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

 

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

 

 

Signature active
management to
pursue better
investment outcomes

 

The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.

 

If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).

 

 

Capital Group 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. Market price returns are determined using the official closing price of the fund’s shares and do not represent the returns you would receive if you traded shares at other times.

 

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2023 (the most recent calendar quarter-end):

 

        Cumulative   Average annual*    
    Fund
Inception
date
  6 months   1 year   Since
inception
  30-day
SEC yield
as of 12/31/23
  Gross
expense
ratio
                         
CGGR – Capital Group Growth ETF   2/22/22                             0.29 %       0.39 %
Net asset value         12.14 %     42.13 %     8.60 %                  
Market price         12.13       42.18       8.62                  
CGGO – Capital Group Global Growth Equity ETF   2/22/22                             0.76       0.47  
Net asset value         6.32       23.30       3.43                  
Market price         6.27       23.43       3.51                  
CGXU – Capital Group International Focus Equity ETF   2/22/22                             1.22       0.54  
Net asset value         2.29       15.38       –0.41                  
Market price         1.90       15.75       –0.37                  
CGIE – Capital Group International Equity ETF   9/26/23                             1.88       0.54  
Net asset value                     11.37                  
Market price                     11.61                  
CGUS – Capital Group Core Equity ETF   2/22/22                             1.23       0.33  
Net asset value         10.97       27.64       9.16                  
Market price         10.96       27.71       9.22                  
CGDV – Capital Group Dividend Value ETF   2/22/22                             1.87       0.33  
Net asset value         11.39       28.83       12.58                  
Market price         11.46       28.80       12.64                  
CGDG – Capital Group Dividend Growers ETF   9/26/23                             3.20       0.47  
Net asset value                     9.88                  
Market price                     10.12                  

 

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

 

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.

 

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

 

* For funds with less than one year of history since inception results are cumulative.
The total annual fund operating expense ratios were as of each fund’s prospectus dated August 23, 2023 for CGDG and CGIE, and as of August 1, 2023 for CGDV, CGGO, CGGR, CGUS and CGXU. For CGDG and CGIE, the expense ratios are estimated.

 

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

 

Fellow investors:

 

Results for the funds for the periods ended November 30, 2023, are shown below, as well as results of the funds’ respective benchmarks.

 

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

 

Contents

 

1   Results at a glance
     
3   Investment portfolios
     
26   Financial statements
     
32   Notes to financial statements
     
43   Financial highlights

 

Results at a glance

 

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended November 30, 2023:

 

        Cumulative   Average annual1    
    Fund
Inception
date
  6 months   1 year   Since
inception
  30-day
SEC yield
as of 11/30/23
  Gross
expense
ratio2
                         
CGGR – Capital Group Growth ETF   2/22/22                             0.36 %       0.39 %
Net asset value         13.79     23.97 %     5.23 %                   
Market price         13.73       23.95       5.28                  
S&P 500 Index         10.17       13.84       5.15                  
CGGO – Capital Group Global Growth Equity ETF   2/22/22                             0.74       0.47  
Net asset value         6.31       13.78       0.84                  
Market price         6.16       13.90       0.95                  
MSCI All Country World Index (ACWI)         8.28       12.01       1.86                  
CGXU – Capital Group International Focus Equity ETF   2/22/22                             1.27       0.54  
Net asset value         1.82       5.03       –3.35                  
Market price         1.90       5.21       –3.23                  
MSCI All Country World Index (ACWI) ex USA7         5.07       9.26       –1.95                  
CGIE – Capital Group International Equity ETF   9/26/23                             1.93       0.54  
Net asset value                     6.33                  
Market price                     6.81                  
MSCI EAFE (Europe, Australasia, Far East) Index6                     5.03                  
CGUS – Capital Group Core Equity ETF   2/22/22                             1.32       0.33  
Net asset value         11.49       16.34       6.48                  
Market price         11.39       16.43       6.52                  
S&P 500 Index         10.17       13.84       5.15                  
CGDV – Capital Group Dividend Value ETF   2/22/22                             1.96       0.33  
Net asset value         11.37       17.63       9.03                  
Market price         11.36       17.71       9.07                  
S&P 500 Index4,5         10.17       13.84       5.15                  
CGDG – Capital Group Dividend Growers ETF   9/26/23                             3.37       0.47  
Net asset value                     5.09                  
Market price                     5.29                  
MSCI All Country World Index (ACWI)3                     6.36                  

 

Past results are not predictive of results in future periods.

 

Refer to page 2 for footnotes.

 

Capital Group equity exchange-traded funds 1
 

Results at a glance (continued)

 

1 For funds with less than one year of history since inception results are cumulative.
2 The total annual fund operating expense ratios were as of each fund’s prospectus dated August 23, 2023 for CGDG and CGIE, and as of August 1, 2023 for CGDV, CGGO, CGGR, CGUS and CGXU. For CGDG and CGIE, the expense ratios are estimated.
3 MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. These indexes are unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
4 Source: Standard & Poor’s.
5 S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Each S&P Index (“Index”) shown is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.”
6 MSCI EAFE® (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index that is designed to measure developed equity market results, excluding the United States and Canada. Results reflect dividends net of withholding taxes. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
7 MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.”

 

2 Capital Group equity exchange-traded funds
 
Capital Group Growth ETF  
Investment portfolio November 30, 2023 unaudited
   
Sector diversification Percent of net assets

 

 

Largest equity holdings   Percent of
net assets
Meta Platforms     8.30 %
Microsoft     6.18  
Tesla     4.97  
Netflix     4.36  
Alphabet     3.50  
Regeneron Pharmaceuticals     2.48  
Broadcom     2.30  
Visa     2.29  
Intuitive Surgical     2.00  
TransDigm Group     1.80  

 

Common stocks 98.81%   Shares     Value
(000)
 
Information technology 20.98%                
Microsoft Corp.     555,901     $ 210,636  
Broadcom, Inc.     84,891       78,586  
Salesforce, Inc.1     238,731       60,136  
NVIDIA Corp.     88,200       41,251  
Shopify, Inc., Class A, subordinate voting shares1     528,256       38,468  
ASML Holding NV (ADR)     29,982       20,500  
ASML Holding NV     21,472       14,561  
Cloudflare, Inc., Class A1     409,175       31,568  
Synopsys, Inc.1     57,241       31,095  
Apple, Inc.     157,223       29,865  
Motorola Solutions, Inc.     64,063       20,684  
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)     205,914       20,037  
Intuit, Inc.     32,898       18,800  
ServiceNow, Inc.1     22,999       15,771  
Applied Materials, Inc.     94,437       14,145  
Micron Technology, Inc.     175,666       13,372  
Constellation Software, Inc.     5,137       12,066  
MicroStrategy, Inc., Class A1     22,958       11,440  
Trimble, Inc.1     201,765       9,362  
GoDaddy, Inc., Class A1     90,345       9,040  
Intel Corp.     176,859       7,906  
DocuSign, Inc.1     140,014       6,035  
              715,324  
                 
Communication services 18.30%                
Meta Platforms, Inc., Class A1     865,280       283,076  
Netflix, Inc.1     313,735       148,701  
Alphabet, Inc., Class C1     560,597       75,075  
Alphabet, Inc., Class A1     335,364       44,446  
Snap, Inc., Class A, nonvoting shares1     1,516,565       20,974  
Charter Communications, Inc., Class A1     45,522       18,215  
Pinterest, Inc., Class A1     488,713       16,650  
Take-Two Interactive Software, Inc.1     61,438       9,720  
Frontier Communications Parent, Inc.1     333,404       7,298  
              624,155  
                 
Consumer discretionary 15.18%                
Tesla, Inc.1     706,564       169,632  
Amazon.com, Inc.1     347,122       50,711  
Home Depot, Inc.     127,259       39,894  
Chipotle Mexican Grill, Inc.1     13,421       29,556  
DoorDash, Inc., Class A1     311,655       29,289  
D.R. Horton, Inc.     204,775       26,144  
Airbnb, Inc., Class A1     193,174       24,406  
Royal Caribbean Cruises, Ltd.1     219,653       23,604  
Tractor Supply Co.     109,792       22,289  
Hermès International     8,489       17,595  
LVMH Moët Hennessy-Louis Vuitton SE     14,744       11,278  

 

Capital Group equity exchange-traded funds 3
 

Capital Group Growth ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Consumer discretionary (continued)                
Amadeus IT Group SA, Class A, non-registered shares     160,558     $ 10,979  
NIKE, Inc., Class B     88,377       9,745  
Norwegian Cruise Line Holdings, Ltd.1     601,028       9,178  
Aramark     317,039       8,880  
Toll Brothers, Inc.     99,044       8,507  
Darden Restaurants, Inc.     44,705       6,995  
Etsy, Inc.1     67,392       5,109  
Burlington Stores, Inc.1     29,647       5,028  
adidas AG     23,966       5,012  
VF Corp.     233,814       3,912  
              517,743  
                 
Health care 13.69%                
Regeneron Pharmaceuticals, Inc.1     102,846       84,726  
Intuitive Surgical, Inc.1     219,343       68,181  
UnitedHealth Group, Inc.     110,998       61,379  
Vertex Pharmaceuticals, Inc.1     115,537       40,994  
Thermo Fisher Scientific, Inc.     71,978       35,684  
Eli Lilly and Co.     59,318       35,059  
Centene Corp.1     371,178       27,348  
Alnylam Pharmaceuticals, Inc.1     104,455       17,575  
Karuna Therapeutics, Inc.1     58,752       11,234  
Moderna, Inc.1     140,638       10,928  
Molina Healthcare, Inc.1     25,077       9,167  
Novo Nordisk AS, Class B     84,752       8,607  
Mettler-Toledo International, Inc.1     7,750       8,462  
AstraZeneca PLC     65,001       8,309  
Danaher Corp.     33,245       7,424  
Zoetis, Inc., Class A     40,404       7,138  
Edwards Lifesciences Corp.1     99,975       6,769  
Ascendis Pharma AS (ADR)1     49,928       5,014  
Sarepta Therapeutics, Inc.1     60,120       4,887  
Guardant Health, Inc.1     175,333       4,413  
R1 RCM, Inc.1     350,511       3,708  
              467,006  
                 
Industrials 11.30%                
TransDigm Group, Inc.     63,853       61,482  
Uber Technologies, Inc.1     1,038,347       58,542  
Carrier Global Corp.     663,566       34,479  
Jacobs Solutions, Inc.     244,811       31,135  
Caterpillar, Inc.     81,995       20,558  
United Rentals, Inc.     42,414       20,190  
Ryanair Holdings PLC (ADR)1     152,621       18,043  
Airbus SE, non-registered shares     116,926       17,335  
Robert Half, Inc.     190,311       15,601  
Old Dominion Freight Line, Inc.     37,649       14,648  
General Electric Co.     102,301       12,460  
Equifax, Inc.     56,529       12,307  
MTU Aero Engines AG     59,902       12,242  
Alaska Air Group, Inc.1     323,351       12,226  
Ceridian HCM Holding, Inc.1     123,548       8,512  
Genpact, Ltd.     243,198       8,259  
Northrop Grumman Corp.     17,129       8,139  
United Airlines Holdings, Inc.1     199,532       7,861  
Axon Enterprise, Inc.1     29,585       6,801  
Dun & Bradstreet Holdings, Inc.     421,316       4,462  
              385,282  
                 
Financials 7.34%                
Visa, Inc., Class A     304,553       78,173  
Bank of America Corp.     1,061,697       32,371  
Fiserv, Inc.1     226,072       29,527  
Mastercard, Inc., Class A     69,479       28,752  

 

4 Capital Group equity exchange-traded funds
 

Capital Group Growth ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Financials (continued)                
KKR & Co., Inc.     210,752     $ 15,983  
Apollo Asset Management, Inc.     146,939       13,518  
Capital One Financial Corp.     109,299       12,204  
Block, Inc., Class A1     187,999       11,925  
MSCI, Inc.     18,045       9,399  
Toast, Inc., Class A1     449,952       6,691  
Progressive Corp.     38,149       6,258  
Blue Owl Capital, Inc., Class A     416,077       5,609  
              250,410  
                 
Energy 4.84%                
Halliburton Co.     1,135,788       42,058  
Canadian Natural Resources, Ltd. (CAD denominated)     629,296       42,021  
Schlumberger NV     513,710       26,734  
EOG Resources, Inc.     189,170       23,281  
Tourmaline Oil Corp.     276,501       13,383  
EQT Corp.     289,104       11,553  
ConocoPhillips     51,651       5,969  
              164,999  
                 
Consumer staples 3.87%                
Dollar Tree Stores, Inc.1     236,009       29,169  
Performance Food Group Co.1     398,545       25,925  
Target Corp.     172,291       23,054  
Dollar General Corp.     165,979       21,763  
Costco Wholesale Corp.     33,652       19,947  
Kroger Co.     272,007       12,042  
              131,900  
                 
Materials 2.07%                
Wheaton Precious Metals Corp.     407,544       19,929  
Linde PLC     31,346       12,970  
Grupo México, SAB de CV, Series B     2,734,578       12,534  
ATI, Inc.1     232,330       10,211  
CF Industries Holdings, Inc.     122,810       9,229  
Olin Corp.     122,288       5,765  
              70,638  
                 
Utilities 0.85%                
PG&E Corp.1     1,086,383       18,653  
Constellation Energy Corp.     84,257       10,199  
              28,852  
                 
Real estate 0.39%                
Zillow Group, Inc., Class C, nonvoting shares1     329,456       13,488  
                 
Total common stocks (cost: $2,797,455,000)             3,369,797  

 

Capital Group equity exchange-traded funds 5
 

Capital Group Growth ETF (continued)

 

Rights & warrants 0.00%   Shares     Value
(000)
 
Information technology 0.00%                
Constellation Software, Inc., warrants, expire 3/31/20402     4,185       3 
                 
Short-term securities 1.15%                
Money market investments 1.15%                
Capital Group Central Cash Fund 5.46%4,5     390,823     $ 39,082  
                 
Total short-term securities (cost: $39,079,000)             39,082  
Total investment securities 99.96% (cost: $2,836,534,000)             3,408,879  
Other assets less liabilities 0.04%             1,353  
                 
Net assets 100.00%           $ 3,410,232  

 

Investments in affiliates5

 

    Value at
6/1/2023
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value at
11/30/2023
(000)
    Dividend
or interest
income
(000)
 
Short-term securities 1.15%                                                        
Money market investments 1.15%                                                        
Capital Group Central Cash Fund 5.46%4   $ 40,029     $ 263,845     $ 264,806     $ 13     $ 1     $ 39,082     $ 1,368  

 

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 November 30, 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 abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

 

Refer to the notes to financial statements.

 

6 Capital Group equity exchange-traded funds
 
Capital Group Global Growth Equity ETF  
Investment portfolio November 30, 2023 unaudited
   
Sector diversification Percent of net assets

 

 

Country diversification by domicile   Percent of
net assets
United States     53.57 %
Eurozone*     18.15  
Denmark     5.45  
United Kingdom     4.00  
Taiwan     2.64  
Canada     2.45  
Hong Kong     1.81  
Switzerland     1.73  
Sweden     1.63  
Other countries     4.98  
Short-term securities & other assets less liabilities     3.59  
* Countries using the euro as a common currency; those represented in the fund’s portfolio are Belgium, France, Germany, the Netherlands and Spain.

 

Common stocks 94.86%   Shares     Value
(000)
 
Information technology 27.77%                
Microsoft Corp.     506,114     $ 191,772  
ASML Holding NV     193,667       131,333  
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)     613,133       59,664  
NVIDIA Corp.     103,619       48,463  
Applied Materials, Inc.     308,379       46,189  
Apple, Inc.     140,185       26,628  
Broadcom, Inc.     27,771       25,708  
Synopsys, Inc.1     42,002       22,817  
Keyence Corp.     51,700       22,091  
EPAM Systems, Inc.1     58,110       15,003  
TE Connectivity, Ltd.     111,596       14,619  
Shopify, Inc., Class A, subordinate voting shares1     156,000       11,360  
Arista Networks, Inc.1     31,391       6,897  
Socionext, Inc.     64,400       5,755  
              628,299  
                 
Health care 17.60%                
Novo Nordisk AS, Class B     1,108,927       112,615  
UnitedHealth Group, Inc.     73,688       40,747  
DexCom, Inc.1     326,377       37,703  
Eli Lilly and Co.     52,278       30,899  
AstraZeneca PLC     226,034       28,895  
Regeneron Pharmaceuticals, Inc.1     33,924       27,947  
Cigna Group (The)     92,241       24,248  
Thermo Fisher Scientific, Inc.     48,413       24,001  
Centene Corp.1     277,359       20,436  
Pfizer, Inc.     535,445       16,315  
Sanofi     148,337       13,799  
EssilorLuxottica SA     67,035       12,778  
Argenx SE (ADR)1     17,083       7,698  
              398,081  
                 
Consumer discretionary 14.90%                
Chipotle Mexican Grill, Inc.1     47,214       103,977  
LVMH Moët Hennessy-Louis Vuitton SE     78,158       59,782  
Floor & Decor Holdings, Inc., Class A1     331,846       30,434  
Renault SA     670,958       26,285  
Booking Holdings, Inc.1     6,621       20,695  
Prosus NV, Class N     588,461       19,472  
MercadoLibre, Inc.1     8,782       14,231  
NIKE, Inc., Class B     125,263       13,813  
MGM China Holdings, Ltd.1     11,719,388       12,888  
Evolution AB     105,602       10,932  

 

Capital Group equity exchange-traded funds 7
 

Capital Group Global Growth Equity ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Consumer discretionary (continued)                
Amazon.com, Inc.1     69,482     $ 10,151  
Coupang, Inc., Class A1     554,003       8,465  
Wynn Macau, Ltd.1     8,353,600       5,989  
              337,114  
                 
Financials 11.53%                
Tradeweb Markets, Inc., Class A     513,844       49,791  
3i Group PLC     1,312,072       36,971  
Fiserv, Inc.1     222,125       29,012  
AXA SA     772,889       24,057  
AIA Group, Ltd.     2,564,400       22,127  
HDFC Bank, Ltd.     1,065,523       19,917  
Blackstone, Inc.     144,616       16,251  
Aon PLC, Class A     41,845       13,746  
Citigroup, Inc.     287,386       13,248  
Prudential PLC     1,180,228       12,859  
Société Générale     491,227       12,338  
Banco Santander, SA     2,557,001       10,579  
              260,896  
                 
Industrials 6.86%                
Safran SA     206,142       36,130  
Caterpillar, Inc.     92,470       23,184  
ASSA ABLOY AB, Class B     700,300       17,914  
Airbus SE, non-registered shares     112,077       16,616  
Carrier Global Corp.     233,854       12,151  
Boeing Co.1     47,730       11,056  
DSV A/S     70,307       10,579  
Alliance Global Group, Inc.     54,769,200       9,673  
GT Capital Holdings, Inc.     987,510       9,654  
NIBE Industrier AB, Class B     1,396,663       8,239  
              155,196  
                 
Consumer staples 4.74%                
Nestlé SA     202,430       22,966  
Monster Beverage Corp.1     354,736       19,564  
Keurig Dr Pepper, Inc.     574,508       18,137  
Philip Morris International, Inc.     136,778       12,769  
British American Tobacco PLC     370,987       11,765  
Dollar Tree Stores, Inc.1     91,857       11,353  
Pernod Ricard SA     62,076       10,713  
              107,267  
                 
Communication services 4.30%                
Alphabet, Inc., Class A1     412,213       54,630  
Meta Platforms, Inc., Class A1     83,313       27,256  
Publicis Groupe SA     182,815       15,438  
              97,324  
                 
Materials 4.09%                
Sherwin-Williams Co.     146,687       40,896  
Linde PLC     85,634       35,433  
SIG Group AG     687,512       16,047  
              92,376  
                 
Energy 3.07%                
Canadian Natural Resources, Ltd. (CAD denominated)     660,370       44,096  
Reliance Industries, Ltd.     572,911       16,333  
Schlumberger NV     174,313       9,071  
Gazprom PJSC1,2     36,932       3 
              69,500  
                 
Total common stocks (cost: $1,863,003,000)             2,146,053  

 

8 Capital Group equity exchange-traded funds
 

Capital Group Global Growth Equity ETF (continued)

 

Preferred securities 1.55%   Shares     Value
(000)
 
Information technology 0.92%            
Samsung Electronics Co., Ltd., nonvoting preferred shares     464,128     $ 20,830  
                 
Health care 0.63%                
Sartorius AG, nonvoting non-registered preferred shares     44,154       14,202  
                 
Total preferred securities (cost: $34,931,000)             35,032  
                 
Short-term securities 3.48%                
Money market investments 3.48%                
Capital Group Central Cash Fund 5.46%4,5     787,421       78,742  
                 
Total short-term securities (cost: $78,738,000)             78,742  
Total investment securities 99.89% (cost: $1,976,672,000)             2,259,827  
Other assets less liabilities 0.11%             2,414  
                 
Net assets 100.00%           $ 2,262,241  

 

Investments in affiliates5

 

    Value at
6/1/2023
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value at
11/30/2023
(000)
    Dividend
or interest
income
(000)
 
Short-term securities 3.48%                                                        
Money market investments 3.48%                                                        
Capital Group Central Cash Fund 5.46%4   $ 45,328     $ 304,869     $ 271,460     $ 2    $ 5     $ 78,742     $ 1,657  

 

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 November 30, 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 abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

 

Refer to the notes to financial statements.

 

Capital Group equity exchange-traded funds 9
 
Capital Group International Focus Equity ETF  
Investment portfolio November 30, 2023 unaudited
   
Sector diversification Percent of net assets

 

 

Country diversification by domicile   Percent of
net assets
Eurozone*     27.18 %
Japan     12.81  
India     11.14  
Canada     10.13  
United Kingdom     6.73  
Denmark     5.16  
Australia     4.44  
Hong Kong     3.58  
China     3.39  
Other countries     13.11  
Short-term securities & other assets less liabilities     2.33  
* 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 97.67%   Shares     Value
(000)
 
Industrials 17.95%                
Airbus SE, non-registered shares     451,000     $ 66,863  
Safran SA     245,692       43,063  
Recruit Holdings Co., Ltd.     1,106,400       41,081  
Siemens AG     185,377       31,075  
Melrose Industries PLC     3,588,782       23,496  
Ashtead Group PLC     350,126       21,053  
Techtronic Industries Co., Ltd.     1,806,000       18,334  
Legrand SA     166,626       16,037  
DSV A/S     87,888       13,224  
NIBE Industrier AB, Class B     1,981,797       11,690  
MTU Aero Engines AG     54,720       11,183  
International Container Terminal Services, Inc.     2,567,260       9,984  
Thales SA     54,892       8,183  
              315,266  
                 
Information technology 14.86%                
Shopify, Inc., Class A, subordinate voting shares1     967,552       70,457  
SK hynix, Inc.     318,667       33,073  
Taiwan Semiconductor Manufacturing Co., Ltd.     1,461,000       26,985  
ASML Holding NV     37,864       25,677  
NICE, Ltd. (ADR)1     102,871       19,520  
Samsung Electronics Co., Ltd.     309,457       17,462  
SAP SE     92,618       14,666  
Fujitsu, Ltd.     95,600       13,618  
Constellation Software, Inc.     4,976       11,688  
Renesas Electronics Corp.1     612,100       10,745  
Disco Corp.     47,900       10,368  
Lasertec Corp.     30,200       6,730  
              260,989  
                 
Consumer discretionary 12.66%                
MercadoLibre, Inc.1     31,299       50,719  
adidas AG     124,952       26,133  
Ferrari NV     71,896       25,872  
LVMH Moët Hennessy-Louis Vuitton SE     30,772       23,537  
Evolution AB     216,351       22,398  
Flutter Entertainment PLC1     132,277       20,626  
Sony Group Corp.     228,200       19,732  
Maruti Suzuki India, Ltd.     153,391       19,513  
Entain PLC     1,349,421       13,676  
              222,206  

 

10 Capital Group equity exchange-traded funds
 

Capital Group International Focus Equity ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Health care 11.81%                
Novo Nordisk AS, Class B     762,793     $ 77,464  
Daiichi Sankyo Co., Ltd.     2,676,000       72,197  
Siemens Healthineers AG     273,762       15,776  
WuXi AppTec Co., Ltd., Class A     1,105,553       12,806  
Eurofins Scientific SE, non-registered shares     201,990       11,732  
AstraZeneca PLC     76,339       9,759  
Grifols, SA, Class A, non-registered shares1     537,469       7,585  
              207,319  
                 
Financials 11.02%                
Kotak Mahindra Bank, Ltd.     2,063,480       43,437  
AIA Group, Ltd.     4,379,800       37,791  
Aegon, Ltd.     4,680,833       25,608  
NU Holdings, Ltd. / Cayman Islands, Class A1     3,108,260       25,301  
HDFC Bank, Ltd. (ADR)     342,153       20,543  
Banco Bilbao Vizcaya Argentaria, SA     1,652,536       15,676  
ING Groep NV     1,038,965       14,548  
Axis Bank, Ltd.     816,387       10,517  
              193,421  
                 
Materials 10.05%                
Fortescue Ltd.     3,385,074       55,895  
Glencore PLC     7,323,628       40,847  
Shin-Etsu Chemical Co., Ltd.     985,200       34,634  
First Quantum Minerals, Ltd.     2,669,546       21,857  
Vale SA (ADR), ordinary nominative shares     878,571       13,179  
Ivanhoe Mines, Ltd., Class A1     1,134,963       10,129  
              176,541  
                 
Energy 9.35%                
Reliance Industries, Ltd.     1,904,031       54,281  
Canadian Natural Resources, Ltd. (CAD denominated)     632,152       42,212  
TotalEnergies SE     346,876       23,508  
Cenovus Energy, Inc.     1,213,439       21,524  
Woodside Energy Group, Ltd.     566,565       11,605  
Neste OYJ     290,356       11,024  
              164,154  
                 
Communication services 5.15%                
Bharti Airtel, Ltd.     3,879,367       47,203  
Tencent Holdings, Ltd.     411,000       17,205  
Universal Music Group NV     637,494       16,820  
Informa PLC     984,920       9,239  
              90,467  
                 
Consumer staples 3.60%                
Danone SA     338,239       21,711  
Seven & i Holdings Co., Ltd.     431,500       15,993  
Kweichow Moutai Co., Ltd., Class A     59,400       14,923  
Treasury Wine Estates, Ltd.     1,505,297       10,643  
              63,270  
                 
Utilities 0.83%                
ENN Energy Holdings, Ltd.     2,090,600       14,506  
                 
Real estate 0.39%                
ESR Group, Ltd.     5,367,800       6,899  
                 
Total common stocks (cost: $1,586,952,000)             1,715,038  

 

Capital Group equity exchange-traded funds 11
 

Capital Group International Focus Equity ETF (continued)

 

Short-term securities 2.57%   Shares     Value
(000)
 
Money market investments 2.57%                
Capital Group Central Cash Fund 5.46%2,3     450,743     $ 45,074  
                 
Total short-term securities (cost: $45,070,000)             45,074  
Total investment securities 100.24% (cost: $1,632,022,000)             1,760,112  
Other assets less liabilities (0.24)%             (4,179 )
                 
Net assets 100.00%           $ 1,755,933  

 

Investments in affiliates3

 

    Value at
6/1/2023
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value at
11/30/2023
(000)
    Dividend
or interest
income
(000)
 
Short-term securities 2.57%                                                        
Money market investments 2.57%                                                        
Capital Group Central Cash Fund 5.46%2   $ 33,090     $ 208,948     $ 196,973     $ 10     $ (1 )   $ 45,074     $ 1,667  

 

1 Security did not produce income during the last 12 months.
2 Rate represents the seven-day yield at November 30, 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(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

 

Refer to the notes to financial statements.

 

12 Capital Group equity exchange-traded funds
 
Capital Group International Equity ETF unaudited
Investment portfolio November 30, 2023  
   
Sector diversification Percent of net assets

 

 

Country diversification by domicile   Percent of
net assets
Eurozone*     34.21 %
Japan     15.75  
United Kingdom     11.09  
Switzerland     8.88  
Denmark     5.84  
Canada     3.22  
Singapore     3.19  
China     2.01  
United States     1.68  
Other countries     6.92  
Short-term securities & other assets less liabilities     7.21  
* Countries using the euro as a common currency; those represented in the fund’s portfolio are Belgium, France, Germany, the Netherlands and Spain.

 

Common stocks 92.79%   Shares     Value
(000)
 
Industrials 17.90%                
Safran SA     7,310     $ 1,281  
ABB, Ltd.     18,868       748  
Airbus SE, non-registered shares     4,662       691  
Canadian National Railway Co.     5,387       625  
ITOCHU Corp.     15,700       608  
Epiroc AB, Class A     32,248       600  
SMC Corp.     1,100       552  
TFI International, Inc. (CAD denominated)     4,148       491  
RELX PLC     10,197       391  
Daikin Industries, Ltd.     2,600       389  
Marubeni Corp.     22,600       352  
DSV A/S     2,200       331  
Recruit Holdings Co., Ltd.     8,900       330  
              7,389  
                 
Information technology 17.89%                
SAP SE     7,334       1,161  
ASML Holding NV     1,592       1,080  
Keyence Corp.     1,600       684  
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)     6,838       665  
STMicroelectronics NV     13,268       627  
OBIC Co., Ltd.     3,900       597  
Hamamatsu Photonics KK     14,700       581  
Tokyo Electron, Ltd.     3,000       486  
Capgemini SE     2,273       465  
Nomura Research Institute, Ltd.     15,000       420  
Halma PLC     15,052       405  
Shopify, Inc., Class A, subordinate voting shares1     2,894       211  
              7,382  
                 
Health care 12.46%                
Novo Nordisk AS, Class B     15,141       1,538  
AstraZeneca PLC     8,098       1,035  
EssilorLuxottica SA     3,943       752  
Genmab A/S1     1,710       540  
Straumann Holding AG     2,905       399  
Daiichi Sankyo Co., Ltd.     12,900       348  
BeiGene, Ltd. (ADR)1     1,280       239  
Lonza Group AG     402       155  
Innovent Biologics, Inc.1     23,000       135  
              5,141  

 

Capital Group equity exchange-traded funds 13
 

Capital Group International Equity ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Financials 11.19%                
London Stock Exchange Group PLC     9,027     $ 1,015  
AIA Group, Ltd.     78,200       675  
DBS Group Holdings, Ltd.     22,600       536  
DNB Bank ASA     24,893       474  
United Overseas Bank, Ltd.     22,500       458  
Euronext NV     5,401       448  
HDFC Bank, Ltd. (ADR)     7,453       447  
Partners Group Holding AG     159       209  
Deutsche Boerse AG     1,016       193  
Aon PLC, Class A     502       165  
              4,620  
                 
Consumer staples 10.51%                
Nestlé SA     8,165       926  
L’Oréal SA, non-registered shares     1,693       794  
British American Tobacco PLC     18,973       602  
Anheuser-Busch InBev SA/NV     8,642       542  
Danone SA     7,298       469  
Imperial Brands PLC     19,741       460  
Reckitt Benckiser Group PLC     4,213       287  
Uni-Charm Corp.     8,100       260  
              4,340  
                 
Consumer discretionary 8.81%                
Industria de Diseño Textil, SA     16,106       663  
LVMH Moët Hennessy-Louis Vuitton SE     846       647  
Amadeus IT Group SA, Class A, non-registered shares     9,454       646  
MercadoLibre, Inc.1     327       530  
Kering SA     1,004       430  
Hermès International     199       413  
adidas AG     1,471       308  
              3,637  
                 
Materials 5.84%                
Sika AG     2,824       765  
Air Liquide SA, non-registered shares     3,364       637  
Shin-Etsu Chemical Co., Ltd.     15,500       545  
Givaudan SA     124       463  
              2,410  
                 
Energy 3.70%                
TotalEnergies SE     16,905       1,146  
BP PLC     63,094       381  
              1,527  
                 
Communication services 2.73%                
Tencent Holdings, Ltd.     10,900       456  
Nippon Telegraph and Telephone Corp.     299,700       350  
Singapore Telecommunications, Ltd.     186,300       322  
              1,128  
                 
Utilities 1.76%                
Engie SA     41,896       726  
                 
Total common stocks (cost: $35,933,000)             38,300  

 

14 Capital Group equity exchange-traded funds
 

Capital Group International Equity ETF (continued)

 

Short-term securities 7.01%   Shares     Value
(000)
 
Money market investments 7.01%            
Capital Group Central Cash Fund 5.46%2,3     28,931     $ 2,893  
                 
Total short-term securities (cost: $2,893,000)             2,893  
Total investment securities 99.80% (cost: $38,826,000)             41,193  
Other assets less liabilities 0.20%             82  
                 
Net assets 100.00%           $ 41,275  

 

Investments in affiliates3
 
    Value at
9/26/20234 (000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value at
11/30/2023
(000)
    Dividend
or interest
income
(000)
 
Short-term securities 7.01%                                                        
Money market investments 7.01%                                                        
Capital Group Central Cash Fund 5.46%2   $  —     $ 4,837     $ 1,944     $ 5    $ 5    $ 2,893     $  

 

1 Security did not produce income during the last 12 months.
2 Rate represents the seven-day yield at November 30, 2023.
3 Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
4 Commencement of operations.
5 Amount less than one thousand.

 

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

 

Refer to the notes to financial statements.

 

Capital Group equity exchange-traded funds 15
 
Capital Group Core Equity ETF unaudited
Investment portfolio November 30, 2023  
   
Sector diversification Percent of net assets

 

 

Largest equity holdings   Percent of
net assets
Microsoft     8.12 %
Broadcom     5.18  
Alphabet     4.38  
Amazon.com     2.53  
Abbott Laboratories     2.46  
Meta Platforms     2.36  
UnitedHealth Group     2.35  
Mastercard     2.21  
Philip Morris International     2.05  
General Electric     1.65  

 

Common stocks 96.29%   Shares     Value
(000)
 
Information technology 23.30%                
Microsoft Corp.     339,598     $ 128,677  
Broadcom, Inc.     88,731       82,141  
Apple, Inc.     119,560       22,710  
Accenture PLC, Class A     47,809       15,927  
NVIDIA Corp.     26,948       12,604  
Adobe, Inc.1     18,281       11,170  
Salesforce, Inc.1     39,902       10,051  
ASML Holding NV     14,407       9,770  
Taiwan Semiconductor Manufacturing Co., Ltd.     525,000       9,697  
Texas Instruments, Inc.     63,396       9,681  
Applied Materials, Inc.     63,231       9,471  
SK hynix, Inc.     79,110       8,211  
Arista Networks, Inc.1     36,800       8,085  
ServiceNow, Inc.1     11,312       7,757  
Seagate Technology Holdings PLC     92,788       7,339  
Intel Corp.     142,060       6,350  
Analog Devices, Inc.     26,653       4,888  
QUALCOMM, Inc.     35,845       4,626  
              369,155  
                 
Industrials 15.82%                
General Electric Co.     214,913       26,176  
RTX Corp.     275,462       22,445  
Carrier Global Corp.     351,664       18,272  
TransDigm Group, Inc.     14,687       14,142  
Northrop Grumman Corp.     26,961       12,811  
Boeing Co.1     54,338       12,586  
Automatic Data Processing, Inc.     53,341       12,264  
General Dynamics Corp.     46,832       11,566  
Woodward, Inc.     83,998       11,355  
GFL Environmental, Inc., subordinate voting shares     326,446       9,369  
Waste Connections, Inc.     68,445       9,274  
ITT, Inc.     78,926       8,545  
Equifax, Inc.     37,915       8,254  
Airbus SE, non-registered shares     49,832       7,388  
Lincoln Electric Holdings, Inc.     37,037       7,336  
Broadridge Financial Solutions, Inc.     37,375       7,244  
Safran SA     41,056       7,196  
TFI International, Inc.     57,736       6,823  
United Rentals, Inc.     13,545       6,448  
Old Dominion Freight Line, Inc.     15,821       6,155  
Union Pacific Corp.     25,299       5,699  
L3Harris Technologies, Inc.     26,683       5,091  
Concentrix Corp.     50,873       4,782  
Waste Management, Inc.     27,755       4,746  
United Airlines Holdings, Inc.1     115,625       4,556  
              250,523  

 

16 Capital Group equity exchange-traded funds
 

Capital Group Core Equity ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Health care 12.37%                
Abbott Laboratories     372,949     $ 38,895  
UnitedHealth Group, Inc.     67,294       37,211  
AbbVie, Inc.     182,542       25,992  
Eli Lilly and Co.     26,776       15,826  
GE HealthCare Technologies, Inc.1     194,262       13,299  
Thermo Fisher Scientific, Inc.     25,012       12,400  
Danaher Corp.     49,542       11,063  
Novo Nordisk AS, Class B     107,954       10,963  
Humana, Inc.     22,004       10,669  
Bristol-Myers Squibb Co.     128,415       6,341  
Regeneron Pharmaceuticals, Inc.1     5,874       4,839  
Johnson & Johnson     28,810       4,456  
Zoetis, Inc., Class A     22,663       4,004  
              195,958  
                 
Financials 11.35%                
Mastercard, Inc., Class A     84,455       34,950  
JPMorgan Chase & Co.     165,172       25,780  
Visa, Inc., Class A     63,821       16,382  
Marsh & McLennan Companies, Inc.     73,868       14,731  
Arthur J. Gallagher & Co.     57,247       14,254  
BlackRock, Inc.     11,725       8,808  
Wells Fargo & Co.     196,890       8,779  
KKR & Co., Inc.     96,834       7,344  
B3 SA - Brasil, Bolsa, Balcao     2,577,343       6,964  
Chubb, Ltd.     27,625       6,338  
Global Payments, Inc.     51,294       5,973  
Aon PLC, Class A     17,923       5,888  
FleetCor Technologies, Inc.1     23,094       5,554  
State Street Corp.     66,629       4,852  
Webster Financial Corp.     107,815       4,835  
Morgan Stanley     55,893       4,435  
Blue Owl Capital, Inc., Class A     291,539       3,930  
              179,797  
                 
Communication services 9.10%                
Alphabet, Inc., Class A1     300,120       39,775  
Alphabet, Inc., Class C1     221,251       29,630  
Meta Platforms, Inc., Class A1     114,387       37,422  
Netflix, Inc.1     35,281       16,722  
Comcast Corp., Class A     235,260       9,855  
Charter Communications, Inc., Class A1     16,495       6,600  
Take-Two Interactive Software, Inc.1     26,381       4,173  
              144,177  
                 
Consumer discretionary 8.73%                
Amazon.com, Inc.1     274,412       40,089  
Royal Caribbean Cruises, Ltd.1     148,686       15,978  
Hilton Worldwide Holdings, Inc.     77,204       12,933  
Restaurant Brands International, Inc.     158,971       11,300  
Home Depot, Inc.     27,885       8,742  
Churchill Downs, Inc.     67,308       7,792  
Wyndham Hotels & Resorts, Inc.     95,141       7,358  
General Motors Co.     232,250       7,339  
InterContinental Hotels Group PLC     92,586       7,149  
Chipotle Mexican Grill, Inc.1     2,785       6,133  
NIKE, Inc., Class B     50,711       5,592  
Burlington Stores, Inc.1     28,416       4,819  
Entain PLC     303,953       3,080  
              138,304  

 

Capital Group equity exchange-traded funds 17
 

Capital Group Core Equity ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Consumer staples 4.89%                
Philip Morris International, Inc.     348,053     $ 32,494  
British American Tobacco PLC     600,541       19,045  
Dollar Tree Stores, Inc.1     63,040       7,791  
Molson Coors Beverage Co., Class B, restricted voting shares     124,916       7,687  
General Mills, Inc.     84,001       5,348  
Anheuser-Busch InBev SA/NV     81,819       5,131  
              77,496  
                 
Energy 3.48%                
Chevron Corp.     112,861       16,207  
Canadian Natural Resources, Ltd. (CAD denominated)     202,704       13,535  
ConocoPhillips     111,481       12,884  
Baker Hughes Co., Class A     266,156       8,983  
TC Energy Corp.     91,675       3,440  
              55,049  
                 
Utilities 3.46%                
PG&E Corp.1     952,149       16,348  
Edison International     146,739       9,830  
Constellation Energy Corp.     67,275       8,143  
Sempra     88,708       6,464  
CenterPoint Energy, Inc.     185,924       5,256  
AES Corp.     265,089       4,562  
Engie SA     245,154       4,248  
              54,851  
                 
Materials 2.40%                
Linde PLC     28,993       11,996  
Celanese Corp.     64,861       8,994  
LyondellBasell Industries NV     56,171       5,342  
Corteva, Inc.     97,110       4,389  
ATI, Inc.1     86,979       3,823  
Vale SA (ADR), ordinary nominative shares     231,923       3,479  
              38,023  
                 
Real estate 1.39%                
VICI Properties, Inc. REIT     408,721       12,217  
Equinix, Inc. REIT     12,000       9,780  
              21,997  
                 
Total common stocks (cost: $1,337,939,000)             1,525,330  
                 
Short-term securities 3.59%                
Money market investments 3.59%                
Capital Group Central Cash Fund 5.46%2,3     568,945       56,894  
                 
Total short-term securities (cost: $56,890,000)             56,894  
Total investment securities 99.88% (cost: $1,394,829,000)             1,582,224  
Other assets less liabilities 0.12%             1,977  
                 
Net assets 100.00%           $ 1,584,201  

 

18 Capital Group equity exchange-traded funds
 

Capital Group Core Equity ETF (continued)

 

Investments in affiliates3
 
    Value at
6/1/2023
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value at
11/30/2023
(000)
    Dividend
or interest
income
(000)
 
Short-term securities 3.59%                                                        
Money market investments 3.59%                                                        
Capital Group Central Cash Fund 5.46%2   $ 44,001     $ 87,167     $ 74,280     $ 4     $ 2     $ 56,894     $ 1,161  

 

1 Security did not produce income during the last 12 months.
2 Rate represents the seven-day yield at November 30, 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(s)

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 19
 
Capital Group Dividend Value ETF  
Investment portfolio November 30, 2023 unaudited
   
Sector diversification Percent of net assets

 

 

Largest equity holdings   Percent of
net assets
Microsoft     6.46 %
Broadcom     6.19  
RTX     5.03  
American International Group     4.27  
Carrier Global     3.67  
General Electric     3.21  
Philip Morris International     3.15  
Linde     2.97  
Abbott Laboratories     2.92  
Texas Instruments     2.43  

 

Common stocks 96.31%   Shares     Value
(000)
 
Information technology 22.14%                
Microsoft Corp.     825,666     $ 312,853  
Broadcom, Inc.     323,710       299,668  
Texas Instruments, Inc.     770,834       117,714  
Intel Corp.     2,166,014       96,821  
Apple, Inc.     484,532       92,037  
Micron Technology, Inc.     809,705       61,635  
EPAM Systems, Inc.1     182,603       47,146  
Marvell Technology, Inc.     786,453       43,829  
              1,071,703  
                 
Industrials 20.12%                
RTX Corp.     2,991,185       243,722  
Carrier Global Corp.     3,420,448       177,726  
General Electric Co.     1,273,896       155,161  
General Dynamics Corp.     458,923       113,340  
Union Pacific Corp.     448,569       101,049  
United Rentals, Inc.     185,189       88,154  
Illinois Tool Works, Inc.     272,905       66,100  
TFI International, Inc.     241,795       28,575  
              973,827  
                 
Health care 14.75%                
Abbott Laboratories     1,357,098       141,532  
GE HealthCare Technologies, Inc.1     1,530,458       104,775  
AbbVie, Inc.     582,735       82,975  
Amgen, Inc.     295,430       79,660  
Gilead Sciences, Inc.     1,037,043       79,437  
UnitedHealth Group, Inc.     132,689       73,373  
CVS Health Corp.     817,966       55,581  
Danaher Corp.     221,124       49,379  
Medtronic PLC     597,095       47,332  
              714,044  
                 
Consumer discretionary 7.38%                
D.R. Horton, Inc.     606,314       77,408  
McDonald’s Corp.     267,863       75,495  
Royal Caribbean Cruises, Ltd.1     684,759       73,584  
TopBuild Corp.1     181,829       53,781  
Hasbro, Inc.     919,192       42,660  
Amazon.com, Inc.1     235,252       34,368  
              357,296  

 

20 Capital Group equity exchange-traded funds
 

Capital Group Dividend Value ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Consumer staples 7.25%                
Philip Morris International, Inc.     1,632,012     $ 152,365  
British American Tobacco PLC     3,414,618       108,287  
Altria Group, Inc.     1,140,093       47,929  
Coca-Cola Co.     723,819       42,300  
              350,881  
                 
Energy 6.35%                
EOG Resources, Inc.     836,756       102,980  
Canadian Natural Resources, Ltd.     1,208,407       80,722  
Baker Hughes Co., Class A     1,563,843       52,780  
Cenovus Energy, Inc.     2,453,800       43,526  
Chevron Corp.     192,531       27,647  
              307,655  
                 
Financials 5.63%                
American International Group, Inc.     3,143,888       206,899  
JPMorgan Chase & Co.     420,564       65,642  
              272,541  
                 
Materials 5.60%                
Linde PLC     346,733       143,468  
Celanese Corp.     597,306       82,822  
Freeport-McMoRan, Inc.     1,195,910       44,631  
              270,921  
                 
Communication services 4.13%                
Meta Platforms, Inc., Class A1     223,334       73,064  
Alphabet, Inc., Class A1     501,752       66,497  
Comcast Corp., Class A     1,439,653       60,307  
              199,868  
                 
Utilities 2.96%                
NextEra Energy, Inc.     905,709       52,993  
PG&E Corp.1     2,949,537       50,644  
Edison International     589,044       39,460  
              143,097  
                 
Total common stocks (cost: $4,217,506,000)             4,661,833  
                 
Short-term securities 4.11%                
Money market investments 4.11%                
Capital Group Central Cash Fund 5.46%2,3     1,991,110       199,111  
                 
Total short-term securities (cost: $199,103,000)             199,111  
Total investment securities 100.42% (cost: $4,416,609,000)             4,860,944  
Other assets less liabilities (0.42)%             (20,361 )
                 
Net assets 100.00%           $ 4,840,583  

 

Capital Group equity exchange-traded funds 21
 

Capital Group Dividend Value ETF (continued)

 

Investments in affiliates3

 

    Value at
6/1/2023
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value at
11/30/2023
(000)
    Dividend
or interest
income
(000)
 
Short-term securities 4.11%                                                        
Money market investments 4.11%                                                        
Capital Group Central Cash Fund 5.46%2   $ 87,922     $ 532,303     $ 421,128     $ 11     $ 3     $ 199,111     $ 3,233  

 

1 Security did not produce income during the last 12 months.
2 Rate represents the seven-day yield at November 30, 2023.
3 Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

 

Refer to the notes to financial statements.

 

22 Capital Group equity exchange-traded funds
 
Capital Group Dividend Growers ETF  
Investment portfolio November 30, 2023 unaudited
   
Sector diversification Percent of net assets

 

 

Largest equity holdings   Percent of
net assets
Broadcom     4.29 %
Equinix     3.05  
Taiwan Semiconductor Manufacturing Co.     2.95  
CenterPoint Energy     2.28  
VICI Properties     2.26  
Philip Morris International     2.25  
BP     2.11  
Nippon Telegraph and Telephone     2.04  
Eli Lilly     1.91  
RTX     1.84  

 

Common stocks 96.48%   Shares     Value
(000)
 
Industrials 16.81%                
RTX Corp.     16,713     $ 1,362  
Broadridge Financial Solutions, Inc.     6,438       1,248  
Airbus SE, non-registered shares     6,977       1,034  
Carrier Global Corp.     17,459       907  
Paychex, Inc.     6,908       843  
RELX PLC     20,314       780  
Canadian National Railway Co. (CAD denominated)     6,249       725  
Northrop Grumman Corp.     1,484       705  
BAE Systems PLC     51,274       680  
FedEx Corp.     2,604       674  
Trinity Industries, Inc.     25,456       635  
Honeywell International, Inc.     3,120       611  
Hitachi, Ltd.     8,700       604  
ITOCHU Corp.     15,300       592  
Norfolk Southern Corp.     2,506       547  
Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR)     3,253       495  
              12,442  
                 
Financials 12.65%                
CME Group, Inc., Class A     5,177       1,130  
Banca Generali SpA     31,705       1,129  
Morgan Stanley     13,374       1,061  
Euronext NV     11,504       954  
Webster Financial Corp.     19,417       871  
AIA Group, Ltd.     99,000       854  
DBS Group Holdings, Ltd.     35,200       835  
United Overseas Bank, Ltd.     34,300       698  
Truist Financial Corp.     21,328       686  
JPMorgan Chase & Co.     3,995       624  
KB Financial Group, Inc. (ADR)     12,851       518  
              9,360  
                 
Consumer staples 11.32%                
Philip Morris International, Inc.     17,853       1,667  
Nestlé SA     11,800       1,339  
Danone SA     15,279       981  
Imperial Brands PLC     37,801       881  
British American Tobacco PLC     25,586       811  
General Mills, Inc.     11,347       722  
Dollar General Corp.     5,413       710  
Unilever PLC     14,072       669  
Constellation Brands, Inc., Class A     2,490       599  
              8,379  

 

Capital Group equity exchange-traded funds 23
 

Capital Group Dividend Growers ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Information technology 11.22%                
Broadcom, Inc.     3,429     $ 3,174  
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)     22,403       2,180  
SAP SE     7,576       1,200  
KLA Corp.     2,138       1,165  
Texas Instruments, Inc.     3,825       584  
              8,303  
                 
Real estate 9.31%                
Equinix, Inc. REIT     2,766       2,254  
VICI Properties, Inc. REIT     55,829       1,669  
Link REIT     147,200       727  
Gaming and Leisure Properties, Inc. REIT     13,405       627  
Welltower, Inc. REIT     6,388       569  
CK Asset Holdings, Ltd.     112,500       534  
Longfor Group Holdings, Ltd.     285,500       506  
              6,886  
                 
Consumer discretionary 8.68%                
Industria de Diseño Textil, SA     24,954       1,027  
Tractor Supply Co.     4,970       1,009  
Starbucks Corp.     9,444       938  
LVMH Moët Hennessy-Louis Vuitton SE     1,152       881  
Kering SA     1,962       841  
Bridgestone Corp.     16,300       670  
Galaxy Entertainment Group, Ltd.     104,000       538  
YUM! Brands, Inc.     4,107       516  
              6,420  
                 
Health care 7.81%                
Eli Lilly and Co.     2,393       1,414  
AstraZeneca PLC     10,460       1,337  
UnitedHealth Group, Inc.     2,001       1,106  
Abbott Laboratories     9,098       949  
Merck & Co., Inc.     4,838       496  
Bristol-Myers Squibb Co.     9,656       477  
              5,779  
                 
Utilities 7.20%                
CenterPoint Energy, Inc.     59,769       1,690  
Engie SA     75,644       1,311  
Iberdrola, SA, non-registered shares     77,331       955  
Edison International     11,335       759  
AES Corp.     35,699       614  
              5,329  
                 
Energy 6.13%                
BP PLC     257,597       1,558  
TC Energy Corp. (CAD denominated)     22,962       861  
Schlumberger NV     15,695       817  
TotalEnergies SE     11,919       808  
Equitrans Midstream Corp.     52,255       490  
              4,534  
                 
Communication services 3.28%                
Nippon Telegraph and Telephone Corp.     1,292,500       1,509  
Koninklijke KPN NV     267,984       918  
              2,427  

 

24 Capital Group equity exchange-traded funds
 

Capital Group Dividend Growers ETF (continued)

 

Common stocks (continued)   Shares     Value
(000)
 
Materials 2.07%                
Vale SA (ADR), ordinary nominative shares     67,489     $ 1,012  
Dow, Inc.     10,105       523  
              1,535  
                 
Total common stocks (cost: $68,166,000)             71,394  
                 
Short-term securities 3.25%                
Money market investments 3.25%                
Capital Group Central Cash Fund 5.46%1,2     24,021       2,402  
                 
Total short-term securities (cost: $2,402,000)             2,402  
Total investment securities 99.73% (cost: $70,568,000)             73,796  
Other assets less liabilities 0.27%             201  
                 
Net assets 100.00%           $ 73,997  

 

Investments in affiliates2

 

    Value at
9/26/20233
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value at
11/30/2023
(000)
    Dividend
or interest
income
(000)
 
Short-term securities 3.25%                                                        
Money market investments 3.25%                                                        
Capital Group Central Cash Fund 5.46%1   $     $ 7,529     $ 5,127     $ 4    $ 4    $ 2,402     $ 21  

 

1 Rate represents the seven-day yield at November 30, 2023.
2 Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
3 Commencement of operations.
4 Amount less than one thousand.

 

Key to abbreviation(s)

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 25
 

Financial statements

 

Statements of assets and liabilities unaudited
at November 30, 2023 (dollars and shares in thousands, except per-share amounts)

 

    Growth
ETF
  Global
Growth
Equity
ETF
  International
Focus Equity
ETF
  International
Equity
ETF
  Core
Equity
ETF
Assets:                              
Investment securities, at value:                                        
Unaffiliated issuers   $ 3,369,797     $ 2,181,085     $ 1,715,038     $ 38,300     $ 1,525,330  
Affiliated issuers     39,082       78,742       45,074       2,893       56,894  
Cash     51       51       457       50       50  
Cash denominated in currencies other than U.S. dollars     *     2       221       *     *
Receivables for:                                        
Sales of investments                 21,167              
Sales of fund’s shares     8,500       22,617       21,809             12,889  
Dividends and interest     1,972       1,643       906       48       1,531  
      3,419,402       2,284,140       1,804,672       41,291       1,596,694  
                                         
Liabilities:                                        
Payables for:                                        
Purchases of investments     8,150       21,075       46,278             12,098  
Investment advisory services     1,020       824       735       16       395  
Non-U.S. taxes                 1,726              
      9,170       21,899       48,739       16       12,493  
Net assets at November 30, 2023   $ 3,410,232     $ 2,262,241     $ 1,755,933     $ 41,275     $ 1,584,201  
                                         
Net assets consist of:                                        
Capital paid in on shares of beneficial interest   $ 2,919,714     $ 2,035,495     $ 1,699,790     $ 38,877     $ 1,412,592  
Total distributable earnings     490,518       226,746       56,143       2,398       171,609  
Net assets at November 30, 2023   $ 3,410,232     $ 2,262,241     $ 1,755,933     $ 41,275     $ 1,584,201  
                                         
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized                                        
Net assets   $ 3,410,232     $ 2,262,241     $ 1,755,933     $ 41,275     $ 1,584,201  
Shares outstanding     128,384       92,084       77,324       1,564       58,784  
Net asset value per share   $ 26.56     $ 24.57     $ 22.71     $ 26.39     $ 26.95  
                                         
Investment securities, at cost:                                        
Unaffiliated issuers   $ 2,797,455     $ 1,897,934     $ 1,586,952     $ 35,933     $ 1,337,939  
Affiliated issuers     39,079       78,738       45,070       2,893       56,890  
Cash denominated in currencies other than U.S. dollars, at cost     *     2       222       *     *

 

Refer to the end of the statements of assets and liabilities for footnote.

 

Refer to the notes to financial statements.

 

26 Capital Group equity exchange-traded funds
 

Financial statements (continued)

 

Statements of assets and liabilities unaudited
at November 30, 2023 (continued) (dollars and shares in thousands, except per-share amounts)

 

    Dividend
Value
ETF
  Dividend
Growers
ETF
Assets:            
Investment securities, at value:                
Unaffiliated issuers   $ 4,661,833     $ 71,394  
Affiliated issuers     199,111       2,402  
Cash     49       50  
Cash denominated in currencies other than U.S. dollars     *     8  
Receivables for:                
Sales of investments     7,593        
Sales of fund’s shares     73,792        
Dividends and interest     4,623       166  
      4,947,001       74,020  
                 
Liabilities:                
Payables for:                
Purchases of investments     105,211        
Investment advisory services     1,207       23  
Non-U.S. taxes            
      106,418       23  
Net assets at November 30, 2023   $ 4,840,583     $ 73,997  
                 
Net assets consist of:                
Capital paid in on shares of beneficial interest   $ 4,395,827     $ 70,637  
Total distributable earnings     444,756       3,360  
Net assets at November 30, 2023   $ 4,840,583     $ 73,997  
                 
                 
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized                
Net assets   $ 4,840,583     $ 73,997  
Shares outstanding     172,604       2,844  
Net asset value per share   $ 28.04     $ 26.02  
Investment securities, at cost:                
Unaffiliated issuers   $ 4,217,506     $ 68,166  
Affiliated issuers     199,103       2,402  
Cash denominated in currencies other than U.S. dollars, at cost     *     8  

 

* Amount less than one thousand.

 

Refer to the notes to financial statements.

 

Capital Group equity exchange-traded funds 27
 

Financial statements (continued)

 

Statements of operations unaudited
for the six months ended November 30, 2023 (dollars in thousands)

 

    Growth
ETF
  Global
Growth
Equity
ETF
  International
Focus Equity
ETF
  International
Equity
ETF1
  Core
Equity
ETF
Investment income:                                        
Income (net of non-U.S. taxes2):                                        
Dividends:                                        
Unaffiliated issuers   $ 11,261     $ 10,367     $ 10,899     $ 102     $ 9,571  
Affiliated issuers     1,368       1,657       1,667             1,161  
      12,629       12,024       12,566       102       10,732  
Fees and expenses:                                        
Investment advisory services     5,191       4,474       4,100       30       1,927  
Net investment income     7,438       7,550       8,466       72       8,805  
                                         
Net realized (loss) gain and unrealized appreciation:                                        
Net realized (loss) gain2 on:                                        
Investments in:                                        
Unaffiliated issuers     (58,638 )     (44,447 )     (48,450 )     (42 )     (13,397 )
Affiliated issuers     13       3      10       3     4  
In-kind redemptions     58,214       29,787       21,779             16,765  
Currency transactions     3       (104 )     (224 )     1       (7 )
      (408 )     (14,764 )     (26,885 )     (41 )     3,365  
                                         
Net unrealized appreciation (depreciation)2 on:                                        
Investments in:                                        
Unaffiliated issuers     335,574       124,695       42,650       2,367       119,800  
Affiliated issuers     1       5       (1 )           2  
Currency translations     3      5       (124 )     3      (2 )
      335,575       124,705       42,525       2,367       119,800  
Net realized (loss) gain and unrealized appreciation:     335,167       109,941       15,640       2,326       123,165  
Net increase in net assets resulting from operations   $ 342,605     $ 117,491     $ 24,106     $ 2,398     $ 131,970  

 

Refer to the end of the statements of operations for footnotes.

 

Refer to the notes to financial statements.

 

28 Capital Group equity exchange-traded funds
 

Financial statements (continued)

 

Statements of operations unaudited
for the six months ended November 30, 2023 (continued) (dollars in thousands)

 

    Dividend
Value
ETF
  Dividend
Growers
ETF1
Investment income:                
Income (net of non-U.S. taxes2):                
Dividends:                
Unaffiliated issuers   $ 34,217     $ 270  
Affiliated issuers     3,233       21  
      37,450       291  
Fees and expenses:                
Investment advisory services     5,339       40  
Net investment income     32,111       251  
                 
Net realized (loss) gain and unrealized appreciation:                
Net realized (loss) gain2 on:                
Investments in:                
Unaffiliated issuers     (48,231 )     (118 )
Affiliated issuers     11       3
In-kind redemptions     78,121        
Currency transactions     (7 )     (1 )
      29,894       (119 )
                 
Net unrealized appreciation (depreciation)2 on:                
Investments in:                
Unaffiliated issuers     286,546       3,228  
Affiliated issuers     3        
Currency translations     (18 )     3 
      286,531       3,228  
Net realized (loss) gain and unrealized appreciation:     316,425       3,109  
Net increase in net assets resulting from operations   $ 348,536     $ 3,360  

 

1  For the period September 26, 2023, commencement of operations, to November 30, 2023.
2  Additional information related to non-U.S. taxes is included in the notes to financial statements.
3  Amount less than one thousand.

 

Refer to the notes to financial statements.

 

Capital Group equity exchange-traded funds 29
 

Financial statements (continued)

 

Statements of changes in net assets (dollars in thousands)

 

    Growth
ETF
  Global Growth
Equity
ETF
  International
Focus Equity
ETF
    Six months
ended
November 30,
2023*
    Year ended
May 31,
2023
    Six months
ended
November 30,
2023*
    Year ended
May 31,
2023
    Six months
ended
November 30,
2023*
    Year ended
May 31,
2023
 
Operations:                                                
Net investment income   $ 7,438     $ 7,045     $ 7,550     $ 11,234     $ 8,466     $ 13,135  
Net realized (loss) gain     (408 )     (73,536 )     (14,764 )     (38,597 )     (26,885 )     (38,563 )
Net unrealized appreciation     335,575       250,331       124,705       162,966       42,525       83,988  
Total increase in net assets resulting from operations     342,605       183,840       117,491       135,603       24,106       58,560  
                                                 
Distributions paid to shareholders     (4,946 )     (3,264 )     (8,182 )     (4,483 )     (8,685 )     (5,962 )
                                                 
Net capital share transactions     1,008,453       1,598,275       530,921       1,270,648       442,582       1,057,236  
                                                 
Total increase in net assets     1,346,112       1,778,851       640,230       1,401,768     &nb