Capital Group Fixed Income ETF Trust

 

Annual report
for the period ended
December 31, 2023

 

Fixed income
for a variety of
investor goals

 

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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 with all distributions reinvested for periods ended December 31, 2023:

 

    Fund
inception date
  1 year   Since
inception
  30-day
SEC yield
  Gross
expense ratio*
                       
CGCB — Capital Group Core Bond ETF   9/26/23                     4.48 %       0.27 %  
Net asset value               6.56 %                
Market price               6.84                  
                                     
CGCP — Capital Group Core Plus Income ETF   2/22/22                     5.48       0.34  
Net asset value         7.25 %     –1.65                  
Market price         7.19       –1.56                  
                                     
CGMU — Capital Group Municipal Income ETF   10/25/22                     3.44       0.27  
Net asset value         6.78       10.07                  
Market price         6.76       10.34                  
                                     
CGSD — Capital Group Short Duration Income ETF   10/25/22                     5.08       0.25  
Net asset value         5.14       5.85                  
Market price         5.01       5.98                  
                                     
CGSM — Capital Group Short Duration Municipal Income ETF 9/26/23                     3.23       0.25  
Net asset value               4.00                  
Market price               4.24                  
                                     
CGMS — Capital Group U.S. Multi-Sector Income ETF   10/25/22                     6.43       0.39  
Net asset value         11.39       12.90                  
Market price         11.49       13.17                  

 

Capital Group exchange-traded funds (ETFs) are actively managed and do not seek to replicate a specific index. ETF shares 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, 2024 (unaudited). The expense ratios for CGCB and CGSM 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.

 

Contents

 

1 Letter to investors
   
4 Fund reviews
   
Investment portfolios
   
14 Capital Group Core Bond ETF
   
21 Capital Group Core Plus Income ETF
   
39 Capital Group Municipal Income ETF
   
62 Capital Group Short Duration Income ETF
   
75 Capital Group Short Duration Municipal Income ETF
   
81 Capital Group U.S. Multi-Sector Income ETF
   
98 Financial statements
   
129 Board of trustees and other officers

 

Fellow investors:

 

We are pleased to present this annual report for Capital Group Core Bond ETF (ticker: CGCB), Capital Group Core Plus Income ETF (ticker: CGCP), Capital Group Municipal Income ETF (ticker: CGMU), Capital Group Short Duration Income ETF (ticker: CGSD) and Capital Group Short Duration Municipal Income ETF (ticker: CGSM) and Capital Group U.S. Multi-Sector Income ETF (ticker: CGMS). This report covers the fiscal year ending December 31, 2023. For CGCB and CGSM, the commentary in this report for those funds reflect the funds’ inception date (9/26/23) to fiscal year-end period.

 

Bond market overview

After experiencing one of the most difficult markets in 40 years in 2022, fixed income markets bounced back modestly in 2023. However, for much of 2023, bond markets were volatile amid continued central bank interest rate hikes as global central banks sought to dampen elevated inflationary pressures. These central banks, particularly the U.S. Federal Reserve (the Fed), were able to use higher interest rate policies to reduce inflationary pressures without seemingly pushing the global economy into recession. By the end of 2023, the Fed had indicated that they had likely reached the end of interest rate hikes and could reduce rates in 2024, which helped propel bond prices higher during the fourth quarter.

 

In the U.S., the Fed raised benchmark interest rates during the first seven months of 2023, albeit at a more modest pace than in the previous year. At the end of 2023, the target range for the Federal funds rate was 5.25% to 5.50%, or 1% higher than the end of 2022. The 10-year Treasury yield ended 2023 at 3.88%, the same level it ended the previous year after peaking at 4.98% in October 2023, which was the highest yield in more than 15 years. Short-term bond yields from 1-month to 1-year maturities rose during the year, but 2- through 7-year bond yields declined modestly. The yield curve remained inverted during 2023, meaning shorter term bond yields were higher than longer term bond yields. There were periods of more extreme yield curve inversion during the middle of the year, yet as Fed interest rate hikes appeared to be closer to ending, 2- to 7-year yields declined more than longer maturities. This resulted in a modestly steeper portion of the curve for maturities of two or more years. Overall, short-term bond yields remained higher than long-term yields at the end of 2023.

 

Returns for the Bloomberg U.S. Aggregate Index — the broad-based U.S. bond market benchmark — and the Bloomberg Global Aggregate Index1 were 5.53% and 5.72%, respectively. These gains marked a turnaround from sharp losses in 2022. Looking at short-term investment-grade securities, the Bloomberg U.S. Government/Credit (1-3 Years) Index2 rose 4.61%. As inflation tapered throughout the year, the Bloomberg U.S. Treasury Inflation-Protected Securities Index3 lagged the benchmark with a return of 3.90%. Mortgage bonds bounced back despite tepid housing demand and supply, with the Bloomberg U.S. Mortgage Backed Securities Index4 returning 5.05%.

 

Within U.S. credit sectors, investment-grade bonds outpaced the broader market and the Bloomberg U.S. Corporate Investment Grade Index5 posted a return of 8.52%.

 

1 Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets.
2 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.
3 Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index consists of investment-grade, fixed-rate, publicly placed, dollar-denominated and non-convertible inflation-protected securities issued by the U.S. Treasury that have at least one year remaining to maturity, and have at least $250 million par amount outstanding.
4 Bloomberg U.S. Mortgage Backed Securities Index is a market-value-weighted index that covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).
5 Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements.

 

Past results are not predictive of results in future periods.

 

Capital Group Fixed Income ETF Trust 1
 

High-yield corporate bonds registered strong returns, with the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index6 climbing 13.44% for the year.

 

Turning to the municipal bond market, strong state reserve levels and the U.S. economy seemingly staving off recession helped the Bloomberg Municipal Bond Index7 outpace the taxable fixed income market. The index rose 6.40% in 2023. Shorter maturity municipal bonds lagged with the Bloomberg Municipal Short 1-5 Years Index8 returning 3.58% in 2023.

 

Inside the funds

Since inception (9/26/23) through the end of the fiscal year (12/31/23), CGCB returned 6.84% on a market price basis and 6.56% on a net asset value (NAV) basis. The fund outpaced its benchmark, the Bloomberg U.S. Aggregate Index, on a market price basis, but lagged on a net asset value basis. CGCB’s yield curve positioning detracted from results relative to the fund’s benchmark, but was counterbalanced by sector/industry selection, largely a result of greater-than-benchmark investment in the securitized credit and investment-grade corporates sectors.

 

CGCP outpaced its benchmark, the Bloomberg U.S. Aggregate Index, returning 7.19% on a market price basis and 7.25% on a NAV basis in 2023. The fund’s overweight to credit, particularly high yield, and strong security selection across sectors drove much of the contributions to results relative to the benchmark. The fund’s relative underweight duration position for much of the year was further additive to results as yields rose significantly before peaking in October. Meanwhile, CGCP’s positioning for yield curve steepening, intended to help balance procyclical positioning in credit, detracted from relative results as the curve did not steepen as much as the market anticipated in 2023.

 

CGMU returned 6.76% on a market price basis and 6.78% on a NAV basis in 2023, outpacing its benchmark, the 85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Index9. Security selection and curve positioning were key drivers of excess returns in 2023. Investment choices and yield curve positioning within the corporates sector were particularly additive. In contrast, duration positioning was a modest detractor from relative results. Housing and utility duration positioning — or the maturity of the investments in these sectors — were drags on returns compared to the benchmark.

 

CGSD rose 5.01% and 5.14% on a market price and NAV basis, respectively for the year. Credit sectors and duration positioning contributed to results, while yield curve positioning detracted. All credit sectors contributed to absolute results for the year, and diversification benefitted the fund. Within credit sectors, a diversified mix of asset-backed securities (ABS) contributed the most to absolute results followed by investment-grade industrial corporate bonds. Non-agency CMBS and residential MBS also added strongly to absolute results. Short maturity investment-grade corporate bonds had positive returns and CGSD’s allocation to this sector benefitted the fund. Industrials were the largest driver of results followed by financials. Throughout the year, CGSD managers positioned the portfolio in anticipation of yield curve steepening, which detracted from returns.

 

Over the fund’s brief lifetime (9/26/23 through 12/31/23), CGSM registered a 4.24% return on a market price basis and 4.00% on a net asset value (NAV) basis, which outpaced its benchmark, the Bloomberg Municipal Short 1-5 Years Index. Security selection and duration positioning were among the contributors to relative returns, while yield curve positioning in the general obligation sector was a notable detractor.

 

In 2023, CGMS posted an 11.49% return on a market price basis and an 11.39% on a NAV basis. The fund’s results surpassed that of its benchmark index, the Bloomberg U.S. Aggregate Index and its secondary benchmark, the Bloomberg Custom Multi-Sector Composite Index10.

 

6 Bloomberg U.S. Corporate High Yield Index covers the universe of fixed-rate, non-investment-grade debt.
7 Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
8 Bloomberg Municipal Short 1-5 Years Index is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to five years.
9 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.
10 Bloomberg Custom Multi-Sector Composite Index reflect the results of the Custom US CMBS ex AAA/US HY 2% Cap/ US ABS ex AAA/ US Corp Index from 06/01/2022 through 09/30/2023 and the Custom US CMBS Non-Agency ex AAA/US HY 2% Cap/ US ABS ex AAA/US Corp Index, thereafter. 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 Non-Agency 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 Non-Agency CMBS ex AAA Index represents the universe of U.S. commercial mortgage-backed securities, excluding agency and 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.

 

Past results are not predictive of results in future periods.

 

2 Capital Group Fixed Income ETF Trust
 

Security selection was the primary driver of results compared to the secondary benchmark, especially in investment-grade corporates and securitized credit sectors. Sector/industry positioning detracted from relative returns, driven by CGMS’s lower investment in high-yield corporates and the fund’s allocation to cash & money market instruments in an up-market environment.

 

Looking ahead

With inflation falling and a cooling economy, bond investors may be feeling some relief: The Fed may finally be done lifting interest rates. Bonds could be one of the more attractive areas of financial markets in 2024 as yields across the bond market are near 20-year highs.

 

In previous economic cycles, an inverted yield curve, where shorter maturity bond yields are higher than longer maturity bond yields, would have been a harbinger of an imminent recession. Nearly 18 months after this cycle’s initial yield curve inversion, the U.S. economy has yet to enter recession. However, given the significant monetary policy intervention over the past 15 years, a surprisingly resilient U.S. consumer post-COVID and a limited timeframe to determine the impact of higher rates across several industries, it may be too early to tell whether the Fed has pulled off a “soft landing”, meaning slowing economic activity will reaccelerate rather than resulting in recession.

 

Whether the U.S. economy goes into recession or experiences a soft landing, fixed income portfolio managers believe positioning funds for yield curve normalization or steepening, where long-term Treasury yields are higher than short-term yields, may be appropriate. Managers think there’s a low probability of inflation reaccelerating which would make further Fed rate increases unlikely. Conversely, should economic data show broad deterioration, the Fed could consider lowering rates.

 

No matter whether the Fed holds rates at current levels in 2024 or even reduces rates, it’s important to note the end of a rate increase cycle has historically been an attractive time to own longer duration securities. Duration, which measures a bond’s sensitivity to interest rates, is a hallmark of bonds with longer maturities. As 2024 progresses, managers will be mindful of opportunities to add duration to portfolios.

 

Within securitized credit and corporates sectors, portfolio managers believe an active approach may be key to uncovering attractively valued opportunities, especially as some areas within these sectors can see conditions change quickly. Strong balance sheets and low refinancing needs make investment-grade corporate bonds a potential area of opportunity should economic growth remain modest in 2024. Similarly, managers think agency mortgage-backed securities (MBS) could bring an appealing risk-return profile given higher starting yields and their implicit government backing. However, managers feel the attractiveness of agency MBS is valuation sensitive and their active management may help uncover value if the market environment changes quickly.

 

High-yield bonds (those rated BB/Ba and lower by debt ratings agencies) could offer healthy income potential. Despite the rapid increase in rates during recent years, bond market investors have priced in only modest increases in high-yield corporate debt default rates in 2024. In the high-yield corporate debt sector, most issuers’ existing debt will not reach maturity until 2026 or beyond. Given higher interest rates, many companies with higher debt loads have turned to private credit for their more immediate funding needs. With this backdrop, portfolio managers believe selectivity will be key.

 

In municipal bonds, fundamentals appear solid despite an uncertain environment. State reserves are ample due to climbing corporate income and sales taxes along with greater household incomes. With the potential for a slower economic growth environment, managers remain cautious in 2024, with some maintaining a more defensive portfolio to potentially safeguard against any macroeconomic headwinds that may arise.

 

Cordially,

 

 

Chitrang Purani
President, Capital Group Core Bond ETF

 

 

David A. Hoag

President, Capital Group Core Plus Income ETF

 

 

Courtney K. Wolf

President, Capital Group Municipal Income ETF

 

 

Vincent J. Gonzales

President, Capital Group Short Duration Income ETF

 

 

Vikas Malhotra

President, Capital Group Short Duration Municipal Income ETF

 

 

Damien J. McCann

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

 

February 14, 2024

 

For current information about the fund, refer to capitalgroup.com.

 

Past results are not predictive of results in future periods.

 

Capital Group Fixed Income ETF Trust 3
 

Capital Group Core Bond ETF

 

Capital Group Core Bond ETF seeks to provide as high a level of current income as is consistent with the preservation of capital.

 

CGCB returned 6.84% on a market price bases and 6.56% on a net asset value (NAV) basis from inception (September 26, 2023) to the end of the fiscal year (December 31, 2023). The fund’s benchmark, the Bloomberg U.S. Aggregate Index, increased 6.63% over the same period. For the inception to fiscal year-end period, the fund paid a monthly dividend totaling approximately 25 cents a share.

 

Sector selection contributed positively to returns in excess of the fund’s benchmark, while curve positioning and security selection detracted from relative results. CGCB’s greater-than-benchmark investment in investment-grade corporate debt and securitized assets, particularly agency mortgage-backed securities (MBS), were the largest contributors to returns from a sector selection perspective. Meanwhile, selection within agency MBS resulted in the largest detraction from returns.

 

CGCB managers continue to seek high quality investments across a variety of bond sectors to pursue the fund’s investment objective. Given the market backdrop, managers are seeking a higher quality and balanced approach. The fund was about neutral duration relative to the benchmark at the end of the fiscal year. Managers believe the Fed may reduce interest rates in 2024, which has historically been a boon to longer-duration bonds and makes interest rate exposure relatively attractive over the medium term. However, managers expect market volatility will create opportunities to profit from shorter term duration positioning and will adjust accordingly. Managers see value in positioning along the yield curve, holding higher-than-benchmark exposure to shorter maturities (from two- to seven-year), which should benefit from expected Fed cuts in 2024. Managers have a lower exposure relative to the benchmark on the long end of the curve, from the 10-year to 30-year portion, which is less likely to benefit from rate cuts and could be negatively affected by elevated U.S. Treasury issuance to fund sustained high government deficits. Managers believe securitized assets, including agency MBS, offer a high-quality profile and minimal credit risk with attractive valuations relative to other sectors. The room for upside given valuations in corporate bonds appears to be limited, but we are leaning into security selection to unearth compelling opportunities.

 

Results at a glance

 

For periods ended December 31, 2023, with all distributions reinvested

 

    Cumulative total returns
    Lifetime
(since 9/26/23)
     
Capital Group Core Bond ETF    
Net asset value     6.56 %         
Market price*     6.84  
Bloomberg U.S. Aggregate Index     6.63  

 

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

 

Past results are not predictive of results in future periods.

 

4 Capital Group Fixed Income ETF Trust
 

Capital Group Core Plus Income ETF

 

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

 

The fund registered a total return of 7.19% on a market price basis and 7.25% on a NAV basis in 2023. The fund’s benchmark index, the Bloomberg U.S. Aggregate Index, a market value-weighted index that represents the U.S. investment-grade fixed-rate bond market, posted a 5.53% increase. For the fiscal year, the fund paid a monthly dividend totaling almost $1.13 a share.

 

CGCP’s investment in credit, particularly sector allocation and security selection, was additive to relative results in 2023. Managers’ security selection in investment-grade corporate, securitized credit (asset-backed securities and commercial mortgage-backed securities) and emerging markets debt benefitted the fund. Additionally, the fund’s active duration positioning contributed to results compared to the index. Meanwhile, CGCP’s managers positioned the portfolio for yield curve steepening in 2023 and, overall, the cost of carrying that position detracted from relative returns. Managers implemented this positioning to potentially provide some ballast in the portfolio should rates normalized or had a recession materialized.

 

CGCP’s portfolio managers are taking a balanced approach to portfolio construction across credit and interest rates with a goal of generating strong results in an environment of continued economic growth, while having positions in the portfolio that could help protect on the downside should a recession occur in the future. One example of more defensive-positioning is CGCP’s overweight position in agency mortgage-backed securities (MBS). Portfolio managers also see opportunities within securitized credit industries, such as automobile asset-backed securities and commercial mortgage-backed securities (CMBS), due to attractive valuations and favorable fundamentals. With the significant decline in interest rates in the fourth quarter, managers reduced duration to move back to an underweight position compared the benchmark. At the end of the fiscal year, managers maintained positioning for a steeper yield curve which they expect could do well across multiple scenarios. CGCP’s managers believe the yield curve may normalize, or steepen, from its current inverted posture. If the Fed were to cut rates, this positioning could provide ballast in the portfolio in the case of a risk-off (when investors prefer less growth-oriented investments) or recessionary environment or should interest rates rise significantly.

 

How a hypothetical $10,000 investment has grown

since fund’s inception on February 22, 2022 (with all distributions reinvested)

 

 

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

 

Capital Group Fixed Income ETF Trust 5
 

Capital Group Core Plus Income ETF (continued)

 

Results at a glance

 

For periods ended December 31, 2023, with all distributions reinvested

 

    Cumulative total returns   Average annual
    1 Year   Lifetime
(since 2/22/22)
         
Capital Group Core Plus Income ETF        
Net asset value     7.25 %       –1.65 %    
Market price*     7.19       –1.56  
Bloomberg U.S. Aggregate Index     5.53       –2.52  

 

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

 

Past results are not predictive of results in future periods.

 

6 Capital Group Fixed Income ETF Trust
 

Capital Group Municipal Income ETF

 

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

 

CGMU returned of 6.76% on a market price basis and 6.78% at NAV for fiscal 2023. These returns outpaced the 5.57% total return of the fund’s benchmark index, the 85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Index. For the fiscal year, the fund paid a monthly dividend totaling approximately 84 cents a share.

 

Security selection and yield curve positioning were the largest contributors to results in 2023 compared to the benchmark. Corporates and general obligation issues were the two areas that managers added the most value from investment choice. The fund’s overweight position compared to the benchmark in long-term bonds in the 20- and 30-year maturities range were particularly additive to comparative results as these maturities experienced the largest decline in yields. Meanwhile, the fund’s duration positioning was a modest drag on relative returns, with duration positioning in housing sector bonds providing a notable headwind.

 

Despite the rally in bonds at the end of 2023, CGMU portfolio managers believe still-attractive tax-equivalent yields, solid credit fundamentals and investors moving out of cash and cash-like investments could help support strong demand for municipal bonds in 2024. On the heels of the Fed signaling the end of rate hikes in late 2023, managers are constructive on the potential for rate cuts by the Fed in 2024. As a result, CGMU maintained a longer than benchmark duration position. At the sector level, managers feel municipal single-family housing presents compelling valuations. In this area, bonds in the highest AAA-rated and AA-rated tranches offer similar yields to lower quality segments of the market. Managers are also finding what they believe are attractive opportunities in the tax-allocation and tax-assessment segments of the market.

 

How a hypothetical $10,000 investment has grown

since fund’s inception on October 25, 2022 (with all distributions reinvested)

 

 

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

 

Capital Group Fixed Income ETF Trust 7
 

Capital Group Municipal Income ETF (continued)

 

Results at a glance

 

For periods ended December 31, 2023, with all distributions reinvested

 

    Cumulative total returns   Average annual
    1 Year   Lifetime
(since 10/25/22)
         
Capital Group Municipal Income ETF                
Net asset value     6.78 %        10.07 %    
Market price*     6.76       10.34  
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     5.57       8.13  

 

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

 

Past results are not predictive of results in future periods.

 

8 Capital Group Fixed Income ETF Trust
 

Capital Group Short Duration Income ETF

 

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

 

In 2023, the fund recorded a total return of 5.01% on a market price basis and 5.14% on a net asset value (NAV), which surpassed the 4.61% increase of the fund’s benchmark index, the Bloomberg U.S. Government /Credit (1-3 years) Index. For the fiscal year, the fund paid a monthly dividend totaling almost $1.13 a share.

 

Credit sectors contributed most to absolute results, with asset-backed securities (ABS) and investment-grade industrial corporate bonds in particular driving returns. Auto-backed ABS was a significant contributor along with a mix of other ABS sectors including credit cards, shipping containers and personal and business loans. Short maturity investment-grade bonds had positive returns; industrials, financials and utilities bonds all contributed to 2023 returns. Managers maintained their view that the yield curve may steepen from the deep inversion points seen in mid-February and over the summer. The fund was long the front end of the yield curve (six-month, two-year and five-year maturities) and short the long end of the curve (10-year). Even though the curve was less inverted than the start of the year, curve positioning detracted. Additionally, a small position in Treasuries were a slight drag on relative returns.

 

At the end of 2023, the portfolio consisted of roughly 50% securitized credit and 50% investment-grade corporates, with a minimal allocation to Treasuries and cash & money market instruments. Portfolio managers continue to seek attractively valued investments in these sectors due to high yields – relative to the past decade – offered by high-quality issuers (those with investment-grade credit ratings of BBB/Baa & above). In investment-grade corporates, there is continued emphasis on idiosyncratic credit opportunities driven by fundamental research with a focus on yield. Managers have recently invested more in large money-center banks’ debt as spreads remained wide relative to other sectors. In securitized credit, the fund is diversified across the various areas of the market such as ABS, commercial mortgage-backed securities (CMBS), non-agency residential MBS and agency MBS. Outside of credit investments, the fund remains positioned to potentially benefit from a steepening of the U.S. Treasury yield curve. Given the current level of inversion, and a more dovish stance from the Federal Reserve (Fed), managers believe the curve will steepen rather than flatten. The curve inversion is one of the longest on record. Interest rate volatility remained elevated as market expectations of higher-for-longer rates quickly shifted to a focus on potential interest rate cuts and more accommodative policy. On the back of the large rally in rates from mid-October through December, managers reduced the fund’s duration from 2.3 years to 1.9 years. Managers will continue to monitor the market and may add to duration if yields move higher in the short term.

 

How a hypothetical $10,000 investment has grown

since fund’s inception on October 25, 2022 (with all distributions reinvested)

 

 

 

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

 

Capital Group Fixed Income ETF Trust 9
 

Capital Group Short Duration Income ETF (continued)

 

Results at a glance

 

For periods ended December 31, 2023, with all distributions reinvested

 

    Cumulative total returns   Average annual
    1 Year   Lifetime
(since 10/25/22)
         
Capital Group Short Duration Income ETF                
Net asset value     5.14 %       5.85 %   
Market price*     5.01       5.98  
Bloomberg U.S. Government/Credit (1-3 years) Index     4.61       4.80  

 

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

 

Past results are not predictive of results in future periods.

 

10 Capital Group Fixed Income ETF Trust
 

Capital Group Short Duration Municipal Income ETF

 

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

 

In the inception (September 26, 2023) to fiscal year-end (December 31, 2023) period, the fund recorded a total return of 4.24% on a market price basis and 4.00% on a net asset value (NAV), which outpaced the 3.31% increase of the fund’s benchmark index, the Bloomberg Municipal Short 1-5 Years Index. For the fiscal year, the fund paid a monthly dividend totaling almost $0.22 a share.

 

Security selection and duration positioning were the two main drivers of excess returns for the period, with valuation/other factors a very modest relative detractor. Security selection in the education sector helped returns compared to the index as well as duration positioning in housing sector holdings. From an overall sector level, duration positioning and yield curve positioning in the general obligation sector was a notable detractor from relative returns.

 

CGSM’s managers believe the inverted municipal bond yield curve may offer compelling yield opportunities with less potential interest rate risk than longer duration strategies. Compared to the benchmark, CGSM had a longer relative duration position at the end of the fiscal year, as managers feel the Fed may reduce interest rates in 2024, which would benefit longer duration bonds.

 

Managers maintained a portfolio that was well-diversified across sectors at the end of the fiscal year. The fund had meaningfully less general obligation and escrowed (bonds issued to pay off an older bond’s payments until it matures) debt compared to the benchmark, while housing and corporates are areas of emphasis relative to the benchmark. Attractive valuations compared to other areas of the municipal market led housing to drive this above-benchmark investment The fund has flexibility to invest in municipal bonds subject to the alternative minimum tax (AMT) and managers are evaluating opportunities in this area in 2024, as some of these bonds look attractively valued compared to non-AMT bonds from the same issuer. Similarly, CGSM managers have employed the fund’s ability to invest in high-yield municipal bonds (bonds rated BB/Ba & below) to pursue the fund’s income objective.

 

Results at a glance

 

For periods ended December 31, 2023, with all distributions reinvested

 

    Cumulative total returns
    Lifetime
(since 9/26/23)
     
Capital Group Short Duration Municipal Income ETF    
Net asset value     4.00 %       
Market price*     4.24  
Bloomberg Municipal Short 1-5 Years Index     3.31  

 

* ETF market price results since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
  Source: Bloomberg Index Services Ltd. Bloomberg Municipal Short 1-5 Years Index is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to five years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

 

Past results are not predictive of results in future periods.

 

Capital Group Fixed Income ETF Trust 11
 

Capital Group U.S. Multi-Sector Income ETF

 

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

 

The fund registered a total return of 11.49% on a market price basis and 11.39% on a NAV basis in 2023 surpassing the 5.53% total return of the fund’s benchmark index, the Bloomberg U.S. Aggregate Index, and the 9.98% total return of the Bloomberg Custom Multi-Sector Index, the fund’s secondary benchmark. For the fiscal year, the fund paid a monthly dividend totaling approximately $1.58 a share.

 

In 2023, security selection drove returns compared to the secondary benchmark, while sector and industry allocation decisions detracted from relative results. Investment selection in the securitized credit sector was the largest driver of excess returns, but this was partially offset by CGMS’s greater than secondary benchmark allocation. Security selection across the fund’s investment grade corporate holdings was also a meaningful contributor to returns relative to the secondary benchmark. The fund’s roughly neutral weighting to the sector relative to its secondary benchmark was also modestly additive to comparative returns. Less investment in high-yield corporate debt than the secondary benchmark was the largest detractor to total returns.

 

CGMS managers maintain a preference for higher-quality bonds as on a relative basis, investment-grade corporates, asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) are attractive. The high-yield market continues to trend up in quality as lower-quality issuers migrate to levered-loan and private credit markets. Portfolio managers maintain diversified exposure across numerous deeply researched investments. finding attractive opportunities among select high-yield issuers in the cable, pharmaceutical, automotive, media, aerospace, technology and energy sectors.

 

How a hypothetical $10,000 investment has grown

since fund’s inception on October 25, 2022 (with all distributions reinvested)

 

 

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

 

12 Capital Group Fixed Income ETF Trust
 

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

 

Results at a glance

 

For periods ended December 31, 2023, with all distributions reinvested

 

    Cumulative total returns   Average annual
    1 Year   Lifetime
(since 10/25/22)
         
Capital Group U.S. Multi-Sector Income ETF                
Net asset value     11.39 %          12.90 %     
Market price1     11.49       13.17  
Bloomberg U.S. Aggregate Index2     5.53       7.82  
Bloomberg Custom Multi-Sector Index3     9.98       11.21  

 

1 ETF market price results since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
2 Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
3 Source: Bloomberg Index Services Ltd. Bloomberg Custom Multi-Sector Composite Index reflect the results of the Custom US CMBS ex AAA/US HY 2% Cap/ US ABS ex AAA/ US Corp Index from 06/01/2022 through 09/30/2023 and the Custom US CMBS Non-Agency ex AAA/US HY 2% Cap/ US ABS ex AAA/US Corp Index, thereafter. 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 Non-Agency 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 Non-Agency CMBS ex AAA Index represents the universe of U.S. commercial mortgage-backed securities, excluding agency and 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.

 

Past results are not predictive of results in future periods.

 

Capital Group Fixed Income ETF Trust 13
 

Capital Group Core Bond ETF

Investment portfolio December 31, 2023

 

Portfolio by type of security Percent of net assets

 

 

Portfolio quality summary*     Percent of
net assets
U.S. Treasury and agency     11.44 %
AAA/Aaa     41.60  
AA/Aa     6.28  
A/A     20.63  
BBB/Baa     13.57  
Short-term securities & other assets less liabilities     6.48  

 

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

 

Bonds, notes & other debt instruments 93.52%   Principal amount
(000)
    Value
(000)
 
Mortgage-backed obligations 37.94%                
Federal agency mortgage-backed obligations 34.72%                
Fannie Mae Pool #MA4562 2.00% 3/1/20521   USD 658     $ 538  
Fannie Mae Pool #MA4623 2.50% 6/1/20521     1,181       1,005  
Fannie Mae Pool #MA4743 2.50% 8/1/20521     1,806       1,537  
Fannie Mae Pool #MA4768 2.50% 9/1/20521     2,348       1,998  
Fannie Mae Pool #MA4731 3.50% 9/1/20521     284       260  
Fannie Mae Pool #MA5071 5.00% 7/1/20531     1,529       1,513  
Fannie Mae Pool #MA5137 5.00% 9/1/20531     211       209  
Fannie Mae Pool #MA5163 4.50% 10/1/20531     1,026       995  
Freddie Mac Pool #SD8204 2.00% 4/1/20521     3,175       2,597  
Freddie Mac Pool #SD8234 2.50% 8/1/20521     165       140  
Freddie Mac Pool #SD8237 4.00% 8/1/20521     837       792  
Freddie Mac Pool #SD8242 3.00% 9/1/20521     2,696       2,387  
Freddie Mac Pool #SD8324 5.50% 5/1/20531     1,099       1,103  
Freddie Mac Pool #SD8388 3.50% 10/1/20531     1,034       949  
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/20301     274       237  
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/20311     274       242  
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/20311     294       255  
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/27/20601     278       241  
Uniform Mortgage-Backed Security 2.50% 1/1/20541,2     2,135       1,817  
Uniform Mortgage-Backed Security 3.00% 1/1/20541,2     2,620       2,318  
Uniform Mortgage-Backed Security 3.50% 1/1/20541,2     3,385       3,106  
Uniform Mortgage-Backed Security 4.00% 1/1/20541,2     2,950       2,790  
Uniform Mortgage-Backed Security 4.50% 1/1/20541,2     1,855       1,798  
Uniform Mortgage-Backed Security 5.00% 1/1/20541,2     220       218  
Uniform Mortgage-Backed Security 6.00% 1/1/20541,2     1,665       1,691  
Uniform Mortgage-Backed Security 6.50% 1/1/20541,2     1,675       1,717  
Uniform Mortgage-Backed Security 7.00% 1/1/20541,2     1,040       1,073  
              33,526  

 

14 Capital Group Fixed Income ETF Trust
 

Capital Group Core Bond ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Mortgage-backed obligations (continued)                
Collateralized mortgage-backed obligations (privately originated) 2.03%                
Connecticut Avenue Securities Trust, Series 2022-R07, Class 1M1, (30-day Average USD-SOFR + 2.95%) 8.287% 6/25/20421,3   USD 115     $ 118  
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.737% 12/25/20421,3     300       306  
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.637% 5/25/20431,3     449       459  
JPMorgan Mortgage Trust, Series 2017-1, Class B2, 3.45% 1/25/20471,3     449       403  
Legacy Mortgage Asset Trust, Series 2020-GS4, Class A1, 3.25% 2/25/20601,3     435       435  
Progress Residential Trust, Series 2023-SFR1, Class A, 4.30% 3/17/20401,3     249       239  
              1,960  
                 
Commercial mortgage-backed securities 1.19%                
AMSR Trust, Series 2023-SFR2, Class A, 3.95% 6/17/20401,3     160       151  
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/20611     35       31  
Benchmark Mortgage Trust, Series 2018-B2, Class A5, 3.882% 2/15/20511     38       36  
Benchmark Mortgage Trust, Series 2022-B35, Class A5, 4.444% 5/15/20551     175       162  
Commercial Mortgage Trust, Series 2015-3BP, Class A, 3.178% 2/10/20351,3     225       214  
FS Commercial Trust, Series 2023-4SZN, Class A, 7.066% 11/10/20391,3     121       126  
MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, 6.014% 12/15/20561     94       101  
MSWF Commercial Mortgage Trust, Series 2023-2, Class AS, 6.491% 12/15/20561     83       89  
SFO Commercial Mortgage Trust, Series 2021-555, Class A, (1-month USD CME Term SOFR + 1.264%) 6.63% 5/15/2038 (1-month USD CME Term SOFR + 1.514% on 5/15/2026)1,3,4     250       235  
              1,145  
                 
Total mortgage-backed obligations             36,631  
                 
Corporate bonds, notes & loans 36.79%                
Financials 22.14%                
American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025)4     149       152  
American International Group, Inc. 5.125% 3/27/2033     85       86  
Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027)4     1,056       979  
Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029)4     722       684  
Bank of New York Mellon Corp. 5.834% 10/25/2033 (USD-SOFR + 2.074% on 10/25/2032)4     256       272  
Bank of Nova Scotia (The) 5.25% 6/12/2028     279       283  
Blackstone Holdings Finance Co., LLC 6.20% 4/22/20333     96       103  
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)3,4     535       495  
BPCE SA 2.045% 10/19/2027 (USD-SOFR + 1.087% on 10/19/2026)3,4     768       698  
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)3,4     715       730  
Canadian Imperial Bank of Commerce 3.60% 4/7/2032     120       109  
Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028)4     195       200  
Charles Schwab Corp. (The) 6.196% 11/17/2029 (USD-SOFR + 1.878% on 11/17/2028)4     71       75  
Citigroup, Inc. 4.412% 3/31/2031 (USD-SOFR + 3.914% on 3/31/2030)4     560       536  
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)3,4     520       504  
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)4     407       372  
Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)4     197       208  
DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)3,4     826       754  
Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028)4     252       262  
Five Corners Funding Trust III 5.791% 2/15/20333     186       198  
Goldman Sachs Group, Inc. 4.223% 5/1/2029 (3-month USD CME Term SOFR + 1.563% on 5/1/2028)4     673       651  
HSBC Holdings PLC 4.583% 6/19/2029 (3-month USD CME Term SOFR + 1.796% on 6/19/2028)4     550       534  
Intercontinental Exchange, Inc. 4.60% 3/15/2033     67       67  
JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026)4     164       169  
JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028)4     1,073       1,043  

 

Capital Group Fixed Income ETF Trust 15
 

Capital Group Core Bond ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Financials (continued)                
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)3,4   USD 620     $ 631  
Lloyds Banking Group PLC 5.871% 3/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 3/6/2028)4     466       478  
Metropolitan Life Global Funding I 5.15% 3/28/20333     338       344  
Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028)4     896       913  
Mizuho Financial Group, Inc. 1.234% 5/22/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 5/22/2026)4     676       616  
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)4     1,402       1,409  
Nasdaq, Inc. 5.35% 6/28/2028     287       296  
NatWest Group PLC 5.076% 1/27/2030 (3-month USD-LIBOR + 1.905% on 1/27/2029)4     653       644  
New York Life Global Funding 4.55% 1/28/20333     127       125  
Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/20283     219       220  
PNC Financial Services Group, Inc. 6.615% 10/20/2027 (USD-SOFR + 1.73% on 10/20/2026)4     108       112  
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)4     431       441  
Royal Bank of Canada 5.20% 8/1/2028     276       282  
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)4     147       148  
Sumitomo Mitsui Financial Group, Inc. 1.902% 9/17/2028     622       545  
Svenska Handelsbanken AB 5.50% 6/15/20283     645       657  
Toronto-Dominion Bank (The) 5.523% 7/17/2028     279       287  
U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028)4     514       506  
UBS Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)3,4     763       939  
Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028)4     1,434       1,465  
Westpac Banking Corp. 4.11% 7/24/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.00% on 7/24/2029)4     174       159  
              21,381  
                 
Health care 3.10%                
Amgen, Inc. 5.25% 3/2/2033     605       621  
Baxter International, Inc. 2.272% 12/1/2028     782       700  
Cencora, Inc. 2.70% 3/15/2031     123       108  
Centene Corp. 2.45% 7/15/2028     315       281  
CVS Health Corp. 4.30% 3/25/2028     642       632  
Elevance Health, Inc. 4.75% 2/15/2033     75       75  
Eli Lilly and Co. 4.70% 2/27/2033     73       75  
GE HealthCare Technologies, Inc. 5.857% 3/15/2030     303       318  
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033     181       181  
              2,991  
                 
Communication services 2.54%                
AT&T, Inc. 4.30% 2/15/2030     727       712  
Charter Communications Operating, LLC 6.384% 10/23/2035     431       438  
Netflix, Inc. 4.875% 4/15/2028     253       256  
T-Mobile USA, Inc. 3.875% 4/15/2030     552       524  
Verizon Communications, Inc. 4.329% 9/21/2028     533       528  
              2,458  
                 
Utilities 2.24%                
Edison International 4.125% 3/15/2028     393       380  
FirstEnergy Corp. 2.65% 3/1/2030     342       296  
Georgia Power Co. 4.95% 5/17/2033     303       306  
Pacific Gas and Electric Co. 4.55% 7/1/2030     924       881  
Southern California Edison Co. 2.95% 2/1/2051     322       219  
Xcel Energy, Inc. 5.45% 8/15/2033     83       85  
              2,167  

 

16 Capital Group Fixed Income ETF Trust
 

Capital Group Core Bond ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Energy 2.15%                
Columbia Pipelines Operating Co., LLC 5.927% 8/15/20303   USD 155     $ 160  
Enbridge, Inc. 6.20% 11/15/2030     506       542  
Energy Transfer, LP 6.40% 12/1/2030     306       328  
EQT Corp. 5.70% 4/1/2028     223       226  
Kinder Morgan, Inc. 7.75% 1/15/2032     136       155  
ONEOK, Inc. 5.65% 11/1/2028     639       662  
              2,073  
                 
Consumer staples 1.38%                
BAT Capital Corp. 6.343% 8/2/2030     636       668  
Constellation Brands, Inc. 2.875% 5/1/2030     126       113  
Philip Morris International, Inc. 5.625% 11/17/2029     530       556  
              1,337  
                 
Industrials 0.90%                
Boeing Co. 5.04% 5/1/2027     702       709  
Carrier Global Corp. 2.722% 2/15/2030     9       8  
Carrier Global Corp. 2.70% 2/15/2031     6       5  
Carrier Global Corp. 5.90% 3/15/20343     139       150  
              872  
                 
Consumer discretionary 0.84%                
Daimler Trucks Finance North America, LLC 2.375% 12/14/20283     211       188  
Ford Motor Co. 3.25% 2/12/2032     235       196  
Hyundai Capital America 6.25% 11/3/20253     417       423  
              807  
                 
Real estate 0.82%                
Equinix, Inc. 3.20% 11/18/2029     232       213  
Prologis, LP 4.75% 6/15/2033     123       125  
Public Storage Operating Co. 5.125% 1/15/2029     220       227  
VICI Properties, LP 4.95% 2/15/2030     231       225  
              790  
                 
Information technology 0.68%                
Analog Devices, Inc. 2.10% 10/1/2031     79       68  
Broadcom, Inc. 3.469% 4/15/20343     371       323  
ServiceNow, Inc. 1.40% 9/1/2030     320       263  
              654  
                 
Total corporate bonds, notes & loans             35,530  
                 
U.S. Treasury bonds & notes 11.44%                
U.S. Treasury 11.44%                
U.S. Treasury 4.875% 10/31/2028     596       622  
U.S. Treasury 4.375% 11/30/2030     865       890  
U.S. Treasury 4.50% 11/15/2033     425       447  
U.S. Treasury 4.375% 8/15/2043     1,290       1,319  
U.S. Treasury 4.75% 11/15/2043     2,046       2,199  
U.S. Treasury 4.125% 8/15/20535     3,350       3,395  
U.S. Treasury 4.75% 11/15/2053     1,935       2,176  
              11,048  
                 
Asset-backed obligations 7.35%                
ACHV ABS Trust, Series 2023-3PL, Class B, 7.17% 8/19/20301,3     300       300  
ACHV ABS Trust, Series 2023-4CP, Class A, 6.81% 11/25/20301,3     84       85  
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20271,3     122       120  
Affirm, Inc., Series 2023-B, Class A, 6.82% 9/15/20281,3     150       152  
Affirm, Inc., Series 2023-X1, Class A, 7.11% 11/15/20281,3     100       100  
Ally Auto Receivables Trust, Series 2023, Class A2, 6.15% 1/17/20341,3     135       135  
Apidos CLO, Ltd., Series 2015-23, Class AR, (3-month USD CME Term SOFR + 1.482%) 6.875% 4/15/20331,3     275       275  

 

Capital Group Fixed Income ETF Trust 17
 

Capital Group Core Bond ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Asset-backed obligations (continued)                
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/20261,3   USD 100     $ 96  
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-8, Class A, 6.02% 2/20/20301,3     150       155  
Bain Capital Credit CLO, Ltd., Series 2017-2, Class AR2, (3-month USD CME Term SOFR + 1.442%) 6.82% 7/25/20341,3     275       275  
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/20331,3     211       199  
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 2/20/20351,3     122       119  
Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class A3, 6.51% 11/15/20271     79       80  
Carvana Auto Receivables Trust, Series 2023-N4, Class A, 6.42% 1/10/20281,3     218       219  
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,3     90       83  
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20611,3     150       134  
Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/20301,3     150       153  
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20451,3     138       124  
CLI Funding VIII, LLC, Series 2022-1, Class A, 2.72% 1/18/20471,3     201       178  
CPS Auto Receivables Trust, Series 2023-C, Class A, 6.13% 9/15/20261,3     126       126  
CPS Auto Receivables Trust, Series 2023-A, Class B, 5.47% 11/16/20261,3     150       149  
CPS Auto Trust, Series 2023-D, Class A, 6.40% 6/15/20271,3     89       90  
Dryden Senior Loan Fund, CLO, Series 2021-93, Class A1A, (3-month USD CME Term SOFR + 1.342%) 6.735% 1/15/20341,3     275       275  
Exeter Automobile Receivables Trust, Series 2023-5, Class A3, 6.32% 3/15/20271     34       34  
Exeter Automobile Receivables Trust, Series 2023-5, Class B, 6.58% 4/17/20281     101       102  
First National Master Note Trust, Series 2023-2, Class A, 5.77% 9/17/20291     150       153  
Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/20291     100       101  
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/20351,3     150       151  
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20401,3     159       147  
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20401,3     161       148  
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20411,3     179       160  
GLS Auto Receivables Trust, Series 2023-4, Class A3, 6.42% 6/15/20271,3     96       97  
GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/20361,3     312       326  
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20271,3     250       227  
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20271,3     150       136  
Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/20301,3     150       156  
LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/20271,3     33       33  
LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/20281,3     250       250  
Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/20281     75       77  
PFS Financing Corp., Series 2022-D, Class B, 4.90% 8/16/20271,3     100       98  
PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/20281,3     150       152  
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20451,3     329       299  
TICP CLO, Ltd., Series 2018-12, Class AR, (3-month USD CME Term SOFR + 1.432%) 6.825% 7/15/20341,3     275       275  
TIF Funding II, LLC, Series 2021-1A, Class A, 1.65% 2/20/20461,3     335       288  
Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/20271,3     62       63  
              7,095  
                 
Total bonds, notes & other debt instruments (cost: $87,343,000)             90,304  
                 
Short-term securities 16.85%   Shares          
Money market investments 16.85%                
Capital Group Central Cash Fund 5.44%6,7     162,772       16,276  
                 
Total short-term securities (cost: $16,278,000)             16,276  
Total investment securities 110.37% (cost: $103,621,000)             106,580  
Other assets less liabilities (10.37)%             (10,015 )
                 
Net assets 100.00%           $ 96,565  

 

18 Capital Group Fixed Income ETF Trust
 

Capital Group Core Bond ETF (continued)

 

Futures contracts

 

Contracts   Type   Number of
contracts
  Expiration
date
  Notional
amount
(000)
    Value and
unrealized
appreciation
(depreciation)
at 12/31/2023
(000)
 
2 Year U.S. Treasury Note Futures   Long   19   3/28/2024     USD 3,912              $ 8 

 

Swap contracts

 

Interest rate swaps

 

Centrally cleared interest rate swaps

 

                              Upfront     Unrealized  
                              premium     appreciation  
Receive   Pay       Notional   Value at     paid     (depreciation)  
    Payment       Payment   Expiration   amount   12/31/2023     (received)     at 12/31/2023  
Rate   frequency   Rate   frequency   date   (000)   (000)     (000)       (000)  
5.0135%   Annual   SOFR   Annual   9/28/2025   USD 5,300             $ 69             $                $ 69  
4.9295%   Annual   SOFR   Annual   10/30/2025   3,750       49                 49  
4.9225%   Annual   SOFR   Annual   11/1/2025   2,900       38                 38  
4.695%   Annual   SOFR   Annual   11/24/2025   1,850       18                 18  
4.525%   Annual   SOFR   Annual   12/13/2025   1,700       13                 13  
4.152%   Annual   SOFR   Annual   12/18/2025   400       8                8 
SOFR   Annual   4.2365%   Annual   12/21/2025   2,300       (6 )               (6 )
4.129%   Annual   SOFR   Annual   12/26/2025   1,600       1                 1  
4.8815%   Annual   SOFR   Annual   10/23/2026   750       21                 21  
4.707%   Annual   SOFR   Annual   10/23/2028   370       19                 19  
4.5465%   Annual   SOFR   Annual   10/19/2030   775       50                 50  
4.074%   Annual   SOFR   Annual   11/27/2030   1,000       36                 36  
SOFR   Annual   3.762   Annual   12/11/2030   640       (11 )               (11 )
3.8815%   Annual   SOFR   Annual   12/13/2030   700       17                 17  
SOFR   Annual   3.78   Annual   12/15/2033   1,725       (45 )               (45 )
4.5145%   Annual   SOFR   Annual   10/19/2038   580       68                 68  
3.482%   Annual   SOFR   Annual   1/2/2039   750       (1 )               (1 )
4.5535%   Annual   SOFR   Annual   10/23/2043   870       133                 133  
3.588%   Annual   SOFR   Annual   12/11/2053   460       24                 24  
                          $ 493       $       $ 493  

 

Credit default swaps

 

Centrally cleared credit default swaps on credit indices — sell protection

 

Financing
rate received
  Payment
frequency
  Reference
index
  Expiration
date
  Notional
amount
(000)
  Value at
12/31/2023
(000)
  Upfront
premium
paid
(received)
(000)
  Unrealized
appreciation
(depreciation)
at 12/31/2023
(000)
 
1%   Quarterly   CDX.NA.IG.41   12/20/2028   USD 575       $11      $4       $7  

 

Investments in affiliates7

 

    Value at
9/26/20239
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value at
12/31/2023
(000)
    Dividend
or interest
income
(000)
 
Short-term securities 16.85%                                                        
Money market investments 16.85%                                                        
Capital Group Central Cash Fund 5.44%6   $     $ 39,371     $ 23,093     $ 8    $ (2 )   $ 16,276     $ 104  

 

Capital Group Fixed Income ETF Trust 19
 

Capital Group Core Bond ETF (continued)

 

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 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 $16,876,000, which represented 17.48% of the net assets of the fund.
4 Step bond; coupon rate may change at a later date.
5 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $474,000, which represented .49% of the net assets of the fund.
6 Rate represents the seven-day yield at December 31, 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.
9 Commencement of operations.

 

Key to abbreviation(s)

CLO = Collateralized Loan Obligations
CME = CME Group
LIBOR = London Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD = U.S. dollars

 

Refer to the notes to financial statements.

 

20 Capital Group Fixed Income ETF Trust
 

Capital Group Core Plus Income ETF

Investment portfolio December 31, 2023

 

Portfolio by type of security Percent of net assets

 

 

Portfolio quality summary*   Percent of
net assets
U.S. Treasury and agency     19.27 %
AAA/Aaa     31.46  
AA/Aa     5.43  
A/A     10.41  
BBB/Baa     16.96  
Below investment grade     14.96  
Unrated     .01  
Short-term securities & other assets less liabilities     1.50  
* 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. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.
These securities are guaranteed by the full faith and credit of the U.S. government.

 

Bonds, notes & other debt instruments 98.49%   Principal amount
(000)
    Value
(000)
 
Mortgage-backed obligations 41.02%            
Federal agency mortgage-backed obligations 30.47%                
Fannie Mae Pool #FS0647 3.00% 2/1/20521   USD 3,960     $ 3,574  
Fannie Mae Pool #FS0893 3.00% 2/1/20521     809       716  
Fannie Mae Pool #FS1030 3.00% 3/1/20521     892       790  
Fannie Mae Pool #BV3117 3.00% 3/1/20521     750       664  
Fannie Mae Pool #BV2954 3.00% 3/1/20521     736       652  
Fannie Mae Pool #FS1405 3.00% 4/1/20521     768       680  
Fannie Mae Pool #BU8933 3.00% 4/1/20521     757       670  
Fannie Mae Pool #CB3361 3.00% 4/1/20521     724       646  
Fannie Mae Pool #CB3586 3.00% 5/1/20521     2,680       2,372  
Fannie Mae Pool #MA4919 5.50% 2/1/20531     1,609       1,617  
Fannie Mae Pool #MA5010 5.50% 5/1/20531     274       275  
Fannie Mae Pool #MA5072 5.50% 7/1/20531     2,055       2,065  
Fannie Mae Pool #MA5165 5.50% 10/1/20531     480       482  
Freddie Mac Pool #QC3826 3.00% 7/1/20511     978       866  
Freddie Mac Pool #QD5662 3.00% 1/1/20521     977       865  
Freddie Mac Pool #QD7819 3.00% 2/1/20521     852       754  
Freddie Mac Pool #QD7918 3.00% 3/1/20521     862       763  
Freddie Mac Pool #QD8673 3.00% 3/1/20521     806       713  
Freddie Mac Pool #SD8206 3.00% 4/1/20521     890       788  
Freddie Mac Pool #SD1156 3.00% 4/1/20521     882       780  
Freddie Mac Pool #RA7130 3.00% 4/1/20521     837       741  
Freddie Mac Pool #QE5301 3.50% 5/1/20521     707       648  
Freddie Mac Pool #QE8663 3.50% 5/1/20521     555       509  
Freddie Mac Pool #SD8214 3.50% 5/1/20521     36       33  
Freddie Mac Pool #QE4383 4.00% 6/1/20521     787       744  
Freddie Mac Pool #SD8331 5.50% 6/1/20531     3,935       3,952  
                 
Capital Group Fixed Income ETF Trust 21
 

Capital Group Core Plus Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Mortgage-backed obligations (continued)            
Federal agency mortgage-backed obligations (continued)                
Freddie Mac Pool #SD8342 5.50% 6/1/20531   USD 2,217     $ 2,226  
Freddie Mac Pool #SD8362 5.50% 9/1/20531     1,393       1,399  
Freddie Mac Pool #SD8367 5.50% 10/1/20531     1,763       1,771  
Freddie Mac Pool #SD8372 5.50% 11/1/20531     6,175       6,201  
Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/20521     5,435       5,060  
Uniform Mortgage-Backed Security 2.00% 1/1/20541,2     24,310       19,874  
Uniform Mortgage-Backed Security 2.50% 1/1/20541,2     50,170       42,688  
Uniform Mortgage-Backed Security 3.00% 1/1/20541,2     31,889       28,213  
Uniform Mortgage-Backed Security 3.50% 1/1/20541,2     14,873       13,646  
Uniform Mortgage-Backed Security 4.00% 1/1/20541,2     43,291       40,949  
Uniform Mortgage-Backed Security 4.50% 1/1/20541,2     68,884       66,780  
Uniform Mortgage-Backed Security 5.00% 1/1/20541,2     60,362       59,725  
Uniform Mortgage-Backed Security 5.50% 1/1/20541,2     34,074       34,223  
Uniform Mortgage-Backed Security 6.00% 1/1/20541,2     25,190       25,580  
Uniform Mortgage-Backed Security 6.50% 1/1/20541,2     36,960       37,880  
Uniform Mortgage-Backed Security 7.00% 1/1/20541,2     8,600       8,872  
Uniform Mortgage-Backed Security 3.50% 2/1/20541,2     30,193       27,726  
Uniform Mortgage-Backed Security 6.00% 2/1/20541,2     26,250       26,655  
              476,827  
                 
Commercial mortgage-backed securities 9.51%                
3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.29% 11/15/20551     1,690       1,493  
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class B, 6.148% 2/15/20561     1,873       1,902  
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class C, 6.279% 2/15/20561     512       472  
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class AS, 6.411% 3/15/20561     3,787       3,868  
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.411% 3/15/20561     2,641       2,545  
Bank Commercial Mortgage Trust, Series 2023-5YR2, Class C, 7.164% 7/15/20281     2,288       2,191  
Bank Commercial Mortgage Trust, Series 2023-BNK46, Class B, 6.773% 8/15/20561     4,200       4,416  
Bank Commercial Mortgage Trust, Series 2023-BNK46, Class C, 6.773% 8/15/20561     2,960       2,794  
Bank Commercial Mortgage Trust, Series 2023-5YR3, Class C, 7.315% 9/15/20561     2,818       2,733  
Bank Commercial Mortgage Trust, Series 2023-5YR4, Class B, 7.785% 12/15/20561     2,989       3,132  
Bank Commercial Mortgage Trust, Series 2019-BN19, Class B, 3.647% 8/15/20611     1,000       729  
Bank Commercial Mortgage Trust, Series 2019-BN24, Class B, 3.455% 11/15/20621     1,033       831  
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class B, 3.393% 3/15/20641,3     273       213  
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class AS, 3.393% 3/15/20641,3     250       210  
Barclays Commercial Mortgage Securities, LLC, Series 2018-TALL, Class A, ((1-month USD CME Term SOFR + 0.047%) + 0.872%) 6.281% 3/15/20371,4     427       397  
Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C, 6.149% 12/15/20551     1,355       1,200  
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class B, 6.333% 4/15/20561     948       953  
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class C, 6.385% 4/15/20561     1,253       1,129  
Barclays Commercial Mortgage Securities, LLC, Series 2023-C20, Class C, 6.608% 7/15/20561     1,882       1,753  
Benchmark Mortgage Trust, Series 2020-B21, Class AS, 2.2543% 12/17/20531     250       197  
Benchmark Mortgage Trust, Series 2022-B35, Class C, 4.444% 5/15/20551,3     2,005       1,414  
Benchmark Mortgage Trust, Series 2023-V2, Class B, 6.769% 5/15/20501     4,994       5,080  
Benchmark Mortgage Trust, Series 2023-V2, Class C, 6.769% 5/15/20551     3,464       3,326  
Benchmark Mortgage Trust, Series 2023-B38, Class B, 6.245% 4/15/20561     4,994       5,038  
Benchmark Mortgage Trust, Series 2023-B38, Class C, 6.245% 4/15/20561     2,996       2,548  
Benchmark Mortgage Trust, Series 2023-V3, Class B, 6.924% 7/15/20561     1,499       1,529  
Benchmark Mortgage Trust, Series 2023-V3, Class C, 7.173% 7/15/20561     2,644       2,560  
BMO Mortgage Trust, Series 2023-C4, Class B, 5.39647% 2/15/20561     711       662  
BMO Mortgage Trust, Series 2023-C5, Class B, 6.476% 6/15/20561     1,873       1,940  
BMO Mortgage Trust, Series 2023-C5, Class C, 6.627% 6/15/20561     998       955  
BMO Mortgage Trust, Series 2023-5C1, Class B, 6.96% 8/15/20561     3,505       3,572  
BMO Mortgage Trust, Series 2023-5C1, Class C, 7.118% 8/15/20561     1,075       1,036  
BMO Mortgage Trust, Series 2023-C6, Class B, 6.636% 9/15/20561     1,550       1,606  
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 7.131% 5/15/20391,3,4     623       620  

 

22 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)                
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class B, (1-month USD CME Term SOFR + 2.319%) 7.681% 5/15/20391,3,4   USD 317     $ 315  
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.477% 6/15/20271,3,4     716       719  
BX Trust, Series 2021-SDMF, Class D, (1-month USD CME Term SOFR + 1.501%) 6.863% 9/15/20341,3,4     480       461  
BX Trust, Series 2021-VOLT, Class D, (1-month USD CME Term SOFR + 1.764%) 7.126% 9/15/20361,4     2,480       2,388  
BX Trust, Series 2021-VOLT, Class E, (1-month USD CME Term SOFR + 2.114%) 7.476% 9/15/20361,4     4,000       3,833  
BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 6.773% 10/15/20361,4     2,976       2,884  
BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 8.201% 4/15/20371,3,4     121       120  
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.352% 2/15/20391,4     4,887       4,801  
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 7.813% 8/15/20391,3,4     681       684  
BX Trust, Series 2023-VLT2, Class C, (1-month USD CME Term SOFR + 4.176%) 9.538% 6/15/20401,4     2,500       2,514  
BX Trust, Series 2023-VLT2, Class D, (1-month USD CME Term SOFR + 4.774%) 10.136% 6/15/20401,4     6,000       6,032  
BX Trust, Series 2022-GPA, Class B, (1-month USD CME Term SOFR + 2.664%) 8.022% 10/15/20391,3,4     982       985  
BX Trust, Series 2022-GPA, Class C, (1-month USD CME Term SOFR + 3.213%) 8.572% 10/15/20391,3,4     622       624  
BX Trust, Series 2022-GPA, Class D, (1-month USD CME Term SOFR + 4.061%) 9.422% 10/15/20391,3,4     169       170  
BX Trust, Series 2020-VIV2, Class C, 3.542% 3/9/20441,4     2,000       1,714  
BX Trust, Series 2020-VIV3, Class B, 3.544% 3/9/20441,4     989       868  
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class B, (1-month USD CME Term SOFR + 2.092%) 7.454% 3/15/20351,4     2,985       2,956  
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, (1-month USD CME Term SOFR + 3.188%) 8.55% 3/15/20351,3,4     249       245  
CENT Trust 2023-CITY, Series 2023-CITY, Class B, (1-month USD CME Term SOFR + 3.15%) 8.512% 9/15/20281,4     3,354       3,379  
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class D, 5.852% 6/10/20281,4     3,950       3,813  
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class C, 5.852% 6/10/20281,4     1,225       1,207  
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class C, 4.419% 2/10/20481,3     448       414  
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class B, 3.15% 2/15/20531     840       635  
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class D, 5.728% 8/12/20431,4     3,984       3,448  
DC Commercial Mortgage Trust, Series 2023-DC, Class D, 7.14% 9/10/20401,4     5,155       4,991  
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD CME Term SOFR + 2.364%) 7.726% 7/15/20381,3,4     467       459  
FIVE Mortgage Trust, Series 2023-V1, Class B, 6.404% 2/10/20561     1,982       1,984  
FIVE Mortgage Trust, Series 2023-V1, Class C, 6.404% 2/10/20561     973       917  
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.238% on 12/15/2023)1,4,5     730       728  
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class B, 4.16% 2/15/20481     2,000       1,902  
Morgan Stanley Capital I Trust, Series 2019-L3, Class B, 3.65% 11/15/20521,3     750       611  
MSFW Commercial Mortgage Trust, Series 2023-1, Class B, 6.683% 5/15/20331     1,642       1,713  
MSFW Commercial Mortgage Trust, Series 2023-1, Class C, 6.683% 5/15/20331     1,698       1,604  
Multifamily Connecticut Avenue Securities, Series 2020-1, Class M10, (30-day Average USD-SOFR + 3.864%) 9.202% 3/25/20501,4     2,992       2,900  
Multifamily Connecticut Avenue Securities, Series 2023-01, Class M7, (30-day Average USD-SOFR + 4.00%) 9.337% 11/25/20531,4     1,655       1,680  
Multifamily Connecticut Avenue Securities, Series 2023-01, Class M10, (30-day Average USD-SOFR + 6.50%) 11.837% 11/25/20531,4     2,699       2,773  
Multifamily Structured Credit Risk, Series 21-MN1, Class M2, (30-day Average USD-SOFR + 3.75%) 9.087% 1/25/20511,4     910       874  
ORL Trust, Series 2023-GLKS, Class C, (1-month USD CME Term SOFR + 3.651%) 8.974% 10/15/20281,4     4,914       4,926  

 

Capital Group Fixed Income ETF Trust 23
 

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)                
ORL Trust, Series 2023-GLKS, Class D, (1-month USD CME Term SOFR + 4.301%) 9.624% 10/15/20281,4   USD 6,283     $ 6,302  
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C, 4.545% 9/15/20581,3     130       120  
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 8.151% 11/15/20271,4     1,646       1,650  
WSTN Trust, Series 2023-MAUI, Class C, 7.69% 8/5/20271,4     594       588  
WSTN Trust, Series 2023-MAUI, Class D, 8.455% 8/5/20271,4     1,820       1,807  
              148,782  
                 
Collateralized mortgage-backed obligations (privately originated) 1.04%            
Cascade Funding Mortgage Trust, Series 2023-HB12, Class M1, 4.25% 4/25/20331,4     1,425       1,306  
Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M1, (30-day Average USD-SOFR + 2.10%) 7.437% 3/25/20421,3,4     233       236  
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 8.887% 5/25/20431,4     813       867  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2, (30-day Average USD-SOFR + 1.50%) 6.837% 10/25/20411,3,4     793       787  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.337% 4/25/20421,3,4     417       421  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (30-day Average USD-SOFR + 5.214%) 10.552% 6/27/20501,3,4     7,322       8,031  
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class B2, (30-day Average USD-SOFR + 11.50%) 16.821% 10/25/20501,4     1,900       2,545  
Legacy Mortgage Asset Trust, Series 2020-GS3, Class A1, 6.25% 5/25/2060 (7.25% on 4/25/2024)1,4,5     559       559  
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,4,5     1,588       1,579  
              16,331  
                 
Total mortgage-backed obligations             641,940  
                 
Corporate bonds, notes & loans 29.71%                
Financials 6.38%                
AerCap Ireland Capital DAC 1.75% 1/30/2026     150       139  
AerCap Ireland Capital DAC 5.75% 6/6/2028     486       498  
AerCap Ireland Capital DAC 3.00% 10/29/2028     140       128  
AerCap Ireland Capital DAC 3.30% 1/30/2032     1,524       1,327  
AerCap Ireland Capital DAC 3.85% 10/29/2041     2,435       1,964  
AG Issuer, LLC 6.25% 3/1/20284     1,375       1,368  
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20274     675       710  
Alpha Bank SA 4.25% 2/13/2030 (5-year EUR Mid-Swap + 4.504% on 2/13/2025)5   EUR 715       773  
Alpha Bank SA 4.25% 6/11/2031 (5-year EUR Mid-Swap + 5.823% on 6/11/2026)5     105       113  
American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033)5   USD 200       200  
American International Group, Inc. 5.125% 3/27/2033     1,569       1,593  
Aon Corp. 5.35% 2/28/2033     443       455  
Aon Corp. 3.90% 2/28/2052     807       642  
Aretec Group, Inc. 7.50% 4/1/20294     300       270  
Aretec Group, Inc. 10.00% 8/15/20304     840       894  
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       400  
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)5     750       750  
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)5     3,230       3,239  
Bank of America Corp. 5.872% 9/15/2034 (USD-SOFR + 1.84% on 9/15/2033)5     954       999  
Bank of East Asia, Ltd. 4.875% 4/22/2032 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 4/22/2027)5     650       589  
Bank of Montreal 2.65% 3/8/2027     350       330  
BBVA Bancomer, SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033)4,5     1,055       1,126  
Berkshire Hathaway Finance Corp. 3.85% 3/15/2052     400       335  
Block, Inc. 3.50% 6/1/2031     867       771  
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)4,5     200       185  
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)4,5     225       230  

 

24 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)                
CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033)4,5   USD 1,200     $ 1,268  
Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033)5     1,450       1,493  
Charles Schwab Corp. (The) 2.45% 3/3/2027     98       91  
Charles Schwab Corp. (The) 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)5     1,217       1,257  
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)5     840       717  
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)5     1,754       1,878  
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)5     1,330       1,377  
CME Group, Inc. 2.65% 3/15/2032     150       133  
Coinbase Global, Inc. 3.625% 10/1/20314     350       271  
Compass Group Diversified Holdings, LLC 5.25% 4/15/20294     3,349       3,167  
Compass Group Diversified Holdings, LLC 5.00% 1/15/20324     675       613  
Corebridge Financial, Inc. 3.90% 4/5/2032     741       670  
Corebridge Financial, Inc. 4.35% 4/5/2042     98       83  
Corebridge Financial, Inc. 4.40% 4/5/2052     2,097       1,762  
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       582  
Deutsche Bank AG 7.146% 7/13/2027 (USD-SOFR + 2.52% on 7/13/2026)5     1,138       1,182  
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)5     1,025       1,074  
Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)5     1,750       1,844  
Discover Financial Services 6.70% 11/29/2032     64       67  
Discover Financial Services 7.964% 11/2/2034 (USD-SOFR Index + 3.37% on 11/2/2033)5     1,000       1,113  
Goldman Sachs Group, Inc. 1.757% 1/24/2025 (USD-SOFR + 0.73% on 1/24/2024)5     40       40  
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)5     1,017       873  
Goldman Sachs Group, Inc. 3.436% 2/24/2043 (USD-SOFR + 1.632% on 2/24/2042)5     3,843       3,004  
GTCR W-2 Merger Sub, LLC 7.50% 1/15/20314     850       899  
HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)5     1,125       1,130  
HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)5     1,500       1,595  
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)5     2,869       3,096  
HUB International, Ltd. 5.625% 12/1/20294     300       287  
HUB International, Ltd. 7.25% 6/15/20304     1,700       1,797  
ING Groep NV 4.017% 3/28/2028 (USD-SOFR + 1.83% on 3/28/2027)5     375       364  
Intercontinental Exchange, Inc. 4.35% 6/15/2029     500       499  
Intercontinental Exchange, Inc. 4.60% 3/15/2033     428       426  
Intercontinental Exchange, Inc. 3.00% 6/15/2050     355       254  
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)5     338       338  
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)5     1,654       1,345  
JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)5     1,175       1,192  
Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)5     950       874  
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       204  
Mastercard, Inc. 4.85% 3/9/2033     65       67  
MetLife, Inc. 5.375% 7/15/2033     300       313  
Metropolitan Life Global Funding I 5.15% 3/28/20334     787       801  
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)5     471       461  
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)5     325       327  
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)5     160       161  
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)5     445       434  
Morgan Stanley 5.25% 4/21/2034 (USD-SOFR + 1.87% on 4/21/2033)5     2,400       2,401  
Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033)5     2,513       2,552  
Nasdaq, Inc. 5.95% 8/15/2053     1,985       2,136  
Nasdaq, Inc. 6.10% 6/28/2063     1,341       1,451  
Navient Corp. 5.50% 3/15/2029     870       803  
Navient Corp. 9.375% 7/25/2030     650       682  
Navient Corp. 11.50% 3/15/2031     1,850       2,028  
Navient Corp. 5.625% 8/1/2033     3,223       2,649  
New York Life Global Funding 0.85% 1/15/20264     125       116  
New York Life Global Funding 4.55% 1/28/20334     683       674  
NFP Corp. 6.875% 8/15/20284     155       158  
PNC Financial Services Group, Inc. 5.939% 8/18/2034 (USD-SOFR + 1.946% on 8/18/2033)5     23       24  

 

Capital Group Fixed Income ETF Trust 25
 

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)                
PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033)5   USD 3,724     $ 4,136  
Progressive Corp. 3.00% 3/15/2032     350       312  
State Street Corp. 4.821% 1/26/2034 (USD-SOFR + 1.567% on 1/26/2033)5     1,640       1,615  
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)5     478       482  
Toronto-Dominion Bank (The) 2.00% 9/10/2031     90       75  
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)5     1,180       1,205  
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)5     1,730       1,658  
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)5     367       379  
UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)4,5     1,650       1,406  
UBS Group AG 6.301% 9/22/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.00% on 9/22/2033)4,5     1,600       1,695  
Wells Fargo & Co. 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)5     469       460  
Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)5     1,050       1,043  
Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)5     2,945       2,959  
Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)5     24       24  
Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)5     4,149       4,516  
Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)5     790       711  
              99,801  
                 
Energy 4.48%                
Apache Corp. 5.10% 9/1/2040     350       300  
Apache Corp. 5.25% 2/1/2042     500       419  
Apache Corp. 5.35% 7/1/2049     965       804  
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20264     250       252  
Borr IHC, Ltd. 10.00% 11/15/20284     835       873  
Borr IHC, Ltd. 10.375% 11/15/20304     900       932  
BP Capital Markets America, Inc. 4.893% 9/11/2033     400       407  
Cheniere Energy Partners, LP 4.00% 3/1/2031     789       718  
Cheniere Energy Partners, LP 5.95% 6/30/20334     1,600       1,645  
Cheniere Energy, Inc. 4.625% 10/15/2028     175       171  
Chesapeake Energy Corp. 5.875% 2/1/20294     750       736  
Chesapeake Energy Corp. 6.75% 4/15/20294     761       769  
Chord Energy Corp. 6.375% 6/1/20264     350       350  
Civitas Resources, Inc. 8.375% 7/1/20284     1,325       1,385  
Civitas Resources, Inc. 8.625% 11/1/20304     925       982  
Civitas Resources, Inc. 8.75% 7/1/20314     775       826  
CNX Resources Corp. 7.25% 3/14/20274     399       403  
CNX Resources Corp. 7.375% 1/15/20314     185       186  
Columbia Pipelines Holding Co., LLC 6.544% 11/15/20534     955       1,053  
Columbia Pipelines Operating Co., LLC 5.927% 8/15/20304     321       332  
Columbia Pipelines Operating Co., LLC 6.036% 11/15/20334     462       484  
Columbia Pipelines Operating Co., LLC 6.497% 8/15/20434     232       249  
Comstock Resources, Inc. 5.875% 1/15/20304     2,757       2,395  
ConocoPhillips Co. 3.80% 3/15/2052     2,700       2,184  
ConocoPhillips Co. 5.30% 5/15/2053     773       795  
ConocoPhillips Co. 5.55% 3/15/2054     880       935  
Crescent Energy Finance, LLC 9.25% 2/15/20284     773       803  
Ecopetrol SA 4.625% 11/2/2031     10       9  
Ecopetrol SA 8.875% 1/13/2033     1,900       2,067  
Enbridge, Inc. 6.70% 11/15/2053     1,994       2,322  
Energy Transfer, LP 6.40% 12/1/2030     688       736  
Energy Transfer, LP 6.55% 12/1/2033     1,582       1,719  
EQM Midstream Partners, LP 6.00% 7/1/20254     430       430  
EQM Midstream Partners, LP 4.75% 1/15/20314     2,194       2,045  
Exxon Mobil Corp. 2.61% 10/15/2030     400       358  
Exxon Mobil Corp. 3.452% 4/15/2051     2,055       1,614  
Genesis Energy, LP 8.25% 1/15/2029     350       360  
Harvest Midstream I, LP 7.50% 9/1/20284     75       75  
Hilcorp Energy I, LP 6.00% 4/15/20304     135       131  
Hilcorp Energy I, LP 6.25% 4/15/20324     875       843  
Hilcorp Energy I, LP 8.375% 11/1/20334     785       833  

 

26 Capital Group Fixed Income ETF Trust
 

Capital Group Core Plus Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)            
Energy (continued)                
Kinder Morgan, Inc. 5.20% 6/1/2033   USD 253     $ 252  
Kinder Morgan, Inc. 3.60% 2/15/2051     2,155       1,543  
Kinder Morgan, Inc. 5.45% 8/1/2052     145       139  
Kinetik Holdings, LP 6.625% 12/15/20284     740       754  
MPLX, LP 2.65% 8/15/2030     75       65  
MPLX, LP 4.95% 9/1/2032     1,228       1,202  
MPLX, LP 4.95% 3/14/2052     1,330       1,186  
MPLX, LP 5.65% 3/1/2053     2,368       2,343  
MV24 Capital BV 6.748% 6/1/2034     524       491  
New Fortress Energy, Inc. 6.50% 9/30/20264     2,316       2,226  
NGL Energy Operating, LLC 7.50% 2/1/20264     2,160       2,183  
Noble Finance II, LLC 8.00% 4/15/20304     150       156  
Northern Oil and Gas, Inc. 8.75% 6/15/20314     635       662  
Occidental Petroleum Corp. 6.125% 1/1/2031     415       431  
Occidental Petroleum Corp. 6.60% 3/15/2046     1,875       2,033  
ONEOK, Inc. 4.00% 7/13/2027     50       49  
ONEOK, Inc. 5.80% 11/1/2030     236       246  
ONEOK, Inc. 6.35% 1/15/2031     40       43  
ONEOK, Inc. 6.05% 9/1/2033     1,757       1,862  
ONEOK, Inc. 4.50% 3/15/2050     75       63  
ONEOK, Inc. 7.15% 1/15/2051     150       173  
ONEOK, Inc. 6.625% 9/1/2053     1,067       1,195  
Permian Resources Operating, LLC 9.875% 7/15/20314     820       912  
Permian Resources Operating, LLC 7.00% 1/15/20324     285       294  
Petrobras Global Finance BV 5.60% 1/3/2031     611       609  
Petroleos Mexicanos 6.49% 1/23/2027     1,275       1,197  
Seadrill Finance, Ltd. 8.375% 8/1/20304     210       219  
Shell International Finance BV 2.75% 4/6/2030     75       69  
Shell International Finance BV 3.00% 11/26/2051     3,817       2,722  
Southwestern Energy Co. 4.75% 2/1/2032     2,281       2,113  
Sunoco, LP 4.50% 4/30/2030     150       139  
Transocean Aquila, Ltd. 8.00% 9/30/20284     440       447  
Transocean, Inc. 8.00% 2/1/20274     800       781  
Transocean, Inc. 8.75% 2/15/20304     645       674  
Transocean, Inc. 6.80% 3/15/2038     1,530       1,229  
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20304     1,249       1,244  
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20314     1,794       1,583  
Venture Global LNG, Inc. 8.125% 6/1/20284     750       758  
Venture Global LNG, Inc. 8.375% 6/1/20314     465       465  
Weatherford International, Ltd. 6.50% 9/15/20284     250       259  
Weatherford International, Ltd. 8.625% 4/30/20304     125       131  
Williams Companies, Inc. 2.60% 3/15/2031     55       47  
              70,119  
                 
Health care 3.07%                
Amgen, Inc. 5.25% 3/2/2030     623       641  
Amgen, Inc. 4.20% 3/1/2033     1,265       1,204  
Amgen, Inc. 5.25% 3/2/2033     1,395       1,431  
Amgen, Inc. 4.875% 3/1/2053     275       257  
Amgen, Inc. 5.65% 3/2/2053     5,794       6,100  
Amgen, Inc. 5.75% 3/2/2063     1,080       1,134  
Bausch Health Companies, Inc. 6.125% 2/1/20274     75       51  
Bausch Health Companies, Inc. 5.25% 2/15/20314     110       48  
Baxter International, Inc. 2.539% 2/1/2032     822       690  
Baxter International, Inc. 3.132% 12/1/2051     2,531       1,743  
Bayer US Finance, LLC 6.50% 11/21/20334     1,853       1,916  
Bayer US Finance, LLC 6.875% 11/21/20534     1,148       1,224  
Centene Corp. 2.45% 7/15/2028     1,415       1,261  
Centene Corp. 2.625% 8/1/2031     2,645       2,198  
CHS / Community Health Systems, Inc. 5.25% 5/15/20304     75       63  
CVS Health Corp. 1.875% 2/28/2031     50       41  
CVS Health Corp. 5.25% 2/21/2033     910       931  

 

Capital Group Fixed Income ETF Trust 27
 

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)                
CVS Health Corp. 5.875% 6/1/2053   USD 2,863     $ 3,015  
CVS Health Corp. 6.00% 6/1/2063     581       617  
Elevance Health, Inc. 4.10% 5/15/2032     423       404  
Elevance Health, Inc. 4.75% 2/15/2033     261       261  
Elevance Health, Inc. 4.55% 5/15/2052     203       185  
HCA, Inc. 3.625% 3/15/2032     79       71  
Merck & Co., Inc. 1.70% 6/10/2027     50       46  
Molina Healthcare, Inc. 3.875% 11/15/20304     414       373  
Molina Healthcare, Inc. 3.875% 5/15/20324     2,765       2,419  
Owens & Minor, Inc. 6.25% 4/1/20304     1,265       1,209  
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033     801       803  
Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043     1,500       1,496  
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053     3,048       3,114  
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 10.179% 7/9/20253,6     40       32  
Roche Holdings, Inc. 2.076% 12/13/20314     600       505  
RP Escrow Issuer, LLC 5.25% 12/15/20254     660       529  
Tenet Healthcare Corp. 4.875% 1/1/2026     300       297  
Tenet Healthcare Corp. 4.375% 1/15/2030     525       487  
Tenet Healthcare Corp. 6.75% 5/15/20314     200       205  
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026     2,027       1,878  
Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027     1,200       1,150  
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028     482       493  
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029     3,221       3,080  
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029     700       755  
Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031     1,389       1,517  
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046     1,768       1,199  
Thermo Fisher Scientific, Inc. 5.20% 1/31/2034     385       403  
UnitedHealth Group, Inc. 4.20% 5/15/2032     230       225  
UnitedHealth Group, Inc. 4.75% 5/15/2052     355       342  
              48,043  
                 
Communication services 2.72%                
AT&T, Inc. 2.55% 12/1/2033     2,050       1,672  
AT&T, Inc. 5.40% 2/15/2034     150       155  
AT&T, Inc. 3.55% 9/15/2055     400       288  
CCO Holdings, LLC 4.75% 2/1/20324     1,314       1,160  
CCO Holdings, LLC 4.50% 5/1/2032     300       257  
CCO Holdings, LLC 4.50% 6/1/20334     1,355       1,148  
CCO Holdings, LLC 4.25% 1/15/20344     3,817       3,107  
Charter Communications Operating, LLC 4.40% 4/1/2033     210       194  
Charter Communications Operating, LLC 3.70% 4/1/2051     2,855       1,860  
Charter Communications Operating, LLC 3.90% 6/1/2052     4,150       2,795  
Charter Communications Operating, LLC 5.25% 4/1/2053     4,275       3,586  
Comcast Corp. 4.80% 5/15/2033     42       43  
Comcast Corp. 2.887% 11/1/2051     2,625       1,777  
Comcast Corp. 5.35% 5/15/2053     2,240       2,319  
Comcast Corp. 5.50% 5/15/2064     250       263  
DISH DBS Corp. 5.875% 11/15/2024     248       233  
DISH Network Corp. 11.75% 11/15/20274     1,350       1,410  
Frontier Communications Holdings, LLC 5.00% 5/1/20284     711       658  
Gray Escrow II, Inc. 5.375% 11/15/20314     2,675       2,021  
Gray Television, Inc. 4.75% 10/15/20304     180       136  
Meta Platforms, Inc. 3.85% 8/15/2032     1,100       1,047  
Meta Platforms, Inc. 4.45% 8/15/2052     775       713  
Midas OpCo Holdings, LLC 5.625% 8/15/20294     100       92  
Netflix, Inc. 4.875% 4/15/2028     1,385       1,404  
Netflix, Inc. 5.875% 11/15/2028     20       21  
News Corp. 3.875% 5/15/20294     369       340  
Sirius XM Radio, Inc. 4.00% 7/15/20284     64       59  
Sirius XM Radio, Inc. 3.875% 9/1/20314     2,139       1,833  
Tencent Holdings, Ltd. 3.24% 6/3/20504     960       641  

 

28 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)                
T-Mobile USA, Inc. 5.05% 7/15/2033   USD 471     $ 475  
T-Mobile USA, Inc. 3.40% 10/15/2052     2,945       2,147  
T-Mobile USA, Inc. 5.75% 1/15/2054     752       796  
T-Mobile USA, Inc. 6.00% 6/15/2054     880       966  
Univision Communications, Inc. 8.00% 8/15/20284     430       444  
Univision Communications, Inc. 4.50% 5/1/20294     3,950       3,529  
Univision Communications, Inc. 7.375% 6/30/20304     1,200       1,198  
Verizon Communications, Inc. 1.75% 1/20/2031     400       329  
Verizon Communications, Inc. 2.55% 3/21/2031     97       84  
Verizon Communications, Inc. 2.875% 11/20/2050     482       328  
Verizon Communications, Inc. 3.55% 3/22/2051     200       154  
Verizon Communications, Inc. 3.875% 3/1/2052     1,132       918  
              42,600  
                 
Industrials 2.58%                
Boeing Co. 2.75% 2/1/2026     115       110  
Boeing Co. 3.625% 2/1/2031     1,992       1,851  
Boeing Co. 3.60% 5/1/2034     2,788       2,465  
Boeing Co. 5.805% 5/1/2050     4,340       4,497  
Boeing Co. 5.93% 5/1/2060     450       467  
Bombardier, Inc. 7.125% 6/15/20264     194       193  
Bombardier, Inc. 7.875% 4/15/20274     1,392       1,394  
Bombardier, Inc. 6.00% 2/15/20284     871       850  
Bombardier, Inc. 7.50% 2/1/20294     590       600  
Bombardier, Inc. 8.75% 11/15/20304     350       373  
Burlington Northern Santa Fe, LLC 5.20% 4/15/2054     2,035       2,120  
Canadian Pacific Railway Co. 3.10% 12/2/2051     3,335       2,412  
Carrier Global Corp. 2.722% 2/15/2030     346       310  
Carrier Global Corp. 2.70% 2/15/2031     246       215  
Carrier Global Corp. 5.90% 3/15/20344     1,335       1,444  
Carrier Global Corp. 3.577% 4/5/2050     576       451  
Carrier Global Corp. 6.20% 3/15/20544     1,457       1,686  
Clean Harbors, Inc. 6.375% 2/1/20314     73       74  
CoreLogic, Inc. 4.50% 5/1/20284     300       263  
Icahn Enterprises, LP 4.75% 9/15/2024     380       378  
Icahn Enterprises, LP 6.375% 12/15/2025     250       246  
Icahn Enterprises, LP 9.75% 1/15/20294     1,250       1,277  
Lockheed Martin Corp. 5.70% 11/15/2054     212       239  
Mileage Plus Holdings, LLC 6.50% 6/20/20274     42       42  
Norfolk Southern Corp. 4.45% 3/1/2033     78       77  
Norfolk Southern Corp. 5.35% 8/1/2054     2,519       2,622  
Regal Rexnord Corp. 6.30% 2/15/20304     975       1,001  
Regal Rexnord Corp. 6.40% 4/15/20334     947       988  
Ritchie Bros. Holdings, Inc. 6.75% 3/15/20284     244       251  
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20314     280       299  
RTX Corp. 6.10% 3/15/2034     777       844  
RTX Corp. 2.82% 9/1/2051     925       612  
RTX Corp. 5.375% 2/27/2053     2,017       2,051  
RTX Corp. 6.40% 3/15/2054     1,007       1,167  
Spirit AeroSystems, Inc. 9.375% 11/30/20294     1,583       1,734  
Spirit AeroSystems, Inc. 9.75% 11/15/20304     575       619  
TransDigm, Inc. 6.75% 8/15/20284     115       118  
TransDigm, Inc. 4.625% 1/15/2029     838       787  
Triumph Group, Inc. 9.00% 3/15/20284     742       790  
Union Pacific Corp. 2.80% 2/14/2032     409       363  
Union Pacific Corp. 2.95% 3/10/2052     1,885       1,339  
Union Pacific Corp. 4.95% 5/15/2053     675       690  
United Airlines, Inc. 4.625% 4/15/20294     100       94  
              40,403  

 

Capital Group Fixed Income ETF Trust 29
 

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 2.54%                
Advance Auto Parts, Inc. 3.90% 4/15/2030   USD 550     $ 494  
Advance Auto Parts, Inc. 3.50% 3/15/2032     1,200       994  
Alibaba Group Holding, Ltd. 2.125% 2/9/2031     1,590       1,318  
Allied Universal Holdco, LLC 4.625% 6/1/20284     2,242       2,041  
Amazon.com, Inc. 2.10% 5/12/2031     100       86  
Amazon.com, Inc. 3.60% 4/13/2032     600       572  
Amazon.com, Inc. 3.95% 4/13/2052     400       350  
Atlas LuxCo 4 SARL 4.625% 6/1/20284     470       430  
AutoNation, Inc. 3.85% 3/1/2032     300       267  
Carnival Corp. 5.75% 3/1/20274     1,250       1,220  
Carnival Corp. 6.00% 5/1/20294     2,205       2,123  
Carnival Corp. 7.00% 8/15/20294     520       543  
Carnival Corp. 10.50% 6/1/20304     540       591  
Daimler Trucks Finance North America, LLC 3.65% 4/7/20274     350       337  
Fertitta Entertainment, LLC 4.625% 1/15/20294     350       318  
Fertitta Entertainment, LLC 6.75% 1/15/20304     600       527  
Ford Motor Co. 3.25% 2/12/2032     790       657  
Ford Motor Co. 4.75% 1/15/2043     495       409  
Ford Motor Co. 5.291% 12/8/2046     1,066       940  
Ford Motor Credit Co., LLC 2.30% 2/10/2025     980       943  
Ford Motor Credit Co., LLC 5.125% 6/16/2025     837       827  
Ford Motor Credit Co., LLC 6.95% 6/10/2026     600       616  
Ford Motor Credit Co., LLC 2.70% 8/10/2026     1,475       1,367  
Ford Motor Credit Co., LLC 4.95% 5/28/2027     1,065       1,040  
Ford Motor Credit Co., LLC 5.113% 5/3/2029     50       49  
Ford Motor Credit Co., LLC 7.20% 6/10/2030     2,650       2,825  
Ford Motor Credit Co., LLC 7.122% 11/7/2033     278       300  
General Motors Financial Co., Inc. 2.35% 2/26/2027     75       69  
Hanesbrands, Inc. 9.00% 2/15/20314     1,744       1,711  
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.106% 3/8/20303,6     254       254  
Home Depot, Inc. 1.375% 3/15/2031     125       102  
Hyundai Capital America 1.65% 9/17/20264     100       91  
International Game Technology PLC 5.25% 1/15/20294     650       637  
LCM Investments Holdings II, LLC 4.875% 5/1/20294     1,235       1,149  
LCM Investments Holdings II, LLC 8.25% 8/1/20314     1,180       1,233  
Lithia Motors, Inc. 3.875% 6/1/20294     58       52  
Lithia Motors, Inc. 4.375% 1/15/20314     650       592  
Macy’s Retail Holdings, LLC 5.875% 3/15/20304     50       48  
Marriott Ownership Resorts, Inc. 4.50% 6/15/20294     973       859  
Party City Holdings, Inc. 12.00% 12/31/20284     130       127  
RHP Hotel Properties, LP 7.25% 7/15/20284     317       330  
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20274     650       644  
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028     1,510       1,393  
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20284     706       697  
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20294     800       851  
Scientific Games Holdings, LP 6.625% 3/1/20304     975       923  
Sonic Automotive, Inc. 4.625% 11/15/20294     485       442  
Sonic Automotive, Inc. 4.875% 11/15/20314     4,163       3,715  
Tapestry, Inc. 7.85% 11/27/2033     885       945  
Wynn Resorts Finance, LLC 5.125% 10/1/20294     457       432  
Wynn Resorts Finance, LLC 7.125% 2/15/20314     314       327  
              39,807  
                 
Utilities 2.04%                
Aegea Finance SARL 9.00% 1/20/20314     605       644  
AES Panama Generation Holdings SRL 4.375% 5/31/20304     196       165  
Alabama Power Co. 3.94% 9/1/2032     525       501  
Alabama Power Co. 5.85% 11/15/2033     300       323  
Consumers Energy Co. 3.60% 8/15/2032     415       385  
Consumers Energy Co. 4.625% 5/15/2033     625       624  
Duke Energy Corp. 4.50% 8/15/2032     860       833  

 

30 Capital Group Fixed Income ETF Trust
 

Capital Group Core Plus Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)                
Utilities (continued)                
Duke Energy Corp. 6.10% 9/15/2053   USD 300     $ 326  
Edison International 6.95% 11/15/2029     310       337  
Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)4,5     1,000       1,119  
Entergy Louisiana, LLC 4.75% 9/15/2052     200       184  
FirstEnergy Corp. 2.65% 3/1/2030     1,840       1,592  
FirstEnergy Corp. 2.25% 9/1/2030     585       493  
FirstEnergy Corp. 3.40% 3/1/2050     761       537  
Florida Power & Light Co. 5.30% 4/1/2053     60       63  
NiSource, Inc. 5.40% 6/30/2033     250       258  
Northern States Power Co. 2.60% 6/1/2051     50       33  
Oncor Electric Delivery Co., LLC 4.55% 9/15/2032     625       620  
Oncor Electric Delivery Co., LLC 2.70% 11/15/2051     175       116  
Pacific Gas and Electric Co. 3.15% 1/1/2026     40       38  
Pacific Gas and Electric Co. 4.65% 8/1/2028     450       433  
Pacific Gas and Electric Co. 4.55% 7/1/2030     755       720  
Pacific Gas and Electric Co. 3.25% 6/1/2031     200       173  
Pacific Gas and Electric Co. 5.90% 6/15/2032     250       255  
Pacific Gas and Electric Co. 6.40% 6/15/2033     1,700       1,790  
Pacific Gas and Electric Co. 3.50% 8/1/2050     8,145       5,640  
Pacific Gas and Electric Co. 6.75% 1/15/2053     2,930       3,195  
PacifiCorp 5.35% 12/1/2053     1,225       1,180  
PacifiCorp 5.50% 5/15/2054     300       295  
PG&E Corp. 5.25% 7/1/2030     996       962  
Public Service Company of Colorado 3.20% 3/1/2050     1,505       1,082  
Public Service Company of Colorado 2.70% 1/15/2051     402       254  
Public Service Company of Colorado 5.25% 4/1/2053     593       592  
Southern California Edison Co. 2.75% 2/1/2032     864       744  
Southern California Edison Co. 2.95% 2/1/2051     1,520       1,033  
Southern California Edison Co. 3.45% 2/1/2052     3,615       2,642  
Talen Energy Supply, LLC 8.625% 6/1/20304     1,567       1,666  
Xcel Energy, Inc. 4.60% 6/1/2032     75       73  
              31,920  
                 
Materials 1.79%                
Anglo American Capital PLC 2.25% 3/17/20284     200       178  
Anglo American Capital PLC 4.75% 3/16/20524     200       172  
Ball Corp. 6.875% 3/15/2028     890       925  
Ball Corp. 6.00% 6/15/2029     200       204  
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033     314       321  
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033     1,146       1,189  
BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053     1,227       1,340  
Braskem Idesa SAPI 6.99% 2/20/2032     200       117  
Braskem Netherlands Finance BV 8.75% 1/12/20314     1,280       1,192  
Braskem Netherlands Finance BV 7.25% 2/13/2033     1,345       1,134  
Braskem Netherlands Finance BV 7.25% 2/13/20334     475       400  
Celanese US Holdings, LLC 6.35% 11/15/2028     1,044       1,096  
Celanese US Holdings, LLC 6.55% 11/15/2030     799       846  
Celanese US Holdings, LLC 6.379% 7/15/2032     539       570  
Celanese US Holdings, LLC 6.70% 11/15/2033     807       876  
Cleveland-Cliffs, Inc. 4.875% 3/1/20314     300       272  
CSN Resources SA 8.875% 12/5/20304     1,700       1,773  
Dow Chemical Co. (The) 3.60% 11/15/2050     40       31  
EIDP, Inc. 4.80% 5/15/2033     695       703  
First Quantum Minerals, Ltd. 6.875% 10/15/20274     2,700       2,298  
FXI Holdings, Inc. 12.25% 11/15/20264     2,500       2,231  
International Flavors & Fragrances, Inc. 2.30% 11/1/20304     230       190  
International Flavors & Fragrances, Inc. 3.468% 12/1/20504     2,535       1,736  
LABL, Inc. 5.875% 11/1/20284     75       68  
LABL, Inc. 9.50% 11/1/20284     328       332  
LSB Industries, Inc. 6.25% 10/15/20284     248       236  
Mauser Packaging Solutions Holding Co. 7.875% 8/15/20264     696       709  

 

Capital Group Fixed Income ETF Trust 31
 

Capital Group Core Plus Income ETF (continued)

 

Bonds, notes & other debt instruments (continued)   Principal amount
(000)
    Value
(000)
 
Corporate bonds, notes & loans (continued)            
Materials (continued)            
Mineral Resources, Ltd. 9.25% 10/1/20284   USD 1,030     $ 1,097  
NOVA Chemicals Corp. 8.50% 11/15/20284     490       514  
NOVA Chemicals Corp. 4.25% 5/15/20294     1,360       1,147  
OCI NV 6.70% 3/16/20334     699       715  
Olympus Water US Holding Corp. 9.75% 11/15/20284     750       797  
Sasol Financing USA, LLC 8.75% 5/3/20294     1,065       1,088  
SCIH Salt Holdings, Inc. 4.875% 5/1/20284     742       695  
Sealed Air Corp. 6.125% 2/1/20284     607       613  
South32 Treasury, Ltd. 4.35% 4/14/20324     192       173  
              27,978  
                 
Real estate 1.67%                
Boston Properties, LP 2.55% 4/1/2032     1,481       1,181  
Boston Properties, LP 2.45% 10/1/2033     1,755       1,337  
Boston Properties, LP 6.50% 1/15/2034     1,776       1,876  
Crown Castle, Inc. 5.00% 1/11/2028     140       140  
Crown Castle, Inc. 5.80% 3/1/2034     928       961  
Equinix, Inc. 2.15% 7/15/2030     350       297  
Equinix, Inc. 2.50% 5/15/2031     400       340  
Equinix, Inc. 3.40% 2/15/2052     700       513  
Howard Hughes Corp. (The) 4.375% 2/1/20314     1,175       1,021  
Hudson Pacific Properties, LP 3.25% 1/15/2030     805       592  
Kennedy-Wilson, Inc. 4.75% 3/1/2029     1,325       1,108  
Kennedy-Wilson, Inc. 4.75% 2/1/2030     1,917       1,556  
Kennedy-Wilson, Inc. 5.00% 3/1/2031     2,350       1,869  
Prologis, LP 5.125% 1/15/2034     1,475       1,524  
Prologis, LP 5.25% 6/15/2053     514       537  
Public Storage Operating Co. 5.10% 8/1/2033     1,092       1,131  
Public Storage Operating Co. 5.35% 8/1/2053     1,162       1,215  
Service Properties Trust 4.75% 10/1/2026     1,375       1,285  
Service Properties Trust 3.95% 1/15/2028     970       796  
Service Properties Trust 4.95% 10/1/2029     800       663  
Service Properties Trust 4.375% 2/15/2030     1,893       1,472  
Service Properties Trust 8.625% 11/15/20314     2,245       2,353  
Sun Communities Operating, LP 2.70% 7/15/2031     40       33  
Sun Communities Operating, LP 4.20% 4/15/2032     649       593  
VICI Properties, LP 3.875% 2/15/20294     75       69  
VICI Properties, LP 4.125% 8/15/20304     250       228  
VICI Properties, LP 5.125% 5/15/2032     1,430       1,396  
              26,086  
                 
Consumer staples 1.54%                
7-Eleven, Inc. 1.80% 2/10/20314     975       793  
7-Eleven, Inc. 2.80% 2/10/20514     2,519       1,623  
Altria Group, Inc. 3.70% 2/4/2051     568       400  
B&G Foods, Inc. 5.25% 9/15/2027     400       364  
BAT Capital Corp. 2.259% 3/25/2028     100       90  
BAT Capital Corp. 4.742% 3/16/2032     250       240  
BAT Capital Corp. 6.421% 8/2/2033     573       600  
BAT Capital Corp. 4.758% 9/6/2049     1,351       1,073  
BAT Capital Corp. 3.984% 9/25/2050     2,582       1,821  
BAT Capital Corp. 5.65% 3/16/2052     929       840  
BAT Capital Corp. 7.081% 8/2/2053     4,900       5,243  
Constellation Brands, Inc. 4.35% 5/9/2027     326       323  
Constellation Brands, Inc. 4.75% 5/9/2032     1,483       1,478  
Constellation Brands, Inc. 4.90% 5/1/2033     636       640  
Coty, Inc. 6.625% 7/15/20304     490       504  
J. M. Smucker Co. (The) 6.20% 11/15/2033     372       406