25% 10/15/20284     248       222  
Mauser Packaging Solutions Holding Co. 7.875% 8/15/20264     696       692  
Nova Chemicals Corp. 4.25% 5/15/20294     1,360       1,111  
Nutrien, Ltd. 5.80% 3/27/2053     325       326  
OCI NV 6.70% 3/16/20334     699       684  
Olympus Water US Holding Corp. 9.75% 11/15/20284     750       732  
Sasol Financing USA, LLC 8.75% 5/3/20294     765       746  
SCIH Salt Holdings, Inc. 4.875% 5/1/20284     742       664  
Sealed Air Corp. 6.125% 2/1/20284     247       246  
South32 Treasury, Ltd. 4.35% 4/14/20324     209       184  
              16,676  
                 
Consumer staples 1.47%                
7-Eleven, Inc. 1.80% 2/10/20314     975       772  
7-Eleven, Inc. 2.80% 2/10/20514     1,869       1,186  
Altria Group, Inc. 3.70% 2/4/2051     1,870       1,254  
Anheuser-Busch InBev Worldwide, Inc. 4.50% 6/1/2050     1,495       1,381  
B&G Foods, Inc. 5.25% 9/15/2027     400       348  
BAT Capital Corp. 2.259% 3/25/2028     100       86  
BAT Capital Corp. 4.742% 3/16/2032     250       228  
BAT Capital Corp. 4.758% 9/6/2049     1,351       1,021  
BAT Capital Corp. 3.984% 9/25/2050     1,254       846  
BAT Capital Corp. 5.65% 3/16/2052     929       808  
Constellation Brands, Inc. 4.35% 5/9/2027     326       318  
Constellation Brands, Inc. 4.75% 5/9/2032     557       541  
Constellation Brands, Inc. 4.90% 5/1/2033     636       625  
Keurig Dr Pepper, Inc. 3.20% 5/1/2030     40       36  
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20264     250       229  
   
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)                
Consumer staples (continued)                
PepsiCo, Inc. 1.95% 10/21/2031   USD 50     $ 41  
Philip Morris International, Inc. 5.625% 11/17/2029     335       342  
Philip Morris International, Inc. 5.75% 11/7/2032     850       871  
Post Holdings, Inc. 4.625% 4/15/20304     450       395  
Target Corp. 4.80% 1/15/2053     1,460       1,399  
              12,727  
                 
Real estate 1.31%                
Boston Properties, LP 2.45% 10/1/2033     300       216  
Boston Properties, LP 6.50% 1/15/2034     1,576       1,587  
Crown Castle, Inc. 5.00% 1/11/2028     178       175  
Equinix, Inc. 2.15% 7/15/2030     350       283  
Equinix, Inc. 2.50% 5/15/2031     400       326  
Equinix, Inc. 3.40% 2/15/2052     700       490  
Howard Hughes Corp. 4.375% 2/1/20314     775       619  
Iron Mountain, Inc. 4.50% 2/15/20314     900       774  
Kennedy-Wilson, Inc. 4.75% 3/1/2029     1,325       1,049  
Kennedy-Wilson, Inc. 4.75% 2/1/2030     1,235       933  
Kennedy-Wilson, Inc. 5.00% 3/1/2031     1,350       1,012  
Prologis, LP 5.125% 1/15/2034     900       894  
Service Properties Trust 4.75% 10/1/2026     1,150       1,000  
Sun Communities Operating, LP 2.70% 7/15/2031     40       32  
Sun Communities Operating, LP 4.20% 4/15/2032     649       568  
VICI Properties, LP 3.875% 2/15/20294     75       66  
VICI Properties, LP 4.125% 8/15/20304     250       220  
VICI Properties, LP 5.125% 5/15/2032     1,230       1,152  
              11,396  
                 
Information technology 1.19%                
Analog Devices, Inc. 1.70% 10/1/2028     25       22  
Analog Devices, Inc. 2.95% 10/1/2051     953       674  
Apple, Inc. 2.70% 8/5/2051     610       425  
Apple, Inc. 4.85% 5/10/2053     1,007       1,033  
Broadcom, Inc. 3.469% 4/15/20344     69       57  
Broadcom, Inc. 3.187% 11/15/20364     450       340  
Broadcom, Inc. 4.926% 5/15/20374     1,301       1,178  
Cloud Software Group, Inc. 9.00% 9/30/20294     800       700  
CommScope, Inc. 4.75% 9/1/20294     400       316  
Entegris Escrow Corp. 4.75% 4/15/20294     445       414  
Intel Corp. 5.20% 2/10/2033     203       205  
Intel Corp. 5.70% 2/10/2053     609       620  
Oracle Corp. 3.60% 4/1/2050     764       546  
Salesforce, Inc. 2.90% 7/15/2051     1,810       1,274  
SK hynix, Inc. 6.375% 1/17/20284     200       201  
SK hynix, Inc. 6.50% 1/17/2033     890       899  
SK hynix, Inc. 6.50% 1/17/20334     210       212  
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.842% 9/29/20283,6     499       467  
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)5,7,8     800       768  
              10,351  
                 
Total corporate bonds, notes & loans             278,423  
                 
U.S. Treasury bonds & notes 12.03%                
U.S. Treasury 10.04%                
U.S. Treasury 4.25% 5/31/2025     23,250       22,957  
U.S. Treasury 4.625% 6/30/2025     1,250       1,245  
U.S. Treasury 3.875% 2/15/2026     9,000       8,863  
U.S. Treasury 4.125% 9/30/2027     3,375       3,356  
U.S. Treasury 4.125% 10/31/2027     5,690       5,659  
U.S. Treasury 3.625% 5/31/2028     14,464       14,146  
U.S. Treasury 3.875% 6/30/2028     1,250       1,244  
U.S. Treasury 2.75% 8/15/20329     6,138       5,624  
   
Capital Group Fixed Income ETF Trust 13
 

Capital Group Core Plus Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
U.S. Treasury bonds & notes (continued)                
U.S. Treasury (continued)                
U.S. Treasury 4.125% 11/5/2032   USD 2,000     $ 2,044  
U.S. Treasury 3.375% 5/15/2033     6,530       6,307  
U.S. Treasury 4.00% 11/15/20429     6,230       6,188  
U.S. Treasury 3.75% 5/15/20439     6,312       6,176  
U.S. Treasury 3.625% 2/15/20539     3,434       3,292  
              87,101  
                 
U.S. Treasury inflation-protected securities 1.99%                
U.S. Treasury Inflation-Protected Security 1.625% 10/15/202710     17,509       17,252  
                 
Total U.S. Treasury bonds & notes             104,353  
                 
Asset-backed obligations 7.35%                
ACHV ABS Trust, Series 2023-2PL, Class B, 6.88% 5/20/20301,4     318       316  
AGL CLO, Ltd., Series 2022-18A, Class B, (3-month USD CME Term SOFR + 2.00%) 7.056% 4/21/20311,3,4     1,500       1,478  
ALM Loan Funding, Series 2020-1A, Class A2, (3-month USD-LIBOR + 1.85%) 7.11% 10/15/20291,3,4     500       496  
American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 10/13/20281,4     701       686  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-5, Class B, 7.09% 4/20/20271,4     2,394       2,424  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class C, 6.85% 4/20/20281,4     3,333       3,301  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-4A, Class B, 6.32% 6/20/20291,4     2,369       2,341  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-4A, Class C, 7.24% 6/20/20291,4     890       877  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class C, 7.03% 12/20/20291,4     4,000       3,983  
Brex Commercial Charge Card Master Trust, Series 2022-1, Class A, 4.63% 7/15/20251,4     1,000       974  
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20601,4     486       434  
CFG Investments, Ltd., Series 2021-1, Class B, 5.82% 5/20/20321,4     750       720  
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20261,4     271       268  
CPS Auto Receivables Trust, Series 2022-B, Class D, 5.19% 8/15/20281,4     1,250       1,203  
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C, 5.70% 10/15/20321,4     1,000       963  
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class D, 6.63% 12/15/20321,4     1,000       963  
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/20251     130       130  
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/20281     26       25  
Exeter Automobile Receivables Trust, Series 2023-2, Class E, 9.75% 11/15/20301,4     848       841  
Exeter Automobile Receivables Trust, Series 2023-3, Class E, 9.98% 1/15/20311,4     1,022       1,027  
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class D, 6.62% 5/15/20281,4     2,335       2,296  
Hertz Vehicle Financing III, LLC, Series 2023-1, Class C, 6.91% 6/25/20271,4     2,200       2,169  
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 6/26/20281,4     300       258  
Hertz Vehicle Financing III, LLC, Series 2023-2, Class C, 7.13% 9/25/20291,4     2,167       2,156  
LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/20271,4     1,368       1,361  
Mission Lane Credit Card Master Trust, Series 2022-B, Class B, 10.42% 1/15/20281,7,8     465       470  
Mission Lane Credit Card Master Trust, Series 2022-B, Class D, 14.45% 1/15/20281,7,8     3,500       3,556  
Mission Lane Credit Card Master Trust, Series 2023-A, Class B, 8.15% 7/17/20281,4     2,459       2,439  
Mission Lane Credit Card Master Trust, Series 2023-A, Class C, 10.03% 7/17/20281,4     5,600       5,562  
Prestige Auto Receivables Trust, Series 2023-1, Class D, 6.33% 4/16/20291,4     1,912       1,883  
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A, 5.38% 11/25/20301,4     957       937  
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B, 6.58% 11/25/20301,4     337       320  
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/20311     796       811  
SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86% 1/15/20531,4     3,678       3,350  
SMB Private Education Loan Trust, Series 2021-A, Class D2, 3.86% 1/15/20531,4     1,872       1,705  
SMB Private Education Loan Trust, Series 2023-A, Class B, 5.88% 1/15/20531,4     2,490       2,446  
SMB Private Education Loan Trust, Series 2022-A, Class D, 4.75% 11/16/20541,4     208       189  
   
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)
 
Asset-backed obligations (continued)                
SMB Private Education Loan Trust, Series 2023-B, Class D, 7.56% 10/16/20561,4   USD 5,000     $ 4,879  
SMB Private Education Loan Trust, Series 2022-D, Class D, 7.23% 10/15/20581,4     2,000       1,972  
Westlake Automobile Receivables Trust, Series 2022-2A, Class D, 5.48% 9/15/20271,4     1,562       1,519  
              63,728  
                 
Bonds & notes of governments & government agencies outside the U.S. 1.75%          
Abu Dhabi (Emirate of) 1.70% 3/2/20314     300       250  
Angola (Republic of) 8.75% 4/14/20324     800       675  
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)5     1,100       368  
Chile (Republic of) 2.45% 1/31/2031     400       346  
Chile (Republic of) 4.34% 3/7/2042     200       178  
Colombia (Republic of) 8.00% 4/20/2033     280       285  
Colombia (Republic of) 7.50% 2/2/2034     1,885       1,848  
Dominican Republic 4.50% 1/30/20304     500       439  
Dominican Republic 7.05% 2/3/20314     630       629  
Dominican Republic 5.875% 1/30/2060     400       311  
Egypt (Arab Republic of) 8.75% 9/30/2051     2,239       1,214  
Export-Import Bank of India 2.25% 1/13/20314     250       202  
Honduras (Republic of) 5.625% 6/24/2030     860       698  
Mongolia (State of) 4.45% 7/7/2031     500       389  
Oman (Sultanate of) 7.00% 1/25/20514     500       496  
Panama (Republic of) 2.252% 9/29/2032     1,200       920  
Panama (Republic of) 6.853% 3/28/2054     1,550       1,616  
Senegal (Republic of) 6.75% 3/13/2048     1,600       1,150  
South Africa (Republic of) 5.875% 4/20/2032     1,003       891  
United Mexican States 4.50% 4/22/2029     450       437  
United Mexican States 4.875% 5/19/2033     820       784  
United Mexican States 6.338% 5/4/2053     985       1,006  
              15,132  
                 
Municipals 0.18%                
Texas 0.18%                
Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC Project), Series 2023, AMT, 10.00% 6/1/20424     1,575       1,577  
                 
Total bonds, notes & other debt instruments (cost: $863,610,000)             855,389  
                 
Short-term securities 28.95%     Shares          
Money market investments 28.95%                
Capital Group Central Cash Fund 5.15%11,12     2,509,810       251,006  
                 
Total short-term securities (cost: $250,966,000)             251,006  
Total investment securities 127.60% (cost: $1,114,576,000)             1,106,395  
Other assets less liabilities (27.60)%             (239,318 )
                 
Net assets 100.00%           $ 867,077  

 

Futures contracts

 

Contracts   Type   Number of
contracts
  Expiration   Notional
amount
(000)
    Value and
unrealized
(depreciation)
appreciation
at 6/30/2023
(000)
 
2 Year U.S. Treasury Note Futures   Long   2,145   September 2023     USD436,172              $ (5,439 )
5 Year U.S. Treasury Note Futures   Long   832   September 2023     89,102       (1,366 )
10 Year U.S. Treasury Note Futures   Long   433   September 2023     48,611       (737 )
   
Capital Group Fixed Income ETF Trust 15
 

Capital Group Core Plus Income ETF (continued)

 

Futures contracts (continued)

 

Contracts   Type   Number of
contracts
  Expiration   Notional
amount
(000)
  Value and
unrealized
(depreciation)
appreciation
at 6/30/2023
(000)
 
10 Year Ultra U.S. Treasury Note Futures   Short   771   September 2023     (91,315 )            $ 960  
30 Year U.S. Treasury Bond Futures   Long   72   September 2023     9,137       25  
30 Year Ultra U.S. Treasury Bond Futures   Long   21   September 2023     2,861       10  
                        $ (6,547 )

 

Swap contracts

 

Interest rate swaps

 

Centrally cleared interest rate swaps

 

Receive   Pay       Notional     Value at     Upfront
premium
    Unrealized
appreciation
(depreciation)
 
Rate   Payment
frequency
  Rate   Payment
frequency
  Expiration
date
  amount
(000)
    6/30/2023
(000)
    paid
(000)
    at 6/30/2023
(000)
 
SOFR   Annual   2.121%   Annual   3/28/2024   USD 5,700     $ 137     $     $ 137  
4.105%   Annual   SOFR   Annual   4/18/2025     175,000       (2,438 )           (2,438 )
SOFR   Annual   3.3885%   Annual   4/18/2028     35,000       836             836  
SOFR   Annual   3.1585   Annual   1/18/2033     43,000       1,423             1,423  
SOFR   Annual   3.2205   Annual   4/18/2033     58,000       1,628             1,628  
                            $ 1,586     $     $ 1,586  

 

Bilateral interest rate swaps

 

Receive   Pay           Notional     Value at     Upfront
premium
    Unrealized
appreciation
 
Rate   Payment
frequency
  Rate   Payment
frequency
  Counterparty   Expiration
date
  amount
(000)
    6/30/2023
(000)
    paid
(000)
    at 6/30/2023
(000)
 
12.54%   At maturity   BZDIOVER   At maturity   Barclays Bank PLC   1/2/2026   BRL 19,454     $ 229     $     $ 229  

 

Investments in affiliates12

 

    Value of
affiliate at
1/1/2023
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
loss
(000)
    Net
unrealized
appreciation
(000)
    Value of
affiliate at
6/30/2023
(000)
    Dividend
income
(000)
 
Short-term securities 28.95%                                                        
Money market investments 28.95%                                                        
Capital Group Central Cash Fund 5.15%11   $ 49,881     $ 376,233     $ 175,143     $ (2 )   $ 37     $ 251,006     $ 3,141  
   
16 Capital Group Fixed Income ETF Trust
 

Capital Group Core Plus Income ETF (continued)

 

Restricted securities8

 

    Acquisition
date
  Cost
(000)
    Value
(000)
    Percent
of net
assets
 
Mission Lane Credit Card Master Trust, Series 2022-B, Class D, 14.45% 1/15/20281,7   12/6/2022   $ 3,500     $ 3,556       .41 %
Mission Lane Credit Card Master Trust, Series 2022-B, Class B, 10.42% 1/15/20281,7   12/6/2022     465       470       .06  
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)5,7   6/23/2023     768       768       .09  
        $ 4,733     $ 4,794       .56 %
   
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 $225,474,000, which represented 26.00% 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 $837,000, which represented 0.09% of the net assets of the fund.
7 Value determined using significant unobservable inputs.
8 Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $4,794,000, which represented 0.56% of the net assets of the fund.
9 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $9,051,000, which represented 1.04% of the net assets of the fund.
10 Index-linked bond whose principal amount moves with a government price index.
11 Rate represents the seven-day yield at June 30, 2023.
12 Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
13 Amount less than one thousand.

 

Key to abbreviations

AMT = Alternative Minimum Tax

Assn. = Association

BRL = Brazilian reais

BZDIOVER = Overnight Brazilian Interbank Deposit Rate

CLO = Collateralized Loan Obligations

CME = CME Group

DAC = Designated Activity Company

Dev. = Development

Facs. = Facilities

LIBOR = London Interbank Offered Rate

Rev. = Revenue

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 17
 
Capital Group Municipal Income ETF unaudited
Investment portfolio June 30, 2023  

 

Portfolio quality summary*     Percent of
net assets
AAA/Aaa     10.33 %
AA/Aa     37.32  
A/A     20.13  
BBB/Baa     10.31  
Below investment grade     13.55  
Unrated     .57  
Short-term securities & other assets less liabilities     7.79  
* 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. Securities in the “unrated” category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund’s investment policies.

 

Bonds, notes & other debt instruments 92.21%   Principal amount
(000)
    Value
(000)
 
Alabama 2.09%                
Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2022-B-1, 5.25% 2/1/2053 (put 6/1/2029)   USD 600     $ 628  
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       497  
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2022-F, 5.50% 11/1/2053 (put 12/1/2028)     750       792  
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2023-B, 5.25% 12/1/2053 (put 12/1/2026)     500       534  
Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2023-A-1, 5.50% 11/1/2053 (put 1/1/2031)     500       537  
Board of Trustees of the University of Alabama, General Rev. Bonds, Series 2014-B, 4.00% 7/1/2031     575       627  
              3,615  
                 
Alaska 0.87%                
International Airport System, Rev. Ref. Bonds, Series 2021-C, AMT, 5.00% 10/1/2026     1,455       1,512  
                 
Arizona 1.08%                
Industrial Dev. Auth., Charter School Social Rev. Bonds (Equitable School Revolving Fund), Series 2021-A, 4.00% 11/1/2040     500       470  
Industrial Dev. Auth., Municipal Certs., Series 2019-2, Class A, 3.625% 5/20/2033     701       653  
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       746  
              1,869  
                 
California 9.02%                
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1, 5.00% 7/1/2053 (put 8/1/2029)     700       736  
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Millennium South Bay - Hawthorne), Series 2021-A-1, 3.375% 7/1/20431     750       604  
Davis Joint Unified School Dist., G.O Bonds, 2018 Election, Series 2020, BAM insured, 3.00% 8/1/2034     500       481  
Escondido Union High School Dist., G.O. Bonds, Capital Appreciation Bonds,                
2008 Election, Series 2009-A, Assured Guaranty insured, 0% 8/1/2028     500       425  
Freddie Mac, Multi Family Certs., Series 2023, 4.14% 1/25/2040     549       511  
G.O. Rev. Ref. Bonds, Series 2017, 4.00% 10/1/2039     480       525  
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2032     500       595  
Glendale Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, 2016 Election, Series 2020-B, 0% 8/1/2032     500       361  
Health Facs. Fncg. Auth., Rev. Bonds (Providence Health & Services), Series 2014-A, 5.00% 10/1/2024     580       592  
Housing Fin. Agcy., Municipal Certs., Series 2023-1, Class A, 4.375% 9/20/2036     550       549  

 

18 Capital Group Fixed Income ETF Trust
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
California (continued)                
Infrastructure and Econ. Dev. Bank, Rev. Bonds (WFCS Portfolio Projects), Series 2021-A-1, 5.00% 1/1/20561   USD 500     $ 381  
City of Long Beach, Harbor Rev. Bonds, Series 2015-C, AMT, 5.00% 5/15/2026     720       739  
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-D, AMT, 5.00% 5/15/2026     495       515  
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 5/15/2037     1,000       1,049  
Monrovia Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1997 Election, Series 2001-B, National insured, 0% 8/1/2032     750       536  
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2030     500       522  
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2021-A, AMT, 4.10% 7/1/2041 (put 10/2/2023)     350       350  
Newport-Mesa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2011, National insured, 0% 8/1/2033     700       503  
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 7/1/2049 (put 7/1/2024)     1,000       1,001  
Rialto Unified School Dist., G.O. Bonds, 2022 Election, Series 2023, BAM insured, 0% 8/1/2028     115       97  
Rialto Unified School Dist., G.O. Bonds, 2022 Election, Series 2023, BAM insured, 0% 8/1/2029     140       114  
Rowland Unified School Dist., G.O. Bonds, 2006 Election, Capital Appreciation Bonds, Series 2009-B, 0% 8/1/2034     500       339  
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 Election, Series 2012-E, 0% 7/1/2034     750       516  
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       519  
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2023-C, 4.00% 10/1/2048 (put 10/1/2029)     700       744  
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       531  
Stockton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-D, Assured Guaranty Municipal insured, 0% 8/1/2033     1,000       704  
City of Vernon, Electric System Rev. Bonds, Series 2021-A, 5.00% 4/1/2025     500       507  
Whittier Union High School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2016, 0% 8/1/2032     750       533  
              15,579  
                 
Colorado 2.98%                
City and County of Denver, Airport System Rev. Bonds, Series 2022-A, AMT, 5.00% 11/15/2028     500       538  
E-470 Public Highway Auth., Rev. Bonds, Capital Appreciation Bonds, Series 2004-A, National insured, 0% 9/1/2027     500       435  
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 12/1/2035     500       504  
Housing and Fin. Auth., Multi Family Housing Rev. Bonds (Wintergreen Ridge Apartments Project), Series 2023, 4.00% 5/1/2041 (put 5/1/2025)     275       276  
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2023-I, Class III, 6.00% 5/1/2053     1,000       1,097  
City of Lone Tree, Rampart Range Metropolitan Dist. No. 5, Limited Tax Supported and Special Rev. Bonds, Series 2021, 4.00% 12/1/2036     500       421  
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       455  
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 4.00% 7/15/2033     500       520  
Town of Superior, STC Metropolitan Dist. No. 2, Limited Tax G.O. and Special Rev. Ref. and Improvement Bonds, Series 2019-A, 4.00% 12/1/2029     500       466  
Town of Windsor, Great Western Metropolitan Dist. No. 5, Limited Tax G.O. Rev. Ref. Bonds, Series 2020, 4.75% 12/1/2050     500       435  
              5,147  

 

Capital Group Fixed Income ETF Trust 19
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Connecticut 1.30%                
Health and Educational Facs. Auth., Rev. Bonds (Connecticut Children’s Medical Center Issue), Series 2023-E, 5.00% 7/15/2038   USD 555     $ 598  
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-E-1, 4.25% 5/15/2042     420       419  
Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2015-C, 5.75% 2/1/20251     500       502  
Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2015-A, 6.75% 2/1/20451     219       219  
City of Stamford, Harbor Point Infrastructure Improvement Dist., Special Obligation Rev. Ref. Bonds (Harbor Point Project), Series 2017, 5.00% 4/1/20391     500       500  
              2,238  
                 
Delaware 0.26%                
Econ. Dev. Auth., Charter School Rev. Bonds (First State Montessori Academy, Inc. Project), Series 2019-A, 4.00% 8/1/2029     460       449  
                 
District of Columbia 0.58%                
Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (218 Vine Street Apartments Project), Series 2020, 4.00% 1/1/2040 (put 12/1/2023)     240       239  
Metropolitan Area Transit Auth., Dedicated Rev. Bonds, Series 2020-A, 4.00% 7/15/2020     750       760  
              999  
                 
Florida 3.25%                
Capital Trust Agcy., Educational Facs. Rev. Bonds (Renaissance Charter School), Series 2017-A, 4.375% 6/15/20271     345       338  
Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2017-A, 4.00% 10/15/20291     500       476  
Capital Trust Agcy., Senior Rev. Bonds (Educational Growth Fund, LLC Charter School Portfolio Projects), Series 2021-A-1, 3.375% 7/1/20311     500       469  
Dev. Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc. Project), Series 2021, AMT, 3.00% 6/1/2032     500       398  
Dev. Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc. Project), Series 2023, AMT, 6.125% 7/1/2032 (put 7/1/2026)1     650       654  
Fin. Auth., Econ. Dev. Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-A, AMT, 4.05% 5/1/2034 (put 12/1/2022)     750       750  
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 7/1/2049     430       427  
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2023-1, 5.25% 7/1/2054     500       523  
County of Miami-Dade, Sawyers Landing Community Dev. Dist., Special Assessment Rev. Bonds, Series 2021, 3.25% 5/1/2026     1,075       1,020  
Municipal Power Agcy., Rev. Ref. Bonds (St. Lucie Project), Series 2021-B, 5.00% 10/1/2030     500       553  
              5,608  
                 
Georgia 2.41%                
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-C, 4.00% 5/1/2052 (put 12/1/2028)     695       685  
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 7/1/2052 (put 9/1/2027)     500       498  
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-B, 5.00% 7/1/2053 (put 3/1/2030)     510       533  
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-C, 5.00% 9/1/2053 (put 12/1/2029)     1,140       1,198  
Municipal Electric Auth., Project One Bonds, Series 2020-A, 5.00% 1/1/2027     620       651  
Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2022-A, 5.00% 9/1/2032     500       593  
              4,158  

 

20 Capital Group Fixed Income ETF Trust
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Guam 0.87%                
Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 4.00% 1/1/2036   USD 550     $ 526  
Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2046     1,000       972  
              1,498  
                 
Hawaii 1.47%                
Airports System Rev. Bonds, Series 2018-A, AMT, 5.00% 7/1/2029     500       534  
City and County of Honolulu, G.O. Bonds, Series 2021-A, 4.00% 7/1/2041     500       507  
City and County of Honolulu, G.O. Bonds (Honolulu Rail Transit Project), Series 2019-E, 5.00% 9/1/2025 (put 9/1/2023)     1,500       1,503  
              2,544  
                 
Illinois 8.75%                
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2021-A, 3.00% 6/15/2032     500       470  
City of Chicago, Board of Education, Capital Improvement Tax Bonds (Dedicated Rev.), Series 2023, 5.25% 4/1/2036     250       275  
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2033     500       526  
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2040     500       506  
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-D, 5.00% 12/1/2046     500       492  
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       519  
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2022-A, 4.00% 12/1/2047     500       439  
City of Chicago, G.O Bonds (City Colleges of Chicago Capital Improvement Project), Capital Appreciation Bonds, Series 1999, National insured, 0% 1/1/2026 (escrowed to maturity)     500       461  
City of Chicago, G.O. Bonds, Series 2021-A, 4.00% 1/1/2035     500       494  
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 12/1/2025     500       453  
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, Assured Guaranty Municipal insured, 5.00% 1/1/2034     1,250       1,428  
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 11/1/2028     1,000       1,046  
City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, Assured Guaranty Municipal insured, 5.00% 11/1/2039     500       548  
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A, 4.00% 11/1/2030     500       505  
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 7/1/2023     1,000       1,000  
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 4.00% 11/15/2039     500       490  
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       1,063  
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       812  
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 6/15/2032     925       653  
Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, BAM insured, 5.00% 1/1/2029     510       556  
Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2023-C, 5.00% 1/1/2034     460       514  
Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2019, BAM insured, 5.00% 6/15/2029     665       701  
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2023-A, 5.00% 1/1/2042     600       660  
              15,112  

 

Capital Group Fixed Income ETF Trust 21
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Indiana 2.31%                
Fin. Auth., Environmental Improvement Rev. Bonds (Fulcrum Centerpoint, LLC Project), Series 2022-A, AMT, 4.50% 12/15/2046 (put 12/1/2023)   USD 750     $ 749  
Fin. Auth., Environmental Improvement Rev. Ref. Bonds (U.S. Steel Corp. Project), Series 2021-A, 4.125% 12/1/2026     750       742  
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health), Series 2023-B-1, 5.00% 10/1/2062 (put 7/1/2028)     755       822  
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-B, 3.00% 11/1/2030     500       453  
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A-1, 5.75% 7/1/2053     425       453  
City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2016-A, AMT, 4.40% 3/1/2046 (put 6/10/2031)     250       255  
City of Whiting, Environmental Facs. Rev. Ref. Bonds (BP Products North America, Inc. Project), Series 2019-A, AMT, 5.00% 12/1/2044 (put 6/15/2026)     500       515  
              3,989  
                 
Iowa 0.29%                
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2022, 4.00% 12/1/2050 (put 12/1/2032)     500       493  
                 
Kansas 0.31%                
Dev. Fin. Auth., Hospital Rev. Bonds (Advent Health Obligated Group), Series 2021-B, 5.00% 11/15/2054 (put 11/15/2028)     500       543  
                 
Kentucky 0.28%                
Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-1, 4.00% 8/1/2052 (put 8/1/2030)     500       491  
                 
Louisiana 0.48%                
Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2023-A, 5.75% 6/1/2054     400       433  
Public Facs. Auth., Hospital Rev. Bonds (Louisiana Children’s Medical Center Project), Series 2015-A-3, 5.00% 6/1/2045 (put 6/1/2028)     365       389  
              822  
                 
Maryland 1.47%                
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2023-A, 5.50% 9/1/2053     1,095       1,173  
County of Montgomery, Rev. Ref. Bonds (Dept. of Liquor Control), Series 2019-A, 4.00% 6/15/2037     750       779  
Dept. of Transportation, Consolidated Transportation Bonds, Series 2021-A, 2.00% 10/1/2034     700       593  
              2,545  
                 
Massachusetts 0.73%                
Dev. Fin. Agcy., Rev. Bonds (Partners Healthcare System Issue), Series 2017-S, 4.00% 7/1/2035     500       507  
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2026     500       517  
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2023-B, AMT, 4.25% 7/1/2044     235       233  
              1,257  

 

22 Capital Group Fixed Income ETF Trust
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Michigan 1.82%                
Building Auth., Rev. Bonds (Facs. Program), Series 2021-I, 4.00% 10/15/2041   USD 500     $ 500  
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-A, 5.00% 12/1/2041     500       524  
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 6/1/2033     500       542  
Great Lakes Water Auth., Sewage Disposal System Rev. Ref. Bonds, Series 2018-B, 5.00% 7/1/2028     1,000       1,103  
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A, 5.50% 12/1/2053     450       482  
              3,151  
                 
Minnesota 1.02%                
Higher Education Supplemental Loan Auth., Rev. Bonds, Series 2023, AMT, 4.00% 11/1/2042     850       813  
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-I, 3.00% 1/1/2051     500       483  
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-H, 3.00% 7/1/2052     495       475  
              1,771  
                 
Missouri 1.25%                
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), Series 2021, 4.00% 8/1/2029     385       358  
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2020-C, 3.50% 11/1/2050     475       465  
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2023-B, 5.50% 5/1/2053     1,250       1,340  
              2,163  
                 
Montana 0.38%                
City of Forsyth, Pollution Control Rev. Ref. Bonds (Northwestern Corp. Colstrip Project), Series 2023, 3.875% 7/1/2028     650       652  
                 
Nebraska 0.24%                
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2020-A, 2.35% 9/1/2035     500       411  
                 
Nevada 2.84%                
Dept. of Business and Industry, Lease Rev. Bonds (Somerset Academy), Series 2018-A, 4.50% 12/15/20291     505       491  
Dept. of Business and Industry, Rev. Bonds (Brightline West Passenger Rail Project), Series 2020-A, AMT, 3.70% 1/1/2050 (put 1/31/2024)1     700       697  
Dept. of Business and Industry, Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2001, AMT, 3.75% 12/1/2026 (put 12/1/2023)1     850       851  
County of Clark, Limited Tax G.O. Park Improvement Bonds, Series 2018, 5.00% 12/1/2031     600       663  
County of Clark, Limited Tax G.O. Stadium Improvement Bonds, Series 2018-A, 5.00% 6/1/2033     500       545  
County of Clark, Limited Tax G.O. Transportation Improvement Bonds, Series 2018-B, 5.00% 12/1/2035     585       637  
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement Bonds, Series 2022-A, 4.00% 6/1/2035     500       530  
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       498  
              4,912  
                 
New Hampshire 1.02%                
National Fin. Auth., Municipal Certs., Series 2022-2, Class A, 4.00% 10/20/2036     545       517  
National Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2020-A-3, AMT, 3.95% 4/1/2024 (put 9/1/2023)     1,250       1,250  
              1,767  

 

Capital Group Fixed Income ETF Trust 23
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
New Jersey 3.79%                
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 9/15/2029   USD 500     $ 501  
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Ramapo College of New Jersey Issue), Series 2022-A, Assured Guaranty Municipal insured, 5.00% 7/1/2030     620       702  
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series 2017-A, 5.00% 7/1/2032     500       537  
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (RWJ Barnabas Health Obligated Group Issue), Series 2016-A, 5.00% 7/1/2033     500       529  
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2019-B, AMT, 3.25% 12/1/2039     500       474  
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2023-B, AMT, 4.00% 12/1/2044     900       875  
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2020-E, 3.50% 4/1/2051     465       455  
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2023-J, 5.50% 4/1/2053     1,000       1,072  
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 5.00% 12/15/2027     500       537  
Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A, 5.00% 12/15/2036     500       530  
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, AMBAC insured, 0% 12/15/2035     550       335  
              6,547  
                 
New York 7.96%                
Build NYC Resource Corp., Rev. Bonds (East Harlem Scholars Academy Charter School Project), Series 2022, 5.00% 6/1/20321     250       253  
Energy Research and Dev. Auth., Pollution Control Rev. Bonds (New York State Electric & Gas Corp. Project), Series 2004-C, 4.00% 4/1/2034     120       121  
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       478  
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2023-A-2, 3.60% 11/1/2062 (put 5/1/2027)     720       719  
Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 2.875% 11/15/2046     995       742  
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2017-D, 5.00% 11/15/2035     600       633  
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2028     805       861  
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 10/1/2047     440       439  
New York City G.O. Bonds, Series 2023-F-1, 5.00% 8/1/2025     110       114  
New York City G.O. Bonds, Series 2022-A-1, 5.00% 9/1/2034     500       583  
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2020-A-1-B, 2.05% 11/1/2031     530       459  
New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series 2021-F-1, 2.40% 11/1/2046     500       330  
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       769  
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2023-CC, 3.25% 6/15/2053     1,000       1,000  
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-E-1, 5.00% 2/1/2030     500       514  
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2016-B-1, 5.00% 11/1/2034     500       519  
Port Auth., Consolidated Bonds, Series 178, AMT, 5.00% 12/1/2025     560       563  
Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 5.00% 3/15/2029     500       560  
Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 3.00% 3/15/2048     500       394  
Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2021, AMT, 2.25% 8/1/2026     750       723  
Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), Series 2020-A, AMT, 5.00% 12/1/2024     750       763  

 

24 Capital Group Fixed Income ETF Trust
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
New York (continued)                
Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), Series 2020-C, 5.00% 12/1/2034   USD 500     $ 547  
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 8/1/2026     500       501  
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       519  
Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Rev. Ref. Green Bonds (MTA Bridges and Tunnels), Series 2023-A, 5.00% 11/15/2034     550       658  
              13,762  
                 
North Carolina 1.15%                
City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2030     500       541  
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 50, 5.50% 1/1/2054     700       750  
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 42, 4.00% 1/1/2050     475       471  
Turnpike Auth., Triangle Expressway System, Appropriation Rev. Bonds, Capital Appreciation Bonds, Series 2019, 0% 1/1/2043     560       233  
              1,995  
                 
North Dakota 0.43%                
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2023-A, 5.75% 7/1/2053     700       746  
                 
Ohio 3.84%                
Air Quality Dev. Auth., Air Quality Dev. Rev. Ref. Bonds (Duke Energy Corp. Project), Series 2022-B, AMT, 4.25% 11/1/2039 (put 6/1/2027)     500       497  
Air Quality Dev. Auth., Air Quality Rev. Ref. Bonds (Ohio Valley Electric Corp. Project), Series 2019-A, 3.25% 9/1/2029     500       467  
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-A-2, Class 1, 5.00% 6/1/2033     750       815  
County of Cuyahoga, Metropolitan Housing Auth., Multi Family Housing Rev. Bonds (Wade Park Apartments), Series 2022, 4.75% 12/1/2027 (put 12/1/2025)     460       467  
County of Franklin, Hospital Facs. Rev. Ref. Bonds (Nationwide Children’s Hospital), Series 2016-C, 5.00% 11/1/2031     500       569  
County of Franklin, Hospital Facs. Rev. Ref. Bonds (Nationwide Children’s Hospital), Series 2016-C, 4.00% 11/1/2040     1,000       985  
Hospital Rev. Bonds (University Hospitals Health System, Inc.), Series 2021-C, 3.58% 1/15/2051     985       985  
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2023-A, 5.50% 3/1/2053     1,000       1,059  
Water Dev. Auth., Water Dev. Rev. Bonds (Fresh Water), Series 2019, 5.00% 6/1/2031     695       791  
              6,635  
                 
Oregon 0.16%                
G.O. Bonds (Veteran’s Welfare Bonds Series 111), Series 2023-E, 5.50% 12/1/2053     260       279  
                 
Pennsylvania 4.99%                
City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Bonds (City Center Ref. Project), Series 2017, 5.00% 5/1/20421     500       501  
County of Cumberland, Municipal Auth., Rev. Bonds (Penn State Health), Series 2019, 5.00% 11/1/2027     500       539  
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Penndot Major Bridges Package One Project), Series 2022, AMT, 5.00% 12/31/2030     700       766  
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 12/31/2034     500       511  
Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2020-A, 4.00% 4/15/2039     500       492  
Erie County School Dist., Limited Tax G.O. Bonds, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 4/1/2030     500       549  

 

Capital Group Fixed Income ETF Trust 25
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Pennsylvania (continued)                
Erie County School Dist., Limited Tax G.O. Bonds, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 4/1/2031   USD 525     $ 576  
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 9/15/2026     500       533  
Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2023-B, AMT, 4.00% 6/1/2044     350       343  
Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series 2015, 5.00% 8/15/2026     500       519  
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2023-141-A, 5.75% 10/1/2053     800       853  
County of Montgomery, Industrial Dev. Auth., Exempt Facs. Rev. Ref. Bonds (Constellation Energy Generation, LLC Project), Series 2023-C, 4.10% 6/1/2029     600       614  
Philadelphia School Dist., G.O. Bonds, Series 2019-A, National insured, 5.00% 9/1/2026     500       524  
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 9/1/2028     250       262  
Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2027     500       540  
County of Westmoreland, Industrial Dev. Auth., Health System Rev. Bonds (Excela Health Project), Series 2020-A, 4.00% 7/1/2026     500       495  
              8,617  
                 
Puerto Rico 2.19%                
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 5.00% 7/1/20331     500       514  
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 4.00% 7/1/20421     500       438  
Commonwealth Highways and Transportation Auth., Toll Rev. Bonds, Capital Appreciation Bonds, Series 2022-C, 0% 7/1/2053 (5.00% on 7/1/2032)2     750       459  
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       464  
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2021, 5.00% 7/1/2033     435       477  
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040     1,000       953  
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040     500       477  
              3,782  
                 
South Carolina 0.59%                
Jobs-Econ. Dev. Auth., Environmental Improvement Rev. Ref. Bonds (International Paper Company Project), Series 2023-A, AMT, 4.00% 4/1/2033 (put 4/1/2026)     500       502  
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2029     500       519  
              1,021  
                 
Tennessee 1.11%                
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2A, AMT, 4.00% 1/1/2042     425       420  
City of Memphis and County of Shelby, Airport Auth., Airport Rev. Ref. Bonds, Series 2021-D, 5.00% 7/1/2023     500       500  
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2018, 4.00% 11/1/2049     1,000       995  
              1,915  
                 
Texas 7.78%                
City of Arlington, Special Tax Rev. Bonds, Series 2021-B, 5.00% 8/15/2024     800       816  
Boerne Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2023, 3.125% 2/1/2053 (put 2/1/2027)     500       495  
Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC Project), Series 2023, AMT, 10.00% 6/1/20421     500       501  
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2021-B, 5.00% 1/1/2032     500       558  
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Valor Education), Series 2023-A, 5.75% 6/15/20381     500       488  

 

26 Capital Group Fixed Income ETF Trust
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Texas (continued)                
Gulf Coast Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (CITGO Petroleum Corp. Project), Series 1995, AMT, 4.875% 5/1/2025   USD 500     $ 499  
County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 8/15/2030     500       547  
County of Harris, Toll Road Rev. Ref. Bonds, Series 2021, 4.00% 8/15/2045     500       500  
Hays Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/15/2035     635       726  
City of Houston, Airport System Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 7/1/2029     500       540  
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 5.00% 7/1/2029     650       652  
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2018, 5.00% 2/15/2030     500       550  
Laredo Unified School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 8/1/2034     500       540  
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2022, Assured Guaranty Municipal insured, 5.00% 5/15/2026     500       527  
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2022, 5.00% 5/15/2030     575       649  
North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2021, BAM insured, 5.00% 12/15/2027     500       543  
North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2021-B, 4.00% 1/1/2036     500       511  
Board of Regents of the Texas A&M University System, Permanent University Fund Bonds, Series 2023, 5.00% 7/1/2042     1,500       1,675  
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       553  
Waco Education Fin. Corp., Rev. Bonds (Baylor University Issue), Series 2021, 4.00% 3/1/2040     500       496  
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2023-2-A, 4.70% 1/1/2054     1,000       1,082  
              13,448  
                 
United States 0.10%                
Freddie Mac, Multi Family Certs., Series 2023, 0.897% 11/25/20351,3     2,755       168  
                 
Utah 1.14%                
MIDA Mountain Village Public Infrastructure Dist., Special Assessment Rev. Bonds (Mountain Village Assessment Area #2), Series 2021, 4.00% 8/1/20271     500       483  
MIDA Mountain Village Public Infrastructure Dist., Special Assessment Rev. Bonds (Mountain Village Assessment Area No. 2), Series 2021, 4.00% 8/1/20291     1,000       949  
Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2018-A, AMT, 5.00% 7/1/2028     500       533  
              1,965  
                 
Vermont 0.58%                
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     500       494  
Student Assistance Corp., Education Loan Rev. Bonds, Series 2023-A, AMT, 4.00% 6/15/2041     535       512  
              1,006  
                 
Virgin Islands 0.29%                
Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% 10/1/2026     500       504  

 

Capital Group Fixed Income ETF Trust 27
 

Capital Group Municipal Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Virginia 1.33%                
County of Arlington, Industrial Dev. Auth., Multifamily Housing Rev. Bonds (Park Shirlington Apartments), Series 2023-A, 5.00% 1/1/2026   USD 150     $ 155  
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       466  
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2023-A, 5.00% 2/1/2040     500       567  
City of Norfolk, G.O. Capital Rev. Ref. Bonds, Series 2014-C, 4.00% 8/1/2025     500       510  
City of Norfolk, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Braywood Manor Apartments), Series 2023, 5.00% 5/1/2043 (put 5/1/2026)     100       103  
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 1/1/2024     500       502  
              2,303  
                 
Washington 2.34%                
G.O. Bonds, Series 2020-A, 5.00% 8/1/2039     650       710  
Health Care Facs. Auth., Rev. Bonds (Multicare Health System), Series 2015-B, 5.00% 8/15/2025     500       514  
Housing Fin. Commission, Municipal Certs., Series 2021-1, 3.50% 12/20/2035     485       448  
Housing Fin. Commission, Single Family Program Bonds, Series 2018-1-N, 4.00% 12/1/2048     410       407  
County of King, Convention Center Public Facs. Dist., Lodging Tax Green Notes, Series 2021, 4.00% 7/1/2031     750       719  
Mercer Island School Dist. No. 400, Unlimited Tax G.O. Bonds, Series 2015, 3.00% 12/1/2024     750       750  
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  
              4,048  
                 
West Virginia 0.81%                
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Arch Resources Project), Series 2021, AMT, 4.125% 7/1/2045 (put 7/1/2025)     500       494  
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       501  
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Kentucky Power Company - Mitchell Project), Series 2014-A, AMT, 4.70% 4/1/2036 (put 6/17/2026)     400       401  
              1,396  
                 
Wisconsin 2.26%                
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, 5.00% 8/15/2054 (put 6/24/2026)     655       685  
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-1, 4.00% 11/15/2043     750       727  
Health and Educational Facs. Auth., Rev. Bonds (Hope Christian Schools Obligated Group), Series 2021, 4.00% 12/1/2031     250       211  
Public Fin. Auth., Air Cargo Rev. Bonds (AFCO Obligated Group), Series 2023, AMT, 5.00% 7/1/2025     265       268  
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       781  
Public Fin. Auth., Retirement Community Rev. Bonds (Lifespace Communities, Inc.), Series 2020-A, 4.00% 11/15/2041     500       485  
Public Fin. Auth., Rev. Ref. Bonds (Celanese Corp.), Series 2016-C, AMT, 4.30% 11/1/2030     750       743  
              3,900  
                 
Total bonds, notes & other debt instruments (cost: $157,790,000)             159,332  

 

28 Capital Group Fixed Income ETF Trust
 

Capital Group Municipal Income ETF (continued)

 

Short-term securities 7.76%   Principal amount
(000)
    Value
(000)
 
Municipals 7.76%                
State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds, Series 2003, Bank of America LOC, 1.62% 1/1/2033   USD 1,000     $ 1,000  
State of Florida, City of Gainesville, Utilities System Rev. Bonds, Series 2019-C, 0.13% 10/1/2047     2,000       2,000  
State of Arizona, City of Phoenix, Industrial Dev. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2013, AMT, 2.25% 12/1/2035 (put 8/1/2023)     1,500       1,500  
State of Maryland, County of Montgomery, G.O. Bonds, Series 2017-E, 3.60% 11/1/2037     2,500       2,500  
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2014, AMT, 4.05% 6/1/2044 (put 7/3/2023)     1,500       1,500  
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2013, AMT, 3.50% 8/1/2045 (put 8/1/2023)     1,000       1,000  
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 3.68% 8/1/2044     1,000       1,000  
State of New Hampshire, Health and Education Facs. Auth., Rev. Ref. Bonds (Dartmouth College Issue), Series 2007-B, 3.62% 6/1/2041     1,000       1,000  
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2013-B-3, 4.00% 1/1/2039     500       500  
State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2012-B, 0.11% 4/1/2042     1,400       1,400  
              13,400  
                 
Total short-term securities (cost: $13,400,000)             13,400  
Total investment securities 99.97% (cost: $171,190,000)             172,732  
Other assets less liabilities 0.03%             52  
                 
Net assets 100.00%           $ 172,784  

 

Futures contracts

 

Contracts   Type   Number of
contracts
  Expiration   Notional
amount
(000)
    Value and
unrealized
(depreciation)
appreciation
at 6/30/2023
(000)
 
2 Year U.S. Treasury Note Futures   Long   65   September 2023     USD13,218     $ (145 )
5 Year U.S. Treasury Note Futures   Long   78   September 2023     8,353       (129 )
10 Year Ultra U.S. Treasury Note Futures   Short   61   September 2023     (7,225 )     81  
                        $ (193 )

 

Capital Group Fixed Income ETF Trust 29
 

Capital Group Municipal Income ETF (continued)

 

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 $11,947,000, which represented 6.91% of the net assets of the fund.
2 Step bond; coupon rate may change at a later date.
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.

 

Key to abbreviations

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. = Certificates

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

USD = U.S. dollars

 

Refer to the notes to financial statements.

 

30 Capital Group Fixed Income ETF Trust
 
Capital Group U.S. Multi-Sector Income ETF unaudited
Investment portfolio June 30, 2023  

 

Portfolio by type of security Percent of net assets
   

 

Portfolio quality summary*   Percent of
net assets
U.S. Treasury and agency     1.16 %
AAA/Aaa     3.39  
AA/Aa     10.61  
A/A     15.39  
BBB/Baa     23.83  
Below investment grade     41.97  
Short-term securities & other assets less liabilities     3.65  
* 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.
  These securities are guaranteed by the full faith and credit of the U.S. government.

 

Bonds, notes & other debt instruments 96.35%   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans 68.52%                
Financials 13.16%                
AerCap Ireland Capital DAC 3.85% 10/29/2041   USD 695     $ 529  
AG Issuer, LLC 6.25% 3/1/20281     156       149  
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271     390       400  
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271     250       225  
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271     335       315  
American International Group, Inc. 5.125% 3/27/2033     81       79  
American International Group, Inc. 4.375% 6/30/2050     335       283  
AmWINS Group, Inc. 4.875% 6/30/20291     375       339  
Aon Corp. 5.35% 2/28/2033     137       138  
Aretec Escrow Issuer, Inc. 7.50% 4/1/20291     355       309  
AssuredPartners, Inc. 5.625% 1/15/20291     380       329  
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)2     350       297  
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)2     400       393  
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)2     225       223  
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)2     110       108  
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)2     560       555  
Block, Inc. 3.50% 6/1/2031     275       228  
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)1,2     200       200  
Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028)2     54       52  
Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033)2     335       333  
Charles Schwab Corp. 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)2     192       195  
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)2     416       442  
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)2     400       404  
Coinbase Global, Inc. 3.625% 10/1/20311     125       74  
Compass Group Diversified Holdings, LLC 5.25% 4/15/20291     710       623  
Corebridge Financial, Inc. 3.90% 4/5/2032     250       218  
Corebridge Financial, Inc. 4.40% 4/5/2052     395       311  
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)2     335       291  
Deutsche Bank AG 7.079% 2/10/2034 (USD-SOFR + 3.65% on 2/10/2033)2     200       185  
Discover Financial Services 6.70% 11/29/2032     78       80  
Fortrea Holdings, Inc. 7.50% 7/1/20301     115       118  

 

Capital Group Fixed Income ETF Trust 31
 

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)                
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)2   USD 565     $ 478  
Hightower Holding, LLC 6.75% 4/15/20291     75       65  
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)2     655       530  
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)2     660       685  
HUB International, Ltd. 7.00% 5/1/20261     300       300  
HUB International, Ltd. 5.625% 12/1/20291     150       135  
HUB International, Ltd. 7.25% 6/15/20301     291       301  
HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.34% 6/20/2030     49       49  
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321     405       350  
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)2     125       123  
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)2     250       244  
JPMorgan Chase & Co. 3.328% 4/22/2052 (USD-SOFR + 1.58% on 4/22/2051)2     185       135  
Kasikornbank PCL 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)2     400       353  
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)1,2     200       199  
LPL Holdings, Inc. 4.00% 3/15/20291     435       382  
Metropolitan Life Global Funding I 5.15% 3/28/20331     175       173  
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)2     150       148  
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)2     130       128  
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)2     419       403  
Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)2     211       225  
MSCI, Inc. 3.25% 8/15/20331     320       258  
Nasdaq, Inc. 5.35% 6/28/2028     31       31  
Nasdaq, Inc. 5.95% 8/15/2053     30       31  
Nasdaq, Inc. 6.10% 6/28/2063     79       81  
Navient Corp. 9.375% 7/25/2030     100       100  
Navient Corp. 5.625% 8/1/2033     650       489  
New York Life Global Funding 4.55% 1/28/20331     46       44  
NFP Corp. 4.875% 8/15/20281     100       89  
NFP Corp. 6.875% 8/15/20281     330       287  
NFP Corp. 7.50% 10/1/20301     137       133  
Oxford Finance, LLC 6.375% 2/1/20271     135       126  
PayPal Holdings, Inc. 5.05% 6/1/2052     435       426  
PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR + 2.14% on 10/28/2032)2     77       79  
PNC Financial Services Group, Inc. 5.068% 1/24/2034 (USD-SOFR + 1.933% on 1/24/2033)2     118       113  
Power Finance Corp., Ltd. 3.35% 5/16/2031     250       210  
Royal Bank of Canada 5.00% 2/1/2033     89       87  
Ryan Specialty Group, LLC 4.375% 2/1/20301     270       239  
State Street Corp. 4.821% 1/26/2034 (USD-SOFR + 1.567% on 1/26/2033)2     348       338  
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)2     66       66  
The Allstate Corp. 5.25% 3/30/2033     168       168  
The Charles Schwab Corp. 2.45% 3/3/2027     245       220  
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)2     77       77  
U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028)2     125       119  
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)2     225       210  
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)2     73       74  
UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)1,2     385       343  
Wells Fargo & Company 4.89% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)2     545       523  
Wells Fargo & Company 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)2     375       373  
WeWork Companies, LLC 5.00% Cash and 6.00% PIK 8/15/20271,3     113       47  
WeWork Companies, LLC 7.00% Cash and 8.00% PIK 8/15/20271,3     90       79  
              19,291  
                 
Energy 11.40%                
Apache Corp. 5.10% 9/1/2040     25       20  
Apache Corp. 5.25% 2/1/2042     225       177  
Apache Corp. 5.35% 7/1/2049     300       234  
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291     300       268  

 

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)                
Energy (continued)                
BP Capital Markets America, Inc. 4.893% 9/11/2033   USD 46     $ 46  
California Resources Corp. 7.125% 2/1/20261     240       241  
Callon Petroleum Co. 7.50% 6/15/20301     480       453  
Canadian Natural Resources, Ltd. 2.95% 7/15/2030     95       82  
Cheniere Energy Partners, LP 3.25% 1/31/2032     545       449  
Cheniere Energy Partners, LP 5.95% 6/30/20331     175       176  
Cheniere Energy, Inc. 4.625% 10/15/2028     255       238  
Chesapeake Energy Corp. 5.875% 2/1/20291     615       585  
Civitas Resources, Inc. 5.00% 10/15/20261     255       241  
Civitas Resources, Inc. 8.375% 7/1/20281     175       177  
Civitas Resources, Inc. 8.75% 7/1/20311     325       330  
CNX Resources Corp. 7.375% 1/15/20311     400       390  
Comstock Resources, Inc. 6.75% 3/1/20291     75       69  
Comstock Resources, Inc. 5.875% 1/15/20301     495       430  
ConocoPhillips 5.30% 5/15/2053     25       25  
Crescent Energy Finance, LLC 9.25% 2/15/20281     136       132  
Crestwood Midstream Partners, LP 8.00% 4/1/20291     75       76  
Crestwood Midstream Partners, LP 7.375% 2/1/20311     375       370  
DT Midstream, Inc. 4.375% 6/15/20311     300       259  
Earthstone Energy Holdings, LLC 9.875% 7/15/20311     180       178  
Ecopetrol SA 8.875% 1/13/2033     435       431  
Energy Transfer, LP 6.25% 4/15/2049     284       278  
EQM Midstream Partners, LP 4.75% 1/15/20311     470       412  
EQT Corp. 3.625% 5/15/20311     80       69  
Exxon Mobil Corp. 2.61% 10/15/2030     350       308  
Exxon Mobil Corp. 3.452% 4/15/2051     400       311  
Genesis Energy, LP 8.00% 1/15/2027     220       215  
Genesis Energy, LP 8.875% 4/15/2030     245       240  
Harvest Midstream I, LP 7.50% 9/1/20281     325       322  
Hilcorp Energy I, LP 6.25% 4/15/20321     475       424  
Kinder Morgan, Inc. 4.80% 2/1/2033     250       236  
Kinder Morgan, Inc. 5.20% 6/1/2033     50       48  
Kinder Morgan, Inc. 5.45% 8/1/2052     295       270  
Leviathan Bond, Ltd. 6.75% 6/30/20301     230       215  
MPLX, LP 4.95% 9/1/2032     270       258  
MPLX, LP 5.00% 3/1/2033     75       72  
MPLX, LP 4.95% 3/14/2052     565       481  
Nabors Industries, Inc. 7.375% 5/15/20271     100       95  
New Fortress Energy, Inc. 6.50% 9/30/20261     570       511  
NGL Energy Operating, LLC 7.50% 2/1/20261     635       626  
Noble Finance II, LLC 8.00% 4/15/20301     75       76  
Northern Oil and Gas, Inc. 8.125% 3/1/20281     397       389  
Northern Oil and Gas, Inc. 8.75% 6/15/20311     90       89  
Occidental Petroleum Corp. 6.625% 9/1/2030     125       130  
Occidental Petroleum Corp. 6.125% 1/1/2031     175       178  
Occidental Petroleum Corp. 6.60% 3/15/2046     255       263  
Permian Resources Operating, LLC 5.875% 7/1/20291     330       311  
Petroleos Mexicanos 6.49% 1/23/2027     150       133  
Range Resources Corp. 4.75% 2/15/20301     340       305  
Shell International Finance BV 3.00% 11/26/2051     415       293  
Southwestern Energy Co. 4.75% 2/1/2032     635       561  
Sunoco, LP 4.50% 5/15/2029     280       249  
Superior Plus, LP 4.50% 3/15/20291     50       44  
TotalEnergies Capital International SA 3.127% 5/29/2050     135       98  
Transocean Titan Financing, Ltd. 8.375% 2/1/20281     42       43  
Transocean, Inc. 8.00% 2/1/20271     150       136  
Transocean, Inc. 8.75% 2/15/20301     342       347  
Transocean, Inc. 6.80% 3/15/2038     150       104  
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20301     229       227  
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311     225       194  
Venture Global LNG, Inc. 8.125% 6/1/20281     175       178  
Venture Global LNG, Inc. 8.375% 6/1/20311     200       202  

 

Capital Group Fixed Income ETF Trust 33
 

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)                
Western Midstream Operating, LP 4.50% 3/1/2028   USD 180     $ 170  
Western Midstream Operating, LP 6.15% 4/1/2033     203       205  
Williams Companies, Inc. 4.65% 8/15/2032     325       308  
              16,701  
                 
Consumer discretionary 7.22%                
Alibaba Group Holding, Ltd. 2.125% 2/9/2031     200       163  
Allied Universal Holdco, LLC 4.625% 6/1/20281     695       589  
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20291     225       229  
Amazon.com, Inc. 4.70% 12/1/2032     160       161  
Asbury Automotive Group, Inc. 4.625% 11/15/20291     345       307  
Atlas LuxCo 4 SARL 4.625% 6/1/20281     100       84  
Bath & Body Works, Inc. 6.875% 11/1/2035     435       399  
Boyd Gaming Corp. 4.75% 12/1/2027     195       185  
Boyne USA, Inc. 4.75% 5/15/20291     230       207  
Caesars Entertainment, Inc. 4.625% 10/15/20291     465       406  
Caesars Entertainment, Inc. 7.00% 2/15/20301     125       126  
Caesars Resort Collection, LLC 5.75% 7/1/20251     187       189  
Carnival Corp. 5.75% 3/1/20271     325       300  
Carnival Corp. 6.00% 5/1/20291     75       67  
Cedar Fair, LP 5.50% 5/1/20251     200       199  
Clarios Global, LP 8.50% 5/15/20271     75       75  
Fertitta Entertainment, LLC 4.625% 1/15/20291     125       110  
Fertitta Entertainment, LLC 6.75% 1/15/20301     175       149  
First Student Bidco, Inc. 4.00% 7/31/20291     165       140  
Ford Motor Co. 6.10% 8/19/2032     700       679  
Ford Motor Credit Co., LLC 4.134% 8/4/2025     100       95  
Ford Motor Credit Co., LLC 3.815% 11/2/2027     507       454  
Hanesbrands, Inc. 4.875% 5/15/20261     150       140  
Hanesbrands, Inc. 9.00% 2/15/20311     397       401  
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.852% 3/8/20304,5     79       79  
Hilton Domestic Operating Co., Inc. 4.00% 5/1/20311     359       312  
Home Depot, Inc. 2.375% 3/15/2051     230       143  
International Game Technology PLC 5.25% 1/15/20291     380       360  
Jacobs Entertainment, Inc. 6.75% 2/15/20291     214       192  
Levi Strauss & Co. 3.50% 3/1/20311     225       186  
Lithia Motors, Inc. 3.875% 6/1/20291     100       87  
Marriott International, Inc. 3.50% 10/15/2032     110       95  
Marriott Ownership Resorts, Inc. 4.50% 6/15/20291     185       160  
Party City Holdings, Inc. 8.75% 2/15/20261     230       36  
Party City Holdings, Inc., Term Loan DIP, 14.582% 7/19/20234,5     40       41  
RHP Hotel Properties, LP 7.25% 7/15/20281     79       80  
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261     465       427  
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281     165       154  
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291     200       210  
Royal Caribbean Cruises, Ltd. 7.25% 1/15/20301     76       77  
Sands China, Ltd. 3.75% 8/8/20312     575       469  
Scientific Games Holdings, LP 6.625% 3/1/20301     177       156  
Sonic Automotive, Inc. 4.625% 11/15/20291     409       343  
Sonic Automotive, Inc. 4.875% 11/15/20311     160       131  
Vail Resorts, Inc. 6.25% 5/15/20251     90       90  
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261     315       294  
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/20281     188       172  
Wynn Resorts Finance, LLC 5.125% 10/1/20291     295       265  
Wynn Resorts Finance, LLC 7.125% 2/15/20311     176       175  
              10,588  

 

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)
 
Corporate bonds, notes & loans (continued)                
Health care 7.01%                
Amgen, Inc. 5.25% 3/2/2030   USD 86     $ 86  
Amgen, Inc. 4.20% 3/1/2033     260       243  
Amgen, Inc. 5.25% 3/2/2033     368       369  
Amgen, Inc. 3.00% 1/15/2052     375       250  
Amgen, Inc. 5.65% 3/2/2053     306       310  
Amgen, Inc. 5.75% 3/2/2063     175       178  
Avantor Funding, Inc. 3.875% 11/1/20291     341       299  
Bausch Health Americas, Inc. 8.50% 1/31/20271     130       71  
Bausch Health Companies, Inc. 5.50% 11/1/20251     350       310  
Bausch Health Companies, Inc. 5.00% 2/15/20291     125       52  
Bausch Health Companies, Inc. 5.25% 2/15/20311     170       71  
Baxter International, Inc. 2.272% 12/1/2028     100       86  
Baxter International, Inc. 2.539% 2/1/2032     292       237  
Baxter International, Inc. 3.132% 12/1/2051     200       132  
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301     260       211  
Centene Corp. 2.45% 7/15/2028     240       205  
Centene Corp. 2.50% 3/1/2031     695       555  
Charles River Laboratories International, Inc. 3.75% 3/15/20291     274       241  
CHS / Community Health Systems, Inc. 5.625% 3/15/20271     100       88  
CVS Health Corp. 5.25% 2/21/2033     126       126  
CVS Health Corp. 5.875% 6/1/2053     177       182  
CVS Health Corp. 6.00% 6/1/2063     213       219  
Eli Lilly and Co. 4.70% 2/27/2033     38       38  
Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 5.05%% 6/30/20304,5     25       25  
GE HealthCare Technologies, Inc. 5.905% 11/22/2032     150       157  
GE HealthCare Technologies, Inc. 6.377% 11/22/2052     125       139  
Grifols Escrow Issuer SA 4.75% 10/15/20281     200       174  
HCA, Inc. 2.375% 7/15/2031     225       180  
HealthEquity, Inc. 4.50% 10/1/20291     175       154  
Medline Borrower, LP 5.25% 10/1/20291     380       330  
Molina Healthcare, Inc. 3.875% 5/15/20321     725       609  
Owens & Minor, Inc. 6.25% 4/1/20301     535       486  
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033     265       264  
Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043     100       100  
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053     278       289  
Radiology Partners, Inc. 9.25% 2/1/20281     340       124  
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 9.467% 7/9/20254,5     15       11  
RP Escrow Issuer, LLC 5.25% 12/15/20251     100       74  
Surgery Center Holdings, Inc. 10.00% 4/15/20271     79       81  
Tenet Healthcare Corp. 6.125% 10/1/2028     225       217  
Tenet Healthcare Corp. 4.375% 1/15/2030     305       276  
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026     450       404  
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028     455       449  
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029     275       250  
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029     350       361  
Thermo Fisher Scientific, Inc. 4.95% 11/21/2032     101       103  
UnitedHealth Group, Inc. 5.35% 2/15/2033     145       151  
UnitedHealth Group, Inc. 2.90% 5/15/2050     180       126  
UnitedHealth Group, Inc. 5.875% 2/15/2053     160       178  
              10,271  
                 
Communication services 6.67%                
AT&T, Inc. 2.25% 2/1/2032     165       131  
AT&T, Inc. 3.50% 9/15/2053     280       198  
AT&T, Inc. 3.55% 9/15/2055     240       168  
CCO Holdings, LLC 4.75% 2/1/20321     175       143  
CCO Holdings, LLC 4.50% 6/1/20331     475       374  
CCO Holdings, LLC 4.25% 1/15/20341     1,060       802  
Charter Communications Operating, LLC 2.30% 2/1/2032     135       102  
Charter Communications Operating, LLC 3.70% 4/1/2051     800       506  

 

Capital Group Fixed Income ETF Trust 35
 

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)                
Communication services (continued)                
Comcast Corp. 1.50% 2/15/2031   USD 315     $ 251  
Comcast Corp. 5.35% 5/15/2053     75       76  
DIRECTV Financing, LLC 5.875% 8/15/20271     125       113  
DISH Network Corp. 11.75% 11/15/20271     535       523  
Gray Escrow II, Inc. 5.375% 11/15/20311     671       446  
Gray Television, Inc. 5.875% 7/15/20261     6       5  
Gray Television, Inc. 4.75% 10/15/20301     152       103  
Lamar Media Corp. 3.625% 1/15/2031     455       384  
Meta Platforms, Inc. 3.85% 8/15/2032     415       386  
Meta Platforms, Inc. 4.45% 8/15/2052     345       300  
Netflix, Inc. 4.875% 4/15/2028     390       386  
Netflix, Inc. 5.875% 11/15/2028     120       124  
Netflix, Inc. 5.375% 11/15/20291     215       216  
News Corp. 3.875% 5/15/20291     555       488  
Nexstar Media, Inc. 4.75% 11/1/20281     375       326  
Sirius XM Radio, Inc. 3.875% 9/1/20311     810       627  
Sprint Capital Corp. 6.875% 11/15/2028     245       260  
Tencent Holdings, Ltd. 3.24% 6/3/2050     265       174  
Tencent Holdings, Ltd. 3.24% 6/3/20501     165       108  
Tencent Holdings, Ltd. 3.84% 4/22/2051     310       228  
T-Mobile USA, Inc. 2.55% 2/15/2031     100       83  
T-Mobile USA, Inc. 5.05% 7/15/2033     37       36  
T-Mobile USA, Inc. 3.40% 10/15/2052     230       164  
Univision Communications, Inc. 4.50% 5/1/20291     545       469  
Univision Communications, Inc. 7.375% 6/30/20301     275       262  
Verizon Communications, Inc. 2.355% 3/15/2032     380       306  
Verizon Communications, Inc. 5.05% 5/9/2033     50       50  
Verizon Communications, Inc. 3.55% 3/22/2051     260       194  
WMG Acquisition Corp. 3.875% 7/15/20301     312       270  
              9,782  
                 
Materials 5.59%                
Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/20291     325       258  
ATI, Inc. 4.875% 10/1/2029     235       212  
Axalta Coating Systems, LLC 4.75% 6/15/20271     200       189  
Ball Corp. 6.875% 3/15/2028     325       332  
Ball Corp. 6.00% 6/15/2029     100       99  
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033     52       52  
Braskem Idesa SAPI 6.99% 2/20/2032     250       162  
Braskem Netherlands Finance BV 7.25% 2/13/20331     350       344  
CAN-PACK Spolka Akcyjna 3.875% 11/15/20291     200       163  
Celanese US Holdings, LLC 6.379% 7/15/2032     285       288  
EIDP, Inc. 4.80% 5/15/2033     124       122  
Element Solutions, Inc. 3.875% 9/1/20281     285       249  
First Quantum Minerals, Ltd. 6.875% 10/15/20271     550       537  
FXI Holdings, Inc. 12.25% 11/15/20261     420       381  
International Flavors & Fragrances, Inc. 3.468% 12/1/20501     480       321  
LABL, Inc. 9.50% 11/1/20281     276       281  
LSB Industries, Inc. 6.25% 10/15/20281     302       270  
Mineral Resources, Ltd. 8.50% 5/1/20301     235       236  
Nova Chemicals Corp. 4.25% 5/15/20291     255       208  
Novelis Corp. 3.875% 8/15/20311     405       334  
Nutrien, Ltd. 5.80% 3/27/2053     125       126  
OCI NV 6.70% 3/16/20331     330       323  
Olympus Water US Holding Corp. 9.75% 11/15/20281     285       278  
Sasol Financing USA, LLC 8.75% 5/3/20291     225       219  
SCIH Salt Holdings, Inc. 4.875% 5/1/20281     235       210  
SCIH Salt Holdings, Inc. 6.625% 5/1/20291     250       210  
Scotts Miracle-Gro Co. 4.375% 2/1/2032     320       252  
Sealed Air Corp. 4.00% 12/1/20271     100       91  
Sealed Air Corp. 6.125% 2/1/20281     336       334  
Summit Materials, LLC 5.25% 1/15/20291     150       142  

 

36 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)                
Materials (continued)                
Trident TPI Holdings, Inc. 12.75% 12/31/20281   USD 250     $ 260  
Valvoline, Inc. 3.625% 6/15/20311     385       313  
Venator Finance SARL 9.50% 7/1/20251     95       73  
Venator Finance SARL, Term Loan, 15.05% 9/14/20234,5     19       19  
Warrior Met Coal, Inc. 7.875% 12/1/20281     295       297  
              8,185  
                 
Industrials 4.99%                
Boeing Co. 3.625% 2/1/2031     200       180  
Boeing Co. 5.705% 5/1/2040     130       130  
Boeing Co. 5.805% 5/1/2050     505       504  
Bombardier, Inc. 7.125% 6/15/20261     280       278  
Bombardier, Inc. 7.875% 4/15/20271     415       415  
BWX Technologies, Inc. 4.125% 4/15/20291     250       226  
Canadian Pacific Railway Co. 3.10% 12/2/2051     525       373  
Clarivate Science Holdings Corp. 3.875% 7/1/20281     115       102  
Clean Harbors, Inc. 6.375% 2/1/20311     45       45  
CoreLogic, Inc. 4.50% 5/1/20281     420       339  
CSX Corp. 2.50% 5/15/2051     220       140  
Enviri Corp. 5.75% 7/31/20271     155       135  
Icahn Enterprises, LP 4.75% 9/15/2024     121       116  
Icahn Enterprises, LP 6.375% 12/15/2025     31       29  
Icahn Enterprises, LP 6.25% 5/15/2026     19       17  
KKR Apple Bidco, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.00%) 9.102% 9/22/20284,5     80       80  
Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034     142       138  
Norfolk Southern Corp. 4.45% 3/1/2033     15       14  
PM General Purchaser, LLC 9.50% 10/1/20281     102       100  
Regal Rexnord Corp. 6.30% 2/15/20301     300       299  
Regal Rexnord Corp. 6.40% 4/15/20331     280       280  
Republic Services, Inc. 1.45% 2/15/2031     141       111  
Ritchie Bros. Holdings, Inc. 6.75% 3/15/20281     85       86  
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20311     158       164  
Sabre GLBL, Inc. 11.25% 12/15/20271     125       106  
Sensata Technologies BV 4.00% 4/15/20291     350       312  
Spirit AeroSystems, Inc. 4.60% 6/15/2028     145       122  
Spirit AeroSystems, Inc. 9.375% 11/30/20291     282       302  
Stericycle, Inc. 3.875% 1/15/20291     265       236  
The Dun & Bradstreet Corp. 5.00% 12/15/20291     230       203  
TransDigm, Inc. 6.25% 3/15/20261     160       159  
TransDigm, Inc. 6.75% 8/15/20281     150       151  
TransDigm, Inc. 4.625% 1/15/2029     250       223  
Triumph Group, Inc. 9.00% 3/15/20281     335       342  
Uber Technologies, Inc. 8.00% 11/1/20261     270       276  
Union Pacific Corp. 2.95% 3/10/2052     308       214  
United Rentals (North America), Inc. 5.25% 1/15/2030     185       177  
WESCO Distribution, Inc. 7.25% 6/15/20281     190       194  
              7,318  
                 
Utilities 3.94%                
AEP Transmission Co., LLC 5.40% 3/15/2053     75       77  
Alabama Power Co. 3.94% 9/1/2032     151       140  
CenterPoint Energy Houston Electric, LLC 2.90% 7/1/2050     440       300  
Consumers Energy Co. 3.60% 8/15/2032     75       68  
Consumers Energy Co. 4.625% 5/15/2033     125       122  
DTE Electric Co. 2.625% 3/1/2031     215       184  
Duke Energy Carolinas, LLC 2.45% 8/15/2029     75       65  
Duke Energy Carolinas, LLC 5.35% 1/15/2053     100       101  
Edison International 4.125% 3/15/2028     65       61  
Edison International 6.95% 11/15/2029     95       100  
Electricité de France SA 6.90% 5/23/20531     500       519  

 

Capital Group Fixed Income ETF Trust 37
 

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)                
Utilities (continued)                
Electricité de France SA 9.125% 12/31/2079 (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)1,2   USD 200     $ 206  
Entergy Louisiana, LLC 2.90% 3/15/2051     350       231  
FirstEnergy Corp. 2.65% 3/1/2030     245       207  
FirstEnergy Transmission, LLC 4.35% 1/15/20251     200       195  
Florida Power & Light Company 2.875% 12/4/2051     195       135  
Florida Power & Light Company 5.30% 4/1/2053     100       103  
Georgia Power Co. 4.95% 5/17/2033     25       25  
Minejesa Capital BV 4.625% 8/10/2030     250       225  
NextEra Energy Capital Holdings, Inc. 2.25% 6/1/2030     130       108  
Oncor Electric Delivery Co., LLC 2.70% 11/15/2051     355       230  
Pacific Gas and Electric Co. 3.30% 12/1/2027     240       211  
Pacific Gas and Electric Co. 3.25% 6/1/2031     270       220  
Pacific Gas and Electric Co. 6.40% 6/15/2033     100       99  
Pacific Gas and Electric Co. 3.30% 8/1/2040     135       91  
Pacific Gas and Electric Co. 3.50% 8/1/2050     390       249  
PG&E Corp. 5.25% 7/1/2030     280       251  
Southern California Edison Co. 4.70% 6/1/2027     105       103  
Southern California Edison Co. 2.50% 6/1/2031     180       150  
Southern California Edison Co. 3.65% 2/1/2050     143       107  
Southern California Edison Co. 2.95% 2/1/2051     380       249  
Talen Energy Supply, LLC 8.625% 6/1/20301     322       334  
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291     205       179  
Virginia Electric & Power 2.30% 11/15/2031     155       126  
              5,771  
                 
Consumer staples 3.45%                
7-Eleven, Inc. 1.80% 2/10/20311     430       340  
7-Eleven, Inc. 2.80% 2/10/20511     95       60  
Altria Group, Inc. 3.70% 2/4/2051     660       443  
Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049     100       105  
Anheuser-Busch InBev Worldwide, Inc. 4.50% 6/1/2050     250       231  
B&G Foods, Inc. 5.25% 4/1/2025     270       258  
BAT Capital Corp. 3.984% 9/25/2050     605       408  
Central Garden & Pet Co. 4.125% 4/30/20311     480       396  
Constellation Brands, Inc. 2.25% 8/1/2031     380       311  
Constellation Brands, Inc. 4.90% 5/1/2033     20       20  
Darling Ingredients, Inc. 6.00% 6/15/20301     425       415  
Energizer Holdings, Inc. 4.375% 3/31/20291     100       86  
Ingles Markets, Inc. 4.00% 6/15/20311     335       281  
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271     310       275  
Performance Food Group, Inc. 4.25% 8/1/20291     166       148  
Philip Morris International, Inc. 5.625% 11/17/2029     147       150  
Philip Morris International, Inc. 5.75% 11/7/2032     150       154  
Post Holdings, Inc. 4.625% 4/15/20301     460       404  
Prestige Brands, Inc. 3.75% 4/1/20311     295       245  
Simmons Foods, Inc. 4.625% 3/1/20291     350       281  
Walmart, Inc. 4.10% 4/15/2033     50       49  
              5,060  
                 
Real estate 2.78%                
Anywhere Real Estate Group, LLC 5.25% 4/15/20301     325       231  
Boston Properties, LP 2.45% 10/1/2033     229       165  
Boston Properties, LP 6.50% 1/15/2034     342       344  
Crown Castle, Inc. 5.00% 1/11/2028     105       103  
Equinix, Inc. 2.50% 5/15/2031     295       241  
Howard Hughes Corp. 4.375% 2/1/20311     490       392  
Kennedy-Wilson, Inc. 4.75% 2/1/2030     675       510  
Kennedy-Wilson, Inc. 5.00% 3/1/2031     175       131  
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271     4       4  
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291     336       274  
MPT Operating Partnership, LP 3.50% 3/15/2031     425       293  

 

38 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)                
Real estate (continued)                
Park Intermediate Holdings, LLC 4.875% 5/15/20291   USD 415     $ 358  
Prologis, LP 4.75% 6/15/2033     35       34  
Prologis, LP 5.125% 1/15/2034     50       50  
Service Properties Trust 4.75% 10/1/2026     30       26  
Service Properties Trust 4.95% 2/15/2027     41       35  
Service Properties Trust 3.95% 1/15/2028     70       55  
Service Properties Trust 4.95% 10/1/2029     229       178  
Service Properties Trust 4.375% 2/15/2030     5       4  
Sun Communities Operating, LP 4.20% 4/15/2032     300       262  
VICI Properties, LP 5.125% 5/15/2032     405       379  
              4,069  
                 
Information technology 2.31%                
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 9.231% 6/13/20244,5     35       33  
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 12.405% 6/13/20254,5     50       45  
Apple, Inc. 2.40% 8/20/2050     100       67  
Apple, Inc. 4.85% 5/10/2053     317       325  
Booz Allen Hamilton, Inc. 4.00% 7/1/20291     240       215  
Broadcom, Inc. 2.60% 2/15/20331     116       91  
CDK Global, Inc. 7.25% 6/15/20291     135       134  
Cloud Software Group, Inc. 6.50% 3/31/20291     125       111  
Cloud Software Group, Inc. 9.00% 9/30/20291     610       533  
CommScope Technologies, LLC 6.00% 6/15/20251     75       70  
CommScope, Inc. 8.25% 3/1/20271     138       111  
CommScope, Inc. 7.125% 7/1/20281     155       110  
CommScope, Inc. 4.75% 9/1/20291     100       79  
Diebold Nixdorf, Inc. 9.375% 7/15/20251     51       9  
Diebold Nixdorf, Inc., Term Loan B1, (USD-SOFR + 7.50%) 11.50% 10/2/20234,5     71       67  
Diebold Nixdorf, Inc., Term Loan B2, (USD-SOFR + 7.50%) 11.50% 10/2/20234,5     46       44  
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/20254,5     100       18  
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 6.134% 6/13/20244,5   EUR 24       25  
Gartner, Inc. 3.75% 10/1/20301   USD 250       218  
Intel Corp. 5.20% 2/10/2033     51       52  
Intel Corp. 5.70% 2/10/2053     144       147  
Salesforce, Inc. 2.90% 7/15/2051     420       296  
ServiceNow, Inc. 1.40% 9/1/2030     120       95  
SK hynix, Inc. 6.50% 1/17/2033     200       202  
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.842% 9/29/20284,5     199       187  
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)2,6,7     110       106  
              3,390  
                 
Total corporate bonds, notes & loans             100,426  
                 
Mortgage-backed obligations 18.37%                
Commercial mortgage-backed securities 14.63%                
3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.466% 11/15/20558     634       563  
Bank Commercial Mortgage Trust, Series 2023-5YR2, Class AS, 6.878% 6/15/20288     267       276  
Bank Commercial Mortgage Trust, Series 2023-5YR2, Class C, 7.403% 7/15/20288     458       428  
Bank Commercial Mortgage Trust, Series 2022-BNK44, Class B, 5.937% 11/15/20328     556       517  
Bank Commercial Mortgage Trust, Series 2022-BNK44, Class C, 5.937% 11/15/20328     500       413  
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class B, 6.148% 2/15/20568     375       362  
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class C, 6.489% 2/15/20568     102       88  
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.41% 3/15/20568     745       703  
Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C, 6.347% 12/15/20558     1,008       884  
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class AS, 6.07% 4/15/20568     148       150  
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class B, 6.546% 4/15/20568     150       146  
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class C, 6.598% 4/15/20568     198       179  

 

Capital Group Fixed Income ETF Trust 39
 

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

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Mortgage-backed obligations (continued)                
Commercial mortgage-backed securities (continued)                
Barclays Commercial Mortgage Securities, LLC, Series 2023-C20, Class C, 6.828% 7/15/20568   USD 470     $ 438  
Benchmark Mortgage Trust, Series 2023-V2, Class B, 6.77% 5/15/20508     999       1,001  
Benchmark Mortgage Trust, Series 2023-V2, Class C, 6.77% 5/15/20558     742       698  
Benchmark Mortgage Trust, Series 2023-B38, Class AM, 6.12% 4/15/20568     226       230  
Benchmark Mortgage Trust, Series 2023-B38, Class B, 6.24% 4/15/20568     499       480  
Benchmark Mortgage Trust, Series 2023-B38, Class C, 6.24% 4/15/20568     499       434  
BMO Mortgage Trust, Series 2023-C5, Class B, 6.476% 6/15/20568     312       323  
BMO Mortgage Trust, Series 2023-C5, Class C, 6.627% 6/15/20568     166       158  
BX Trust, Series 2021-VOLT, Class D, (1-month USD-LIBOR + 1.65%) 6.843% 9/15/20361,8     280       265  
BX Trust, Series 2021-VOLT, Class E, (1-month USD-LIBOR + 2.00%) 7.193% 9/15/20361,8     710       672  
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.137% 2/15/20391,8     769       749  
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 7.598% 8/15/20391,8     446       446  
BX Trust, Series 2022-PSB, Class C, (1-month USD CME Term SOFR + 3.697%) 8.844% 8/15/20391,8     223       222  
BX Trust, Series 2023-VLT2, Class D, (1-month USD CME Term SOFR + 4.774%) 9.833% 6/15/20401,8     1,500       1,494  
BX Trust, Series 2020-VIV4, Class A, 2.843% 3/9/20441,8     500       414  
BX Trust, Series 2020-VIV3, Class B, 3.662% 3/9/20441,8     495       417  
BX Trust, Series 2020-VIV2, Class C, 3.66% 3/9/20441,8     500       410  
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class D, 5.85% 6/10/20281,8     1,129       1,065  
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class C, 5.85% 6/10/20281,8     245       236  
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class B, 3.15% 2/15/20538     140       104  
FIVE Mortgage Trust, Series 2023-V1, Class B, 6.618% 2/10/20568     495       487  
FIVE Mortgage Trust, Series 2023-V1, Class C, 6.618% 2/10/20568     195       179  
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.149%) 6.295% 12/15/20361,2,8     243       240  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class AS, 3.561% 4/15/20488     483       451  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class AS, 4.036% 5/15/20488     508       481  
MSFW Commercial Mortgage Trust, Series 2023-1, Class B, 6.68% 5/15/20338     410       419  
MSFW Commercial Mortgage Trust, Series 2023-1, Class C, 6.68% 5/15/20338     283       262  
Multifamily Connecticut Avenue Securities, Series 2020-1, Class M10, (1-month USD-LIBOR + 3.75%) 8.90% 3/25/20501,8     1,360       1,307  
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class AS, 3.872% 5/15/20488     481       454  
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class AS, 4.013% 6/15/20488     995       939  
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class B, 4.633% 8/15/20518     967       844  
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.936% 11/15/20271,8     412       412  
              21,440  
                 
Collateralized mortgage-backed obligations (privately originated) 3.74%                
Cascade Funding Mortgage Trust, Series 2023-HB12, Class M1, 4.25% 4/25/20331,8     224       200  
Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 7/25/20261,8     88       84  
Connecticut Avenue Securities, Series 2023-R04, Class 1B1, (30-day Average USD-SOFR + 5.35%) 10.417% 5/25/20431,8     284       292  
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.467% 12/25/20421,8     935       942  
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 8.617% 5/25/20431,8     285       291  
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1B1, (30-day Average USD-SOFR + 4.75%) 12.217% 6/25/20431,8     86       88  
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class D, 5.91% 8/12/20431,8     664       556  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 7.00% 2/25/20501,8     377       378  

 

40 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) (continued)                
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 10.25% 6/27/20501,8   USD 1,106     $ 1,191  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 11.15% 8/25/20501,8     361       402  
NewRez Warehouse Securitization Trust, Series 2021-1, Class B, (1-month USD-LIBOR + 0.90%) 6.05% 5/25/20551,8     867       860  
Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/20401,8     100       95  
Tricon Residential Trust, Series 2023-SFR1, Class E, 7.977% 7/17/20401,8     100       100  
              5,479  
                 
Total mortgage-backed obligations             26,919  
                 
Asset-backed obligations 8.16%                
ACHV ABS Trust, Series 2023-2PL, Class B, 6.88% 5/20/20301,8     100       99  
American Credit Acceptance Receivables Trust, Series 2023-2, Class D, 6.47% 8/13/20291,8     347       343  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-5, Class B, 7.09% 4/20/20271,8     553       560  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class B, 6.12% 2/22/20281,8     100       99  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class C, 7.05% 2/22/20281,8     187       186  
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,8     675       606  
Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11% 5/15/20268     422       417  
Exeter Automobile Receivables Trust, Series 2019-3, Class E, 4.00% 8/17/20261,8     810       793  
Exeter Automobile Receivables Trust, Series 2023-2, Class E, 9.75% 11/15/20301,8     212       210  
Exeter Automobile Receivables Trust, Series 2023-3, Class E, 9.98% 1/15/20311,8     1,014       1,019  
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class D, 6.62% 5/15/20281,8     584       574  
Fortress Credit BSL, Ltd., CLO, Series 2023-1, Class B1, (3-month USD CME Term SOFR + 3.00%) 7.775% 4/23/20361,8     250       251  
LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/20271,8     273       272  
Mission Lane Credit Card Master Trust, Series 2022-B, Class C, 12.09% 1/15/20286,7,8     1,000       1,012  
Mission Lane Credit Card Master Trust, Series 2023-A, Class B, 8.15% 7/17/20281,8     615       610  
Mission Lane Credit Card Master Trust, Series 2023-A, Class C, 10.03% 7/17/20281,8     1,100       1,092  
Palmer Square Loan Funding, Ltd., CLO, Series 2023-1, Class C, (3-month USD CME Term SOFR + 4.75%) 9.862% 7/20/20311,8     250       251  
PPM CLO, Ltd., Series 2022-6, Class B, (3-month USD CME Term SOFR + 3.60%) 8.175% 1/20/20311,8     467       467  
Prestige Auto Receivables Trust, Series 2023-1, Class D, 6.33% 4/16/20291,8     273       269  
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/20318     149       152  
SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86% 1/15/20531,8     590       537  
SMB Private Education Loan Trust, Series 2021-A, Class D2, 3.86% 1/15/20531,8     281       256  
SMB Private Education Loan Trust, Series 2023-A, Class B, 5.88% 1/15/20531,8     415       408  
SMB Private Education Loan Trust, Series 2023-B, Class D, 7.56% 10/16/20561,8     1,000       976  
Stratus Static CLO, Ltd., Series 2022-3, Class B, (3-month USD CME Term SOFR + 3.05%) 8.098% 10/20/20311,8     500       502  
              11,961  
                 
U.S. Treasury bonds & notes 1.16%                
U.S. Treasury 1.16%                
U.S. Treasury 4.125% 6/15/2026     150       149  
U.S. Treasury 3.625% 5/31/2028     485       474  
U.S. Treasury 3.375% 5/15/2033     379       366  
U.S. Treasury 3.75% 5/15/2043     75       73  
U.S. Treasury 3.625% 2/15/2053     664       637  
              1,699  
                 
Municipals 0.14%                
Texas 0.14%                
Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC Project), Series 2023, AMT, 10.00% 6/1/20421     200       200  
                 
Total bonds, notes & other debt instruments (cost: $140,412,000)             141,205  

 

Capital Group Fixed Income ETF Trust 41
 

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

 

Common stocks 0.00%   Shares     Value
(000)
 
Real estate 0.00%                
WeWork, Inc., Class A     24,300     $ 6  
                 
Total common stocks (cost: $11,000)             6  
                 
Short-term securities 1.69%                
Money market investments 1.69%                
Capital Group Central Cash Fund 5.15%9,10     24,725       2,473  
                 
Total short-term securities (cost: $2,472,000)             2,473  
Total investment securities 98.04% (cost: $142,895,000)             143,684  
Other assets less liabilities 1.96%             2,868  
                 
Net assets 100.00%           $ 146,552  

 

Futures contracts

 

Contracts   Type   Number of
contracts
  Expiration   Notional
amount
(000)
    Value and
unrealized
(depreciation)
appreciation
at 6/30/2023
(000)
 
2 Year U.S. Treasury Note Futures   Long   164   September 2023     USD33,348     $ (334 )
5 Year U.S. Treasury Note Futures   Long   81   September 2023     8,675       (57 )
10 Year U.S. Treasury Note Futures   Short   4   September 2023     (449 )     11 
10 Year Ultra U.S. Treasury Note Futures   Short   137   September 2023     (16,226 )     183  
30 Year U.S. Treasury Bond Futures   Long   20   September 2023     2,538       3  
30 Year Ultra U.S. Treasury Bond Futures   Short   59   September 2023     (8,037 )     (67 )
                        $ (272 )

 

Swap contracts

 

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
6/30/2023
(000)
    Upfront
premium
paid
(000)
    Unrealized
appreciation
at 6/30/2023
(000)
 
5%   Quarterly   CDX.NA.HY.40   6/20/2028   $USD2,950     $ 83       $ 14       $ 69  

 

Centrally cleared credit default swaps on credit indices — buy protection

 

Reference
index
  Financing
rate paid
  Payment
frequency
  Expiration
date
  Notional
amount
(000)
  Value at
6/30/2023
(000)
    Upfront
premium
received
(000)
    Unrealized
depreciation
at 6/30/2023
(000)
 
CDX.NA.IG.40   1%   Quarterly   6/20/2028   $USD7,428     $ (111 )     $ (92 )     $ (19 )

 

42 Capital Group Fixed Income ETF Trust
 

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

 

Investments in affiliates10

 

    Value of
affiliate at
1/1/2023
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
loss
(000)
    Net
unrealized
appreciation
(000)
    Value of
affiliate at
6/30/2023
(000)
    Dividend
income
(000)
 
Short-term securities 1.69%                                              
Money market investments 1.69%                                                        
Capital Group Central Cash Fund 5.15%9   $ 20     $ 31,819     $ 29,366     $ (1 )   $ 1     $ 2,473     $ 48  

 

Restricted securities7

 

    Acquisition
date
  Cost
(000)
    Value
(000)
    Percent
of net
assets
 
Mission Lane Credit Card Master Trust, Series 2022-B, Class C, 12.09% 1/15/20286,8   12/6/2022   $ 1,000     $ 1,012       .69 %
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)2,6   6/23/2023     106       106       .08  
        $ 1,106     $ 1,118       .77 %

 

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 $75,479,000, which represented 51.50% of the net assets of the fund.
2 Step bond; coupon rate may change at a later date.
3 Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
4 Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $674,000, which represented 0.47% of the net assets of the fund.
5 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.
6 Value determined using significant unobservable inputs.
7 Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $1,118,000, which represented 0.77% of the net assets of the fund.
8 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
9 Rate represents the seven-day yield at June 30, 2023.
10 Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
11 Amount less than one thousand.

 

Key to abbreviations

AMT = Alternative Minimum Tax

CLO = Collateralized Loan Obligations

CME = CME Group

DAC = Designated Activity Company

Dev. = Development

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

Facs. = Facilities

LIBOR = London Interbank Offered Rate

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

 

Refer to the notes to financial statements.

 

Capital Group Fixed Income ETF Trust 43
 
Capital Group Short Duration Income ETF unaudited
Investment portfolio June 30, 2023  
   
Portfolio by type of security Percent of net assets

 

 

Portfolio quality summary*   Percent of
net assets
U.S. Treasury and agency     .67 %
AAA/Aaa     39.31  
AA/Aa     13.61  
A/A     22.98  
BBB/Baa     21.91  
Below investment grade     .53  
Short-term securities & other assets less liabilities     .99  
* 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.
  These securities are guaranteed by the full faith and credit of the U.S. government.
   
Bonds, notes & other debt instruments 99.01%   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans 48.19%                
Financials 18.19%                
AerCap Ireland Capital DAC 1.75% 10/29/2024   USD 995     $ 935  
AerCap Ireland Capital DAC 5.75% 6/6/2028     150       149  
American Express Co. 3.375% 5/3/2024     360       353  
American Express Co. 2.50% 7/30/2024     300       290  
American Express Co. 2.25% 3/4/2025     825       782  
American Express Co. 4.90% 2/13/2026     140       139  
American International Group, Inc. 2.50% 6/30/2025     710       669  
Aon Global, Ltd. 3.875% 12/15/2025     672       648  
Australia and New Zealand Banking Group, Ltd. 5.088% 12/8/2025     1,150       1,145  
Bank of America Corp. 1.319% 10/24/2024 (USD-SOFR + 0.74% on 10/24/2023)1     610       600  
Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)1     457       438  
Bank of America Corp. 0.981% 9/25/2025 (USD-SOFR + 0.91% on 9/25/2024)1     3,725       3,501  
Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)1     300       295  
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)1     150       147  
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)1     350       346  
Bank of New York Mellon Corp. 4.414% 7/24/2026 (USD-SOFR + 1.345% on 7/24/2025)1     105       103  
BNP Paribas SA 3.375% 1/9/20252     355       341  
BPCE 1.625% 1/14/20252     400       374  
Capital One Financial Corp. 3.75% 4/24/2024     5       5  
Capital One Financial Corp. 3.20% 2/5/2025     470       447  
Capital One Financial Corp. 4.25% 4/30/2025     375       362  
Charles Schwab Corp. 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028)1     115       115  
Citigroup, Inc. 3.30% 4/27/2025     55       53  
Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)1     2,050       1,962  
Corebridge Financial, Inc. 3.50% 4/4/2025     638       608  
Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)1     800       790  
Global Payments, Inc. 1.50% 11/15/2024     100       94  
Global Payments, Inc. 2.65% 2/15/2025     715       678  
Goldman Sachs Group, Inc. 5.70% 11/1/2024     1,295       1,293  
Goldman Sachs Group, Inc. 3.50% 4/1/2025     1,295       1,245  
HSBC Holdings PLC 6.161% 3/9/2029 (USD-SOFR + 1.97% on 3/9/2028)1     200       202  
   
44 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)                
HSBC USA, Inc. 5.625% 3/17/2025   USD 840     $ 837  
Intercontinental Exchange, Inc. 3.65% 5/23/2025     420       412  
Intercontinental Exchange, Inc. 4.00% 9/15/2027     125       122  
JPMorgan Chase & Co. 0.653% 9/16/2024 (3-month USD CME Term SOFR + 0.60% on 9/16/2023)1     965       954  
JPMorgan Chase & Co. 0.824% 6/1/2025 (USD-SOFR + 0.54% on 6/1/2024)1     1,800       1,712  
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)1     3,090       2,895  
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)1     1,010       1,006  
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     400       390  
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024     1,090       1,075  
Metropolitan Life Global Funding I 3.60% 1/11/20242     240       237  
Metropolitan Life Global Funding I 5.00% 1/6/20262     165       163  
Morgan Stanley 0.79% 5/30/2025 (USD-SOFR + 0.525% on 5/30/2024)1     1,490       1,416  
Morgan Stanley 1.164% 10/21/2025 (USD-SOFR + 0.56% on 10/21/2024)1     2,965       2,773  
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)1     125       124  
Morgan Stanley Bank, N.A. 4.754% 4/21/2026     350       345  
Morgan Stanley, Series F, 3.875% 4/29/2024     75       74  
Nasdaq, Inc. 5.65% 6/28/2025     675       677  
New York Life Global Funding 0.95% 6/24/20252     550       503  
PNC Financial Services Group, Inc. 5.671% 10/28/2025 (USD-SOFR + 1.09% on 10/28/2024)1     788       782  
PNC Financial Services Group, Inc. 4.758% 1/26/2027 (USD-SOFR + 1.085% on 1/26/2026)1     650       636  
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)1     108       108  
PRICOA Global Funding I 1.15% 12/6/20242     1,088       1,019  
Royal Bank of Canada 5.66% 10/25/2024     310       310  
Royal Bank of Canada 4.95% 4/25/2025     300       296  
Royal Bank of Canada 4.875% 1/12/2026     730       722  
State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)1     7       7  
The Allstate Corp. 0.75% 12/15/2025     550       493  
The Bank of Nova Scotia 4.75% 2/2/2026     300       295  
The Northwestern Mutual Life Insurance Co. 4.90% 6/12/20282     150       149  
Toronto-Dominion Bank 0.55% 3/4/2024     250       242  
Toronto-Dominion Bank 0.75% 9/11/2025     875       792  
Toronto-Dominion Bank 5.103% 1/9/2026     375       374  
Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026)1     200       200  
U.S. Bancorp 1.45% 5/12/2025     1,133       1,057  
U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028)1     150       150  
Wells Fargo & Company 0.805% 5/19/2025 (USD-SOFR + 0.51% on 5/19/2024)1     430       410  
Wells Fargo & Company 2.406% 10/30/2025 (3-month USD CME Term SOFR + 1.087% on 10/30/2024)1     1,260       1,200  
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     305       296  
Willis North America, Inc. 3.60% 5/15/2024     914       892  
              45,401  
                 
Health care 6.20%                
AbbVie, Inc. 2.60% 11/21/2024     1,630       1,565  
AmerisourceBergen Corp. 3.25% 3/1/2025     410       394  
Amgen, Inc. 3.625% 5/22/2024     65       64  
Amgen, Inc. 1.90% 2/21/2025     670       632  
Amgen, Inc. 5.507% 3/2/2026     885       884  
Amgen, Inc. 5.15% 3/2/2028     552       552  
AstraZeneca Finance, LLC 0.70% 5/28/2024     70       67  
AstraZeneca Finance, LLC 4.875% 3/3/2028     200       200  
Baxter International, Inc. 1.322% 11/29/2024     2,502       2,349  
Becton, Dickinson and Company 3.363% 6/6/2024     290       284  
Becton, Dickinson and Company 3.734% 12/15/2024     295       286  
Boston Scientific Corp. 3.45% 3/1/2024     40       39  
Boston Scientific Corp. 1.90% 6/1/2025     250       234  
   
Capital Group Fixed Income ETF Trust 45
 

Capital Group Short Duration Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Health care (continued)                
CVS Health Corp. 2.625% 8/15/2024   USD 350     $ 339  
CVS Health Corp. 5.00% 2/20/2026     300       299  
CVS Health Corp. 5.00% 1/30/2029     200       198  
DH Europe Finance II SARL 2.20% 11/15/2024     30       29  
Elevance Health, Inc. 3.35% 12/1/2024     245       237  
Elevance Health, Inc. 2.375% 1/15/2025     430       409  
Eli Lilly and Co. 2.75% 6/1/2025     395       379  
GE HealthCare Technologies, Inc. 5.55% 11/15/2024     380       378  
Gilead Sciences, Inc. 3.70% 4/1/2024     310       306  
HCA, Inc. 5.375% 2/1/2025     1,360       1,349  
HCA, Inc. 5.20% 6/1/2028     120       119  
Humana, Inc. 3.85% 10/1/2024     1,080       1,055  
Laboratory Corporation of America Holdings 3.60% 2/1/2025     730       706  
Medtronic Global Holdings S.C.A. 4.25% 3/30/2028     122       119  
Merck & Co., Inc. 4.05% 5/17/2028     250       246  
Novartis Capital Corp. 3.40% 5/6/2024     55       54  
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2026     400       395  
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028     250       246  
Roche Holdings, Inc. 2.314% 3/10/20272     250       230  
Thermo Fisher Scientific, Inc. 1.215% 10/18/2024     400       378  
UnitedHealth Group, Inc. 5.15% 10/15/2025     370       371  
UnitedHealth Group, Inc. 5.25% 2/15/2028     75       76  
              15,468  
                 
Utilities 5.03%                
Alabama Power Co. 3.55% 12/1/2023     65       64  
CenterPoint Energy Houston Electric, LLC 2.40% 9/1/2026     65       60  
Consumers Energy Co. 4.65% 3/1/2028     100       99  
DTE Electric Co. 3.65% 3/15/2024     470       463  
Duke Energy Corp. 5.00% 12/8/2025     330       328  
Edison International 4.70% 8/15/2025     970       948  
Edison International 5.25% 11/15/2028     250       244  
Electricité de France SA 5.70% 5/23/20282     200       200  
Entergy Louisiana, LLC 0.95% 10/1/2024     1,230       1,160  
Florida Power & Light Company 3.25% 6/1/2024     125       123  
Florida Power & Light Company 3.125% 12/1/2025     440       421  
Florida Power & Light Company 4.45% 5/15/2026     200       198  
Florida Power & Light Company 5.05% 4/1/2028     200       202  
Florida Power & Light Company 4.40% 5/15/2028     150       147  
Georgia Power Co. 4.65% 5/16/2028     400       392  
Jersey Central Power & Light Co. 4.70% 4/1/20242     835       826  
Jersey Central Power & Light Co. 4.30% 1/15/20262     614       594  
NiSource, Inc. 0.95% 8/15/2025     240       219  
Oncor Electric Delivery Co., LLC 2.75% 6/1/2024     855       832  
Pacific Gas and Electric Co. 3.75% 2/15/2024     220       216  
Pacific Gas and Electric Co. 3.45% 7/1/2025     2,075       1,960  
Pacific Gas and Electric Co. 6.10% 1/15/2029     232       228  
Public Service Electric and Gas Co. 3.25% 9/1/2023     95       95  
Public Service Electric and Gas Co. 3.00% 5/15/2025     340       325  
Southern California Edison Co. 4.20% 6/1/2025     615       600  
Southern California Edison Co. 4.90% 6/1/2026     150       148  
Southern California Edison Co. 5.85% 11/1/2027     105       108  
Southern California Edison Co. 5.30% 3/1/2028     200       200  
Southwestern Public Service Co. 3.30% 6/15/2024     130       127  
Virginia Electric & Power 3.45% 2/15/2024     20       20  
Virginia Electric & Power 3.10% 5/15/2025     530       506  
WEC Energy Group, Inc. 4.75% 1/9/2026     525       517  
              12,570  
   
46 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 3.57%                
AT&T, Inc. 0.90% 3/25/2024   USD 1,480     $ 1,430  
Charter Communications Operating, LLC 4.50% 2/1/2024     420       416  
Charter Communications Operating, LLC 4.908% 7/23/2025     1,945       1,908  
Comcast Corp. 5.25% 11/7/2025     210       211  
Netflix, Inc. 5.875% 2/15/2025     1,165       1,171  
T-Mobile US, Inc. 4.80% 7/15/2028     175       171  
T-Mobile USA, Inc. 3.50% 4/15/2025     1,370       1,318  
Verizon Communications, Inc. 3.50% 11/1/2024     195       190  
Verizon Communications, Inc. 3.376% 2/15/2025     572       553  
WarnerMedia Holdings, Inc. 3.528% 3/15/2024     1,195       1,174  
WarnerMedia Holdings, Inc. 3.788% 3/15/2025     390       376  
              8,918  
                 
Consumer staples 3.11%                
7-Eleven, Inc. 0.80% 2/10/20242     395       383  
Altria Group, Inc. 2.35% 5/6/2025     50       47  
Anheuser-Busch Companies, LLC 3.65% 2/1/2026     825       799  
BAT Capital Corp. 3.222% 8/15/2024     1,140       1,107  
Conagra Brands, Inc. 4.30% 5/1/2024     1,430       1,411  
Constellation Brands, Inc. 5.00% 2/2/2026     300       299  
Constellation Brands, Inc. 4.35% 5/9/2027     290       283  
Mondelez International, Inc. 1.50% 5/4/2025     300       280  
Philip Morris International, Inc. 2.875% 5/1/2024     40       39  
Philip Morris International, Inc. 5.125% 11/15/2024     370       369  
Philip Morris International, Inc. 1.50% 5/1/2025     160       150  
Philip Morris International, Inc. 5.00% 11/17/2025     915       911  
Philip Morris International, Inc. 4.875% 2/13/2026     650       646  
Philip Morris International, Inc. 5.125% 11/17/2027     88       88  
Procter & Gamble Company 0.55% 10/29/2025     200       181  
Reynolds American, Inc. 4.45% 6/12/2025     560       544  
Walmart, Inc. 4.00% 4/15/2026     225       221  
              7,758  
                 
Industrials 2.97%                
Boeing Co. 2.80% 3/1/2024     125       123  
Boeing Co. 4.875% 5/1/2025     1,365       1,346  
Boeing Co. 2.196% 2/4/2026     975       895  
Burlington Northern Santa Fe, LLC 3.40% 9/1/2024     225       219  
Canadian Pacific Railway Co. 1.35% 12/2/2024     865       813  
Carrier Global Corp. 2.242% 2/15/2025     560       530  
CSX Corp. 3.40% 8/1/2024     585       571  
Eaton Corp. 6.50% 6/1/2025     65       67  
General Dynamics Corp. 3.25% 4/1/2025     235       227  
Lockheed Martin Corp. 4.95% 10/15/2025     440       439  
Lockheed Martin Corp. 4.45% 5/15/2028     84       83  
Norfolk Southern Corp. 3.85% 1/15/2024     50       50  
Northrop Grumman Corp. 2.93% 1/15/2025     665       639  
Raytheon Technologies Corp. 3.95% 8/16/2025     990       970  
Union Pacific Corp. 3.646% 2/15/2024     95       94  
Union Pacific Corp. 3.25% 1/15/2025     350       339  
              7,405  
                 
Consumer discretionary 2.47%                
Amazon.com, Inc. 4.60% 12/1/2025     85       84  
American Honda Finance Corp. 4.60% 4/17/2025     300       296  
American Honda Finance Corp. 4.75% 1/12/2026     250       249  
BMW US Capital, LLC 3.90% 4/9/20252     490       478  
Ford Motor Credit Co., LLC 5.125% 6/16/2025     925       900  
Ford Motor Credit Co., LLC 6.95% 6/10/2026     425       427  
General Motors Financial Co. 5.40% 4/6/2026     300       297  
General Motors Financial Co., Inc. 1.20% 10/15/2024     900       847  
General Motors Financial Co., Inc. 2.75% 6/20/2025     60       57  
   
Capital Group Fixed Income ETF Trust 47
 

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 (continued)                
Hyundai Capital America 1.80% 10/15/20252   USD 165     $ 151  
Hyundai Capital America 5.50% 3/30/20262     150       149  
Lowe’s Companies, Inc. 4.40% 9/8/2025     165       162  
Marriott International, Inc. 3.60% 4/15/2024     770       757  
Marriott International, Inc. 5.75% 5/1/2025     225       226  
Mercedes-Benz Finance North America, LLC 5.50% 11/27/20242     150       150  
Toyota Motor Credit Corp. 0.50% 6/18/2024     725       691  
Toyota Motor Credit Corp. 4.80% 1/10/2025     240       238  
              6,159  
                 
Energy 2.15%                
Baker Hughes Holdings, LLC 1.231% 12/15/2023     50       49  
BP Capital Markets America, Inc. 3.796% 9/21/2025     180       176  
Canadian Natural Resources, Ltd. 3.80% 4/15/2024     530       521  
Canadian Natural Resources, Ltd. 2.05% 7/15/2025     65       61  
Chevron Corp. 2.895% 3/3/2024     45       44  
Chevron USA, Inc. 0.687% 8/12/2025     750       685  
ConocoPhillips Co. 2.125% 3/8/2024     200       195  
Continental Resources, Inc. 3.80% 6/1/2024     70       69  
Energy Transfer, LP 5.875% 1/15/2024     125       125  
Energy Transfer, LP 3.90% 5/15/2024     945       929  
Enterprise Products Operating, LLC 5.05% 1/10/2026     120       120  
EQT Corp. 6.125% 2/1/20251     266       265  
Exxon Mobil Corp. 2.002% 8/16/2024     130       125  
Exxon Mobil Corp. 2.992% 3/19/2025     885       853  
MPLX LP 4.875% 12/1/2024     375       370  
ONEOK, Inc. 2.75% 9/1/2024     165       160  
Shell International Finance BV 3.25% 5/11/2025     515       498  
TotalEnergies Capital International SA 3.75% 4/10/2024     45       44  
TotalEnergies Capital International SA 2.434% 1/10/2025     75       72  
              5,361  
                 
Information technology 2.06%                
Adobe, Inc. 1.90% 2/1/2025     165       157  
Analog Devices, Inc. 2.95% 4/1/2025     295       284  
Apple, Inc. 0.55% 8/20/2025     495       452  
Apple, Inc. 4.00% 5/10/2028     450       443  
Broadcom Corp. 3.625% 1/15/2024     155       153  
Broadcom Corp. 3.125% 1/15/2025     65       62  
Broadcom, Inc. 3.625% 10/15/2024     212       206  
Broadcom, Inc. 3.15% 11/15/2025     560       532  
Hewlett Packard Enterprise Co. 5.90% 10/1/2024     914       915  
Microsoft Corp. 2.70% 2/12/2025     350       338  
Oracle Corp. 2.40% 9/15/2023     125       124  
Oracle Corp. 3.40% 7/8/2024     615       600  
Oracle Corp. 2.50% 4/1/2025     920       874  
              5,140  
                 
Real estate 1.33%                
Corporate Office Properties, LP 2.25% 3/15/2026     65       58  
Equinix, Inc. 2.625% 11/18/2024     885       845  
Equinix, Inc. 1.00% 9/15/2025     739       668  
Prologis, LP 4.875% 6/15/2028     236       234  
Public Storage 0.875% 2/15/2026     95       85  
Scentre Group Trust 1 3.50% 2/12/20252     640       614  
VICI Properties, LP 4.625% 6/15/20252     855       827  
              3,331  
48 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)                
Materials 1.11%                
Anglo American Capital PLC 3.625% 9/11/20242   USD 720     $ 700  
BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026     250       249  
Dow Chemical Co. (The) 4.55% 11/30/2025     65       63  
EIDP, Inc. 4.50% 5/15/2026     186       183  
Glencore Funding, LLC 1.625% 4/27/20262     65       59  
International Flavors & Fragrances, Inc. 1.23% 10/1/20252     795       709  
Linde, Inc. 4.70% 12/5/2025     40       40  
LYB International Finance III, LLC 1.25% 10/1/2025     220       199  
Nutrien, Ltd. 5.95% 11/7/2025     29       29  
Nutrien, Ltd. 4.90% 3/27/2028     189       185  
Sherwin-Williams Co. 4.05% 8/8/2024     370       364  
              2,780  
                 
Total corporate bonds, notes & loans             120,291  
                 
Mortgage-backed obligations 30.22%                
Collateralized mortgage-backed obligations (privately originated) 12.08%                
Arroyo Mortgage Trust, Series 2019-1, Class A1, 3.805% 1/25/20492,3     111       104  
Arroyo Mortgage Trust, Series 2019-2, Class A3, 3.80% 4/25/20492,3     486       452  
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)1,2,3     366       332  
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/20592,3     109       103  
Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 7/25/20262,3     967       927  
CIM Trust, Series 2018-R3, Class A1, 5.00% 12/25/20572,3     99       97  
COLT Funding, LLC, Series 2023-1, Class A1, 6.048% 4/25/2068 (7.048% on 4/1/2027)1,2,3     1,382       1,373  
Connecticut Avenue Securities Trust, Series 2014-C01, Class M2, (1-month USD-LIBOR + 4.40%) 9.55% 1/25/20243     1,652       1,681  
Connecticut Avenue Securities Trust, Series 2014-C02A, Class 1M2, (1-month USD-LIBOR + 2.60%) 7.75% 5/25/20243     1,623       1,631  
Connecticut Avenue Securities Trust, Series 2014-C04, Class 1M2, (1-month USD-LIBOR + 4.90%) 10.05% 11/25/20243     183       190  
Connecticut Avenue Securities Trust, Series 2015-C01, Class 1M2, (1-month USD-LIBOR + 4.30%) 9.45% 2/25/20253     664       686  
Connecticut Avenue Securities Trust, Series 2016-C02, Class 1M2, (1-month USD-LIBOR + 6.00%) 11.15% 9/25/20283     154       162  
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.467% 12/25/20422,3     1,495       1,505  
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 6.967% 6/25/20432,3     537       539  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2013-DN1, Class M2, (1-month USD-LIBOR + 7.15%) 12.30% 7/25/20233     290       291  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 8.45% 10/25/20273     83       84  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.85% 4/25/20283     85       89  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA1, Class M3, (1-month USD-LIBOR + 5.55%) 10.70% 7/25/20283     249       265  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M3, (1-month USD-LIBOR + 5.00%) 10.15% 12/25/20283     191       204  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 7.267% 5/25/20422,3     220       222  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 8.017% 6/25/20422,3     837       853  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (1-month USD-LIBOR + 1.70%) 6.85% 1/25/20502,3     443       443  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 7.00% 2/25/20502,3     215       216  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 10.25% 6/27/20502,3     369       397  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class M2, (30-day Average USD-SOFR + 2.80%) 7.622% 10/25/20502,3     197       200  
   
Capital Group Fixed Income ETF Trust 49
 

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)                
Imperial Fund Mortgage Trust, Series 2022-NQM7, Class A1, 7.369% 11/25/2067 (8.369% on 11/1/2026)1,2,3   USD 611     $ 614  
Imperial Fund Mortgage Trust, Series 2023-NQM1, Class A1, 5.941% 2/25/2068 (6.941% on 1/1/2027)1,2,3     2,103       2,073  
Legacy Mortgage Asset Trust, Series 2020-GS3, Class A1, 6.25% 5/25/20601,2,3     1,180       1,166  
Mill City Mortgage Trust, Series 2019-GS2, Class A1, 2.75% 8/25/20592,3     398       371  
Mill City Mortgage Trust, Series 2019-1, Class A1, 3.25% 10/25/20692,3     176       167  
New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.75% 7/25/20592,3     812       750  
New Residential Mortgage Loan Trust, Series 2020-RPL1, Class A1, 2.75% 11/25/20592,3     289       267  
NewRez Warehouse Securitization Trust, Series 2021-1, Class B, (1-month USD-LIBOR + 0.90%) 6.05% 5/25/20552,3     1,300       1,291  
Onslow Bay Financial Mortgage Loan Trust, Series 2022-NQM9, Class A1A, 6.45% 9/25/2062 (7.45% on 11/1/2026)1,2,3     939       938  
Onslow Bay Financial Mortgage Loan Trust, Series 2023-NQM1, Class A1, 6.12% 11/25/2062 (7.12% on 12/1/2026)1,2,3     630       627  
Onslow Bay Mortgage Loan Trust, Series 2023-NQM4, Class A1, 6.113% 3/25/2063 (7.113% on 5/1/2027)1,2,3     738       732  
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20392,3     497       452  
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/20552,3     148       144  
Towd Point Mortgage Trust, Series 2016-2, Class M1, 3.00% 8/25/20552,3     450       424  
Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75% 10/25/20562,3     84       83  
Towd Point Mortgage Trust, Series 2017-1, Class A2, 3.50% 10/25/20562,3     300       289  
Towd Point Mortgage Trust, Series 2017-2, Class A4, 3.388% 4/25/20572,3     769       738  
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/20572,3     393       383  
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/20572,3     603       573  
Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00% 1/25/20582,3     543       522  
Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75% 3/25/20582,3     558       525  
Towd Point Mortgage Trust, Series 2019-2, Class A1, 3.75% 12/25/20582,3     554       519  
Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/20632,3     1,243       1,139  
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20402,3     372       364  
Verus Securitization Trust, Series 2023-1, Class A1, 5.85% 12/25/2067 (6.85% on 1/1/2027)1,2,3     687       680  
Verus Securitization Trust, Series 2023-3, Class A1, 5.93% 3/25/20681,2,3     311       307  
Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027)1,2,3     961       964  
              30,148  
                 
Commercial mortgage-backed securities 10.70%                
Banc of America Commercial Mortgage, Inc., Series 2015-UBS7, Class A4, 3.705% 9/15/20483     260       247  
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 3/15/20563     495       504  
Bank of America Merrill Lynch Large Loan, Inc., Series 2015-200P, Class A, 3.218% 4/14/20332,3     500       465  
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A , (1-month USD CME Term SOFR + 1.77%) 6.917% 5/15/20392,3     500       497  
BX Commercial Mortgage Trust 2019-XL, Class A, (1-month USD-LIBOR + 0.92%) 6.181% 10/15/20362,3     146       145  
BX Trust, Series 2021-VOLT, Class B , (1-month USD-LIBOR + 0.95%) 6.143% 9/15/20362,3     189       181  
BX Trust, Series 2021-ACNT, Class A , (1-month USD-LIBOR + 0.85%) 6.043% 11/15/20382,3     500       488  
BX Trust, Series 2022-AHP, Class A , (1-month USD CME Term SOFR + 0.99%) 6.137% 2/15/20392,3     483       470  
BX Trust, Series 2022-PSB, Class A , (1-month USD CME Term SOFR + 2.451%) 7.598% 8/15/20392,3     179       178  
BX Trust, Series 2022-PSB, Class C , (1-month USD CME Term SOFR + 3.697%) 8.844% 8/15/20392,3     179       177  
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20282,3     361       361  
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/20282,3     750       764  
   
50 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)                
Citigroup Commercial Mortgage Trust, Series 2013-CG15, Class A4, 4.371% 9/10/20463   USD 57     $ 56  
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4, 3.622% 7/10/20473     850       824  
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-CR15, Class A4, 4.074% 2/10/20473     1,095       1,080  
Commercial Mortgage Trust, Series 2014-CR14, Class AM, 4.526% 2/10/20473     749       728  
Commercial Mortgage Trust, Series 2014-CR16, Class A4, 4.051% 4/10/20473     775       760  
Commercial Mortgage Trust, Series 2014-CR20, Class A4, 3.59% 11/10/20473     500       481  
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/20503     445       426  
FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/20563     1,216       1,215  
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/20362,3     500       473  
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 6.113% 7/15/20252,3     457       451  
GS Mortgage Securities Trust, Series 2013-GC16, Class A4, 4.271% 11/10/20463     565       563  
GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931% 9/10/20473     1,257       1,213  
ILPT Commercial Mortgage Pass-through Certificates, Series 2022-LPF2, Class A, (1-month USD CME Term SOFR + 2.245%) 7.392% 10/15/20392,3     200       200  
Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class A, (1-month USD CME Term SOFR + 2.489%) 7.548% 8/15/20393     200       200  
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class A4, 4.166% 12/15/20463     645       642  
LUXE Commercial Mortgage Trust, Series 21-TRIP, Class C, (1-month USD-LIBOR + 1.75%) 6.943% 10/15/20382,3     250       244  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.284% 8/15/20463     200       199  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A-4, 4.039% 11/15/20463     1,200       1,189  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/20473     980       951  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class AS, 4.11% 10/15/20473     592       567  
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-C22, Class AS, 3.561% 4/15/20483     500       467  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class AS, 4.036% 5/15/20483     500       473  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class A-4, 3.372% 10/15/20483     305       290  
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/20483     550       509  
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 6.147% 1/15/20392,3     500       485  
Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class A5, 3.451% 2/15/20483     755       718  
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class AS, 3.872% 5/15/20483     500       472  
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class AS, 4.013% 6/15/20483     500       472  
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A5, 3.817% 8/15/20503     500       485  
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS-2, Class A-5, 3.767% 7/15/20583     715       677  
Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426% 3/15/20593     541       506  
WF-RBS Commercial Mortgage Trust, Series 2013-C16, Class A5, 4.415% 9/15/20463     655       653  
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101% 3/15/20473     520       512  
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class B, 4.723% 3/15/20473     615       591  
   
Capital Group Fixed Income ETF Trust 51
 

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)                
WF-RBS Commercial Mortgage Trust, Series 2014-C25, Class A5, 3.631% 11/15/20473   USD 852     $ 816  
WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class A4, 3.488% 9/15/20573     692       669  
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.936% 11/15/20272,3     206       206  
              26,695  
                 
Federal agency mortgage-backed obligations 7.44%                
Fannie Mae Pool #MA4919 5.50% 2/1/20533     275       273  
Fannie Mae Pool #MA5010 5.50% 5/1/20533     47       47  
Fannie Mae Pool #MA5072 5.50% 7/1/20533     351       350  
Freddie Mac Pool #SD8342 5.50% 6/1/20533     379       378  
Freddie Mac Pool #SD8331 5.50% 6/1/20533     677       674  
Uniform Mortgage-Backed Security 5.00% 7/1/20533,4     2,000       1,960  
Uniform Mortgage-Backed Security 5.50% 7/1/20533,4     263       262  
Uniform Mortgage-Backed Security 6.00% 7/1/20533,4     14,500       14,629  
              18,573  
                 
Total mortgage-backed obligations             75,416  
                 
Asset-backed obligations 19.93%                
ACHV ABS Trust, Series 2023-1, Class A, 6.42% 3/18/20302,3     104       104  
Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.61% 1/18/20282,3     597       594  
AGL CLO, Ltd., Series 2023-24, Class A1, (3-month USD CME Term SOFR + 2.00%) 7.076% 7/25/20362,3     464       464  
American Credit Acceptance Receivables Trust, Series 2022-4, Class A, 6.20% 5/13/20262,3     76       76  
American Money Management Corp., CLO, Series 2016-18, Class AR, (3-month USD-LIBOR + 1.10%) 6.524% 5/26/20312,3     249       246  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20272,3     350       317  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-5, Class A, 6.12% 4/20/20272,3     118       118  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/20272,3     779       763  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class A, 5.44% 2/22/20282,3     396       390  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/20282,3     259       257  
Avis Budget Rental Car Funding AESOP, LLC, Series 2023-2, Class B, 6.03% 10/20/20272,3     290       286  
Birch Grove CLO, Ltd., Series 2023-6, Class A1, (3-month USD CME Term SOFR + 2.20%) 7.07% 7/20/20352,3     494       494  
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,3     1,349       1,212  
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20452,3     435       377  
CLI Funding VIII, LLC, Series 2022-1, Class A, 2.72% 1/18/20472,3     1,177       1,002  
CPS Auto Receivables Trust, Series 2023-A, Class A, 5.54% 3/16/20262,3     444       442  
CPS Auto Receivables Trust, Series 2023-A, Class B, 5.47% 11/16/20262,3     656       647  
CPS Auto Receivables Trust, Series 2021-B, Class C, 1.23% 3/15/20272,3     405       399  
CPS Auto Receivables Trust, Series 2023-A, Class C, 5.54% 4/16/20292,3     933       915  
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/20262,3     274       268  
DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/20262,3     920       852  
DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/20272,3     82       81  
DriveTime Auto Owner Trust, Series 2023-1, Class A, 5.48% 4/15/20272,3     727       725  
DriveTime Auto Owner Trust, Series 2023-1, Class C, 5.55% 10/16/20282,3     1,063       1,043  
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 6.24% 4/15/20282,3     412       410  
Dryden Senior Loan Fund, CLO, Series 2015-37, Class AR, (3-month USD-LIBOR + 1.10%) 6.36% 1/15/20312,3     262       260  
Dryden Senior Loan Fund, CLO, Series 2018-57, Class A, (3-month USD-LIBOR + 1.01%) 6.331% 5/15/20312,3     300       297  
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/20292,3     230       229  
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20253     27       27  
   
52 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)                
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/20263   USD 468     $ 458  
Exeter Automobile Receivables Trust, Series 2023-1, Class B, 5.72% 4/15/20273     616       612  
Exeter Automobile Receivables Trust, Series 2022-6, Class B, 6.03% 8/16/20273     77       77  
Exeter Automobile Receivables Trust, Series 2023-3, Class B, 6.11% 9/15/2027     307       307  
Exeter Automobile Receivables Trust, Series 2023-1, Class C, 5.82% 2/15/20283     1,000       989  
Exeter Automobile Receivables Trust, Series 2022-6, Class C, 6.32% 5/15/20283     193       193  
Exeter Automobile Receivables Trust, Series 2023-1, Class D, 6.69% 6/15/20293     240       239  
First National Master Note Trust, Series 2023-1, Class A, 5.13% 4/16/2029     592       584  
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.968% 10/19/20372,3     325       291  
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20392,3     497       469  
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/20262,3     172       172  
Ford Credit Auto Lease Trust, Series 2023-A, Class A2A, 5.19% 6/15/20253     531       529  
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20312,3     477       449  
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/20352,3     1,054       1,033  
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/20282,3     518       513  
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20402,3     473       421  
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20412,3     1,045       904  
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20352,3     135       138  
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.45% 6/15/20282,3     564       564  
GoldenTree Loan Opportunities XI, Ltd., CLO, Series 2015-11A, Class AR2, (3-month USD-LIBOR + 1.07%) 6.332% 1/18/20312,3     160       159  
HalseyPoint CLO II, Ltd., Series 2020-2A, Class A1, (3-month USD-LIBOR + 1.10%) 6.35% 7/20/20312,3     244       242  
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20252,3     1,200       1,125  
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/20262,3     350       325  
Hertz Vehicle Financing III, LLC, Series 2023-1, Class A, 5.49% 6/25/20272,3     1,000       988  
Juniper Valley Park CLO, Ltd., Series 2023-1, Class A1, (3-month USD CME Term SOFR + 1.85%) 7.005% 7/20/20352,3     797       797  
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/20262,3     822       818  
LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/20272,3     273       272  
Madison Park Funding, Ltd., CLO, Series 2021-50A, Class A, (3-month USD CME Term SOFR + 1.402%) 6.405% 4/19/20342,3     300       296  
Neuberger Berman CLO, Ltd., Series 2017-25, Class AR, (3-month USD-LIBOR + 0.93%) 6.192% 10/18/20292,3     490       485  
OCP CLO, Ltd., Series 2018-15A, Class A1, (3-month USD-LIBOR + 1.10%) 6.35% 7/20/20312,3     175       174  
Palmer Square Loan Funding, CLO, Series 2021-3, Class A1, (3-month USD-LIBOR + 0.80%) 6.05% 7/20/20292,3     781       771  
Palmer Square Loan Funding, CLO, Series 2022-4, Class A1, (3-month USD-CME Term SOFR + 1.75%) 6.526% 7/24/20312,3     635       633  
Palmer Square Loan Funding, CLO, Series 2022-4, Class A2, (3-month USD CME Term SOFR + 2.35%) 7.032% 7/24/20312,3     889       890  
Palmer Square, Ltd., Series 2013-2A, Class A1A3, (3-month USD-LIBOR + 1.00%) 6.26% 10/17/20312,3     250       247  
PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/20282,3     2,000       2,003  
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20282,3     610       607  
PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 7.025% 1/20/20312,3     298       298  
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/20262,3     668       666  
Santander Drive Auto Receivables Trust, Series 2023-1, Class A2, 5.36% 5/15/20263     866       864  
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/20263     122       120  
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/20263     731       712  
Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.75% 4/15/20273     84       84  
Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95% 1/17/20283     33       33  
Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98% 2/15/20283     1,678       1,648  
Santander Drive Auto Receivables Trust, Series 2022-1, Class C, 2.56% 4/17/20283     200       191  
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 55.47% 10/20/282,3     1,099       1,098  
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 6.23% 10/20/20302,3     481       476  
Sound Point CLO, Ltd., Series 2013-3R, Class A, (3-month USD-LIBOR + 1.15%) 6.412% 4/18/20312,3     300       296  
Stratus Static CLO, Ltd., Series 2021-2, Class A, (3-month USD-LIBOR + 0.90%) 6.15% 12/28/20292,3     247       245  
   
Capital Group Fixed Income ETF Trust 53
 

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%) 7.198% 10/20/20312,3   USD 236     $ 237  
Sycamore Tree CLO, Ltd., Series 2023-3, Class A1, (3-month USD CME Term SOFR + 2.20%) 7.32% 8/16/20272,3     500       501  
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20452,3     1,117       980  
Teachers Insurance and Annuity Association of AME, CLO, Series 2016-1, Class AR, (3-month USD-LIBOR + 1.20%) 6.450% 7/20/20312,3     250       247  
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20462,3     939       794  
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20462,3     657       565  
TIF Funding II, LLC, Series 2021-1A, Class A, 1.65% 2/20/20462,3     1,135       940  
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20452,3     1,149       987  
Verizon Master Trust, Series 2023-2, Class A, 2.71% 4/20/2028     868       861  
Wellfleet CLO, Ltd., Series 2017-3A, Class A1, (3-month USD-LIBOR + 1.15%) 6.41% 1/17/20312,3     250       247  
Westlake Automobile Receivables Trust, Series 2021-1, Class C, 0.95% 3/16/20262,3     1,000       977  
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/20262,3     140       139  
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/20282,3     298       295  
Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/20282,3     212       209  
Westlake Automobile Receivables Trust, Series 2023-1, Class C, 5.74% 8/15/20282,3     412       407  
World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030     1,569       1,552  
              49,738  
                 
U.S. Treasury bonds & notes 0.67%                
U.S. Treasury 0.67%                
U.S. Treasury 4.125% 6/15/20265     1,700       1,684  
                 
Total bonds, notes & other debt instruments (cost: $248,375,000)             247,129  
                 
Short-term securities 7.31%     Shares          
Money market investments 7.31%                
Capital Group Central Cash Fund 5.15%6,7     182,484       18,250  
                 
Total short-term securities (cost: $18,248,000)             18,250  
Total investment securities 106.32% (cost: $266,623,000)             265,379  
Other assets less liabilities (6.32)%             (15,785 )
                 
Net assets 100.00%           $ 249,594  

 

Futures contracts

 

Contracts   Type   Number of
contracts
  Expiration   Notional
amount
(000)
  Value and
unrealized
(depreciation)
appreciation
at 6/30/2023
(000)
 
2 Year U.S. Treasury Note Futures   Long   728   September 2023   USD148,034                $ (1,909 )
10 Year U.S. Treasury Note Futures   Long   47   September 2023   5,277       3  
10 Year Ultra U.S. Treasury Note Futures   Short   189   September 2023   (22,385)       257  
30 Year U.S. Treasury Bond Futures   Short   7   September 2023   (888)       (1 )
                      $ (1,650 )
   
54 Capital Group Fixed Income ETF Trust
 

Capital Group Short Duration Income ETF (continued)

 

Investments in affiliates7

 

    Value of
affiliate at
1/1/2023
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain
(000)
    Net
unrealized
appreciation
(000)
    Value of
affiliate at
6/30/2023
(000)
    Dividend
income
(000)
 
Short-term securities 7.31%                                                        
Money market investments 7.31%                                                        
Capital Group Central Cash Fund 5.15%6   $ 13,146     $ 100,695     $ 95,594     $ 8    $ 3     $ 18,250     $ 196  
   
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 $79,164,000, which represented 31.72% 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 $334,000, which represented .13% of the net assets of the fund.
6 Rate represents the seven-day yield at June 30, 2023.
7 Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
8 Amount less than one thousand.

 

Key to abbreviations

CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
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 55
 
Financial statements  
   
Statements of assets and liabilities
at June 30, 2023
unaudited
(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   $ 855,389     $ 172,732     $ 141,211     $ 247,129  
Affiliated issuers     251,006             2,473       18,250  
Cash     1,034       353       198       87  
Cash collateral pledged for futures contracts           130       701       556  
Cash collateral pledged for swap contracts     1             194       35  
Cash denominated in currencies other than U.S. dollars     *           *      
Bilateral swaps, at value     229                    
Receivables for:                                
Sales of investments     38,981             636        
Sales of fund’s shares     4,006       1,589       4,686       1,508  
Dividends and interest     6,218       1,622       1,759       1,382  
Variation margin on futures contracts     3,610       121       701       831  
Variation margin on centrally cleared swap contracts     4,499             181       (3 )
      1,164,973       176,547       152,740       269,775  
Liabilities:                                
Payables for:                                
Purchases of investments     285,538       3,154       4,480       18,343  
Dividends on fund’s shares     3,620       432       693       877  
Investment advisory services     229       36       43       49  
Variation margin on futures contract     3,769       141       803       912  
Variation margin on centrally cleared swap contracts     4,740             169        
      297,896       3,763       6,188       20,181  
Net assets at June 30, 2023   $ 867,077     $ 172,784     $ 146,552     $ 249,594  
                                 
Net assets consist of:                                
Capital paid in on shares of beneficial interest   $ 901,299     $ 171,067     $ 145,276     $ 252,402  
Total (accumulated loss) distributable earnings     (34,222 )     1,717       1,276       (2,808 )
Net assets at June 30, 2023   $ 867,077     $ 172,784     $ 146,552     $ 249,594  
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized                                
Net assets   $ 867,077     $ 172,784     $ 146,552     $ 249,594  
Shares outstanding     39,004       6,540       5,640       9,960  
Net asset value per share   $ 22.23     $ 26.42     $ 25.98     $ 25.06  
Investment securities, at cost:                                
Unaffiliated issuers   $ 863,610     $ 171,190     $ 140,423     $ 248,375  
Affiliated issuers     250,966             2,472       18,248  
Cash denominated in currencies other than U.S. dollars, at cost     *           *      

 

* Amount less than one thousand.

 

Refer to the notes to financial statements.

 

56 Capital Group Fixed Income ETF Trust
 
Financial statements (continued)  
   
Statements of operations
for the six months ended June 30, 2023
unaudited
(dollars in thousands)
   
    Core Plus
Income
ETF
    Municipal
Income
ETF
    U.S. Multi-Sector
Income
ETF
    Short Duration
Income
ETF
 
Investment income:                                
Income (net of non-U.S. taxes*):                                
Interest from unaffiliated issuers   $ 17,802     $ 2,242     $ 3,518     $ 4,655  
Dividends from affiliated issuers     3,141             48       196  
      20,943       2,242       3,566       4,851  
Fees and expenses:                                
Investment advisory services     1,073       157       200       245  
Net investment income     19,870       2,085       3,366       4,606  
                                 
Net realized (loss) gain and unrealized (depreciation) appreciation:                                
Net realized (loss) gain* on:                                
Investments in:                                
Unaffiliated issuers     (3,892 )     31       410       56  
Affiliated issuers     (2 )           (1 )      
In-kind redemptions           111              
Futures contracts     (1,157 )           204       (346 )
Swap contracts     (3,998 )           (108 )     13  
Currency transactions                 (1 )      
      (9,049 )     142       504       (277 )
Net unrealized appreciation (depreciation)* on:                                
Investments in:                                
Unaffiliated issuers     3,092       394       (72 )     (1,437 )
Affiliated issuers     37             1       3  
Futures contracts     (6,582 )     (193 )     (272 )     (1,650 )
Swap contracts     1,628             (37 )     (67 )
Currency translations                 1        
      (1,825 )     201       (379 )     (3,151 )
Net realized (loss) gain and unrealized (depreciation) appreciation:     (10,874 )     343       125       (3,428 )
                                 
Net increase in net assets resulting from operations   $ 8,996     $ 2,428     $ 3,491     $ 1,178  
   
* Additional information related to non-U.S. taxes, if any, is included in the notes to financial statements.
  Amount less than one thousand.

 

Refer to the notes to financial statements.

 

Capital Group Fixed Income ETF Trust 57
 
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
 
    Six months
ended
June 30,
20231
    Period ended
December 31,
20222
    Six months
ended
June 30,
20231
    Period ended
December 31,
20223
    Six months
ended
June 30,
20231
    Period ended
December 31,
20223
 
Operations:                                                
Net investment income   $ 19,870     $ 8,986     $ 2,085     $ 295     $ 3,366     $ 658  
Net realized (loss) gain     (9,049 )     (17,448 )     142       (1 )     504       (15 )
Net unrealized (depreciation) appreciation     (1,825 )     (11,088 )     201       1,148       (379 )     946  
Total increase (decrease) in net assets resulting from operations     8,996       (19,550 )     2,428       1,442       3,491       1,589  
                                                 
Distributions paid to shareholders     (15,394 )     (8,274 )     (1,867 )     (286 )     (3,181 )     (623 )
                                                 
Net capital share transactions     418,647       482,652       98,607       72,460       75,427       69,849  
                                                 
Total increase in net assets     412,249       454,828       99,168       73,616       75,737       70,815  
                                                 
Net assets:                                                
Beginning of period     454,828             73,616             70,815        
End of period   $ 867,077     $ 454,828     $ 172,784     $ 73,616     $ 146,552     $ 70,815  

 

    Short Duration
Income
ETF
 
    Six months
ended
June 30,
20231
    Period ended
December 31,
20223
 
Operations:                
Net investment income   $ 4,606     $ 387  
Net realized (loss) gain     (277 )     (50 )
Net unrealized (depreciation) appreciation     (3,151 )     257  
Total increase in net assets resulting from operations     1,178       594  
                 
Distributions paid to shareholders     (4,204 )     (376 )
                 
Net capital share transactions     163,162       89,240  
                 
Total increase in net assets     160,136       89,458  
                 
Net assets:                
Beginning of period     89,458        
End of period   $ 249,594     $ 89,458  
   
1  Unaudited.
2  For the period February 22, 2022, commencement of operations, to December 31, 2022.
3  For the period October 25, 2022, commencement of operations, to December 31, 2022.

 

Refer to the notes to financial statements.

   
58 Capital Group Fixed Income ETF Trust
 
Notes to financial statements unaudited

 

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 nondiversified 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 U.S. GAAP. 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 59
 

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 each 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. 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 each funds’ investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by each funds’ investment adviser and approved by the 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.

 

60 Capital Group Fixed Income ETF Trust
 

Processes and structure — Each fund’s board of trustees has designated each funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The 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 Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The 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.

 

Classifications — Each 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 each funds’ valuation levels as of June 30, 2023 (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   $     $ 392,176     $     $ 392,176  
Corporate bonds, notes & loans           277,655       768       278,423  
U.S. Treasury bonds & notes           104,353             104,353  
Asset-backed obligations           59,702       4,026       63,728  
Bonds & notes of governments & government agencies outside the U.S.           15,132             15,132  
Municipals           1,577             1,577  
Short-term securities     251,006                   251,006  
Total   $ 251,006     $ 850,595     $ 4,794     $ 1,106,395  
                                 
      Other investments*  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Unrealized appreciation on futures contracts   $ 995     $     $     $ 995  
Unrealized appreciation on centrally cleared interest rate swaps           4,024             4,024  
Unrealized appreciation on bilateral interest rate swaps           229             229  
Liabilities:                                
Unrealized depreciation on futures contracts     (7,542 )                 (7,542 )
Unrealized depreciation on centrally cleared interest rate swaps           (2,438 )           (2,438 )
Total   $ (6,547 )   $ 1,815     $     $ (4,732 )

 

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

 

Capital Group Fixed Income ETF Trust 61
 

Municipal Income ETF

 

    Investment securities  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Bonds, notes & other debt instruments:                                
Municipals   $     $ 159,332     $     $ 159,332  
Short-term securities           13,400             13,400  
Total   $     $ 172,732     $     $ 172,732  
                                 
      Other investments*  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Unrealized appreciation on futures contracts   $ 81     $     $     $ 81  
Liabilities:                                
Unrealized depreciation on futures contracts     (274 )                 (274 )
Total   $ (193 )   $     $     $ (193 )

 

* Futures contracts are not included in the investment portfolio.

 

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   $     $ 100,320     $ 106     $ 100,426  
Mortgage-backed obligations           26,919             26,919  
Asset-backed obligations           10,949       1,012       11,961  
U.S. Treasury bonds & notes           1,699             1,699  
Municipals           200             200  
Common stocks:                                
Real estate     6                   6  
Short-term securities     2,473                   2,473  
Total   $ 2,479     $ 140,087     $ 1,118     $ 143,684  
                                 
      Other investments*  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Unrealized appreciation on futures contracts   $ 186     $     $     $ 186  
Unrealized appreciation on credit default swaps           69             69  
Liabilities:                                
Unrealized depreciation on futures contracts     (458 )                 (458 )
Unrealized depreciation on credit default swaps           (19 )           (19 )
Total   $ (272 )   $ 50     $     $ (222 )

 

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

 

62 Capital Group Fixed Income ETF Trust
 

Short Duration Income ETF

 

    Investment securities  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Bonds, notes & other debt instruments:                                
Corporate bonds, notes & loans   $     $ 120,291     $     $ 120,291  
Mortgage-backed obligations           75,416             75,416  
Asset-backed obligations           49,738             49,738  
U.S. Treasury bonds & notes           1,684             1,684  
Short-term securities     18,250                   18,250  
Total   $ 18,250     $ 247,129     $     $ 265,379  
                                 
      Other investments*  
      Level 1       Level 2       Level 3       Total  
Assets:                                
Unrealized appreciation on futures contracts   $ 260     $     $     $ 260  
Liabilities:                                
Unrealized depreciation on futures contracts     (1,910 )                 (1,910 )
Total   $ (1,650 )   $     $     $ (1,650 )

 

* Futures contracts are not included in the investment portfolio.

 

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 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.

 

Capital Group Fixed Income ETF Trust 63
 

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.

 

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 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.

 

64 Capital Group Fixed Income ETF Trust
 

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.

 

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 65
 

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.

 

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.

 

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.

 

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.

 

66 Capital Group Fixed Income ETF Trust
 

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.

 

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 to 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.

 

Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

 

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.

 

Capital Group Fixed Income ETF Trust 67
 

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.

 

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 have 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 — Some of the funds have 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 funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protected buyers, they 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 funds, as protection buyers, 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 protection sellers, the funds 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 funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as protection sellers, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction.

 

68 Capital Group Fixed Income ETF Trust
 

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

 

    Futures
contracts
  Interest
rate
swaps
  Credit
default
swaps
 
Core Plus Income ETF   $501,630   $215,154   $10,400  
Municipal Income ETF   17,952   Not applicable   Not applicable  
U.S. Multi-Sector Income ETF   62,184   Not applicable   8,023  
Short Duration Income ETF   120,959   Not applicable   Not applicable  

 

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, interest rate swaps and credit default swaps as of, or for the six months ended, June 30, 2023 (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*   $ 995     Unrealized depreciation*   $ 7,542  
Swap (centrally cleared)   Interest   Unrealized appreciation*     4,024     Unrealized depreciation*     2,438  
Swap (bilateral)   Interest   Bilateral swaps, at value     229     Bilateral swaps, at value      
            $ 5,248         $ 9,980  
                             
        Net realized (loss) gain     Net unrealized (depreciation) appreciation  
Contracts   Risk type   Location on statement of
operations
  Value     Location on statement of
operations
  Value  
Futures   Interest   Net realized loss on futures contracts   $ (1,157 )   Net unrealized depreciation on futures contracts   $ (6,582 )
Swap   Interest   Net realized loss on swap contracts     (4,034 )   Net unrealized appreciation on swap contracts     1,631  
Swap   Credit   Net realized gain on swap contracts     36     Net unrealized depreciation on swap contracts     (3 )
            $ (5,155 )       $ (4,954 )
                             
Municipal 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*   $ 81     Unrealized depreciation*   $ 274  
                             
        Net realized loss     Net unrealized depreciation  
Contracts   Risk type   Location on statement of
operations
  Value     Location on statement of
operations
  Value  
Futures   Interest   Net realized loss on futures contracts   $     Net unrealized depreciation on futures contracts   $ (193 )

 

Refer to the end of the tables for footnotes.

 

Capital Group Fixed Income ETF Trust 69
 

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  
Futures   Interest   Unrealized appreciation*   $ 186     Unrealized depreciation*   $ 458  
Swap (centrally cleared)   Credit   Unrealized appreciation*     69     Unrealized depreciation*     19  
            $ 255         $ 477  
                             
        Net realized gain (loss)     Net unrealized (depreciation) appreciation  
Contracts   Risk type   Location on statement of
operations
  Value     Location on statement of
operations
  Value  
Futures   Interest   Net realized gain on futures contracts   $ 204     Net unrealized depreciation on futures contracts   $ (272 )
Swap   Interest   Net realized loss on swap contracts     (125 )   Net unrealized depreciation on swap contracts     (67 )
Swap   Credit   Net realized gain on swap contracts     17     Net unrealized appreciation on swap contracts     30  
            $ 96         $ (309 )
                             
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  
Futures   Interest   Unrealized appreciation*   $ 260     Unrealized depreciation*   $ 1,910  
                             
        Net realized (loss) gain     Net unrealized depreciation  
Contracts   Risk type   Location on statement of
operations
  Value     Location on statement of
operations
  Value  
Futures   Interest   Net realized loss on futures contracts   $ (346 )   Net unrealized depreciation on futures contracts   $ (1,650 )
Swap   Interest   Net realized gain on swap contracts     13     Net unrealized depreciation on swap contracts     (67 )
            $ (333 )       $ (1,717 )

 

* 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.
  Amount less than one thousand.

 

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, 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 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.

 

70 Capital Group Fixed Income ETF Trust
 

Rights of offset — Funds that hold 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.

 

The following table presents each fund’s 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 June 30, 2023, 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
 
Assets:                                        
Barclays Bank PLC   $ 229     $     $     $     $ 229  

 

* Collateral is shown on a settlement basis.

 

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 June 30, 2023, 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. The funds generally 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; amortization of premiums and discounts 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.

 

Capital Group Fixed Income ETF Trust 71
 

Additional tax basis disclosures for each fund as of June 30, 2023, were as follows (dollars in thousands):

 

    Core Plus
Income
ETF
    Municipal
Income
ETF
    U.S. Multi-Sector
Income
ETF
    Short Duration
Income
ETF
 
As of December 31, 2022                                
Undistributed tax-exempt income   $     $ 214     $     $  
Undistributed ordinary income     1,880             436       258  
Capital loss carryforward*     (16,682 )     (1 )     (5 )     (2 )
As of June 30, 2023                                
Gross unrealized appreciation on investments     6,617       2,184       2,077       365  
Gross unrealized depreciation on investments     (13,040 )     (642 )     (1,274 )     (1,606 )
Net unrealized appreciation (depreciation) on investments     (6,423 )     1,542       803       (1,241 )
Cost of investments     1,108,086       170,998       142,660       264,970  

 

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

 

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

 

    Six months ended June 30, 2023     Year ended December 31, 2022  
Fund   Ordinary
income
    Tax-exempt
income
    Long-term
capital gains
    Total
distributions
paid
    Ordinary
income
    Tax-exempt
income
    Long-term
capital gains
    Total
distributions
paid
 
Core Plus                                                                
Income ETF   $ 15,394     $     $     $ 15,394     $ 8,274 *   $     $     $ 8,274 *
Municipal                                                                
Income ETF           1,867             1,867             286             286  
U.S. Multi-Sector                                                                
Income ETF     3,181                   3,181       623                   623  
Short Duration                                                                
Income ETF     4,204                   4,204       376                   376  

 

* 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.

 

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.

 

72 Capital Group Fixed Income ETF Trust
 

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 six months ended June 30, 2023.

 

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 six months ended June 30, 2023.

 

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 73
 

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  
                                                           
Six months ended June 30, 2023                                      
                                                           
    $ 418,647       18,540     $           $           $ 418,647       18,540  
                                                                 
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  
                                                                 
Six months ended June 30, 2023                                      
                                                                 
    $ 100,211       3,780     $           $ (1,604 )     (60 )   $ 98,607       3,720  
                                                                 
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  
                                                                 
Six months ended June 30, 2023                                      
                                                                 
    $ 75,427       2,880     $           $           $ 75,427       2,880  
                                                                 
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  
                                                                 
Six months ended June 30, 2023                                            
                                                                 
    $ 163,162       6,420     $           $           $ 163,162       6,420  
                                                                 
For the period October 25, 2022*,
through December 31, 2022
                       
                         
    $ 89,240       3,540     $           $           $ 89,240       3,540  

 

* Commencement of operations.

 

74 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 six months ended June 30, 2023 (dollars in thousands):

 

Fund   Purchases     Sales  
Core Plus Income ETF         $ 191,348         $ 55,241  
Municipal Income ETF     80,614       9,518  
U.S. Multi-Sector Income ETF     44,440       16,498  
Short Duration Income ETF     104,015       25,728  

 

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 six months ended June 30, 2023 (dollars in thousands):

 

Fund   In-kind creations     In-kind redemptions  
Core Plus Income ETF                  $ 329,484                            $  
Municipal Income ETF     20,080       1,477  
U.S. Multi-Sector Income ETF     43,818        
Short Duration Income ETF     86,543        

 

The following table presents additional information for each fund for the six months ended June 30, 2023 (dollars in thousands):

 

Fund   Non-U.S. taxes
paid on
interest income
 
Core Plus Income ETF                        $ 2  
Municipal Income ETF      
U.S. Multi-Sector Income ETF     *
Short Duration Income ETF      

 

* Amount less than one thousand.

 

Capital Group Fixed Income ETF Trust 75
 

Financial highlights

 

          Income (loss) from
investment operations1 
    Dividends and distributions                                
Six months 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                                                                                          
6/30/20234,5    $ 22.23     $ .70     $ (.19 )   $ .51     $ (.51 )   $     $ (.51 )   $ 22.23       2.26 %   $ 867       .34 %6      3.12 %6 
12/31/20224,7      25.30       .83       (3.24 )     (2.41 )     (.66 )           (.66 )     22.23       (9.59 )     455       .34 6      4.24 6 
Municipal Income ETF                                                                                          
6/30/20234,5    $ 26.11     $ .47     $ .23     $ .70     $ (.39 )   $     $ (.39 )   $ 26.42       2.72 %   $ 173       .27 %6      1.78 %6 
12/31/20224,8      25.00       .17       1.07       1.24       (.13 )           (.13 )     26.11       4.92       74       .05 2      .67 2 
U.S. Multi-Sector Income ETF                                                                                          
6/30/20234,5    $ 25.66     $ .85     $ .21     $ 1.06     $ (.74 )   $     $ (.74 )   $ 25.98       4.14 %   $ 147       .39 %6      3.25 %6 
12/31/20224,8      25.00       .29       .62       .91       (.25 )           (.25 )     25.66       3.63       71       .07 2      1.13 2 
Short Duration Income ETF                                                                                          
6/30/20234,5    $ 25.27     $ .59     $ (.30 )   $ .29     $ (.50 )   $     $ (.50 )   $ 25.06       1.15 %   $ 250       .25 %6      2.33 %6 
12/31/20224,8      25.00       .22       .21       .43       (.16 )           (.16 )     25.27       1.73       89       .05 2      .87 2 

 

Portfolio turnover rate excluding mortgage dollar roll transactions9,10    Six months ended
June 30, 20232,4,5 
  Period ended
December 31, 20222,4 
Core Plus Income ETF     57 %         172 %7      
Short Duration Income ETF     30       1 8 

 

Portfolio turnover rate including mortgage dollar roll transactions, if any9,10    Six months ended
June 30, 20232,4,5 
  Period ended
December 31, 20222,4 
Core Plus Income ETF     257 %         446 %7     
Municipal Income ETF     9       1 8 
U.S. Multi-Sector Income ETF     28       6 8 
Short Duration Income ETF     76       55 8 

 

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 Unaudited.
6 Annualized.
7 For the period February 22, 2022, commencement of operations, through December 31, 2022.
8 For the period October 25, 2022, commencement of operations, through December 31, 2022.
9 Rates do not include each fund’s portfolio activity with respect to any Central Funds.
10 Refer to Note 5 for more information on mortgage dollar rolls.

 

Refer to the notes to financial statements.

 

76 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 (January 1, 2023, through June 30, 2023).

 

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
1/1/2023
  Ending
account value
6/30/2023
  Expenses
paid during
period*
  Annualized
expense
ratio
Core Plus Income ETF                                
Actual return   $ 1,000.00     $ 1,022.60     $ 1.71       .34 %
Assumed 5% return     1,000.00       1,023.11       1.71       .34  
Municipal Income ETF                                
Actual return   $ 1,000.00     $ 1,027.20     $ 1.36       .27 %
Assumed 5% return     1,000.00       1,023.46       1.35       .27  
U.S. Multi-Sector Income ETF                                
Actual return   $ 1,000.00     $ 1,041.40     $ 1.97       .39 %
Assumed 5% return     1,000.00       1,022.86       1.96       .39  
Short Duration Income ETF                                
Actual return   $ 1,000.00     $ 1,011.50     $ 1.25       .25 %
Assumed 5% return     1,000.00       1,023.56       1.25       .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).

 

Capital Group Fixed Income ETF Trust 77
 

Approval of Investment Advisory and Service Agreement

 

The trust’s board has approved the continuation of the trust’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through July 31, 2024. The board approved the agreement following the recommendation of the trust’s Contracts Committee (the “committee”), which is composed of all of the trust’s independent board members. The board and the committee determined in the exercise of their business judgment that each fund’s contractual fee rate was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

 

In reaching this decision, the board and the committee took into account their interactions with CRMC in addition to information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

 

1. Nature, extent and quality of services

 

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative services provided by CRMC to each fund under the agreement and other agreements. The board and the committee considered the risks assumed by CRMC in providing services to each fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

 

2. Investment results

 

The board and the committee considered the investment results of each fund in light of its objective and strategy. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as relevant market and fund indexes through December 31, 2022, while recognizing each fund’s short operational history. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment operations and results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s continued management should benefit each fund and its shareholders.

 

3. Advisory fees and total expenses

 

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds, noting that each fund has a unitary fee structure. They observed that each fund’s advisory fees and expenses generally compared favorably to those of other similar active exchange-traded funds and institutional share classes for comparable open-end funds included in the applicable Lipper categories. The board and the committee also reviewed information regarding the effective advisory fees charged to other funds and accounts managed by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising each fund and the other clients. The board and the committee concluded that each fund’s contractual fee rate was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by each fund.

 

78 Capital Group Fixed Income ETF Trust
 

4. Ancillary benefits

 

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with each fund and other funds it sponsors, including fees for administrative services; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the fees paid to CRMC by each fund.

 

5. Adviser financial information

 

The board and the committee reviewed information regarding CRMC’s costs of providing services to its U.S. registered fund business, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the registered fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered that shareholders benefited from the unitary fee structure because expenses were limited. The board and the committee also considered the fact that increases in assets would not lead to fee decreases, even if economies of scale are achieved, because the unitary fee structure does not contain breakpoints. The board and the committee concluded that each fund’s contractual fee rate reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.

 

Capital Group Fixed Income ETF Trust 79
 

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80 Capital Group Fixed Income ETF Trust
 

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Capital Group Fixed Income ETF Trust 83
 

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

 

84 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 American Funds Service Company (AFS) at (800) 421-4225 or refer to the Capital Group website at capitalgroup.com.

 

“Proxy Voting Procedures and Principles” — which describes our procedures and principles for voting portfolio securities — is available on our American Funds website or upon request by calling AFS. 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.

 
Capital Group Fixed Income ETF Trust
 
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Past results are not predictive of results in future periods.
 
Investments in mortgage-related securities involve additional risks, such as prepayment risk. 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. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. 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. 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.
 
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.
 
ETF market price returns since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
 
If used after September 30, 2023, this report must be accompanied by the most recent applicable quarterly statistical update for the products shown.
 
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.
 
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.