a8304c8a-fc63-4539-9e56-8ccfcf31ca25
ANNUAL SHAREHOLDER REPORT
Capital Group International Focus Equity ETF
CGXU
for the year ended May 31, 2026
Stock Exchange:
NYSE Arca, Inc.
TSR - Capital no AF Logo
This annual shareholder report contains important information about Capital Group International Focus Equity ETF (the "fund") for the period from June 1, 2025 to May 31, 2026. You can find additional information about the fund at capitalgroup.com/ETF-literature. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund Cost of $10,000 Investment Costs paid as a percentage of a $10,000 investment
CGXU
$
65		 0.54
%
Management's discussion of fund performance
The fund's shares gained 39.26% on a net asset value (NAV) basis and 39.43% on a market price basis for the year ended May 31, 2026. These results compare with a 32.77% gain for the MSCI ACWI (All Country World Index) ex USA. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/ETF-returns
.
What factors influenced results
During the fund’s fiscal year, international equities posted solid gains, overcoming volatility driven by trade tensions and geopolitical uncertainty. Heavy investment in artificial intelligence continued to boost large-cap technology stocks. Meanwhile, energy shares surged on higher oil prices, driven by the Middle East conflict. European markets rose, aided by stronger domestic demand and a European Central Bank rate cut. Emerging markets also advanced, as strong semiconductor demand supported stocks in South Korea and Taiwan.
Within the fund, most sectors contributed to portfolio returns, led by information technology and materials. Holdings in financials, industrials and communication services were also positive. Geographically, companies based in South Korea, Canada and Japan were among the top contributors.
Conversely, holdings in the health care and consumer discretionary sectors posted negative returns during the period. Investments in companies based in Denmark and Germany detracted from the overall portfolio.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Fund Performance - Growth of 10K
Average annual
total
returns
1 year Since inception
1
Capital Group International Focus Equity ETF (at
NAV)
2
 39.26
%
 10.71
%
MSCI ACWI (All Country World Index) ex
USA
3
 32.77
%
 11.97
%
1
The fund began investment operations on February 22, 2022.
2
Investment results assume all distributions are reinvested and reflect
applicable
fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s):
MSCI
.
The fund’s past performance is not a predictor of its future performance.
The line chart and table do not reflect the
deduction
of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key fund statistics
Fund net assets (in millions)
$
6,221
Total number of portfolio holdings 73
Total advisory fees paid (in millions)
$
24
Portfolio turnover rate 68
%
Portfolio holdings by sector
(percent of net assets)
Graphical Representation - Allocation 1 Chart
Changes in and disagreements with accountants
On July 3, 2025, PricewaterhouseCoopers LLP (“PwC”) was dismissed and Deloitte & Touche LLP
was
appointed as the fund’s independent registered public accounting firm for the fiscal year ending May 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended May 31, 2024 and May 31, 2025 and the subsequent interim period through July 14, 2025, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.
Availability of additional information
Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at
capitalgroup.com/ETF-literature
.
Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. ETMXARX-303-0726 © 2026 Capital Group. All rights reserved.

ITEM 2 - Code of Ethics

The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.


ITEM 3 - Audit Committee Financial Expert

The Registrant's board has determined that Charles E. Andrews, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.


ITEM 4 - Principal Accountant Fees and Services


Registrant1

(a) Audit Fees

(b) Audit-Related Fees

(c) Tax Fees

(d) All Other Fees

May 31, 2026

4,000

None

None

None

May 31, 2025

22,000

None

None

None

Adviser and Affiliates2

 

 

 

 

May 31, 2026

Not Applicable

2,145,000

1,000

93,000

May 31, 2025

Not Applicable

44,000

None

None

Registrant, Adviser and Affiliates3

(g) Aggregate

non-audit fees

May 31, 2026

2,239,000

May 31, 2025

44,000

1The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

2This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant’s investments. The other fees consist of subscription services related to an accounting research tool.

3Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

(e1)(e2)(h) All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre- approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

(f)Not applicable.

(i)Not applicable.

(j)Not applicable.



ITEM 5 - Audit Committee of Listed Registrants

a)  The following individuals are members of the registrant's separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Charles E. Andrews

Joseph J. Bonner

Vanessa C. L. Chang

Sharon I. Meers

Pascal Millaire

William I. Miller

Josette Sheeran

b)  Not applicable


ITEM 6 - Investments

The schedule of investments is included as part of the material filed under Item 7 of this Form.


ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies


 
Capital Group Equity Exchange-Traded Funds
Financial Statements and Other Information
N-CSR Items 7-11
for the year ended May 31, 2026
Lit. No. ETGEFP4-349-0726 © 2026 Capital Group. All rights reserved.
Capital Group Conservative Equity ETF (CGCV)
Investment portfolio May 31, 2026
 
Common stocks 98.01%
 
Shares
Value
(000)
Information technology 24.23%
Microsoft Corp.
227,466
$102,414
Broadcom, Inc.
200,235
89,459
Apple, Inc.
166,701
52,021
Cisco Systems, Inc.
420,046
50,582
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
81,580
34,137
Applied Materials, Inc.
69,984
31,497
Corning, Inc.
112,237
20,333
Texas Instruments, Inc.
63,624
19,448
Amphenol Corp., Class A
106,445
15,835
Accenture PLC, Class A
67,910
12,704
 
 
428,430
 
Health care 12.86%
Eli Lilly and Co.
56,672
62,623
AbbVie, Inc.
172,999
37,665
Gilead Sciences, Inc.
182,091
24,478
Johnson & Johnson
91,120
20,532
CVS Health Corp.
191,552
17,427
Abbott Laboratories
201,748
17,270
UnitedHealth Group, Inc.
41,831
15,909
Danaher Corp.
60,813
11,109
Amgen, Inc.
32,936
11,093
Thermo Fisher Scientific, Inc.
18,664
9,192
Medtronic PLC
1,752
129
 
 
227,427
 
Financials 11.89%
JPMorgan Chase & Co.
129,601
38,791
Wells Fargo & Co.
296,303
22,975
PNC Financial Services Group, Inc.
98,765
21,839
BlackRock, Inc.
17,213
18,020
Progressive Corp.
92,368
17,587
Mastercard, Inc., Class A
35,074
17,326
Truist Financial Corp.
302,686
14,592
Chubb, Ltd.
46,747
14,572
Morgan Stanley
64,993
13,519
Marsh & McLennan Cos., Inc.
65,805
10,527
Fidelity National Information Services, Inc.
241,966
10,402
CME Group, Inc., Class A
37,021
10,127
 
 
210,277
 
Consumer staples 10.58%
Philip Morris International, Inc.
322,280
57,166
Mondelez International, Inc., Class A
601,563
36,798
Coca-Cola Co.
351,965
27,809
British American Tobacco PLC (ADR)
417,162
25,776
Procter & Gamble Co.
110,338
15,840
Altria Group, Inc.
223,586
15,557
Hershey Co.
42,103
8,169
 
 
187,115
 
Industrials 10.49%
General Electric Co.
123,041
39,836
RTX Corp.
187,349
33,659
Carrier Global Corp.
510,193
32,586
Union Pacific Corp.
98,819
25,954
Automatic Data Processing, Inc.
77,891
17,279
 
Capital Group Equity Exchange-Traded Funds
1
Capital Group Conservative Equity ETF (CGCV) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Industrials (continued)
Rolls-Royce Holdings PLC (ADR)
765,755
$13,745
Watsco, Inc.
30,537
11,210
Stanley Black & Decker, Inc.
140,916
11,192
 
 
185,461
 
Utilities 7.81%
CenterPoint Energy, Inc.
661,975
27,975
NextEra Energy, Inc.
277,281
24,126
DTE Energy Co.
115,506
16,502
Dominion Energy, Inc.
243,418
16,295
Public Service Enterprise Group, Inc.
179,635
14,128
Constellation Energy Corp.
48,967
14,090
Atmos Energy Corp.
80,024
13,535
Sempra
128,027
11,411
 
 
138,062
 
Consumer discretionary 5.33%
Starbucks Corp.
424,078
42,051
Home Depot, Inc.
98,305
31,176
McDonald’s Corp.
48,373
13,506
Tractor Supply Co.
239,285
7,545
 
 
94,278
 
Communication services 4.78%
Alphabet, Inc., Class A
115,735
44,019
Meta Platforms, Inc., Class A
64,055
40,515
 
 
84,534
 
Energy 4.62%
Exxon Mobil Corp.
190,291
27,642
TC Energy Corp. (CAD denominated)
307,913
20,516
EOG Resources, Inc.
96,392
12,857
Baker Hughes Co., Class A
188,841
12,063
ConocoPhillips
74,702
8,515
 
 
81,593
 
Materials 3.78%
Linde PLC
55,893
27,817
International Paper Co.
598,435
20,030
Air Products and Chemicals, Inc.
68,184
18,998
 
 
66,845
 
Real estate 1.64%
Welltower, Inc. REIT
84,898
17,432
Prologis, Inc. REIT
80,914
11,609
 
 
29,041
Total common stocks (cost: $1,604,847,000)
1,733,063
 
2
Capital Group Equity Exchange-Traded Funds
Capital Group Conservative Equity ETF (CGCV) (continued)
Short-term securities  2.28%
 
Shares
Value
(000)
Money market investments  2.28%
Capital Group Central Cash Fund 3.67% (a)(b)
403,380
$40,334
Total short-term securities (cost: $40,334,000)
40,334
Total investment securities 100.29% (cost: $1,645,181,000)
1,773,397
Other assets less liabilities (0.29)%
(5,165
)
Net assets 100.00%
$1,768,232
Investments in affiliates (b)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 2.28%
Money market investments 2.28%
Capital Group Central Cash Fund 3.67% (a)
$20,709
$173,386
$153,761
$2
$(2
)
$40,334
$1,155
 
(a)
Rate represents the seven-day yield at 5/31/2026.
(b)
Affiliate of the fund or 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
3
Capital Group Core Equity ETF (CGUS)
Investment portfolio May 31, 2026
 
Common stocks 97.06%
 
Shares
Value
(000)
Information technology 37.08%
NVIDIA Corp.
3,513,106
$741,757
Broadcom, Inc.
1,533,589
685,162
Microsoft Corp.
1,384,169
623,208
Apple, Inc.
956,320
298,429
Applied Materials, Inc.
617,403
277,868
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
630,681
263,908
Seagate Technology Holdings PLC
260,302
229,014
Cisco Systems, Inc.
1,756,264
211,489
Amphenol Corp., Class A
984,032
146,385
Entegris, Inc.
834,045
115,757
Corning, Inc.
413,695
74,945
Salesforce, Inc.
345,676
66,059
KLA Corp.
33,903
65,152
Cognizant Technology Solutions Corp., Class A
1,029,853
57,419
Arista Networks, Inc. (a)
335,622
53,522
Accenture PLC, Class A
285,854
53,475
Intel Corp. (a)
463,037
53,101
 
 
4,016,650
 
Communication services 10.24%
Alphabet, Inc., Class A
917,035
348,785
Alphabet, Inc., Class C
555,339
209,046
Meta Platforms, Inc., Class A
649,023
410,514
Netflix, Inc. (a)
1,642,757
141,310
 
 
1,109,655
 
Industrials 10.07%
RTX Corp.
1,177,935
211,628
General Electric Co.
472,616
153,014
Carrier Global Corp.
2,128,829
135,968
Automatic Data Processing, Inc.
593,690
131,704
XPO, Inc. (a)
491,459
105,295
GFL Environmental, Inc., subordinate voting shares
2,512,149
84,258
Honeywell International, Inc.
319,227
75,931
Uber Technologies, Inc. (a)
1,057,572
74,453
Ingersoll-Rand, Inc.
887,761
63,599
Airbus SE, non-registered shares
262,682
55,059
 
 
1,090,909
 
Financials 9.45%
Mastercard, Inc., Class A
399,661
197,425
JPMorgan Chase & Co.
646,397
193,473
BlackRock, Inc.
160,928
168,472
Wells Fargo & Co.
1,580,220
122,530
Progressive Corp.
407,683
77,623
Goldman Sachs Group, Inc.
74,309
76,209
Visa, Inc., Class A
221,587
72,317
Fidelity National Information Services, Inc.
1,412,891
60,740
Marsh & McLennan Cos., Inc.
339,263
54,272
 
 
1,023,061
 
Consumer discretionary 9.17%
Amazon.com, Inc. (a)
2,016,448
545,732
Starbucks Corp.
1,866,004
185,033
Royal Caribbean Cruises, Ltd.
389,665
110,910
Home Depot, Inc.
278,789
88,415
Viking Holdings, Ltd. (a)
683,110
62,921
 
 
993,011
 
4
Capital Group Equity Exchange-Traded Funds
Capital Group Core Equity ETF (CGUS) (continued)
Common stocks (continued)
 
Shares
Value
(000)
 
Health care 8.51%
Eli Lilly and Co.
384,514
$424,888
Vertex Pharmaceuticals, Inc. (a)
381,723
170,837
UnitedHealth Group, Inc.
367,016
139,580
Abbott Laboratories
776,544
66,472
AbbVie, Inc.
297,813
64,840
CVS Health Corp.
604,740
55,019
 
 
921,636
 
Energy 3.36%
Canadian Natural Resources, Ltd. (CAD denominated)
3,175,785
144,432
Baker Hughes Co., Class A
1,798,866
114,912
TC Energy Corp.
846,343
56,383
Exxon Mobil Corp.
331,611
48,170
 
 
363,897
 
Consumer staples 3.34%
British American Tobacco PLC
3,275,854
202,536
Philip Morris International, Inc.
539,796
95,749
Mondelez International, Inc., Class A
1,040,951
63,675
 
 
361,960
 
Materials 2.80%
Linde PLC
291,596
145,124
Air Products and Chemicals, Inc.
351,265
97,870
International Paper Co.
1,784,253
59,719
 
 
302,713
 
Utilities 1.71%
CenterPoint Energy, Inc.
2,294,303
96,957
Dominion Energy, Inc.
1,324,068
88,633
 
 
185,590
 
Real estate 1.33%
Equinix, Inc. REIT
74,201
79,250
Welltower, Inc. REIT
316,744
65,037
 
 
144,287
Total common stocks (cost: $8,521,939,000)
10,513,369
Short-term securities  2.89%
 
 
 
Money market investments  2.89%
Capital Group Central Cash Fund 3.67% (b)(c)
3,134,116
313,380
Total short-term securities (cost: $313,376,000)
313,380
Total investment securities 99.95% (cost: $8,835,315,000)
10,826,749
Other assets less liabilities 0.05%
5,456
Net assets 100.00%
$10,832,205
 
Capital Group Equity Exchange-Traded Funds
5
Capital Group Core Equity ETF (CGUS) (continued)
Investments in affiliates (c)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 2.89%
Money market investments 2.89%
Capital Group Central Cash Fund 3.67% (b)
$229,801
$1,306,057
$1,222,444
$(20
)
$(14
)
$313,380
$5,570
 
(a)
Non-income producing.
(b)
Rate represents the seven-day yield at 5/31/2026.
(c)
Affiliate of the fund or 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.
 
6
Capital Group Equity Exchange-Traded Funds
Capital Group Dividend Growers ETF (CGDG)
Investment portfolio May 31, 2026
 
Common stocks 98.47%
 
Shares
Value
(000)
Financials 19.97%
DBS Group Holdings, Ltd.
1,428,470
$70,335
UniCredit SpA
744,327
64,454
Truist Financial Corp.
1,328,440
64,044
Japan Post Bank Co., Ltd.
3,114,700
60,020
Zurich Insurance Group AG
75,943
54,193
JPMorgan Chase & Co.
176,479
52,822
Tokio Marine Holdings, Inc.
1,119,300
49,975
PNC Financial Services Group, Inc.
210,903
46,635
Euronext NV
267,121
43,495
Morgan Stanley
208,368
43,340
Wells Fargo & Co.
541,600
41,996
CME Group, Inc., Class A
148,434
40,603
Intact Financial Corp.
192,282
37,779
BNP Paribas SA
325,547
35,295
Munchener Ruckversicherungs-Gesellschaft AG
64,911
34,245
Banco Santander SA
2,681,155
33,550
Bank of America Corp.
608,008
31,373
Hana Financial Group, Inc.
408,074
31,167
Skandinaviska Enskilda Banken AB, Class A
1,454,504
29,128
TPG, Inc., Class A
664,159
28,273
AIA Group, Ltd.
2,618,600
27,483
East West Bancorp, Inc.
217,243
26,621
Progressive Corp.
128,059
24,382
Citizens Financial Group, Inc.
326,219
20,310
NatWest Group PLC
2,339,200
18,882
 
 
1,010,400
 
Information technology 13.25%
Broadcom, Inc.
524,189
234,192
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
510,982
213,820
KLA Corp.
28,567
54,897
Microsoft Corp.
99,986
45,018
TE Connectivity PLC
182,588
38,966
Accenture PLC, Class A
182,273
34,098
Analog Devices, Inc.
68,918
28,522
Samsung Electronics Co., Ltd.
99,938
21,022
 
 
670,535
 
Industrials 11.42%
Marubeni Corp.
2,329,600
76,003
RTX Corp.
357,962
64,312
Mitsubishi Corp.
1,553,700
49,411
RELX PLC
1,494,048
49,295
Paychex, Inc.
448,231
43,469
BAE Systems PLC
1,581,085
43,075
Union Pacific Corp.
152,977
40,178
Northrop Grumman Corp.
61,516
34,675
Watsco, Inc.
90,017
33,045
Epiroc AB, Class A
1,025,991
30,525
Canadian National Railway Co.
247,600
29,319
Airbus SE, non-registered shares
135,086
28,314
Ryanair Holdings PLC (ADR)
461,940
28,077
Deutsche Post AG
469,590
28,044
 
 
577,742
 
Health care 10.48%
AstraZeneca PLC
714,425
132,791
AbbVie, Inc.
367,290
79,966
Royalty Pharma PLC, Class A
972,239
54,212
Roche Holding AG, nonvoting shares
114,404
48,265
 
Capital Group Equity Exchange-Traded Funds
7
Capital Group Dividend Growers ETF (CGDG) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Health care (continued)
Novo Nordisk AS, Class B
935,725
$42,780
Johnson & Johnson
170,968
38,524
Merck & Co., Inc.
313,812
37,256
Abbott Laboratories
417,333
35,724
Amgen, Inc.
101,437
34,163
UnitedHealth Group, Inc.
69,170
26,306
 
 
529,987
 
Consumer staples 9.97%
Philip Morris International, Inc.
1,059,046
187,853
British American Tobacco PLC
1,676,506
103,653
Mondelez International, Inc., Class A
1,164,160
71,212
Nestle SA
634,000
64,525
Danone SA
407,215
28,945
Imperial Brands PLC
717,331
26,044
Carlsberg A/S, Class B
166,551
22,390
 
 
504,622
 
Utilities 7.85%
Iberdrola SA, non-registered shares
3,625,259
82,456
CenterPoint Energy, Inc.
1,246,580
52,680
Engie SA
1,669,195
51,536
Atmos Energy Corp.
248,276
41,991
SSE PLC
1,328,571
41,706
Sempra
417,122
37,178
Exelon Corp.
720,539
32,885
RWE AG
477,172
30,367
Brookfield Infrastructure Partners, LP
669,421
26,182
 
 
396,981
 
Consumer discretionary 7.37%
Royal Caribbean Cruises, Ltd.
186,419
53,061
Industria de Diseno Textil SA
813,367
50,566
Compagnie Generale des Etablissements Michelin
1,208,530
44,417
Home Depot, Inc.
128,951
40,896
Starbucks Corp.
407,053
40,363
Yum! Brands, Inc.
230,168
34,053
LVMH Moet Hennessy-Louis Vuitton SE
59,935
33,070
Evolution AB (a)
430,630
32,499
Amadeus IT Group SA, Class A, non-registered shares
448,938
28,664
Tractor Supply Co.
486,139
15,328
 
 
372,917
 
Energy 6.87%
TotalEnergies SE
1,198,683
105,112
ONEOK, Inc.
833,429
69,958
ConocoPhillips
547,154
62,365
Exxon Mobil Corp.
355,554
51,648
Shell PLC
791,490
33,235
Cenovus Energy, Inc.
920,529
25,413
 
 
347,731
 
Materials 5.43%
Air Products and Chemicals, Inc.
214,901
59,876
Barrick Mining Corp.
1,398,111
59,490
Linde PLC
110,463
54,976
 
8
Capital Group Equity Exchange-Traded Funds
Capital Group Dividend Growers ETF (CGDG) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Materials (continued)
Antofagasta PLC
666,339
$36,774
BASF SE
614,298
36,413
Amcor PLC
694,543
26,962
 
 
274,491
 
Real estate 3.09%
Welltower, Inc. REIT
490,662
100,747
Public Storage REIT
182,804
55,516
 
 
156,263
 
Communication services 2.77%
Koninklijke KPN NV
11,203,471
58,360
T-Mobile US, Inc.
175,655
32,941
NetEase, Inc.
1,088,600
26,962
Comcast Corp., Class A
888,151
22,088
 
 
140,351
Total common stocks (cost: $4,514,044,000)
4,982,020
Short-term securities  1.27%
 
 
 
Money market investments  1.27%
Capital Group Central Cash Fund 3.67% (b)(c)
643,898
64,383
Total short-term securities (cost: $64,378,000)
64,383
Total investment securities 99.74% (cost: $4,578,422,000)
5,046,403
Other assets less liabilities 0.26%
13,283
Net assets 100.00%
$5,059,686
Investments in affiliates (c)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 1.27%
Money market investments 1.27%
Capital Group Central Cash Fund 3.67% (b)
$44,689
$836,660
$816,975
$14
$(5
)
$64,383
$3,750
 
(a)
Non-income producing.
(b)
Rate represents the seven-day yield at 5/31/2026.
(c)
Affiliate of the fund or 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
REIT = Real Estate Investment Trust
Refer to the notes to financial statements.
 
Capital Group Equity Exchange-Traded Funds
9
Capital Group Dividend Value ETF (CGDV)
Investment portfolio May 31, 2026
 
Common stocks 97.93%
 
Shares
Value
(000)
Information technology 34.36%
Microsoft Corp.
4,537,687
$2,043,048
NVIDIA Corp.
9,428,781
1,990,793
Broadcom, Inc.
4,060,210
1,813,980
Applied Materials, Inc.
2,438,597
1,097,515
Cisco Systems, Inc.
8,808,870
1,060,764
Apple, Inc.
2,658,782
829,700
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
1,818,858
761,101
Oracle Corp.
2,493,441
562,969
Seagate Technology Holdings PLC
568,026
499,749
Texas Instruments, Inc.
1,392,675
425,713
Intel Corp. (a)
3,331,955
382,109
Salesforce, Inc.
1,696,842
324,266
Corning, Inc.
1,623,660
294,142
 
 
12,085,849
 
Industrials 12.98%
General Electric Co.
3,348,937
1,084,252
RTX Corp.
5,514,099
990,663
Carrier Global Corp.
14,544,588
928,963
Union Pacific Corp.
2,835,042
744,595
General Dynamics Corp.
846,901
293,722
Illinois Tool Works, Inc.
1,160,681
287,013
Uber Technologies, Inc. (a)
3,361,842
236,674
 
 
4,565,882
 
Health care 9.94%
Eli Lilly and Co.
1,003,229
1,108,568
UnitedHealth Group, Inc.
1,872,895
712,281
AbbVie, Inc.
2,180,525
474,744
Medtronic PLC
5,111,424
377,274
Vertex Pharmaceuticals, Inc. (a)
631,103
282,444
Amgen, Inc.
824,726
277,759
Abbott Laboratories
3,099,182
265,290
 
 
3,498,360
 
Communication services 8.67%
Alphabet, Inc., Class A
3,324,036
1,264,264
Meta Platforms, Inc., Class A
1,850,556
1,170,495
Comcast Corp., Class A
24,814,167
617,128
 
 
3,051,887
 
Consumer discretionary 7.91%
Royal Caribbean Cruises, Ltd.
3,510,796
999,278
Starbucks Corp.
8,008,507
794,124
Amazon.com, Inc. (a)
2,441,474
660,761
McDonald’s Corp.
1,173,698
327,696
 
 
2,781,859
 
Financials 6.27%
Wells Fargo & Co.
9,019,423
699,366
JPMorgan Chase & Co.
2,226,652
666,459
Mastercard, Inc., Class A
928,767
458,793
Apollo Asset Management, Inc.
2,960,487
381,044
 
 
2,205,662
 
10
Capital Group Equity Exchange-Traded Funds
Capital Group Dividend Value ETF (CGDV) (continued)
Common stocks (continued)
 
Shares
Value
(000)
 
Consumer staples 5.99%
British American Tobacco PLC
15,129,756
$935,427
Philip Morris International, Inc.
3,059,990
542,781
Altria Group, Inc.
5,073,713
353,029
Mondelez International, Inc., Class A
4,514,282
276,139
 
 
2,107,376
 
Materials 5.46%
Linde PLC
1,379,980
686,802
International Paper Co.
18,308,174
612,775
Smurfit Westrock PLC
8,777,087
361,177
Air Products and Chemicals, Inc.
935,662
260,694
 
 
1,921,448
 
Energy 4.30%
Exxon Mobil Corp.
3,255,527
472,898
TC Energy Corp. (CAD denominated)
7,032,843
468,601
Canadian Natural Resources, Ltd.
6,342,694
287,768
Diamondback Energy, Inc.
1,485,796
284,500
 
 
1,513,767
 
Real estate 1.03%
Prologis, Inc. REIT
2,533,351
363,460
 
Utilities 1.02%
NextEra Energy, Inc.
4,107,793
357,419
Total common stocks (cost: $28,917,530,000)
34,452,969
Short-term securities  1.98%
 
 
 
Money market investments  1.98%
Capital Group Central Cash Fund 3.67% (b)(c)
6,956,134
695,544
Total short-term securities (cost: $695,544,000)
695,544
Total investment securities 99.91% (cost: $29,613,074,000)
35,148,513
Other assets less liabilities 0.09%
30,243
Net assets 100.00%
$35,178,756
Investments in affiliates (c)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 1.98%
Money market investments 1.98%
Capital Group Central Cash Fund 3.67% (b)
$477,107
$7,685,525
$7,467,006
$(34
)
$(48
)
$695,544
$20,561
 
(a)
Non-income producing.
(b)
Rate represents the seven-day yield at 5/31/2026.
(c)
Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.
 
Capital Group Equity Exchange-Traded Funds
11
Capital Group Dividend Value ETF (CGDV) (continued)
 
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
REIT = Real Estate Investment Trust
Refer to the notes to financial statements.
 
12
Capital Group Equity Exchange-Traded Funds
Capital Group Global Equity ETF (CGGE)
Investment portfolio May 31, 2026
 
Common stocks 96.69%
 
Shares
Value
(000)
Information technology 30.55%
Broadcom, Inc.
324,866
$145,140
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
256,797
107,457
Microsoft Corp.
224,227
100,956
Apple, Inc.
284,422
88,757
SK hynix, Inc.
53,057
82,138
ASML Holding NV
47,368
76,510
NVIDIA Corp.
286,374
60,465
Micron Technology, Inc.
34,836
33,826
SAP SE
163,972
29,694
TDK Corp.
1,106,200
28,533
KLA Corp.
14,702
28,253
Applied Materials, Inc.
39,653
17,846
Keyence Corp.
30,200
15,190
Tokyo Electron, Ltd.
41,300
13,593
Amphenol Corp., Class A
67,301
10,012
Disco Corp.
19,900
8,133
NEC Corp.
292,200
7,528
 
 
854,031
 
Industrials 17.37%
General Electric Co.
172,814
55,950
Safran SA
123,939
44,193
Rolls-Royce Holdings PLC
2,259,482
40,695
GE Vernova, Inc.
37,807
36,609
DSV A/S
95,741
24,048
Hitachi, Ltd.
723,000
23,452
Ingersoll-Rand, Inc.
297,313
21,299
Airbus SE, non-registered shares
92,268
19,340
ABB, Ltd.
168,414
18,042
RTX Corp.
98,591
17,713
Northrop Grumman Corp.
29,716
16,750
Caterpillar, Inc.
18,288
16,018
AMETEK, Inc.
68,475
15,465
Mitsubishi Corp.
478,600
15,221
HEICO Corp.
38,975
13,570
Bombardier, Inc., Class B (a)
60,115
13,560
Siemens AG
40,648
12,792
BAE Systems PLC
467,987
12,750
ITOCHU Corp.
991,600
12,051
United Rentals, Inc.
11,523
11,473
Ryanair Holdings PLC (ADR)
186,726
11,349
Epiroc AB, Class A
329,632
9,807
Paychex, Inc.
92,200
8,942
Rheinmetall AG, non-registered shares
5,069
7,647
IHI Corp.
402,300
6,988
 
 
485,724
 
Financials 13.79%
JPMorgan Chase & Co.
193,308
57,859
DBS Group Holdings, Ltd.
736,900
36,284
UniCredit SpA
357,803
30,983
Mastercard, Inc., Class A
59,822
29,551
Visa, Inc., Class A
64,954
21,198
Standard Chartered PLC
769,934
20,670
Marsh & McLennan Cos., Inc.
119,248
19,076
Hong Kong Exchanges and Clearing, Ltd.
323,300
16,493
AIA Group, Ltd.
1,546,800
16,234
Skandinaviska Enskilda Banken AB, Class A
789,657
15,814
Aon PLC, Class A
47,472
15,004
Euronext NV
90,363
14,714
Deutsche Boerse AG
44,418
12,828
 
Capital Group Equity Exchange-Traded Funds
13
Capital Group Global Equity ETF (CGGE) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Financials (continued)
Munchener Ruckversicherungs-Gesellschaft AG
23,691
$12,499
S&P Global, Inc.
26,581
11,270
Arch Capital Group, Ltd. (a)
117,507
10,498
Japan Post Bank Co., Ltd.
536,200
10,332
Tokio Marine Holdings, Inc.
207,900
9,283
London Stock Exchange Group PLC
71,361
8,670
NatWest Group PLC
1,050,979
8,484
Arthur J. Gallagher & Co.
38,110
7,664
 
 
385,408
 
Communication services 7.24%
Alphabet, Inc., Class A
386,580
147,032
Meta Platforms, Inc., Class A
59,512
37,642
Tencent Holdings, Ltd.
165,000
8,994
Nintendo Co., Ltd.
195,300
8,765
 
 
202,433
 
Health care 7.12%
AstraZeneca PLC
251,455
46,738
Eli Lilly and Co.
20,569
22,729
Amgen, Inc.
64,119
21,595
Abbott Laboratories
215,664
18,461
BeOne Medicines, Ltd. (ADR) (a)
53,619
15,438
AbbVie, Inc.
69,260
15,079
Vertex Pharmaceuticals, Inc. (a)
26,824
12,005
Chugai Pharmaceutical Co., Ltd.
204,500
10,133
Danaher Corp.
54,429
9,943
EssilorLuxottica SA
45,612
9,318
HOYA Corp.
40,100
6,818
Merck & Co., Inc.
46,040
5,466
Novo Nordisk AS, Class B
114,599
5,239
 
 
198,962
 
Consumer discretionary 5.76%
Amazon.com, Inc. (a)
207,020
56,028
Royal Caribbean Cruises, Ltd.
93,311
26,559
LVMH Moet Hennessy-Louis Vuitton SE
30,291
16,714
Hilton Worldwide Holdings, Inc.
48,783
15,984
Industria de Diseno Textil SA
220,371
13,700
Aramark
237,284
12,666
Sony Group Corp.
551,200
11,919
MercadoLibre, Inc. (a)
4,378
7,424
 
 
160,994
 
Utilities 4.48%
Engie SA
1,000,008
30,875
RWE AG
433,230
27,570
CenterPoint Energy, Inc.
416,357
17,596
Constellation Energy Corp.
56,084
16,138
Atmos Energy Corp.
92,769
15,690
Veolia Environnement SA
265,650
10,761
SSE PLC
215,949
6,779
 
 
125,409
 
Consumer staples 4.20%
Philip Morris International, Inc.
169,036
29,984
Danone SA
240,602
17,102
 
14
Capital Group Equity Exchange-Traded Funds
Capital Group Global Equity ETF (CGGE) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Consumer staples (continued)
L’Oreal SA, non-registered shares
33,419
$14,912
Nestle SA
137,248
13,968
British American Tobacco PLC
212,087
13,113
Costco Wholesale Corp.
11,024
10,542
Mondelez International, Inc., Class A
162,935
9,967
Keurig Dr Pepper, Inc.
264,545
7,944
 
 
117,532
 
Energy 2.72%
TotalEnergies SE
425,197
37,286
Exxon Mobil Corp.
80,215
11,652
TC Energy Corp. (CAD denominated)
158,137
10,537
BP PLC
1,208,807
8,494
EQT Corp.
145,565
7,996
 
 
75,965
 
Materials 2.57%
Linde PLC
39,492
19,655
Air Liquide SA
89,639
18,619
Barrick Mining Corp. (CAD denominated)
318,818
13,621
Glencore PLC (a)
1,588,424
12,146
Wheaton Precious Metals Corp. (CAD denominated)
57,440
7,723
 
 
71,764
 
Real estate 0.89%
Welltower, Inc. REIT
121,117
24,869
Total common stocks (cost: $2,358,371,000)
2,703,091
Short-term securities  3.20%
 
 
 
Money market investments  3.20%
Capital Group Central Cash Fund 3.67% (b)(c)
893,969
89,388
Total short-term securities (cost: $89,388,000)
89,388
Total investment securities 99.89% (cost: $2,447,759,000)
2,792,479
Other assets less liabilities 0.11%
3,083
Net assets 100.00%
$2,795,562
Investments in affiliates (c)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 3.20%
Money market investments 3.20%
Capital Group Central Cash Fund 3.67% (b)
$1,094
$392,995
$304,690
$(11
)
$—
(d)
$89,388
$1,643
 
(a)
Non-income producing.
(b)
Rate represents the seven-day yield at 5/31/2026.
(c)
Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.
(d)
Amount less than one thousand.
 
Capital Group Equity Exchange-Traded Funds
15
Capital Group Global Equity ETF (CGGE) (continued)
 
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
REIT = Real Estate Investment Trust
Refer to the notes to financial statements.
 
16
Capital Group Equity Exchange-Traded Funds
Capital Group Global Growth Equity ETF (CGGO)
Investment portfolio May 31, 2026
 
Common stocks 97.31%
 
Shares
Value
(000)
Information technology 39.62%
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
1,789,941
$749,001
Micron Technology, Inc.
663,359
644,122
SK hynix, Inc.
370,688
573,865
Broadcom, Inc.
936,715
418,496
Samsung Electronics Co., Ltd.
1,336,152
281,062
Western Digital Corp.
522,568
277,593
ASML Holding NV
164,332
265,434
Microsoft Corp.
514,186
231,507
NVIDIA Corp.
747,167
157,757
Intel Corp. (a)
967,339
110,934
AppLovin Corp., Class A (a)
148,657
91,140
Ciena Corp. (a)
146,530
85,021
Apple, Inc.
271,014
84,573
Cloudflare, Inc., Class A (a)
296,413
71,679
Corning, Inc.
392,471
71,100
EPAM Systems, Inc. (a)
614,231
62,934
Seagate Technology Holdings PLC
71,156
62,603
Shopify, Inc., Class A, subordinate voting shares (a)
504,703
59,913
Hewlett Packard Enterprise Co.
1,220,467
52,529
Dassault Systemes SE
1,975,694
43,335
Capgemini SE (a)
316,941
37,689
KLA Corp.
19,125
36,753
Ubiquiti, Inc.
58,251
34,010
 
 
4,503,050
 
Industrials 14.31%
Siemens AG
467,263
147,045
Airbus SE, non-registered shares
541,314
113,461
Boeing Co. (The) (a)
450,472
104,127
General Electric Co.
296,841
96,105
Comfort Systems USA, Inc.
52,279
95,577
ATI, Inc. (a)
542,756
95,069
Rocket Lab Corp. (a)
613,243
87,988
Safran SA
246,478
87,886
Ryanair Holdings PLC (ADR)
1,433,591
87,134
GE Vernova, Inc.
88,887
86,071
Saab AB, Class B
1,345,354
82,953
ASSA ABLOY AB, Class B
1,951,425
70,317
TransDigm Group, Inc.
54,995
69,201
Core & Main, Inc., Class A (a)
1,316,475
65,100
Hanwha Aerospace Co., Ltd.
81,155
63,168
DSV A/S
231,783
58,219
FTAI Aviation, Ltd.
223,576
58,206
Bloom Energy Corp., Class A (a)
177,127
50,481
GT Capital Holdings, Inc.
6,334,510
49,362
Copart, Inc. (a)
1,467,076
48,076
Alliance Global Group, Inc.
79,922,900
10,821
 
 
1,626,367
 
Financials 10.62%
Aon PLC, Class A
522,818
165,242
Citigroup, Inc.
1,279,664
161,110
3i Group PLC
4,084,955
125,152
Prudential PLC
8,241,690
118,927
Banco Bilbao Vizcaya Argentaria SA
4,931,422
115,673
Societe Generale
1,275,799
106,592
Visa, Inc., Class A
305,494
99,701
Brookfield Corp., Class A
1,911,820
87,160
Fiserv, Inc. (a)
1,426,141
80,662
 
Capital Group Equity Exchange-Traded Funds
17
Capital Group Global Growth Equity ETF (CGGO) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Financials (continued)
Aviva PLC
7,342,677
$60,636
Adyen NV (a)
54,575
59,792
CVC Capital Partners PLC
1,629,763
26,119
 
 
1,206,766
 
Consumer discretionary 9.70%
Starbucks Corp.
1,579,095
156,583
Prosus NV, Class N
2,423,607
110,305
LKQ Corp.
3,087,345
83,729
Amazon.com, Inc. (a)
307,270
83,160
MercadoLibre, Inc. (a)
47,264
80,143
Booking Holdings, Inc.
438,689
73,450
Chipotle Mexican Grill, Inc. (a)
2,167,878
69,069
General Motors Co.
826,988
68,838
LVMH Moet Hennessy-Louis Vuitton SE
111,293
61,408
MGM China Holdings, Ltd.
43,702,188
59,947
Restaurant Brands International, Inc.
760,633
56,910
Trip.com Group, Ltd. (ADR) (a)
1,102,633
52,298
Compagnie Financiere Richemont SA, Class A
232,614
50,334
Renault SA
1,421,081
49,047
Industria de Diseno Textil SA
756,869
47,054
 
 
1,102,275
 
Health care 8.34%
Vertex Pharmaceuticals, Inc. (a)
288,619
129,169
UnitedHealth Group, Inc.
309,515
117,712
Eli Lilly and Co.
90,722
100,248
Argenx SE (ADR) (a)
98,620
82,445
Thermo Fisher Scientific, Inc.
150,078
73,915
Regeneron Pharmaceuticals, Inc.
105,486
64,851
Sanofi
725,394
63,703
Pfizer, Inc.
2,249,751
58,898
Cigna Group (The)
198,829
55,155
Haleon PLC
10,040,951
45,529
Centene Corp. (a)
730,673
43,548
Novo Nordisk AS, Class B
949,939
43,429
EssilorLuxottica SA
203,606
41,596
Bayer AG
658,435
28,055
 
 
948,253
 
Communication services 5.89%
Alphabet, Inc., Class A
899,192
341,999
Meta Platforms, Inc., Class A
245,057
155,001
Publicis Groupe SA
1,130,421
110,413
Bharti Airtel, Ltd.
3,231,009
62,205
 
 
669,618
 
Consumer staples 3.78%
Nestle SA
1,117,536
113,736
Costco Wholesale Corp.
87,906
84,066
Monster Beverage Corp. (a)
772,970
68,083
Carrefour SA, non-registered shares
3,515,980
65,760
Philip Morris International, Inc.
296,480
52,590
Pernod Ricard SA
612,718
45,325
 
 
429,560
 
18
Capital Group Equity Exchange-Traded Funds
Capital Group Global Growth Equity ETF (CGGO) (continued)
Common stocks (continued)
 
Shares
Value
(000)
 
Materials 3.51%
Lynas Rare Earths, Ltd. (a)
6,074,729
$83,788
Agnico Eagle Mines, Ltd.
451,324
82,981
Linde PLC
156,811
78,043
Vale SA, ordinary nominative shares
3,548,694
58,261
Glencore PLC (a)
6,454,264
49,353
Amcor PLC
1,215,060
47,169
 
 
399,595
 
Energy 1.54%
Canadian Natural Resources, Ltd. (CAD denominated)
2,078,542
94,530
TotalEnergies SE
914,826
80,221
 
 
174,751
Total common stocks (cost: $8,455,361,000)
11,060,235
Short-term securities  1.55%
 
 
 
Money market investments  0.80%
Capital Group Central Cash Fund 3.67% (b)(c)
911,266
91,118
 
Weighted
average yield
at acquisition
Principal amount
(000)
 
Commercial paper  0.75%
Nestle Finance International, Ltd. 6/2/2026
3.478
%
USD
50,000
49,980
OMERS Finance Trust 6/4/2026
3.532
15,000
14,991
OMERS Finance Trust 6/9/2026
3.570
20,000
19,977
 
 
84,948
Total short-term securities (cost: $176,089,000)
176,066
Total investment securities 98.86% (cost: $8,631,450,000)
11,236,301
Other assets less liabilities 1.14%
129,274
Net assets 100.00%
$11,365,575
Investments in affiliates (c)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 0.80%
Money market investments 0.80%
Capital Group Central Cash Fund 3.67% (b)
$714
$2,640,837
$2,550,413
$(21
)
$1
$91,118
$5,828
 
(a)
Non-income producing.
(b)
Rate represents the seven-day yield at 5/31/2026.
(c)
Affiliate of the fund or 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
19
Capital Group Growth ETF (CGGR)
Investment portfolio May 31, 2026
 
Common stocks 97.33%
 
Shares
Value
(000)
Information technology 36.58%
Broadcom, Inc.
2,954,729
$1,320,084
NVIDIA Corp.
5,991,112
1,264,963
Micron Technology, Inc.
1,219,415
1,184,052
Microsoft Corp.
2,367,307
1,065,856
Apple, Inc.
1,413,088
440,968
Cloudflare, Inc., Class A (a)
1,660,281
401,489
Shopify, Inc., Class A, subordinate voting shares (a)
3,339,761
396,463
SK hynix, Inc.
255,754
395,935
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
862,299
360,829
Intel Corp. (a)
2,534,046
290,605
KLA Corp.
147,852
284,129
Strategy, Inc., Class A (a)
1,583,609
251,936
Salesforce, Inc.
1,140,012
217,856
Amphenol Corp., Class A
1,386,028
206,186
ASML Holding NV (ADR)
125,502
202,405
Fair Isaac Corp. (a)
155,499
194,466
AppLovin Corp., Class A (a)
227,874
139,707
Cerebras Systems, Inc., Class A (a)
523,268
124,009
Akamai Technologies, Inc. (a)
796,641
119,130
Constellation Software, Inc.
53,855
110,270
Coherent Corp. (a)
111,681
40,369
 
 
9,011,707
 
Communication services 16.04%
Meta Platforms, Inc., Class A
2,736,941
1,731,143
Alphabet, Inc., Class C
2,176,010
819,116
Alphabet, Inc., Class A
1,958,320
744,827
Netflix, Inc. (a)
5,303,032
456,167
Live Nation Entertainment, Inc. (a)
830,375
139,843
ROBLOX Corp., Class A (a)
1,291,330
60,886
 
 
3,951,982
 
Consumer discretionary 13.78%
Tesla, Inc. (a)
3,285,953
1,431,985
Amazon.com, Inc. (a)
2,441,889
660,873
D.R. Horton, Inc.
1,314,419
193,338
Chipotle Mexican Grill, Inc. (a)
5,895,182
187,820
Royal Caribbean Cruises, Ltd.
649,656
184,912
DoorDash, Inc., Class A (a)
786,893
125,344
Aramark
2,094,251
111,791
Carvana Co., Class A (a)
1,443,520
105,377
NIKE, Inc., Class B
2,179,121
100,741
Burlington Stores, Inc. (a)
286,866
92,896
Hermes International
41,908
79,188
Norwegian Cruise Line Holdings, Ltd. (a)
3,401,785
62,389
Wayfair, Inc., Class A (a)
829,815
59,962
 
 
3,396,616
 
Health care 9.17%
Eli Lilly and Co.
398,841
440,719
Intuitive Surgical, Inc. (a)
981,055
416,595
Vertex Pharmaceuticals, Inc. (a)
846,908
379,025
Alnylam Pharmaceuticals, Inc. (a)
613,330
185,214
UnitedHealth Group, Inc.
361,067
137,317
Amgen, Inc.
397,072
133,730
Thermo Fisher Scientific, Inc.
262,078
129,076
HCA Healthcare, Inc.
290,273
109,880
Moderna, Inc. (a)
2,080,817
98,194
 
20
Capital Group Equity Exchange-Traded Funds
Capital Group Growth ETF (CGGR) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Health care (continued)
Ionis Pharmaceuticals, Inc. (a)
1,150,284
$87,997
Mettler-Toledo International, Inc. (a)
67,285
79,435
Guardant Health, Inc. (a)
472,773
61,314
 
 
2,258,496
 
Industrials 7.88%
TransDigm Group, Inc.
391,432
492,547
General Electric Co.
825,990
267,422
Quanta Services, Inc.
339,652
241,740
Uber Technologies, Inc. (a)
1,999,029
140,732
Caterpillar, Inc.
152,237
133,340
FTAI Aviation, Ltd.
487,404
126,891
Republic Services, Inc.
575,350
115,323
GE Vernova, Inc.
114,976
111,334
Northrop Grumman Corp.
153,233
86,374
United Airlines Holdings, Inc. (a)
720,942
82,764
Airbus SE, non-registered shares
355,235
74,458
Rocket Lab Corp. (a)
447,598
64,221
Bombardier, Inc., Class B (a)
18,400
4,151
 
 
1,941,297
 
Financials 6.20%
Visa, Inc., Class A
1,749,965
571,119
Bank of America Corp.
3,411,655
176,041
KKR & Co., Inc.
1,819,204
174,535
Affirm Holdings, Inc., Class A (a)
1,862,714
137,189
Block, Inc., Class A (a)
1,637,782
124,013
Toast, Inc., Class A (a)
3,679,569
95,779
Apollo Asset Management, Inc.
716,287
92,193
Mastercard, Inc., Class A
174,962
86,428
Rocket Companies, Inc., Class A (a)
4,786,022
69,445
 
 
1,526,742
 
Materials 2.25%
Wheaton Precious Metals Corp.
1,519,317
201,462
Grupo Mexico, SAB de CV, Series B
12,392,418
153,853
Glencore PLC (a)
13,154,430
100,586
Albemarle Corp.
553,879
97,715
 
 
553,616
 
Energy 2.07%
EOG Resources, Inc.
1,405,293
187,438
Baker Hughes Co., Class A
2,264,234
144,639
Diamondback Energy, Inc.
515,967
98,798
Canadian Natural Resources, Ltd. (CAD denominated)
1,771,318
80,558
 
 
511,433
 
Consumer staples 2.05%
Performance Food Group Co. (a)
2,111,551
207,333
Philip Morris International, Inc.
846,853
150,215
Costco Wholesale Corp.
153,538
146,831
 
 
504,379
 
Capital Group Equity Exchange-Traded Funds
21
Capital Group Growth ETF (CGGR) (continued)
Common stocks (continued)
 
Shares
Value
(000)
 
Real estate 0.96%
Welltower, Inc. REIT
598,925
$122,977
Zillow Group, Inc., Class C, nonvoting shares (a)
1,634,516
57,208
CoStar Group, Inc. (a)
1,766,090
56,868
 
 
237,053
 
Utilities 0.35%
Constellation Energy Corp.
297,324
85,555
Total common stocks (cost: $18,379,651,000)
23,978,876
Rights & warrants  0.00%
 
 
 
Information technology 0.00%
Constellation Software, Inc., warrants, expire 3/31/2040 (a)(b)
4,185
—
(c)
Total rights & warrants (cost: $0)
—
(c)
Short-term securities  1.96%
 
 
 
Money market investments  1.96%
Capital Group Central Cash Fund 3.67% (d)(e)
4,839,114
483,863
Total short-term securities (cost: $483,863,000)
483,863
Total investment securities 99.29% (cost: $18,863,514,000)
24,462,739
Other assets less liabilities 0.71%
173,822
Net assets 100.00%
$24,636,561
Investments in affiliates (e)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 1.96%
Money market investments 1.96%
Capital Group Central Cash Fund 3.67% (d)
$419,993
$3,631,061
$3,567,216
$54
$(29
)
$483,863
$12,675
 
(a)
Non-income producing.
(b)
Value determined using significant unobservable inputs.
(c)
Amount less than one thousand.
(d)
Rate represents the seven-day yield at 5/31/2026.
(e)
Affiliate of the fund or 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.
 
22
Capital Group Equity Exchange-Traded Funds
Capital Group International Core Equity ETF (CGIC)
Investment portfolio May 31, 2026
 
Common stocks 97.09%
 
Shares
Value
(000)
Information technology 19.69%
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
263,094
$110,092
MediaTek, Inc.
381,000
52,421
ASML Holding NV
32,039
51,750
Samsung Electronics Co., Ltd.
221,099
46,509
SK hynix, Inc.
27,398
42,415
Broadcom, Inc.
29,388
13,130
ASMPT, Ltd.
497,200
12,308
Tokyo Electron, Ltd.
29,900
9,841
SAP SE
49,112
8,894
Kioxia Holdings Corp. (a)
11,100
4,589
Dassault Systemes SE
195,080
4,279
Lenovo Group, Ltd.
1,334,000
4,085
Shopify, Inc., Class A, subordinate voting shares (CAD denominated) (a)
28,074
3,348
Baidu, Inc., Class A (a)
184,400
3,059
Accton Technology Corp.
39,000
3,025
Jentech Precision Industrial Co., Ltd.
16,000
1,811
 
 
371,556
 
Financials 18.66%
UniCredit SpA
303,067
26,244
DBS Group Holdings, Ltd.
359,600
17,706
CaixaBank SA, non-registered shares
1,285,247
17,390
AIA Group, Ltd.
1,650,000
17,317
HSBC Holdings PLC
767,257
14,400
Japan Post Bank Co., Ltd.
671,800
12,945
BNP Paribas SA
118,864
12,887
Banco Bilbao Vizcaya Argentaria SA
537,011
12,596
Skandinaviska Enskilda Banken AB, Class A
605,329
12,122
Bank Hapoalim BM
422,969
10,876
Societe Generale
125,193
10,460
Prudential PLC
723,461
10,439
KB Financial Group, Inc.
95,405
9,534
Resona Holdings, Inc.
691,100
8,850
PICC Property and Casualty Co., Ltd., Class H
4,680,000
8,689
Euronext NV
52,084
8,481
AXA SA
166,922
7,735
Canadian Imperial Bank of Commerce
68,438
7,471
Deutsche Boerse AG
25,231
7,287
NatWest Group PLC
895,141
7,226
Axis Bank, Ltd.
488,377
6,614
Banco Santander SA
518,769
6,491
Hiscox, Ltd.
250,823
5,908
Bank Leumi le-Israel BM
229,581
5,823
Aviva PLC
687,965
5,681
Zurich Insurance Group AG
7,606
5,428
Mizuho Financial Group, Inc.
115,000
5,195
Tokio Marine Holdings, Inc.
115,400
5,153
Tryg A/S
216,442
5,094
Kotak Mahindra Bank, Ltd.
1,239,505
5,013
Saudi National Bank (The)
444,842
4,671
Credicorp, Ltd.
13,488
4,621
CVC Capital Partners PLC
283,635
4,546
HDFC Bank, Ltd.
506,290
3,968
Hana Financial Group, Inc.
51,406
3,926
Hong Kong Exchanges and Clearing, Ltd.
75,600
3,857
Pluxee NV
278,332
3,850
3i Group PLC
119,957
3,675
Grupo Financiero Banorte, SAB de CV, Series O
348,863
3,638
London Stock Exchange Group PLC
28,693
3,486
XP, Inc., Class A
202,233
3,371
Plus500, Ltd.
52,613
3,140
 
Capital Group Equity Exchange-Traded Funds
23
Capital Group International Core Equity ETF (CGIC) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Financials (continued)
People’s Insurance Co. (Group) of China, Ltd. (The), Class H
4,618,000
$3,052
Etoro Group, Ltd., Class A (a)
68,589
2,879
Abu Dhabi Islamic Bank PJSC
424,307
2,364
 
 
352,099
 
Industrials 13.69%
BAE Systems PLC
1,187,054
32,340
Airbus SE, non-registered shares
94,286
19,762
Ryanair Holdings PLC (ADR)
317,775
19,314
Siemens AG
58,494
18,408
Deutsche Post AG
246,535
14,723
ITOCHU Corp.
845,300
10,273
Safran SA
26,031
9,282
Diploma PLC
94,481
8,894
Hitachi, Ltd.
272,300
8,832
Singapore Technologies Engineering, Ltd.
825,700
7,363
ABB, Ltd.
61,349
6,572
Rolls-Royce Holdings PLC
360,952
6,501
Schneider Electric SE
20,043
6,311
Copa Holdings SA, Class A
43,407
6,202
ASSA ABLOY AB, Class B
169,471
6,107
Techtronic Industries Co., Ltd.
406,000
6,025
DSV A/S
23,973
6,021
Deutsche Lufthansa AG
585,911
5,864
Recruit Holdings Co., Ltd.
87,600
5,814
Mitsui & Co., Ltd.
158,400
5,261
Komatsu, Ltd.
121,200
5,005
VAT Group AG
6,071
4,751
SPIE SA
79,903
4,557
RELX PLC
129,388
4,269
Bombardier, Inc., Class B (a)
17,971
4,054
Hanwha Aerospace Co., Ltd.
4,991
3,885
Contemporary Amperex Technology Co., Ltd., Class A
59,600
3,733
Kingspan Group PLC
40,465
3,710
Daikin Industries, Ltd.
23,000
3,363
SGH, Ltd.
111,779
3,310
SMC Corp.
7,100
3,081
Taisei Corp.
29,400
2,586
Fujikura, Ltd.
72,300
2,166
 
 
258,339
 
Materials 8.33%
Glencore PLC (a)
2,666,704
20,391
Barrick Mining Corp.
462,432
19,677
BASF SE
253,555
15,030
Vale SA (ADR), ordinary nominative shares
761,420
12,373
Agnico Eagle Mines, Ltd.
53,534
9,843
Heidelberg Materials AG, non-registered shares
42,148
9,380
Valterra Platinum, Ltd.
110,710
9,217
Amcor PLC
120,086
4,662
Amcor PLC (CDI)
104,070
4,109
Mitsubishi Chemical Group Corp.
926,200
6,670
Norsk Hydro ASA
526,770
6,449
Linde PLC
12,864
6,402
Nutrien, Ltd.
78,752
5,393
Southern Copper Corp.
26,652
5,098
Grupo Mexico, SAB de CV, Series B
390,226
4,845
Pan American Silver Corp.
76,428
4,356
Anhui Conch Cement Co., Ltd., Class H
1,769,000
4,296
 
24
Capital Group Equity Exchange-Traded Funds
Capital Group International Core Equity ETF (CGIC) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Materials (continued)
Impala Platinum Holdings, Ltd.
266,820
$3,815
Saudi Basic Industries Corp., non-registered shares
191,171
2,914
Aura Minerals, Inc.
30,585
2,363
 
 
157,283
 
Consumer staples 7.46%
British American Tobacco PLC
380,546
23,528
Nestle SA
191,126
19,452
KT&G Corp.
144,659
17,730
Philip Morris International, Inc.
99,637
17,674
Imperial Brands PLC
241,151
8,755
Arca Continental, SAB de CV
669,248
8,690
Carrefour SA, non-registered shares
439,292
8,216
Carlsberg A/S, Class B
58,149
7,817
L’Oreal SA, non-registered shares
17,080
7,621
Pernod Ricard SA
76,240
5,640
Danone SA
70,824
5,034
Diageo PLC
237,487
4,911
Anheuser-Busch InBev SA/NV
47,630
3,833
Ocado Group PLC (a)
624,988
1,877
 
 
140,778
 
Consumer discretionary 7.09%
Industria de Diseno Textil SA
407,007
25,303
Trip.com Group, Ltd. (ADR) (a)
277,684
13,171
Prosus NV, Class N
209,956
9,556
H World Group, Ltd. (ADR)
188,848
8,478
Compagnie Generale des Etablissements Michelin
225,848
8,301
Renault SA
233,679
8,065
MGM China Holdings, Ltd.
5,506,400
7,553
LVMH Moet Hennessy-Louis Vuitton SE
13,545
7,474
Nitori Holdings Co., Ltd.
448,400
7,372
Compagnie Financiere Richemont SA, Class A
30,720
6,647
Amadeus IT Group SA, Class A, non-registered shares
87,007
5,555
ANTA Sports Products, Ltd.
502,400
4,859
Paltac Corp.
111,100
4,625
Moncler SpA
55,224
3,598
InterContinental Hotels Group PLC
23,310
3,593
Entain PLC
478,550
3,440
Li Ning Co., Ltd.
1,404,500
3,262
Hyundai Motor Co.
6,038
2,897
 
 
133,749
 
Communication services 6.27%
Koninklijke KPN NV
3,351,351
17,458
Orange
746,079
15,607
Singapore Telecommunications, Ltd.
3,977,900
13,527
Tencent Holdings, Ltd.
234,200
12,767
BT Group PLC
4,419,216
12,426
Bharti Airtel, Ltd.
450,860
8,680
NetEase, Inc.
306,800
7,599
America Movil, SAB de CV, Class B (ADR)
177,301
4,500
MTN Group, Ltd.
332,542
4,446
Nintendo Co., Ltd.
91,700
4,116
Nippon Television Holdings, Inc.
228,500
4,074
Publicis Groupe SA
38,859
3,795
 
Capital Group Equity Exchange-Traded Funds
25
Capital Group International Core Equity ETF (CGIC) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Communication services (continued)
Swisscom AG
4,364
$3,738
Advanced Info Service PCL, foreign registered shares
310,800
3,371
HYBE Co., Ltd.
15,405
2,249
 
 
118,353
 
Energy 5.42%
TotalEnergies SE
432,085
37,889
Cenovus Energy, Inc.
510,002
14,079
Canadian Natural Resources, Ltd. (CAD denominated)
279,611
12,717
Cameco Corp.
101,587
11,415
Shell PLC
210,598
8,843
SLB, Ltd.
81,724
4,458
Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares
208,250
3,909
Tourmaline Oil Corp.
76,681
3,505
TC Energy Corp. (CAD denominated)
44,444
2,961
Gaztransport & Technigaz SA
10,842
2,503
 
 
102,279
 
Health care 5.27%
AstraZeneca PLC
185,924
34,558
Sanofi
183,623
16,125
Roche Holding AG, nonvoting shares
33,755
14,241
Novo Nordisk AS, Class B
240,383
10,990
Bayer AG
185,183
7,890
Takeda Pharmaceutical Co., Ltd.
195,200
6,273
EssilorLuxottica SA
24,741
5,054
Chugai Pharmaceutical Co., Ltd.
68,200
3,380
Grifols SA, Class B (ADR)
120,713
948
 
 
99,459
 
Utilities 3.55%
SSE PLC
657,967
20,655
Engie SA
488,859
15,093
RWE AG
183,350
11,668
Iberdrola SA, non-registered shares
457,241
10,400
Brookfield Infrastructure Partners, LP
131,725
5,152
Adani Power, Ltd. (a)
1,587,336
4,066
 
 
67,034
 
Real estate 1.66%
Mitsubishi Estate Co., Ltd.
430,900
10,974
CK Asset Holdings, Ltd.
1,156,000
6,983
China Resources Land, Ltd.
1,178,000
5,309
Link REIT
949,500
4,892
Prologis Property Mexico, SA de CV, REIT
653,381
3,142
 
 
31,300
Total common stocks (cost: $1,587,716,000)
1,832,229
 
26
Capital Group Equity Exchange-Traded Funds
Capital Group International Core Equity ETF (CGIC) (continued)
Short-term securities  2.91%
 
Shares
Value
(000)
Money market investments  2.91%
Capital Group Central Cash Fund 3.67% (b)(c)
549,567
$54,951
Total short-term securities (cost: $54,952,000)
54,951
Total investment securities 100.00% (cost: $1,642,668,000)
1,887,180
Other assets less liabilities 0.00%
77
Net assets 100.00%
$1,887,257
Investments in affiliates (c)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 2.91%
Money market investments 2.91%
Capital Group Central Cash Fund 3.67% (b)
$6,696
$256,825
$208,567
$(2
)
$(1
)
$54,951
$806
 
(a)
Non-income producing.
(b)
Rate represents the seven-day yield at 5/31/2026.
(c)
Affiliate of the fund or 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
CDI = CREST Depository Interest
REIT = Real Estate Investment Trust
Refer to the notes to financial statements.
 
Capital Group Equity Exchange-Traded Funds
27
Capital Group International Equity ETF (CGIE)
Investment portfolio May 31, 2026
 
Common stocks 96.61%
 
Shares
Value
(000)
Industrials 25.17%
Rolls-Royce Holdings PLC
2,809,753
$50,606
Safran SA
124,223
44,294
BAE Systems PLC
1,477,504
40,253
DSV A/S
157,912
39,664
Airbus SE, non-registered shares
188,826
39,578
ABB, Ltd.
353,700
37,892
Mitsubishi Corp.
1,157,500
36,811
Hitachi, Ltd.
941,900
30,552
Marubeni Corp.
929,500
30,325
Siemens AG
88,556
27,868
Recruit Holdings Co., Ltd.
418,500
27,775
Schneider Electric SE
81,958
25,806
Ryanair Holdings PLC (ADR)
398,386
24,214
ITOCHU Corp.
1,885,400
22,913
Compagnie de Saint-Gobain SA, non-registered shares
202,154
18,453
Mitsubishi Electric Corp.
430,400
17,722
MTU Aero Engines AG
47,170
17,237
Kingspan Group PLC
185,644
17,020
Daikin Industries, Ltd.
108,000
15,790
 
 
564,773
 
Financials 20.66%
Skandinaviska Enskilda Banken AB, Class A
2,399,206
48,046
UniCredit SpA
515,817
44,666
Hong Kong Exchanges and Clearing, Ltd.
715,400
36,496
Euronext NV
221,954
36,141
Resona Holdings, Inc.
2,809,000
35,971
DBS Group Holdings, Ltd.
644,000
31,709
AIA Group, Ltd.
2,746,200
28,822
Banco Santander SA
2,281,413
28,548
NatWest Group PLC
3,439,044
27,760
Banco Bilbao Vizcaya Argentaria SA
1,147,826
26,924
Deutsche Boerse AG
81,912
23,656
Munchener Ruckversicherungs-Gesellschaft AG
43,943
23,183
BNP Paribas SA
193,222
20,949
Tokio Marine Holdings, Inc.
440,800
19,681
Standard Chartered PLC
679,639
18,246
London Stock Exchange Group PLC
104,704
12,721
 
 
463,519
 
Information technology 17.76%
ASML Holding NV
65,589
105,941
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
156,290
65,400
SK hynix, Inc.
28,611
44,293
SAP SE
212,526
38,487
Tokyo Electron, Ltd.
110,500
36,370
Halma PLC
480,525
30,298
Keyence Corp.
50,800
25,552
Shopify, Inc., Class A, subordinate voting shares (a)
198,017
23,507
Fujitsu, Ltd.
685,700
14,501
Disco Corp.
34,300
14,018
 
 
398,367
 
Health care 7.11%
AstraZeneca PLC
324,571
60,329
Chugai Pharmaceutical Co., Ltd.
551,600
27,333
Novo Nordisk AS, Class B
477,323
21,822
 
28
Capital Group Equity Exchange-Traded Funds
Capital Group International Equity ETF (CGIE) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Health care (continued)
HOYA Corp.
116,300
$19,775
EssilorLuxottica SA
93,126
19,025
BeOne Medicines, Ltd. (ADR) (a)
38,688
11,139
 
 
159,423
 
Consumer staples 6.56%
Nestle SA
315,965
32,157
British American Tobacco PLC
476,864
29,483
L’Oreal SA, non-registered shares
59,523
26,559
Imperial Brands PLC
587,704
21,338
Anheuser-Busch InBev SA/NV
259,897
20,917
Danone SA
236,177
16,788
 
 
147,242
 
Utilities 6.10%
Engie SA
1,576,957
48,688
RWE AG
749,499
47,697
Iberdrola SA, non-registered shares
1,778,150
40,444
 
 
136,829
 
Consumer discretionary 4.78%
Amadeus IT Group SA, Class A, non-registered shares
420,405
26,842
Industria de Diseno Textil SA
426,586
26,520
Sony Group Corp.
1,094,300
23,664
LVMH Moet Hennessy-Louis Vuitton SE
36,176
19,961
MercadoLibre, Inc. (a)
6,084
10,316
 
 
107,303
 
Materials 3.80%
Barrick Mining Corp.
575,743
24,498
Glencore PLC (a)
3,185,662
24,359
Antofagasta PLC
349,253
19,274
Shin-Etsu Chemical Co., Ltd.
353,300
17,210
 
 
85,341
 
Energy 3.55%
TotalEnergies SE
907,746
79,600
 
Communication services 1.12%
Tencent Holdings, Ltd.
265,500
14,473
Nintendo Co., Ltd.
238,900
10,722
 
 
25,195
Total common stocks (cost: $1,890,192,000)
2,167,592
Short-term securities  3.17%
 
 
 
Money market investments  3.17%
Capital Group Central Cash Fund 3.67% (b)(c)
710,429
71,036
Total short-term securities (cost: $71,036,000)
71,036
Total investment securities 99.78% (cost: $1,961,228,000)
2,238,628
Other assets less liabilities 0.22%
5,009
Net assets 100.00%
$2,243,637
 
Capital Group Equity Exchange-Traded Funds
29
Capital Group International Equity ETF (CGIE) (continued)
Investments in affiliates (c)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 3.17%
Money market investments 3.17%
Capital Group Central Cash Fund 3.67% (b)
$31,921
$321,182
$282,066
$1
$(2
)
$71,036
$1,745
 
(a)
Non-income producing.
(b)
Rate represents the seven-day yield at 5/31/2026.
(c)
Affiliate of the fund or 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
Refer to the notes to financial statements.
 
30
Capital Group Equity Exchange-Traded Funds
Capital Group International Focus Equity ETF (CGXU)
Investment portfolio May 31, 2026
 
Common stocks 95.50%
 
Shares
Value
(000)
Information technology 20.26%
Taiwan Semiconductor Manufacturing Co., Ltd.
5,654,000
$425,059
SK hynix, Inc.
131,419
203,451
Samsung Electronics Co., Ltd.
918,055
193,114
ASML Holding NV
93,769
151,459
Tokyo Electron, Ltd.
432,000
142,187
ARM Holdings PLC (ADR) (a)
275,997
97,507
Murata Manufacturing Co., Ltd.
781,900
47,253
 
 
1,260,030
 
Industrials 15.22%
Airbus SE, non-registered shares
625,266
131,057
Hitachi, Ltd.
3,114,800
101,033
Recruit Holdings Co., Ltd.
1,404,100
93,186
Techtronic Industries Co., Ltd.
4,863,500
72,175
Vestas Wind Systems AS
2,406,898
67,631
Rolls-Royce Holdings PLC
3,734,937
67,269
MTU Aero Engines AG
169,596
61,976
Diploma PLC
608,525
57,283
Siemens AG
146,554
46,120
Melrose Industries PLC
7,031,684
44,573
Marubeni Corp.
1,315,700
42,925
Localiza Rent a Car SA, ordinary nominative shares
4,732,731
39,423
RELX PLC
1,173,616
38,722
Siemens Energy AG
166,834
31,766
WEG SA
3,037,912
26,558
IHI Corp.
1,443,500
25,074
 
 
946,771
 
Materials 14.15%
First Quantum Minerals, Ltd. (a)
10,342,842
318,391
Grupo Mexico, SAB de CV, Series B
9,075,055
112,667
Anglo American PLC
1,950,291
104,743
Lundin Mining Corp.
3,316,115
99,052
Ivanhoe Mines, Ltd., Class A (a)
8,377,007
74,191
Shin-Etsu Chemical Co., Ltd.
1,153,800
56,203
Glencore PLC (a)
5,668,648
43,346
Nippon Steel Corp.
11,072,300
39,391
Buzzi SpA
587,903
31,886
 
 
879,870
 
Financials 12.36%
Mizuho Financial Group, Inc.
2,011,600
90,877
Banco Bilbao Vizcaya Argentaria SA
3,789,464
88,887
KB Financial Group, Inc.
769,563
76,905
3i Group PLC
2,455,177
75,220
Nu Holdings, Ltd., Class A (a)
5,444,073
71,481
AIA Group, Ltd.
6,494,200
68,158
Standard Chartered PLC
2,467,571
66,245
Tokio Marine Holdings, Inc.
1,396,600
62,357
Munchener Ruckversicherungs-Gesellschaft AG
112,199
59,192
Japan Post Bank Co., Ltd.
2,419,000
46,614
Brookfield Corp., Class A (CAD denominated)
726,870
33,115
Abu Dhabi Islamic Bank PJSC
5,366,719
29,894
 
 
768,945
 
Communication services 9.82%
SoftBank Group Corp.
8,412,200
395,666
Tencent Holdings, Ltd.
1,452,100
79,156
 
Capital Group Equity Exchange-Traded Funds
31
Capital Group International Focus Equity ETF (CGXU) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Communication services (continued)
Bharti Airtel, Ltd.
3,655,615
$70,380
Singapore Telecommunications, Ltd.
11,648,400
39,612
Publicis Groupe SA
269,489
26,322
 
 
611,136
 
Consumer discretionary 7.01%
Compagnie Financiere Richemont SA, Class A
336,488
72,811
Fast Retailing Co., Ltd.
126,700
65,496
Moncler SpA
981,314
63,938
MercadoLibre, Inc. (a)
25,317
42,929
Hyundai Motor Co.
86,271
41,389
Maruti Suzuki India, Ltd.
288,226
39,827
Industria de Diseno Textil SA
617,370
38,381
Sea, Ltd., Class A (ADR) (a)
421,709
38,177
Kering SA
111,677
33,262
 
 
436,210
 
Energy 6.50%
Canadian Natural Resources, Ltd. (CAD denominated)
4,105,088
186,697
Cenovus Energy, Inc.
5,052,981
139,496
Reliance Industries, Ltd.
5,616,943
78,117
 
 
404,310
 
Consumer staples 4.15%
British American Tobacco PLC (ADR)
1,451,713
89,701
Nestle SA
639,567
65,092
L’Oreal SA, non-registered shares
96,632
43,118
Danone SA
479,476
34,081
JBS NV (BDR)
2,168,831
26,226
 
 
258,218
 
Health care 3.63%
Novo Nordisk AS, Class B
3,342,101
152,794
Argenx SE, non-registered shares (a)
87,507
73,040
 
 
225,834
 
Utilities 2.40%
Engie SA
2,266,507
69,977
Gulf Development PCL
25,392,467
48,374
SSE PLC
980,251
30,772
 
 
149,123
Total common stocks (cost: $4,269,305,000)
5,940,447
Preferred securities 0.70%
 
 
 
Financials 0.70%
Itau Unibanco Holding SA, preferred nominative shares
5,539,968
43,972
Total preferred securities (cost: $47,699,000)
43,972
 
32
Capital Group Equity Exchange-Traded Funds
Capital Group International Focus Equity ETF (CGXU) (continued)
Short-term securities  3.67%
 
Shares
Value
(000)
Money market investments  3.67%
Capital Group Central Cash Fund 3.67% (b)(c)
2,282,700
$228,247
Total short-term securities (cost: $228,246,000)
228,247
Total investment securities 99.87% (cost: $4,545,250,000)
6,212,666
Other assets less liabilities 0.13%
7,861
Net assets 100.00%
$6,220,527
Investments in affiliates (c)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 3.67%
Money market investments 3.67%
Capital Group Central Cash Fund 3.67% (b)
$140,081
$1,753,459
$1,665,310
$26
$(9
)
$228,247
$4,416
 
(a)
Non-income producing.
(b)
Rate represents the seven-day yield at 5/31/2026.
(c)
Affiliate of the fund or 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
BDR = Brazilian Depositary Receipts
CAD = Canadian dollars
Refer to the notes to financial statements.
 
Capital Group Equity Exchange-Traded Funds
33
Capital Group New Geography Equity ETF (CGNG)
Investment portfolio May 31, 2026
 
Common stocks 96.42%
 
Shares
Value
(000)
Information technology 34.04%
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
609,505
$255,047
SK hynix, Inc.
115,770
179,225
Samsung Electronics Co., Ltd.
294,785
62,009
Broadcom, Inc.
116,347
51,980
NVIDIA Corp.
173,445
36,621
Microsoft Corp.
70,116
31,569
ASML Holding NV
12,850
20,756
ASML Holding NV (ADR)
3,530
5,693
Tokyo Electron, Ltd.
64,000
21,065
MediaTek, Inc.
145,000
19,950
Delta Electronics, Inc.
240,000
18,732
KLA Corp.
7,736
14,866
Elite Material Co., Ltd.
78,000
12,749
Corning, Inc.
68,216
12,358
Accton Technology Corp.
125,000
9,697
Baidu, Inc., Class A (a)
570,100
9,457
NAURA Technology Group Co., Ltd., Class A
79,600
7,407
Zhongji Innolight Co., Ltd., Class A
42,000
7,205
Micron Technology, Inc.
6,741
6,545
Cloudflare, Inc., Class A (a)
26,994
6,528
eMemory Technology, Inc.
55,000
5,987
Seagate Technology Holdings PLC
6,182
5,439
ASE Technology Holding Co., Ltd.
238,000
4,642
Xiaomi Corp., Class B (a)
1,196,400
4,281
Intel Corp. (a)
34,859
3,998
Kokusai Electric Corp.
68,300
3,521
Apple, Inc.
10,366
3,235
Capgemini SE (a)
26,126
3,107
Credo Technology Group Holding, Ltd. (a)
10,588
2,499
Jentech Precision Industrial Co., Ltd.
21,000
2,376
 
 
828,544
 
Financials 14.69%
Banco Bilbao Vizcaya Argentaria SA
1,142,834
26,807
Nu Holdings, Ltd., Class A (a)
1,309,451
17,193
AIA Group, Ltd.
1,508,400
15,831
Samsung Life Insurance Co., Ltd.
60,968
15,717
Abu Dhabi Islamic Bank PJSC
2,682,012
14,939
Mastercard, Inc., Class A
24,628
12,166
Capitec Bank Holdings, Ltd.
43,126
11,862
PICC Property and Casualty Co., Ltd., Class H
5,958,000
11,062
Eurobank SA
2,222,110
10,344
UniCredit SpA
113,831
9,857
Banco Santander SA
766,701
9,594
Hana Financial Group, Inc.
122,832
9,382
Shinhan Financial Group Co., Ltd.
146,521
9,101
Standard Chartered PLC
334,615
8,983
Axis Bank, Ltd.
613,083
8,303
Bajaj Finance, Ltd. (a)
838,072
8,012
XP, Inc., Class A
433,200
7,222
Shriram Finance, Ltd.
694,468
6,924
Aon PLC, Class A
21,646
6,842
KB Financial Group, Inc.
68,149
6,810
Emirates NBD Bank PJSC
904,730
6,803
Banco BTG Pactual SA, units
626,403
6,674
BSE, Ltd. (a)
151,361
6,606
Kotak Mahindra Bank, Ltd.
1,569,495
6,347
National Bank of Greece SA
354,069
6,123
Credicorp, Ltd.
17,509
5,999
3i Group PLC
192,781
5,906
Saudi Awwal Bank SJSC, non-registered shares
642,625
5,843
OTP Bank PLC
42,435
5,814
 
34
Capital Group Equity Exchange-Traded Funds
Capital Group New Geography Equity ETF (CGNG) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Financials (continued)
Cholamandalam Investment and Finance Co., Ltd.
350,675
$5,676
HSBC Holdings PLC
290,460
5,451
FirstRand, Ltd.
916,829
5,223
Saudi National Bank (The)
409,290
4,297
Visa, Inc., Class A
12,877
4,203
Al Rajhi Banking and Investment Corp., non-registered shares
228,297
4,052
Bank of the Philippine Islands
2,647,490
4,036
Samsung Fire & Marine Insurance Co., Ltd.
9,988
3,771
Yapi ve Kredi Bankasi AS (a)
5,090,072
3,678
B3 SA - Brasil, Bolsa, Balcao
1,027,061
3,359
Futu Holdings, Ltd. (ADR)
32,238
3,355
Erste Group Bank AG
27,696
3,327
People’s Insurance Co. (Group) of China, Ltd. (The), Class H
4,963,000
3,280
Hong Kong Exchanges and Clearing, Ltd.
63,900
3,260
Commercial International Bank - Egypt (CIB) SAE (GDR)
1,271,093
3,095
Brookfield Corp., Class A
67,141
3,061
Akbank TAS
2,184,161
3,046
ICICI Bank, Ltd.
227,705
3,012
Kaspi.kz JSC (ADR)
31,015
2,804
Vietnam Technological and Commercial JSCB (The)
2,060,500
2,565
 
 
357,617
 
Industrials 10.34%
Contemporary Amperex Technology Co., Ltd., Class A
396,000
24,807
Airbus SE, non-registered shares
107,436
22,519
Rolls-Royce Holdings PLC
1,137,271
20,483
Weichai Power Co., Ltd., Class A
2,016,900
10,531
Weichai Power Co., Ltd., Class H
1,269,000
6,742
Hitachi, Ltd.
401,100
13,010
General Electric Co.
38,190
12,364
Copa Holdings SA, Class A
81,544
11,652
International Container Terminal Services, Inc.
937,890
11,458
GE Vernova, Inc.
8,995
8,710
Techtronic Industries Co., Ltd.
574,000
8,518
BAE Systems PLC
309,636
8,436
Localiza Rent a Car SA, ordinary nominative shares
994,246
8,282
Rumo SA
2,698,845
7,340
Aselan Elektronik Sanayi ve Ticaret AS
853,999
7,076
IHI Corp.
378,000
6,566
WEG SA
699,925
6,119
AGCO Corp.
54,199
6,085
Mitsui & Co., Ltd.
174,300
5,789
Shenzhen Inovance Technology Co., Ltd., Class A
488,700
5,340
Adani Ports & Special Economic Zone, Ltd.
275,015
5,224
Hanwha Aerospace Co., Ltd.
6,181
4,811
HD Hyundai Marine Solution Co., Ltd.
27,732
4,122
TransDigm Group, Inc.
3,206
4,034
Daikin Industries, Ltd.
26,400
3,860
Larsen & Toubro, Ltd.
86,735
3,722
Mitsubishi Heavy Industries, Ltd.
119,100
2,846
Leonardo SpA
41,119
2,610
Uber Technologies, Inc. (a)
36,362
2,560
Ayala Corp.
314,450
2,229
Kanzhun, Ltd., Class A (ADR)
153,638
2,085
Grab Holdings, Ltd., Class A (a)
513,197
1,817
 
 
251,747
 
Communication services 8.80%
Tencent Holdings, Ltd.
897,028
48,898
Alphabet, Inc., Class A
80,100
30,465
Alphabet, Inc., Class C
36,476
13,731
 
Capital Group Equity Exchange-Traded Funds
35
Capital Group New Geography Equity ETF (CGNG) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Communication services (continued)
Bharti Airtel, Ltd.
1,364,213
$26,265
Meta Platforms, Inc., Class A
37,393
23,651
MTN Group, Ltd.
1,592,643
21,294
NetEase, Inc. (ADR)
75,698
9,297
NetEase, Inc.
362,100
8,968
KT Corp. (ADR)
475,061
8,466
Baidu, Inc., Class A (ADR) (a)
42,129
5,700
True Corp. PCL, foreign registered shares
10,467,900
4,439
True Corp. PCL, nonvoting depository receipts
396,000
168
Telkom Indonesia (Persero) Tbk PT, Class B
24,979,900
4,236
America Movil, SAB de CV, Class B (ADR)
145,434
3,691
Advanced Info Service PCL, foreign registered shares
263,300
2,856
ROBLOX Corp., Class A (a)
45,009
2,122
 
 
214,247
 
Consumer discretionary 8.41%
MercadoLibre, Inc. (a)
18,984
32,190
Midea Group Co., Ltd., Class A
1,837,400
21,948
Alibaba Group Holding, Ltd. (ADR)
144,756
17,981
Trip.com Group, Ltd. (ADR) (a)
230,144
10,916
Compagnie Financiere Richemont SA, Class A
48,581
10,512
Eicher Motors, Ltd.
121,574
9,185
H World Group, Ltd. (ADR)
185,535
8,329
Hyundai Mobis Co., Ltd.
15,944
8,125
LVMH Moet Hennessy-Louis Vuitton SE
14,300
7,890
Ryohin Keikaku Co., Ltd.
285,800
6,968
Pop Mart International Group, Ltd.
285,000
6,306
TVS Motor Co., Ltd.
159,165
5,622
Galaxy Entertainment Group, Ltd.
1,343,000
5,367
BYD Co., Ltd., Class H
453,300
5,281
Jumbo SA
176,861
4,802
Vibra Energia SA
809,327
4,773
Hyundai Motor Co.
7,949
3,814
Royal Caribbean Cruises, Ltd.
13,093
3,727
Sea, Ltd., Class A (ADR) (a)
40,068
3,627
Tesla, Inc. (a)
8,070
3,517
Naspers, Ltd., Class N
64,636
3,397
Li Ning Co., Ltd.
1,391,000
3,230
Inchcape PLC
279,112
3,178
Maruti Suzuki India, Ltd.
22,905
3,165
Wynn Resorts, Ltd.
30,814
3,119
PDD Holdings, Inc. (ADR) (a)
36,568
3,088
Moncler SpA
39,255
2,558
Fuyao Glass Industry Group Co., Ltd., Class A
282,100
2,195
 
 
204,810
 
Materials 8.01%
Grupo Mexico, SAB de CV, Series B
2,213,232
27,477
Vale SA (ADR), ordinary nominative shares
1,239,578
20,143
APL Apollo Tubes, Ltd.
561,392
10,821
First Quantum Minerals, Ltd. (a)
348,930
10,741
Glencore PLC (a)
1,315,794
10,061
Barrick Mining Corp.
227,878
9,696
Southern Copper Corp.
47,390
9,066
Lundin Mining Corp.
270,720
8,086
Amcor PLC (CDI)
164,477
6,495
BASF SE
107,445
6,369
Aura Minerals, Inc.
81,021
6,261
Valterra Platinum, Ltd.
70,847
5,899
Impala Platinum Holdings, Ltd.
391,361
5,596
Freeport-McMoRan, Inc.
81,928
5,384
 
36
Capital Group Equity Exchange-Traded Funds
Capital Group New Geography Equity ETF (CGNG) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Materials (continued)
Siam Cement PCL, foreign registered shares
650,500
$4,537
Suzano SA
529,870
4,402
Wheaton Precious Metals Corp. (CAD denominated)
31,629
4,253
Anglo American PLC
79,096
4,248
Corteva, Inc.
54,088
4,234
Zijin Gold International Co., Ltd. (a)
249,500
4,129
Anhui Conch Cement Co., Ltd., Class H
1,681,000
4,082
Nutrien, Ltd.
50,717
3,473
Saudi Basic Industries Corp., non-registered shares
213,630
3,256
Sasol, Ltd. (a)
233,444
2,899
Pan American Silver Corp.
50,715
2,890
LG Chem, Ltd.
11,786
2,870
Resonac Holdings Co., Ltd.
24,000
2,821
Dow, Inc.
72,270
2,439
Baoshan Iron & Steel Co., Ltd., Class A
2,557,900
2,279
 
 
194,907
 
Consumer staples 3.50%
Nestle SA
176,437
17,957
Arca Continental, SAB de CV
790,202
10,261
Avenue Supermarts, Ltd. (a)
152,668
6,516
Kweichow Moutai Co., Ltd., Class A
27,800
5,446
JBS NV (BDR)
415,159
5,020
Carlsberg A/S, Class B
37,331
5,018
KT&G Corp.
39,464
4,837
Anheuser-Busch InBev SA/NV
54,544
4,390
Raia Drogasil SA, ordinary nominative shares
998,169
3,698
Dino Polska SA, non-registered shares (a)
395,620
3,360
Zabka Group (a)
457,970
3,233
PepsiCo, Inc.
22,048
3,179
BBB Foods, Inc., Class A (a)
77,068
2,915
Philip Morris International, Inc.
14,075
2,496
Wal-Mart de Mexico, SAB de CV, Series V
803,005
2,427
United Spirits, Ltd.
180,428
2,412
Tsingtao Brewery Co., Ltd., Class H (a)
314,000
1,993
 
 
85,158
 
Health care 3.37%
Laurus Labs, Ltd.
890,458
12,766
Max Healthcare Institute, Ltd.
1,129,702
11,477
AstraZeneca PLC
53,102
9,870
Novo Nordisk AS, Class B
188,562
8,621
BeOne Medicines, Ltd. (ADR) (a)
18,006
5,184
Eli Lilly and Co.
4,588
5,070
Teva Pharmaceutical Industries, Ltd. (ADR) (a)
135,882
4,799
Thermo Fisher Scientific, Inc.
9,517
4,687
Innovent Biologics, Inc. (a)
344,000
3,659
Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A
463,250
3,435
Takeda Pharmaceutical Co., Ltd.
99,400
3,194
WuXi AppTec Co., Ltd., Class A
198,000
2,972
Rede D’Or Sao Luiz SA
379,993
2,563
Dr. Sulaiman Al Habib Medical Services Group Co.
33,232
1,929
Bradsaude SA
655,602
1,762
 
 
81,988
 
Energy 2.60%
Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares
803,533
15,082
Reliance Industries, Ltd.
817,528
11,370
TotalEnergies SE
97,838
8,579
SLB, Ltd.
96,817
5,281
 
Capital Group Equity Exchange-Traded Funds
37
Capital Group New Geography Equity ETF (CGNG) (continued)
Common stocks (continued)
 
Shares
Value
(000)
Energy (continued)
ADNOC Drilling Co. PJSC
3,000,195
$4,868
Adnoc Gas PLC
4,652,087
4,344
Vista Energy, SAB de CV, Class A (ADR) (a)
58,134
4,314
HD Hyundai Co., Ltd.
20,064
3,695
Shell PLC
69,017
2,898
BP PLC (ADR)
68,118
2,852
 
 
63,283
 
Utilities 1.55%
Gulf Development PCL
4,779,304
9,105
Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative
shares
1,624,650
9,002
Power Grid Corp. of India, Ltd.
2,580,992
7,894
Equatorial SA
585,813
4,477
Adani Power, Ltd. (a)
1,399,958
3,586
Adani Green Energy, Ltd. (a)
228,344
3,546
 
 
37,610
 
Real estate 1.11%
Lodha Developers, Ltd.
1,153,978
11,395
China Resources Land, Ltd.
1,551,000
6,990
CK Asset Holdings, Ltd.
807,000
4,875
China Resources Mixc Lifestyle Services, Ltd.
729,400
3,872
 
 
27,132
Total common stocks (cost: $1,927,716,000)
2,347,043
Preferred securities 0.52%
 
 
 
Financials 0.28%
Itau Unibanco Holding SA (ADR), preferred nominative shares
853,346
6,725
 
Information technology 0.24%
Samsung Electronics Co., Ltd., nonvoting preferred shares
43,188
5,803
Total preferred securities (cost: $8,034,000)
12,528
Short-term securities  2.54%
 
 
 
Money market investments  2.54%
Capital Group Central Cash Fund 3.67% (b)(c)
619,689
61,963
Total short-term securities (cost: $61,962,000)
61,963
Total investment securities 99.48% (cost: $1,997,712,000)
2,421,534
Other assets less liabilities 0.52%
12,617
Net assets 100.00%
$2,434,151
 
38
Capital Group Equity Exchange-Traded Funds
Capital Group New Geography Equity ETF (CGNG) (continued)
Investments in affiliates (c)
 
 
Value at
6/1/2025
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
5/31/2026
(000)
Dividend
or interest
income
(000)
Short-term securities 2.54%
Money market investments 2.54%
Capital Group Central Cash Fund 3.67% (b)
$13,985
$444,670
$396,689
$(2
)
$(1
)
$61,963
$1,111
 
(a)
Non-income producing.
(b)
Rate represents the seven-day yield at 5/31/2026.
(c)
Affiliate of the fund or 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
BDR = Brazilian Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
GDR = Global Depositary Receipts
Refer to the notes to financial statements.
 
Capital Group Equity Exchange-Traded Funds
39
Financial statements
Statements of assets and liabilities at May 31, 2026(dollars and shares in thousands, except per-share amounts)
 
 
Conservative
Equity
ETF
Core
Equity
ETF
Dividend
Growers
ETF
Dividend
Value
ETF
Assets:
Investment securities, at value:
Unaffiliated issuers
$1,733,063
$10,513,369
$4,982,020
$34,452,969
Affiliated issuers
40,334
313,380
64,383
695,544
Cash
308
1,091
749
6,549
Cash denominated in currencies other than U.S. dollars
—
1
1,651
—
*
Receivables for:
Sales of investments
24,653
8,533
—
—
Sales of fund’s shares
15,457
—
—
7,760
Dividends and interest
2,257
7,643
12,873
37,059
 
1,816,072
10,844,017
5,061,676
35,199,881
Liabilities:
Payables for:
Purchases of investments
47,362
—
—
11,549
Repurchases of fund’s shares
—
8,842
—
—
Investment advisory services
478
2,970
1,990
9,576
Non-U.S. taxes
—
—
—
—
 
47,840
11,812
1,990
21,125
Net assets at May 31, 2026
$1,768,232
$10,832,205
$5,059,686
$35,178,756
Net assets consist of:
Capital paid in on shares of beneficial interest
$1,667,144
$9,231,464
$4,698,791
$30,697,226
Total distributable earnings (accumulated loss)
101,088
1,600,741
360,895
4,481,530
Net assets at May 31, 2026
$1,768,232
$10,832,205
$5,059,686
$35,178,756
Shares of beneficial interest issued and outstanding
(no stated par value) — unlimited shares authorized
Net assets
$1,768,232
$10,832,205
$5,059,686
$35,178,756
Shares outstanding
54,904
245,004
135,444
725,324
Net asset value per share
$32.21
$44.21
$37.36
$48.50
Investment securities, at cost:
Unaffiliated issuers
$1,604,847
$8,521,939
$4,514,044
$28,917,530
Affiliated issuers
40,334
313,376
64,378
695,544
Cash denominated in currencies other than U.S. dollars, at
cost
—
1
1,646
—
*
Refer to the end of the statements of assets and liabilities for footnote(s).
Refer to the notes to financial statements.
 
40
Capital Group Equity Exchange-Traded Funds
Financial statements (continued)
Statements of assets and liabilities at May 31, 2026 (continued)(dollars and shares in thousands, except per-share amounts)
 
 
Global
Equity
ETF
Global Growth
Equity
ETF
Growth
ETF
International
Core Equity
ETF
Assets:
Investment securities, at value:
Unaffiliated issuers
$2,703,091
$11,145,183
$23,978,876
$1,832,229
Affiliated issuers
89,388
91,118
483,863
54,951
Cash
158
1,016
804
98
Cash denominated in currencies other than U.S. dollars
410
5,756
—
*
1,617
Receivables for:
Sales of investments
338
91,384
82,285
9,659
Sales of fund’s shares
—
72,234
274,005
38,065
Dividends and interest
3,542
11,429
7,098
4,749
 
2,796,927
11,418,120
24,826,931
1,941,368
Liabilities:
Payables for:
Purchases of investments
305
48,218
182,670
53,298
Repurchases of fund’s shares
—
—
—
—
Investment advisory services
1,060
4,275
7,700
813
Non-U.S. taxes
—
52
—
—
 
1,365
52,545
190,370
54,111
Net assets at May 31, 2026
$2,795,562
$11,365,575
$24,636,561
$1,887,257
Net assets consist of:
Capital paid in on shares of beneficial interest
$2,494,801
$9,150,441
$20,205,403
$1,651,919
Total distributable earnings (accumulated loss)
300,761
2,215,134
4,431,158
235,338
Net assets at May 31, 2026
$2,795,562
$11,365,575
$24,636,561
$1,887,257
Shares of beneficial interest issued and outstanding
(no stated par value) — unlimited shares authorized
Net assets
$2,795,562
$11,365,575
$24,636,561
$1,887,257
Shares outstanding
80,844
276,924
516,104
51,564
Net asset value per share
$34.58
$41.04
$47.74
$36.60
Investment securities, at cost:
Unaffiliated issuers
$2,358,371
$8,540,335
$18,379,651
$1,587,716
Affiliated issuers
89,388
91,115
483,863
54,952
Cash denominated in currencies other than U.S. dollars, at
cost
409
5,740
—
*
1,615
Refer to the end of the statements of assets and liabilities for footnote(s).
Refer to the notes to financial statements.
 
Capital Group Equity Exchange-Traded Funds
41
Financial statements (continued)
Statements of assets and liabilities at May 31, 2026 (continued)(dollars and shares in thousands, except per-share amounts)
 
 
International
Equity
ETF
International
Focus Equity
ETF
New Geography
Equity
ETF
Assets:
Investment securities, at value:
Unaffiliated issuers
$2,167,592
$5,984,419
$2,359,571
Affiliated issuers
71,036
228,247
61,963
Cash
49
58
188
Cash denominated in currencies other than U.S. dollars
411
3,167
189
Receivables for:
Sales of investments
—
44,628
—
Sales of fund’s shares
—
4,130
75,012
Dividends and interest
5,535
14,092
4,484
 
2,244,623
6,278,741
2,501,407
Liabilities:
Payables for:
Purchases of investments
—
54,019
65,608
Repurchases of fund’s shares
—
—
—
Investment advisory services
986
2,664
1,212
Non-U.S. taxes
—
1,531
436
 
986
58,214
67,256
Net assets at May 31, 2026
$2,243,637
$6,220,527
$2,434,151
Net assets consist of:
Capital paid in on shares of beneficial interest
$2,017,701
$4,882,099
$2,038,286
Total distributable earnings (accumulated loss)
225,936
1,338,428
395,865
Net assets at May 31, 2026
$2,243,637
$6,220,527
$2,434,151
Shares of beneficial interest issued and outstanding
(no stated par value) — unlimited shares authorized
Net assets
$2,243,637
$6,220,527
$2,434,151
Shares outstanding
61,364
178,564
66,204
Net asset value per share
$36.56
$34.84
$36.77
Investment securities, at cost:
Unaffiliated issuers
$1,890,192
$4,317,004
$1,935,750
Affiliated issuers
71,036
228,246
61,962
Cash denominated in currencies other than U.S. dollars,
at cost
410
3,162
189
 
*
Amount less than one thousand.
 
Refer to the notes to financial statements.
 
42
Capital Group Equity Exchange-Traded Funds
Financial statements (continued)
Statements of operations for the year ended May 31, 2026(dollars in thousands)
 
 
Conservative
Equity
ETF
Core
Equity
ETF
Dividend
Growers
ETF
Dividend
Value
ETF
Investment income:
Income (net of non-U.S. taxes*):
Dividends:
Unaffiliated issuers
$22,699
$99,851
$108,710
$431,444
Affiliated issuers
1,155
5,570
3,750
20,561
 
23,854
105,421
112,460
452,005
Securities lending income (net of fees)
12
45
14
244
 
23,866
105,466
112,474
452,249
Fees and expenses:
Investment advisory services
3,627
26,464
17,875
84,142
Other
19
151
69
458
Total fees and expenses
3,646
26,615
17,944
84,600
Net investment income
20,220
78,851
94,530
367,649
Net realized gain (loss) and unrealized appreciation
(depreciation):
Net realized gain (loss)* on:
Investments in:
Unaffiliated issuers
(25,410
)
(125,337
)
(95,107
)
(396,075
)
Affiliated issuers
2
(20
)
14
(34
)
In-kind redemptions
55,607
694,552
284,371
3,363,383
Currency transactions
1
(94
)
82
(735
)
 
30,200
569,101
189,360
2,966,539
Net unrealized appreciation (depreciation)* on:
Investments in:
Unaffiliated issuers
114,348
1,274,659
266,070
3,623,319
Affiliated issuers
(2
)
(14
)
(5
)
(48
)
Currency translations
—
†
(7
)
(1
)
(5
)
 
114,346
1,274,638
266,064
3,623,266
Net realized gain (loss) and unrealized appreciation
(depreciation)
144,546
1,843,739
455,424
6,589,805
Net increase (decrease) in net assets resulting from
operations
$164,766
$1,922,590
$549,954
$6,957,454
Refer to the end of the statements of operations for footnote(s).
Refer to the notes to financial statements.
 
Capital Group Equity Exchange-Traded Funds
43
Financial statements (continued)
Statements of operations for the year ended May 31, 2026 (continued)(dollars in thousands)
 
 
Global
Equity
ETF
Global Growth
Equity
ETF
Growth
ETF
International
Core Equity
ETF
Investment income:
Income (net of non-U.S. taxes*):
Dividends:
Unaffiliated issuers
$24,972
$98,921
$91,174
$27,965
Affiliated issuers
1,643
5,828
12,675
806
 
26,615
104,749
103,849
28,771
Securities lending income (net of fees)
—
48
38
4
 
26,615
104,797
103,887
28,775
Fees and expenses:
Investment advisory services
6,894
37,927
69,893
4,973
Other
20
148
332
11
Total fees and expenses
6,914
38,075
70,225
4,984
Net investment income
19,701
66,722
33,662
23,791
Net realized gain (loss) and unrealized appreciation
(depreciation):
Net realized gain (loss)* on:
Investments in:
Unaffiliated issuers
(53,555
)
7,961
(755,887
)
(22,222
)
Affiliated issuers
(11
)
(21
)
54
(2
)
In-kind redemptions
41,959
887,354
1,263,128
18,271
Currency transactions
(101
)
901
(282
)
(149
)
 
(11,708
)
896,195
507,013
(4,102
)
Net unrealized appreciation (depreciation)* on:
Investments in:
Unaffiliated issuers
314,746
1,767,689
3,438,511
227,943
Affiliated issuers
—
†
1
(29
)
(1
)
Currency translations
2
31
4
8
 
314,748
1,767,721
3,438,486
227,950
Net realized gain (loss) and unrealized appreciation
(depreciation)
303,040
2,663,916
3,945,499
223,848
Net increase (decrease) in net assets resulting from
operations
$322,741
$2,730,638
$3,979,161
$247,639
Refer to the end of the statements of operations for footnote(s).
Refer to the notes to financial statements.
 
44
Capital Group Equity Exchange-Traded Funds
Financial statements (continued)
Statements of operations for the year ended May 31, 2026 (continued)(dollars in thousands)
 
 
International
Equity
ETF
International
Focus Equity
ETF
New Geography
Equity
ETF
Investment income:
Income (net of non-U.S. taxes*):
Dividends:
Unaffiliated issuers
$34,597
$89,475
$21,289
Affiliated issuers
1,745
4,416
1,111
 
36,342
93,891
22,400
Securities lending income (net of fees)
—
86
3
 
36,342
93,977
22,403
Fees and expenses:
Investment advisory services
7,563
24,298
7,885
Other
22
85
17
Total fees and expenses
7,585
24,383
7,902
Net investment income
28,757
69,594
14,501
Net realized gain (loss) and unrealized appreciation
(depreciation):
Net realized gain (loss)* on:
Investments in:
Unaffiliated issuers
(59,367
)
98,430
(29,204
)
Affiliated issuers
1
26
(2
)
In-kind redemptions
11,726
190,178
10,168
Currency transactions
129
(2,383
)
(294
)
 
(47,511
)
286,251
(19,332
)
Net unrealized appreciation (depreciation)* on:
Investments in:
Unaffiliated issuers
200,522
1,199,841
394,756
Affiliated issuers
(2
)
(9
)
(1
)
Currency translations
(4
)
(11
)
22
 
200,516
1,199,821
394,777
Net realized gain (loss) and unrealized appreciation
(depreciation)
153,005
1,486,072
375,445
Net increase (decrease) in net assets resulting from
operations
$181,762
$1,555,666
$389,946
 
*
Additional information related to non-U.S. taxes is included in the notes to financial statements.
†
Amount less than one thousand.
 
Refer to the notes to financial statements.
 
Capital Group Equity Exchange-Traded Funds
45
Financial statements (continued)
Statements of changes in net assets(dollars in thousands)
 
 
Conservative
Equity
ETF
Core
Equity
ETF
Dividend
Growers
ETF
 
Year ended
Period ended
Year ended
Year ended
Year ended
Year ended
 
May 31,
2026
May 31,
2025*
May 31,
2026
May 31,
2025
May 31,
2026
May 31,
2025
Operations:
Net investment income
$20,220
$3,016
$78,851
$47,931
$94,530
$36,499
Net realized gain (loss)
30,200
(4,599
)
569,101
131,859
189,360
10,937
Net unrealized appreciation (depreciation)
114,346
13,870
1,274,638
268,858
266,064
180,324
Net increase (decrease) in net assets
resulting from operations
164,766
12,287
1,922,590
448,648
549,954
227,760
Distributions paid to shareholders
(16,715
)
(1,857
)
(75,242
)
(42,811
)
(70,654
)
(23,975
)
Net capital share transactions
1,245,869
363,882
3,501,618
2,359,081
2,250,711
1,768,682
Total increase (decrease) in net assets
1,393,920
374,312
5,348,966
2,764,918
2,730,011
1,972,467
Net assets:
Beginning of year
374,312
—
5,483,239
2,718,321
2,329,675
357,208
End of year
$1,768,232
$374,312
$10,832,205
$5,483,239
$5,059,686
$2,329,675
 
 
Dividend
Value
ETF
Global
Equity
ETF
Global Growth
Equity
ETF
 
Year ended
Year ended
Year ended
Period ended
Year ended
Year ended
 
May 31,
2026
May 31,
2025
May 31,
2026
May 31,
2025*
May 31,
2026
May 31,
2025
Operations:
Net investment income
$367,649
$202,358
$19,701
$2,503
$66,722
$50,585
Net realized gain (loss)
2,966,539
655,267
(11,708
)
(4,858
)
896,195
(52,711
)
Net unrealized appreciation (depreciation)
3,623,266
720,335
314,748
29,979
1,767,721
280,599
Net increase (decrease) in net assets
resulting from operations
6,957,454
1,577,960
322,741
27,624
2,730,638
278,473
Distributions paid to shareholders
(326,372
)
(186,907
)
(6,462
)
(275
)
(152,718
)
(45,632
)
Net capital share transactions
11,870,629
7,040,368
2,081,277
370,657
2,972,709
1,986,014
Total increase (decrease) in net assets
18,501,711
8,431,421
2,397,556
398,006
5,550,629
2,218,855
Net assets:
Beginning of year
16,677,045
8,245,624
398,006
—
5,814,946
3,596,091
End of year
$35,178,756
$16,677,045
$2,795,562
$398,006
$11,365,575
$5,814,946
Refer to the end of the statements of changes in net assets for footnote(s).
Refer to the notes to financial statements.
 
46
Capital Group Equity Exchange-Traded Funds
Financial statements (continued)
Statements of changes in net assets (continued)(dollars in thousands)
 
 
Growth
ETF
International
Core Equity
ETF
International
Equity
ETF
 
Year ended
Year ended
Year ended
Period ended
Year ended
Year ended
 
May 31,
2026
May 31,
2025
May 31,
2026
May 31,
2025*
May 31,
2026
May 31,
2025
Operations:
Net investment income
$33,662
$22,785
$23,791
$2,552
$28,757
$7,193
Net realized gain (loss)
507,013
457,757
(4,102
)
(2,767
)
(47,511
)
(9,550
)
Net unrealized appreciation (depreciation)
3,438,486
1,072,523
227,950
16,573
200,516
66,341
Net increase (decrease) in net assets
resulting from operations
3,979,161
1,553,065
247,639
16,358
181,762
63,984
Distributions paid to shareholders
(18,069
)
(26,727
)
(9,308
)
(610
)
(11,953
)
(2,252
)
Net capital share transactions
8,452,770
4,968,073
1,424,200
208,978
1,398,404
470,426
Total increase (decrease) in net assets
12,413,862
6,494,411
1,662,531
224,726
1,568,213
532,158
Net assets:
Beginning of year
12,222,699
5,728,288
224,726
—
675,424
143,266
End of year
$24,636,561
$12,222,699
$1,887,257
$224,726
$2,243,637
$675,424
 
 
International
Focus Equity
ETF
New Geography
Equity
ETF
 
Year ended
Year ended
Year ended
Period ended
 
May 31,
2026
May 31,
2025
May 31,
2026
May 31,
2025*
Operations:
Net investment income
$69,594
$49,778
$14,501
$2,100
Net realized gain (loss)
286,251
(48,287
)
(19,332
)
(5,379
)
Net unrealized appreciation (depreciation)
1,199,821
90,869
394,777
28,631
Net increase (decrease) in net assets
resulting from operations
1,555,666
92,360
389,946
25,352
Distributions paid to shareholders
(227,644
)
(27,876
)
(8,431
)
(279
)
Net capital share transactions
1,225,019
1,023,754
1,618,099
409,464
Total increase (decrease) in net assets
2,553,041
1,088,238
1,999,614
434,537
Net assets:
Beginning of year
3,667,486
2,579,248
434,537
—
End of year
$6,220,527
$3,667,486
$2,434,151
$434,537
 
*
For the period June 25, 2024, commencement of operations, through May 31, 2025.
Refer to the notes to financial statements.
 
Capital Group Equity Exchange-Traded Funds
47
Notes to financial statements
1.  Organization
The Capital Group equity exchange traded funds (each a “fund”, or collectively the “funds”) listed below, each operate as an exchange-traded fund and are registered under the Investment Company Act of 1940, as amended, as open-end management investment companies. The funds’ shares are listed and traded on NYSE Arca, Inc. 
Fund
Ticker
Investment objective
Capital Group Conservative Equity ETF
CGCV
To strive for the balanced accomplishment of three
objectives: current income, growth of capital and conservation
of principal.
Capital Group Core Equity ETF
CGUS
To achieve long-term growth of capital and income.
Capital Group Dividend Growers ETF
CGDG
To provide long-term total returns.
Capital Group Dividend Value ETF
CGDV
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.
Capital Group Global Equity ETF
CGGE
To provide prudent growth of capital and conservation of
principal.
Capital Group Global Growth Equity ETF
CGGO
To provide long-term growth of capital.
Capital Group Growth ETF
CGGR
To provide growth of capital.
Capital Group International Core Equity ETF
CGIC
To provide long-term growth of capital while providing
current income.
Capital Group International Equity ETF
CGIE
To provide prudent growth of capital and conservation of
principal.
Capital Group International Focus Equity ETF
CGXU
To provide long-term growth of capital.
Capital Group New Geography Equity ETF
CGNG
To provide long-term capital appreciation.
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 ("FASB"). 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.
Operating segments – Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the funds’ portfolio management team. A senior executive team comprised of the funds’ Principal Executive Officer and Principal Financial Officer, serves as the funds’ chief operating decision maker (“CODM”), who act in accordance with Board of Trustees reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund’s profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.
Security transactions and related investment income — Security transactions are recorded by each fund 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, each fund 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.
 
48
Capital Group Equity Exchange-Traded Funds
Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in each fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
3.  Valuation
Capital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.
Methods and inputs — The funds’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
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.
 
Capital Group Equity Exchange-Traded Funds
49
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, 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.
 
50
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 funds’ valuation levels as of May 31, 2026, were as follows (dollars in thousands):
Conservative Equity ETF
At May 31, 2026, all of the fund’s investment securities were classified as Level 1.
Core Equity ETF
At May 31, 2026, all of the fund’s investment securities were classified as Level 1.
Dividend Growers ETF
At May 31, 2026, all of the fund’s investment securities were classified as Level 1.
Dividend Value ETF
At May 31, 2026, all of the fund’s investment securities were classified as Level 1.
Global Equity ETF
At May 31, 2026, 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
$4,503,050
$—
$—
$4,503,050
Industrials
1,626,367
—
—
1,626,367
Financials
1,206,766
—
—
1,206,766
Consumer discretionary
1,102,275
—
—
1,102,275
Health care
948,253
—
—
948,253
Communication services
669,618
—
—
669,618
Consumer staples
429,560
—
—
429,560
Materials
399,595
—
—
399,595
Energy
174,751
—
—
174,751
Short-term securities
91,118
84,948
—
176,066
Total
$11,151,353
$84,948
$—
$11,236,301
 
Capital Group Equity Exchange-Traded Funds
51
Growth ETF 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
Common stocks:
Information technology
$9,011,707
$—
$—
$9,011,707
Communication services
3,951,982
—
—
3,951,982
Consumer discretionary
3,396,616
—
—
3,396,616
Health care
2,258,496
—
—
2,258,496
Industrials
1,941,297
—
—
1,941,297
Financials
1,526,742
—
—
1,526,742
Materials
553,616
—
—
553,616
Energy
511,433
—
—
511,433
Consumer staples
504,379
—
—
504,379
Real estate
237,053
—
—
237,053
Utilities
85,555
—
—
85,555
Rights & warrants
—
—
—
*
—
*
Short-term securities
483,863
—
—
483,863
Total
$24,462,739
$—
$—
*
$24,462,739
 
*
Amount less than one thousand.
International Core Equity ETF
At May 31, 2026, all of the fund’s investment securities were classified as Level 1.
International Equity ETF
At May 31, 2026, all of the fund’s investment securities were classified as Level 1.
International Focus Equity ETF
At May 31, 2026, all of the fund’s investment securities were classified as Level 1.
New Geography Equity ETF
At May 31, 2026, 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. Not all of the risks listed below necessarily apply to each fund.
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; levels of public debt and deficits; 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.
 
52
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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.
Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.
Investing in income-oriented stocks — The value of each 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 each 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 (including social instability, regional conflicts, terrorism and war) 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, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of 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 regulatory, legal, accounting, 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, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by a fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
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. Each 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, more vulnerable to market manipulation, and 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 each 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.
 
Capital Group Equity Exchange-Traded Funds
53
Investing in developing countries — Investing in developing countries may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing 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 developing countries 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 developed countries are subject. Each fund’s rights with respect to its investments in developing countries, 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, more vulnerable to market manipulation, and 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 each fund’s net asset value. Additionally, developing countries 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.
Exposure to country, region, industry or sector — Subject to each fund’s investment limitations, the fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause the fund to be more impacted by risks relating to and developments affecting the country, region, industry or sector, and thus its net asset value may be more volatile, than a fund without such levels of exposure. For example, if the fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the fund than on a fund that is more geographically diversified.
Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and a fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.
Investing in depositary receipts — Depositary receipts are securities that evidence ownership interests in, and represent the right to receive, a security or a pool of securities that have been deposited with a bank or trust depository. Such securities may be less liquid or may trade at a lower price than the underlying securities of the issuer. Additionally, receipt of corporate information about the underlying issuer and proxy disclosure may not be timely and there may not be a correlation between such information and the market value of the depositary receipts.
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 each 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 and/or for the holdings of the fund (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. A bid-ask spread is the “spread” or difference between what investors are willing to pay for fund shares (the “bid” price) and the price at which they are willing to sell fund shares (the “ask” price). 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 each 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.
 
54
Capital Group Equity Exchange-Traded Funds
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. In addition, to the extent that securities held by each fund are traded outside a collateralized settlement system, authorized participants may be required to post collateral on certain trades on an agency basis (on behalf of other market participants), which only a limited number of authorized participants may be able to do. 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 the fund’s net asset value and/or at wider intraday bid-ask spreads and possibly face trading halts or delisting.
Nondiversification — A nondiversified fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if a fund were invested in a larger number of issuers. The value of a nondiversified fund’s shares can be expected to fluctuate more than might be the case if a 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 each fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5.  Certain investment techniques
Securities lending — The funds have entered into securities lending transactions in which a fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.
Securities lending transactions are entered into by each fund under a securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between a fund and approved borrowers, ensures that securities loans are properly coordinated and documented, marks to market the value of collateral daily, secures additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of each fund according to agreed parameters. The lending agent provides indemnification to each fund against losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to perform.
The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in each fund’s investment portfolio. The same amount is recorded as a liability in each fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand from a fund.
As of May 31, 2026, the funds did not have any securities on loan.
6.  Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the year ended May 31, 2026, 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 statement 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.
 
Capital Group Equity Exchange-Traded Funds
55
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. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended May 31, 2026, some of the funds recognized EU reclaims (net of the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands): 
Fund
Reclaims
Interest
Core Equity ETF
$113
$—
*
Dividend Growers ETF
141
—
Global Equity ETF
2
—
Global Growth Equity ETF
1,499
—
Growth ETF
111
—
*
International Core Equity ETF
4
—
International Equity ETF
86
—
International Focus Equity ETF
455
—
New Geography Equity ETF
3
—
 
*
Amount less than one thousand.
The reclaims and interest are included in dividend income and interest income, respectively, in each fund’s statement of operations. For U.S. income tax purposes, EU reclaims received by each fund reduces the amount of foreign taxes that each fund may pass through to its shareholders to be utilized as tax deductions or credit on their income tax returns. If a fund receives EU reclaims and either does not pass through foreign taxes in the current year or EU reclaims received exceed foreign taxes for the year, and the fund previously passed through the refunded EU taxes to its shareholders, the fund will enter into a closing agreement with the Internal Revenue Service in order to satisfy potential tax liability. Gains realized by each fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. Each fund generally records 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. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
 
56
Capital Group Equity Exchange-Traded Funds
Additional tax basis disclosures for each fund as of May 31, 2026, were as follows (dollars in thousands): 
 
Conservative
Equity
ETF
Core
Equity
ETF
Dividend
Growers
ETF
Dividend
Value
ETF
Undistributed ordinary income
$4,664
$14,019
$50,968
$83,642
Capital loss carryforward1
(30,981
)
(390,165
)
(142,376
)
(1,072,268
)
Gross unrealized appreciation on investments
246,376
2,259,111
619,283
6,325,655
Gross unrealized depreciation on investments
(118,971
)
(282,227
)
(167,021
)
(855,497
)
Net unrealized appreciation (depreciation) on investments
127,405
1,976,884
452,262
5,470,158
Cost of investments
1,645,992
8,849,865
4,594,141
29,678,356
Reclassification from (to) total distributable earnings/
accumulated loss to (from) capital paid in on shares of
beneficial interest
55,590
693,045
284,327
3,358,041
 
 
Global
Equity
ETF
Global Growth
Equity
ETF
Growth
ETF
International
Core Equity
ETF
Undistributed ordinary income
$15,592
$—
$14,421
$18,850
Late year ordinary loss deferral
—
41,173
2
—
—
Capital loss carryforward1
(58,187
)
(318,406
)
(1,041,718
)
(20,530
)
Capital loss carryforward utilized
—
9,931
—
—
Gross unrealized appreciation on investments
420,913
2,989,507
6,089,134
289,017
Gross unrealized depreciation on investments
(77,566
)
(414,847
)
(630,686
)
(52,009
)
Net unrealized appreciation (depreciation) on investments
343,347
2,574,660
5,458,448
237,008
Cost of investments
2,449,132
8,661,641
19,004,292
1,650,173
Reclassification from (to) total distributable earnings/
accumulated loss to (from) capital paid in on shares of
beneficial interest
42,202
885,842
1,262,823
18,150
 
 
International
Equity
ETF
International
Focus Equity
ETF
New Geography
Equity
ETF
Undistributed ordinary income
$23,204
$74,933
$9,838
Capital loss carryforward1
(72,824
)
(155,822
)
(21,437
)
Capital loss carryforward utilized
—
137,595
—
Gross unrealized appreciation on investments
334,140
1,786,296
498,691
Gross unrealized depreciation on investments
(58,614
)
(365,427
)
(90,812
)
Net unrealized appreciation (depreciation) on investments
275,526
1,420,869
407,879
Cost of investments
1,963,102
4,791,797
2,013,654
Reclassification from (to) total distributable earnings/
accumulated loss to (from) capital paid in on shares of
beneficial interest
11,747
193,327
10,175
 
1
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.
2
This deferral is considered incurred in the subsequent year.
 
Capital Group Equity Exchange-Traded Funds
57
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands): 
 
Year ended May 31, 2026
Year ended May 31, 2025
Fund
Ordinary
income
Long-term
capital gains
Total
distributions
paid
Ordinary
income
Long-term
capital gains
Total
distributions
paid
Conservative Equity ETF
$16,715
$—
$16,715
$1,857
3
$—
$1,857
3
Core Equity ETF
75,242
—
75,242
42,811
—
42,811
Dividend Growers ETF
70,654
—
70,654
23,975
—
23,975
Dividend Value ETF
326,372
—
326,372
186,907
—
186,907
Global Equity ETF
6,462
—
6,462
275
3
—
275
3
Global Growth Equity ETF
152,718
—
152,718
45,632
—
45,632
Growth ETF
18,069
—
18,069
26,727
—
26,727
International Core Equity ETF
9,308
—
9,308
610
3
—
610
3
International Equity ETF
11,953
—
11,953
2,252
—
2,252
International Focus Equity ETF
227,644
—
227,644
27,876
—
27,876
New Geography Equity ETF
8,431
—
8,431
279
3
—
279
3
 
3
For the period June 25, 2024, commencement of operations, through May 31, 2025.
7.  Fees and transactions
CRMC, the funds’ investment adviser, is the parent company of Capital Client Group, Inc. (“CCG”), the principal underwriter of the funds’ shares. CRMC and CCG 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
Conservative Equity ETF
0.33
%
Core Equity ETF
0.33
Dividend Growers ETF
0.47
Dividend Value ETF
0.33
Global Equity ETF
0.47
Global Growth Equity ETF
0.47
Growth ETF
0.39
International Core Equity ETF
0.54
International Equity ETF
0.54
International Focus Equity ETF
0.54
New Geography Equity ETF
0.64
Under the terms of the agreements, in addition to providing investment advisory services, the investment adviser and its affiliates provide certain administrative services to help assist third parties providing non-distribution services to the funds’ shareholders. These services include providing in-depth information on each fund and market developments that impact each fund’s investments. The agreement provides that the investment adviser will pay all ordinary operating expenses of each fund other than management fees, interest expenses, taxes, acquired fund fees and expenses, costs of holding shareholder meetings, legal fees and expenses relating to arbitration or litigation, payments under each fund’s plan of distribution (if any) and other non-routine or extraordinary expenses. Additionally, each fund will be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund’s securities lending program, if applicable.
Transfer agency and administration services – Each fund has entered into a transfer agency and service agreement and an administration agreement with State Street Bank and Trust Company (“State Street”). Under the terms of the transfer agency agreement, State Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent for each fund. Under the terms of the administration agreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for the maintenance and operations of each fund. The investment adviser bears the costs of services under these agreements.
Affiliated officers and trustees – Officers and certain trustees of each fund are or may be considered to be affiliated with CRMC and CCG. No affiliated officers or trustees received any compensation directly from any of the funds.
 
58
Capital Group Equity Exchange-Traded 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 or its affiliates, and 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 investment securities from, or sell investment securities to, other funds managed by CRMC (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.
The following table presents purchase and sale transactions between each fund and related funds, and the net realized gain or loss from such sales, if any, during the year ended May 31, 2026 (dollars in thousands): 
Fund
Purchases
Sales
Net
realized
gain (loss)
Conservative Equity ETF
$14,442
$1,747
$(16
)
Core Equity ETF
371,519
107,041
(18,510
)
Dividend Growers ETF
102,165
17,510
329
Dividend Value ETF
683,511
111,533
8,293
Global Growth Equity ETF
144,976
120,898
9,392
Growth ETF
454,148
275,706
(18,792
)
International Core Equity ETF
1,777
3,600
(75
)
International Equity ETF
8,255
9,432
(1,096
)
International Focus Equity ETF
143,652
25,862
1,211
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, 2026.
8.  Indemnifications
Each fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, each fund may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against each fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to each fund’s board members and officers.
9.  Capital share transactions
Each fund issues and redeems shares at NAV only with certain authorized participants in large increments known as creation units. Purchases of creation units are made by tendering a basket of designated securities and cash to a fund, and redemption proceeds are paid with a basket of securities from a fund’s portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per creation unit on the transaction date. The funds may issue creation units to authorized participants in advance of the delivery and settlement of all or a portion of the designated securities. When this occurs, the authorized participant provides cash collateral in an amount equal to 105% of the daily marked to market value of the securities that have not yet been delivered to the fund. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. Realized gains or losses resulting from redemptions of shares in-kind, if any, are reflected separately in each fund’s statement of operations.
 
Capital Group Equity Exchange-Traded Funds
59
Each fund’s shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming creation units of a fund. The transaction fee is used to defray the costs associated with the issuance and redemption of creation units. In addition, for cash creation unit transactions, a variable fee for creation transactions and redemption transactions may be charged to the authorized participant to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades. Variable fees, if any, are included in capital share transactions in each fund’s statement of changes in net assets.
Capital share transactions in each fund were as follows (dollars and shares in thousands):
Conservative Equity ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$1,465,063
48,440
$—
—
$(219,194
)
(7,060
)
$1,245,869
41,380
For the period June 25, 2024*, through May 31, 2025
 
$382,288
14,244
$—
—
$(18,406
)
(720
)
$363,882
13,524
Core Equity ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$5,607,202
140,560
$—
—
$(2,105,584
)
(51,940
)
$3,501,618
88,620
Year ended May 31, 2025
 
$3,461,880
101,800
$—
—
$(1,102,799
)
(32,520
)
$2,359,081
69,280
Dividend Growers ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$3,251,483
91,760
$—
—
$(1,000,772
)
(27,800
)
$2,250,711
63,960
Year ended May 31, 2025
 
$1,995,909
66,440
$—
—
$(227,227
)
(7,400
)
$1,768,682
59,040
Dividend Value ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$21,598,822
498,760
$—
—
$(9,728,193
)
(222,780
)
$11,870,629
275,980
Year ended May 31, 2025
 
$11,306,331
318,640
$—
—
$(4,265,963
)
(120,540
)
$7,040,368
198,100
Refer to the end of table(s) for footnote(s).
 
60
Capital Group Equity Exchange-Traded Funds
Global Equity ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$2,239,454
71,560
$—
—
$(158,177
)
(4,920
)
$2,081,277
66,640
For the period June 25, 2024*, through May 31, 2025
 
$374,856
14,364
$—
—
$(4,199
)
(160
)
$370,657
14,204
Global Growth Equity ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$4,819,054
139,000
$—
—
$(1,846,345
)
(53,600
)
$2,972,709
85,400
Year ended May 31, 2025
 
$2,453,618
83,440
$—
—
$(467,604
)
(15,840
)
$1,986,014
67,600
Growth ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$11,327,970
261,400
$—
—
$(2,875,200
)
(65,560
)
$8,452,770
195,840
Year ended May 31, 2025
 
$6,319,067
175,640
$—
—
$(1,350,994
)
(36,820
)
$4,968,073
138,820
International Core Equity ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$1,484,585
45,400
$—
—
$(60,385
)
(1,800
)
$1,424,200
43,600
For the period June 25, 2024*, through May 31, 2025
 
$216,959
8,284
$—
—
$(7,981
)
(320
)
$208,978
7,964
International Equity ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$1,442,103
41,720
$—
—
$(43,699
)
(1,280
)
$1,398,404
40,440
Year ended May 31, 2025
 
$483,528
16,440
$—
—
$(13,102
)
(440
)
$470,426
16,000
Refer to the end of table(s) for footnote(s).
 
Capital Group Equity Exchange-Traded Funds
61
International Focus Equity ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$1,770,716
58,200
$—
—
$(545,697
)
(18,640
)
$1,225,019
39,560
Year ended May 31, 2025
 
$1,288,750
49,960
$—
—
$(264,996
)
(10,280
)
$1,023,754
39,680
New Geography Equity ETF 
 

Sales
Reinvestments of
distributions
Repurchases
Net increase (decrease)
 
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Year ended May 31, 2026
 
$1,645,931
51,120
$—
—
$(27,832
)
(880
)
$1,618,099
50,240
For the period June 25, 2024*, through May 31, 2025
 
$411,638
16,044
$—
—
$(2,174
)
(80
)
$409,464
15,964
 
*
Commencement of operations.
10.  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, 2026 (dollars in thousands): 
Fund
Purchases
Sales
Conservative Equity ETF
$500,347
$253,254
Core Equity ETF
3,261,984
1,236,375
Dividend Growers ETF
2,743,583
1,511,749
Dividend Value ETF
15,748,089
5,982,436
Global Equity ETF
697,163
469,585
Global Growth Equity ETF
5,167,140
3,324,983
Growth ETF
8,462,047
5,339,621
International Core Equity ETF
708,912
445,942
International Equity ETF
707,937
581,617
International Focus Equity ETF
3,696,373
3,031,026
New Geography Equity ETF
1,386,109
780,285
The following table presents the value of securities received and delivered in-kind from authorized participants to support creation and redemption transactions, if any, during the year ended May 31, 2026 (dollars in thousands): 
Fund
In-kind creations
In-kind redemptions
Conservative Equity ETF
$1,208,239
$219,779
Core Equity ETF
3,409,171
2,093,695
Dividend Growers ETF
2,071,279
1,000,949
Dividend Value ETF
11,510,778
9,603,339
Global Equity ETF
1,946,581
161,087
Global Growth Equity ETF
2,700,322
1,839,509
Growth ETF
7,979,662
2,854,202
International Core Equity ETF
1,185,715
59,404
International Equity ETF
1,288,778
42,271
International Focus Equity ETF
869,711
509,001
New Geography Equity ETF
985,988
27,020
 
62
Capital Group Equity Exchange-Traded Funds
The following table presents additional information for each fund for the year ended May 31, 2026 (dollars in thousands):  
Fund
Non-U.S. taxes
paid on
dividend income
Non-U.S. taxes
(refunded) paid
on
realized gains
Non-U.S. taxes
provided on
unrealized
appreciation
Conservative Equity ETF
$136
$—
$—
Core Equity ETF
759
—
—
Dividend Growers ETF
6,784
—
—
Dividend Value ETF
4,713
—
—
Global Equity ETF
2,128
—
—
Global Growth Equity ETF
4,585
(208
)
52
Growth ETF
1,991
—
—
International Core Equity ETF
3,319
73
—
International Equity ETF
3,925
—
—
International Focus Equity ETF
9,043
4,123
1,531
New Geography Equity ETF
2,240
137
437
11.  Ownership Concentration
As of May 31, 2026, American Funds Portfolio Series - Tax-Aware Conservative Growth and Income Portfolio held 18%,13% and 10% of the outstanding shares of Capital Group Conservative Equity ETF, Capital Group Dividend Growers ETF and Capital Group Global Equity ETF, respectively. CRMC is the investment adviser to American Funds Portfolio Series - Tax-Aware Conservative Growth and Income Portfolio.
 
Capital Group Equity Exchange-Traded Funds
63
Financial highlights
 
 
 
Income (loss) from
investment operations1
Dividends and distributions
 
 
 
 
 
Year ended
Net asset
value,
beginning
of year
Net
investment
income
(loss)
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
(loss) to
average net
assets
Conservative Equity ETF
5/31/2026
$27.68
$.56
$4.44
$5.00
$(.47
)
$—
$(.47
)
$32.21
18.17
%
$1,768
.33
%
1.84
%
5/31/20253,4
24.93
.50
2.53
3.03
(.28
)
—
(.28
)
27.68
12.19
5
374
.33
6
1.99
6
Core Equity ETF
5/31/2026
$35.06
$.39
$9.14
$9.53
$(.38
)
$—
$(.38
)
$44.21
27.35
%
$10,832
.33
%
.98
%
5/31/2025
31.21
.40
3.82
4.22
(.37
)
—
(.37
)
35.06
13.55
5,483
.33
1.17
5/31/2024
24.33
.38
6.84
7.22
(.34
)
—
(.34
)
31.21
29.90
2,718
.33
1.34
5/31/2023
23.72
.39
.52
.91
(.30
)
—
(.30
)
24.33
3.96
893
.33
1.70
5/31/20223,7
24.63
.08
(.96
)
(.88
)
(.03
)
—
(.03
)
23.72
(3.59
)5
164
.09
5
.34
5
Dividend Growers ETF
5/31/2026
$32.59
$.88
$4.59
$5.47
$(.70
)
$—
$(.70
)
$37.36
16.96
%
$5,060
.47
%
2.49
%
5/31/2025
28.71
.82
3.72
4.54
(.66
)
—
(.66
)
32.59
16.05
2,330
.47
2.70
5/31/20243,8
24.76
.68
3.49
4.17
(.22
)
—
(.22
)
28.71
16.86
5
357
.47
6
3.73
6
Dividend Value ETF
5/31/2026
$37.11
$.62
$11.34
$11.96
$(.57
)
$—
$(.57
)
$48.50
32.46
%
$35,179
.33
%
1.44
%
5/31/2025
32.82
.60
4.26
4.86
(.57
)
—
(.57
)
37.11
14.91
16,677
.33
1.68
5/31/2024
25.39
.59
7.34
7.93
(.50
)
—
(.50
)
32.82
31.48
8,246
.33
1.99
5/31/2023
24.57
.52
.68
1.20
(.38
)
—
(.38
)
25.39
5.12
2,192
.33
2.16
5/31/20223,7
24.71
.10
(.21
)
(.11
)
(.03
)
—
(.03
)
24.57
(.46
)5
301
.09
5
.41
5
Global Equity ETF
5/31/2026
$28.02
$.42
$6.27
$6.69
$(.13
)
$—
$(.13
)
$34.58
23.91
%
$2,796
.47
%
1.34
%
5/31/20253,4
25.04
.51
2.56
3.07
(.09
)
—
(.09
)
28.02
12.29
5
398
.47
6
2.10
6
Global Growth Equity ETF
5/31/2026
$30.36
$.29
$11.09
$11.38
$(.70
)
$—
$(.70
)
$41.04
38.02
%
$11,366
.47
%
.83
%
5/31/2025
29.02
.32
1.34
1.66
(.32
)
—
(.32
)
30.36
5.76
5,815
.47
1.08
5/31/2024
23.22
.28
5.72
6.00
(.20
)
—
(.20
)
29.02
25.97
3,596
.47
1.08
5/31/2023
21.67
.28
1.39
1.67
(.12
)
—
(.12
)
23.22
7.80
1,622
.47
1.27
5/31/20223,7
24.47
.08
(2.88
)
(2.80
)
—
—
—
21.67
(11.44
)5
220
.13
5
.38
5
Growth ETF
5/31/2026
$38.16
$.08
$9.54
$9.62
$(.04
)
$—
$(.04
)
$47.74
25.22
%
$24,637
.39
%
.19
%
5/31/2025
31.57
.09
6.62
6.71
(.12
)
—
(.12
)
38.16
21.29
12,223
.39
.26
5/31/2024
23.39
.12
8.17
8.29
(.11
)
—
(.11
)
31.57
35.55
5,728
.39
.44
5/31/2023
22.28
.13
1.05
1.18
(.07
)
—
(.07
)
23.39
5.33
2,064
.39
.62
5/31/20223,7
24.40
.03
(2.15
)
(2.12
)
—
—
—
22.28
(8.69
)5
285
.10
5
.13
5
International Core Equity ETF
5/31/2026
$28.22
$.85
$8.01
$8.86
$(.48
)
$—
$(.48
)
$36.60
31.76
%
$1,887
.54
%
2.58
%
5/31/20253,4
25.06
.91
2.47
3.38
(.22
)
—
(.22
)
28.22
13.60
5
225
.54
6
3.79
6
International Equity ETF
5/31/2026
$32.28
$.71
$3.98
$4.69
$(.41
)
$—
$(.41
)
$36.56
14.63
%
$2,244
.54
%
2.05
%
5/31/2025
29.10
.70
2.83
3.53
(.35
)
—
(.35
)
32.28
12.30
675
.54
2.39
5/31/20243,8
24.82
.51
3.82
4.33
(.05
)
—
(.05
)
29.10
17.47
5
143
.54
6
2.77
6
Refer to the end of the table(s) for footnote(s).
 
64
Capital Group Equity Exchange-Traded Funds
Financial highlights (continued)
 
 
Income (loss) from
investment operations1
Dividends and distributions
 
 
 
 
 
Year ended
Net asset
value,
beginning
of year
Net
investment
income
(loss)
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
(loss) to
average net
assets
International Focus Equity ETF
5/31/2026
$26.38
$.46
$9.57
$10.03
$(1.57
)
$—
$(1.57
)
$34.84
39.26
%
$6,221
.54
%
1.55
%
5/31/2025
25.97
.41
.25
.66
(.25
)
—
(.25
)
26.38
2.58
3,667
.54
1.60
5/31/2024
22.45
.30
3.46
3.76
(.24
)
—
(.24
)
25.97
16.85
2,579
.54
1.26
5/31/2023
22.82
.38
(.55
)
(.17
)
(.20
)
—
(.20
)
22.45
(.68
)
1,298
.54
1.74
5/31/20223,7
24.51
.24
(1.93
)
(1.69
)
—
—
—
22.82
(6.90
)5
188
.14
5
1.07
5
New Geography Equity ETF
5/31/2026
$27.22
$.38
$9.39
$9.77
$(.22
)
$—
$(.22
)
$36.77
36.00
%
$2,434
.64
%
1.18
%
5/31/20253,4
25.04
.40
1.85
2.25
(.07
)
—
(.07
)
27.22
9.00
5
435
.64
6
1.70
6
 
Portfolio turnover rate9,10
Year ended
May 31, 2026
Year ended
May 31, 2025
Year ended
May 31, 2024
Year ended
May 31, 2023
Period ended
May 31, 20223,5,7
Conservative Equity ETF
23
%
30
%3,4,5
Core Equity ETF
16
34
22
%
34
%
8
%
Dividend Growers ETF
41
25
20
3,5,8
Dividend Value ETF
24
29
25
30
3
Global Equity ETF
32
22
3,4,5
Global Growth Equity ETF
42
26
31
39
17
Growth ETF
30
16
22
33
9
International Core Equity ETF
49
43
3,4,5
International Equity ETF
43
22
23
3,5,8
International Focus Equity ETF
68
53
36
43
21
New Geography Equity ETF
63
49
3,4,5
 
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 June 25, 2024, commencement of operations, through May 31, 2025.
5
Not annualized.
6
Annualized.
7
For the period February 22, 2022, commencement of operations, through May 31, 2022.
8
For the period September 26, 2023, commencement of operations, through May 31, 2024.
9
Rates do not include each fund’s portfolio activity with respect to any Central Funds.
10
Rates exclude in-kind transactions, if any.
Refer to the notes to financial statements.
 
Capital Group Equity Exchange-Traded Funds
65
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Capital Group Dividend Growers ETF, Capital Group International Equity ETF, Capital Group Conservative Equity ETF, and Capital Group Global Equity ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds listed in the table below (hereafter collectively referred to as the “Funds”) as of May 31, 2026, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of May 31, 2026, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America. 
Fund
Statements of
operations
Statements of changes
in net assets
Financial
highlights
Capital Group Dividend Growers ETF
For the year ended May 31,
2026
For the years ended May 31,
2026 and 2025
For the years ended May 31,
2026 and 2025, and the
period September 26, 2023
(commencement of
operations) through May 31,
2024
Capital Group International Equity ETF
Capital Group Conservative Equity ETF
For the year ended May 31, 2026 and the period June 25, 2024
(commencement of operations) through May 31, 2025
Capital Group Global Equity ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2026, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Los Angeles, California
July 14, 2026
We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.
 
66
Capital Group Equity Exchange-Traded Funds
Report of Independent Registered Public Accounting Firm
To the shareholders and Board of Trustees of Capital Group Core Equity ETF, Capital Group Dividend Value ETF, Capital Group Global Growth Equity ETF, Capital Group Growth ETF, Capital Group International Core Equity ETF, Capital Group International Focus Equity ETF, and Capital Group New Geography Equity ETF:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Capital Group Core Equity ETF, Capital Group Dividend Value ETF, Capital Group Global Growth Equity ETF, Capital Group Growth ETF, Capital Group International Core Equity ETF, Capital Group International Focus Equity ETF, and Capital Group New Geography Equity ETF (the “Funds”), including the investment portfolios, as of May 31, 2026, the related statements of operations, statements of changes in net assets, and financial highlights for the year then ended, and the related notes (collectively referred to as the ”financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2026, and the results of their operations, the changes in their net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.
The statements of changes in net assets and financial highlights for the Funds for the periods indicated in the table below were audited by other auditors whose report, dated July 14, 2025, expressed an unqualified opinion on those statements and financial highlights. 
Fund
Statements of changes
in net assets
Financial
highlights
Capital Group Core Equity ETF
For the year ended May 31,
2025
For the years ended May 31,
2025, 2024, 2023, and for the
period from February 22,
2022 (commencement of
operations) through May 31,
2022
Capital Group Dividend Value ETF
Capital Group Global Growth Equity ETF
Capital Group Growth ETF
Capital Group International Focus Equity ETF
Capital Group International Core Equity ETF
For the period June 25, 2024 (commencement of operations)
through May 31, 2025
Capital Group New Geography Equity ETF
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, audits of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
 
Capital Group Equity Exchange-Traded Funds
67
Report of Independent Registered Public Accounting Firm
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of May 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Costa Mesa, California
July 14, 2026
We have served as the auditor of one or more American Funds investment companies since 1956.
 
68
Capital Group Equity Exchange-Traded Funds
Tax informationunaudited
We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. Each fund hereby designates the following amounts for the funds’ fiscal year ended May 31, 2026: 
 
Capital Group
Conservative
Equity ETF
Capital Group
Core Equity
ETF
Capital Group
Dividend Growers
ETF
Capital Group
Dividend
Value
ETF
Capital Group
Global Equity
ETF
Capital Group
Global Growth
Equity
ETF
Foreign taxes (per share)
—
—
$0.04
—
—
—
Foreign source income (per share)
—
—
$0.53
—
—
—
Qualified dividend income
100
%
100
%
100
%
100
%
100
%
$143,219,000
Section 163(j) interest dividends
—
$4,551,000
$3,433,000
$18,190,000
$1,257,000
$4,602,000
Corporate dividends received
deduction
$18,057,000
$72,826,000
$43,146,000
$311,598,000
$4,935,000
$28,278,000
U.S. government income that may be
exempt from state taxation
$880,000
$3,738,000
$2,775,000
$14,950,000
$1,025,000
$3,618,000
 
 
Capital Group
Growth
ETF
Capital Group
International
Core Equity ETF
Capital Group
International
Equity
ETF
Capital Group
International
Focus Equity
ETF
Capital Group
New
Geography
Equity ETF
Foreign taxes (per share)
—
$0.05
$0.05
$0.07
$0.03
Foreign source income (per share)
—
$0.59
$0.63
$0.55
$0.34
Qualified dividend income
100
%
100
%
100
%
$129,967,000
100
%
Section 163(j) interest dividends
—
$687,000
$1,411,000
$4,280,000
$783,000
Corporate dividends received deduction
100
%
$471,000
—
—
$1,226,000
U.S. government income that may be exempt from state
taxation
$3,623,000
$565,000
$1,159,000
$3,518,000
$643,000
Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2027, to determine the calendar year amounts to be included on their 2026 tax returns. Shareholders should consult their tax advisors.
 
Capital Group Equity Exchange-Traded Funds
69
Changes in and disagreements with accountants
On July 3, 2025, PricewaterhouseCoopers LLP (“PwC”) was dismissed and Deloitte & Touche LLP (“D&T”) was appointed as the independent registered public accounting firm for Capital Group Core Equity ETF, Capital Group Dividend Value ETF, Capital Group Global Growth Equity ETF, Capital Group Growth ETF, Capital Group International Core Equity ETF, Capital Group International Focus Equity ETF, and Capital Group New Geography Equity ETF (each a “fund”, or collectively the funds”), for the fiscal year ending May 31, 2026 audits. The change in each fund’s independent registered public accounting firm was approved by each fund’s board of trustees, including a majority of the independent trustees, upon recommendation of each fund’s audit committee, as part of a broader effort to update board oversight and fund operations.
PwC’s reports on the funds’ financial statements as of and for the fiscal years ended May 31, 2024 and May 31, 2025 (or fiscal period ended May 31, 2025 in the case of Capital Group International Core Equity ETF and Capital Group New Geography Equity ETF) did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the funds’ fiscal years ended May 31, 2024 and May 31, 2025 (or fiscal period ended May 31, 2025 in the case of Capital Group International Core Equity ETF and Capital Group New Geography Equity ETF) and the subsequent interim period through July 14, 2025, (i) were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the funds’ financial statements for such periods, and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. Each fund requested that PwC furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter was filed as an exhibit to each fund’s Form N-CSR for the period ended May 31, 2025.
During the funds’ fiscal years ended May 31, 2024 and May 31, 2025 (or fiscal period ended May 31, 2025 in the case of Capital Group International Core Equity ETF and Capital Group New Geography Equity ETF) and the subsequent interim period through July 14, 2025, neither the funds nor anyone on its behalf, consulted with D&T on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
 
70
Capital Group Equity Exchange-Traded Funds
Matters submitted for shareholder vote
Results of special meeting of shareholders
Capital Group Conservative Equity ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
29,144,000
Total shares voting on November 25, 2025:
25,756,488 (88.4% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Noriko Honda Chen
25,729,624
99.9%
26,864
0.1%
Mathews Cherian
25,729,314
99.9%
27,174
0.1%
John G. Freund
25,736,574
99.9%
19,914
0.1%
Pablo R. González Guajardo
24,272,435
94.2%
1,484,053
5.8%
Pedro J. Greer, Jr.
25,736,264
99.9%
20,224
0.1%
Merit E. Janow
25,736,264
99.9%
20,224
0.1%
William D. Jones
25,736,574
99.9%
19,914
0.1%
Earl Lewis, Jr.
25,736,574
99.9%
19,914
0.1%
Kenneth M. Simril
25,736,264
99.9%
20,224
0.1%
Christopher E. Stone
25,736,574
99.9%
19,914
0.1%
Kathy J. Williams
25,735,039
99.9%
21,449
0.1%
Amy Zegart
25,730,039
99.9%
26,449
0.1%
 
Capital Group Equity Exchange-Traded Funds
71
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group Core Equity ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
181,444,000
Total shares voting on November 25, 2025:
135,875,441 (74.9% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Christopher D. Buchbinder
135,455,366
99.7%
420,075
0.3%
Vanessa C. L. Chang
135,415,562
99.7%
459,879
0.3%
Francisco G. Cigarroa
135,436,083
99.7%
439,358
0.3%
Nariman Farvardin
135,416,015
99.7%
459,426
0.3%
Jennifer C. Feikin
135,419,145
99.7%
456,296
0.3%
John G. Freund
135,429,559
99.7%
445,882
0.3%
Leslie Stone Heisz
135,416,518
99.7%
458,923
0.3%
Sharon I. Meers
135,416,985
99.7%
458,456
0.3%
William L. Robbins
135,464,811
99.7%
410,630
0.3%
Kenneth M. Simril
135,421,650
99.7%
453,791
0.3%
Margaret Spellings
135,267,229
99.6%
608,212
0.4%
Christopher E. Stone
135,436,635
99.7%
438,806
0.3%
Alexandra Trower
135,424,057
99.7%
451,384
0.3%
Paul S. Williams
135,425,819
99.7%
449,622
0.3%
 
72
Capital Group Equity Exchange-Traded Funds
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group Dividend Growers ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
93,164,000
Total shares voting on November 25, 2025:
74,573,825 (80.0% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Noriko Honda Chen
74,452,493
99.8%
121,332
0.2%
Mathews Cherian
74,459,968
99.8%
113,857
0.2%
John G. Freund
74,459,921
99.8%
113,904
0.2%
Pablo R. González Guajardo
69,182,103
92.8%
5,391,722
7.2%
Pedro J. Greer, Jr.
74,451,395
99.8%
122,430
0.2%
Merit E. Janow
74,462,860
99.9%
110,965
0.1%
William D. Jones
74,458,827
99.8%
114,998
0.2%
Earl Lewis, Jr.
74,458,670
99.8%
115,155
0.2%
Kenneth M. Simril
74,455,818
99.8%
118,007
0.2%
Christopher E. Stone
74,463,225
99.9%
110,600
0.1%
Kathy J. Williams
74,458,043
99.8%
115,782
0.2%
Amy Zegart
74,457,479
99.8%
116,346
0.2%
 
Capital Group Equity Exchange-Traded Funds
73
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group Dividend Value ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
512,024,000
Total shares voting on November 25, 2025:
384,876,865 (75.2% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Gina F. Adams
322,263,130
83.7%
62,613,735
16.3%
Charles E. Andrews
384,014,011
99.8%
862,854
0.2%
Joseph J. Bonner
384,024,618
99.8%
852,247
0.2%
Michael C. Camuñez
384,048,608
99.8%
828,257
0.2%
Vanessa C. L. Chang
383,833,245
99.7%
1,043,620
0.3%
Cecilia V. Estolano
384,023,762
99.8%
853,103
0.2%
Bradford F. Freer
384,073,214
99.8%
803,651
0.2%
Yvonne L. Greenstreet
384,071,299
99.8%
805,566
0.2%
Martin E. Koehler
384,039,797
99.8%
837,068
0.2%
Sharon I. Meers
384,054,391
99.8%
822,474
0.2%
Pascal Millaire
384,054,786
99.8%
822,079
0.2%
William I. Miller
384,039,448
99.8%
837,417
0.2%
Anne-Marie Peterson
384,087,402
99.8%
789,463
0.2%
Josette Sheeran
384,025,572
99.8%
851,293
0.2%
 
74
Capital Group Equity Exchange-Traded Funds
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group Global Equity ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
31,404,000
Total shares voting on November 25, 2025:
25,326,996 (80.6% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Noriko Honda Chen
25,314,211
99.9%
12,785
0.1%
Mathews Cherian
25,317,819
100.0%
9,177
0.0%
John G. Freund
25,317,563
100.0%
9,433
0.0%
Pablo R. González Guajardo
22,838,198
90.2%
2,488,798
9.8%
Pedro J. Greer, Jr.
25,317,266
100.0%
9,730
0.0%
Merit E. Janow
25,317,626
100.0%
9,370
0.0%
William D. Jones
25,317,819
100.0%
9,177
0.0%
Earl Lewis, Jr.
25,317,819
100.0%
9,177
0.0%
Kenneth M. Simril
25,315,344
100.0%
11,652
0.0%
Christopher E. Stone
25,317,819
100.0%
9,177
0.0%
Kathy J. Williams
25,317,539
100.0%
9,457
0.0%
Amy Zegart
25,318,145
100.0%
8,851
0.0%
 
Capital Group Equity Exchange-Traded Funds
75
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group Global Growth Equity ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
210,204,000
Total shares voting on November 25, 2025:
156,129,037 (74.3% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Christopher D. Buchbinder
155,615,759
99.7%
513,278
0.3%
Vanessa C. L. Chang
155,587,350
99.7%
541,687
0.3%
Francisco G. Cigarroa
155,596,013
99.7%
533,024
0.3%
Nariman Farvardin
155,593,721
99.7%
535,316
0.3%
Jennifer C. Feikin
155,596,993
99.7%
532,044
0.3%
John G. Freund
155,603,666
99.7%
525,371
0.3%
Leslie Stone Heisz
155,597,544
99.7%
531,493
0.3%
Sharon I. Meers
155,600,958
99.7%
528,079
0.3%
William L. Robbins
155,617,636
99.7%
511,401
0.3%
Kenneth M. Simril
155,605,306
99.7%
523,731
0.3%
Margaret Spellings
155,588,758
99.7%
540,279
0.3%
Christopher E. Stone
155,601,365
99.7%
527,672
0.3%
Alexandra Trower
155,607,179
99.7%
521,858
0.3%
Paul S. Williams
155,602,340
99.7%
526,697
0.3%
 
76
Capital Group Equity Exchange-Traded Funds
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group Growth ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
362,804,000
Total shares voting on November 25, 2025:
269,624,853 (74.3% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Christopher D. Buchbinder
268,518,213
99.6%
1,106,640
0.4%
Vanessa C. L. Chang
268,664,840
99.6%
960,013
0.4%
Francisco G. Cigarroa
268,715,983
99.7%
908,870
0.3%
Nariman Farvardin
268,698,385
99.7%
926,468
0.3%
Jennifer C. Feikin
268,736,093
99.7%
888,760
0.3%
John G. Freund
268,674,979
99.6%
949,874
0.4%
Leslie Stone Heisz
268,728,075
99.7%
896,778
0.3%
Sharon I. Meers
268,765,085
99.7%
859,768
0.3%
William L. Robbins
268,562,858
99.6%
1,061,995
0.4%
Kenneth M. Simril
268,747,285
99.7%
877,568
0.3%
Margaret Spellings
268,748,186
99.7%
876,667
0.3%
Christopher E. Stone
268,700,376
99.7%
924,477
0.3%
Alexandra Trower
268,753,961
99.7%
870,892
0.3%
Paul S. Williams
268,748,658
99.7%
876,195
0.3%
 
Capital Group Equity Exchange-Traded Funds
77
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group International Core Equity ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
15,364,000
Total shares voting on November 25, 2025:
11,100,537 (72.3% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Gina F. Adams
10,700,479
96.4%
400,058
3.6%
Charles E. Andrews
10,997,302
99.1%
103,235
0.9%
Joseph J. Bonner
10,998,309
99.1%
102,228
0.9%
Michael C. Camuñez
10,997,328
99.1%
103,209
0.9%
Vanessa C. L. Chang
10,935,230
98.5%
165,307
1.5%
Cecilia V. Estolano
10,997,515
99.1%
103,022
0.9%
Bradford F. Freer
11,007,600
99.2%
92,937
0.8%
Yvonne L. Greenstreet
11,007,786
99.2%
92,751
0.8%
Martin E. Koehler
10,997,221
99.1%
103,316
0.9%
Sharon I. Meers
11,007,786
99.2%
92,751
0.8%
Pascal Millaire
10,996,633
99.1%
103,904
0.9%
William I. Miller
10,997,603
99.1%
102,934
0.9%
Anne-Marie Peterson
10,998,415
99.1%
102,122
0.9%
Josette Sheeran
10,997,709
99.1%
102,828
0.9%
 
78
Capital Group Equity Exchange-Traded Funds
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group International Equity ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
29,844,000
Total shares voting on November 25, 2025:
23,929,771 (80.2% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Noriko Honda Chen
23,716,572
99.1%
213,199
0.9%
Mathews Cherian
23,717,410
99.1%
212,361
0.9%
John G. Freund
23,723,441
99.1%
206,330
0.9%
Pablo R. González Guajardo
20,214,108
84.5%
3,715,663
15.5%
Pedro J. Greer, Jr.
23,721,010
99.1%
208,761
0.9%
Merit E. Janow
23,719,401
99.1%
210,370
0.9%
William D. Jones
23,723,530
99.1%
206,241
0.9%
Earl Lewis, Jr.
23,720,522
99.1%
209,249
0.9%
Kenneth M. Simril
23,719,984
99.1%
209,787
0.9%
Christopher E. Stone
23,722,835
99.1%
206,936
0.9%
Kathy J. Williams
23,724,300
99.1%
205,471
0.9%
Amy Zegart
23,717,463
99.1%
212,308
0.9%
 
Capital Group Equity Exchange-Traded Funds
79
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group International Focus Equity ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
139,764,000
Total shares voting on November 25, 2025:
108,301,787 (77.5% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Gina F. Adams
93,271,911
86.1%
15,029,876
13.9%
Charles E. Andrews
107,955,771
99.7%
346,016
0.3%
Joseph J. Bonner
107,961,074
99.7%
340,713
0.3%
Michael C. Camuñez
107,977,393
99.7%
324,394
0.3%
Vanessa C. L. Chang
105,962,308
97.8%
2,339,479
2.2%
Cecilia V. Estolano
108,020,996
99.7%
280,791
0.3%
Bradford F. Freer
107,919,289
99.6%
382,498
0.4%
Yvonne L. Greenstreet
108,033,588
99.8%
268,199
0.2%
Martin E. Koehler
107,963,304
99.7%
338,483
0.3%
Sharon I. Meers
108,019,649
99.7%
282,138
0.3%
Pascal Millaire
107,967,014
99.7%
334,773
0.3%
William I. Miller
107,961,654
99.7%
340,133
0.3%
Anne-Marie Peterson
107,974,786
99.7%
327,001
0.3%
Josette Sheeran
108,013,556
99.7%
288,231
0.3%
 
80
Capital Group Equity Exchange-Traded Funds
Matters submitted for shareholder vote (continued)
Results of special meeting of shareholders
Capital Group New Geography Equity ETF
Held November 25, 2025
Shares outstanding on August 28, 2025 (record date):
25,604,000
Total shares voting on November 25, 2025:
20,740,523 (81.0% of shares outstanding)
The proposal: To elect board members 
Board member
Votes for
Percent
of shares
voting for
Votes withheld
Percent
of shares
withheld
Gina F. Adams
17,996,162
86.8%
2,744,361
13.2%
Charles E. Andrews
20,710,366
99.9%
30,157
0.1%
Joseph J. Bonner
20,710,366
99.9%
30,157
0.1%
Michael C. Camuñez
20,709,761
99.9%
30,762
0.1%
Vanessa C. L. Chang
20,703,795
99.8%
36,728
0.2%
Cecilia V. Estolano
20,710,985
99.9%
29,538
0.1%
Bradford F. Freer
20,710,487
99.9%
30,036
0.1%
Yvonne L. Greenstreet
20,711,729
99.9%
28,794
0.1%
Martin E. Koehler
20,710,366
99.9%
30,157
0.1%
Sharon I. Meers
20,711,729
99.9%
28,794
0.1%
Pascal Millaire
20,709,687
99.9%
30,836
0.1%
William I. Miller
20,710,366
99.9%
30,157
0.1%
Anne-Marie Peterson
20,711,608
99.9%
28,915
0.1%
Josette Sheeran
20,710,864
99.9%
29,659
0.1%
 
Capital Group Equity Exchange-Traded Funds
81
Remuneration paid to directors, officers and others
Trustee compensation is paid by the investment adviser pursuant to the Investment Advisory and Service Agreement. Additional information related to the trustee compensation is available in the Registrant’s Statement of Additional Information.
 
82
Capital Group Equity Exchange-Traded Funds
Approval of Investment Advisory and Service Agreement
The boards of Capital Group Growth ETF, Capital Group Global Growth Equity ETF and Capital Group Core Equity ETF have approved the continuation of each fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional period through December 31, 2026. The board approved the agreement following the recommendation of each fund’s Contracts Committee (the “committee”), which is composed of all of each fund’s independent board members. The board and the committee determined in the exercise of their business judgment that each fund’s contractual fee rate was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.
In reaching this decision, the board and the committee took into account their interactions with CRMC in addition to information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative services provided by CRMC to each fund under the agreement and other agreements. The board and the committee considered the risks assumed by CRMC in providing services to each fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.
2. Investment results
The board and the committee considered the investment results of each fund in light of its objective and strategy. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including the fund’s lifetime) through December 31, 2024 while recognizing the fund’s short operational history. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment operations and results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s continued management should benefit each fund and its shareholders.
3. Advisory fees and total expenses
The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds, noting that each fund has a unitary fee structure. They observed that each fund’s advisory fees and expenses generally compared favorably to, those of other similar active exchange-traded funds and institutional share classes for comparable open-end funds included in the applicable Lipper categories. The board and the committee also reviewed information regarding the effective advisory fees charged to other funds and accounts managed by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising each fund and the other clients. The board and the committee concluded that each fund’s contractual fee rate was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by each fund.
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with each fund and other funds it sponsors, including fees for administrative services; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the fees paid to CRMC by each fund.
 
Capital Group Equity Exchange-Traded Funds
83
Approval of Investment Advisory and Service Agreement (continued)
5. Adviser financial information
The board and the committee reviewed information regarding CRMC’s costs of providing services to its U.S. registered fund business, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the registered fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered that shareholders benefited from the unitary fee structure because expenses were limited. The board and the committee also considered the fact that increases in assets would not lead to fee decreases, even if economies of scale are achieved, because the unitary fee structure does not contain breakpoints. The board and the committee concluded that each fund’s contractual fee rate reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.
 
84
Capital Group Equity Exchange-Traded Funds