# EDGAR Filing Document

**Accession Number:** 0001870128
**File Stem:** 0000051931-23-000106
**Filing Date:** 2023-1
**Character Count:** 125811
**Document Hash:** 3589e8f9705d53c131598a65a2dddbba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000051931-23-000106.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0000051931-23-000106

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capital Group Dividend Value ETF
- **CENTRAL INDEX KEY:** 0001870128
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23736
- **FILM NUMBER:** 23571254

**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 Dividend Value ETF (Series ID: S000074249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000231858 | Share Class  | CGDV            |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-23736

**Capital Group Dividend Value ETF**

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

***Troy S. Tanner***

***Capital Group Dividend Value ETF***

*6455 Irvine Center Drive*

*Irvine, California 92618*

*(Name and Address of Agent for Service)*

ITEM 1 – Reports to Stockholders

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Group Growth ETF**<br> **Capital Group Global Growth Equity ETF**<br> **Capital Group International Focus Equity ETF**<br> **Capital Group Core Equity ETF**<br> **Capital Group Dividend Value ETF** | ![](image_001.jpg) |

---

Semi-annual report for the six months ended November 30, 2022

![](image_002.jpg)

**Signature active<br> management to<br> pursue better<br> investment outcomes**

These five Capital Group equity exchange-traded funds pursue a variety of objectives for investors and are offered by Capital Group, home of American Funds<sup>®</sup>. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

**Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Market price returns are determined using the official closing price of the fund's shares and do not represent the returns you would receive if you traded shares at other times.**

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2022 (the most recent calendar quarter-end):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 months** | **Since fund<br> inception<br> (2/22/22)** | **30-day SEC<br> yield as of<br> 12/31/2022** | **Expense<br> ratio\*** |
| **Capital Group Growth ETF** |  |  | 0.53% | 0.39% |
| Net asset value | 0.18% | –18.01% |  |  |
| Market price | 0.13 | –18.01 |  |  |
| **Capital Group Global Growth Equity ETF** |  |  | 1.12 | 0.47 |
| Net asset value | 5.30 | –13.67 |  |  |
| Market price | 5.03 | –13.63 |  |  |
| **Capital Group International Focus Equity ETF** |  |  | 1.67 | 0.54 |
| Net asset value | 2.30 | –13.99 |  |  |
| Market price | 1.46 | –14.20 |  |  |
| **Capital Group Core Equity ETF** |  |  | 1.45 | 0.33 |
| Net asset value | 4.28 | –7.82 |  |  |
| Market price | 4.28 | –7.78 |  |  |
| **Capital Group Dividend Value ETF** |  |  | 1.88 | 0.33 |
| Net asset value | 6.68 | –3.30 |  |  |
| Market price | 6.81 | –3.18 |  |  |

---

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

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

\* The total annual fund operating expense ratios were as of each fund's prospectus dated August 1, 2022.

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

Fellow investors:

Results for Capital Group equity ETFs for the periods ended November 30, 2022, are shown below, as well as results of the funds' respective benchmarks.

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

Contents

---

| | |
|:---|:---|
| 1 | Results at a glance |
| 3 | Investment portfolios |
| 20 | Financial statements |
| 23 | Notes to financial statements |
| 33 | Financial highlights |

---

**Results at a glance**

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 months** | **Since fund<br> inception<br> (2/22/22)** | **30-day SEC<br> yield as of<br> 11/30/2022** | **Expense**<br> **ratio<sup>1</sup>** |
| **Capital Group Growth ETF** |  |  | 0.45% | 0.39% |
| Net asset value | –3.32% | –11.72% |  |  |
| Market price | –3.27 | –11.63 |  |  |
| S&P 500 Index<sup>2,3</sup> | –0.40 | –3.99 |  |  |
| **Capital Group Global Growth Equity ETF** |  |  | 1.03 | 0.47 |
| Net asset value | 0.72 | –10.80 |  |  |
| Market price | 0.68 | –10.72 |  |  |
| MSCI All Country World Index (ACWI)<sup>4</sup> | –2.51 | –7.77 |  |  |
| **Capital Group International Focus Equity ETF** |  |  | 1.52 | 0.54 |
| Net asset value | –3.72 | –10.36 |  |  |
| Market price | –3.55 | –10.32 |  |  |
| MSCI All Country World Index (ACWI) ex USA<sup>5</sup> | –5.18 | –11.62 |  |  |
| **Capital Group Core Equity ETF** |  |  | 1.35 | 0.33 |
| Net asset value | –0.37 | –3.94 |  |  |
| Market price | –0.41 | –3.94 |  |  |
| S&P 500 Index | –0.40 | –3.99 |  |  |
| **Capital Group Dividend Value ETF** |  |  | 1.78 | 0.33 |
| Net asset value | –0.48 | –0.93 |  |  |
| Market price | –0.56 | –0.93 |  |  |
| S&P 500 Index | –0.40 | –3.99 |  |  |

---

Refer to page 2 for footnotes.

Capital Group equity exchange-traded funds 1

**Results at a glance** (continued)

<sup>1</sup> The total annual fund operating expense ratios were as of each fund's prospectus dated August 1, 2022.

<sup>2</sup> Source: Standard & Poor's.

<sup>3</sup> S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Each S&P Index ("Index") shown is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright© 2022 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

<sup>4</sup> MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. These indexes are unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

<sup>5</sup> MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

2 Capital Group equity exchange-traded funds

---

| | |
|:---|:---|
| Capital Group Growth ETF |  |
| **Investment portfolio** November 30, 2022 | **unaudited** |
| **Sector diversification** | Percent of net assets |

---

![](image_003.jpg)

---

| | |
|:---|:---|
| **Largest equity holdings** | Percent of <br> net assets |
| Tesla | 6.47% |
| Microsoft | 5.33 |
| Netflix | 3.79 |
| Meta Platforms | 3.74 |
| UnitedHealth Group | 3.07 |
| Alphabet | 2.91 |
| Regeneron Pharmaceuticals | 2.80 |
| Broadcom | 2.07 |
| ASML Holding | 2.04 |
| Bank of America | 2.01 |

---

---

| | | |
|:---|:---|:---|
| **Common stocks 97.20%** | Shares | Value<br> (000) |
| **Information technology 19.96%** |  |  |
| Microsoft Corp. | 238520 | $60856 |
| Broadcom, Inc. | 42918 | 23649 |
| ASML Holding NV | 26769 | 16283 |
| ASML Holding NV (New York registered) (ADR) | 11528 | 7010 |
| Apple, Inc. | 57173 | 8463 |
| Mastercard, Inc., Class A | 22951 | 8180 |
| Motorola Solutions, Inc. | 26681 | 7263 |
| Synopsys, Inc. (USA)<sup>1</sup> | 20744 | 7043 |
| Salesforce, Inc.<sup>1</sup> | 43380 | 6952 |
| Fiserv, Inc.<sup>1</sup> | 63144 | 6590 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 159283 | 6512 |
| Visa, Inc., Class A | 29913 | 6491 |
| NVIDIA Corp. | 34967 | 5917 |
| Wolfspeed, Inc.<sup>1</sup> | 60908 | 5538 |
| Micron Technology, Inc. | 87739 | 5058 |
| RingCentral, Inc., Class A<sup>1</sup> | 134560 | 4987 |
| ServiceNow, Inc.<sup>1</sup> | 11362 | 4730 |
| Genpact, Ltd. | 81067 | 3738 |
| Applied Materials, Inc. | 29877 | 3275 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 38906 | 3228 |
| Cloudflare, Inc., Class A<sup>1</sup> | 65186 | 3203 |
| Fidelity National Information Services, Inc. | 43808 | 3180 |
| Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 52276 | 2846 |
| Trimble, Inc.<sup>1</sup> | 44993 | 2688 |
| GoDaddy, Inc., Class A<sup>1</sup> | 33920 | 2684 |
| Ceridian HCM Holding, Inc.<sup>1</sup> | 37119 | 2540 |
| NetApp, Inc. | 29178 | 1973 |
| Concentrix Corp. | 15844 | 1939 |
| Toast, Inc., Class A<sup>1</sup> | 101464 | 1863 |
| Bill.com Holdings, Inc.<sup>1</sup> | 14889 | 1793 |
| MicroStrategy, Inc., Class A<sup>1</sup> | 6953 | 1377 |
|  |  | **227849** |
| **Consumer discretionary 19.84%** |  |  |
| Tesla, Inc.<sup>1</sup> | 379038 | 73799 |
| D.R. Horton, Inc. | 212033 | 18235 |
| Amazon.com, Inc.<sup>1</sup> | 187706 | 18121 |
| Home Depot, Inc. | 42168 | 13662 |
| LVMH Moët Hennessy-Louis Vuitton SE | 16213 | 12553 |
| Dollar General Corp. | 44968 | 11498 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 76155 | 11445 |
| Las Vegas Sands Corp.<sup>1</sup> | 211149 | 9890 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 5551 | 9031 |
| Hermès International | 4887 | 8033 |
| Target Corp. | 41551 | 6942 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 89487 | 5363 |
| Burlington Stores, Inc.<sup>1</sup> | 27097 | 5302 |
| Aramark | 127309 | 5296 |

---

Capital Group equity exchange-traded funds 3

Capital Group Growth ETF (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Airbnb, Inc., Class A<sup>1</sup> | 46638 | $4764 |
| NVR, Inc.<sup>1</sup> | 883 | 4096 |
| Darden Restaurants, Inc. | 21052 | 3095 |
| Etsy, Inc.<sup>1</sup> | 22766 | 3007 |
| Norwegian Cruise Line Holdings, Ltd.<sup>1</sup> | 140465 | 2309 |
|  |  | **226441** |
| **Health care 17.11%** |  |  |
| UnitedHealth Group, Inc. | 63881 | 34991 |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 42502 | 31949 |
| Intuitive Surgical, Inc.<sup>1</sup> | 79636 | 21533 |
| Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 76646 | 16907 |
| Centene Corp.<sup>1</sup> | 185460 | 16144 |
| Thermo Fisher Scientific, Inc. | 22501 | 12605 |
| Vertex Pharmaceuticals, Inc.<sup>1</sup> | 33416 | 10573 |
| Seagen, Inc.<sup>1</sup> | 65201 | 7915 |
| NovoCure, Ltd.<sup>1</sup> | 100871 | 7751 |
| Moderna, Inc.<sup>1</sup> | 43162 | 7593 |
| Eli Lilly and Company | 15168 | 5629 |
| Horizon Therapeutics PLC<sup>1</sup> | 41433 | 4155 |
| AstraZeneca PLC | 29069 | 3933 |
| Edwards Lifesciences Corp.<sup>1</sup> | 47950 | 3704 |
| Danaher Corp. | 13243 | 3621 |
| Molina Healthcare, Inc.<sup>1</sup> | 7832 | 2638 |
| Guardant Health, Inc.<sup>1</sup> | 38782 | 2030 |
| Inari Medical, Inc.<sup>1</sup> | 22966 | 1690 |
|  |  | **195361** |
| **Communication services 12.86%** |  |  |
| Netflix, Inc.<sup>1</sup> | 141481 | 43227 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 361576 | 42702 |
| Alphabet, Inc., Class C<sup>1</sup> | 185914 | 18861 |
| Alphabet, Inc., Class A<sup>1</sup> | 142091 | 14350 |
| Verizon Communications, Inc. | 195023 | 7602 |
| Charter Communications, Inc., Class A<sup>1</sup> | 17976 | 7034 |
| Frontier Communications Parent, Inc.<sup>1</sup> | 150930 | 3889 |
| Snap, Inc., Class A, nonvoting shares<sup>1</sup> | 367602 | 3790 |
| Comcast Corp., Class A | 96080 | 3520 |
| Pinterest, Inc., Class A<sup>1</sup> | 70605 | 1795 |
|  |  | **146770** |
| **Industrials 11.73%** |  |  |
| Carrier Global Corp. | 365034 | 16178 |
| Uber Technologies, Inc.<sup>1</sup> | 534026 | 15561 |
| TransDigm Group, Inc. | 22101 | 13890 |
| Jacobs Solutions, Inc. | 103776 | 13132 |
| Delta Air Lines, Inc.<sup>1</sup> | 347626 | 12296 |
| United Rentals, Inc.<sup>1</sup> | 25795 | 9106 |
| Caterpillar, Inc. | 33643 | 7954 |
| Waste Connections, Inc. | 42443 | 6133 |
| MTU Aero Engines AG | 28245 | 5890 |
| Old Dominion Freight Line, Inc. | 17366 | 5255 |
| Robert Half International, Inc. | 63251 | 4983 |
| Ryanair Holdings PLC (ADR)<sup>1</sup> | 63195 | 4783 |
| Airbus SE, non-registered shares | 39982 | 4616 |
| United Airlines Holdings, Inc.<sup>1</sup> | 81846 | 3615 |
| Axon Enterprise, Inc.<sup>1</sup> | 18454 | 3396 |
| Dun & Bradstreet Holdings, Inc. | 204509 | 2753 |
| Boeing Company<sup>1</sup> | 13772 | 2464 |
| Advanced Drainage Systems, Inc. | 19193 | 1867 |
|  |  | **133872** |

---

4 Capital Group equity exchange-traded funds

Capital Group Growth ETF (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Energy 5.90%** |  |  |
| Halliburton Company | 518948 | $19663 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 291706 | 17416 |
| Cenovus Energy, Inc. | 279258 | 5553 |
| Permian Resources Corp., Class A | 473378 | 4810 |
| EQT Corp. | 101043 | 4285 |
| Pioneer Natural Resources Company | 17763 | 4192 |
| EOG Resources, Inc. | 26239 | 3724 |
| ConocoPhillips | 26746 | 3303 |
| Tourmaline Oil Corp. | 36801 | 2240 |
| Suncor Energy, Inc. | 65659 | 2159 |
|  |  | **67345** |
| **Financials 5.25%** |  |  |
| Bank of America Corp. | 607217 | 22983 |
| Capital One Financial Corp. | 74050 | 7645 |
| First Republic Bank | 52893 | 6750 |
| S&P Global, Inc. | 15481 | 5462 |
| KKR & Co., Inc. | 78289 | 4065 |
| MSCI, Inc. | 7837 | 3980 |
| Western Alliance Bancorporation | 54671 | 3747 |
| Tradeweb Markets, Inc., Class A | 47744 | 2934 |
| Signature Bank | 17352 | 2420 |
|  |  | **59986** |
| **Materials 2.52%** |  |  |
| Wheaton Precious Metals Corp. | 194150 | 7578 |
| Grupo México, SAB de CV, Series B | 1326697 | 5410 |
| Linde PLC | 14864 | 5002 |
| CF Industries Holdings, Inc. | 32380 | 3503 |
| ATI, Inc.<sup>1</sup> | 92617 | 2826 |
| Nutrien, Ltd. | 33985 | 2731 |
| Albemarle Corp. | 6354 | 1766 |
|  |  | **28816** |
| **Consumer staples 1.47%** |  |  |
| Costco Wholesale Corp. | 12671 | 6833 |
| Altria Group, Inc. | 108255 | 5042 |
| Constellation Brands, Inc., Class A | 19148 | 4928 |
|  |  | **16803** |
| **Utilities 0.56%** |  |  |
| PG&E Corp.<sup>1</sup> | 406270 | **6379** |
| **Total common stocks** (cost: $1,083,232,000) |  | **1109622** |
| **Short-term securities 2.74%** |  |  |
| **Money market investments 2.74%** |  |  |
| Capital Group Central Cash Fund 3.94%<sup>2,3</sup> | 312232 | **31220** |
| **Total short-term securities** (cost: $31,215,000) |  | **31220** |
| **Total investment securities 99.94%** (cost: $1,114,447,000) |  | **1140842** |
| Other assets less liabilities 0.06% |  | 710 |
| **Net assets 100.00%** |  | $**1141552** |

---

Capital Group equity exchange-traded funds 5

Capital Group Growth ETF (continued)

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 6/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net realized loss (000)** | **Net unrealized appreciation (000)** | **Value of affiliate at 11/30/2022 (000)** | **Dividend income (000)** |
| **Short-term securities 2.74%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 2.74%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.94%<sup>2</sup> | $8056 | $65896 | $42735 | $(2) | $5 | $31220 | $264 |

---

<sup>1</sup> Security did not produce income during the last 12 months. <br> <sup>2</sup> Rate represents the seven-day yield at November 30, 2022. <br> <sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

6 Capital Group equity exchange-traded funds

---

| | |
|:---|:---|
| Capital Group Global Growth Equity ETF | **unaudited** |
| **Investment portfolio** November 30, 2022 |  |

---

---

| | |
|:---|:---|
| **Sector diversification** | Percent of net assets |

---

![](image_004.jpg)

---

| | |
|:---|:---|
| **Country diversification by domicile** | Percent of<br> net assets |
| United States | 49.72% |
| Eurozone\* | 17.66 |
| United Kingdom | 4.31 |
| Denmark | 3.42 |
| Taiwan | 3.32 |
| Hong Kong | 2.57 |
| Canada | 2.50 |
| India | 2.24 |
| Switzerland | 2.01 |
| Other countries | 6.79 |
| Short-term securities & other assets less |  |
| liabilities | 5.46 |

---

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

---

| | | |
|:---|:---|:---|
| **Common stocks 92.13%** | Shares | Value<br> (000) |
| **Information technology 24.06%** |  |  |
| Microsoft Corp. | 243639 | $62162 |
| ASML Holding NV | 89563 | 54479 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 377933 | 31361 |
| Adyen NV<sup>1</sup> | 10043 | 15658 |
| Applied Materials, Inc. | 136737 | 14986 |
| Broadcom, Inc. | 20673 | 11392 |
| Fiserv, Inc.<sup>1</sup> | 89967 | 9389 |
| Hexagon AB, Class B | 577518 | 6681 |
| Apple, Inc. | 44274 | 6554 |
| Keyence Corp. | 13000 | 5528 |
| NVIDIA Corp. | 30800 | 5212 |
| MongoDB, Inc., Class A<sup>1</sup> | 24064 | 3674 |
|  |  | **227076** |
| **Health care 21.71%** |  |  |
| UnitedHealth Group, Inc. | 49123 | 26908 |
| Novo Nordisk A/S, Class B | 207476 | 25974 |
| DexCom, Inc.<sup>1</sup> | 143773 | 16718 |
| ResMed, Inc. | 72051 | 16586 |
| AstraZeneca PLC | 117984 | 15965 |
| Pfizer, Inc. | 291264 | 14601 |
| Cigna Corp. | 40897 | 13450 |
| Merck & Co., Inc. | 100890 | 11110 |
| Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 14596 | 10972 |
| Eli Lilly and Company | 26725 | 9917 |
| EssilorLuxottica | 52794 | 9907 |
| Mettler-Toledo International, Inc.<sup>1</sup> | 6568 | 9652 |
| Gilead Sciences, Inc. | 82990 | 7289 |
| CVS Health Corp. | 69329 | 7063 |
| NovoCure, Ltd.<sup>1</sup> | 59734 | 4590 |
| Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 18948 | 4180 |
|  |  | **204882** |
| **Consumer discretionary 14.67%** |  |  |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 20291 | 33013 |
| LVMH Moët Hennessy-Louis Vuitton SE | 36967 | 28622 |
| Floor & Decor Holdings, Inc., Class A<sup>1</sup> | 144890 | 10813 |
| Renault SA<sup>1</sup> | 278622 | 10180 |
| Amazon.com, Inc.<sup>1</sup> | 83452 | 8056 |
| Prosus NV, Class N | 120318 | 7913 |
| Cie. Financière Richemont SA, Class A | 57401 | 7636 |
| NIKE, Inc., Class B | 69596 | 7634 |
| MGM China Holdings, Ltd.<sup>1</sup> | 9920988 | 6706 |
| Booking Holdings, Inc.<sup>1</sup> | 2777 | 5775 |

---

Capital Group equity exchange-traded funds 7

Capital Group Global Growth Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Coupang, Inc., Class A<sup>1</sup> | 219368 | $4273 |
| IDP Education, Ltd. | 202503 | 4177 |
| MercadoLibre, Inc.<sup>1</sup> | 3862 | 3595 |
|  |  | **138393** |
| **Consumer staples 7.97%** |  |  |
| British American Tobacco PLC | 475716 | 19521 |
| Philip Morris International, Inc. | 141858 | 14139 |
| Keurig Dr Pepper, Inc. | 316493 | 12239 |
| Nestlé SA | 95158 | 11323 |
| Altria Group, Inc. | 229389 | 10685 |
| Kweichow Moutai Co., Ltd., Class A | 32400 | 7281 |
|  |  | **75188** |
| **Financials 7.96%** |  |  |
| AIA Group, Ltd. | 1726600 | 17610 |
| Tradeweb Markets, Inc., Class A | 252383 | 15511 |
| Kotak Mahindra Bank, Ltd. | 480314 | 11578 |
| AXA SA | 332513 | 9512 |
| Citigroup, Inc. | 112669 | 5454 |
| Ping An Insurance (Group) Company of China, Ltd., Class H | 848000 | 5253 |
| Prudential PLC | 434539 | 5185 |
| Société Générale | 197342 | 5014 |
|  |  | **75117** |
| **Industrials 5.84%** |  |  |
| Caterpillar, Inc. | 37390 | 8839 |
| Carrier Global Corp. | 191068 | 8468 |
| Boeing Company<sup>1</sup> | 39744 | 7110 |
| MTU Aero Engines AG | 33220 | 6928 |
| DSV A/S | 39692 | 6287 |
| Airbus SE, non-registered shares | 45645 | 5270 |
| Alliance Global Group, Inc. | 25134000 | 4366 |
| NIBE Industrier AB, Class B | 450315 | 4298 |
| GT Capital Holdings, Inc. | 453530 | 3541 |
|  |  | **55107** |
| **Energy 4.00%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 253018 | 15106 |
| Reliance Industries, Ltd. | 284200 | 9579 |
| Tourmaline Oil Corp. | 139500 | 8490 |
| Equinor ASA | 119712 | 4611 |
| Gazprom PJSC<sup>1,2</sup> | 36932 | —<sup>3</sup> |
|  |  | **37786** |
| **Materials 3.33%** |  |  |
| Sherwin-Williams Company | 62562 | 15589 |
| Linde PLC | 33563 | 11293 |
| Vale SA, ordinary nominative shares | 275382 | 4549 |
|  |  | **31431** |
| **Communication services 2.59%** |  |  |
| Alphabet, Inc., Class A<sup>1</sup> | 197849 | 19981 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 37729 | 4456 |
|  |  | **24437** |
| **Total common stocks** (cost: $804,549,000) |  | **869417** |

---

8 Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| **Preferred securities 2.41%** | Shares | Value<br> (000) |
| **Health care 1.40%** |  |  |
| Sartorius AG, nonvoting non-registered preferred shares | 35353 | $**13146** |
| **Information technology 1.01%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares | 221859 | **9545** |
| **Total preferred securities** (cost: $22,549,000) |  | **22691** |
| **Short-term securities 5.23%** |  |  |
| **Money market investments 5.23%** |  |  |
| Capital Group Central Cash Fund 3.94%<sup>4,5</sup> | 494042 | 49399 |
| **Total short-term securities** (cost: $49,393,000) |  | **49399** |
| **Total investment securities 99.77%** (cost: $876,491,000) |  | **941507** |
| **Other assets less liabilities 0.23%** |  | 2133 |
| **Net assets 100.00%** |  | $**943640** |

---

**Investments in affiliates<sup>5</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 6/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliate at<br> 11/30/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 5.23%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 5.23%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.94%<sup>4</sup> | $22127 | $87810 | $60539 | $(5) | $6 | $49399 | $457 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

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

<sup>4</sup> Rate represents the seven-day yield at November 30, 2022.

<sup>5</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 9

---

| | |
|:---|:---|
| Capital Group International Focus Equity ETF | **unaudited** |
| **Investment portfolio** November 30, 2022 |  |

---

---

| | |
|:---|:---|
| **Sector diversification** | Percent of net assets |

---

![](image_005.jpg)

---

| | |
|:---|:---|
| **Country diversification by domicile** | Percent of<br> net assets |
| Eurozone\* | 21.67% |
| Japan | 16.45 |
| India | 11.24 |
| Canada | 8.19 |
| Hong Kong | 4.75 |
| Australia | 4.26 |
| Brazil | 4.12 |
| South Korea | 3.96 |
| United Kingdom | 3.31 |
| Other countries | 16.40 |
| Short-term securities & other assets less liabilities | 5.65 |

---

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

---

| | | |
|:---|:---|:---|
| **Common stocks 94.35%** | Shares | Value<br> (000) |
| **Industrials 16.37%** |  |  |
| Recruit Holdings Co., Ltd. | 897800 | $28656 |
| Airbus SE, non-registered shares | 197526 | 22806 |
| Safran SA | 88225 | 10856 |
| Siemens AG | 69052 | 9449 |
| Melrose Industries PLC | 5178923 | 8438 |
| MTU Aero Engines AG | 34630 | 7222 |
| Ashtead Group PLC | 109256 | 6659 |
| DSV A/S | 39049 | 6185 |
| NIBE Industrier AB, Class B | 609052 | 5813 |
| Techtronic Industries Co., Ltd. | 454000 | 5467 |
| Legrand SA | 60663 | 5016 |
| International Container Terminal Services, Inc. | 1342410 | 4880 |
| Thales SA | 35211 | 4479 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 416500 | 4108 |
|  |  | **130034** |
| **Information technology 13.98%** |  |  |
| SK hynix, Inc. | 475051 | 31423 |
| Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 456767 | 18673 |
| ASML Holding NV | 28510 | 17342 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 883000 | 14107 |
| Nice, Ltd. (ADR)<sup>1</sup> | 62096 | 12057 |
| Fujitsu, Ltd. | 71000 | 9641 |
| Lasertec Corp. | 41000 | 7750 |
|  |  | **110993** |
| **Health care 11.43%** |  |  |
| Daiichi Sankyo Company, Ltd. | 1135600 | 37611 |
| Novo Nordisk A/S, Class B | 135933 | 17017 |
| Olympus Corp. | 755600 | 15613 |
| Siemens Healthineers AG | 141226 | 7456 |
| Bayer AG | 125925 | 7280 |
| Grifols, SA, Class A, non-registered shares<sup>1</sup> | 537469 | 5784 |
|  |  | **90761** |
| **Consumer discretionary 11.24%** |  |  |
| MercadoLibre, Inc.<sup>1</sup> | 16615 | 15468 |
| Evolution AB | 119243 | 12217 |
| Sony Group Corp. | 131800 | 10909 |
| LVMH Moët Hennessy-Louis Vuitton SE | 13053 | 10106 |
| Galaxy Entertainment Group, Ltd. | 1428000 | 8652 |
| Kering SA | 12016 | 7288 |
| Flutter Entertainment PLC<sup>1</sup> | 46848 | 7058 |

---

10 Capital Group equity exchange-traded funds

Capital Group International Focus Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Ferrari NV | 30031 | $6656 |
| Maruti Suzuki India, Ltd. | 50030 | 5534 |
| Entain PLC | 310347 | 5334 |
|  |  | **89222** |
| **Materials 10.99%** |  |  |
| First Quantum Minerals, Ltd. | 1268226 | 30151 |
| Fortescue Metals Group, Ltd. | 1471491 | 19585 |
| Vale SA (ADR), ordinary nominative shares | 965728 | 15935 |
| Shin-Etsu Chemical Co., Ltd. | 65400 | 8472 |
| JSR Corp. | 257900 | 5478 |
| Ivanhoe Mines, Ltd., Class A<sup>1</sup> | 500801 | 4482 |
| Wacker Chemie AG | 25368 | 3195 |
|  |  | **87298** |
| **Energy 10.86%** |  |  |
| Reliance Industries, Ltd. | 1064670 | 35885 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 197219 | 11775 |
| Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 1006008 | 11760 |
| Neste OYJ | 199952 | 10288 |
| TotalEnergies SE | 142487 | 8901 |
| Woodside Energy Group, Ltd. | 303974 | 7670 |
|  |  | **86279** |
| **Financials 7.67%** |  |  |
| Kotak Mahindra Bank, Ltd. | 906574 | 21852 |
| AIA Group, Ltd. | 1753000 | 17879 |
| HDFC Bank, Ltd. (ADR) | 116243 | 8203 |
| Aegon NV | 1609848 | 7959 |
| Nu Holdings, Ltd., Class A<sup>1</sup> | 1120325 | 4986 |
|  |  | **60879** |
| **Communication services 5.79%** |  |  |
| Sea, Ltd., Class A (ADR)<sup>1</sup> | 393718 | 22981 |
| Bharti Airtel, Ltd. | 1684648 | 17668 |
| Universal Music Group NV | 222354 | 5327 |
|  |  | **45976** |
| **Consumer staples 3.36%** |  |  |
| Danone SA | 147043 | 7684 |
| Treasury Wine Estates, Ltd. | 701211 | 6587 |
| Seven & i Holdings Co., Ltd. | 159800 | 6520 |
| British American Tobacco PLC | 144434 | 5927 |
|  |  | **26718** |
| **Utilities 1.94%** |  |  |
| ENN Energy Holdings, Ltd. | 1095100 | **15406** |
| **Real estate 0.72%** |  |  |
| ESR Group, Ltd. | 2516400 | **5746** |
| **Total common stocks** (cost: $700,547,000) |  | **749312** |

---

Capital Group equity exchange-traded funds 11

Capital Group International Focus Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| **Short-term securities 5.03%** | Shares | Value<br> (000) |
| **Money market investments 5.03%** |  |  |
| Capital Group Central Cash Fund 3.94%<sup>2,3</sup> | 399569 | $**39953** |
| **Total short-term securities** (cost: $39,946,000) |  | **39953** |
| **Total investment securities 99.38%** (cost: $740,493,000) |  | **789265** |
| Other assets less liabilities 0.62% |  | 4915 |
| **Net assets 100.00%** |  | $**794180** |

---

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 6/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net realized loss (000)** | **Net unrealized appreciation (000)** | **Value of affiliate at 11/30/2022 (000)** | **Dividend income (000)** |
| **Short-term securities 5.03%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 5.03%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.94%<sup>2</sup> | $24123 | $157263 | $141433 | $(7) | $7 | $39953 | $446 |

---

<sup>1</sup> Security did not produce income during the last 12 months. <br> <sup>2</sup> Rate represents the seven-day yield at November 30, 2022. <br> <sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

12 Capital Group equity exchange-traded funds

---

| | |
|:---|:---|
| Capital Group Core Equity ETF | **unaudited** |
| **Investment portfolio** November 30, 2022 |  |

---

---

| | |
|:---|:---|
| **Sector diversification** | Percent of net assets |

---

![](image_006.jpg)

---

| | |
|:---|:---|
| **Largest equity holdings** | Percent of<br> net assets |
| Microsoft | 6.19% |
| Broadcom | 4.35 |
| UnitedHealth Group | 3.57 |
| Alphabet | 3.35 |
| Raytheon Technologies | 2.42 |
| Abbott Laboratories | 2.24 |
| Philip Morris International | 2.15 |
| Mastercard | 1.88 |
| AbbVie | 1.85 |
| JPMorgan Chase | 1.77 |

---

---

| | | |
|:---|:---|:---|
| **Common stocks 93.80%** | Shares | Value<br> (000) |
| **Information technology 20.76%** |  |  |
| Microsoft Corp. | 126559 | $32290 |
| Broadcom, Inc. | 41205 | 22705 |
| Mastercard, Inc., Class A | 27568 | 9825 |
| Apple, Inc. | 43036 | 6371 |
| Automatic Data Processing, Inc. | 18792 | 4964 |
| Visa, Inc., Class A | 22588 | 4902 |
| Accenture PLC, Class A | 14357 | 4320 |
| ASML Holding NV | 6308 | 3837 |
| Applied Materials, Inc. | 29798 | 3266 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 194000 | 3099 |
| Global Payments, Inc. | 19719 | 2046 |
| GoDaddy, Inc., Class A<sup>1</sup> | 25610 | 2027 |
| Concentrix Corp. | 16494 | 2019 |
| ServiceNow, Inc.<sup>1</sup> | 4797 | 1997 |
| FleetCor Technologies, Inc.<sup>1</sup> | 9413 | 1847 |
| QUALCOMM, Inc. | 12942 | 1637 |
| Fidelity National Information Services, Inc. | 16866 | 1224 |
|  |  | **108376** |
| **Industrials 14.38%** |  |  |
| Raytheon Technologies Corp. | 127975 | 12634 |
| General Electric Co. | 98820 | 8495 |
| Carrier Global Corp. | 125307 | 5554 |
| Northrop Grumman Corp. | 10258 | 5470 |
| TFI International, Inc. | 47284 | 5133 |
| General Dynamics Corp. | 19527 | 4928 |
| Waste Connections, Inc. | 24635 | 3560 |
| Old Dominion Freight Line, Inc. | 11135 | 3370 |
| BWX Technologies, Inc. | 47417 | 2887 |
| TransDigm Group, Inc. | 4116 | 2587 |
| Norfolk Southern Corp. | 9615 | 2466 |
| United Rentals, Inc.<sup>1</sup> | 6781 | 2394 |
| Woodward, Inc. | 23344 | 2236 |
| Equifax, Inc. | 10511 | 2075 |
| Waste Management, Inc. | 12365 | 2074 |
| Airbus SE, non-registered shares | 15375 | 1775 |
| Air Lease Corp., Class A | 45561 | 1760 |
| United Airlines Holdings, Inc.<sup>1</sup> | 38702 | 1709 |
| ITT, Inc. | 18306 | 1547 |
| Lockheed Martin Corp. | 2674 | 1297 |
| Safran SA | 8874 | 1092 |
|  |  | **75043** |
| **Health care 13.52%** |  |  |
| UnitedHealth Group, Inc. | 34037 | 18644 |
| Abbott Laboratories | 108569 | 11680 |
| AbbVie, Inc. | 59739 | 9629 |
| Humana, Inc. | 8752 | 4813 |

---

Capital Group equity exchange-traded funds 13

Capital Group Core Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| Novo Nordisk A/S, Class B | 37590 | $4706 |
| Elevance Health, Inc. | 6463 | 3444 |
| AstraZeneca PLC | 24726 | 3346 |
| Danaher Corp. | 11818 | 3231 |
| Thermo Fisher Scientific, Inc. | 5208 | 2918 |
| Bristol-Myers Squibb Company | 32367 | 2598 |
| PerkinElmer, Inc. | 17652 | 2466 |
| Pfizer, Inc. | 39948 | 2003 |
| Seagen, Inc.<sup>1</sup> | 9220 | 1119 |
|  |  | **70597** |
| **Financials 9.36%** |  |  |
| JPMorgan Chase & Co. | 67026 | 9262 |
| BlackRock, Inc. | 6435 | 4607 |
| Marsh & McLennan Companies, Inc. | 25222 | 4368 |
| Nasdaq, Inc. | 63349 | 4337 |
| Chubb, Ltd. | 19690 | 4324 |
| Arthur J. Gallagher & Co. | 20026 | 3987 |
| B3 SA-Brasil, Bolsa, Balcao | 914291 | 2243 |
| PNC Financial Services Group, Inc. | 13243 | 2228 |
| Webster Financial Corp. | 36965 | 2009 |
| State Street Corp. | 24690 | 1967 |
| Moody's Corp. | 6359 | 1897 |
| Aon PLC, Class A | 5815 | 1793 |
| Signature Bank | 12128 | 1692 |
| Charles Schwab Corp. | 20183 | 1666 |
| American International Group, Inc. | 20696 | 1306 |
| Blue Owl Capital, Inc., Class A | 105166 | 1188 |
|  |  | **48874** |
| **Communication services 8.13%** |  |  |
| Alphabet, Inc., Class A<sup>1</sup> | 95449 | 9639 |
| Alphabet, Inc., Class C<sup>1</sup> | 77308 | 7843 |
| Comcast Corp., Class A | 236259 | 8657 |
| Netflix, Inc.<sup>1</sup> | 27703 | 8464 |
| Charter Communications, Inc., Class A<sup>1</sup> | 8038 | 3145 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 20326 | 2400 |
| Electronic Arts, Inc. | 17499 | 2289 |
|  |  | **42437** |
| **Consumer discretionary 7.99%** |  |  |
| Amazon.com, Inc.<sup>1</sup> | 77657 | 7497 |
| General Motors Company | 152568 | 6188 |
| Hilton Worldwide Holdings, Inc. | 23291 | 3322 |
| Home Depot, Inc. | 9982 | 3234 |
| Dollar Tree Stores, Inc.<sup>1</sup> | 20781 | 3123 |
| Wyndham Hotels & Resorts, Inc. | 42281 | 3100 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 50051 | 3000 |
| Burlington Stores, Inc.<sup>1</sup> | 12591 | 2464 |
| Chipotle Mexican Grill, Inc.<sup>1</sup> | 1313 | 2136 |
| Lear Corp. | 13036 | 1880 |
| InterContinental Hotels Group PLC | 31870 | 1875 |
| Dollar General Corp. | 6035 | 1543 |
| Kering SA | 2117 | 1284 |
| Rivian Automotive, Inc., Class A<sup>1</sup> | 33018 | 1058 |
|  |  | **41704** |
| **Energy 5.65%** |  |  |
| Chevron Corp. | 37882 | 6944 |
| ConocoPhillips | 50908 | 6288 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 94823 | 5661 |
| Baker Hughes Co., Class A | 131040 | 3803 |

---

14 Capital Group equity exchange-traded funds

Capital Group Core Equity ETF (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Energy (continued)** |  |  |
| EOG Resources, Inc. | 23999 | $3406 |
| TC Energy Corp. | 42060 | 1864 |
| Equitrans Midstream Corp. | 184091 | 1544 |
|  |  | **29510** |
| **Consumer staples 5.06%** |  |  |
| Philip Morris International, Inc. | 112531 | 11216 |
| British American Tobacco PLC | 164591 | 6754 |
| Keurig Dr Pepper, Inc. | 83275 | 3220 |
| General Mills, Inc. | 24158 | 2061 |
| Molson Coors Beverage Company, Class B, restricted voting shares | 31692 | 1746 |
| Anheuser-Busch InBev SA/NV | 24294 | 1428 |
|  |  | **26425** |
| **Utilities 3.69%** |  |  |
| PG&E Corp.<sup>1</sup> | 389880 | 6121 |
| Edison International | 58441 | 3896 |
| Constellation Energy Corp. | 23295 | 2239 |
| Sempra Energy | 12125 | 2015 |
| CenterPoint Energy, Inc. | 61024 | 1898 |
| AES Corp. | 63158 | 1827 |
| Enel SpA | 232599 | 1267 |
|  |  | **19263** |
| **Materials 2.92%** |  |  |
| Linde PLC | 13093 | 4406 |
| LyondellBasell Industries NV | 31336 | 2664 |
| Albemarle Corp. | 8092 | 2249 |
| Freeport-McMoRan, Inc. | 51957 | 2068 |
| Corteva, Inc. | 22088 | 1483 |
| Vale SA (ADR), ordinary nominative shares | 82614 | 1363 |
| ATI, Inc.<sup>1</sup> | 33367 | 1018 |
|  |  | **15251** |
| **Real estate 2.34%** |  |  |
| VICI Properties, Inc. REIT | 194930 | 6667 |
| Equinix, Inc. REIT | 4956 | 3423 |
| Crown Castle, Inc. REIT | 15054 | 2129 |
|  |  | **12219** |
| **Total common stocks** (cost: $464,175,000) |  | **489699** |
| **Short-term securities 6.16%** |  |  |
| **Money market investments 6.16%** |  |  |
| Capital Group Central Cash Fund 3.94%<sup>2,3</sup> | 321763 | **32173** |
| **Total short-term securities** (cost: $32,170,000) |  | **32173** |
| **Total investment securities 99.96%** (cost: $496,345,000) |  | **521872** |
| Other assets less liabilities 0.04% |  | 194 |
| **Net assets 100.00%** |  | $**522066** |

---

Capital Group equity exchange-traded funds 15

Capital Group Core Equity ETF (continued)

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 6/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliate at<br> 11/30/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 6.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 6.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.94%<sup>2</sup> | $8939 | $39175 | $15942 | $(2) | $3 | $32173 | $259 |

---

<sup>1</sup> Security did not produce income during the last 12 months. <br> <sup>2</sup> Rate represents the seven-day yield at November 30, 2022. <br> <sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviations**

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

16 Capital Group equity exchange-traded funds

---

| | |
|:---|:---|
| Capital Group Dividend Value ETF | **unaudited** |
| **Investment portfolio** November 30, 2022 |  |

---

---

| | |
|:---|:---|
| **Sector diversification** | Percent of net assets |

---

![](image_007.jpg)

---

| | |
|:---|:---|
| **Largest equity holdings** | Percent of<br> net assets |
| Raytheon Technologies | 6.02% |
| Microsoft | 5.30 |
| General Electric | 5.21 |
| Broadcom | 4.91 |
| Abbott Laboratories | 3.26 |
| Philip Morris International | 3.03 |
| Comcast | 3.01 |
| General Dynamics | 2.98 |
| Edison International | 2.95 |
| American International Group | 2.76 |

---

---

| | | |
|:---|:---|:---|
| **Common stocks 95.42%** | Shares | Value<br> (000) |
| **Industrials 20.16%** |  |  |
| Raytheon Technologies Corp. | 757939 | $74824 |
| General Electric Co. | 753168 | 64750 |
| General Dynamics Corp. | 147070 | 37119 |
| Carrier Global Corp. | 616232 | 27311 |
| Illinois Tool Works, Inc. | 81321 | 18498 |
| TFI International, Inc. | 132987 | 14436 |
| Union Pacific Corp. | 63503 | 13807 |
|  |  | **250745** |
| **Information technology 13.95%** |  |  |
| Microsoft Corp. | 258286 | 65899 |
| Broadcom, Inc. | 110952 | 61138 |
| Apple, Inc. | 181549 | 26875 |
| Micron Technology, Inc. | 340448 | 19627 |
|  |  | **173539** |
| **Health care 13.40%** |  |  |
| Abbott Laboratories | 377262 | 40586 |
| UnitedHealth Group, Inc. | 48998 | 26839 |
| Amgen, Inc. | 86772 | 24852 |
| AbbVie, Inc. | 152296 | 24547 |
| Gilead Sciences, Inc. | 247735 | 21759 |
| Danaher Corp. | 52159 | 14261 |
| Medtronic PLC | 175297 | 13855 |
|  |  | **166699** |
| **Consumer discretionary 9.47%** |  |  |
| McDonald's Corp. | 95913 | 26164 |
| D.R. Horton, Inc. | 300686 | 25859 |
| General Motors Company | 385632 | 15641 |
| Starbucks Corp. | 112777 | 11526 |
| Aptiv PLC<sup>1</sup> | 99837 | 10650 |
| Royal Caribbean Cruises, Ltd.<sup>1</sup> | 170152 | 10197 |
| TopBuild Corp.<sup>1</sup> | 65684 | 10120 |
| Hasbro, Inc. | 121646 | 7642 |
|  |  | **117799** |
| **Energy 9.12%** |  |  |
| Baker Hughes Co., Class A | 1158037 | 33606 |
| Chevron Corp. | 136967 | 25107 |
| EOG Resources, Inc. | 175982 | 24977 |
| Canadian Natural Resources, Ltd. | 303825 | 18145 |
| Halliburton Company | 304459 | 11536 |
|  |  | **113371** |

---

Capital Group equity exchange-traded funds 17

Capital Group Dividend Value ETF (continued)

---

| | | |
|:---|:---|:---|
| **Common stocks** (continued) | Shares | Value<br> (000) |
| **Consumer staples 8.53%** |  |  |
| Philip Morris International, Inc. | 377594 | $37635 |
| British American Tobacco PLC | 743659 | 30516 |
| Altria Group, Inc. | 520133 | 24228 |
| Coca-Cola Company | 214924 | 13671 |
|  |  | **106050** |
| **Communication services 6.36%** |  |  |
| Comcast Corp., Class A | 1020196 | 37380 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 135931 | 16053 |
| Netflix, Inc.<sup>1</sup> | 52478 | 16034 |
| Alphabet, Inc., Class A<sup>1</sup> | 95032 | 9597 |
|  |  | **79064** |
| **Utilities 5.51%** |  |  |
| Edison International | 550729 | 36712 |
| NextEra Energy, Inc. | 129018 | 10928 |
| Public Service Enterprise Group, Inc. | 175022 | 10597 |
| PG&E Corp.<sup>1</sup> | 652928 | 10251 |
|  |  | **68488** |
| **Financials 4.82%** |  |  |
| American International Group, Inc. | 544103 | 34338 |
| JPMorgan Chase & Co. | 117550 | 16243 |
| Morgan Stanley | 100339 | 9339 |
|  |  | **59920** |
| **Materials 3.42%** |  |  |
| Linde PLC | 101179 | 34045 |
| Freeport-McMoRan, Inc. | 212228 | 8446 |
|  |  | **42491** |
| **Real estate 0.68%** |  |  |
| Prologis, Inc. REIT | 71837 | **8462** |
| **Total common stocks** (cost: $1,108,284,000) |  | **1186628** |
| **Short-term securities 4.70%** |  |  |
| **Money market investments 4.70%** |  |  |
| Capital Group Central Cash Fund 3.94%<sup>2,3</sup> | 584754 | **58470** |
| **Total short-term securities** (cost: $58,464,000) |  | **58470** |
| **Total investment securities 100.12%** (cost: $1,166,748,000) |  | **1245098** |
| Other assets less liabilities (0.12)% |  | (1552) |
| **Net assets 100.00%** |  | $**1243546** |

---

18 Capital Group equity exchange-traded funds

Capital Group Dividend Value ETF (continued)

**Investments in affiliates<sup>3</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value of<br> affiliate at<br> 6/1/2022<br> (000)** | **Additions<br> (000)** | **Reductions<br> (000)** | **Net<br> realized<br> loss<br> (000)** | **Net<br> unrealized<br> appreciation<br> (000)** | **Value of<br> affiliate at<br> 11/30/2022<br> (000)** | **Dividend<br> income<br> (000)** |
| **Short-term securities 4.70%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 4.70%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.94%<sup>2</sup> | $10077 | $71400 | $23010 | $(3) | $6 | $58470 | $412 |

---

<sup>1</sup> Security did not produce income during the last 12 months. <br> <sup>2</sup> Rate represents the seven-day yield at November 30, 2022. <br> <sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 19

Financial statements

---

| | |
|:---|:---|
| **Statements of assets and liabilities** | **unaudited** |
| **at November 30, 2022** | **(dollars and shares in thousands, except per-share amounts)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth<br> ETF** | **Global<br> Growth<br> Equity<br> ETF** | **International<br> Focus Equity<br> ETF** | **Core<br> Equity<br> ETF** | **Dividend<br> Value<br> ETF** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $1109622 | $892108 | $749312 | $489699 | $1186628 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 31220 | 49399 | 39953 | 32173 | 58470 |
| Cash | 50 | 59 | 4294 | 50 | 50 |
| Cash denominated in currencies other than U.S. dollars | — \* | 171 | 124 | — \* | — \* |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments |  |  | 23787 | 7958 | 11132 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 13343 | 33109 | 12258 |  | 19408 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 643 | 614 | 1569 | 512 | 1349 |
|  | 1154878 | 975460 | 831297 | 530392 | 1277037 |
| **Liabilities:** |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 13012 | 31350 | 11379 | 8200 | 33201 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares |  |  | 24671 |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 314 | 310 | 314 | 126 | 290 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes |  | 160 | 753 |  |  |
|  | 13326 | 31820 | 37117 | 8326 | 33491 |
| **Net assets at November 30, 2022** | $1141552 | $943640 | $794180 | $522066 | $1243546 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | 1140292 | 904169 | 767687 | 504937 | 1191592 |
| Total distributable earnings | 1260 | 39471 | 26493 | 17129 | 51954 |
| **Net assets at November 30, 2022** | $1141552 | $943640 | $794180 | $522066 | $1243546 |
| Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1141552 | $943640 | $794180 | $522066 | $1243546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 53044 | 43324 | 36284 | 22224 | 51224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | $21.52 | $21.78 | $21.89 | $23.49 | $24.28 |
| Investment securities, at cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $1083232 | $827098 | $700547 | $464175 | $1108284 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 31215 | 49393 | 39946 | 32170 | 58464 |
| Cash denominated in currencies other than U.S. dollars, at cost | — \* | 170 | 124 | — \* | — \* |

---

\* Amount less than one thousand.

Refer to the notes to financial statements.

20 Capital Group equity exchange-traded funds

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** | **unaudited** |
| **for the six months ended November 30, 2022** | **(dollars in thousands)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth<br> ETF** | **Global<br> Growth<br> Equity<br> ETF** | **International<br> Focus Equity<br> ETF** | **Core<br> Equity<br> ETF** | **Dividend<br> Value<br> ETF** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $3081 | $3069 | $5113 | $2792 | $8101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 264 | 457 | 446 | 259 | 412 |
|  | 3345 | 3526 | 5559 | 3051 | 8513 |
| **Fees and expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 1277 | 1141 | 1167 | 512 | 1106 |
| Net investment income | 2068 | 2385 | 4392 | 2539 | 7407 |
| **Net realized loss and unrealized appreciation:** |  |  |  |  |  |
| Net realized (loss) gain\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (26449) | (23886) | (25952) | (9844) | (29723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (2) | (5) | (7) | (2) | (3) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | 1082 |  | 3057 | 1377 |  |
| &nbsp;&nbsp;&nbsp;Currency transactions | (9 | 49 | (119) | (4 |  |
|  | (25378 | (23842) | (23021) | (8473 | (29726 |
| Net unrealized appreciation\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 39951 | 69369 | 48329 | 27007 | 81534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 5 | 6 | 7 | 3 | 6 |
| &nbsp;&nbsp;&nbsp;Currency translations |  | 2 | 10 |  |  |
|  | 39956 | 69377 | 48346 | 27010 | 81540 |
| Net realized loss and unrealized appreciation | 14578 | 45535 | 25325 | 18537 | 51814 |
| **Net increase in net assets resulting from operations** | $16646 | $47920 | $29717 | $21076 | $59221 |

---

---

| | |
|:---|:---|
| \* | Additional information related to non-U.S. taxes is included in the notes to financial statements. |
| <sup>†</sup> | Amount less than one thousand. |

---

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 21

Financial statements (continued)

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth<br> ETF** | **Growth<br> ETF** | **Global Growth Equity<br> ETF** | **Global Growth Equity<br> ETF** | **International Focus Equity<br> ETF** | **International Focus Equity<br> ETF** |
|  | **Six months<br> ended<br> November 30,<br> 2022\*** | **Period**<br> **ended<br> May 31,**<br> **2022**<sup>†</sup> | **Six months<br> ended<br> November 30,<br> 2022**\* | **Period**<br> **ended**<br> **May 31,**<br> **2022**<sup>†</sup> | **Six months<br> ended<br> November 30,<br> 2022**\* | **Period**<br> **ended**<br> **May 31,**<br> **2022**<sup>†</sup> |
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $2068 | $187 | $2385 | $403 | $4392 | $963 |
| Net realized (loss) gain | (25378) | (1442) | (23842) | (3699) | (23021) | (2915) |
| Net unrealized appreciation (depreciation) | 39956 | (13561) | 69377 | (4522) | 48346 | (319) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets resulting from operations | 16646 | (14816) | 47920 | (7818) | 29717 | (2271) |
| **Distributions paid to shareholders** | (423) |  | (631) |  | (953) |  |
| **Net capital share transactions** | 840060 | 300085 | 676108 | 228061 | 577320 | 190367 |
| **Total increase in net assets** | 856283 | 285269 | 723397 | 220243 | 606084 | 188096 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 285269 |  | 220243 |  | 188096 |  |
| End of period | $1141552 | $285269 | $943640 | $220243 | $794180 | $188096 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Equity<br> ETF** | **Core Equity<br> ETF** | **Dividend Value<br> ETF** | **Dividend Value<br> ETF** |
|  | **Six months<br> ended<br> November 30,<br> 2022\*** | **Period<br> ended<br> May 31,<br> 2022<sup>†</sup>** | **Six months<br> ended<br> November 30,<br> 2022\*** | **Period<br> ended<br> May 31,<br> 2022<sup>†</sup>** |
| **Operations:** |  |  |  |  |
| Net investment income | $2539 | $280 | $7407 | $536 |
| Net realized (loss) gain | (8473) | (1007) | (29726) | 83 |
| Net unrealized appreciation (depreciation) | 27010 | (1483) | 81540 | (3190) |
| &nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets resulting from operations | 21076 | (2210) | 59221 | (2571) |
| **Distributions paid to shareholders** | (1657) | (80) | (4329) | (105) |
| **Net capital share transactions** | 338396 | 166541 | 887780 | 303550 |
| **Total increase in net assets** | 357815 | 164251 | 942672 | 300874 |
| **Net assets:** |  |  |  |  |
| Beginning of period | 164251 |  | 300874 |  |
| End of period | $522066 | $164251 | $1243546 | $300874 |

---

\* Unaudited. <br> <sup>†</sup> For the period February 22, 2022, commencement of operations, to May 31, 2022.

Refer to the notes to financial statements.

22 Capital Group equity exchange-traded funds

---

| | |
|:---|:---|
| Notes to financial statements | **unaudited** |

---

**1. Organization**

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

The funds' investment objectives are as follows:

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

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

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

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

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

**2. Significant accounting policies**

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

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

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

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

**3. Valuation**

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

Capital Group equity exchange-traded funds 23

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

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

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

---

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

---

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

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

**Processes and structure** — Each fund's board of trustees has designated the funds' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Fair Valuation Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation 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 Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any 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.

24 Capital Group equity exchange-traded funds

The funds' investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. 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.

**Classifications** — The funds' investment adviser classifies each fund's assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds' valuation levels as of November 30, 2022 (dollars in thousands):

**Growth ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $208720 | $19129 | $— | $227849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 205855 | 20586 |  | 226441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 191428 | 3933 |  | 195361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 146770 |  |  | 146770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 123366 | 10506 |  | 133872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 67345 |  |  | 67345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 59986 |  |  | 59986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 28816 |  |  | 28816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 16803 |  |  | 16803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 6379 |  |  | 6379 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 31220 |  |  | 31220 |
| **Total** | $**1086688** | $**54154** | $**—** | $**1140842** |

---

**Global Growth Equity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $144730 | $82346 | $— | $227076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 153036 | 51846 |  | 204882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 73159 | 65234 |  | 138393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 37063 | 38125 |  | 75188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 20965 | 54152 |  | 75117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 24417 | 30690 |  | 55107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 23596 | 14190 | — \* | 37786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 31431 |  |  | 31431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 24437 |  |  | 24437 |
| &nbsp;&nbsp;&nbsp;**Preferred securities** |  | 22691 |  | 22691 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 49399 |  |  | 49399 |
| **Total** | $**582233** | $**359274** | $**—** **\*** | $**941507** |

---

\* Amount less than one thousand.

Capital Group equity exchange-traded funds 25

**International Focus Equity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $— | $130034 | $— | $130034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 30730 | 80263 |  | 110993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care |  | 90761 |  | 90761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 15468 | 73754 |  | 89222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 50568 | 36730 |  | 87298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 23535 | 62744 |  | 86279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 13189 | 47690 |  | 60879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 22981 | 22995 |  | 45976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples |  | 26718 |  | 26718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 15406 |  | 15406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  | 5746 |  | 5746 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 39953 |  |  | 39953 |
| **Total** | $**196424** | $**592841** | $**—** | $**789265** |

---

**Core Equity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $101440 | $6936 | $— | $108376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 72176 | 2867 |  | 75043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 62545 | 8052 |  | 70597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 48874 |  |  | 48874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 42437 |  |  | 42437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 38545 | 3159 |  | 41704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 29510 |  |  | 29510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 18243 | 8182 |  | 26425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 17996 | 1267 |  | 19263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 15251 |  |  | 15251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 12219 |  |  | 12219 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 32173 |  |  | 32173 |
| **Total** | $**491409** | $**30463** | $**—** | $**521872** |

---

**Dividend Value ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Common stocks:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $250745 | $— | $— | $250745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 173539 |  |  | 173539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 166699 |  |  | 166699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 117799 |  |  | 117799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 113371 |  |  | 113371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 75534 | 30516 |  | 106050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 79064 |  |  | 79064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 68488 |  |  | 68488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 59920 |  |  | 59920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 42491 |  |  | 42491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 8462 |  |  | 8462 |
| &nbsp;&nbsp;&nbsp;**Short-term securities** | 58470 |  |  | 58470 |
| **Total** | $**1214582** | $**30516** | $**—** | $**1245098** |

---

26 Capital Group equity exchange-traded funds

**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; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; 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) 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 government regulations affecting the issuer or its competitive environment and strategic initiatives and the market response to any such initiatives.

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

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

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

**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 and accounting and auditing practices and standards 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 there may be fewer rights and remedies available to the fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Market trading** — Each fund's shares are listed for trading on an exchange and are bought and sold on the secondary market at market prices. The market prices of each fund's shares are expected to fluctuate, in some cases materially, in response to changes in the fund's net asset value ("NAV"), the intraday value of each fund's holdings, and supply and demand for each fund's shares. The existence of significant market volatility, disruptions to creations and redemptions, or potential lack of an active trading market for fund shares (including through a trading halt), among other factors, may result in the shares of each fund trading significantly above (at a premium) or below (at a discount) to NAV. 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.

Capital Group equity exchange-traded funds 27

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

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

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

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

**5. Taxation and distributions**

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

As of and during the period ended November 30, 2022, 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 period, none of the funds incurred any significant interest or penalties.

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

**Non-U.S. taxation** — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds 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 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.

28 Capital Group equity exchange-traded funds

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Growth<br> ETF** | **Global Growth<br> Equity<br> ETF** | **International<br> Focus Equity<br> ETF** | **Core<br> Equity<br> ETF** | **Dividend<br> Value<br> ETF** |
| **As of May 31, 2022** |  |  |  |  |  |
| Undistributed ordinary income | $185 | $391 | $945 | $199 | $430 |
| Capital loss carryforward\* | (1059) | (3092) | (1836) | (841) | (173) |
| **As of November 30, 2022** |  |  |  |  |  |
| Gross unrealized appreciation on investments | 76902 | 72684 | 54936 | 31658 | 86275 |
| Gross unrealized depreciation on investments | (54432) | (12783) | (11569) | (6931) | (9486) |
| Net unrealized appreciation on investments | 22470 | 59901 | 43367 | 24727 | 76789 |
| Cost of investments | 1118372 | 881606 | 745898 | 497145 | 1168309 |

---

\* Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Period ended May 31, 2022\*** | **Period ended May 31, 2022\*** | **Period ended May 31, 2022\*** |
| <br>**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** |
| Growth ETF | $423 | $— | $423 | $— | $— | $— |
| Global Growth Equity ETF | 631 |  | 631 |  |  |  |
| International Focus Equity ETF | 953 |  | 953 |  |  |  |
| Core Equity ETF | 1657 |  | 1657 | 80 |  | 80 |
| Dividend Value ETF | 4329 |  | 4329 | 105 |  | 105 |

---

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

**6. Fees and transactions**

CRMC, the funds' investment adviser, is the parent company of American Funds Distributors, Inc.<sup>®</sup> ("AFD"), the principal underwriter of the fund's' shares. CRMC and AFD are considered related parties to the funds.

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

---

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

---

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

Capital Group equity exchange-traded funds 29

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

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

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

**Security transactions with related funds** — Each fund may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by each fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. None of the funds engaged in any such purchase or sale transactions with any related funds during the period ended November 30, 2022.

**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 period ended November 30, 2022.

**7. Indemnifications**

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

**8. Capital share transactions**

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

30 Capital Group equity exchange-traded funds

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

**Growth ETF**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Shares** | **Amount** | **Shares** |
| **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | | | | | | |
| $845528 | 40500 | $— |  | $(5468) |  | (260) | $840060 | 40240 |
| **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** |  |  |  |  |  |
| $301946 | 12884 | $— |  | $(1861) |  | (80) | $300085 | 12804 |
| **Global Growth Equity ETF** | **Global Growth Equity ETF** | **Global Growth Equity ETF** | **Global Growth Equity ETF** |  |  |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Shares** | **Amount** | **Shares** |
| **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** |  |  |  |  |  |
| $676108 | 33160 | $— |  | $— |  |  | $676108 | 33160 |
| **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** |  |  |  |  |  |
| $228061 | 10164 | $— |  | $— |  |  | $228061 | 10164 |
| **International Focus Equity ETF** | **International Focus Equity ETF** | **International Focus Equity ETF** | **International Focus Equity ETF** |  |  |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Shares** | **Amount** | **Shares** |
| **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** |  |  |  |  |  |
| $606106 | 29400 | $— |  | $(28786) |  | (1360) | $577320 | 28040 |
| **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** |  |  |  |  |  |
| $190367 | 8244 | $— |  | $— |  |  | $190367 | 8244 |
| **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** |  |  |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Shares** | **Amount** | **Shares** |
| **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** |  |  |  |  |  |
| $350633 | 15840 | $— |  | $(12237) |  | (540) | $338396 | 15300 |
| **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** |  |  |  |
| $166541 | 6924 | $— |  | $— |  |  | $166541 | 6924 |
| **Dividend Value ETF** | **Dividend Value ETF** | **Dividend Value ETF** | **Dividend Value ETF** |  |  |  |  |  |
| **Sales** | **Sales** | **Reinvestments of<br> distributions** | **Reinvestments of<br> distributions** | **Repurchases** | **Repurchases** | **Repurchases** | **Net increase** | **Net increase** |
| **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Shares** | **Amount** | **Shares** |
| **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** | **Six months ended November 30, 2022** |  |  |  |  |  |
| $887780 | 38980 | $— |  | $— |  |  | $887780 | 38980 |
| **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** | **For the period February 22, 2022\*, through May 31, 2022** |  |  |  |  |  |
| $311566 | 12584 | $— |  | $(8016) |  | (340) | $303550 | 12244 |

---

\* Commencement of operations.

Capital Group equity exchange-traded funds 31

**9. 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 six months ended November 30, 2022 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Growth ETF | $143517 | $128905 |
| Global Growth Equity ETF | 176197 | 102769 |
| International Focus Equity ETF | 364163 | 162217 |
| Core Equity ETF | 55927 | 46398 |
| Dividend Value ETF | 173064 | 153402 |

---

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 six months ended November 30, 2022 (dollars in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **In-kind creations** | **In-kind redemptions** |
| Growth ETF | $808405 | $5275 |
| Global Growth Equity ETF | 572199 |  |
| International Focus Equity ETF | 383726 | 27827 |
| Core Equity ETF | 317809 | 11166 |
| Dividend Value ETF | 824896 |  |

---

32 Capital Group equity exchange-traded funds

Financial highlights

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br> **investment operations<sup>1</sup>** | **(Loss) income from**<br> **investment operations<sup>1</sup>** | **(Loss) income from**<br> **investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Six months ended** | <br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income** | **Net (losses)<br> gain 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 period** | <br>**Total**<br> **return<sup>2</sup>** | <br>**Net assets,<br> end of<br> period<br> (in millions)** | <br>**Ratio of**<br> **expenses to**<br> **average net**<br> **assets<sup>3</sup>** | <br>**Ratio of<br> net income<br> to average<br> net assets** |
| **Growth ETF** |  |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>4,5</sup> | $22.28 | $.07 | $(.81) | $(.74) | $(.02) | $— | $(.02) | $21.52 | (3.32)% | $1142 | .39%<sup>6</sup> | .63%<sup>6</sup> |
| 5/31/2022<sup>4,7</sup> | 24.40 | .03 | (2.15) | (2.12) |  |  |  | 22.28 | (8.69) | 285 | .10<sup>2</sup> | .13<sup>2</sup> |
| **Global Growth Equity ETF** | **Global Growth Equity ETF** | **Global Growth Equity ETF** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>4,5</sup> | $21.67 | $.10 | $.05 | $.15 | $(.04) | $— | $(.04) | $21.78 | .72% | $944 | .47%<sup>6</sup> | .98%<sup>6</sup> |
| 5/31/2022<sup>4,7</sup> | 24.47 | .08 | (2.88) | (2.80) |  |  |  | 21.67 | (11.44) | 220 | .13<sup>2</sup> | .38<sup>2</sup> |
| **International Focus Equity ETF** | **International Focus Equity ETF** | **International Focus Equity ETF** |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>4,5</sup> | $22.82 | $.21 | $(1.06) | $(.85) | $(.08) | $— | $(.08) | $21.89 | (3.72)% | $794 | .54%<sup>6</sup> | 2.03%<sup>6</sup> |
| 5/31/2022<sup>4,7</sup> | 24.51 | .24 | (1.93) | (1.69) |  |  |  | 22.82 | (6.90) | 188 | .14<sup>2</sup> | 1.07<sup>2</sup> |
| **Core Equity ETF** | **Core Equity ETF** |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>4,5</sup> | $23.72 | $.18 | $(.28) | $(.10) | $(.13) | $— | $(.13) | $23.49 | (.37)% | $522 | .33%<sup>6</sup> | 1.64%<sup>6</sup> |
| 5/31/2022<sup>4,7</sup> | 24.63 | .08 | (.96) | (.88) | (.03) |  | (.03) | 23.72 | (3.59) | 164 | .09<sup>2</sup> | .34<sup>2</sup> |
| **Dividend Value ETF** | **Dividend Value ETF** |  |  |  |  |  |  |  |  |  |  |  |
| 11/30/2022<sup>4,5</sup> | $24.57 | $.25 | $(.39) | $(.14) | $(.15) | $— | $(.15) | $24.28 | (.48)% | $1244 | .33%<sup>6</sup> | 2.21%<sup>6</sup> |
| 5/31/2022<sup>4,7</sup> | 24.71 | .10 | (.21) | (.11) | (.03) |  | (.03) | 24.57 | (.46) | 301 | .09<sup>2</sup> | .41<sup>2</sup> |

---

---

| | | |
|:---|:---|:---|
| **Portfolio turnover rate<sup>8</sup>** | **Six months ended**<br> **November 30, 2022<sup>2,4,5</sup>** | **Period ended**<br> **May 31, 2022<sup>2,4,7</sup>** |
| Growth ETF | 20% | 9% |
| Global Growth Equity ETF | 22 | 17 |
| International Focus Equity ETF | 40 | 21 |
| Core Equity ETF | 16 | 8 |
| Dividend Value ETF | 23 | 3 |

---

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

<sup>2</sup> Not annualized.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.

<sup>4</sup> Based on operations for a period that is less than a full year.

<sup>5</sup> Unaudited.

<sup>6</sup> Annualized.

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

<sup>8</sup> Rates do not include each fund's portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 33

---

| | |
|:---|:---|
| Expense example | **unaudited** |

---

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (June 1, 2022, through November 30, 2022).

**Actual expenses:**

The first line of each fund in the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes:**

The second line of each fund in the tables below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

**Notes:**

Note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br> **account value**<br> **6/1/2022** | **Ending**<br> **account value**<br> **11/30/2022** | **Expenses <br> paid during<br> period\*** | **Annualized<br> expense<br> ratio** |
| **Growth ETF** | **Growth ETF** | **Growth ETF** | **Growth ETF** | **Growth ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual return | $1000.00 | $966.80 | $1.92 | .39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed 5% return | 1000.00 | 1023.11 | 1.98 | .39 |
| **Global Growth Equity ETF** | **Global Growth Equity ETF** | **Global Growth Equity ETF** | **Global Growth Equity ETF** | **Global Growth Equity ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual return | $1000.00 | $1007.20 | $2.36 | .47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed 5% return | 1000.00 | 1022.71 | 2.38 | .47 |
| **International Focus Equity ETF** | **International Focus Equity ETF** | **International Focus Equity ETF** | **International Focus Equity ETF** | **International Focus Equity ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual return | $1000.00 | $962.80 | $2.66 | .54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed 5% return | 1000.00 | 1022.36 | 2.74 | .54 |
| **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual return | $1000.00 | $996.30 | $1.65 | .33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed 5% return | 1000.00 | 1023.41 | 1.67 | .33 |
| **Dividend Value ETF** | **Dividend Value ETF** | **Dividend Value ETF** | **Dividend Value ETF** | **Dividend Value ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual return | $1000.00 | $995.20 | $1.65 | .33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed 5% return | 1000.00 | 1023.41 | 1.67 | .33 |

---

\* The "expenses paid during period" are equal to the "annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

34 Capital Group equity exchange-traded funds

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Capital Group equity exchange-traded funds 35

**Office of the fund**

6455 Irvine Center Drive

Irvine, CA 92618-4518

**Investment adviser**

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

**Transfer agent for shareholder accounts**

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

**Custodian of assets**

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

**Counsel**

Dechert LLP

One Bush Street, Suite 1600

San Francisco, CA 94104-4446

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

**Principal underwriter**

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

36 Capital Group equity exchange-traded funds

**Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call (800) 421-4225 or visit the Capital Group website at capitalgroup.com.**

"Proxy Voting Procedures and Principles" — which describes our procedures and principles for voting portfolio securities — is available at CapitalGroup.com/ETFs. Each fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Past results are not predictive of results in future periods.

For Capital Group Growth ETF, Capital Group Global Growth Equity ETF, Capital Group International Focus Equity ETF and Capital Group Core Equity ETF, investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in each fund's prospectus. These risks may be heightened in connection with investments in developing countries.

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

American Funds Distributors, Inc., member FINRA.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

![](image_008.jpg)

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – 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 8 – 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 9 – 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 10 – 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. While the committee normally is able to identify from its own 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 11 – 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), 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 Registrant's
 semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

ITEM 12 – Exhibits

---

| | |
|:---|:---|
| (a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
| (a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cgdv_cert302.htm) and [906](cgdv_cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |

---

**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 DIVIDEND VALUE ETF |
| By <u>__/s/ Walter R. Burkley</u>____________________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Walter R. Burkley,<br> Principal Executive Officer |
| Date: January 31, 2023 |

---

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 <u>__/s/ Walter R. Burkley</u>_________________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Walter R. Burkley,<br> Principal Executive Officer |
| Date: January 31, 2023 |

---

---

| |
|:---|
| By __<u>_/s/ Troy S. Tanner</u>__________ |
| &nbsp;&nbsp;&nbsp;&nbsp; Troy S. Tanner, Treasurer and<br> Principal Financial Officer |
| Date: January 31, 2023 |

---

## Ex-99.Cert

<br>**Capital Group Dividend Value ETF**<br> 6455 Irvine Center Drive<br> Irvine, California 92618<br> (949) 975-5000<br>

**CERTIFICATION**

I, **Walter R. Burkley,** certify that:

---

| | |
|:---|:---|
| 1. | I have reviewed this report on Form N-CSR of **Capital Group Dividend Value 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: |
|  | 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; |
|  | 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; |
|  | 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 180 days prior to the filing date of this report based on such evaluation; and |
|  | d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's semi-annual 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): |
|  | 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 |
|  | 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: January 31, 2023

_<u>__/s/ Walter R. Burkley</u>_____________________

Walter R. Burkley,

Principal Executive Officer

Capital Group Dividend Value ETF

<br>**Capital Group Dividend Value ETF**<br> 6455 Irvine Center Drive<br> Irvine, California 92618<br> (949) 975-5000<br>

**CERTIFICATION**

I, **Troy S. Tanner**, certify that:

---

| | |
|:---|:---|
| 1. | I have reviewed this report on Form N-CSR of **Capital Group Dividend Value 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: |
|  | 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; |
|  | 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; |
|  | 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 180 days prior to the filing date of this report based on such evaluation; and |
|  | d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's semi-annual 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): |
|  | 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 |
|  | 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: January 31, 2023

_<u>_/s/ Troy S. Tanner</u>____________

Troy S. Tanner, Treasurer and

Principal Financial Officer

Capital Group Dividend Value ETF

## Exhibit 99.906

<br> **Capital Group Dividend Value ETF**<br> 6455 Irvine Center Drive<br> Irvine, California 92618<br> (949) 975-5000<br>

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

WALTER R. BURKLEY, Principal Executive Officer, and TROY S. TANNER, Treasurer and Principal Financial Officer of Capital Group Dividend Value 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 November 30, 2022 (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 | Principal Financial Officer |
| CAPITAL GROUP DIVIDEND VALUE ETF | CAPITAL GROUP DIVIDEND VALUE ETF |
| _<u>__/s/ Walter R. Burkley</u>____________ | <u>_/s/ Troy S. Tanner</u>____________ |
| Walter R. Burkley, Principal Executive Officer | Troy S. Tanner, Treasurer |
| Date: January 31, 2023 | Date: January 31, 2023 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to CAPITAL GROUP DIVIDEND VALUE ETF and will be retained by CAPITAL GROUP DIVIDEND VALUE 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.