Capital Group Growth ETF Capital Group Global Growth Equity ETF Capital Group International Focus Equity ETF Capital Group Core Equity ETF Capital Group Dividend Value ETF

Annual report for the year ended May 31, 2023

Signature active
management to
pursue better
investment outcomes

These five Capital Group equity exchange-traded funds 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 June 30, 2023 (the most recent calendar quarter-end):

	1 year			Since fund inception (2/22/22)			30-day SEC yield			Expense ratio*
Capital Group Growth ETF								0.39	%		0.39	%
Net asset value		26.98	%		2.89	%
Market price		26.97			2.92
S&P 500 Index		19.59			4.24
Russell 1000 Growth Index		27.11			5.25

Capital Group Global Growth Equity ETF								0.96			0.47
Net asset value		22.12			0.09
Market price		22.00			0.24
MSCI All Country World Index (ACWI)		16.53			0.70

Capital Group International Focus Equity ETF								1.22			0.54
Net asset value		15.39			–2.22
Market price		15.25			–1.88
MSCI All Country World Index (ACWI) ex USA		12.72			–2.95

Capital Group Core Equity ETF								1.36			0.33
Net asset value		19.94			4.42
Market price		20.02			4.51
S&P 500 Index		19.59			4.24

Capital Group Dividend Value ETF								1.81			0.33
Net asset value		23.38			8.64
Market price		23.43			8.67
S&P 500 Index		19.59			4.24
Russell 1000 Value Index		11.54			1.37

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

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

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

Past results are not predictive of results in future periods.

*	The total annual fund operating expense ratios are as of each fund’s prospectus dated August 1, 2023 (unaudited).

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

Contents

1	Letter to investors

3	The value of a hypothetical $10,000 investment

8	Investment portfolios

25	Financial statements

50	Board of trustees and other officers

Fellow investors:

We are pleased to present you with the annual report for Capital Group Growth ETF, Capital Group Global Growth Equity ETF, Capital Group International Focus Equity ETF, Capital Group Core Equity ETF and Capital Group Dividend Value ETF. For the funds’ fiscal year ending May 31, 2023, the funds’ results, which include dividends reinvested, were as follows:

Capital Group Growth ETF (ticker: CGGR) rose 5.33% on a net asset value (NAV) basis and 5.42% on a market price basis, outpacing the fund’s benchmark, the S&P 500 Index, which increased 2.92%. CGGR distributions included dividends totaling approximately 7 cents a share. The fund did not distribute any long-term capital gain payments for the fiscal year.

Capital Group Global Growth Equity ETF (ticker: CGGO) climbed 7.80% on a NAV basis and 8.02% on a market price basis, surpassing the return of MSCI All Country World Index, which returned 0.85%. CGGO distributions included dividends totaling approximately 12 cents a share. The fund did not distribute any long-term capital gain payments for the fiscal year.

Capital Group International Focus Equity ETF (ticker: CGXU) slipped –0.68% on a NAV basis and –0.42% on a market price basis, while the fund’s primary benchmark, MSCI All Country World Index excluding USA, fell –1.41%. CGXU distributions included dividends totaling approximately 20 cents a share. The fund did not distribute any long-term capital gain payments for the fiscal year.

Capital Group Core Equity ETF (ticker: CGUS) increased 3.96% on a NAV basis and 4.09% on a market price basis, which was greater than the S&P 500 Index, which returned 2.92% over the period. CGUS distributions included regular quarterly dividends totaling approximately 30 cents a share. The fund did not distribute any long-term capital gain payments for the fiscal year.

Capital Group Dividend Value ETF (ticker: CGDV) rose 5.12% on a NAV basis and 5.11% on a market price basis, while its benchmark, the S&P 500 Index registered a more modest 2.92% gain. CGDV distributions included regular quarterly dividends totaling 38 cents a share. The fund did not distribute any long-term capital gain payments for the fiscal year.

Market overview

Despite a tumultuous, volatile market environment, equity markets rose in the 12 months ending May 31, 2023. The S&P 500 Index, a broad measure of the U.S. equity market, rose 2.92%, while the MSCI All Country World Index (ACWI), a broad measure of the global equity market, rose 0.85%, and a measure of the non-U.S. equity market, the MSCI ACWI excluding USA, declined –1.41%.

The equity market appreciation came as investors shrugged off a wall of worry that included high inflation, tighter monetary policy, geopolitical conflict and economic growth concerns. Worries over central bank rate increases led to a market sell-off in June 2022, especially as economic data suggested growth was softening. Some of these concerns were allayed in July as notable megacap companies such as Alphabet, Amazon, Apple and Microsoft reported strong second quarter earnings, which boosted investor confidence and propelled the broader equity market higher. July 2022’s 9.22% total return for the S&P 500 Index, a broad measure of the U.S. equity market, was the highest monthly rise in more than a year.

This momentum was short-lived, however, as persistently high inflation and strong labor markets roiled investors who saw an increasing likelihood of further monetary policy tightening, as well as elevated concerns that central bankers would not be able to tame inflation without pushing the global economy into recession. Major global indices registered their largest drops in over two

Past results are not predictive of results in future periods.

Capital Group equity exchange-traded funds

years in September including a –9.21% decline in the S&P 500 and a –9.99% decline in MSCI ACWI excluding U.S.A.

After reaching multi-year lows in October, equity markets found more solid footing on better-than-expected company earnings, signs that high inflation was easing and optimism that central banks were approaching the end of their policy tightening. Equity markets continued to generally rise — with periods of short, modest declines — through the remainder of the fiscal year.

Inside the funds

Capital Group ETFs’ portfolios are carefully constructed using bottom-up, fundamental investment research that allows the funds to maintain high-conviction, generally well-diversified investments across a variety of industries.

Among the largest sector overrepresentations relative to their benchmark indexes across the funds at the end of the fiscal year included industrials companies for CGDV, CGUS and CGXU (+12.1%, +8.1% and +4.6%, respectively), health care for CGGO (+10.0%) and communication services for CGGR (+9.5%). The U.S.-focused funds CGGR, CGUS and CGDV have notably less investment in the information technology sector (–8.2%, –8.0% and –7.8%, respectively). Meanwhile, CGXU and CGGO have their greatest underinvestment relative to their benchmarks in the financial sector (–12.7% and –6.9%, respectively).

While recent market volatility was difficult for many investors, Capital Group’s long-term approach to investing helped highlight the opportunities that declining asset prices may offer to shareholders. Portfolio managers across the ETFs took advantage of lower valuations to invest in companies they believe will provide long-term value to the funds’ shareholders. Cash levels across the funds were lower than at the end of the previous fiscal year. In particular, CGXU cash levels dropped by more than 9% and CGGO cash levels decreased nearly 6%.

Looking forward

After a decade — the 2010s — that was marked by tempered market volatility, record low interest rates and years of outsized equity returns, a new era has seemingly taken hold. Portfolio managers believe the dramatic shift in market dynamics highlighted the value of a long-term, fundamentals-driven approach and the need for selectivity when investing.

Amid tight financial conditions, elevated geopolitical tensions, and potentially cautious businesses and consumers that just dealt with 40-year highs in inflation, managers are optimistic there will be a renewed, yet broader focus by the market on the merits of individual companies for investment opportunities.

Higher interest rates have seemingly brought an end to what could loosely be described as a “free money” era that began following the Great Recession, where some companies deftly employed financial engineering and took advantage of ultra-low interest rates to finance activities that returned value to shareholders and/or grew their business. As central bank monetary policy tightening continues to impact liquidity in the market, there may be a premium on strong balance sheets and traditional earnings growth.

In this environment, we believe Capital Group ETFs’ flexible, research-driven approaches will be beneficial to pursue their respective investment objectives.

Thank you for your support and investment in Capital Group’s equity ETFs.

Cordially,

Irfan Furniturewala
Co-President, Capital Group Growth ETF

Alan J. Wilson
Co-President, Capital Group Growth ETF

Patrice Collette
President, Capital Group
Global Growth Equity ETF

Sung Lee
President, Capital Group
International Focus Equity ETF

Keiko McKibben
Co-President, Capital Group
Core Equity ETF

Carlos A. Schonfeld
Co-President, Capital Group
Core Equity ETF

Christopher D. Buchbinder
President, Capital Group
Dividend Value ETF

July 12, 2023

Past results are not predictive of results in future periods.

2	Capital Group equity exchange-traded funds

Capital Group Growth ETF — CGGR

Capital Group Growth ETF seeks to provide growth of capital.

CGGR registered a total return of 5.33% on a NAV basis and 5.42% on a market price basis, surpassing the 2.92% return of the S&P 500 Index, its primary benchmark. CGGR lagged the Russell 1000 Growth Index, a common benchmark for growth investing, which returned 9.55% for the year ended May 31, 2023.

Investment selection in communication services and health care were the largest contributors to results relative to the S&P 500 Index. The largest individual contributions to relative results came from communication services companies Netflix and Meta, which were also top-10 holdings.

Meanwhile, the fund’s smaller position in the information technology sector, along with weaker stock selection, resulted in the sector being the largest detractor from returns compared to the index. The fund’s smaller-than-index positions in Apple and Nvidia were among the largest individual detractors from results relative to the S&P 500 Index. The fund’s significant investment in Tesla relative to the benchmark proved to be a headwind as the automaker grappled with worries over consumer demand and concerns surrounding its leadership.

Given the uncertainty over the future of interest rates and recent turmoil in the banking sector, CGGR’s portfolio managers remain selective, focusing on opportunities in individual companies to pursue growth of capital. This includes companies that may have fallen out of favor because of the current market cycle, those with above-average growth prospects, companies that are undervalued relative to the quality of their business, as well as those that have the potential for structural change as a result of improving management. As dynamics within equity markets shift and there’s potential for a more diversified group of companies and industries to drive market returns, managers believe the fund’s flexible approach can benefit investors seeking capital appreciation.

How a hypothetical $10,000 investment has grown

Average annual total returns based on a hypothetical $1,000 investment

For periods ended May 31, 2023

	1 year			Lifetime² (since February 22, 2022)			Expense ratio
Net asset value		5.33	%		–3.02	%		0.39	%
Market price		5.42			–2.93			—

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Refer to capitalgroup.com/etf for more information. Expense ratios are as of the fund’s prospectus dated August 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

¹	Source: Standard & Poor’s.
²	Periods greater than one year are annualized.

Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF — CGGO

Capital Group Global Growth Equity ETF seeks to provide growth of capital.

CGGO registered a total return of 7.80% on a NAV basis and 8.02% on a market price basis, outpacing the 0.85% return of the MSCI All Country World Index (ACWI), its primary benchmark.

The largest contributions to relative returns came from the consumer discretionary and health care sectors on strong investment selection. This included significant contributions from top-10 holdings fast casual restaurant Chipotle Mexican Grill, pharmaceutical leader Novo Nordisk and luxury goods retailer LVMH Moet Hennessy Louis Vuitton.

In contrast, investment selection in consumer staples and energy sectors were the largest detractors from returns. Within the consumer staples sector, the fund’s investment in select tobacco stocks — particularly British American Tobacco and Philip Morris — hurt relative results as the industry fell out of favor toward the latter half of the fiscal year in a risk-on environment. Investment in oil, gas & consumable fuels companies also struggled amid macroeconomic and demand concerns.

Despite the recent market volatility associated with rising interest rates, inflation, geopolitical tensions and bank stability, CGGO’s portfolio managers continue to leverage the fund’s broad geographical and market capitalization flexibility to invest for the long term in what they believe are attractive companies across the globe to deliver growth of capital. Managers believe the fund’s bottom-up portfolio construction may deliver for shareholders in an environment where individual investment selection is seemingly becoming more important with markets (and investors) navigating an uncertain economic and geopolitical climate.

How a hypothetical $10,000 investment has grown

Average annual total returns based on a hypothetical $1,000 investment

For periods ended May 31, 2023

	1 year			Lifetime² (since February 22, 2022)			Expense ratio
Net asset value		7.80	%		–3.60	%		0.47	%
Market price		8.02			–3.33			—

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

¹	Source: MSCI.
²	Periods greater than one year are annualized.

4	Capital Group equity exchange-traded funds

Capital Group International Focus Equity ETF — CGXU

Capital Group International Focus Equity ETF seeks to provide growth of capital.

CGXU registered a total return of –0.68% on a NAV basis and –0.42% on a market price basis, besting the –1.41% return of the MSCI All Country World Index (ACWI) ex US, its primary benchmark.

Investment selection in the consumer discretionary and financials sectors were the largest contributors to relative results. In the consumer discretionary sector, investments in MercadoLibre, an e-commerce company, and Evolution, a Swedish online casino solutions provider, were among the fund’s largest contributors versus the index. Managers’ selectivity in the banking industry within the financials sector added to results by owning one of Latin America’s largest financial technology companies.

Greater investment and stock selection in the materials sector hurt relative results; the fund’s sizable investment in Canada-based First Quantum Minerals was a particular drag on results. Similarly, CGXU’s greater investment in the energy sector was a notable detractor from returns compared to the index as companies within the sector fell out of favor.

Looking ahead, managers continue to seek attractively valued investments in companies that are well-positioned in their industries and have long runways for growth. Managers found opportunities to employ the fund’s cash holdings throughout the fiscal year. The fund’s cash holdings at the end of the fiscal year were 2.7% of the fund’s total assets, approximately 9% less than last year. Managers have sought to position the portfolio to benefit as the market broadens out to favor those companies offering tangible products while continuing to pursue high growth opportunities when they have been selling at more attractive valuations.

How a hypothetical $10,000 investment has grown

Average annual total returns based on a hypothetical $1,000 investment

For periods ended May 31, 2023

1 year

Lifetime²
(since February 22, 2022)

Expense ratio

Net asset value

–0.68

–5.98

0.54

Market price

–0.42

–5.89

—

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

¹	Source: MSCI.
²	Periods greater than one year are annualized.

Capital Group equity exchange-traded funds

Capital Group Core Equity ETF — CGUS

Capital Group Core Equity ETF seeks to achieve long-term growth of capital and income.

CGUS recorded a total return of 3.96% on a NAV basis and 4.09% on a market price basis, outpacing the S&P 500 Index’s 2.92% return.

Managers’ choice of investments in the industrials, financials and utilities sectors were among the largest contributors to results compared to the index. Industrial conglomerate General Electric was among the largest individual contributors. The fund’s lower-than-index investment in some of the larger financial companies in particular several of the regional banks that were at the center of the recent banking crisis, helped relative results.

The fund’s lower investment in the information technologies sector, as well as investment selection among consumer staples companies were the largest detractors from relative returns. Less-than-index investment in Apple and out-of-index investment in British American Tobacco were two of the largest detractors compared to the index.

CGUS seeks to pursue a balance of growth of capital and income with a portfolio that is well-diversified across sectors and industries that blends blue chip dividend-paying companies with non-dividend-payers that show strong growth potential. The fund’s portfolio managers maintain a broad exposure to a wide range of well-established companies that they feel may do well in a changing market environment, especially as economic growth concerns persist.

How a hypothetical $10,000 investment has grown

Average annual total returns based on a hypothetical $1,000 investment

For periods ended May 31, 2023

	1 year			Lifetime² (since February 22, 2022)			Gross expense ratio
Net asset value		3.96	%		0.18	%		.33	%
Market price		4.09			0.31			—

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

¹	Source: Standard & Poor’s.
²	Periods greater than one year are annualized.

6	Capital Group equity exchange-traded funds

Capital Group Dividend Value ETF — CGDV

Capital Group Dividend Value ETF’s objectives are to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

CGDV recorded a total return of 5.12% on a NAV basis and 5.11% on a market price basis, besting the 2.92% return of the S&P 500 Index, its primary benchmark. CGDV also considerably outpaced the Russell 1000 Value Index, a common benchmark for value investing, which returned –4.55%.

Investment selection in the industrial and consumer discretionary sectors were the largest contributors to relative results during the fiscal year. Top-20 holdings General Electric and homebuilder D.R. Horton were two of the largest contributors compared to the index. The absence of some larger consumer discretionary companies in the portfolio also helped relative results.

Greater investment and choice of investments in the energy sector, and individual investment decisions within consumer staples were notable detractors compared to the index. The fund’s sizable investments in British American Tobacco and oilfield product and services provider Baker Hughes were among the largest individual detractors.

CGDV strives to provide above average income while also generating long-term capital appreciation through an emphasis on companies trading below intrinsic value. The fund has a primary focus on U.S. large cap investment grade rated companies that pay dividends with limited flexibility to invest in companies that don’t yet pay dividends but may do so in the future. Managers also focus on the quality of a company’s balance sheet — the resilience of a company’s business model, and the quality of its leadership team in assembling the portfolio.

How a hypothetical $10,000 investment has grown

Average annual total returns based on a hypothetical $1,000 investment

For periods ended May 31, 2023

	1 year			Lifetime² (since February 22, 2022)			Expense ratio
Net asset value		5.12	%		3.64	%		.33	%
Market price		5.11			3.70			—

Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Past results are not predictive of results in future periods.

¹	Source: Standard & Poor’s.
²	Periods greater than one year are annualized.

Capital Group equity exchange-traded funds

Capital Group Growth ETF

Investment portfolio May 31, 2023

Sector diversification

Percent of net assets

Largest equity holdings	Percent of net assets
Meta Platforms		7.60	%
Microsoft		5.96
Tesla		4.69
Netflix		4.32
Alphabet		3.82
Broadcom		2.51
Regeneron Pharmaceuticals		2.42
ASML Holding		2.10
Intuitive Surgical		2.01
UnitedHealth Group		1.98

Common stocks 97.86%	Shares		Value (000)
Information technology 19.83%
Microsoft Corp.		374,361	$	122,936
Broadcom, Inc.		64,108		51,797
ASML Holding NV		41,460		29,759
ASML Holding NV (New York registered) (ADR)		18,674		13,500
Salesforce, Inc.¹		88,767		19,829
Apple, Inc.		108,805		19,286
NVIDIA Corp.		50,083		18,948
Synopsys, Inc.¹		38,982		17,735
Shopify, Inc., Class A, subordinate voting shares¹		296,765		16,972
Cloudflare, Inc., Class A¹		186,647		12,909
Motorola Solutions, Inc.		45,230		12,751
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		126,460		12,468
ServiceNow, Inc.¹		17,039		9,282
Micron Technology, Inc.		128,804		8,784
Applied Materials, Inc.		64,572		8,607
Constellation Software, Inc.		3,398		6,929
Wolfspeed, Inc.¹		137,769		6,618
DocuSign, Inc.¹		86,241		4,864
MicroStrategy, Inc., Class A¹		15,459		4,663
GoDaddy, Inc., Class A¹		60,872		4,467
Trimble, Inc.¹		74,913		3,496
MongoDB, Inc., Class A¹		9,536		2,802
				409,402

Communication services 18.29%
Meta Platforms, Inc., Class A¹		592,854		156,940
Netflix, Inc.¹		225,672		89,192
Alphabet, Inc., Class C¹		405,716		50,053
Alphabet, Inc., Class A¹		233,374		28,675
Verizon Communications, Inc.		337,934		12,041
Charter Communications, Inc., Class A¹		31,555		10,292
Take-Two Interactive Software, Inc.¹		72,100		9,930
Snap, Inc., Class A, nonvoting shares¹		682,503		6,962
Comcast Corp., Class A		166,388		6,547
Frontier Communications Parent, Inc.¹		259,722		3,865
Pinterest, Inc., Class A¹		123,934		2,967
				377,464

Health care 15.40%
Regeneron Pharmaceuticals, Inc.¹		68,033		50,042
Intuitive Surgical, Inc.¹		135,006		41,560
UnitedHealth Group, Inc.		83,886		40,873
Alnylam Pharmaceuticals, Inc.¹		138,359		25,598
Seagen, Inc.¹		119,823		23,449
Thermo Fisher Scientific, Inc.		38,507		19,579
Vertex Pharmaceuticals, Inc.¹		57,193		18,506
Eli Lilly and Company		34,609		14,863
Centene Corp.¹		237,423		14,818

8	Capital Group equity exchange-traded funds

Capital Group Growth ETF (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
NovoCure, Ltd.¹		153,984	$	11,058
Edwards Lifesciences Corp.¹		118,152		9,952
Moderna, Inc.¹		76,049		9,712
AstraZeneca PLC		49,024		7,111
Karuna Therapeutics, Inc.¹		25,186		5,706
Novo Nordisk AS, Class B		32,860		5,265
Danaher Corp.		22,043		5,061
Molina Healthcare, Inc.¹		18,210		4,988
R1 RCM, Inc.¹		224,306		3,645
Guardant Health, Inc.¹		110,367		3,236
Ascendis Pharma AS (ADR)¹		31,485		2,738
				317,760

Consumer discretionary 14.89%
Tesla, Inc.¹		475,059		96,879
Amazon.com, Inc.¹		213,374		25,729
D.R. Horton, Inc.		208,820		22,310
Home Depot, Inc.		78,381		22,217
Chipotle Mexican Grill, Inc.¹		8,670		18,003
Las Vegas Sands Corp.¹		246,382		13,583
LVMH Moët Hennessy-Louis Vuitton SE		14,927		12,986
Airbnb, Inc., Class A¹		106,470		11,687
Royal Caribbean Cruises, Ltd.¹		141,629		11,468
Hermès International		5,022		10,209
Amadeus IT Group SA, Class A, non-registered shares¹		130,400		9,325
DoorDash, Inc., Class A¹		142,723		9,318
Aramark		217,542		8,588
adidas AG		38,162		6,180
Norwegian Cruise Line Holdings, Ltd.¹		391,491		5,814
Darden Restaurants, Inc.		35,132		5,569
Toll Brothers, Inc.		64,196		4,346
NVR, Inc.¹		745		4,138
Etsy, Inc.¹		39,393		3,193
VF Corp.		177,183		3,051
Burlington Stores, Inc.¹		18,853		2,837
				307,430

Industrials 12.33%
Uber Technologies, Inc.¹		922,534		34,992
TransDigm Group, Inc.		38,343		29,664
Delta Air Lines, Inc.¹		626,214		22,750
Carrier Global Corp.		506,895		20,732
Jacobs Solutions, Inc.		177,828		19,490
United Rentals, Inc.		37,809		12,620
Caterpillar, Inc.		54,012		11,113
Ryanair Holdings PLC (ADR)¹		102,426		10,763
General Electric Co.		102,301		10,386
Waste Connections, Inc.		75,929		10,376
Airbus SE, non-registered shares		67,848		8,887
Old Dominion Freight Line, Inc.		28,596		8,877
MTU Aero Engines AG		37,503		8,651
Robert Half International, Inc.		119,902		7,796
Boeing Company¹		33,830		6,959
United Airlines Holdings, Inc.¹		132,764		6,301
Equifax, Inc.		26,528		5,534
Genpact, Ltd.		139,224		5,121
Ceridian HCM Holding, Inc.¹		80,641		4,988
Axon Enterprise, Inc.¹		17,624		3,400
Dun & Bradstreet Holdings, Inc.		288,979		2,890
Concentrix Corp.		25,416		2,229
				254,519

Capital Group equity exchange-traded funds

Capital Group Growth ETF (continued)

Common stocks (continued)	Shares		Value (000)
Financials 6.16%
Visa, Inc., Class A		154,330	$	34,112
Bank of America Corp.		682,133		18,956
Mastercard, Inc., Class A		46,926		17,129
Fiserv, Inc.¹		136,512		15,315
Apollo Asset Management, Inc.		123,048		8,226
KKR & Co., Inc.		150,310		7,739
Capital One Financial Corp.		70,646		7,362
MSCI, Inc.		13,117		6,172
Fidelity National Information Services, Inc.		82,565		4,506
Toast, Inc., Class A¹		214,171		4,491
Tradeweb Markets, Inc., Class A		47,201		3,160
				127,168

Energy 4.29%
Canadian Natural Resources, Ltd. (CAD denominated)		443,268		23,879
Halliburton Co.		832,808		23,860
Schlumberger NV		241,898		10,361
EQT Corp.		210,565		7,321
Tourmaline Oil Corp.		173,694		7,261
Cenovus Energy, Inc.		444,693		7,105
EOG Resources, Inc.		43,839		4,704
ConocoPhillips		41,246		4,096
				88,587

Consumer staples 3.89%
Dollar Tree Stores, Inc.¹		158,765		21,414
Target Corp.		140,043		18,336
Performance Food Group Co.¹		258,730		14,305
Costco Wholesale Corp.		22,338		11,427
Altria Group, Inc.		173,132		7,691
Dollar General Corp.		34,865		7,011
				80,184

Materials 1.96%
Wheaton Precious Metals Corp.		293,313		13,272
Linde PLC		22,195		7,850
Grupo México, SAB de CV, Series B		1,688,965		7,496
ATI, Inc.¹		153,361		5,303
CF Industries Holdings, Inc.		72,824		4,479
Nutrien, Ltd.		40,591		2,139
				40,539

Utilities 0.55%
PG&E Corp.¹		671,255		11,371

Real estate 0.27%
Zillow Group, Inc., Class C, nonvoting shares¹		121,797		5,555

Total common stocks (cost: $1,783,211,000)				2,019,979

Short-term securities 1.94%
Money market investments 1.94%
Capital Group Central Cash Fund 5.11%^2,3		400,326		40,029

Total short-term securities (cost: $40,027,000)				40,029
Total investment securities 99.80% (cost: $1,823,238,000)				2,060,008
Other assets less liabilities 0.20%				4,112

Net assets 100.00%			$	2,064,120

10	Capital Group equity exchange-traded funds

Capital Group Growth ETF (continued)

Investments in affiliates³

	Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 5/31/2023 (000)		Dividend income (000)
Short-term securities 1.94%
Money market investments 1.94%
Capital Group Central Cash Fund 5.11%²	$	8,056	$	178,787	$	146,818	$	2	$	2	$	40,029	$	1,079

¹	Security did not produce income during the last 12 months.
²	Rate represents the seven-day yield at May 31, 2023.
³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF

Investment portfolio May 31, 2023

Sector diversification

Percent of net assets

Country diversification by domicile	Percent of net assets
United States		53.95	%
Eurozone*		17.55
Denmark		5.05
Taiwan		2.92
United Kingdom		2.79
Hong Kong		2.62
Switzerland		2.40
Canada		2.26
Sweden		1.94
Other countries		5.52
Short-term securities & other assets less liabilities		3.00

*	Countries using the euro as a common currency; those represented in the fund’s portfolio are France, Germany and the Netherlands.

Common stocks 94.63%	Shares		Value (000)
Information technology 24.77%
Microsoft Corp.		386,821	$	127,028
ASML Holding NV		154,703		111,041
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		479,757		47,299
Applied Materials, Inc.		225,150		30,012
TE Connectivity, Ltd.		143,936		17,629
Broadcom, Inc.		20,191		16,314
NVIDIA Corp.		42,887		16,226
Apple, Inc.		78,405		13,897
Keyence Corp.		22,900		11,144
Hexagon AB, Class B		958,526		11,112
				401,702

Health care 20.84%
Novo Nordisk AS, Class B		434,127		69,556
UnitedHealth Group, Inc.		86,414		42,104
ResMed, Inc.		135,868		28,640
DexCom, Inc.¹		239,225		28,051
AstraZeneca PLC		171,064		24,812
Eli Lilly and Company		47,265		20,298
Merck & Co., Inc.		180,787		19,961
Regeneron Pharmaceuticals, Inc.¹		26,087		19,189
Pfizer, Inc.		474,216		18,030
Mettler-Toledo International, Inc.¹		10,395		13,741
Gilead Sciences, Inc.		158,254		12,176
Centene Corp.¹		184,171		11,494
Seagen, Inc.¹		56,732		11,102
EssilorLuxottica SA		58,723		10,573
The Cigna Group		33,296		8,238
				337,965

Consumer discretionary 17.05%
Chipotle Mexican Grill, Inc.¹		33,546		69,658
LVMH Moët Hennessy-Louis Vuitton SE		64,300		55,940
Floor & Decor Holdings, Inc., Class A¹		242,461		22,139
Cie. Financière Richemont SA, Class A		130,935		20,781
Renault SA		456,358		15,261
Booking Holdings, Inc.¹		5,381		13,500
Evolution AB		100,130		13,154
Amazon.com, Inc.¹		105,781		12,755
Prosus NV, Class N		184,897		12,168
NIKE, Inc., Class B		102,136		10,751
MercadoLibre, Inc.¹		6,794		8,418
MGM China Holdings, Ltd.¹		7,453,388		7,662

12	Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Wynn Macau, Ltd.¹		6,000,000	$	5,134
IDP Education, Ltd.		343,609		4,877
Melco Resorts & Entertainment, Ltd. (ADR)¹		392,151		4,333
				276,531

Financials 8.52%
Tradeweb Markets, Inc., Class A		414,157		27,728
AIA Group, Ltd.		2,639,400		25,314
Fiserv, Inc.¹		158,859		17,822
AXA SA		586,073		16,548
Prudential PLC		761,491		10,003
Blackstone, Inc.		107,852		9,236
Ping An Insurance (Group) Company of China, Ltd., Class H		1,410,500		8,953
Citigroup, Inc.		197,228		8,741
Société Générale		362,924		8,391
Network International Holdings PLC¹		1,201,715		5,471
				138,207

Industrials 6.67%
Carrier Global Corp.		445,303		18,213
Boeing Company¹		79,796		16,414
Caterpillar, Inc.		64,939		13,361
MTU Aero Engines AG		55,174		12,727
DSV A/S		64,223		12,376
Airbus SE, non-registered shares		81,390		10,661
Alliance Global Group, Inc.		41,536,400		9,807
NIBE Industrier AB, Class B		764,926		7,299
GT Capital Holdings, Inc.		793,600		7,292
				108,150

Consumer staples 6.61%
Philip Morris International, Inc.		335,625		30,210
Keurig Dr Pepper, Inc.		719,816		22,401
Nestlé SA		153,502		18,186
Altria Group, Inc.		387,534		17,214
Kweichow Moutai Co., Ltd., Class A		62,000		14,215
British American Tobacco PLC		156,372		4,969
				107,195

Energy 3.85%
Canadian Natural Resources, Ltd. (CAD denominated)		421,060		22,683
Reliance Industries, Ltd.		540,411		16,134
Cenovus Energy, Inc.		876,347		14,002
TotalEnergies SE		170,963		9,700
Gazprom PJSC^1,2		36,932		—	³
				62,519

Communication services 3.57%
Alphabet, Inc., Class A¹		333,816		41,016
Meta Platforms, Inc., Class A¹		64,004		16,943
				57,959

Materials 2.75%
Sherwin-Williams Company		104,471		23,796
Linde PLC		58,797		20,794
				44,590

Total common stocks (cost: $1,374,037,000)				1,534,818

Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF (continued)

Preferred securities 2.37%	Shares		Value (000)
Health care 1.32%
Sartorius AG, nonvoting non-registered preferred shares		63,889	$	21,409

Information technology 1.05%
Samsung Electronics Co., Ltd., nonvoting preferred shares		386,976		17,086

Total preferred securities (cost: $40,789,000)				38,495

Short-term securities 2.79%
Money market investments 2.79%
Capital Group Central Cash Fund 5.11%^4,5		453,327		45,328

Total short-term securities (cost: $45,329,000)				45,328
Total investment securities 99.79% (cost: $1,460,155,000)				1,618,641
Other assets less liabilities 0.21%				3,370

Net assets 100.00%			$	1,622,011

Investments in affiliates⁵

	Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 5/31/2023 (000)		Dividend income (000)
Short-term securities 2.79%
Money market investments 2.79%
Capital Group Central Cash Fund 5.11%⁴	$	22,127	$	234,031	$	210,830	$	1	$	(1	)	$	45,328	$	1,215

¹	Security did not produce income during the last 12 months.
²	Value determined using significant unobservable inputs.
³	Amount less than one thousand.
⁴	Rate represents the seven-day yield at May 31, 2023.
⁵	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

14	Capital Group equity exchange-traded funds

Capital Group International Focus Equity ETF

Investment portfolio May 31, 2023

Sector diversification

Percent of net assets

Country diversification by domicile	Percent of net assets
Eurozone*		24.23	%
Japan		15.53
India		10.62
Canada		10.36
Denmark		4.39
South Korea		4.23
Australia		4.21
Singapore		3.38
United Kingdom		3.35
Other countries		16.98
Short-term securities & other assets less liabilities		2.72

*	Countries using the euro as a common currency; those represented in the fund’s portfolio are Finland, France, Germany, Ireland, Italy, the Netherlands and Spain.

Common stocks 97.28%	Shares		Value (000)
Industrials 17.62%
Recruit Holdings Co., Ltd.		1,468,100	$	45,205
Airbus SE, non-registered shares		319,826		41,892
Safran SA		149,587		21,656
Siemens AG		102,509		16,802
Melrose Industries PLC		2,803,888		16,449
DSV A/S		71,339		13,747
Legrand SA		132,007		12,482
MTU Aero Engines AG		53,110		12,251
Ashtead Group PLC		184,325		11,235
Thales SA		67,870		9,453
International Container Terminal Services, Inc.		2,397,940		8,326
NIBE Industrier AB, Class B		840,706		8,022
Techtronic Industries Co., Ltd.		796,000		7,385
Grab Holdings, Ltd., Class A¹		1,268,598		3,780
				228,685

Information technology 14.09%
SK hynix, Inc.		617,934		50,561
Shopify, Inc., Class A, subordinate voting shares¹		818,821		46,828
Taiwan Semiconductor Manufacturing Company, Ltd.		1,520,000		27,603
ASML Holding NV		38,030		27,297
NICE, Ltd. (ADR)¹		99,236		20,437
Fujitsu, Ltd.		80,200		10,200
				182,926

Consumer discretionary 12.87%
MercadoLibre, Inc.¹		23,608		29,250
Sony Group Corp.		238,200		22,499
Evolution AB		167,816		22,046
LVMH Moët Hennessy-Louis Vuitton SE		22,384		19,474
Flutter Entertainment PLC¹		88,537		17,285
Entain PLC		952,828		15,634
Ferrari NV		47,785		13,617
Maruti Suzuki India, Ltd.		114,942		13,015
adidas AG		59,956		9,709
Coupang, Inc., Class A¹		285,050		4,447
				166,976

Health care 12.54%
Daiichi Sankyo Company, Ltd.		1,931,600		62,943
Novo Nordisk AS, Class B		269,433		43,169
Bayer AG		254,058		14,159
Siemens Healthineers AG		245,075		13,858
Eurofins Scientific SE, non-registered shares		149,864		9,874

Capital Group equity exchange-traded funds

Capital Group International Focus Equity ETF (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
M3, Inc.		321,000	$	7,161
Grifols, SA, Class A, non-registered shares¹		537,469		6,230
Olympus Corp.		352,300		5,354
				162,748

Materials 10.72%
First Quantum Minerals, Ltd.		2,202,048		46,134
Fortescue Metals Group, Ltd.		2,532,089		31,655
Shin-Etsu Chemical Co., Ltd.		800,900		24,701
Vale SA (ADR), ordinary nominative shares		1,137,866		14,428
JSR Corp.		471,500		11,388
Ivanhoe Mines, Ltd., Class A¹		785,040		5,748
Wacker Chemie AG		38,093		5,057
				139,111

Energy 9.48%
Reliance Industries, Ltd.		1,666,223		49,744
Canadian Natural Resources, Ltd. (CAD denominated)		467,620		25,191
Woodside Energy Group, Ltd.		635,633		14,181
TotalEnergies SE		241,064		13,677
Cenovus Energy, Inc.		656,658		10,492
Neste OYJ		256,661		9,704
				122,989

Financials 7.83%
Kotak Mahindra Bank, Ltd.		1,151,792		28,044
AIA Group, Ltd.		2,832,200		27,163
HDFC Bank, Ltd. (ADR)		253,934		16,353
Aegon NV		3,468,357		15,256
Nu Holdings, Ltd., Class A¹		2,203,740		14,853
				101,669

Communication services 6.21%
Sea, Ltd., Class A (ADR)¹		698,177		40,082
Bharti Airtel, Ltd.		2,992,278		30,740
Universal Music Group NV		494,418		9,777
				80,599

Consumer staples 3.84%
Danone SA		253,233		14,979
Kweichow Moutai Co., Ltd., Class A		60,400		13,849
Seven & i Holdings Co., Ltd.		291,700		12,238
Treasury Wine Estates, Ltd.		1,163,647		8,795
				49,861

Utilities 1.51%
ENN Energy Holdings, Ltd.		1,689,700		19,637

Real estate 0.57%
ESR Group, Ltd.		5,021,000		7,412

Total common stocks (cost: $1,178,154,000)				1,262,613

16	Capital Group equity exchange-traded funds

Capital Group International Focus Equity ETF (continued)

Short-term securities 2.55%	Shares		Value (000)
Money market investments 2.55%
Capital Group Central Cash Fund 5.11%^2,3		330,934	$	33,090

Total short-term securities (cost: $33,085,000)				33,090
Total investment securities 99.83% (cost: $1,211,239,000)				1,295,703
Other assets less liabilities 0.17%				2,227

Net assets 100.00%			$	1,297,930

Investments in affiliates³

	Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 5/31/2023 (000)		Dividend income (000)
Short-term securities 2.55%
Money market investments 2.55%
Capital Group Central Cash Fund 5.11%²	$	24,123	$	295,206	$	286,242	$	(2	)	$	5	$	33,090	$	1,273

¹	Security did not produce income during the last 12 months.
²	Rate represents the seven-day yield at May 31, 2023.
³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds

Capital Group Core Equity ETF

Investment portfolio May 31, 2023

Sector diversification

Percent of net assets

Largest equity holdings	Percent of net assets
Microsoft		7.43	%
Broadcom		5.75
Alphabet		4.16
Amazon.com		2.58
General Electric		2.44
UnitedHealth Group		2.42
Abbott Laboratories		2.22
Philip Morris International		2.07
Mastercard		1.98
Raytheon Technologies		1.92

Common stocks 94.90%	Shares		Value (000)
Information technology 20.01%
Microsoft Corp.		201,861	$	66,289
Broadcom, Inc.		63,538		51,336
Apple, Inc.		56,107		9,945
Accenture PLC, Class A		25,847		7,907
ASML Holding NV		10,490		7,529
Micron Technology, Inc.		96,571		6,586
Applied Materials, Inc.		46,531		6,203
Taiwan Semiconductor Manufacturing Company, Ltd.		335,000		6,084
ServiceNow, Inc.¹		7,110		3,874
GoDaddy, Inc., Class A¹		46,432		3,407
Analog Devices, Inc.		14,133		2,511
QUALCOMM, Inc.		22,047		2,500
NVIDIA Corp.		6,574		2,487
Adobe, Inc.¹		4,760		1,989
				178,647

Industrials 16.34%
General Electric Co.		214,913		21,820
Raytheon Technologies Corp.		186,273		17,163
Carrier Global Corp.		260,534		10,656
TransDigm Group, Inc.		13,169		10,188
Northrop Grumman Corp.		17,029		7,416
TFI International, Inc.		69,241		7,290
General Dynamics Corp.		33,502		6,841
Automatic Data Processing, Inc.		27,810		5,812
Waste Connections, Inc.		40,637		5,553
GFL Environmental, Inc., subordinate voting shares		143,862		5,199
Old Dominion Freight Line, Inc.		16,374		5,083
BWX Technologies, Inc.		79,244		4,780
Equifax, Inc.		19,101		3,985
Broadridge Financial Solutions, Inc.		25,641		3,762
L3Harris Technologies, Inc.		19,639		3,455
Airbus SE, non-registered shares		25,194		3,300
Waste Management, Inc.		20,164		3,265
Woodward, Inc.		30,320		3,196
Air Lease Corp., Class A		80,652		3,066
United Airlines Holdings, Inc.¹		61,969		2,941
United Rentals, Inc.		8,752		2,921
Norfolk Southern Corp.		13,065		2,720
Safran SA		16,783		2,430
Lockheed Martin Corp.		3,893		1,729
ITT, Inc.		18,306		1,394
				145,965

18	Capital Group equity exchange-traded funds

Capital Group Core Equity ETF (continued)

Common stocks (continued)	Shares		Value (000)
Health care 13.40%
UnitedHealth Group, Inc.		44,395	$	21,631
Abbott Laboratories		194,271		19,816
AbbVie, Inc.		106,260		14,660
GE HealthCare Technologies, Inc.¹		127,347		10,125
Novo Nordisk AS, Class B		54,569		8,743
Eli Lilly and Company		17,769		7,631
AstraZeneca PLC		43,822		6,356
Danaher Corp.		25,052		5,752
Thermo Fisher Scientific, Inc.		11,199		5,694
Humana, Inc.		10,710		5,375
Bristol-Myers Squibb Company		72,699		4,685
Revvity, Inc.		28,663		3,305
Seagen, Inc.¹		16,298		3,190
Pfizer, Inc.		70,010		2,662
				119,625

Financials 10.09%
Mastercard, Inc., Class A		48,411		17,671
JPMorgan Chase & Co.		101,180		13,731
Visa, Inc., Class A		38,208		8,445
Marsh & McLennan Companies, Inc.		45,127		7,815
Arthur J. Gallagher & Co.		34,364		6,884
Chubb, Ltd.		26,494		4,922
BlackRock, Inc.		7,249		4,766
B3 SA - Brasil, Bolsa, Balcao		1,529,887		4,017
FleetCor Technologies, Inc.¹		16,204		3,671
Morgan Stanley		39,967		3,268
Wells Fargo & Company		80,714		3,213
Global Payments, Inc.		31,568		3,084
State Street Corp.		40,277		2,740
Webster Financial Corp.		64,602		2,297
Blue Owl Capital, Inc., Class A		175,982		1,804
Aon PLC, Class A		5,815		1,793
				90,121

Communication services 9.98%
Alphabet, Inc., Class A¹		169,494		20,826
Alphabet, Inc., Class C¹		132,267		16,318
Netflix, Inc.¹		40,150		15,868
Meta Platforms, Inc., Class A¹		51,427		13,614
Comcast Corp., Class A		335,673		13,209
Electronic Arts, Inc.		28,457		3,642
Charter Communications, Inc., Class A¹		10,302		3,360
Take-Two Interactive Software, Inc.¹		16,388		2,257
				89,094

Consumer discretionary 8.49%
Amazon.com, Inc.¹		190,953		23,025
Royal Caribbean Cruises, Ltd.¹		99,269		8,038
Hilton Worldwide Holdings, Inc.		43,359		5,902
Starbucks Corp.		54,852		5,356
Home Depot, Inc.		16,501		4,677
Chipotle Mexican Grill, Inc.¹		2,196		4,560
General Motors Company		137,337		4,451
Wyndham Hotels & Resorts, Inc.		64,804		4,423
InterContinental Hotels Group PLC		55,113		3,612
D.R. Horton, Inc.		27,203		2,906
NIKE, Inc., Class B		24,164		2,544
Entain PLC		141,883		2,328
Burlington Stores, Inc.¹		12,124		1,824
Kering SA		3,340		1,779
Lear Corp.		3,074		377
				75,802

Capital Group equity exchange-traded funds

Capital Group Core Equity ETF (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples 5.30%
Philip Morris International, Inc.		204,896	$	18,443
British American Tobacco PLC		317,987		10,105
Dollar Tree Stores, Inc.¹		36,846		4,970
Molson Coors Beverage Company, Class B, restricted voting shares		79,911		4,942
General Mills, Inc.		48,551		4,086
Anheuser-Busch InBev SA/NV		46,979		2,506
Dollar General Corp.		11,224		2,257
				47,309

Energy 4.06%
Chevron Corp.		67,218		10,125
Canadian Natural Resources, Ltd. (CAD denominated)		143,104		7,709
ConocoPhillips		73,056		7,255
Baker Hughes Co., Class A		228,778		6,234
TC Energy Corp. (CAD denominated)		73,542		2,862
TC Energy Corp.		52,817		2,057
				36,242

Utilities 3.34%
PG&E Corp.¹		514,180		8,710
Edison International		93,114		6,287
Sempra Energy		26,895		3,860
Constellation Energy Corp.		41,538		3,490
CenterPoint Energy, Inc.		112,663		3,178
AES Corp.		118,655		2,343
Engie SA		133,254		2,000
				29,868

Materials 2.19%
Linde PLC		23,699		8,381
LyondellBasell Industries NV		55,269		4,728
Corteva, Inc.		52,153		2,790
ATI, Inc.¹		53,030		1,834
Vale SA (ADR), ordinary nominative shares		127,384		1,615
Albemarle Corp.		1,004		194
				19,542

Real estate 1.70%
VICI Properties, Inc. REIT		253,180		7,831
Equinix, Inc. REIT		9,902		7,382
				15,213

Total common stocks (cost: $779,837,000)				847,428

Short-term securities 4.93%
Money market investments 4.93%
Capital Group Central Cash Fund 5.11%^2,3		440,055		44,001

Total short-term securities (cost: $43,999,000)				44,001
Total investment securities 99.83% (cost: $823,836,000)				891,429
Other assets less liabilities 0.17%				1,486

Net assets 100.00%			$	892,915

20	Capital Group equity exchange-traded funds

Capital Group Core Equity ETF (continued)

Investments in affiliates³

	Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 5/31/2023 (000)		Dividend income (000)
Short-term securities 4.93%
Money market investments 4.93%
Capital Group Central Cash Fund 5.11%²	$	8,939	$	96,391	$	61,328	$	(3	)	$	2	$	44,001	$	1,261

¹	Security did not produce income during the last 12 months.
²	Rate represents the seven-day yield at May 31, 2023.
³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds

Capital Group Dividend Value ETF

Investment portfolio May 31, 2023

Sector diversification

Percent of net assets

Largest equity holdings	Percent of net assets
Broadcom		7.27	%
Microsoft		6.01
General Electric		5.90
Raytheon Technologies		4.41
Carrier Global		3.70
American International Group		3.21
Comcast		3.15
Linde		2.80
Abbott Laboratories		2.73
British American Tobacco		2.69

Common stocks 96.64%	Shares		Value (000)
Industrials 20.24%
General Electric Co.		1,273,896	$	129,339
Raytheon Technologies Corp.		1,048,701		96,627
Carrier Global Corp.		1,983,633		81,130
General Dynamics Corp.		223,972		45,731
Illinois Tool Works, Inc.		137,769		30,134
TFI International, Inc.		224,415		23,626
Union Pacific Corp.		109,292		21,041
Stanley Black & Decker, Inc.		214,442		16,077
				443,705

Information technology 20.18%
Broadcom, Inc.		197,332		159,436
Microsoft Corp.		401,110		131,721
Micron Technology, Inc.		721,890		49,233
Apple, Inc.		236,231		41,872
Intel Corp.		1,184,843		37,251
Marvell Technology, Inc.		389,865		22,803
				442,316

Health care 13.20%
Abbott Laboratories		587,196		59,894
AbbVie, Inc.		274,875		37,922
GE HealthCare Technologies, Inc.¹		434,044		34,511
Gilead Sciences, Inc.		428,783		32,990
Amgen, Inc.		148,680		32,806
UnitedHealth Group, Inc.		58,599		28,552
Danaher Corp.		111,326		25,563
Medtronic PLC		264,458		21,886
Stryker Corp.		55,108		15,187
				289,311

Energy 7.64%
Baker Hughes Co., Class A		1,929,185		52,570
EOG Resources, Inc.		361,372		38,772
Chevron Corp.		253,866		38,237
Canadian Natural Resources, Ltd.		701,459		37,795
				167,374

Communication services 7.62%
Comcast Corp., Class A		1,753,159		68,987
Meta Platforms, Inc., Class A¹		139,192		36,847
Netflix, Inc.¹		90,296		35,687
Alphabet, Inc., Class A¹		207,634		25,512
				167,033

22	Capital Group equity exchange-traded funds

Capital Group Dividend Value ETF (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples 7.58%
British American Tobacco PLC		1,857,452	$	59,024
Philip Morris International, Inc.		487,263		43,858
Altria Group, Inc.		934,897		41,528
Coca-Cola Company		364,864		21,768
				166,178

Consumer discretionary 7.49%
D.R. Horton, Inc.		433,286		46,292
McDonald’s Corp.		122,217		34,845
Starbucks Corp.		244,601		23,883
TopBuild Corp.¹		110,070		22,197
Royal Caribbean Cruises, Ltd.¹		250,413		20,276
Amazon.com, Inc.¹		137,362		16,563
				164,056

Utilities 4.67%
Edison International		695,139		46,936
PG&E Corp.¹		1,217,818		20,630
Public Service Enterprise Group, Inc.		291,084		17,392
NextEra Energy, Inc.		236,376		17,364
				102,322

Financials 4.53%
American International Group, Inc.		1,332,152		70,378
JPMorgan Chase & Co.		212,954		28,900
				99,278

Materials 2.80%
Linde PLC		173,606		61,398

Real estate 0.69%
Prologis, Inc. REIT		121,229		15,099

Total common stocks (cost: $1,960,289,000)				2,118,070

Short-term securities 4.01%
Money market investments 4.01%
Capital Group Central Cash Fund 5.11%^2,3		879,305		87,922

Total short-term securities (cost: $87,917,000)				87,922
Total investment securities 100.65% (cost: $2,048,206,000)				2,205,992
Other assets less liabilities (0.65)%				(14,339	)

Net assets 100.00%			$	2,191,653

Capital Group equity exchange-traded funds

Capital Group Dividend Value ETF (continued)

Investments in affiliates³

	Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 5/31/2023 (000)		Dividend income (000)
Short-term securities 4.01%
Money market investments 4.01%
Capital Group Central Cash Fund 5.11%²	$	10,077	$	203,106	$	125,260	$	(6	)	$	5	$	87,922	$	2,456

¹	Security did not produce income during the last 12 months.
²	Rate represents the seven-day yield at May 31, 2023.
³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

24	Capital Group equity exchange-traded funds

Financial statements

Statements of assets and liabilities at May 31, 2023	(dollars and shares in thousands, except per-share amounts)

	Growth ETF			Global Growth Equity ETF			International Focus Equity ETF		Core Equity ETF			Dividend Value ETF
Assets:
Investment securities, at value:
Unaffiliated issuers	$	2,019,979		$	1,573,313		$	1,262,613	$	847,428		$	2,118,070
Affiliated issuers		40,029			45,328			33,090		44,001			87,922
Cash		51			50			51		2,013			50
Cash denominated in currencies other than U.S. dollars		—	*		—	*		92		—	*		—	*
Receivables for:
Sales of investments		12,606			—			—		6,178			9,802
Sales of fund’s shares		22,937			29,728			13,472		13,175			10,209
Dividends and interest		924			2,052			2,483		815			2,330
		2,096,526			1,650,471			1,311,801		913,610			2,228,383

Liabilities:
Payables for:
Purchases of investments		31,759			27,803			12,527		18,507			36,135
Repurchases of fund’s shares		—			—			—		1,946			—
Investment advisory services		647			626			595		242			595
Non-U.S. taxes		—			31			749		—			—
		32,406			28,460			13,871		20,695			36,730
Net assets at May 31, 2023	$	2,064,120		$	1,622,011		$	1,297,930	$	892,915		$	2,191,653

Net assets consist of:
Capital paid in on shares of beneficial interest		1,911,261			1,504,574			1,257,208		846,314			2,070,767
Total distributable earnings		152,859			117,437			40,722		46,601			120,886
Net assets at May 31, 2023	$	2,064,120		$	1,622,011		$	1,297,930	$	892,915		$	2,191,653

Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Net assets	$	2,064,120		$	1,622,011		$	1,297,930	$	892,915		$	2,191,653
Shares outstanding		88,244			69,844			57,804		36,704			86,304
Net asset value per share	$	23.39		$	23.22		$	22.45	$	24.33		$	25.39
Investment securities, at cost:
Unaffiliated issuers	$	1,783,211		$	1,414,826		$	1,178,154	$	779,837		$	1,960,289
Affiliated issuers		40,027			45,329			33,085		43,999			87,917
Cash denominated in currencies other than U.S. dollars, at cost		—	*		—	*		92		—	*		—	*

*	Amount less than one thousand.

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds

Financial statements (continued)

Statements of operations for the year ended May 31, 2023	(dollars in thousands)

		Growth ETF			Global Growth Equity ETF			International Focus Equity ETF			Core Equity ETF			Dividend Value ETF
Investment income:
Income (net of non-U.S. taxes*):
Dividends:
Unaffiliated issuers	$	10,376		$	14,162		$	15,951		$	9,057		$	27,391
Affiliated issuers		1,079			1,215			1,273			1,261			2,456
		11,455			15,377			17,224			10,318			29,847
Fees and expenses:
Investment advisory services		4,410			4,143			4,088			1,681			3,950
Other		—			—			1			—			—
Total fees and expenses		4,410			4,143			4,089			1,681			3,950
Net investment income		7,045			11,234			13,135			8,637			25,897

Net realized loss and unrealized appreciation:
Net realized (loss) gain* on:
Investments in:
Unaffiliated issuers		(86,347	)		(44,308	)		(48,222	)		(22,372	)		(44,014	)
Affiliated issuers		2			1			(2	)		(3	)		(6	)
In-kind redemptions		12,767			5,865			9,721			2,880			19,567
Currency transactions		42			(155	)		(60	)		16			59
		(73,536	)		(38,597	)		(38,563	)		(19,479	)		(24,394	)

Net unrealized appreciation (depreciation)* on:
Investments in:
Unaffiliated issuers		250,329			162,976			84,027			69,074			160,971
Affiliated issuers		2			(1	)		5			2			5
Currency translations		—	^†		(9	)		(44	)		2			21
		250,331			162,966			83,988			69,078			160,997
Net realized loss and unrealized appreciation		176,795			124,369			45,425			49,599			136,603
Net increase in net assets resulting from operations	$	183,840		$	135,603		$	58,560		$	58,236		$	162,500

*	Additional information related to non-U.S. taxes, if any, is included in the notes to financial statements.
^†	Amount less than one thousand.

Refer to the notes to financial statements.

26	Capital Group equity exchange-traded funds

Financial statements (continued)

Statements of changes in net assets	(dollars in thousands)

	Growth ETF						Global Growth Equity ETF						International Focus Equity ETF
	Year ended May 31, 2023			Period ended May 31, 2022*			Year ended May 31, 2023			Period ended May 31, 2022*			Year ended May 31, 2023			Period ended May 31, 2022*
Operations:
Net investment income	$	7,045		$	187		$	11,234		$	403		$	13,135		$	963
Net realized (loss) gain		(73,536	)		(1,442	)		(38,597	)		(3,699	)		(38,563	)		(2,915	)
Net unrealized appreciation (depreciation)		250,331			(13,561	)		162,966			(4,522	)		83,988			(319	)
Total increase (decrease) in net assets resulting from operations		183,840			(14,816	)		135,603			(7,818	)		58,560			(2,271	)

Distributions paid to shareholders		(3,264	)		—			(4,483	)		—			(5,962	)		—

Net capital share transactions		1,598,275			300,085			1,270,648			228,061			1,057,236			190,367

Total increase in net assets		1,778,851			285,269			1,401,768			220,243			1,109,834			188,096

Net assets:
Beginning of period		285,269			—			220,243			—			188,096			—
End of period	$	2,064,120		$	285,269		$	1,622,011		$	220,243		$	1,297,930		$	188,096

	Core Equity ETF						Dividend Value ETF
	Year ended May 31, 2023			Period ended May 31, 2022*			Year ended May 31, 2023			Period ended May 31, 2022*
Operations:
Net investment income	$	8,637		$	280		$	25,897		$	536
Net realized (loss) gain		(19,479	)		(1,007	)		(24,394	)		83
Net unrealized appreciation (depreciation)		69,078			(1,483	)		160,997			(3,190	)
Total increase (decrease) in net assets resulting from operations		58,236			(2,210	)		162,500			(2,571	)

Distributions paid to shareholders		(6,470	)		(80	)		(19,113	)		(105	)

Net capital share transactions		676,898			166,541			1,747,392			303,550

Total increase in net assets		728,664			164,251			1,890,779			300,874

Net assets:
Beginning of period		164,251			—			300,874			—
End of period	$	892,915		$	164,251		$	2,191,653		$	300,874

*	For the period February 22, 2022, commencement of operations, to May 31, 2022.

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds

Notes to financial statements

1. Organization

Capital Group Growth ETF (“Growth ETF”), Capital Group Global Growth Equity ETF (“Global Growth Equity ETF”), Capital Group International Focus Equity ETF (“International Focus Equity ETF”), Capital Group Core Equity ETF (“Core Equity ETF”), and Capital Group Dividend Value ETF (“Dividend Value ETF”) (each a “fund”, or collectively the “funds”) each operate as an exchange-traded fund and are registered under the Investment Company Act of 1940, as amended, as open-end, nondiversified management investment companies.

The funds’ investment objectives are as follows:

Growth ETF – To provide growth of capital.

Global Growth Equity ETF – To provide long-term growth of capital.

International Focus Equity ETF – To provide long-term growth of capital.

Core Equity ETF – To achieve long-term growth of capital and income.

Dividend Value ETF – To produce income exceeding the average yield on U.S. stocks generally and provide an opportunity for growth of principal consistent with sound common stock investing.

2. Significant accounting policies

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

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

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

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

3. Valuation

Capital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by each fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.

28	Capital Group equity exchange-traded funds

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

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

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

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the funds’ investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.

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

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

Capital Group equity exchange-traded funds

Classifications — The funds’ investment adviser classifies each fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of May 31, 2023 (dollars in thousands):

Growth ETF

At May 31, 2023, all of the fund’s investment securities were classified as Level 1.

Global Growth Equity ETF

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	401,702	$	—	$	—		$	401,702
Health care		337,965		—		—			337,965
Consumer discretionary		276,531		—		—			276,531
Financials		138,207		—		—			138,207
Industrials		108,150		—		—			108,150
Consumer staples		107,195		—		—			107,195
Energy		62,519		—		—	*		62,519
Communication services		57,959		—		—			57,959
Materials		44,590		—		—			44,590
Preferred securities		38,495		—		—			38,495
Short-term securities		45,328		—		—			45,328
Total	$	1,618,641	$	—	$	—	*	$	1,618,641

*	Amount less than one thousand.

International Focus Equity ETF

At May 31, 2023, all of the fund’s investment securities were classified as Level 1.

Core Equity ETF

At May 31, 2023, all of the fund’s investment securities were classified as Level 1.

Dividend Value ETF

At May 31, 2023, all of the fund’s investment securities were classified as Level 1.

4. Risk factors

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

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

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

30	Capital Group equity exchange-traded funds

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

Investing in growth-oriented stocks — Growth-oriented common stocks may involve larger price swings and greater potential for loss than other types of investments.

Investing in income-oriented stocks — The value of a fund’s securities and income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

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

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

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

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

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

Capital Group equity exchange-traded funds

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

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

5. Taxation and distributions

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

As of and during the year ended May 31, 2023, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

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

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

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

32	Capital Group equity exchange-traded funds

Additional tax basis disclosures for each fund as of May 31, 2023, were as follows (dollars in thousands):

	Growth ETF			Global Growth Equity ETF			International Focus Equity ETF			Core Equity ETF				Dividend Value ETF
Undistributed ordinary income	$	4,008		$	6,942		$	8,167		$	2,382		$	7,273
Capital loss carryforward*		(83,417	)		(41,965	)		(45,073	)		(22,437	)		(42,890	)
Gross unrealized appreciation on investments		299,493			189,132			117,434			92,308			223,338
Gross unrealized depreciation on investments		(67,226	)		(36,630	)		(39,013	)		(25,653	)		(66,854	)
Net unrealized appreciation on investments		232,267			152,502			78,421			66,655			156,484
Cost of investments		1,827,741			1,466,139			1,217,282			824,774			2,049,508
Reclassification from total accumulated loss to capital paid in on shares of beneficial interest		12,754			5,865			9,605			2,875			19,563

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

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

	Year ended May 31, 2023						Period ended May 31, 2022*
Fund	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Growth ETF	$	3,264	$	—	$	3,264	$	—	$	—	$	—
Global Growth Equity ETF		4,483		—		4,483		—		—		—
International Focus Equity ETF		5,962		—		5,962		—		—		—
Core Equity ETF		6,470		—		6,470		80		—		80
Dividend Value ETF		19,113		—		19,113		105		—		105

*	For the period February 22, 2022, commencement of operations, to May 31, 2022.

6. Fees and transactions

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

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

Fund	Annual rate
Growth ETF		0.39	%
Global Growth Equity ETF		0.47
International Focus Equity ETF		0.54
Core Equity ETF		0.33
Dividend Value ETF		0.33

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

Capital Group equity exchange-traded funds

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

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

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

Security transactions with related funds — Each fund may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by each fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. None of the funds engaged in any such purchase or sale transactions with any related funds during the year ended May 31, 2023.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the funds, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. None of the funds lent or borrowed cash through the interfund lending program at any time during the year ended May 31, 2023.

7. Indemnifications

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

8. Capital share transactions

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

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

34	Capital Group equity exchange-traded funds

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

Growth ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended May 31, 2023
	$	1,640,870		77,320	$	—		—	$	(42,595	)		(1,880	)	$	1,598,275		75,440

For the period February 22, 2022*, through May 31, 2022
	$	301,946		12,884	$	—		—	$	(1,861	)		(80	)	$	300,085		12,804

Global Growth Equity ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended May 31, 2023
	$	1,296,939		60,840	$	—		—	$	(26,291	)		(1,160	)	$	1,270,648		59,680

For the period February 22, 2022*, through May 31, 2022
	$	228,061		10,164	$	—		—	$	—			—		$	228,061		10,164

International Focus Equity ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended May 31, 2023
	$	1,117,811		52,320	$	—		—	$	(60,575	)		(2,760	)	$	1,057,236		49,560

For the period February 22, 2022*, through May 31, 2022
	$	190,367		8,244	$	—		—	$	—			—		$	190,367		8,244

Core Equity ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended May 31, 2023
	$	698,131		30,700	$	—		—	$	(21,233	)		(920	)	$	676,898		29,780

For the period February 22, 2022*, through May 31, 2022
	$	166,541		6,924	$	—		—	$	—			—		$	166,541		6,924

Dividend Value ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended May 31, 2023
	$	1,822,959		77,100	$	—		—	$	(75,567	)		(3,040	)	$	1,747,392		74,060

For the period February 22, 2022*, through May 31, 2022
	$	311,566		12,584	$	—		—	$	(8,016	)		(340	)	$	303,550		12,244

*	Commencement of operations.

Capital Group equity exchange-traded funds

9. Investment transactions and other disclosures

The following table presents purchases and sales of investments, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, during the year ended May 31, 2023 (dollars in thousands):

Fund	Purchases		Sales
Growth ETF	$	431,482	$	366,342
Global Growth Equity ETF		505,917		332,676
International Focus Equity ETF		704,623		310,898
Core Equity ETF		210,533		163,912
Dividend Value ETF		482,137		349,400

The following table presents the value of securities received and delivered in-kind from the authorized participants to support creation and redemption transactions, if any, during the year ended May 31, 2023 (dollars in thousands):

Fund	In-kind creations		In-kind redemptions
Growth ETF	$	1,542,177	$	41,460
Global Growth Equity ETF		1,099,489		24,858
International Focus Equity ETF		716,844		59,516
Core Equity ETF		616,386		20,113
Dividend Value ETF		1,632,685		74,088

The following table presents additional information for each fund for the year ended May 31, 2023 (dollars in thousands):

Fund	Non-U.S. taxes paid on dividend income		Non-U.S. taxes paid on realized gains		Non-U.S. taxes provided on unrealized appreciation
Growth ETF	$	437	$	—	$	—
Global Growth Equity ETF		1,222		45		31
International Focus Equity ETF		1,623		27		749
Core Equity ETF		182		—		—
Dividend Value ETF		179		—		—

36	Capital Group equity exchange-traded funds

Financial highlights

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets²			Ratio of net income to average net assets
Growth ETF
5/31/2023	$	22.28	$	.13	$	1.05		$	1.18		$	(.07	)	$	—	$	(.07	)	$	23.39		5.33	%	$	2,064		.39	%		.62	%
5/31/2022^3,4		24.40		.03		(2.15	)		(2.12	)		—			—		—			22.28		(8.69	)⁵		285		.10	⁵		.13	⁵
Global Growth Equity ETF
5/31/2023	$	21.67	$	.28	$	1.39		$	1.67		$	(.12	)	$	—	$	(.12	)	$	23.22		7.80	%	$	1,622		.47	%		1.27	%
5/31/2022^3,4		24.47		.08		(2.88	)		(2.80	)		—			—		—			21.67		(11.44	)⁵		220		.13	⁵		.38	⁵
International Focus Equity ETF
5/31/2023	$	22.82	$	.38	$	(.55	)	$	(.17	)	$	(.20	)	$	—	$	(.20	)	$	22.45		(.68	)%	$	1,298		.54	%		1.74	%
5/31/2022^3,4		24.51		.24		(1.93	)		(1.69	)		—			—		—			22.82		(6.90	)⁵		188		.14	⁵		1.07	⁵
Core Equity ETF
5/31/2023	$	23.72	$	.39	$	.52		$	.91		$	(.30	)	$	—	$	(.30	)	$	24.33		3.96	%	$	893		.33	%		1.70	%
5/31/2022^3,4		24.63		.08		(.96	)		(.88	)		(.03	)		—		(.03	)		23.72		(3.59	)⁵		164		.09	⁵		.34	⁵
Dividend Value ETF
5/31/2023	$	24.57	$	.52	$	.68		$	1.20		$	(.38	)	$	—	$	(.38	)	$	25.39		5.12	%	$	2,192		.33	%		2.16	%
5/31/2022^3,4		24.71		.10		(.21	)		(.11	)		(.03	)		—		(.03	)		24.57		(.46	)⁵		301		.09	⁵		.41	⁵

Portfolio turnover rate⁶	Year ended May 31, 2023			Period ended May 31, 2022^3,4,5
Growth ETF		33	%		9	%
Global Growth Equity ETF		39			17
International Focus Equity ETF		43			21
Core Equity ETF		34			8
Dividend Value ETF		30			3

¹	Based on average shares outstanding.
²	Ratios do not include expenses of any Central Funds. Each fund indirectly bears its proportionate share of the expenses of any Central Funds.
³	Based on operations for a period that is less than a full year.
⁴	For the period February 22, 2022, commencement of operations, through May 31, 2022.
⁵	Not annualized.
⁶	Rates do not include each fund’s portfolio activity with respect to any Central Funds.