# EDGAR Filing Document

**Accession Number:** 0001869991
**File Stem:** 0001145549-25-051040
**Filing Date:** 2025-8
**Character Count:** 248236
**Document Hash:** 13bfb8cd5b867f1f0334793cb659ff0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-051040.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001145549-25-051040

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**EFFECTIVENESS DATE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capital Group Growth ETF
- **CENTRAL INDEX KEY:** 0001869991

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23733
- **FILM NUMBER:** 251197520

**BUSINESS ADDRESS:**
- **STREET 1:** 6455 IRVINE CENTER DRIVE
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** (213) 486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 SOUTH HOPE STREET, 55TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

## Series and Classes Contracts Data

### Capital Group Growth ETF (Series ID: S000074246)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000231855 | Share Class  | CGGR            |

?xml version='1.0' encoding='ASCII'? 8ddd53be34dd00d

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM N-CSR

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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

#### 811-23733

#### Capital Group Growth ETF
(Exact name of registrant as specified in charter)

------

6455 Irvine Center Drive

Irvine, California 92618

(Address of principal executive offices)

Sandra Chuon

6455 Irvine Center Drive

Irvine, California 92618

(Name and address of agent for service)

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(949) 975-5000

Date of fiscal year end:

#### May 31
Date of reporting period:

#### May 31, 2025
ITEM 1 - Reports to Stockholders

![TSR - Capital no AF Logo](images_2093.jpg)

ANNUAL SHAREHOLDER REPORT

## Capital Group Growth ETF
**CGGR** for the year ended May 31, 2025

Stock Exchange: **NYSE Arca, Inc.**

This annual shareholder report contains important information about Capital Group Growth ETF (the "fund") for the period from June 1, 2024 to May 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Cost of $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;CGGR | &nbsp;&nbsp;$43 | 0.39% |

---

Management's discussion of fund performance

The fund's shares gained 21.29% on a net asset value (NAV) basis and 21.13% on a market price basis for the year ended

May 31, 2025. These results compare with a 13.52% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/ETF-returns.

What factors influenced results

U.S. equity markets rebounded from early 2025 volatility and delivered strong returns on the back of a late-stage rally in the technology sector. The financials and consumer discretionary sectors led the gains, supported by shifting interest rates and a pickup in consumer spending. Overall, during the fund's fiscal year the U.S. economy maintained steady growth, despite witnessing a contraction in the first quarter of 2025 amid rising tariff tensions. As inflation moderated, the Federal Reserve implemented three rate cuts in 2024 to stimulate the economy and improve consumer sentiment.

Overall, most sectors added to the fund's positive results, with communication services, consumer discretionary and information technology being particularly additive. Likewise, holdings in industrials also saw returns that surpassed the overall returns. Utilities and real estate shares were also positive, though below the portfolio's overall return.

In term of detractors, holdings in the energy and health care sectors posted negative returns during the period.

How a hypothetical $10,000 investment has grown

Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1397245.jpg)

Average annual total returns

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**Since inception<sup>1</sup>** |
| Capital Group Growth ETF (at NAV)2 | 21.29% | 15.05% |
| S&P 500 Index3 | 13.52% | 11.89% |

---

<sup>1</sup> The fund began investment operations on February 22, 2022.

<sup>2</sup> 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.

<sup>3</sup> 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): S&P Dow Jones Indices LLC.

**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) | $12223 |
| Total number of portfolio holdings | 103 |
| Total advisory fees paid (in millions) | $34 |
| Portfolio turnover rate | 16% |

---

**Portfolio holdings by sector** (percent of net assets)

\*Less than 0.01%.

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 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

![TSR - QR Code - ETFs](images_2092.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

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-302-0725© 2025 Capital Group. All rights reserved.

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#### 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 Leslie Stone Heisz, 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.

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#### ITEM 4 - Principal Accountant Fees and Services

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Registrant<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees | (c) Tax Fees | (d) All Other Fees |
| **May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 |  |  |  |
| **May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 |  |  |  |
| **Adviser and Affiliates<sup>2</sup>** |  |  |  |  |
| **May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;44000 |  |  |
| **May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable |  |  |  |

---

---

| | |
|:---|:---|
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate |
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**non-audit fees** |
| **May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000 |
| **May 31, 2024** |  |

---

<sup>1</sup>The 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".

<sup>2</sup>This 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.

<sup>3</sup>Aggregate 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)):

Vanessa C. L. Chang

Jennifer C. Feikin

Pablo R. González Guajardo

Leslie Stone Heisz

William D. Jones

b) Not applicable

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#### ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

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

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![LOGO](g68503g01g01.jpg)

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Capital Group Conservative Equity ETF

**Investment portfolio** May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 94.32% | Common stocks 94.32% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
|  **Information** | Microsoft Corp. | 55301 | $25458 |
|  **technology** | Broadcom, Inc. | 55847 | 13519 |
|  **19.37%** | Apple, Inc. | 50752 | 10194 |
|  | Accenture PLC, Class A | 18449 | 5845 |
|  | Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 19765 | 3821 |
|  | Texas Instruments, Inc. | 18820 | 3441 |
|  | Oracle Corp. | 15521 | 2569 |
|  | KLA Corp. | 3140 | 2377 |
|  | Salesforce, Inc. | 7962 | 2113 |
|  | Analog Devices, Inc. | 8334 | 1783 |
|  | Amphenol Corp., Class A | 15446 | 1389 |
|  |  |  | 72509 |
|  **Industrials** | RTX Corp. | 112726 | 15385 |
|  **15.33%** | General Electric Co. | 49432 | 12156 |
|  | Union Pacific Corp. | 26580 | 5892 |
|  | Paychex, Inc. | 20310 | 3207 |
|  | Automatic Data Processing, Inc. | 8835 | 2876 |
|  | Northrop Grumman Corp. | 5452 | 2643 |
|  | Carrier Global Corp. | 36787 | 2619 |
|  | BAE Systems PLC (ADR) <sup>(a)</sup> | 22163 | 2278 |
|  | Airbus SE, non-registered shares | 10243 | 1885 |
|  | Honeywell International, Inc. | 8213 | 1862 |
|  | General Dynamics Corp. | 6607 | 1840 |
|  | FedEx Corp. | 7884 | 1720 |
|  | Stanley Black & Decker, Inc. | 25087 | 1641 |
|  | Illinois Tool Works, Inc. | 5561 | 1363 |
|  |  |  | 57367 |
|  **Financials** | JPMorgan Chase & Co. | 32879 | 8680 |
|  **13.92%** | Morgan Stanley | 33876 | 4337 |
|  | Fidelity National Information Services, Inc. | 53610 | 4268 |
|  | PNC Financial Services Group, Inc. | 23518 | 4088 |
|  | Chubb, Ltd. | 12943 | 3847 |
|  | Marsh & McLennan Cos., Inc. | 16403 | 3833 |
|  | Truist Financial Corp. | 93358 | 3688 |
|  | Visa, Inc., Class A | 8020 | 2929 |
|  | Wells Fargo & Co. | 37345 | 2793 |
|  | CME Group, Inc., Class A | 8597 | 2484 |
|  | Great-West Lifeco, Inc. <sup>(a)</sup> | 62699 | 2380 |
|  | Progressive Corp. | 8104 | 2309 |
|  | Capital One Financial Corp. | 10142 | 1918 |
|  | BlackRock, Inc. | 1912 | 1873 |
|  | Blackstone, Inc. | 10336 | 1434 |
|  | S&P Global, Inc. | 2455 | 1259 |
|  |  |  | 52120 |
|  **Health care** | AbbVie, Inc. | 44134 | 8214 |
|  **12.76%** | Eli Lilly and Co. | 8378 | 6180 |
|  | Abbott Laboratories | 46064 | 6153 |
|  | Gilead Sciences, Inc. | 47956 | 5279 |
|  | Amgen, Inc. | 18221 | 5251 |
|  | UnitedHealth Group, Inc. | 10591 | 3197 |
|  | Bristol-Myers Squibb Co. | 58959 | 2846 |
|  | Medtronic PLC | 31970 | 2653 |
|  | CVS Health Corp. | 36569 | 2342 |
|  | AstraZeneca PLC (ADR) | 23586 | 1718 |
|  | Regeneron Pharmaceuticals, Inc. | 2746 | 1346 |
|  | Thermo Fisher Scientific, Inc. | 3341 | 1346 |

---

Capital Group Equity Exchange-Traded Funds<sub>1</sub>

------

Capital Group Conservative Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
|  **Health care** | GE HealthCare Technologies, Inc. | 17406 | $1228 |
| (continued) |  |  | 47753 |
|  **Consumer** | Philip Morris International, Inc. | 41210 | 7442 |
|  **staples** | Mondelez International, Inc., Class A | 109299 | 7376 |
|  **8.58%** | British American Tobacco PLC (ADR) | 103798 | 4692 |
|  | Procter & Gamble Co. | 20471 | 3478 |
|  | Hershey Co. | 14728 | 2367 |
|  | Coca-Cola Co. | 24651 | 1777 |
|  | PepsiCo, Inc. | 11693 | 1537 |
|  | Nestle SA | 13559 | 1445 |
|  | Constellation Brands, Inc., Class A | 6121 | 1091 |
|  | General Mills, Inc. | 16996 | 922 |
|  |  |  | 32127 |
|  **Utilities** | CenterPoint Energy, Inc. | 161921 | 6030 |
|  **7.24%** | Constellation Energy Corp. | 18280 | 5597 |
|  | DTE Energy Co. | 31617 | 4321 |
|  | Sempra | 44636 | 3508 |
|  | Atmos Energy Corp. | 19473 | 3012 |
|  | Southern Co. (The) | 22414 | 2017 |
|  | Public Service Enterprise Group, Inc. | 16937 | 1372 |
|  | Xcel Energy, Inc. | 17894 | 1254 |
|  |  |  | 27111 |
|  **Materials** | International Paper Co. | 148057 | 7078 |
|  **4.17%** | Linde PLC | 10220 | 4779 |
|  | Air Products and Chemicals, Inc. | 13406 | 3739 |
|  |  |  | 15596 |
|  **Consumer** | Home Depot, Inc. | 16798 | 6187 |
|  **discretionary** | Starbucks Corp. | 43566 | 3657 |
|  **4.08%** | McDonald's Corp. | 6603 | 2072 |
|  | Hasbro, Inc. | 30338 | 2024 |
|  | D.R. Horton, Inc. | 11432 | 1350 |
|  |  |  | 15290 |
|  **Energy** | TC Energy Corp. (CAD denominated) | 71559 | 3626 |
|  **3.68%** | TC Energy Corp. | 41376 | 2095 |
|  | Exxon Mobil Corp. | 43694 | 4470 |
|  | ConocoPhillips | 24519 | 2093 |
|  | EOG Resources, Inc. | 13741 | 1492 |
|  |  |  | 13776 |
|  **Communication** | Meta Platforms, Inc., Class A | 12312 | 7972 |
|  **services** | T-Mobile US, Inc. | 7637 | 1850 |
|  **3.45%** | Comcast Corp., Class A | 51111 | 1767 |
|  | AT&T, Inc. | 47395 | 1317 |
|  |  |  | 12906 |
|  **Real estate** | Welltower, Inc. REIT | 24089 | 3716 |
|  **1.74%** | Extra Space Storage, Inc. REIT | 11390 | 1722 |
|  | Prologis, Inc. REIT | 9962 | 1082 |
|  |  |  | 6520 |
|  | **Total common stocks** (cost: $339,207,000) |  | 353075 |

---

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| | |
|:---|:---|
| **2** | Capital Group Equity Exchange-Traded Funds |

---

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Capital Group Conservative Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities 6.43% | Shares | Value<br>(000) |
| **Money market investments 5.53%**  |  |  |
| Capital Group Central Cash Fund 4.29% <sup>(b)(c)</sup> | 207088 | $20709 |
| **Money market investments purchased with collateral from securities on loan 0.90%**  |  |  |
| Invesco Short-Term Investments Trust - Government & Agency Portfolio, |  |  |
| Institutional Class 4.24% <sup>(b)(d)</sup> | 3354019 | 3354 |
| **Total short-term securities** (cost: $24,061,000) |  | 24063 |
| **Total investment securities 100.75%** (cost: $363,268,000) |  | 377138 |
| Other assets less liabilities (0.75)% |  | (2826) |
| **Net assets 100.00%** |  | $374312 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates<sup>(c)</sup>**  | **Investments in affiliates<sup>(c)</sup>**  | **Investments in affiliates<sup>(c)</sup>**  | **Investments in affiliates<sup>(c)</sup>**  | **Investments in affiliates<sup>(c)</sup>**  | **Investments in affiliates<sup>(c)</sup>**  | **Investments in affiliates<sup>(c)</sup>**  | **Investments in affiliates<sup>(c)</sup>**  |
|  | Value at<br> 6/25/2024 <sup>(e)</sup><br> (000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>5/31/2025<br>(000) | Dividend<br>or interest<br>income<br>(000) |
|  Short-term securities 5.53% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 5.53%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(b)</sup> | $– | $33754 | $13047 | $–<sup>(f)</sup> | $2 | $20709 | $273 |

---

 <sup>(a)</sup> All or a portion of this security was on loan. The total value of all such securities was $3,598,000, which represented 0.96% of the net assets of the fund. Refer to Note 5 for more information on securities lending.<br> <sup>(b)</sup> Rate represents the seven-day yield at 5/31/2025.<br> <sup>(c)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.<br> <sup>(d)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.<br> <sup>(e)</sup> Commencement of operations.<br> <sup>(f)</sup> Amount less than one thousand.<br>

#### 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<sub>3</sub>

------

Capital Group Core Equity ETF

**Investment portfolio** May 31, 2025

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| | | | |
|:---|:---|:---|:---|
| Common stocks 97.19% | Common stocks 97.19% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
|  **Information** | Microsoft Corp. | 868444 | $399797 |
|  **technology** | Broadcom, Inc. | 1156047 | 279844 |
|  **26.60%** | NVIDIA Corp. | 1748880 | 236326 |
|  | Apple, Inc. | 997201 | 200288 |
|  | Accenture PLC, Class A | 236175 | 74825 |
|  | Oracle Corp. | 294223 | 48703 |
|  | Amphenol Corp., Class A | 527544 | 47442 |
|  | Seagate Technology Holdings PLC | 369622 | 43593 |
|  | Texas Instruments, Inc. | 235536 | 43068 |
|  | Cognizant Technology Solutions Corp., Class A | 523746 | 42418 |
|  | Salesforce, Inc. | 159215 | 42251 |
|  |  |  | 1458555 |
|  **Industrials** | RTX Corp. | 1006785 | 137406 |
|  **16.80%** | Automatic Data Processing, Inc. | 348277 | 113375 |
|  | General Electric Co. | 360770 | 88717 |
|  | General Dynamics Corp. | 268485 | 74770 |
|  | Carrier Global Corp. | 1036184 | 73776 |
|  | Boeing Co. (The) <sup>(a)</sup> | 352808 | 73144 |
|  | GFL Environmental, Inc., subordinate voting shares | 1310103 | 66069 |
|  | Airbus SE, non-registered shares | 355071 | 65345 |
|  | Woodward, Inc. | 297519 | 64362 |
|  | United Rentals, Inc. | 67654 | 47925 |
|  | Honeywell International, Inc. | 204021 | 46245 |
|  | Ingersoll-Rand, Inc. | 440787 | 35986 |
|  | XPO, Inc. <sup>(a)</sup> | 297551 | 33870 |
|  |  |  | 920990 |
|  **Financials** | JPMorgan Chase & Co. | 464301 | 122575 |
|  **12.14%** | Mastercard, Inc., Class A | 199295 | 116707 |
|  | BlackRock, Inc. | 85343 | 83627 |
|  | Fidelity National Information Services, Inc. | 1040629 | 82844 |
|  | Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 79618 | 40124 |
|  | Capital One Financial Corp. | 207623 | 39272 |
|  | PNC Financial Services Group, Inc. | 220999 | 38412 |
|  | Visa, Inc., Class A | 104281 | 38082 |
|  | S&P Global, Inc. | 72596 | 37232 |
|  | Chubb, Ltd. | 114750 | 34104 |
|  | Morgan Stanley | 256993 | 32903 |
|  |  |  | 665882 |
|  **Consumer** | Amazon.com, Inc. <sup>(a)</sup> | 1118497 | 229303 |
|  **discretionary** | Starbucks Corp. | 856750 | 71924 |
|  **10.68%** | Wyndham Hotels & Resorts, Inc. | 802519 | 66432 |
|  | Home Depot, Inc. | 157891 | 58150 |
|  | Royal Caribbean Cruises, Ltd. | 208561 | 53594 |
|  | Tesla, Inc. <sup>(a)</sup> | 113909 | 39465 |
|  | Restaurant Brands International, Inc. | 540008 | 38562 |
|  | Hasbro, Inc. | 422044 | 28155 |
|  |  |  | 585585 |
|  **Communication** | Meta Platforms, Inc., Class A | 420122 | 272025 |
|  **services** | Alphabet, Inc., Class A | 651594 | 111905 |
|  **9.28%** | Alphabet, Inc., Class C | 439501 | 75967 |
|  | Netflix, Inc. <sup>(a)</sup> | 40384 | 48753 |
|  |  |  | 508650 |

---

---

| | |
|:---|:---|
| **4** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group Core Equity ETF (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
|  **Health care** | Eli Lilly and Co. | 194589 | $143542 |
|  **8.66%** | Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 181355 | 80168 |
|  | AbbVie, Inc. | 338170 | 62937 |
|  | Abbott Laboratories | 421416 | 56293 |
|  | Thermo Fisher Scientific, Inc. | 125490 | 50550 |
|  | GE HealthCare Technologies, Inc. | 654524 | 46170 |
|  | Revvity, Inc. | 391915 | 35437 |
|  |  |  | 475097 |
|  **Consumer** | British American Tobacco PLC | 2237127 | 100493 |
|  **staples** | Procter & Gamble Co. | 281011 | 47741 |
|  **3.44%** | Philip Morris International, Inc. | 225493 | 40722 |
|  |  |  | 188956 |
|  **Energy** | Exxon Mobil Corp. | 548059 | 56067 |
|  **3.04%** | Canadian Natural Resources, Ltd. (CAD denominated) | 1833601 | 55675 |
|  | Baker Hughes Co., Class A | 1477357 | 54736 |
|  |  |  | 166478 |
|  **Materials** | Air Products and Chemicals, Inc. | 240075 | 66960 |
|  **2.87%** | Linde PLC | 111590 | 52177 |
|  | Eastman Chemical Co. | 485162 | 38022 |
|  |  |  | 157159 |
|  **Real estate** | VICI Properties, Inc. REIT | 2055663 | 65185 |
|  **2.07%** | Equinix, Inc. REIT | 54380 | 48334 |
|  |  |  | 113519 |
|  **Utilities** | PG&E Corp. | 3172711 | 53555 |
|  **1.61%** | CenterPoint Energy, Inc. | 927027 | 34523 |
|  |  |  | 88078 |
|  | **Total common stocks** (cost: $4,612,178,000) |  | 5328949 |
| Short-term securities 4.19% | Short-term securities 4.19% |  |  |
|  **Money market investments 4.19%** | **Money market investments 4.19%** |  |  |
|  | Capital Group Central Cash Fund 4.29% <sup>(b)(c)</sup> | 2298006 | 229801 |
|  | **Total short-term securities** (cost: $229,783,000) |  | 229801 |
|  | **Total investment securities 101.38%** (cost: $4,841,961,000) |  | 5558750 |
|  | Other assets less liabilities (1.38)% |  | (75511) |
|  | **Net assets 100.00%** |  | $5483239 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> |
|  | Value at<br>6/1/2024<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br> (depreciation)<br> (000) | Value at<br>5/31/2025<br>(000) | Dividend<br> or interest<br>income<br>(000) |
|  Short-term securities 4.19% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 4.19%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(b)</sup> | $54961 | $1019204 | $844369 | $(1) | $6 | $229801 | $4702 |

---

Capital Group Equity Exchange-Traded Funds<sub>5</sub>

------

Capital Group Core Equity ETF (continued)

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Rate represents the seven-day yield at 5/31/2025.

<sup>(c)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

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

Investment portfolio May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 95.51% | Common stocks 95.51% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
|  **Industrials** | RTX Corp. | 352080 | $48052 |
|  **17.18%** | Airbus SE, non-registered shares | 190548 | 35067 |
|  | RELX PLC | 577536 | 31079 |
|  | Carrier Global Corp. | 430155 | 30627 |
|  | BAE Systems PLC | 1017342 | 26064 |
|  | Paychex, Inc. | 157065 | 24802 |
|  | Mitsubishi Corp. | 1195900 | 24393 |
|  | Ryanair Holdings PLC (ADR) | 401409 | 22318 |
|  | FedEx Corp. | 93493 | 20391 |
|  | Broadridge Financial Solutions, Inc. | 80404 | 19524 |
|  | Hitachi, Ltd. | 688500 | 19359 |
|  | Northrop Grumman Corp. | 39717 | 19254 |
|  | Canadian National Railway Co. (CAD denominated) | 173596 | 18248 |
|  | UL Solutions, Inc., Class A | 232449 | 16620 |
|  | ITOCHU Corp. | 307900 | 16562 |
|  | Norfolk Southern Corp. | 56723 | 14017 |
|  | Trinity Industries, Inc. | 537479 | 13835 |
|  |  |  | 400212 |
|  **Financials** | Intact Financial Corp. | 217452 | 49334 |
|  **17.08%** | DBS Group Holdings, Ltd. | 1060270 | 36763 |
|  | London Stock Exchange Group PLC | 217726 | 33076 |
|  | Morgan Stanley | 219280 | 28074 |
|  | Euronext NV | 166221 | 27065 |
|  | JPMorgan Chase & Co. | 101695 | 26848 |
|  | Zurich Insurance Group AG | 37607 | 26375 |
|  | Truist Financial Corp. | 623331 | 24622 |
|  | KB Financial Group, Inc. (ADR) | 304337 | 22749 |
|  | Webster Financial Corp. | 367828 | 18936 |
|  | CME Group, Inc., Class A | 62766 | 18139 |
|  | AIA Group, Ltd. | 2166000 | 18135 |
|  | East West Bancorp, Inc. | 197979 | 18056 |
|  | Deutsche Bank AG | 602860 | 16675 |
|  | First American Financial Corp. | 249761 | 13939 |
|  | Hong Kong Exchanges and Clearing, Ltd. | 197800 | 9984 |
|  | PICC Property and Casualty Co., Ltd., Class H | 4876000 | 9290 |
|  |  |  | 398060 |
|  **Information** | Broadcom, Inc. | 404743 | 97976 |
|  **technology** | Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 349725 | 67609 |
|  **13.63%** | SAP SE | 126825 | 38290 |
|  | Tokyo Electron, Ltd. | 186500 | 29810 |
|  | Accenture PLC, Class A | 70792 | 22428 |
|  | KLA Corp. | 25074 | 18978 |
|  | Fujitsu, Ltd. | 745000 | 17179 |
|  | Texas Instruments, Inc. | 84039 | 15367 |
|  | MediaTek, Inc. | 237000 | 9964 |
|  |  |  | 317601 |
|  **Consumer** | Philip Morris International, Inc. | 431569 | 77937 |
|  **staples** | Mondelez International, Inc., Class A | 552631 | 37297 |
|  **11.21%** | Imperial Brands PLC | 902140 | 34156 |
|  | Carlsberg A/S, Class B | 194891 | 27860 |
|  | Danone SA | 324066 | 27685 |
|  | British American Tobacco PLC | 575818 | 25866 |
|  | Nestle SA | 178644 | 19037 |
|  | Anheuser-Busch InBev SA/NV | 160004 | 11271 |
|  |  |  | 261109 |

---

Capital Group Equity Exchange-Traded Funds<sub>7</sub>

------

Capital Group Dividend Growers ETF (continued)

<u>Common stocks (continued)</u>   <u>Shares&nbsp;&nbsp;&nbsp;&nbsp; </u>   <u> Value (000)</u>

---

| | | | |
|:---|:---|:---|:---|
| **Health care** | Abbott Laboratories | 235410 | $31446 |
| **8.63%** | Eli Lilly and Co. | 33641 | 24816 |
|  | AstraZeneca PLC | 171105 | 24714 |
|  | Amgen, Inc. | 74220 | 21389 |
|  | AbbVie, Inc. | 107639 | 20032 |
|  | Novo Nordisk AS, Class B | 289257 | 19973 |
|  | UnitedHealth Group, Inc. | 58235 | 17582 |
|  | EssilorLuxottica SA | 58197 | 16170 |
|  | Bristol-Myers Squibb Co. | 334345 | 16142 |
|  | Merck & Co., Inc. | 113638 | 8732 |
|  |  |  | 200996 |
| **Utilities** | CenterPoint Energy, Inc. | 1495147 | 55679 |
| **7.14%** | Iberdrola, SA, non-registered shares | 2194215 | 40062 |
|  | Engie SA | 1484576 | 32003 |
|  | Sempra | 272262 | 21397 |
|  | SSE PLC | 725850 | 17222 |
|  |  |  | 166363 |
| **Consumer** | Industria de Diseno Textil, SA | 560469 | 30368 |
| **discretionary** | Amadeus IT Group SA, Class A, non-registered shares | 303303 | 25271 |
| **6.82%** | YUM! Brands, Inc. | 126578 | 18220 |
|  | Darden Restaurants, Inc. | 81292 | 17414 |
|  | Starbucks Corp. | 189910 | 15943 |
|  | LVMH Moet Hennessy-Louis Vuitton SE | 28067 | 15241 |
|  | Bridgestone Corp. | 324300 | 14007 |
|  | Galaxy Entertainment Group, Ltd. | 2926000 | 12464 |
|  | Tractor Supply Co. | 204161 | 9881 |
|  |  |  | 158809 |
| **Real estate** | VICI Properties, Inc. REIT | 1590950 | 50449 |
| **5.20%** | Welltower, Inc. REIT | 257458 | 39720 |
|  | Link REIT | 2444700 | 12986 |
|  | Rexford Industrial Realty, Inc. REIT | 294495 | 10378 |
|  | Longfor Group Holdings, Ltd. | 6108500 | 7658 |
|  |  |  | 121191 |
| **Energy** | TotalEnergies SE | 545250 | 31983 |
| **3.77%** | BP PLC | 4761142 | 23078 |
|  | TC Energy Corp. (CAD denominated) | 368100 | 18652 |
|  | ConocoPhillips | 164650 | 14053 |
|  |  |  | 87766 |
| **Communication** | T-Mobile US, Inc. | 151724 | 36747 |
| **services** | Koninklijke KPN NV | 7210006 | 33876 |
| **3.62%** | America Movil, SAB de CV, Class B (ADR) | 807785 | 13652 |
|  |  |  | 84275 |
| **Materials** | International Paper Co. | 228635 | 10931 |
| **1.23%** | Vale SA (ADR), ordinary nominative shares | 1149291 | 10493 |
|  | Dow, Inc. | 262052 | 7269 |
|  |  |  | 28693 |
|  | **Total common stocks** (cost: $2,023,156,000) |  | 2225075 |

---

---

| | |
|:---|:---|
| **8** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group Dividend Growers ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 4.30% | Short-term securities 4.30% | Shares | Value<br> (000) |
|  **Money market investments 1.92%** | **Money market investments 1.92%** |  |  |
| Capital Group Central Cash Fund 4.29% <sup>(a)(b)</sup> |  | 446886 | $44689 |
|  | Weighted<br>average yield<br>at acquisition | Principal amount<br>(000) |  |
|  **Commercial paper 1.50%** | **Commercial paper 1.50%** |  |  |
| DNB Bank ASA 6/6/2025 <sup>(c)</sup> | 3.096% | USD35,000 | 34971 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Bonds & notes of governments & government agencies outside the U.S. 0.88%** | **Bonds & notes of governments & government agencies outside the U.S. 0.88%** |  |  |
| Ontario (Province of) 6/18/2025 | 4.435 | 20500 | 20453 |
| **Total short-term securities** (cost: $100,116,000) |  |  | 100113 |
| **Total investment securities 99.81%** (cost: $2,123,272,000) |  |  | 2325188 |
| Other assets less liabilities 0.19% |  |  | 4487 |
| **Net assets 100.00%** |  |  | $2329675 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>(b)</sup>** | | | | | | | |
|  | Value at<br> 6/1/2024<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 5/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 1.92% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 1.92%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(a)</sup> | $13229 | $397433 | $365980 | $(1) | $8 | $44689 | $2336 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 5/31/2025.

<sup>(b)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $34,971,000, which represented 1.50% of the net assets of the fund. 

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<sub>9</sub>

------

Capital Group Dividend Value ETF

**Investment portfolio** May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 97.08% | Common stocks 97.08% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value (000) |
| **Information** | Microsoft Corp. | 2322830 | $1069338 |
| **technology** | Broadcom, Inc. | 3884755 | 940383 |
| **21.92%** | Apple, Inc. | 2071329 | 416026 |
|  | NVIDIA Corp. | 2562903 | 346325 |
|  | Salesforce, Inc. | 896540 | 237915 |
|  | Oracle Corp. | 1425177 | 235909 |
|  | Micron Technology, Inc. | 2249882 | 212524 |
|  | Texas Instruments, Inc. | 1079950 | 197469 |
|  |  |  | 3655889 |
| **Industrials** | RTX Corp. | 5696885 | 777511 |
| **18.93%** | General Electric Co. | 2769089 | 680947 |
|  | Carrier Global Corp. | 7432445 | 529190 |
|  | General Dynamics Corp. | 973994 | 271247 |
|  | Union Pacific Corp. | 1107830 | 245562 |
|  | Boeing Co. (The) <sup>(a)</sup> | 1169056 | 242369 |
|  | Uber Technologies, Inc. <sup>(a)</sup> | 2774396 | 233493 |
|  | Illinois Tool Works, Inc. | 719113 | 176240 |
|  |  |  | 3156559 |
| **Health care** | Eli Lilly and Co. | 799595 | 589837 |
| **12.11%** | AbbVie, Inc. | 1480957 | 275621 |
|  | Medtronic PLC | 2213481 | 183675 |
|  | Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 391193 | 172927 |
|  | Amgen, Inc. | 568254 | 163759 |
|  | GE HealthCare Technologies, Inc. | 2295812 | 161947 |
|  | Abbott Laboratories | 1209706 | 161593 |
|  | UnitedHealth Group, Inc. | 521372 | 157407 |
|  | Gilead Sciences, Inc. | 1385724 | 152540 |
|  |  |  | 2019306 |
| **Consumer** | Starbucks Corp. | 5133562 | 430963 |
| **discretionary** | Royal Caribbean Cruises, Ltd. | 1260856 | 324002 |
| **10.85%** | Las Vegas Sands Corp. | 7504500 | 308885 |
|  | McDonald's Corp. | 880996 | 276501 |
|  | Amazon.com, Inc. <sup>(a)</sup> | 930350 | 190731 |
|  | TopBuild Corp. <sup>(a)</sup> | 513698 | 145320 |
|  | Hasbro, Inc. | 2000529 | 133455 |
|  |  |  | 1809857 |
| **Consumer** | British American Tobacco PLC | 15198632 | 682732 |
| **staples** | Philip Morris International, Inc. | 2562499 | 462762 |
| **7.70%** | Mondelez International, Inc., Class A | 2064730 | 139348 |
|  |  |  | 1284842 |
| **Financials** | JPMorgan Chase & Co. | 1408042 | 371723 |
| **7.39%** | American International Group, Inc. | 3501805 | 296393 |
|  | First Citizens BancShares, Inc., Class A | 154008 | 284742 |
|  | Capital One Financial Corp. | 1475166 | 279028 |
|  |  |  | 1231886 |
| **Materials** | International Paper Co. | 7050779 | 337098 |
| **5.51%** | Linde PLC | 637381 | 298027 |
|  | Air Products and Chemicals, Inc. | 549046 | 153134 |
|  | Freeport-McMoRan, Inc. | 3390910 | 130482 |
|  |  |  | 918741 |

---

---

| | |
|:---|:---|
| **10** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group Dividend Value ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Communication** | Meta Platforms, Inc., Class A | 833997 | $540005 |
| **services** | Alphabet, Inc., Class A | 1699665 | 291900 |
| **4.99%** |  |  | 831905 |
| **Energy** | Halliburton Co. | 12815719 | 251060 |
| **4.11%** | TC Energy Corp. (CAD denominated) | 4553686 | 230745 |
|  | Canadian Natural Resources, Ltd. | 6699819 | 203474 |
|  |  |  | 685279 |
| **Real estate** | VICI Properties, Inc. REIT | 5666938 | 179699 |
| **2.01%** | Prologis, Inc. REIT | 1433337 | 155660 |
|  |  |  | 335359 |
| **Utilities** | DTE Energy Co. | 1005977 | 137467 |
| **1.56%** | Public Service Enterprise Group, Inc. | 1525126 | 123581 |
|  |  |  | 261048 |
|  | **Total common stocks** (cost: $14,278,551,000) |  | 16190671 |
| Short-term securities 2.86% | Short-term securities 2.86% |  |  |
|  **Money market investments 2.86%** | **Money market investments 2.86%** |  |  |
|  | Capital Group Central Cash Fund 4.29% <sup>(b)(c)</sup> | 4771068 | 477107 |
|  | **Total short-term securities** (cost: $477,059,000) |  | 477107 |
|  | **Total investment securities 99.94%** (cost: $14,755,610,000) |  | 16667778 |
|  | Other assets less liabilities 0.06% |  | 9267 |
|  | **Net assets 100.00%** |  | $16677045 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>(c)</sup>** | | | | | | | |
|  | Value at<br> 6/1/2024<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 5/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 2.86% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.86%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(b)</sup> | $226589 | $3814075 | $3563598 | $42 | $(1) | $477107 | $19999 |

---

<sup>(a)</sup>Security did not produce income during the last 12 months.

<sup>(b)</sup>Rate represents the seven-day yield at 5/31/2025.

<sup>(c)</sup>Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

CAD = Canadian dollars

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

Capital Group Equity Exchange-Traded Funds<sub>11</sub>

------

Capital Group Global Equity ETF

**Investment portfolio** May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 97.20% | Common stocks 97.20% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
| **Industrials** | Safran SA | 32283 | $9582 |
| **20.37%** | General Electric Co. | 30861 | 7589 |
|  | GE Vernova, Inc. | 15071 | 7128 |
|  | Rolls-Royce Holdings PLC | 600450 | 7008 |
|  | HEICO Corp. | 12766 | 3825 |
|  | Airbus SE, non-registered shares | 20226 | 3722 |
|  | Ingersoll-Rand, Inc. | 43948 | 3588 |
|  | Epiroc AB, Class A | 156949 | 3512 |
|  | Northrop Grumman Corp. | 7215 | 3498 |
|  | ABB, Ltd. | 57190 | 3234 |
|  | AMETEK, Inc. | 17008 | 3040 |
|  | DSV A/S | 12293 | 2896 |
|  | Armstrong World Industries, Inc. | 18461 | 2873 |
|  | Rheinmetall AG, non-registered shares | 1125 | 2408 |
|  | SMC Corp. | 5800 | 2183 |
|  | FedEx Corp. | 9891 | 2157 |
|  | Axon Enterprise, Inc. <sup>(a)</sup> | 2652 | 1990 |
|  | ITOCHU Corp. | 36300 | 1952 |
|  | RTX Corp. | 13847 | 1890 |
|  | Ryanair Holdings PLC (ADR) | 32265 | 1794 |
|  | Honeywell International, Inc. | 7808 | 1770 |
|  | CSX Corp. | 55752 | 1761 |
|  | RELX PLC | 31251 | 1682 |
|  |  |  | 81082 |
| **Information** | Broadcom, Inc. | 57451 | 13907 |
| **technology** | Microsoft Corp. | 26256 | 12087 |
| **18.52%** | Apple, Inc. | 40418 | 8118 |
|  | Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 39897 | 7713 |
|  | SAP SE | 24759 | 7475 |
|  | ASML Holding NV | 8067 | 5989 |
|  | Fujitsu, Ltd. | 187400 | 4321 |
|  | TDK Corp. | 235500 | 2618 |
|  | Keyence Corp. | 5600 | 2364 |
|  | KLA Corp. | 2872 | 2174 |
|  | ServiceNow, Inc. <sup>(a)</sup> | 2078 | 2101 |
|  | Salesforce, Inc. | 7328 | 1945 |
|  | Accenture PLC, Class A | 5617 | 1780 |
|  | NVIDIA Corp. | 8263 | 1117 |
|  |  |  | 73709 |
| **Financials** | JPMorgan Chase & Co. | 31249 | 8250 |
| **16.97%** | Visa, Inc., Class A | 13844 | 5056 |
|  | Mastercard, Inc., Class A | 8469 | 4959 |
|  | London Stock Exchange Group PLC | 31922 | 4849 |
|  | DBS Group Holdings, Ltd. | 132300 | 4587 |
|  | Deutsche Bank AG | 150452 | 4161 |
|  | Marsh & McLennan Cos., Inc. | 16689 | 3900 |
|  | S&P Global, Inc. | 6361 | 3262 |
|  | AIA Group, Ltd. | 381600 | 3195 |
|  | Hong Kong Exchanges and Clearing, Ltd. | 62900 | 3175 |
|  | UniCredit SpA | 44699 | 2871 |
|  | NatWest Group PLC | 357596 | 2528 |
|  | Skandinaviska Enskilda Banken AB, Class A | 151227 | 2523 |
|  | Aon PLC, Class A | 6707 | 2495 |
|  | Standard Chartered PLC | 150799 | 2353 |
|  | Arthur J. Gallagher & Co. | 6741 | 2342 |
|  | Partners Group Holding AG | 1421 | 1903 |
|  | Munchener Ruckversicherungs-Gesellschaft AG | 2736 | 1775 |
|  | CME Group, Inc., Class A | 5995 | 1733 |

---

---

| | |
|:---|:---|
| **12** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group Global Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
| **Financials** | Arch Capital Group, Ltd. | 17163 | $1631 |
| (continued) |  |  | 67548 |
| **Health care** | AstraZeneca PLC | 47135 | 6808 |
| **8.89%** | EssilorLuxottica SA | 20878 | 5801 |
|  | Abbott Laboratories | 38599 | 5156 |
|  | Novo Nordisk AS, Class B | 57013 | 3937 |
|  | Danaher Corp. | 13417 | 2548 |
|  | Regeneron Pharmaceuticals, Inc. | 4613 | 2262 |
|  | Amgen, Inc. | 7441 | 2144 |
|  | AbbVie, Inc. | 10506 | 1955 |
|  | Bristol-Myers Squibb Co. | 35118 | 1695 |
|  | BeOne Medicines, Ltd. (ADR) <sup>(a)</sup> | 6328 | 1554 |
|  | Eli Lilly and Co. | 2047 | 1510 |
|  |  |  | 35370 |
| **Consumer** | Hilton Worldwide Holdings, Inc. | 20195 | 5017 |
| **discretionary** | Royal Caribbean Cruises, Ltd. | 16652 | 4279 |
| **8.05%** | Amazon.com, Inc. <sup>(a)</sup> | 20754 | 4255 |
|  | Industria de Diseno Textil, SA | 76707 | 4156 |
|  | Amadeus IT Group SA, Class A, non-registered shares | 41893 | 3491 |
|  | MercadoLibre, Inc. <sup>(a)</sup> | 1081 | 2771 |
|  | LVMH Moet Hennessy-Louis Vuitton SE | 4565 | 2479 |
|  | Sony Group Corp. | 76100 | 2015 |
|  | Hermes International | 716 | 1974 |
|  | Tractor Supply Co. | 33332 | 1613 |
|  |  |  | 32050 |
| **Communication** | Alphabet, Inc., Class A | 57841 | 9934 |
| **services** | Meta Platforms, Inc., Class A | 7898 | 5114 |
| **7.15%** | Nintendo Co., Ltd. | 37000 | 3043 |
|  | Koninklijke KPN NV | 571359 | 2684 |
|  | Electronic Arts, Inc. | 17435 | 2507 |
|  | Comcast Corp., Class A | 53168 | 1838 |
|  | Netflix, Inc. <sup>(a)</sup> | 1404 | 1695 |
|  | America Movil, SAB de CV, Class B (ADR) | 96233 | 1626 |
|  |  |  | 28441 |
| **Consumer** | Philip Morris International, Inc. | 32897 | 5941 |
| **staples** | L'Oreal SA, non-registered shares | 6876 | 2908 |
| **6.95%** | Anheuser-Busch InBev SA/NV | 38943 | 2743 |
|  | Danone SA | 29414 | 2513 |
|  | Nestle SA | 21209 | 2260 |
|  | Costco Wholesale Corp. | 2119 | 2204 |
|  | Keurig Dr Pepper, Inc. | 52496 | 1768 |
|  | Imperial Brands PLC | 46023 | 1742 |
|  | Hershey Co. | 9524 | 1530 |
|  | Carlsberg A/S, Class B | 9977 | 1426 |
|  | Constellation Brands, Inc., Class A | 7454 | 1329 |
|  | General Mills, Inc. | 23793 | 1291 |
|  |  |  | 27655 |
| **Materials** | Air Liquide SA | 15956 | 3305 |
| **3.90%** | Shin-Etsu Chemical Co., Ltd. | 101500 | 3274 |
|  | Givaudan SA | 530 | 2658 |
|  | Sika AG | 8483 | 2265 |
|  | Freeport-McMoRan, Inc. | 52534 | 2021 |

---

Capital Group Equity Exchange-Traded Funds<sub>13</sub>

------

Capital Group Global Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Materials**<br> (continued) | Linde PLC | 4287 | $2004 |
| **Materials**<br> (continued) |  |  |  |
| **Materials**<br> (continued) |  |  | 15527 |
| **Utilities** | Engie SA | 205587 | 4432 |
| **3.24%** | Constellation Energy Corp. | 11595 | 3550 |
|  | CenterPoint Energy, Inc. | 69601 | 2592 |
|  | Atmos Energy Corp. | 15020 | 2323 |
|  |  |  | 12897 |
| **Energy** | TotalEnergies SE | 87624 | 5140 |
| **2.70%** | TC Energy Corp. (CAD denominated) | 57464 | 2912 |
|  | BP PLC | 558879 | 2709 |
|  |  |  | 10761 |
| **Real estate** | Equinix, Inc. REIT | 2065 | 1836 |
| **0.46%** | **Total common stocks** (cost: $356,899,000) |  | 386876 |

---

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 2.91% | Short-term securities 2.91% |  |  |
| **Money market investments 0.27%** | **Money market investments 0.27%** |  |  |
| Capital Group Central Cash Fund 4.29% <sup>(b)(c)</sup> |  | 10941 | 1094 |
|  | Weighted<br> average yield<br> at acquisition | Principal amount<br>(000) |  |
| **Commercial paper 1.51%** | **Commercial paper 1.51%** |  |  |
| DNB Bank ASA 6/6/2025 <sup>(d)</sup> | 3.096% | USD3,000 | 2997 |
| DBS Bank, Ltd. 6/3/2025 <sup>(d)</sup> | 3.661 | 1000 | 999 |
| National Bank of Canada 6/9/2025 <sup>(d)</sup> | 3.076 | 1000 | 999 |
| Nestle Finance International, Ltd. 6/18/2025 <sup>(d)</sup> | 4.221 | 1000 | 998 |
|  |  |  | 5993 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.13%** | **Bonds & notes of governments & government agencies outside the U.S. 1.13%** |  |  |
| Ontario (Province of) 6/18/2025 | 4.270 | 4500 | 4490 |
| **Total short-term securities** (cost: $11,580,000) |  |  | 11577 |
| **Total investment securities 100.11%** (cost: $368,479,000) |  |  | 398453 |
| Other assets less liabilities (0.11)% |  |  | (447) |
| **Net assets 100.00%** |  |  | $398006 |

---

---

| | |
|:---|:---|
| **14** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group Global Equity ETF (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>(c)</sup>** | **Investments in affiliates<sup>(c)</sup>** | **Investments in affiliates<sup>(c)</sup>** | **Investments in affiliates<sup>(c)</sup>** | **Investments in affiliates<sup>(c)</sup>** | **Investments in affiliates<sup>(c)</sup>** | **Investments in affiliates<sup>(c)</sup>** | **Investments in affiliates<sup>(c)</sup>** |
|  | Value at<br>6/25/2024<sup>(e)</sup><br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value at<br>5/31/2025<br>(000) | Dividend<br>or interest<br>income<br> (000) |
|  Short-term securities 0.27% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 0.27%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(b)</sup> | $– | $31768 | $30673 | $(1) | $–<sup>(f)</sup> | $1094 | $158 |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Rate represents the seven-day yield at 5/31/2025.

<sup>(c)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(d)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $5,993,000, which represented 1.51% of the net assets of the fund. 

<sup>(e)</sup>Commencement of operations.

---

| | |
|:---|:---|
| <sup>(f)</sup>Amount | less than one thousand.  |

---

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 | **15** |

---

------

Capital Group Global Growth Equity ETF

Investment portfolio May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 97.08% | Common stocks 97.08% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Information** | Microsoft Corp. | 772814 | $355773 |
|  technology | Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 1679583 | 324697 |
|  **28.47%** | NVIDIA Corp. | 1756729 | 237387 |
|  | Broadcom, Inc. | 684083 | 165596 |
|  | ASML Holding NV | 209049 | 155213 |
|  | SAP SE | 233119 | 70382 |
|  | Synopsys, Inc. <sup>(a)</sup> | 145594 | 67553 |
|  | Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 530166 | 56844 |
|  | NEC Corp. | 2029200 | 53376 |
|  | Cloudflare, Inc., Class A <sup>(a)</sup> | 243380 | 40374 |
|  | Capgemini SE | 219973 | 36528 |
|  | Apple, Inc. | 180453 | 36244 |
|  | Keyence Corp. | 69000 | 29126 |
|  | EPAM Systems, Inc. <sup>(a)</sup> | 151887 | 26503 |
|  |  |  | 1655596 |
|  **Industrials** | Safran SA | 505435 | 150016 |
|  **15.16%** | Comfort Systems USA, Inc. | 209268 | 100078 |
|  | TransDigm Group, Inc. | 42514 | 62429 |
|  | Ryanair Holdings PLC (ADR) | 1024899 | 56984 |
|  | Copart, Inc. <sup>(a)</sup> | 989845 | 50957 |
|  | BAE Systems PLC | 1944482 | 49817 |
|  | Airbus SE, non-registered shares | 268933 | 49493 |
|  | Ingersoll-Rand, Inc. | 562569 | 45928 |
|  | ASSA ABLOY AB, Class B | 1354861 | 42948 |
|  | Schneider Electric SE | 156181 | 39253 |
|  | ITOCHU Corp. | 729500 | 39239 |
|  | Siemens AG | 161981 | 38955 |
|  | Saab AB, Class B | 690378 | 34894 |
|  | Hitachi, Ltd. | 1155000 | 32476 |
|  | Carrier Global Corp. | 391922 | 27905 |
|  | Boeing Co. (The) <sup>(a)</sup> | 121811 | 25254 |
|  | GT Capital Holdings, Inc. | 2347200 | 22885 |
|  | Alliance Global Group, Inc. | 79922900 | 11947 |
|  |  |  | 881458 |
|  **Financials**<br> **14.96%** | 3i Group PLC | 2288266 | 125544 |
|  **Financials**<br> **14.96%** | Visa, Inc., Class A | 241451 | 88175 |
|  | AXA SA | 1695586 | 79917 |
|  | Aon PLC, Class A | 207430 | 77181 |
|  | Fiserv, Inc. <sup>(a)</sup> | 448220 | 72966 |
|  | Banco Bilbao Vizcaya Argentaria, SA | 4859395 | 72887 |
|  | Citigroup, Inc. | 932048 | 70202 |
|  | Societe Generale | 1254085 | 68136 |
|  | Prudential PLC | 5625652 | 64033 |
|  | Brookfield Corp., Class A | 1079811 | 62327 |
|  | Tradeweb Markets, Inc., Class A | 338439 | 48888 |
|  | Blackstone, Inc. | 285091 | 39559 |
|  |  |  | 869815 |
| **Consumer** | Prosus NV, Class N | 1714237 | 87979 |
| **discretionary** | Amazon.com, Inc. <sup>(a)</sup> | 415726 | 85228 |
| **14.47%** | Booking Holdings, Inc. | 13914 | 76790 |
|  | Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 1530423 | 76644 |
|  | Renault SA | 1274708 | 65681 |
|  | MercadoLibre, Inc. <sup>(a)</sup> | 25548 | 65487 |
|  | LVMH Moet Hennessy-Louis Vuitton SE | 111243 | 60408 |
|  | Compagnie Financiere Richemont SA, Class A | 280206 | 52722 |
|  | Trip.com Group, Ltd. (ADR) | 819635 | 51350 |
|  | InterContinental Hotels Group PLC | 388807 | 44497 |
|  | MGM China Holdings, Ltd. | 30606988 | 43484 |

---

---

| | |
|:---|:---|
| **16** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group Global Growth Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Consumer** | Starbucks Corp. | 443072 | $37196 |
| **discretionary** | Sanrio Co., Ltd. | 804900 | 35475 |
| (continued) | Home Depot, Inc. | 81897 | 30162 |
|  | Flutter Entertainment PLC <sup>(a)</sup> | 111208 | 28102 |
|  |  |  | 841205 |
| **Health care** | Eli Lilly and Co. | 152275 | 112329 |
| **9.72%** | Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 187256 | 82776 |
|  | Novo Nordisk AS, Class B | 862616 | 59563 |
|  | Argenx SE (ADR) <sup>(a)</sup> | 79493 | 45570 |
|  | Sanofi | 434596 | 43188 |
|  | Thermo Fisher Scientific, Inc. | 100581 | 40516 |
|  | Regeneron Pharmaceuticals, Inc. | 70900 | 34761 |
|  | Pfizer, Inc. | 1367302 | 32118 |
|  | Cigna Group (The) | 96940 | 30695 |
|  | Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 100720 | 30675 |
|  | Centene Corp. <sup>(a)</sup> | 510645 | 28821 |
|  | UnitedHealth Group, Inc. | 80491 | 24301 |
|  |  |  | 565313 |
| **Communication** | Alphabet, Inc., Class A | 746654 | 128230 |
| **services** | Meta Platforms, Inc., Class A | 186009 | 120439 |
| **5.86%** | Publicis Groupe SA | 355230 | 38673 |
|  | Spotify Technology SA <sup>(a)</sup> | 43342 | 28828 |
|  | Bharti Airtel, Ltd. | 1126679 | 24439 |
|  |  |  | 340609 |
| **Consumer** | British American Tobacco PLC | 931833 | 41859 |
| **staples** | Philip Morris International, Inc. | 219859 | 39704 |
| **4.27%** | Monster Beverage Corp. <sup>(a)</sup> | 608238 | 38897 |
|  | Nestle SA | 352604 | 37574 |
|  | Costco Wholesale Corp. | 34369 | 35750 |
|  | Dollar General Corp. | 283652 | 27585 |
|  | Carrefour SA, non-registered shares <sup>(b)</sup> | 1814736 | 27127 |
|  |  |  | 248496 |
| **Energy** | Canadian Natural Resources, Ltd. (CAD denominated) | 2396868 | 72779 |
| **2.42%** | Reliance Industries, Ltd. | 2059749 | 34200 |
|  | Schlumberger NV | 1026082 | 33912 |
|  |  |  | 140891 |
| **Materials** | Linde PLC | 178599 | 83509 |
| **1.75%** | First Quantum Minerals, Ltd. <sup>(a)</sup> | 1221888 | 18101 |
|  |  |  | 101610 |
|  | Total common stocks (cost: $4,792,310,000) |  | 5644993 |
| Preferred securities 0.98% | Preferred securities 0.98% |  |  |
| **Information**<br> **technology**<br> **0.98%** | Samsung Electronics Co., Ltd., nonvoting preferred shares | 1703313 | 56913 |
|  | **Total preferred securities** (cost: $69,601,000) |  | 56913 |

---

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **17** |

---

------

Capital Group Global Growth Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities 2.13% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
|  **Money market investments 0.01%** |  |  |
| Capital Group Central Cash Fund 4.29%<sup>(c)(d)</sup> | 7142 | $714 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Money market investments purchased with collateral from securities on loan 0.13%** | **Money market investments purchased with collateral from securities on loan 0.13%** | **Money market investments purchased with collateral from securities on loan 0.13%** | **Money market investments purchased with collateral from securities on loan 0.13%** |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio,<br>Institutional Class 4.24% <sup>(c)(e)</sup> |  | 7936814 | $7937 |
|  | Weighted <br> average yield <br> at acquisition  | Principal amount&nbsp;&nbsp;&nbsp;&nbsp; <br> (000)&nbsp;&nbsp;&nbsp;&nbsp;  |  |
| **Commercial paper 1.13%** | **Commercial paper 1.13%** | **Commercial paper 1.13%** | **Commercial paper 1.13%** |
| DNB Bank ASA 6/6/2025 <sup>(f)</sup> | 3.096% | USD41,600 | 41565 |
| Mizuho Bank, Ltd. 6/6/2025 <sup>(f)</sup> | 3.915 | 9000 | 8993 |
| Nestle Finance International, Ltd. 6/18/2025 <sup>(f)</sup> | 4.221 | 15000 | 14966 |
|  |  |  | 65524 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.86%** | **Bonds & notes of governments & government agencies outside the U.S. 0.86%** | **Bonds & notes of governments & government agencies outside the U.S. 0.86%** | **Bonds & notes of governments & government agencies outside the U.S. 0.86%** |
| Ontario (Province of) 6/18/2025 | 4.270 | 50000 | 49886 |
| **Total short-term securities** (cost: $124,085,000) | **Total short-term securities** (cost: $124,085,000) |  | 124061 |
| **Total investment securities 100.19%** (cost: $4,985,996,000) | **Total investment securities 100.19%** (cost: $4,985,996,000) |  | 5825967 |
| Other assets less liabilities (0.19)% | Other assets less liabilities (0.19)% |  | (11021) |
| **Net assets 100.00%** |  |  | $5814946 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>(d</sup><sup>)</sup>** | **Investments in affiliates<sup>(d</sup><sup>)</sup>** | **Investments in affiliates<sup>(d</sup><sup>)</sup>** | **Investments in affiliates<sup>(d</sup><sup>)</sup>** | **Investments in affiliates<sup>(d</sup><sup>)</sup>** | **Investments in affiliates<sup>(d</sup><sup>)</sup>** | **Investments in affiliates<sup>(d</sup><sup>)</sup>** | **Investments in affiliates<sup>(d</sup><sup>)</sup>** |
|  | Value at<br> 6/1/2024<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 5/31/2025<br> (000) | Dividend<br> or interest<br>income<br> (000) |
|  Short-term securities 0.01% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(c)</sup> | $64195 | $946342 | $1009816 | $6 | $(13) | $714 | $4377 |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> All or a portion of this security was on loan. The total value of all such securities was $8,325,000, which represented 0.14% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>(c)</sup> Rate represents the seven-day yield at 5/31/2025.

<sup>(d)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $65,524,000, which represented 1.13% of the net assets of the fund. 

**Key to abbreviation(s)**

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **18** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group Growth ETF

Investment portfolio May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 96.57% | Common stocks 96.57% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value (000) |
| **Information** | Microsoft Corp. | 1319964 | $607659 |
| **technology** | NVIDIA Corp. | 4260239 | 575686 |
| **25.71%** | Broadcom, Inc. | 2088942 | 505670 |
|  | Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 1907989 | 204575 |
|  | Cloudflare, Inc., Class A <sup>(a)</sup> | 1226281 | 203428 |
|  | MicroStrategy, Inc., Class A <sup>(a)</sup> | 386508 | 142645 |
|  | Apple, Inc. | 654728 | 131502 |
|  | Micron Technology, Inc. | 1344582 | 127009 |
|  | Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 633992 | 122563 |
|  | Salesforce, Inc. | 374092 | 99273 |
|  | Adobe, Inc. <sup>(a)</sup> | 200576 | 83257 |
|  | Constellation Software, Inc. | 18585 | 67384 |
|  | Synopsys, Inc. <sup>(a)</sup> | 135876 | 63044 |
|  | Motorola Solutions, Inc. | 147769 | 61380 |
|  | SK hynix, Inc. | 292498 | 43354 |
|  | Unity Software, Inc. <sup>(a)</sup> | 1572806 | 41019 |
|  | ASML Holding NV (ADR) | 47046 | 34662 |
|  | AppLovin Corp., Class A <sup>(a)</sup> | 70792 | 27821 |
|  |  |  | 3141931 |
| **Communication** | Meta Platforms, Inc., Class A | 1651476 | 1069314 |
| **services** | Netflix, Inc. <sup>(a)</sup> | 447641 | 540406 |
| **18.82%** | Alphabet, Inc., Class C | 1798980 | 310954 |
|  | Alphabet, Inc., Class A | 1278208 | 219519 |
|  | Charter Communications, Inc., Class A <sup>(a)</sup> | 240064 | 95130 |
|  | Snap, Inc., Class A, nonvoting shares <sup>(a)</sup> | 7871513 | 64940 |
|  |  |  | 2300263 |
| **Consumer** | Tesla, Inc. <sup>(a)</sup> | 1922399 | 666034 |
| **discretionary** | Amazon.com, Inc. <sup>(a)</sup> | 1557320 | 319266 |
| **14.59%** | Royal Caribbean Cruises, Ltd. | 639422 | 164312 |
|  | DoorDash, Inc., Class A <sup>(a)</sup> | 489713 | 102179 |
|  | Hermes International | 24804 | 68382 |
|  | Home Depot, Inc. | 147086 | 54170 |
|  | Airbnb, Inc., Class A <sup>(a)</sup> | 413827 | 53384 |
|  | NIKE, Inc., Class B | 864947 | 52407 |
|  | Tractor Supply Co. | 1072814 | 51924 |
|  | Aramark | 1248208 | 50552 |
|  | Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 802319 | 40180 |
|  | Amadeus IT Group SA, Class A, non-registered shares | 480123 | 40004 |
|  | Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup> | 1950807 | 34432 |
|  | Booking Holdings, Inc. | 5898 | 32551 |
|  | D.R. Horton, Inc. | 266788 | 31497 |
|  | Starbucks Corp. | 265925 | 22324 |
|  |  |  | 1783598 |
| **Health care** | Intuitive Surgical, Inc. <sup>(a)</sup> | 531887 | 293782 |
| **11.88%** | Eli Lilly and Co. | 253389 | 186917 |
|  | Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 381956 | 168844 |
|  | Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 456398 | 139001 |
|  | UnitedHealth Group, Inc. | 323721 | 97735 |
|  | Boston Scientific Corp. <sup>(a)</sup> | 870343 | 91612 |
|  | HCA Healthcare, Inc. | 195468 | 74550 |
|  | Regeneron Pharmaceuticals, Inc. | 143698 | 70452 |
|  | Thermo Fisher Scientific, Inc. | 159570 | 64278 |
|  | Abbott Laboratories | 292893 | 39125 |
|  | Bristol-Myers Squibb Co. | 769619 | 37157 |
|  | Illumina, Inc. <sup>(a)</sup> | 438585 | 36069 |
|  | Danaher Corp. | 173685 | 32983 |
|  | Mettler-Toledo International, Inc. <sup>(a)</sup> | 27234 | 31469 |
|  | Hims & Hers Health, Inc., Class A <sup>(a)</sup> | 550430 | 31132 |

---

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **19** |

---

------

Capital Group Growth ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Health care** | Guardant Health, Inc. <sup>(a)</sup> | 565113 | $22955 |
| (continued) | Ascendis Pharma AS (ADR) <sup>(a)</sup> | 137278 | 22354 |
|  | NovoCure, Ltd. <sup>(a)</sup> | 601399 | 11493 |
|  |  |  | 1451908 |
| **Industrials** | General Electric Co. | 638848 | 157099 |
| **10.47%** | TransDigm Group, Inc. | 89373 | 131238 |
|  | Quanta Services, Inc. | 277347 | 95008 |
|  | Uber Technologies, Inc. <sup>(a)</sup> | 1025171 | 86278 |
|  | GE Vernova, Inc. | 168774 | 79827 |
|  | Ingersoll-Rand, Inc. | 910551 | 74337 |
|  | Axon Enterprise, Inc. <sup>(a)</sup> | 99045 | 74320 |
|  | Carrier Global Corp. | 929653 | 66191 |
|  | Equifax, Inc. | 241688 | 63852 |
|  | ATI, Inc. <sup>(a)</sup> | 770644 | 61374 |
|  | Dayforce, Inc. <sup>(a)</sup> | 991558 | 58581 |
|  | United Airlines Holdings, Inc. <sup>(a)</sup> | 676546 | 53748 |
|  | United Rentals, Inc. | 66249 | 46930 |
|  | Boeing Co. (The) <sup>(a)</sup> | 221475 | 45916 |
|  | Airbus SE, non-registered shares | 244578 | 45011 |
|  | Ryanair Holdings PLC (ADR) | 743272 | 41326 |
|  | FTAI Aviation, Ltd. | 325936 | 38183 |
|  | Old Dominion Freight Line, Inc. | 196249 | 31433 |
|  | Northrop Grumman Corp. | 61243 | 29689 |
|  |  |  | 1280341 |
| **Financials** | Visa, Inc., Class A | 899994 | 328669 |
| **8.32%** | Bank of America Corp. | 2686364 | 118549 |
|  | Mastercard, Inc., Class A | 189966 | 111244 |
|  | KKR & Co., Inc. | 823831 | 100063 |
|  | Fiserv, Inc. <sup>(a)</sup> | 586415 | 95462 |
|  | Toast, Inc., Class A <sup>(a)</sup> | 2011070 | 84827 |
|  | Apollo Asset Management, Inc. | 461584 | 60324 |
|  | Affirm Holdings, Inc., Class A <sup>(a)</sup> | 984584 | 51100 |
|  | Blackstone, Inc. | 257939 | 35792 |
|  | Progressive Corp. | 110616 | 31518 |
|  |  |  | 1017548 |
| **Energy** | EOG Resources, Inc. | 662286 | 71904 |
| **2.17%** | Schlumberger NV | 1866407 | 61685 |
|  | Halliburton Co. | 2620322 | 51332 |
|  | Canadian Natural Resources, Ltd. (CAD denominated) | 1677887 | 50947 |
|  | Cenovus Energy, Inc. | 2216688 | 29204 |
|  |  |  | 265072 |
| **Consumer** | Performance Food Group Co. <sup>(a)</sup> | 1078357 | 96578 |
| **staples** | Costco Wholesale Corp. | 82864 | 86193 |
| **1.50%** |  |  | 182771 |
| **Materials** | Wheaton Precious Metals Corp. | 1209451 | 104920 |
| **1.36%** | Grupo Mexico, SAB de CV, Series B | 7016393 | 38468 |
|  | Albemarle Corp. | 408477 | 22777 |
|  |  |  | 166165 |
| **Utilities** | Constellation Energy Corp. | 251434 | 76977 |
| **0.96%** | PG&E Corp. | 2425366 | 40940 |
|  |  |  | 117917 |

---

---

| | |
|:---|:---|
| **20** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group Growth ETF (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Real estate** | CoStar Group, Inc. <sup>(a)</sup> | 811207 |  | $59672 |
| **0.79%** | Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup> | 54625 | 2  | 36659 |
|  |  |  |  | 96331 |
|  | **Total common stocks** (cost: $9,643,131,000) |  |  | 11803845 |
| Rights & warrants 0.00% | Rights & warrants 0.00% |  |  |  |
| **Information**<br> **technology** | Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup> | 4185 |  | — <sup>(c)</sup> |
| **0.00%** |  |  |  |  |
| Short-term securities 3.44% | Short-term securities 3.44% |  |  |  |
|  **Money market investments 3.44%** | **Money market investments 3.44%** |  |  |  |
|  | Capital Group Central Cash Fund 4.29% <sup>(d)(e)</sup> | 4199924 |  | 419993 |
|  | **Total short-term securities** (cost: $419,964,000) |  |  | 419993 |
|  | **Total investment securities 100.01%** (cost: $10,063,095,000) |  |  | 12223838 |
|  | Other assets less liabilities (0.01)% |  |  | (1139) |
|  | **Net assets 100.00%** |  |  | $12222699 |

---

<u>Investments in affiliates<sup>(e)</sup></u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 6/1/2024<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) |  | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 5/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 3.44% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.44%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29%<sup>(d)</sup> | $114011 | $1512595 | $1206589 | $(3) | 4) | $10 | $419993 | $52770 |

---

<sup>(a)</sup> Security did not produce income during the last 12 months.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand. 

<sup>(d)</sup> Rate represents the seven-day yield at 5/31/2025.

<sup>(e)</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **21** |

---

------

Capital Group International Core Equity ETF

**Investment portfolio** May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 97.42% | Common stocks 97.42% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
| **Financials** | UniCredit SpA | 53601 | $3442 |
| **23.95%** | AXA SA | 68233 | 3216 |
|  | Zurich Insurance Group AG | 4138 | 2902 |
|  | Societe Generale | 53368 | 2900 |
|  | DBS Group Holdings, Ltd. | 75900 | 2632 |
|  | Deutsche Bank AG | 89160 | 2466 |
|  | HSBC Holdings PLC | 170413 | 2005 |
|  | Skandinaviska Enskilda Banken AB, Class A | 118189 | 1972 |
|  | CaixaBank, SA, non-registered shares | 220153 | 1872 |
|  | KB Financial Group, Inc. | 24442 | 1848 |
|  | Bank Hapoalim BM | 104525 | 1752 |
|  | Banco Bilbao Vizcaya Argentaria, SA | 110483 | 1657 |
|  | HDFC Bank, Ltd. <sup>(a)</sup> | 71355 | 1622 |
|  | Euronext NV | 9710 | 1581 |
|  | NatWest Group PLC | 214998 | 1520 |
|  | Prudential PLC | 128833 | 1466 |
|  | Hana Financial Group, Inc. | 27045 | 1425 |
|  | PICC Property and Casualty Co., Ltd., Class H | 738000 | 1406 |
|  | Banco Santander, SA | 156135 | 1246 |
|  | Kotak Mahindra Bank, Ltd. | 50287 | 1219 |
|  | Resona Holdings, Inc. | 136300 | 1212 |
|  | London Stock Exchange Group PLC | 7936 | 1206 |
|  | 3i Group PLC | 19527 | 1071 |
|  | Edenred SA | 31228 | 975 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class H | 164000 | 965 |
|  | Aon PLC, Class A | 2593 | 965 |
|  | Tryg A/S | 33621 | 864 |
|  | Tokio Marine Holdings, Inc. | 19900 | 845 |
|  | AIA Group, Ltd. | 98400 | 824 |
|  | Hiscox, Ltd. | 47137 | 801 |
|  | CVC Capital Partners PLC | 42001 | 781 |
|  | Mizuho Financial Group, Inc. | 27200 | 756 |
|  | Hong Kong Exchanges and Clearing, Ltd. | 14000 | 707 |
|  | ICICI Bank, Ltd. (ADR) | 19456 | 666 |
|  | Pluxee NV | 25068 | 564 |
|  | Grupo Financiero Banorte, SAB de CV, Series O | 50917 | 450 |
|  | Discovery, Ltd. | 2314 | 28 |
|  |  |  | 53829 |
| **Industrials** | BAE Systems PLC | 237278 | 6079 |
| **16.72%** | Ryanair Holdings PLC (ADR) | 51973 | 2890 |
|  | Airbus SE, non-registered shares | 14948 | 2751 |
|  | Rheinmetall AG, non-registered shares | 1020 | 2183 |
|  | Siemens AG | 7995 | 1923 |
|  | ITOCHU Corp. | 33500 | 1802 |
|  | ABB, Ltd. | 31859 | 1802 |
|  | Safran SA | 5842 | 1734 |
|  | Hitachi, Ltd. | 60900 | 1712 |
|  | Motiva Infraestrutura de Mobilidade SA | 573565 | 1352 |
|  | Diploma PLC | 19315 | 1219 |
|  | Epiroc AB, Class A | 53946 | 1207 |
|  | Canadian National Railway Co. (CAD denominated) | 10716 | 1126 |
|  | SMC Corp. | 2900 | 1091 |
|  | RELX PLC | 18596 | 1001 |
|  | Volvo AB, Class B | 31868 | 884 |
|  | ASSA ABLOY AB, Class B | 27471 | 871 |
|  | Copa Holdings, SA, Class A | 7533 | 812 |
|  | DSV A/S | 3204 | 755 |
|  | Deutsche Post AG | 16283 | 728 |
|  | Mitsui & Co., Ltd. | 32400 | 682 |
|  | SPIE SA | 11557 | 587 |
|  | Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 23691 | 545 |
|  | Deutsche Lufthansa AG | 59506 | 476 |

---

---

| | |
|:---|:---|
| **22** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group International Core Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
| **Industrials** | Wizz Air Holdings PLC <sup>(a)</sup> | 19734 | $424 |
| (continued) | TFI International, Inc. | 3787 | 327 |
|  | Daikin Industries, Ltd. | 2700 | 311 |
|  | Jiangsu Hengli Hydraulic Co., Ltd., Class A | 30900 | 292 |
|  |  |  | 37566 |
| **Information** | Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 40995 | 7925 |
| **technology** | ASML Holding NV | 5094 | 3782 |
| **10.40%** | MediaTek, Inc. | 54000 | 2270 |
|  | Samsung Electronics Co., Ltd. | 45948 | 1872 |
|  | Broadcom, Inc. | 5740 | 1389 |
|  | SAP SE | 4376 | 1321 |
|  | Sage Group PLC (The) | 69685 | 1145 |
|  | NEC Corp. | 39900 | 1050 |
|  | Fujitsu, Ltd. | 32300 | 745 |
|  | Capgemini SE | 4001 | 664 |
|  | ASM International NV | 1156 | 630 |
|  | SK hynix, Inc. | 3969 | 588 |
|  |  |  | 23381 |
| **Consumer** | British American Tobacco PLC | 87901 | 3949 |
| **staples** | Philip Morris International, Inc. | 18544 | 3349 |
| **9.66%** | Nestle SA | 30280 | 3227 |
|  | Imperial Brands PLC | 57126 | 2163 |
|  | Carlsberg A/S, Class B | 11280 | 1612 |
|  | Pernod Ricard SA | 12382 | 1280 |
|  | Arca Continental, SAB de CV | 110283 | 1213 |
|  | L'Oreal SA, non-registered shares | 2578 | 1090 |
|  | KT&G Corp. | 11771 | 1025 |
|  | Carrefour SA, non-registered shares | 63742 | 953 |
|  | Anheuser-Busch InBev SA/NV | 12043 | 848 |
|  | Tsingtao Brewery Co., Ltd., Class H | 84000 | 583 |
|  | Ocado Group PLC <sup>(a)</sup> | 118655 | 421 |
|  |  |  | 21713 |
| **Consumer** | Industria de Diseno Textil, SA | 58705 | 3181 |
| **discretionary** | Renault SA | 42513 | 2191 |
| **9.18%** | Trip.com Group, Ltd. (ADR) | 31203 | 1955 |
|  | LVMH Moet Hennessy-Louis Vuitton SE | 3158 | 1715 |
|  | Prosus NV, Class N | 33004 | 1694 |
|  | MGM China Holdings, Ltd. | 879200 | 1249 |
|  | Midea Group Co., Ltd., Class A <sup>(a)</sup> | 93100 | 1023 |
|  | Amadeus IT Group SA, Class A, non-registered shares | 11342 | 945 |
|  | B&M European Value Retail SA | 163655 | 754 |
|  | Wynn Macau, Ltd. | 1087200 | 732 |
|  | Restaurant Brands International, Inc. (CAD denominated) | 9779 | 698 |
|  | Suzuki Motor Corp. | 54000 | 695 |
|  | Evolution AB | 9538 | 655 |
|  | Entain PLC | 61051 | 617 |
|  | Paltac Corp. | 19900 | 579 |
|  | Hyundai Motor Co. | 3814 | 512 |
|  | InterContinental Hotels Group PLC | 3787 | 433 |
|  | Meituan, Class B <sup>(a)</sup> | 20700 | 364 |
|  | H World Group, Ltd. (ADR) | 9392 | 331 |
|  | Nitori Holdings Co., Ltd. | 3000 | 300 |
|  |  |  | 20623 |
| **Communication** | Koninklijke KPN NV | 672067 | 3158 |
| **services** | Publicis Groupe SA | 20284 | 2208 |
| **7.57%** | Tencent Holdings, Ltd. | 29800 | 1893 |

---

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **23** |

---

------

Capital Group International Core Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
| **Communication** | Singapore Telecommunications, Ltd. | 625200 | $1847 |
| **services** | Deutsche Telekom AG | 35817 | 1354 |
| (continued) | Bharti Airtel, Ltd. | 54973 | 1193 |
|  | America Movil, SAB de CV, Class B (ADR) | 53734 | 908 |
|  | Indus Towers, Ltd. <sup>(a)</sup> | 193676 | 870 |
|  | BT Group PLC | 356964 | 863 |
|  | MTN Group, Ltd. | 122614 | 852 |
|  | KANZHUN, Ltd., Class A (ADR) <sup>(a)</sup> | 49549 | 840 |
|  | HYBE Co., Ltd. | 2765 | 533 |
|  | NetEase, Inc. | 20200 | 491 |
|  |  |  | 17010 |
| **Health care** | AstraZeneca PLC | 26681 | 3854 |
| **6.14%** | Sanofi | 35976 | 3575 |
|  | EssilorLuxottica SA | 9127 | 2536 |
|  | Novo Nordisk AS, Class B | 29410 | 2031 |
|  | Chugai Pharmaceutical Co., Ltd. | 13500 | 711 |
|  | Bayer AG | 21448 | 602 |
|  | Grifols, SA, Class B (ADR) <sup>(a)</sup> | 58517 | 486 |
|  |  |  | 13795 |
| **Materials** | Barrick Mining Corp. | 93347 | 1789 |
| **5.36%** | Linde PLC | 3513 | 1643 |
|  | Glencore PLC <sup>(a)</sup> | 346827 | 1324 |
|  | BASF SE | 22433 | 1080 |
|  | Agnico Eagle Mines, Ltd./ Mines Agnico Eagle Limitee | 8679 | 1023 |
|  | Air Liquide SA | 4360 | 903 |
|  | Holcim, Ltd. | 7315 | 809 |
|  | Rio Tinto PLC | 13310 | 790 |
|  | Shin-Etsu Chemical Co., Ltd. | 24100 | 777 |
|  | Vale SA (ADR), ordinary nominative shares | 80436 | 734 |
|  | Nutrien, Ltd. | 11662 | 689 |
|  | Anhui Conch Cement Co., Ltd., Class H | 184500 | 481 |
|  |  |  | 12042 |
| **Energy** | TotalEnergies SE | 76381 | 4480 |
| **4.64%** | Canadian Natural Resources, Ltd. (CAD denominated) | 48798 | 1482 |
|  | Cameco Corp. | 22456 | 1315 |
|  | Shell PLC | 38709 | 1277 |
|  | BP PLC | 192605 | 934 |
|  | TC Energy Corp. (CAD denominated) | 11970 | 607 |
|  | Schlumberger NV | 9871 | 326 |
|  |  |  | 10421 |
| **Utilities** | Engie SA | 91164 | 1965 |
| **2.12%** | Brookfield Infrastructure Partners, LP | 29069 | 963 |
|  | Iberdrola, SA, non-registered shares | 50943 | 930 |
|  | SSE PLC | 38409 | 911 |
|  |  |  | 4769 |
| **Real estate** | Mitsubishi Estate Co., Ltd. | 58000 | 1065 |
| **1.68%** | CK Asset Holdings, Ltd. | 207500 | 860 |
|  | Embassy Office Parks REIT | 192121 | 856 |
|  | Prologis Property Mexico, SA de CV, REIT | 148277 | 568 |
|  | Link REIT | 81200 | 431 |
|  |  |  | 3780 |
|  | **Total common stocks** (cost: $202,306,000) |  | 218929 |

---

---

| | |
|:---|:---|
| **24** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group International Core Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities 2.98% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Money market investments 2.98%** |  |  |
| Capital Group Central Cash Fund 4.29% <sup>(b)(c)</sup> | 66964 | $6696 |
| **Total short-term securities** (cost: $6,696,000) |  | 6696 |
| **Total investment securities 100.40%** (cost: $209,002,000) |  | 225625 |
| Other assets less liabilities (0.40)% |  | (899) |
| **Net assets 100.00%** |  | $224726 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> | Investments in affiliates<sup>(c)</sup> |  |
|  | Value at<br> 6/25/2024<br> (000)<br><sup>(d)</sup> <br>| Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 5/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 2.98% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.98%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(b)</sup> | $— | $30073 | $23376 | $(1) | $— <sup>(e)</sup> | $6696 | $92 |

---

<sup>(a)</sup>Security did not produce income during the last 12 months.

<sup>(b)</sup>Rate represents the seven-day yield at 5/31/2025.

<sup>(c)</sup>Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(d)</sup>Commencement of operations.

<sup>(e)</sup>Amount less than one thousand.

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **25** |

---

------

Capital Group International Equity ETF

**Investment portfolio** May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 95.03% | Common stocks 95.03% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Industrials** | Safran SA | 76512 | $22709 |
| **25.06%** | Rolls-Royce Holdings PLC | 1583374 | 18479 |
|  | ABB, Ltd. | 217564 | 12303 |
|  | Epiroc AB, Class A | 535161 | 11974 |
|  | Airbus SE, non-registered shares | 64928 | 11949 |
|  | DSV A/S | 49238 | 11601 |
|  | RELX PLC | 206160 | 11094 |
|  | BAE Systems PLC | 403933 | 10349 |
|  | Mitsubishi Corp. | 475100 | 9690 |
|  | Hitachi, Ltd. | 323000 | 9082 |
|  | ITOCHU Corp. | 159400 | 8574 |
|  | Canadian National Railway Co. | 77384 | 8121 |
|  | SMC Corp. | 18500 | 6962 |
|  | Rheinmetall AG, non-registered shares | 2948 | 6310 |
|  | MTU Aero Engines AG | 15449 | 6148 |
|  | Recruit Holdings Co., Ltd. | 64400 | 3889 |
|  |  |  | 169234 |
| **Financials** | London Stock Exchange Group PLC | 114002 | 17318 |
| **17.96%** | DBS Group Holdings, Ltd. | 361400 | 12531 |
|  | UniCredit SpA | 187983 | 12072 |
|  | NatWest Group PLC | 1658357 | 11722 |
|  | Hong Kong Exchanges and Clearing, Ltd. | 222100 | 11211 |
|  | Skandinaviska Enskilda Banken AB, Class A | 653162 | 10897 |
|  | Deutsche Bank AG | 352529 | 9751 |
|  | Euronext NV | 58107 | 9461 |
|  | Munchener Ruckversicherungs-Gesellschaft AG | 13196 | 8562 |
|  | AIA Group, Ltd. | 824400 | 6902 |
|  | Resona Holdings, Inc. | 685900 | 6099 |
|  | Partners Group Holding AG | 3574 | 4786 |
|  |  |  | 121312 |
| **Information** | SAP SE | 75459 | 22782 |
| **technology** | ASML Holding NV | 19283 | 14317 |
| **14.71%** | Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 64781 | 12524 |
|  | Keyence Corp. | 19600 | 8273 |
|  | Nomura Research Institute, Ltd. | 211100 | 8183 |
|  | Halma PLC | 195648 | 7660 |
|  | OBIC Co., Ltd. | 172700 | 6321 |
|  | Tokyo Electron, Ltd. | 38800 | 6202 |
|  | Capgemini SE | 30078 | 4995 |
|  | TDK Corp. | 420400 | 4675 |
|  | Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 32248 | 3458 |
|  |  |  | 99390 |
| **Health care** | AstraZeneca PLC | 118482 | 17113 |
| **9.91%** | EssilorLuxottica SA | 48686 | 13527 |
|  | Novo Nordisk AS, Class B | 178287 | 12311 |
|  | Daiichi Sankyo Co., Ltd. | 310100 | 8280 |
|  | Chugai Pharmaceutical Co., Ltd. | 144600 | 7620 |
|  | HOYA Corp. | 45000 | 5352 |
|  | BeOne Medicines, Ltd. (ADR) <sup>(a)</sup> | 11117 | 2730 |
|  |  |  | 66933 |
| **Consumer** | L'Oreal SA, non-registered shares | 28616 | 12100 |
| **staples** | Nestle SA | 100846 | 10746 |
| **8.73%** | Imperial Brands PLC | 252573 | 9563 |
|  | British American Tobacco PLC | 167185 | 7510 |
|  | Danone SA | 85873 | 7336 |
|  | Anheuser-Busch InBev SA/NV | 99525 | 7011 |

---

---

| | |
|:---|:---|
| **26** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group International Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Consumer**<br> **staples**<br> (continued) | Carlsberg A/S, Class B | 33128 | $4736 |
|  |  |  | 59002 |
| **Consumer** | Amadeus IT Group SA, Class A, non-registered shares | 166227 | 13850 |
| **discretionary** | Industria de Diseno Textil, SA | 197723 | 10713 |
| **7.79%** | MercadoLibre, Inc. <sup>(a)</sup> | 4029 | 10328 |
|  | LVMH Moet Hennessy-Louis Vuitton SE | 12395 | 6731 |
|  | Ferrari NV | 11785 | 5639 |
|  | Hermes International | 1956 | 5392 |
|  |  |  | 52653 |
| **Materials** | Sika AG | 36652 | 9784 |
| **4.93%** | Air Liquide SA | 43958 | 9104 |
|  | Givaudan SA | 1558 | 7815 |
|  | Shin-Etsu Chemical Co., Ltd. | 204100 | 6583 |
|  |  |  | 33286 |
| **Communication** | Nintendo Co., Ltd. | 83300 | 6851 |
| **services** | Tencent Holdings, Ltd. | 96500 | 6132 |
| **2.32%** | Spotify Technology SA <sup>(a)</sup> | 4001 | 2661 |
|  |  |  | 15644 |
| **Energy** | TotalEnergies SE | 164522 | 9651 |
| **2.09%** | BP PLC | 920213 | 4460 |
|  |  |  | 14111 |
| **Utilities** | Engie SA | 478529 | 10315 |
| **1.53%** | Total common stocks (cost: $565,002,000) |  | 641880 |
| Short-term securities 4.73% | Short-term securities 4.73% |  |  |
|  **Money market investments 4.73%** | **Money market investments 4.73%** |  |  |
|  | Capital Group Central Cash Fund 4.29% <sup>(b)(c)</sup> | 319212 | 31921 |
|  | **Total short-term securities** (cost: $31,919,000) |  | 31921 |
|  | **Total investment securities 99.76%** (cost: $596,921,000) |  | 673801 |
|  | Other assets less liabilities 0.24% |  | 1623 |
|  | **Net assets 100.00%** |  | $675424 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>(c)</sup>** | | | | | | | |
|  | Value at<br> 1/1/2024<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 5/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 4.73% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 4.73%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(b)</sup> | $6033 | $77118 | $51227 | $(4) | $1 | $31921 | $536 |

---

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **27** |

---

------

Capital Group International Equity ETF (continued)

<sup>(a)</sup>Security did not produce income during the last 12 months.

<sup>(b)</sup>Rate represents the seven-day yield at 5/31/2025.

<sup>(c)</sup>Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

ADR = American Depositary Receipts

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **28** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group International Focus Equity ETF

**Investment portfolio** May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 94.80% | Common stocks 94.80% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br> (000) |
| **Industrials** | Airbus SE, non-registered shares | 687251 | $126477 |
| **19.24%** | Recruit Holdings Co., Ltd. | 1406100 | 84906 |
|  | Rolls-Royce Holdings PLC | 5492223 | 64098 |
|  | Siemens AG | 250874 | 60332 |
|  | MTU Aero Engines AG | 135325 | 53856 |
|  | Techtronic Industries Co., Ltd. | 4537000 | 50832 |
|  | Diploma PLC | 705286 | 44530 |
|  | Volvo AB, Class B | 1530146 | 42440 |
|  | Melrose Industries PLC | 6024062 | 37993 |
|  | Schneider Electric SE | 108882 | 27366 |
|  | Daikin Industries, Ltd. | 215000 | 24780 |
|  | Safran SA | 79369 | 23557 |
|  | SMC Corp. | 49700 | 18703 |
|  | Shenzhen Inovance Technology Co., Ltd., Class A <sup>(a)</sup> | 1813331 | 16577 |
|  | Localiza Rent a Car SA, ordinary nominative shares | 1955282 | 14686 |
|  | Ashtead Group PLC | 247241 | 14441 |
|  |  |  | 705574 |
| **Financials** | Banco Bilbao Vizcaya Argentaria, SA | 7002716 | 105036 |
| **15.67%** | Standard Chartered PLC | 5733832 | 89461 |
|  | Nu Holdings, Ltd., Class A <sup>(a)</sup> | 6270958 | 75314 |
|  | NatWest Group PLC | 9800551 | 69272 |
|  | KB Financial Group, Inc. | 790578 | 59765 |
|  | ING Groep NV | 2745207 | 58227 |
|  | 3i Group PLC | 904387 | 49618 |
|  | Mizuho Financial Group, Inc. | 1278200 | 35549 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class A | 4393650 | 32532 |
|  |  |  | 574774 |
| **Information** | Taiwan Semiconductor Manufacturing Co., Ltd. | 4093000 | 132070 |
| **technology** | SAP SE | 301406 | 90999 |
| **11.45%** | ASML Holding NV | 73877 | 54851 |
|  | SK hynix, Inc. | 310962 | 46091 |
|  | Tokyo Electron, Ltd. | 169500 | 27093 |
|  | Constellation Software, Inc. | 6840 | 24800 |
|  | Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 227334 | 24375 |
|  | Keyence Corp. | 46300 | 19544 |
|  |  |  | 419823 |
| **Health care** | Novo Nordisk AS, Class B | 1502628 | 103754 |
| **9.86%** | Daiichi Sankyo Co., Ltd. | 3850300 | 102803 |
|  | Sanofi | 860715 | 85533 |
|  | Eurofins Scientific SE, non-registered shares | 411910 | 27473 |
|  | Zealand Pharma AS <sup>(a)</sup> | 320792 | 22143 |
|  | AstraZeneca PLC | 137844 | 19910 |
|  |  |  | 361616 |
| **Consumer** | adidas AG | 249957 | 62297 |
| **discretionary** | MercadoLibre, Inc. <sup>(a)</sup> | 24078 | 61719 |
| **9.31%** | Trip.com Group, Ltd. | 751679 | 47357 |
|  | Flutter Entertainment PLC <sup>(a)</sup> | 151936 | 38394 |
|  | Ferrari NV | 77610 | 37135 |
|  | Maruti Suzuki India, Ltd. | 238100 | 34276 |
|  | Compagnie Financiere Richemont SA, Class A | 177550 | 33407 |
|  | Stellantis NV | 2640009 | 26873 |
|  |  |  | 341458 |

---

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **29** |

---

------

Capital Group International Focus Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value (000) |
| **Consumer** | British American Tobacco PLC (ADR) | 1418300 | $64107 |
| **staples** | Danone SA | 666032 | 56900 |
| **8.05%** | Nestle SA | 517258 | 55120 |
|  | Ajinomoto Co., Inc. | 1772000 | 44480 |
|  | JBS SA | 6251054 | 43848 |
|  | Kweichow Moutai Co., Ltd., Class A | 79800 | 16879 |
|  | Treasury Wine Estates, Ltd. | 2536759 | 13801 |
|  |  |  | 295135 |
| **Communication** | Bharti Airtel, Ltd. | 3491540 | 75735 |
| **services** | Deutsche Telekom AG | 1709128 | 64584 |
| **7.74%** | Tencent Holdings, Ltd. | 872200 | 55417 |
|  | Universal Music Group NV | 1311024 | 41919 |
|  | Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 186567 | 29920 |
|  | Singapore Telecommunications, Ltd. | 5484400 | 16201 |
|  |  |  | 283776 |
| **Materials** | First Quantum Minerals, Ltd. <sup>(a)</sup> | 6678778 | 98939 |
| **6.83%** | Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 5235963 | 40557 |
|  | Rio Tinto PLC | 673970 | 39973 |
|  | Shin-Etsu Chemical Co., Ltd. | 1128200 | 36388 |
|  | Anglo American PLC | 1161886 | 34519 |
|  |  |  | 250376 |
| **Energy** | Canadian Natural Resources, Ltd. (CAD denominated) | 3011467 | 91440 |
| **5.84%** | Reliance Industries, Ltd. | 5505706 | 91417 |
|  | Cenovus Energy, Inc. | 2386401 | 31440 |
|  |  |  | 214297 |
| **Utilities** | Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary |  |  |
| **0.81%** | &nbsp;&nbsp;&nbsp;&nbsp; nominative shares | 746296 | 15316 |
|  | Gulf Development PCL <sup>(a)</sup> | 10562967 | 14480 |
|  |  |  | 29796 |
|  | **Total common stocks** (cost: $2,998,215,000) |  | 3476625 |
| Short-term securities 3.82% | Short-term securities 3.82% |  |  |
|  **Money market investments 3.82%** | **Money market investments 3.82%** |  |  |
|  | Capital Group Central Cash Fund 4.29% <sup>(b)(c)</sup> | 1400813 | 140081 |
|  | **Total short-term securities** (cost: $140,071,000) |  | 140081 |
|  | **Total investment securities 98.62%** (cost: $3,138,286,000) |  | 3616706 |
|  | Other assets less liabilities 1.38% |  | 50780 |
|  | **Net assets** 100.00% |  | $3667486 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>(c)</sup>** | | | | | | | |
|  | Value at<br> 6/1/2024<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 5/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 3.82% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market investments 3.82% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(b)</sup> | $38033 | $1008996 | $906945 | $(5) | $2 | $140081 | $4703 |

---

---

| | |
|:---|:---|
| **30** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group International Focus Equity ETF (continued)

(a) Security did not produce income during the last 12 months.

(b) Rate represents the seven-day yield at 5/31/2025.

(c) 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 | **31** |

---

------

Capital Group New Geography Equity ETF

#### Investment portfolio May 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 96.02% | Common stocks 96.02% | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
| **Financials** | Banco Bilbao Vizcaya Argentaria, SA | 473889 | $7108 |
| **21.30%** | Mastercard, Inc., Class A | 10353 | 6063 |
|  | Nu Holdings, Ltd., Class A <sup>(a)</sup> | 475802 | 5714 |
|  | Kotak Mahindra Bank, Ltd. | 146302 | 3547 |
|  | AIA Group, Ltd. | 417400 | 3495 |
|  | HDFC Bank, Ltd. <sup>(a)</sup> | 149046 | 3387 |
|  | Capitec Bank Holdings, Ltd. | 16992 | 3257 |
|  | UniCredit SpA | 49358 | 3170 |
|  | XP, Inc., Class A | 142016 | 2749 |
|  | Eurobank Ergasias Services and Holdings SA | 874700 | 2694 |
|  | Bank Central Asia Tbk PT | 4589900 | 2649 |
|  | PB Fintech, Ltd. <sup>(a)</sup> | 110249 | 2270 |
|  | KB Financial Group, Inc. | 28802 | 2177 |
|  | Bank Mandiri (Persero) Tbk PT | 6461100 | 2102 |
|  | National Bank of Greece SA | 175965 | 2098 |
|  | Hana Financial Group, Inc. | 33398 | 1760 |
|  | Standard Chartered PLC | 108838 | 1698 |
|  | Cholamandalam Investment and Finance Co., Ltd. | 87379 | 1635 |
|  | Shriram Finance, Ltd. | 216694 | 1619 |
|  | ICICI Bank, Ltd. (ADR) | 47059 | 1611 |
|  | Visa, Inc., Class A | 4369 | 1596 |
|  | Bank of the Philippine Islands | 637970 | 1590 |
|  | Brookfield Corp., Class A | 27384 | 1581 |
|  | S&P Global, Inc. | 3080 | 1580 |
|  | Discovery, Ltd. | 125249 | 1519 |
|  | PICC Property and Casualty Co., Ltd., Class H | 770000 | 1467 |
|  | Al Rajhi Banking and Investment Corp., non-registered shares | 59158 | 1436 |
|  | Hong Kong Exchanges and Clearing, Ltd. | 27900 | 1408 |
|  | B3 SA - Brasil, Bolsa, Balcao | 561830 | 1370 |
|  | Grupo Financiero Banorte, SAB de CV, Series O | 150056 | 1326 |
|  | AU Small Finance Bank, Ltd. | 148032 | 1199 |
|  | Banco BTG Pactual SA, units | 167111 | 1156 |
|  | Samsung Fire & Marine Insurance Co., Ltd. | 3930 | 1152 |
|  | China Merchants Bank Co., Ltd., Class H | 181000 | 1129 |
|  | Bajaj Finance, Ltd. | 10343 | 1110 |
|  | HSBC Holdings PLC | 92590 | 1089 |
|  | Abu Dhabi Islamic Bank PJSC | 206289 | 1077 |
|  | Emirates NBD Bank PJSC | 156525 | 955 |
|  | Woori Financial Group, Inc. | 67306 | 940 |
|  | Canara Bank | 695852 | 933 |
|  | Axis Bank, Ltd. | 66249 | 923 |
|  | BSE, Ltd. | 28839 | 901 |
|  | Aon PLC, Class A | 2374 | 883 |
|  | Banco Santander, SA | 108498 | 866 |
|  | Commercial International Bank—Egypt (CIB) SAE (GDR) | 384743 | 848 |
|  | Bajaj Finserv, Ltd. | 27901 | 658 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class H | 108500 | 639 |
|  | Futu Holdings, Ltd. (ADR) | 4002 | 408 |
|  |  |  | 92542 |
| **Information** | Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 143133 | 27671 |
| **technology** | Microsoft Corp. | 23950 | 11026 |
| **17.71%** | Broadcom, Inc. | 30284 | 7331 |
|  | SK hynix, Inc. | 45102 | 6685 |
|  | ASML Holding NV | 4517 | 3354 |
|  | ASML Holding NV (ADR) | 1012 | 745 |
|  | NVIDIA Corp. | 27321 | 3692 |
|  | Apple, Inc. | 11561 | 2322 |
|  | Synopsys, Inc. <sup>(a)</sup> | 4208 | 1952 |
|  | Cloudflare, Inc., Class A <sup>(a)</sup> | 11612 | 1926 |
|  | SAP SE | 5656 | 1708 |
|  | Capgemini SE | 9117 | 1514 |
|  | Keyence Corp. | 3300 | 1393 |

---

---

| | |
|:---|:---|
| **32** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group New Geography Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
| **Information** | MediaTek, Inc. | 24000 | $1009 |
| **technology** | Coforge, Ltd. | 8032 | 803 |
| (continued) | Tokyo Electron, Ltd. | 4800 | 767 |
|  | eMemory Technology, Inc. | 9000 | 722 |
|  | E Ink Holdings, Inc. | 99000 | 700 |
|  | Samsung Electronics Co., Ltd. | 17189 | 700 |
|  | Globant SA <sup>(a)</sup> | 5117 | 502 |
|  | Advantech Co., Ltd. | 38000 | 434 |
|  |  |  | 76956 |
| **Consumer** | MercadoLibre, Inc. <sup>(a)</sup> | 4656 | 11935 |
| **discretionary** | Trip.com Group, Ltd. (ADR) | 62175 | 3896 |
| **12.48%** | Trip.com Group, Ltd. | 40400 | 2545 |
|  | LVMH Moet Hennessy-Louis Vuitton SE | 6968 | 3784 |
|  | Midea Group Co., Ltd., Class A <sup>(a)</sup> | 342800 | 3766 |
|  | BYD Co., Ltd., Class H | 40500 | 2029 |
|  | BYD Co., Ltd., Class A | 30200 | 1478 |
|  | Meituan, Class B <sup>(a)</sup> | 149900 | 2638 |
|  | Eicher Motors, Ltd. | 41597 | 2593 |
|  | Galaxy Entertainment Group, Ltd. | 494000 | 2104 |
|  | H World Group, Ltd. (ADR) | 54867 | 1935 |
|  | Jumbo SA | 55882 | 1816 |
|  | TVS Motor Co., Ltd. | 52975 | 1721 |
|  | Compagnie Financiere Richemont SA, Class A | 7330 | 1379 |
|  | Alibaba Group Holding, Ltd. (ADR) | 11960 | 1362 |
|  | Titan Co., Ltd. | 31832 | 1322 |
|  | adidas AG | 4231 | 1055 |
|  | Ferrari NV | 2015 | 964 |
|  | Naspers, Ltd., Class N | 3060 | 879 |
|  | Maruti Suzuki India, Ltd. | 5822 | 838 |
|  | Sands China, Ltd. | 398400 | 783 |
|  | YUM! Brands, Inc. | 4734 | 681 |
|  | Shenzhou International Group Holdings, Ltd. | 86900 | 633 |
|  | Amadeus IT Group SA, Class A, non-registered shares | 7135 | 595 |
|  | PDD Holdings, Inc. (ADR) <sup>(a)</sup> | 5654 | 546 |
|  | Industria de Diseno Textil, SA | 9075 | 492 |
|  | Li Ning Co., Ltd. | 234500 | 448 |
|  |  |  | 54217 |
| **Industrials** | Airbus SE, non-registered shares | 34043 | 6265 |
| **11.25%** | Rolls-Royce Holdings PLC | 317314 | 3703 |
|  | Safran SA | 10020 | 2974 |
|  | Rumo SA <sup>(a)</sup> | 872297 | 2870 |
|  | Copa Holdings, SA, Class A | 21863 | 2356 |
|  | General Electric Co. | 8928 | 2196 |
|  | Shenzhen Inovance Technology Co., Ltd., Class A <sup>(a)</sup> | 237200 | 2168 |
|  | Techtronic Industries Co., Ltd. | 189500 | 2123 |
|  | BAE Systems PLC | 73619 | 1886 |
|  | Leonardo SpA | 29522 | 1818 |
|  | Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 69473 | 1597 |
|  | LS Electric Co., Ltd. | 8328 | 1524 |
|  | International Container Terminal Services, Inc. | 197350 | 1450 |
|  | Motiva Infraestrutura de Mobilidade SA | 577941 | 1362 |
|  | Mitsubishi Heavy Industries, Ltd. | 57600 | 1342 |
|  | Larsen & Toubro, Ltd. | 30629 | 1315 |
|  | Contemporary Amperex Technology Co., Ltd., Class A | 36000 | 1251 |
|  | Hitachi, Ltd. | 41700 | 1173 |
|  | Uber Technologies, Inc. <sup>(a)</sup> | 13622 | 1147 |
|  | Localiza Rent a Car SA, ordinary nominative shares | 148107 | 1113 |
|  | Siemens AG | 3839 | 923 |
|  | Carrier Global Corp. | 12760 | 909 |
|  | Jiangsu Hengli Hydraulic Co., Ltd., Class A | 87500 | 828 |

---

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **33** |

---

------

Capital Group New Geography Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares&nbsp;&nbsp;&nbsp;&nbsp; | Value<br>(000) |
| **Industrials** | Weichai Power Co., Ltd., Class A | 391700 | $819 |
| (continued) | Airports of Thailand PCL, foreign registered shares | 716900 | 726 |
|  | Daikin Industries, Ltd. | 6100 | 703 |
|  | Wizz Air Holdings PLC <sup>(a)</sup> | 32675 | 703 |
|  | IMCD NV | 4403 | 597 |
|  | DSV A/S | 2425 | 571 |
|  | InPost SA <sup>(a)</sup> | 29501 | 485 |
|  |  |  | 48897 |
| **Communication** | Tencent Holdings, Ltd. | 126400 | 8031 |
| **services** | Meta Platforms, Inc., Class A | 12338 | 7989 |
| **10.16%** | Bharti Airtel, Ltd. | 266088 | 5772 |
|  | Alphabet, Inc., Class A | 14778 | 2538 |
|  | Alphabet, Inc., Class C | 9973 | 1724 |
|  | NetEase, Inc. | 96100 | 2337 |
|  | NetEase, Inc. (ADR) | 11212 | 1365 |
|  | KANZHUN, Ltd., Class A (ADR) <sup>(a)</sup> | 175695 | 2980 |
|  | Netflix, Inc. <sup>(a)</sup> | 1669 | 2015 |
|  | Tencent Music Entertainment Group, Class A (ADR) | 102768 | 1730 |
|  | MTN Group, Ltd. | 248168 | 1725 |
|  | America Movil, SAB de CV, Class B (ADR) | 91000 | 1538 |
|  | KT Corp. (ADR) | 64591 | 1215 |
|  | True Corp. PCL, foreign registered shares <sup>(a)</sup> | 1278500 | 487 |
|  | True Corp. PCL, nonvoting depository receipts <sup>(a)</sup> | 1116000 | 425 |
|  | Telkom Indonesia (Persero) Tbk PT, Class B <sup>(a)</sup> | 4698800 | 813 |
|  | Indus Towers, Ltd. <sup>(a)</sup> | 165611 | 743 |
|  | TIM SA | 212383 | 724 |
|  |  |  | 44151 |
| **Health care** | Novo Nordisk AS, Class B | 82709 | 5711 |
| **6.49%** | Max Healthcare Institute, Ltd. | 386266 | 5079 |
|  | Eli Lilly and Co. | 5501 | 4058 |
|  | Thermo Fisher Scientific, Inc. | 5516 | 2222 |
|  | Laurus Labs, Ltd. | 263221 | 1875 |
|  | Abbott Laboratories | 12585 | 1681 |
|  | AstraZeneca PLC | 9676 | 1397 |
|  | Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A | 157800 | 1200 |
|  | Innovent Biologics, Inc. <sup>(a)</sup> | 144000 | 1138 |
|  | BeOne Medicines, Ltd. (ADR) <sup>(a)</sup> | 4474 | 1099 |
|  | Zai Lab, Ltd. (ADR) <sup>(a)</sup> | 27465 | 828 |
|  | EssilorLuxottica SA | 2824 | 785 |
|  | Danaher Corp. | 3375 | 641 |
|  | Mankind Pharma, Ltd. <sup>(a)</sup> | 17183 | 495 |
|  |  |  | 28209 |
| **Consumer** | Kweichow Moutai Co., Ltd., Class A | 21000 | 4442 |
| **staples** | Nestle SA | 31757 | 3384 |
| **6.32%** | ITC, Ltd. | 541160 | 2644 |
|  | Ajinomoto Co., Inc. | 78700 | 1975 |
|  | Arca Continental, SAB de CV | 172050 | 1892 |
|  | Dino Polska SA, non-registered shares <sup>(a)</sup> | 12174 | 1788 |
|  | JBS SA | 188863 | 1325 |
|  | Shoprite Holdings, Ltd. | 79309 | 1288 |
|  | Anheuser-Busch InBev SA/NV | 17447 | 1229 |
|  | Carlsberg A/S, Class B | 8248 | 1179 |
|  | Varun Beverages, Ltd. | 193332 | 1075 |
|  | Monster Beverage Corp. <sup>(a)</sup> | 15648 | 1001 |
|  | Constellation Brands, Inc., Class A | 5374 | 958 |
|  | British American Tobacco PLC | 20222 | 908 |
|  | KT&G Corp. | 9551 | 832 |
|  | Tsingtao Brewery Co., Ltd., Class H | 110000 | 764 |

---

---

| | |
|:---|:---|
| **34** | Capital Group Equity Exchange-Traded Funds |

---

------

Capital Group New Geography Equity ETF (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
| **Consumer**<br> **staples** | United Spirits, Ltd. | 42614 | $757 |
| (continued) |  |  | 27441 |
| **Materials** | Linde PLC | 5872 | 2746 |
| **4.74%** | Freeport-McMoRan, Inc. | 62528 | 2406 |
|  | Vale SA (ADR), ordinary nominative shares | 234233 | 2139 |
|  | First Quantum Minerals, Ltd. <sup>(a)</sup> | 133481 | 1977 |
|  | APL Apollo Tubes, Ltd. | 76593 | 1622 |
|  | Barrick Mining Corp. | 84170 | 1613 |
|  | Amcor PLC (CDI) | 140434 | 1295 |
|  | Sika AG | 4184 | 1117 |
|  | Grupo Mexico, SAB de CV, Series B | 197574 | 1083 |
|  | Glencore PLC <sup>(a)</sup> | 233908 | 893 |
|  | BASF SE | 15955 | 768 |
|  | Anhui Conch Cement Co., Ltd., Class H | 287000 | 749 |
|  | Nutrien, Ltd. | 11956 | 706 |
|  | Southern Copper Corp. | 7500 | 682 |
|  | Fresnillo PLC | 28337 | 444 |
|  | Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup> | 28999 | 367 |
|  |  |  | 20607 |
| **Energy** | TotalEnergies SE | 46167 | 2708 |
| **2.44%** | Reliance Industries, Ltd. | 162547 | 2699 |
|  | ADNOC Drilling Co. PJSC | 859328 | 1228 |
|  | Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup> | 19837 | 983 |
|  | Adnoc Gas PLC | 987246 | 882 |
|  | Cheniere Energy, Inc. | 3314 | 785 |
|  | Galp Energia, SGPS, SA, Class B | 48368 | 771 |
|  | Chevron Corp. | 3989 | 545 |
|  |  |  | 10601 |
| **Real estate** | Macrotech Developers, Ltd. | 324025 | 5398 |
| **2.01%** | China Resources Mixc Lifestyle Services, Ltd. | 307800 | 1466 |
|  | CK Asset Holdings, Ltd. | 187500 | 777 |
|  | Emaar Properties PJSC | 156372 | 560 |
|  | China Resources Land, Ltd. | 165500 | 540 |
|  |  |  | 8741 |
| **Utilities** | Equatorial Energia SA, ordinary nominative shares | 316951 | 2031 |
| **1.12%** | Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; nominative shares | 75114 | 1542 |
|  | Gulf Development PCL <sup>(a)</sup> | 945604 | 1296 |
|  |  |  | 4869 |
|  | **Total common stocks** (cost: $387,970,000) |  | 417231 |
| Preferred securities 0.49% | Preferred securities 0.49% |  |  |
| **Financials** | Itau Unibanco Holding SA (ADR), preferred nominative shares | 192743 | 1271 |
| **0.29%** |  |  |  |
| **Information** | Samsung Electronics Co., Ltd., nonvoting preferred shares | 25831 | 863 |
| **technology** |  |  |  |
| **0.20%** | **Total preferred securities** (cost: $1,955,000) |  | 2134 |

---

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **35** |

---

------

Capital Group New Geography Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities 3.22% | Shares | Value<br>(000) |
| **Money market investments 3.22%** |  |  |
| Capital Group Central Cash Fund 4.29% <sup>(b)(c)</sup> | 139851 | $13985 |
| **Total short-term securities** (cost: $13,983,000) |  | 13985 |
| **Total investment securities 99.73%** (cost: $403,908,000) |  | 433350 |
| Other assets less liabilities 0.27% |  | 1187 |
| **Net assets 100.00%** |  | $434537 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>(c)</sup>** | | | | | | | |
|  | Value at<br> 6/25/2024<sup>(d)</sup><br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 5/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 3.22% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.22%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.29% <sup>(b)</sup> | $— | $87102 | $73120 | $1 | $2 | $13985 | $194 |

---

<sup>(a)</sup>Security did not produce income during the last 12 months.

<sup>(b)</sup>Rate represents the seven-day yield at 5/31/2025.

<sup>(c)</sup>Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>(d)</sup>Commencement of operations.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

CDI = CREST Depository Interest

GDR = Global Depositary Receipts

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **36** | Capital Group Equity Exchange-Traded Funds |

---

------

Financial statements

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at May 31, 2025 | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Conservative<br>Equity**<br> **ETF** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Core<br>Equity**<br> **ETF** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Dividend<br>Growers<br>ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Dividend<br>Value**<br> **ETF** |
|  **Assets:** |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $356429 | $5328949 | $2280499 | $16190671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 20709 | 229801 | 44689 | 477107 |
|  Cash | 72 | 475 | 311 | 50 |
|  Cash denominated in currencies other than U.S. dollars |  | 1 | 1 | 1 |
|  Cash collateral received for securities on loan | 373 |  |  |  |
|  Receivables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments |  | 5385 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares |  | 11220 | 10429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 550 | 3545 | 5063 | 15355 |
|  | 378133 | 5579376 | 2340992 | 16683184 |
|  **Liabilities:** |  |  |  |  |
|  Collateral for securities on loan | 3727 |  |  |  |
|  Payables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments |  | 94653 | 10451 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 94 | 1484 | 866 | 4458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes |  |  |  |  |
|  | 3821 | 96137 | 11317 | 6139 |
|  **Net assets at May 31, 2025** | $374312 | $5483239 | $2329675 | $16677045 |
|  **Net assets consist of:** |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $365685 | $5036801 | $2163753 | $15468556 |
|  Total distributable earnings (accumulated loss) | 8627 | 446438 | 165922 | 1208489 |
|  **Net assets at May 31, 2025** | $374312 | $5483239 | $2329675 | $16677045 |
|  Shares of beneficial interest issued and outstanding |  |  |  |  |
|  (no stated par value) – unlimited shares authorized |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $374312 | $5483239 | $2329675 | $16677045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 13524 | 156384 | 71484 | 449344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $27.68 | $35.06 | $32.59 | $37.11 |
|  Investment securities on loan, at value | $3598 | $– | $– | $– |
|  Investment securities, at cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $342561 | $4612178 | $2078593 | $14278551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 20707 | 229783 | 44679 | 477059 |
|  Cash denominated in currencies other than U.S. dollars, at cost |  | 1 | 1 | 1 |

---

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 | **37** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at May 31, 2025 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | |
|:---|:---|:---|
| | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Global Growth<br>Equity**<br> **ETF** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>International<br>Core Equity<br>ETF |
|  **Assets:** |  |  |
|  Investment securities, at value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $5825253 | $218929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 714 | 6696 |
|  Cash | 305 | 53 |
|  Cash denominated in currencies other than U.S. dollars<br> \* | 1 \* | 29 |
|  Cash collateral received for securities on loan | 882 |  |
|  Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 20775 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 9018 | 610 |
|  | 5856948 | 227320 |
|  **Liabilities:** |  |  |
|  Collateral for securities on loan | 8819 |  |
|  Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 28081 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 2240 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | 2862 | 53 |
|  | 42002 | 2594 |
|  **Net assets at May 31, 2025** | $5814946 | $224726 |
|  **Net assets consist of:** |  |  |
|  Capital paid in on shares of beneficial interest | $5291890 | $209569 |
|  Total distributable earnings (accumulated loss) | 523056 | 15157 |
|  **Net assets at May 31, 2025** | $5814946 | $224726 |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5814946 | $224726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 191524 | 7964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $30.36 | $28.22 |
|  Investment securities on loan, at value | $8325 | $– |
|  Investment securities, at cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $4985284 | $202306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 712 | 6696 |
|  Cash denominated in currencies other than U.S. dollars, at cost<br> \* | 1 \* | 29 |

---

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

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **38** | Capital Group Equity Exchange-Traded Funds |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at May 31, 2025 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | |
|:---|:---|:---|:---|
| | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**&nbsp;&nbsp;&nbsp;&nbsp;International <br> Equity** <br> **ETF** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**&nbsp;&nbsp;&nbsp;&nbsp;International <br> Focus Equity** <br> **ETF** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**&nbsp;&nbsp;&nbsp;&nbsp;New Geography <br> Equity** <br> **ETF** |
|  **Assets:** |  |  |  |
|  Investment securities, at value: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $641880 | $3476625 | $419365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 31921 | 140081 | 13985 |
|  Cash | 51 | 49 | 51 |
|  Cash denominated in currencies other than U.S. dollars | 83 | 4629 | 90 |
|  Cash collateral received for securities on loan |  |  |  |
|  Receivables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments |  | 79750 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares |  |  | 6533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 1769 | 6951 | 547 |
|  | 675704 | 3708085 | 442720 |
|  **Liabilities:** |  |  |  |
|  Collateral for securities on loan |  |  |  |
|  Payables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments |  | 26596 | 7179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 280 | 1636 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes |  | 12367 | 812 |
|  | 280 | 40599 | 8183 |
|  **Net assets at May 31, 2025** | $675424 | $3667486 | $434537 |
|  **Net assets consist of:** |  |  |  |
|  Capital paid in on shares of beneficial interest | $607550 | $3463753 | $410012 |
|  Total distributable earnings (accumulated loss) | 67874 | 203733 | 24525 |
|  **Net assets at May 31, 2025** | $675424 | $3667486 | $434537 |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $675424 | $3667486 | $434537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 20924 | 139004 | 15964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $32.28 | $26.38 | $27.22 |
|  Investment securities on loan, at value | $– | $– | $– |
|  Investment securities, at cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $565002 | $2998215 | $389925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 31919 | 140071 | 13983 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 83 | 4633 | 90 |

---

\* Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **39** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended May 31, 2025 | (dollars in thousands) |

---

 $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  **Conservative
<br>Equity**<br> **ETF##SU
P##1</sup>**<br>
  **Core<br> Equity**<br> **ETF**##NEW
LINE##   Dividend
<br> Growers <br>ETF
  **Dividend
<br>Value**<br> **ETF##BOL
D_END_500##<br> 

  **Investment
income:**<br>
Income (net of non-U.S. taxes<sup>2</sup>):<br>
&nbsp;&nbsp;&nbsp;&nbsp; Dividends:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<br> $3,241 $56,726 $40,520 $222,069 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<br>
273 4,702 2,336 19,999
3,514 61,428 42,856 242,068
&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees)<br>
2 3 5 59

 3,516 61,431
42,861 242,127
 Fees
and expenses:<br>
&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services<br> 500
13,497 6,362 39,769 &nbsp;&nbsp;&nbsp;&nbsp;
Other<br> – 3 –
–
 Total fees and expenses<br>
500<br> 13,500<br>
6,362<br> 39,769<br>

 Net investment income<br>
3,016<br> 47,931<br>
36,499<br> 202,358<br>

 **Net realized gain (loss) and
unrealized appreciation (depreciation):**<br>
Net realized gain (loss)<sup>2</sup>on:<br>
&nbsp;&nbsp;&nbsp;&nbsp; Investments in:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<br>
(6,401) (219,143) (47,438)
(549,295) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated
issuers<br> – <sup>3</sup> (1)
(1) 42 &nbsp;&nbsp;&nbsp;&nbsp; In-kind
redemptions<br> 1,802 351,090
58,347 1,203,580 &nbsp;&nbsp;&nbsp;&nbsp; Currency
transactions<br> – <sup>3</sup> (87) 29 940

(4,599) 131,859 10,937
655,267
 Net unrealized appreciation
(depreciation)<sup>2</sup>on:<br>
&nbsp;&nbsp;&nbsp;&nbsp; Investments in:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<br>
13,868 268,845 180,273
720,330 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<br>
2 6 8 (1)
&nbsp;&nbsp;&nbsp;&nbsp; Currency translations<br> –
7 43 6

13,870 268,858 180,324
720,335
 Net realized gain (loss)
and unrealized appreciation (depreciation)<br>
9,271<br> 400,717<br>
191,261<br> 1,375,602<br>

 **Net increase (decrease) in
net assets resulting from operations**<br>
$12,287<br> $448,648<br>
$227,760<br> $1,577,960<br>

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **40** | Capital Group Equity Exchange-Traded Funds |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended May 31, 2025 (continued) | (dollars in thousands) |

---

 $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  **Global
<br>Equity**<br> **ETF##SU
P##1</sup>**<br>
  **Global Growth
<br>Equity**<br> **ETF##BO
LD_END_509##<br> 
 Growth <br>ETF 
 International<br>Core
Equity<br>ETF<sup>1</sup>

 
**Investment income:**<br>
Income (net of non-U.S. taxes<sup>2</sup>):<br>
&nbsp;&nbsp;&nbsp;&nbsp; Dividends:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<br> $2,904 $68,214 $51,148 $2,824 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<br>
158 4,377 5,277 92
3,062 72,591 56,425 2,916
&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees)<br>
– 10 10 –

 3,062 72,601
56,435 2,916
 Fees
and expenses:<br>
&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services<br> 559
22,013 33,647 364 &nbsp;&nbsp;&nbsp;&nbsp;
Other<br> – 3 3
–
 Total fees and expenses<br>
559<br> 22,016<br>
33,650<br> 364<br>

 Net investment income<br>
2,503<br> 50,585<br>
22,785<br> 2,552<br>

  **Net realized gain (loss)
and unrealized appreciation (depreciation):**<br>
Net realized gain (loss)<sup>2</sup>on:<br>
&nbsp;&nbsp;&nbsp;&nbsp; Investments in:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<br>
(5,535) (200,263) (220,343)
(3,346) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<br>
(1) 6 (34) (1)
&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions<br> 664
148,393 678,128 593 &nbsp;&nbsp;&nbsp;&nbsp;
Currency transactions<br> 14 (847)
6 (13)

(4,858) (52,711) 457,757
(2,767)
 Net unrealized appreciation
(depreciation)<sup>2</sup>on:<br>
&nbsp;&nbsp;&nbsp;&nbsp; Investments in:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<br>
29,974 280,527 1,072,505
16,570 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<br>
– <sup>3</sup> (13) 10 –

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp; Currency translations<br>
5 85 8 3

 29,979 280,599
1,072,523 16,573
 Net
realized gain (loss) and unrealized appreciation
(depreciation)<br> 25,121<br>
227,888<br> 1,530,280<br>
13,806<br>
 **Net
increase (decrease) in net assets resulting from
operations**<br> $27,624<br>
$278,473<br> $1,553,065<br>
$16,358<br>

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 | **41** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended May 31, 2025 (continued) | (dollars in thousands) |

---

 $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;##INDE
NT##&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;##INDE
NT##&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;##INDE
NT## $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;##INDE
NT##&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
 **International
<br>Equity**<br> **ETF##BO
LD_END_516##<br> 
 International<br> Focus Equity
<br>ETF  
 **New Geography
<br>Equity**<br> **ETF##SU
P##1</sup>**<br>

  **Investment
income:**<br>
Income (net of non-U.S. taxes<sup>2</sup>):<br>
&nbsp;&nbsp;&nbsp;&nbsp; Dividends:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<br> $8,279 $61,862 $2,694
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<br> 536
4,703 194 8,815 66,565
2,888 &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of
fees)<br> – 3 1

8,815 66,568 2,889
 Fees
and expenses:<br>
&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services<br> 1,622
16,787 789 &nbsp;&nbsp;&nbsp;&nbsp; Other<br>
– 3 –
 Total fees and
expenses<br> 1,622<br>
16,790<br> 789<br>
 Net
investment income<br> 7,193<br>
49,778<br> 2,100<br>
 
**Net realized gain (loss) and unrealized appreciation
(depreciation):**<br>
Net realized gain (loss)<sup>2</sup>on:<br>
&nbsp;&nbsp;&nbsp;&nbsp; Investments in:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<br>
(13,678) (137,543) (5,885)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<br> (4) (5) 1 &nbsp;&nbsp;&nbsp;&nbsp; In-kind
redemptions<br> 4,149 89,083
548 &nbsp;&nbsp;&nbsp;&nbsp; Currency transactions<br>
(17) 178 (43)

(9,550) (48,287) (5,379)
 Net
unrealized appreciation (depreciation)<sup>2</sup>on:<br>
&nbsp;&nbsp;&nbsp;&nbsp; Investments in:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers<br>
66,303 90,831 28,628
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<br> 1
2 2 &nbsp;&nbsp;&nbsp;&nbsp; Currency
translations<br> 37 36 1

66,341 90,869 28,631
 Net
realized gain (loss) and unrealized appreciation
(depreciation)<br> 56,791<br>
42,582<br> 23,252<br>

**Net increase (decrease) in net assets resulting from
operations**<br> $63,984<br>
$92,360<br> $25,352<br>

<sup>1</sup> For the period June 25, 2024, commencement of operations, through May 31, 2025.

<sup>2</sup> Additional information related to non-U.S. taxes is included in the notes to financial statements.

<sup>3</sup> Amount less than one thousand. 

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **42** | Capital Group Equity Exchange-Traded Funds |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Conservative**<br> **Equity**<br> **ETF** | **Conservative**<br> **Equity**<br> **ETF** | **Core**<br> **Equity**<br> **ETF** | **Core**<br> **Equity**<br> **ETF** | **Dividend**<br> **Growers**<br> **ETF** | **Dividend**<br> **Growers**<br> **ETF** |
|  | Period ended<br> May 31, | Period ended<br> May 31, | | | | |
|  | 2025\* | 2025\* | Year ended<br>May 31,<br>2025 | Year ended<br>May 31,<br>2024 | Year ended<br>May 31,<br>2025 | Period ended<br>May 31,<br>2024<sup>†</sup> |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income | $3016 | $3016 | $47931 | $22535 | $36499 | $4386 |
|  Net realized gain (loss) | (4599) | (4599) | 131859 | 38564 | 10937 | (1379) |
|  Net unrealized appreciation (depreciation) | 13870 | 13870 | 268858 | 380344 | 180324 | 21632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 12287 | 12287 | 448648 | 441443 | 227760 | 24639 |
|  **Distributions paid to shareholders** | (1857) | (1857) | (42811) | (19401) | (23975) | (1553) |
|  **Net capital share transactions** | 363882 | 363882 | 2359081 | 1403364 | 1768682 | 334122 |
|  **Total increase (decrease) in net assets** | 374312 | 374312 | 2764918 | 1825406 | 1972467 | 357208 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | – | – | 2718321 | 892915 | 357208 |  |
|  End of period | $374312 | $374312 | $5483239 | $2718321 | $2329675 | $357208 |
|  | **Dividend**<br> **Value**<br> **ETF** | **Dividend**<br> **Value**<br> **ETF** | **Global**<br> **Equity**<br> **ETF** | **Global**<br> **Equity**<br> **ETF** | **Global Growth**<br> **Equity**<br> **ETF** | **Global Growth**<br> **Equity**<br> **ETF** |
|  | Year ended<br>May 31, | Year ended<br>May 31, | Period ended<br> May 31, | Period ended<br> May 31, | Year ended<br>May 31, | Year ended<br>May 31, |
|  | 2025 | 2024 | 2025\* | 2025\* | 2025 | 2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income | $202358 | $96024 | $2503 | $2503 | $50585 | $26307 |
|  Net realized gain (loss) | 655267 | 218645 | (4858) | (4858) | (52711) | 163424 |
|  Net unrealized appreciation (depreciation) | 720335 | 1034031 | 29979 | 29979 | 280599 | 398142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1577960 | 1348700 | 27624 | 27624 | 278473 | 587873 |
|  **Distributions paid to shareholders** | (186907) | (76658) | (275) | (275) | (45632) | (16124) |
|  **Net capital share transactions** | 7040368 | 4781929 | 370657 | 370657 | 1986014 | 1402331 |
|  **Total increase (decrease) in net assets** | 8431421 | 6053971 | 398006 | 398006 | 2218855 | 1974080 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of period | 8245624 | 2191653 | – | – | 3596091 | 1622011 |
|  End of period | $16677045 | $8245624 | $398006 | $398006 | $5814946 | $3596091 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **43** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Growth**<br> **ETF** | **Growth**<br> **ETF** | **International**<br> **Core Equity**<br> **&nbsp;&nbsp;&nbsp;&nbsp; ETF&nbsp;&nbsp;&nbsp;&nbsp;**  | **International**<br> **Equity**<br> **ETF** | **International**<br> **Equity**<br> **ETF** |
|  | Year ended<br>May 31, | Year ended<br>May 31, | Period ended<br> May 31, | Year ended<br>May 31, | Period ended<br>May 31, |
|  | 2025 | 2024 | 2025\* | 2025 | 2024<sup>†</sup> |
|  **Operations:** |  |  |  |  |  |
|  Net investment income | $22785 | $16032 | $2552 | $7193 | $1475 |
|  Net realized gain (loss) | 457757 | 206378 | (2767) | (9550) | (949) |
|  Net unrealized appreciation (depreciation) | 1072523 | 851454 | 16573 | 66341 | 10572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1553065 | 1073864 | 16358 | 63984 | 11098 |
|  **Distributions paid to shareholders** | (26727) | (13239) | (610) | (2252) | (95) |
|  **Net capital share transactions** | 4968073 | 2603543 | 208978 | 470426 | 132263 |
|  **Total increase (decrease) in net assets** | 6494411 | 3664168 | 224726 | 532158 | 143266 |
|  **Net assets:** |  |  |  |  |  |
|  Beginning of period | 5728288 | 2064120 |  | 143266 |  |
|  End of period | $12222699 | $5728288 | $224726 | $675424 | $143266 |
|  | **International**<br> **Focus Equity**<br> **ETF** | **International**<br> **Focus Equity**<br> **ETF** | **New Geography**<br> **Equity**<br> **ETF** |  |  |
|  | Year ended<br>May 31, | Year ended<br>May 31, | Period ended<br> May 31, |  |  |
|  | 2025 | 2024 | 2025\* |  |  |
|  **Operations:** |  |  |  |  |  |
|  Net investment income | $49778 | $23173 | $2100 |  |  |
|  Net realized gain (loss) | (48287) | (5578) | (5379) |  |  |
|  Net unrealized appreciation (depreciation) | 90869 | 291506 | 28631 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 92360 | 309101 | 25352 |  |  |
|  **Distributions paid to shareholders** | (27876) | (16300) | (279) |  |  |
|  **Net capital share transactions** | 1023754 | 988517 | 409464 |  |  |
|  **Total increase (decrease) in net assets** | 1088238 | 1281318 | 434537 |  |  |
|  **Net assets:** |  |  |  |  |  |
|  Beginning of period | 2579248 | 1297930 |  |  |  |
|  End of period | $3667486 | $2579248 | $434537 |  |  |

---

\*For the period June 25, 2024, commencement of operations, through May 31, 2025.

<sup>†</sup>For the period September 26, 2023, commencement of operations, through May 31, 2024.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **44** | Capital Group Equity Exchange-Traded Funds |

---

------

Notes to financial statements

1. Organization

Capital Group Conservative Equity ETF ("Conservative Equity ETF"), Capital Group Core Equity ETF ("Core Equity ETF"), Capital Group Dividend Growers ETF ("Dividend Growers ETF"), Capital Group Dividend Value ETF ("Dividend Value ETF"), Capital Group Global Equity ETF ("Global Equity ETF"), Capital Group Global Growth Equity ETF ("Global Growth Equity ETF"), Capital Group Growth ETF ("Growth ETF"), Capital Group International Core Equity ETF ("International Core Equity ETF"), Capital Group International Equity ETF ("International Equity ETF"), Capital Group International Focus Equity ETF ("International Focus Equity ETF"), and Capital Group New Geography Equity ETF ("New Geography Equity ETF") (each a "fund", or collectively the "funds") each operate as an exchange-traded fund and are registered under the Investment Company Act of 1940, as amended, as open-end management investment companies. Core Equity ETF, Dividend Value ETF, Global Growth Equity ETF and International Focus Equity ETF are diversified funds and the remaining funds are non-diversified funds.

The funds' investment objectives are as follows:

**Conservative Equity ETF** – To strive for the balanced accomplishment of three objectives: current income, growth of capital and conservation of principal.

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

**Dividend Growers ETF** – To provide long-term total returns.

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

**Global Equity ETF** – To provide prudent growth of capital and conservation of principal.

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

**Growth ETF** – To provide growth of capital.

**International Core Equity ETF** – To provide long-term growth of capital while providing current income.

I**nternational Equity ETF** – To provide prudent growth of capital and conservation of principal.

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

**New Geography Equity ETF** – 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. 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.

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **45** |

---

------

**Operating segments** – In the reporting period, the funds adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each fund's financial position or the results of its operations. 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 Trustee 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 the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

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

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

**New Accounting Pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 (the "ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

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.

---

| | |
|:---|:---|
| **46** | Capital Group Equity Exchange-Traded Funds |

---

------

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp; 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") |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |

---

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

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

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

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **47** |

---

------

**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, 2025, were as follows (dollars in thousands):

Conservative Equity ETF

At May 31, 2025, all of the fund's investment securities were classified as Level 1.

Core Equity ETF

At May 31, 2025, all of the fund's investment securities were classified as Level 1.

Dividend Growers ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $400212 | $— | $— | $400212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 398060 |  |  | 398060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 317601 |  |  | 317601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 261109 |  |  | 261109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 200996 |  |  | 200996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 166363 |  |  | 166363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 158809 |  |  | 158809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 121191 |  |  | 121191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 87766 |  |  | 87766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 84275 |  |  | 84275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 28693 |  |  | 28693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 44689 | 55424 |  | 100113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2269764 | $55424 | $— | $2325188 |

---

Dividend Value ETF

At May 31, 2025, all of the fund's investment securities were classified as Level 1.

Global Equity ETF

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $81082 | $— | $— | $81082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 73709 |  |  | 73709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 67548 |  |  | 67548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 35370 |  |  | 35370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 32050 |  |  | 32050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 28441 |  |  | 28441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 27655 |  |  | 27655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 15527 |  |  | 15527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 12897 |  |  | 12897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 10761 |  |  | 10761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 1836 |  |  | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1094 | 10483 |  | 11577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $387970 | $10483 | $— | $398453 |

---

---

| | |
|:---|:---|
| **48** | Capital Group Equity Exchange-Traded Funds |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Global Growth Equity ETF<br>|  |  |  |  |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $1655596 | $— | $— | $1655596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 881458 |  |  | 881458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 869815 |  |  | 869815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 841205 |  |  | 841205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 565313 |  |  | 565313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 340609 |  |  | 340609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 248496 |  |  | 248496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 140891 |  |  | 140891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 101610 |  |  | 101610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 56913 |  |  | 56913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 8651 | 115410 |  | 124061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5710557 | $115410 | $— | $5825967 |
| <br> Growth ETF<br>|  |  |  |  |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $3141931 | $— | $— | $3141931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 2300263 |  |  | 2300263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 1783598 |  |  | 1783598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 1451908 |  |  | 1451908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1280341 |  |  | 1280341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 1017548 |  |  | 1017548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 265072 |  |  | 265072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 182771 |  |  | 182771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 166165 |  |  | 166165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 117917 |  |  | 117917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 96331 |  |  | 96331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  |  | —\* | —<br> \*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 419993 |  |  | 419993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $12223838 | $— | $—\* | $12223838 |

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\*Amount less than one thousand.

International Core Equity ETF

At May 31, 2025, all of the fund's investment securities were classified as Level 1.

International Equity ETF

At May 31, 2025, all of the fund's investment securities were classified as Level 1.

International Focus Equity ETF

At May 31, 2025, all of the fund's investment securities were classified as Level 1.

New Geography Equity ETF

At May 31, 2025, all of the fund's investment securities were classified as Level 1.

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| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **49** |

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4. Risk factors

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

**Market conditions** – The prices of, and the income generated by, the common stocks and other securities held by a fund may decline due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; 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.

**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 a fund's securities and income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

**Investing outside the U.S.** – Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (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 accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in developing countries.

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| | |
|:---|:---|
| **50** | Capital Group Equity Exchange-Traded Funds |

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

**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. The 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 the 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 the 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 the 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.

**Market trading** – Each fund's shares are listed for trading on an exchange and are bought and sold on the secondary market at market prices. The market prices of each fund's shares are expected to fluctuate, in some cases materially, in response to changes in the fund's net asset value ("NAV"), the intraday value of each fund's holdings, and supply and demand for each fund's shares. The existence of significant market volatility, disruptions to creations and redemptions, or potential lack of an active trading market for fund shares 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.

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| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **51** |

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

**Authorized participant concentration** – Only authorized participants may engage in creation or redemption transactions directly with each of the funds, and none of them is obligated to do so. Each fund has a limited number of institutions that may act as authorized participants. 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** – As nondiversified funds, each 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 each fund were invested in a larger number of issuers. The value of each fund's shares can be expected to fluctuate more than might be the case if each fund were more broadly diversified.

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

5. Certain investment techniques

**Securities lending** – Some of the funds have entered into securities lending transactions in which the funds earn 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 the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from 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 the borrower fails to return the 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 the fund's investment portfolio. The same amount is recorded as a liability in the 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 on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br> **Funds** |<br>**Value of<br>investment<br>securities<br>on loan** | **Cash** | **U.S. government<br>securities** |<br>**Value of<br>investment<br>securities<br>purchased** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Group Conservative Equity ETF | $3598 | $3727 |  | $3354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Group Global Growth Equity ETF | 8325 | 8819 |  | 7937 |

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| | |
|:---|:---|
| **52** | Capital Group Equity Exchange-Traded Funds |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

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, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

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

**Non-U.S. taxation** – Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. 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, 2025, Capital Group Global Growth Equity ETF and Capital Group Growth ETF recognized $629,000 and $16,000, respectively, in EU reclaims (net of fees and the effect of realized gain or loss from currency translations) related to European court rulings, which is included in dividend income in the fund's statement of operations. For U.S. income tax purposes, EU reclaims received by the fund reduce the amount of foreign taxes that a fund may pass through to its shareholders to be utilized as tax deductions or credit on their income tax returns. If the 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 the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

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| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **53** |

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Additional tax basis disclosures for each fund as of May 31, 2025, were as follows (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Conservative<br>Equity**<br> **ETF** | **Core**<br> **Equity**<br> **ETF** | **Dividend<br>Growers**<br> **ETF** | **Dividend**<br> **Value**<br> **ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $1159 | $10505 | $15369 | $43101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward\* | (5729) | (275522) | (49802) | (732949) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments | 23890 | 793233 | 257953 | 2243558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments | (10692) | (81787) | (57641) | (345223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | 13198 | 711446 | 200312 | 1898335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 363940 | 4847304 | 2124876 | 14769443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable earnings/<br>accumulated loss to (from) capital paid in on shares of<br>beneficial interest | 1803 | 350841 | 58310 | 1203098 |
|  | **Global<br>Equity**<br> **ETF** | **Global Growth<br>Equity**<br> **ETF** | **Growth**<br> **ETF** | **International<br>Core Equity<br>ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $2241 | $59770 | $– | $1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward\* | (5486) | (328337) | (407252) | (2892) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments | 34430 | 990337 | 2488826 | 18761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments | (4506) | (195927) | (348690) | (2578) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | 29924 | 794410 | 2140136 | 16183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 368529 | 5031557 | 10083702 | 209442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable earnings/<br>accumulated loss to (from) capital paid in on shares of<br>beneficial interest | 665 | 136144 | 674312 | 591 |
|  |  | **International<br>Equity**<br> **ETF** | **International<br>Focus Equity<br>ETF** | **New Geography<br>Equity**<br> **ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income |  | $6303 | $41004 | $2278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward\* |  | (15176) | (293417) | (3815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments |  | 81599 | 592574 | 34305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments |  | (4885) | (124052) | (7432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments |  | 76714 | 468522 | 26873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments |  | 597087 | 3148184 | 406477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable earnings/<br>accumulated loss to (from) capital paid in on shares of<br>beneficial interest |  | 4149 | 88557 | 548 |

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\* 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.

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| | |
|:---|:---|
| **54** | Capital Group Equity Exchange-Traded Funds |

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended May 31, 2025** | **Year ended May 31, 2025** | **Year ended May 31, 2025** | **Year ended May 31, 2024** | **Year ended May 31, 2024** | **Year ended May 31, 2024** | **Year ended May 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** |  | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Conservative Equity ETF | $1857<br> \*  | $– | $1857<br> \*  | $– |  | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity ETF | 42811 | – | 42811 | 19401 |  | – | 19401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growers ETF | 23975 | – | 23975 | 1553 | †  | – | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value ETF | 186907 | – | 186907 | 76658 |  | – | 76658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Equity ETF | 275<br> \*  | – | 275<br> \*  | – |  | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Equity ETF | 45632 | – | 45632 | 16124 |  | – | 16124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth ETF | 26727 | – | 26727 | 13239 |  | – | 13239 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Core Equity ETF | 610<br> \*  | – | 610<br> \*  | – |  | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity ETF | 2252 | – | 2252 | 95 | †  | – | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Focus Equity ETF | 27876 | – | 27876 | 16300 |  | – | 16300 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Geography Equity ETF | 279<br> \*  | – | 279<br> \*  | – |  | – | – |

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\*For the period June 25, 2024, commencement of operations, through May 31, 2025.

<sup>†</sup>For the period September 26, 2023, commencement of operations, through May 31, 2024.

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:

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| | |
|:---|:---|
| **Fund** | **Annual rate** |
| &nbsp;&nbsp;&nbsp;&nbsp; Conservative Equity ETF | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity ETF | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growers ETF | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value ETF | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Equity ETF | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Equity ETF | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth ETF | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Core Equity ETF | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity ETF | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Focus Equity ETF | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Geography Equity ETF | 0.64 |

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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.

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| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **55** |

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

**Security transactions with related funds** – Each fund may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by each fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of May 31, 2025 (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net<br>realized<br>gain (loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity ETF | $105036 | $27526 | $(2229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value ETF | 681742 | 101932 | (10947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Equity ETF | 72040 | 33995 | (655) |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth ETF | 102453 | 10406 | (391) |
| &nbsp;&nbsp;&nbsp;&nbsp; International Focus Equity ETF | 8560 | 5413 | (677) |

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**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, 2025.

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.

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.

---

| | |
|:---|:---|
| **56** | Capital Group Equity Exchange-Traded Funds |

---

------

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

Conservative Equity ETF

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sales** | **Sales** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** |  |  |  |
| $382288 | 14244 | $– | – | $(18406) | (720) | $363882 | 13524 |
| <br> Core Equity ETF | <br> Core Equity ETF | <br> Core Equity ETF | <br> Core Equity ETF | <br> Core Equity ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** |  |  |  |
| $3461880 | 101800 | $– | – | $(1102799) | (32520) | $2359081 | 69280 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** |  |  |  |
| $1633019 | 58400 | $– | – | $(229655) | (8000) | $1403364 | 50400 |
| <br> Dividend Growers ETF | <br> Dividend Growers ETF | <br> Dividend Growers ETF | <br> Dividend Growers ETF | <br> Dividend Growers ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** |  |  |  |
| $1995909 | 66440 | $– | – | $(227227) | (7400) | $1768682 | 59040 |
| &nbsp;&nbsp;&nbsp;&nbsp; **For the period September 26, 2023\*, through May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period September 26, 2023\*, through May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period September 26, 2023\*, through May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period September 26, 2023\*, through May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period September 26, 2023\*, through May 31, 2024** |  |  |  |
| $349622 | 13004 | $– | – | $(15500) | (560) | $334122 | 12444 |
| <br> Dividend Value ETF | <br> Dividend Value ETF | <br> Dividend Value ETF | <br> Dividend Value ETF | <br> Dividend Value ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** |  |  |  |
| $11306331 | 318640 | $– | – | $(4265963) | (120540) | $7040368 | 198100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** |  |  |  |
| $5931039 | 203560 | $– | – | $(1149110) | (38620) | $4781929 | 164940 |
| <br> Global Equity ETF | <br> Global Equity ETF | <br> Global Equity ETF | <br> Global Equity ETF | <br> Global Equity ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** |  |  |  |
| $374856 | 14364 | $– | – | $(4199) | (160) | $370657 | 14204 |
| <br> Global Growth Equity ETF | <br> Global Growth Equity ETF | <br> Global Growth Equity ETF | <br> Global Growth Equity ETF | <br> Global Growth Equity ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** |  |  |  |
| $2453618 | 83440 | $– | – | $(467604) | (15840) | $1986014 | 67600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** |  |  |  |
| $2247291 | 86560 | $– | – | $(844960) | (32480) | $1402331 | 54080 |

---

Refer to the end of table(s) for footnote(s).

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **57** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> Growth ETF | <br> Growth ETF | <br> Growth ETF | <br> Growth ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of**<br>**distributions** | **Repurchases** | **Repurchases** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Amount** | **Shares** | **Amount** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** |  |  |  |
| $6319067 | 175640 | $– | $(1350994) | (36820) | $4968073 | 138820 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** |  |  |  |
| $3487718 | 123180 | $– | $(884175) | (29980) | $2603543 | 93200 |
| <br> International Core Equity ETF | <br> International Core Equity ETF | <br> International Core Equity ETF | <br> International Core Equity ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Amount** | **Shares** | **Amount** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** |  |  |  |
| $216959 | 8284 | $– | $(7981) | (320) | $208978 | 7964 |
| <br> International Equity ETF | <br> International Equity ETF | <br> International Equity ETF | <br> International Equity ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Amount** | **Shares** | **Amount** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** |  |  |  |
| $483528 | 16440 | $– | $(13102) | (440) | $470426 | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **For the period September 26, 2023\*, through May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period September 26, 2023\*, through May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period September 26, 2023\*, through May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period September 26, 2023\*, through May 31, 2024** |  |  |  |
| $136858 | 5084 | $– | $(4595) | (160) | $132263 | 4924 |
| <br> International Focus Equity ETF | <br> International Focus Equity ETF | <br> International Focus Equity ETF | <br> International Focus Equity ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Amount** | **Shares** | **Amount** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2025** |  |  |  |
| $1288750 | 49960 | $– | $(264996) | (10280) | $1023754 | 39680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; **Year ended May 31, 2024** |  |  |  |
| $1336817 | 55800 | $– | $(348300) | (14280) | $988517 | 41520 |
| <br> New Geography Equity ETF | <br> New Geography Equity ETF | <br> New Geography Equity ETF | <br> New Geography Equity ETF |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br>distributions** | **Repurchases** | **Repurchases** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Amount** | **Shares** | **Amount** | **Amount** | **Shares** | **Amount** | **Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; **For the period June 25, 2024\*, through May 31, 2025** |  |  |  |
| $411638 | 16044 | $– | $(2174) | (80) | $409464 | 15964 |

---

\* Commencement of operations.

---

| | |
|:---|:---|
| **58** | Capital Group Equity Exchange-Traded Funds |

---

------

10. Investment transactions

The following table presents purchases and sales of investments, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, during the year ended May 31, 2025 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp; Conservative Equity ETF | $56436 | $49717  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity ETF | 2409450 | 1378966  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growers ETF | 634778 | 333028  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value ETF | 7611094 | 3370094  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Equity ETF | 45125 | 30248  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Equity ETF | 1773027 | 1203148  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth ETF | 2598662 | 1405277  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Core Equity ETF | 66625 | 32923  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity ETF | 101346 | 67347  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Focus Equity ETF | 1982324 | 1583525  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Geography Equity ETF | 211851 | 67848  |

---

The following table presents the value of securities received and delivered in-kind from the authorized participants to support creation and redemption transactions, if any, during the year ended May 31, 2025 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **In-kind creations** | **In-kind redemptions** |
| &nbsp;&nbsp;&nbsp;&nbsp; Conservative Equity ETF | $354537 | $17447  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity ETF | 2322104 | 1075177  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growers ETF | 1619062 | 229969  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value ETF | 6742176 | 4150629  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Equity ETF | 351071 | 4179  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Equity ETF | 1865334 | 465361  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth ETF | 4848632 | 1356575  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Core Equity ETF | 177241 | 5897  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity ETF | 427342 | 13053  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Focus Equity ETF | 764595 | 259595  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Geography Equity ETF | 253310 | 2113  |

---

The following table presents additional information for each fund for the year ended May 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Non-U.S. taxes<br>paid on<br>dividend income** | **Non-U.S. taxes<br>paid on<br>realized gains** | **Non-U.S. taxes <br>provided on <br>unrealized <br>appreciation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Conservative Equity ETF | $37 | $— | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity ETF | 746 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Growers ETF | 2287 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend Value ETF | 2759 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Equity ETF | 276 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Equity ETF | 2883 | 78 | 2862  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth ETF | 1607 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Core Equity ETF | 344 | —<br> \*  | 53  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity ETF | 988 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Focus Equity ETF | 6130 | 1266 | 12367  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Geography Equity ETF | 280 | 11 | 812  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> \*Amount less than one thousand. |  |  |  |

---

11. Ownership Concentration

At May 31, 2025, American Funds Portfolio Series — Tax-Aware Conservative Growth and Income Portfolio held 24% of the outstanding shares of Capital Group Dividend Growers ETF. CRMC is the investment adviser to American Funds Portfolio Series — Tax-Aware Conservative Growth and Income Portfolio.

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **59** |

---

------

12. Subsequent events

On July 3, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP 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, for the fiscal year 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. At no point during each fund's 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, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

---

| | |
|:---|:---|
| **60** | Capital Group Equity Exchange-Traded Funds |

---

------

Financial highlights

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Income (loss) from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net<br>investment<br>income<br>(loss)** | **Net gains<br>(losses) on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>(from net<br>investment<br>income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value, end<br>of year** |<br>**Total<br>return** |<br>**Net assets,<br>end of**<br> **year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets<sup>2</sup>** |<br>**Ratio of<br>net income<br>(loss) to<br>average net<br>assets** |
|  <br> Conservative Equity ETF | <br> Conservative Equity ETF | <br> Conservative Equity ETF | <br> Conservative Equity ETF |  |  |  |  |  |  |  |  |  |
|  5/31/2025<sup>3,4</sup> | $24.93 | $.50 | $2.53 | $3.03 | $(.28) | $— | $(.28) | $27.68 | 12.19%<sup>5</sup> | $374 | .33%<sup>6</sup> | 1.99%<sup>6</sup> |
|  Core Equity ETF | Core Equity ETF | Core Equity ETF | Core Equity ETF | Core Equity ETF |  |  |  |  |  |  |  |  |
|  5/31/2025 | $31.21 | $.40 | $3.82 | $4.22 | $(.37) | $— | $(.37) | $35.06 | 13.55% | $5483 | .33% | 1.17% |
|  5/31/2024 | 24.33 | .38 | 6.84 | 7.22 | (.34) |  | (.34) | 31.21 | 29.90 | 2718 | .33 | 1.34 |
|  5/31/2023 | 23.72 | .39 | .52 | .91 | (.30) |  | (.30) | 24.33 | 3.96 | 893 | .33 | 1.70 |
|  5/31/2022<sup>3,7</sup> | 24.63 | .08 | (.96) | (.88) | (.03) |  | (.03) | 23.72 | (3.59)<sup>5</sup> | 164 | .09<sup>5</sup> | .34<sup>5</sup> |
|  <br> Dividend Growers ETF | <br> Dividend Growers ETF | <br> Dividend Growers ETF | <br> Dividend Growers ETF |  |  |  |  |  |  |  |  |  |
|  5/31/2025 | $28.71 | $.82 | $3.72 | $4.54 | $(.66) | $— | $(.66) | $32.59 | 16.05% | $2330 | .47% | 2.70% |
|  5/31/2024<sup>3,8</sup> | 24.76 | .68 | 3.49 | 4.17 | (.22) |  | (.22) | 28.71 | 16.86<sup>5</sup> | 357 | .47<sup>6</sup> | 3.73<sup>6</sup> |
|  Dividend Value ETF | Dividend Value ETF | Dividend Value ETF | Dividend Value ETF |  |  |  |  |  |  |  |  |  |
|  5/31/2025 | $32.82 | $.60 | $4.26 | $4.86 | $(.57) | $— | $(.57) | $37.11 | 14.91% | $16677 | .33% | 1.68% |
|  5/31/2024 | 25.39 | .59 | 7.34 | 7.93 | (.50) |  | (.50) | 32.82 | 31.48 | 8246 | .33 | 1.99 |
|  5/31/2023 | 24.57 | .52 | .68 | 1.20 | (.38) |  | (.38) | 25.39 | 5.12 | 2192 | .33 | 2.16 |
|  5/31/2022<sup>3,7</sup> | 24.71 | .10 | (.21) | (.11) | (.03) |  | (.03) | 24.57 | (.46)<sup>5</sup> | 301 | .09<sup>5</sup> | .41<sup>5</sup> |
|  Global Equity ETF |  |  |  |  |  |  |  |  |  |  |  |  |
|  5/31/2025<sup>3,4</sup> | $25.04 | $.51 | $2.56 | $3.07 | $(.09) | $— | $(.09) | $28.02 | 12.29%<sup>5</sup> | $398 | .47%<sup>6</sup> | 2.10%<sup>6</sup> |
|  Global Growth Equity ETF | Global Growth Equity ETF | Global Growth Equity ETF | Global Growth Equity ETF |  |  |  |  |  |  |  |  |  |
|  5/31/2025 | $29.02 | $.32 | $1.34 | $1.66 | $(.32) | $— | $(.32) | $30.36 | 5.76% | $5815 | .47% | 1.08% |
|  5/31/2024 | 23.22 | .28 | 5.72 | 6.00 | (.20) |  | (.20) | 29.02 | 25.97 | 3596 | .47 | 1.08 |
|  5/31/2023 | 21.67 | .28 | 1.39 | 1.67 | (.12) |  | (.12) | 23.22 | 7.80 | 1622 | .47 | 1.27 |
|  5/31/2022<sup>3,7</sup> | 24.47 | .08 | (2.88) | (2.80) |  |  |  | 21.67 | (11.44)<sup>5</sup> | 220 | .13<sup>5</sup> | .38<sup>5</sup> |
|  Growth ETF |  |  |  |  |  |  |  |  |  |  |  |  |
|  5/31/2025 | $31.57 | $.09 | $6.62 | $6.71 | $(.12) | $— | $(.12) | $38.16 | 21.29% | $12223 | .39% | .26% |
|  5/31/2024 | 23.39 | .12 | 8.17 | 8.29 | (.11) |  | (.11) | 31.57 | 35.55 | 5728 | .39 | .44 |
|  5/31/2023 | 22.28 | .13 | 1.05 | 1.18 | (.07) |  | (.07) | 23.39 | 5.33 | 2064 | .39 | .62 |
|  5/31/2022<sup>3,7</sup> | 24.40 | .03 | (2.15) | (2.12) |  |  |  | 22.28 | (8.69)<sup>5</sup> | 285 | .10<sup>5</sup> | .13<sup>5</sup> |
|  International Core Equity ETF | International Core Equity ETF | International Core Equity ETF | International Core Equity ETF |  |  |  |  |  |  |  |  |  |
|  5/31/2025<sup>3,4</sup> | $25.06 | $.91 | $2.47 | $3.38 | $(.22) | $— | $(.22) | $28.22 | 13.60%<sup>5</sup> | $225 | .54%<sup>6</sup> | 3.79%<sup>6</sup> |
|  International Equity ETF | International Equity ETF | International Equity ETF | International Equity ETF |  |  |  |  |  |  |  |  |  |
|  5/31/2025 | $29.10 | $.70 | $2.83 | $3.53 | $(.35) | $— | $(.35) | $32.28 | 12.30% | $675 | .54% | 2.39% |
|  5/31/2024<sup>3,8</sup> | 24.82 | .51 | 3.82 | 4.33 | (.05) |  | (.05) | 29.10 | 17.47<sup>5</sup> | 143 | .54<sup>6</sup> | 2.77<sup>6</sup> |
|  International Focus Equity ETF | International Focus Equity ETF | International Focus Equity ETF | International Focus Equity ETF |  |  |  |  |  |  |  |  |  |
|  5/31/2025 | $25.97 | $.41 | $.25 | $.66 | $(.25) | $— | $(.25) | $26.38 | 2.58% | $3667 | .54% | 1.60% |
|  5/31/2024 | 22.45 | .30 | 3.46 | 3.76 | (.24) |  | (.24) | 25.97 | 16.85 | 2579 | .54 | 1.26 |
|  5/31/2023 | 22.82 | .38 | (.55) | (.17) | (.20) |  | (.20) | 22.45 | (.68) | 1298 | .54 | 1.74 |
|  5/31/2022<sup>3,7</sup> | 24.51 | .24 | (1.93) | (1.69) |  |  |  | 22.82 | (6.90)<sup>5</sup> | 188 | .14<sup>5</sup> | 1.07<sup>5</sup> |
|  New Geography Equity ETF | New Geography Equity ETF | New Geography Equity ETF | New Geography Equity ETF |  |  |  |  |  |  |  |  |  |
|  5/31/2025<sup>3,4</sup> | $25.04 | $.40 | $1.85 | $2.25 | $(.07) | $— | $(.07) | $27.22 | 9.00%<sup>5</sup> | $435 | .64%<sup>6</sup> | 1.70%<sup>6</sup> |
| Refer to the end of the table(s) for footnote(s). | Refer to the end of the table(s) for footnote(s). | Refer to the end of the table(s) for footnote(s). | Refer to the end of the table(s) for footnote(s). | Refer to the end of the table(s) for footnote(s). | Refer to the end of the table(s) for footnote(s). | Refer to the end of the table(s) for footnote(s). | Refer to the end of the table(s) for footnote(s). | Refer to the end of the table(s) for footnote(s). | Refer to the end of the table(s) for footnote(s). |  |  |  |

---

---

| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **61** |

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------

Financial highlights (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio turnover rate<sup>9</sup> | **Year ended**<br> **May 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;Year ended<br> May 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;Year ended<br> May 31, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;Period ended<br> May 31, 2022<sup>3,5,7</sup> |
|  Conservative Equity ETF | 30%<sup>3,4,5</sup> |  |  |  |
|  Core Equity ETF | 34  | 22%  | 34%  | 8%  |
|  Dividend Growers ETF | 25  | 20<sup>358</sup>  |  |  |
|  Dividend Value ETF | 29  | 25&nbsp;&nbsp;&nbsp;&nbsp; | 30  | 3  |
|  Global Equity ETF | 22<sup>345</sup>  |  |  |  |
|  Global Growth Equity ETF | 26  | 31&nbsp;&nbsp;&nbsp;&nbsp; | 39  | 17  |
|  Growth ETF | 16  | 22&nbsp;&nbsp;&nbsp;&nbsp; | 33  | 9  |
|  International Core Equity ETF | 43<sup>345</sup>  |  |  |  |
|  International Equity ETF | 22  | 23<sup>358</sup>  |  |  |
|  International Focus Equity ETF | 53  | 36&nbsp;&nbsp;&nbsp;&nbsp; | 43  | 21  |
|  New Geography Equity ETF | 49<sup>345</sup>  |  |  |  |

---

<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>Ratios do not include expenses of any Central Funds. Each fund indirectly bears its proportionate share of the expenses of any Central Funds.

<sup>3</sup>Based on operations for a period that is less than a full year.

<sup>4</sup>For the period June 25, 2024, commencement of operations, through May 31, 2025.

<sup>5</sup>Not annualized.

<sup>6</sup>Annualized.

<sup>7</sup>For the period February 22, 2022, commencement of operations, through May 31, 2022.

<sup>8</sup>For the period September 26, 2023, commencement of operations, through May 31, 2024.

<sup>9</sup>Rates do not include each fund's portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **62** | Capital Group Equity Exchange-Traded Funds |

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Capital Group Growth ETF, Capital Group Global Growth Equity ETF, Capital Group International Focus Equity ETF, Capital Group Core Equity ETF, Capital Group Dividend Value ETF, Capital Group Dividend Growers ETF, Capital Group International Equity ETF, Capital Group Conservative Equity ETF, Capital Group International Core Equity ETF, Capital Group Global Equity ETF, and Capital Group New Geography 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 (constituting Capital Group Growth ETF, Capital Group Global Growth Equity ETF, Capital Group International Focus Equity ETF, Capital Group Core Equity ETF, Capital Group Dividend Value ETF, Capital Group Dividend Growers ETF, Capital Group International Equity ETF, Capital Group Conservative Equity ETF, Capital Group International Core Equity ETF, Capital Group Global Equity ETF, and Capital Group New Geography Equity ETF, hereafter collectively referred to as the "Funds") as of May 31, 2025, 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 as of May 31, 2025, 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.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund** | **Statements of**<br> **operations** | **Statements of changes**<br> **in net assets** | **Financial**<br> **highlights** |
| &nbsp;&nbsp;&nbsp; Capital Group Growth ETF | &nbsp;&nbsp; For the year ended May 31, 2025. | &nbsp;&nbsp; For each of the two years in the period ended May 31, 2025. | &nbsp;&nbsp; For each of the three years in the period ended May 31, 2025 and the period from February 22, 2022 (commencement of operations) through May 31, 2022. |
| &nbsp;&nbsp;&nbsp; Capital Group Global Growth Equity ETF | &nbsp;&nbsp; For the year ended May 31, 2025. | &nbsp;&nbsp; For each of the two years in the period ended May 31, 2025. | &nbsp;&nbsp; For each of the three years in the period ended May 31, 2025 and the period from February 22, 2022 (commencement of operations) through May 31, 2022. |
| &nbsp;&nbsp;&nbsp; Capital Group International Focus Equity ETF  | &nbsp;&nbsp; For the year ended May 31, 2025. | &nbsp;&nbsp; For each of the two years in the period ended May 31, 2025. | &nbsp;&nbsp; For each of the three years in the period ended May 31, 2025 and the period from February 22, 2022 (commencement of operations) through May 31, 2022. |
| &nbsp;&nbsp;&nbsp; Capital Group Core Equity ETF | &nbsp;&nbsp; For the year ended May 31, 2025. | &nbsp;&nbsp; For each of the two years in the period ended May 31, 2025. | &nbsp;&nbsp; For each of the three years in the period ended May 31, 2025 and the period from February 22, 2022 (commencement of operations) through May 31, 2022. |
| &nbsp;&nbsp;&nbsp; Capital Group Dividend Value ETF | &nbsp;&nbsp; For the year ended May 31, 2025. | &nbsp;&nbsp; For each of the two years in the period ended May 31, 2025. | &nbsp;&nbsp; For each of the three years in the period ended May 31, 2025 and the period from February 22, 2022 (commencement of operations) through May 31, 2022. |
| &nbsp;&nbsp;&nbsp; Capital Group Dividend Growers ETF | &nbsp;&nbsp; For the year ended May 31, 2025. | &nbsp;&nbsp; For the year ended May 31, 2025 and the period September 26, 2023 (commencement of operations) through May 31, 2024. | &nbsp;&nbsp; For the year in the period ended May 31, 2025 and the period September 26, 2023 (commencement of operations) through May 31, 2024. |
| &nbsp;&nbsp;&nbsp; Capital Group International Equity ETF<br>| &nbsp;&nbsp; For the year ended May 31, 2025. | &nbsp;&nbsp; For the year ended May 31, 2025 and the period September 26, 2023 (commencement of operations) through May 31, 2024. | &nbsp;&nbsp; For the year in the period ended May 31, 2025 and the period September 26, 2023 (commencement of operations) through May 31, 2024. |
| &nbsp;&nbsp;&nbsp; Capital Group Conservative Equity ETF | &nbsp;&nbsp; For the period June 25, 2024 (commencement of operations) through May 31, 2025 | &nbsp;&nbsp; For the period June 25, 2024 (commencement of operations) through May 31, 2025 | &nbsp;&nbsp; For the period June 25, 2024 (commencement of operations) through May 31, 2025 |
| &nbsp;&nbsp;&nbsp; Capital Group International Core Equity ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital Group Global Equity ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital Group New Geography Equity ETF |  |  |  |

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#### 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, 2025, by correspondence with the custodian, transfer agent and brokers; when

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| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **63** |

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------

Report of Independent Registered Public Accounting Firm

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, 2025

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

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| | |
|:---|:---|
| **64** | Capital Group Equity Exchange-Traded Funds |

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Additional disclosure

unaudited

To further clarify Note 1 to the Financial Statements, Core Equity ETF, Dividend Value ETF, Global Growth Equity ETF and International Focus Equity ETF are registered as non-diversified funds; however, as of the date of this report, their portfolios are consistent with the definition of "diversified company" under the Investment Company Act of 1940, as amended.

Tax information

unaudited

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, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital Group<br>Conservative<br>Equity ETF** | **Capital Group<br>Core Equity<br>ETF** | **Capital Group<br>Dividend Growers**<br> **ETF** | **Capital Group<br>Dividend**<br> **Value**<br> **ETF** | **Capital Group<br>Global Equity<br>ETF** | **Capital Group<br>Global Growth<br>Equity**<br> **ETF** |
|  Foreign taxes (per share) |  |  | $0.02 |  | $0.01 | $0.01 |
|  Foreign source income (per share) |  |  | $0.36 |  | $0.17 | $0.28 |
|  Qualified dividend income | 100% | 100% | 100% | 100% | 100% | 100% |
|  Section 163(j) interest dividends |  |  | $2133000 | $7888000 |  | $3848000 |
|  Corporate dividends received deduction | 100% | 100% | $16169000 | 100% | 100% | $19501000 |
|  U.S. government income that may be exempt from state taxation | $188000 | $2921000 | $1535000 | $13331000 | $97000 | $2732000 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital Group<br>Growth**<br> **ETF** | **Capital Group<br>International<br>Core Equity ETF** | **Capital Group<br>International<br>Equity**<br> **ETF** | **Capital Group<br>International<br>Focus Equity<br>ETF** | **Capital Group<br>New<br>Geography<br>Equity ETF** |
|  Foreign taxes (per share) |  | $0.03 | $0.03 | $0.05 | $0.02 |
|  Foreign source income (per share) |  | $0.39 | $0.44 | $0.49 | $0.18 |
|  Qualified dividend income | 100% | 100% | 100% | 100% | 100% |
|  Section 163(j) interest dividends |  | $81000 | $443000 | $3733000 | $155000 |
|  Corporate dividends received deduction | 100% | $41000 |  | $241000 | $196000 |
|  U.S. government income that may be exempt from state taxation | $1671000 | $59000 | $325000 | $2736000 | $113000 |

---

**Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2026, to determine the calendar year amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisors.** 

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| | |
|:---|:---|
| Capital Group Equity Exchange-Traded Funds | **65** |

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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 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 is filed as an exhibit to Form N-CSR under Item 19.

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).

Matters submitted for shareholder vote

None

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.

Approval of Investment Advisory and Service Agreement

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

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| | |
|:---|:---|
| **66** | Capital Group Equity Exchange-Traded Funds |

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#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
On July 3, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP ("D&T") was appointed as the fund's independent registered public accounting firm for the fiscal year 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.

PwC's reports on the fund's financial statements as of and for the fiscal years ended May 31, 2024 and May 31, 2025 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 fund's fiscal years ended May 31, 2024 and May 31, 2025 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 fund's 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. The 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 is filed as an exhibit to this Form N-CSR.

During the fund's fiscal years ended May 31, 2024 and May 31, 2025 and the subsequent interim period through July 14, 2025, neither the fund, 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 fund's 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).

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#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
None

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#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
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.

------

#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

------

#### ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

------

#### ITEM 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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#### ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

------

#### ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

(a)(3) [Change in registrant's independent registered public accounting firm – Auditor's response letter to SEC is attached as an exhibit hereto.](AUDITORLETTERTOSEC.htm)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Capital Group Growth ETF**

By /s/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: August 8, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By /s/ Michael W. Stockton

Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Date: August 8, 2025

By /s/ Sandra Chuon

Sandra Chuon, Treasurer and

Principal Financial Officer

Date: August 8, 2025

------

## Ex-99.Cert

**CERTIFICATION**

**I, Michael W. Stockton, certify that:**

1. I have reviewed this report on Form N-CSR of **Capital Group Growth ETF**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2025

<u>/s/ Michael W. Stockton</u> Michael W. Stockton,

Executive Vice President and Principal Executive Officer

Capital Group Growth ETF

**CERTIFICATION**

I, **Sandra Chuon**, certify that:

1. I have reviewed this report on Form N-CSR of **Capital Group Growth ETF**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2025

<u>/s/ Sandra Chuon</u> Sandra Chuon,

Treasurer and Principal Financial Officer

Capital Group Growth ETF

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

MICHAEL W. STOCKTON, Executive Vice President and Principal Executive Officer, and SANDRA CHUON, Treasurer and Principal Financial Officer of Capital Group Growth ETF (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer

**Capital Group Growth ETF**

<u>/s/ Michael W. Stockton</u>

Michael W. Stockton, Executive Vice President and Principal Executive Officer

Date: August 8, 2025

Principal Financial Officer

**Capital Group Growth ETF**

<u>/s/ Sandra Chuon</u>

Sandra Chuon, Treasurer and Principal Financial Officer

Date: August 8, 2025

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to **Capital Group Growth ETF** and will be retained by **Capital Group Growth ETF** and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

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## Ex-99

![Image is missing](gu9q3n2bggu0bcnt360ne.jpg)

August 8, 2025

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-7561

Dear Sirs/Madams:

We have read the statements made by Capital Group Growth ETF, which we understand will be filed with the Securities and Exchange Commission, pursuant to Item 8 of Form N-CSR of Capital Group Growth ETF dated August 8, 2025. We agree with the statements concerning our Firm contained therein.

Very truly yours,

Los Angeles, California

PricewaterhouseCoopers LLP, 601 South Figueroa Street, Los Angeles, CA 90017

T: (213) 356-6000

www.pwc.com

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