Capital Group Growth ETF (CGGR) N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-23733

Capital Group Growth ETF

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2023

Troy S. Tanner

Capital Group Growth ETF

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

Capital Group Growth ETF
Capital Group Global Growth ETF
Capital Group International Focus Equity ETF
Capital Group International Equity ETF
Capital Group Core Equity ETF
Capital Group Dividend Value ETF
Capital Group Dividend Growers ETF   Semi-annual report for the six months ended November 30, 2023  

Signature active
management to
pursue better
investment outcomes

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

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

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

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

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

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

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

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

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

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

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

Fellow investors:

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

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

Contents

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

Results at a glance

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

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

Past results are not predictive of results in future periods.

Refer to page 2 for footnotes.

Capital Group equity exchange-traded funds 1

Results at a glance (continued)

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

2 Capital Group equity exchange-traded funds

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

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

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

Capital Group equity exchange-traded funds 3

Capital Group Growth ETF (continued)

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

4 Capital Group equity exchange-traded funds

Capital Group Growth ETF (continued)

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

Capital Group equity exchange-traded funds 5

Capital Group Growth ETF (continued)

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

Investments in affiliates⁵

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

6 Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF
Investment portfolio November 30, 2023	unaudited
Sector diversification	Percent of net assets

Country diversification by domicile	Percent of net assets
United States		53.57	%
Eurozone*		18.15
Denmark		5.45
United Kingdom		4.00
Taiwan		2.64
Canada		2.45
Hong Kong		1.81
Switzerland		1.73
Sweden		1.63
Other countries		4.98
Short-term securities & other assets less liabilities		3.59

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

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

Capital Group equity exchange-traded funds 7

Capital Group Global Growth Equity ETF (continued)

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

8 Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF (continued)

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

Investments in affiliates⁵

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 9

Capital Group International Focus Equity ETF
Investment portfolio November 30, 2023	unaudited
Sector diversification	Percent of net assets

Country diversification by domicile	Percent of net assets
Eurozone*		27.18	%
Japan		12.81
India		11.14
Canada		10.13
United Kingdom		6.73
Denmark		5.16
Australia		4.44
Hong Kong		3.58
China		3.39
Other countries		13.11
Short-term securities & other assets less liabilities		2.33

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

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

10 Capital Group equity exchange-traded funds

Capital Group International Focus Equity ETF (continued)

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

Capital Group equity exchange-traded funds 11

Capital Group International Focus Equity ETF (continued)

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

Investments in affiliates³

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

12 Capital Group equity exchange-traded funds

Capital Group International Equity ETF	unaudited
Investment portfolio November 30, 2023

Sector diversification Percent of net assets

Country diversification by domicile	Percent of net assets
Eurozone*		34.21	%
Japan		15.75
United Kingdom		11.09
Switzerland		8.88
Denmark		5.84
Canada		3.22
Singapore		3.19
China		2.01
United States		1.68
Other countries		6.92
Short-term securities & other assets less liabilities		7.21

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

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

Capital Group equity exchange-traded funds 13

Capital Group International Equity ETF (continued)

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

14 Capital Group equity exchange-traded funds

Capital Group International Equity ETF (continued)

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

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 15

Capital Group Core Equity ETF	unaudited
Investment portfolio November 30, 2023

Sector diversification Percent of net assets

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

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

16 Capital Group equity exchange-traded funds

Capital Group Core Equity ETF (continued)

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

Capital Group equity exchange-traded funds 17

Capital Group Core Equity ETF (continued)

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

18 Capital Group equity exchange-traded funds

Capital Group Core Equity ETF (continued)

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 19

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

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

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

20 Capital Group equity exchange-traded funds

Capital Group Dividend Value ETF (continued)

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

Capital Group equity exchange-traded funds 21

Capital Group Dividend Value ETF (continued)

Investments in affiliates³

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

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

Refer to the notes to financial statements.

22 Capital Group equity exchange-traded funds

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

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

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

Capital Group equity exchange-traded funds 23

Capital Group Dividend Growers ETF (continued)

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

24 Capital Group equity exchange-traded funds

Capital Group Dividend Growers ETF (continued)

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

Investments in affiliates²

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

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

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 25

Financial statements

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

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

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

Refer to the notes to financial statements.

26 Capital Group equity exchange-traded funds

Financial statements (continued)

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

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

* Amount less than one thousand.

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 27

Financial statements (continued)

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

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

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

Refer to the notes to financial statements.

28 Capital Group equity exchange-traded funds

Financial statements (continued)

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

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

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

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 29

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

	Growth ETF						Global Growth Equity ETF						International Focus Equity ETF
	Six months ended November 30, 2023*			Year ended May 31, 2023			Six months ended November 30, 2023*			Year ended May 31, 2023			Six months ended November 30, 2023*			Year ended May 31, 2023
Operations:
Net investment income	$	7,438		$	7,045		$	7,550		$	11,234		$	8,466		$	13,135
Net realized (loss) gain		(408	)		(73,536	)		(14,764	)		(38,597	)		(26,885	)		(38,563	)
Net unrealized appreciation		335,575			250,331			124,705			162,966			42,525			83,988
Total increase in net assets resulting from operations		342,605			183,840			117,491			135,603			24,106			58,560
Distributions paid to shareholders		(4,946	)		(3,264	)		(8,182	)		(4,483	)		(8,685	)		(5,962	)
Net capital share transactions		1,008,453			1,598,275			530,921			1,270,648			442,582			1,057,236
Total increase in net assets		1,346,112			1,778,851			640,230			1,401,768			458,003			1,109,834
Net assets:
Beginning of period		2,064,120			285,269			1,622,011			220,243			1,297,930			188,096
End of period	$	3,410,232		$	2,064,120		$	2,262,241		$	1,622,011		$	1,755,933		$	1,297,930

	International Equity ETF			Core Equity ETF						Dividend Value ETF
	Period ended November 30, 2023*,†			Six months ended November 30, 2023*			Year ended May 31, 2023			Six months ended November 30, 2023*			Year ended May 31, 2023
Operations:
Net investment income	$	72		$	8,805		$	8,637		$	32,111		$	25,897
Net realized (loss) gain		(41	)		3,365			(19,479	)		29,894			(24,394	)
Net unrealized appreciation		2,367			119,800			69,078			286,531			160,997
Total increase in net assets resulting from operations		2,398			131,970			58,236			348,536			162,500
Distributions paid to shareholders		—			(6,962	)		(6,470	)		(24,666	)		(19,113	)
Net capital share transactions		38,877			566,278			676,898			2,325,060			1,747,392
Total increase in net assets		41,275			691,286			728,664			2,648,930			1,890,779
Net assets:
Beginning of period		—			892,915			164,251			2,191,653			300,874
End of period	$	41,275		$	1,584,201		$	892,915		$	4,840,583		$	2,191,653

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

30 Capital Group equity exchange-traded funds

Financial statements (continued)

Statements of changes in net assets (continued) (dollars in thousands)

	Dividend Growers ETF
	Period ended November 30, 2023*,†
Operations:
Net investment income	$	251
Net realized (loss) gain		(119	)
Net unrealized appreciation		3,228
Total increase in net assets resulting from operations		3,360
Distributions paid to shareholders		—
Net capital share transactions		70,637
Total increase in net assets		73,997
Net assets:
Beginning of period		—
End of period	$	73,997

*	Unaudited.
†	For the period September 26, 2023, commencement of operations, to November 30, 2023.

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds 31

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

The funds’ investment objectives are as follows:

Growth ETF – To provide growth of capital.

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

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

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

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.

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

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.

32 Capital Group equity exchange-traded funds

3. Valuation

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

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

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

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

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

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

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

Capital Group equity exchange-traded funds 33

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

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, 2023 (dollars in thousands):

Growth ETF

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	715,324	$	—	$	—		$	715,324
Communication services		624,155		—		—			624,155
Consumer discretionary		517,743		—		—			517,743
Health care		467,006		—		—			467,006
Industrials		385,282		—		—			385,282
Financials		250,410		—		—			250,410
Energy		164,999		—		—			164,999
Consumer staples		131,900		—		—			131,900
Materials		70,638		—		—			70,638
Utilities		28,852		—		—			28,852
Real estate		13,488		—		—			13,488
Rights & warrants		—		—		—	*		—	*
Short-term securities		39,082		—		—			39,082
Total	$	3,408,879	$	—	$	—	*	$	3,408,879

* Amount less than one thousand.

34 Capital Group equity exchange-traded funds

Global Growth Equity ETF

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	628,299	$	—	$	—		$	628,299
Health care		398,081		—		—			398,081
Consumer discretionary		337,114		—		—			337,114
Financials		260,896		—		—			260,896
Industrials		155,196		—		—			155,196
Consumer staples		107,267		—		—			107,267
Communication services		97,324		—		—			97,324
Materials		92,376		—		—			92,376
Energy		69,500		—		—	*		69,500
Preferred securities		35,032		—		—			35,032
Short-term securities		78,742		—		—			78,742
Total	$	2,259,827	$	—	$	—	*	$	2,259,827

* Amount less than one thousand.

International Focus Equity ETF

At November 30, 2023, all of the fund’s investment securities were classified as Level 1.

International Equity ETF

At November 30, 2023, all of the fund’s investment securities were classified as Level 1.

Core Equity ETF

At November 30, 2023, all of the fund’s investment securities were classified as Level 1.

Dividend Value ETF

At November 30, 2023, all of the fund’s investment securities were classified as Level 1.

Dividend Growers ETF

At November 30, 2023, all of the fund’s investment securities were classified as Level 1.

4. Risk factors

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

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

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

Capital Group equity exchange-traded funds 35

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.

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

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

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

Exposure to country, region, industry or sector — Subject to the fund’s investment limitations, the fund may have significant exposure to a particular country, region, industry or sector. Such exposure may cause the fund to be more impacted by risks relating to and developments affecting the country, region, industry or sector, and thus its net asset value may be more volatile, than a fund without such levels of exposure. For example, if the fund has significant exposure in a particular country, then social, economic, regulatory or other issues that negatively affect that country may have a greater impact on the fund than on a fund that is more geographically diversified.

36 Capital Group equity exchange-traded funds

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

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, 2023, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the 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. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

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

Capital Group equity exchange-traded funds 37

Additional tax basis disclosures for each fund as of November 30, 2023 are as follows (dollars in thousands):

	Growth ETF			Global Growth Equity ETF			International Focus Equity ETF			International Equity ETF			Core Equity ETF
As of May 31, 2023
Undistributed ordinary income	$	4,008		$	6,942		$	8,167		$	—		$	2,382
Capital loss carryforward*		(83,417	)		(41,965	)		(45,073	)		—			(22,437	)
As of November 30, 2023
Gross unrealized appreciation on investments		597,222			319,869			209,002			2,694			205,316
Gross unrealized depreciation on investments		(31,144	)		(43,119	)		(86,638	)		(334	)		(19,812	)
Net unrealized appreciation on investments		566,078			276,750			122,364			2,360			185,504
Cost of investments		2,842,801			1,983,077			1,637,748			38,833			1,396,720

		Dividend Value ETF			Dividend Growers ETF
As of May 31, 2023
Undistributed ordinary income	$	7,273		$	—
Capital loss carryforward*		(42,890	)		—
As of November 30, 2023
Gross unrealized appreciation on investments		481,903			3,652
Gross unrealized depreciation on investments		(42,255	)		(426	)
Net unrealized appreciation on investments		439,648			3,226
Cost of investments		4,421,296			70,570

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

No distributions were paid to shareholders of the International Equity ETF and Dividend Growers ETF during the period September 26, 2023, commencement of operations, through November 30, 2023. Distributions paid by all other funds were characterized for tax purposes as follows (dollars in thousands):

	Six months ended November 30, 2023						Year ended May 31, 2023
Fund	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Growth ETF	$	4,946	$	—	$	4,946	$	3,264	$	—	$	3,264
Global Growth Equity ETF		8,182		—		8,182		4,483		—		4,483
International Focus Equity ETF		8,685		—		8,685		5,962		—		5,962
Core Equity ETF		6,962		—		6,962		6,470		—		6,470
Dividend Value ETF		24,666		—		24,666		19,113		—		19,113

6. Fees and transactions

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

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

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

38 Capital Group equity exchange-traded funds

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

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

Affiliated officers and trustees – Officers and certain trustees of each fund are or may be considered to be affiliated with CRMC and 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.

The following table presents purchase and sale transactions between each fund and related funds, and net realized losses from such sales, if any, as of November 30, 2023 (dollars in thousands):

Fund	Purchases		Sales		Net realized loss
Growth ETF	$	10,979	$	5,759	$	(1,308	)
Global Growth Equity ETF		1,571		8,430		(268	)
International Focus Equity ETF		10,432		—		—
Core Equity ETF		2,360		5,114		(1,468	)
Dividend Value ETF		56,452		6,006		(516	)

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 six months ended November 30, 2023.

7. Indemnifications

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

Capital Group equity exchange-traded funds 39

8. Capital share transactions

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

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

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

Growth ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2023
	$	1,208,035		48,020	$	—		—	$	(199,582	)		(7,880	)	$	1,008,453		40,140
Year ended May 31, 2023
	$	1,640,870		77,320	$	—		—	$	(42,595	)		(1,880	)	$	1,598,275		75,440
Global Growth Equity ETF
	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2023
	$	681,344		28,560	$	—		—	$	(150,423	)		(6,320	)	$	530,921		22,240
Year ended May 31, 2023
	$	1,296,939		60,840	$	—		—	$	(26,291	)		(1,160	)	$	1,270,648		59,680
International Focus Equity ETF
	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2023
	$	523,434		23,040	$	—		—	$	(80,852	)		(3,520	)	$	442,582		19,520
Year ended May 31, 2023
	$	1,117,811		52,320	$	—		—	$	(60,575	)		(2,760	)	$	1,057,236		49,560

40 Capital Group equity exchange-traded funds

International Equity ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
For the period September 26, 2023*, through November 30, 2023
	$	38,877		1,564	$	—		—	$	—			—		$	38,877		1,564
Core Equity ETF
	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2023
	$	622,560		24,280	$	—		—	$	(56,282	)		(2,200	)	$	566,278		22,080
Year ended May 31, 2023
	$	698,131		30,700	$	—		—	$	(21,233	)		(920	)	$	676,898		29,780
Dividend Value ETF
	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2023
	$	2,644,213		98,140	$	—		—	$	(319,153	)		(11,840	)	$	2,325,060		86,300
Year ended May 31, 2023
	$	1,822,959		77,100	$	—		—	$	(75,567	)		(3,040	)	$	1,747,392		74,060
Dividend Growers ETF
	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
For the period September 26, 2023*, through November 30, 2023
	$	70,637		2,844	$	—		—	$	—			—		$	70,637		2,844

* Commencement of operations.

Capital Group equity exchange-traded funds 41

9. Investment transactions and other disclosures

The following table presents purchases and sales of investments, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, during the six months ended November 30, 2023 (dollars in thousands):

Fund	Purchases		Sales
Growth ETF	$	565,300	$	302,680
Global Growth Equity ETF		569,365		397,331
International Focus Equity ETF		499,117		287,546
International Equity ETF		2,065		943
Core Equity ETF		249,253		159,929
Dividend Value ETF		965,992		487,891
Dividend Growers ETF		4,758		1,413

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, 2023 (dollars in thousands):

Fund	In-kind creations		In-kind redemptions
Growth ETF	$	951,154	$	199,108
Global Growth Equity ETF		474,131		148,482
International Focus Equity ETF		304,344		80,932
International Equity ETF		34,092		—
Core Equity ETF		521,699		56,290
Dividend Value ETF		2,064,756		315,528
Dividend Growers ETF		63,591		—

The following table presents additional information for each fund for the six months ended November 30, 2023 (dollars in thousands):

Fund	Non-U.S. taxes paid on dividend income		Non-U.S. taxes paid on realized gains		Non-U.S. taxes provided on unrealized appreciation
Growth ETF	$	286	$	—	$	—
Global Growth Equity ETF		634		85		—
International Focus Equity ETF		924		554		1,726
International Equity ETF		5		—		—
Core Equity ETF		110		—		—
Dividend Value ETF		192		—		—
Dividend Growers ETF		9		—		—

42 Capital Group equity exchange-traded funds

Financial highlights

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets2			Ratio of net income to average net assets
Growth ETF
11/30/20233,4	$	23.39	$	.07	$	3.15		$	3.22		$	(.05	)	$	—	$	(.05	)	$	26.56		13.79	%5	$	3,410		.39	%6		.56	%6
5/31/2023		22.28		.13		1.05			1.18			(.07	)		—		(.07	)		23.39		5.33			2,064		.39			.62
5/31/20223,7		24.40		.03		(2.15	)		(2.12	)		—			—		—			22.28		(8.69	)5		285		.10	5		.13	5
Global Growth Equity ETF
11/30/20233,4	$	23.22	$	.09	$	1.37		$	1.46		$	(.11	)	$	—	$	(.11	)	$	24.57		6.31	%5	$	2,262		.47	%6		.79	%6
5/31/2023		21.67		.28		1.39			1.67			(.12	)		—		(.12	)		23.22		7.80			1,622		.47			1.27
5/31/20223,7		24.47		.08		(2.88	)		(2.80	)		—			—		—			21.67		(11.44	)5		220		.13	5		.38	5
International Focus Equity ETF
11/30/20233,4	$	22.45	$	.13	$	.27		$	.40		$	(.14	)	$	—	$	(.14	)	$	22.71		1.82	%5	$	1,756		.54	%6		1.12	%6
5/31/2023		22.82		.38		(.55	)		(.17	)		(.20	)		—		(.20	)		22.45		(.68	)		1,298		.54			1.74
5/31/20223,7		24.51		.24		(1.93	)		(1.69	)		—			—		—			22.82		(6.90	)5		188		.14	5		1.07	5
International Equity ETF
11/30/20233,4,8	$	24.82	$	.06	$	1.51		$	1.57		$	—		$	—	$	—		$	26.39		6.33	%5	$	41		.10	%5		.23	%5
Core Equity ETF
11/30/20233,4	$	24.33	$	.19	$	2.60		$	2.79		$	(.17	)	$	—	$	(.17	)	$	26.95		11.49	%5	$	1,584		.33	%6		1.51	%6
5/31/2023		23.72		.39		.52			.91			(.30	)		—		(.30	)		24.33		3.96			893		.33			1.70
5/31/20223,7		24.63		.08		(.96	)		(.88	)		(.03	)		—		(.03	)		23.72		(3.59	)5		164		.09	5		.34	5
Dividend Value ETF
11/30/20233,4	$	25.39	$	.27	$	2.62		$	2.89		$	(.24	)	$	—	$	(.24	)	$	28.04		11.37	%5	$	4,841		.33	%6		1.98	%6
5/31/2023		24.57		.52		.68			1.20			(.38	)		—		(.38	)		25.39		5.12			2,192		.33			2.16
5/31/20223,7		24.71		.10		(.21	)		(.11	)		(.03	)		—		(.03	)		24.57		(.46	)5		301		.09	5		.41	5
Dividend Growers ETF
11/30/20233,4,8	$	24.76	$	.13	$	1.13		$	1.26		$	—		$	—	$	—		$	26.02		5.09	%5	$	74		.08	%5		.52	%5

Portfolio turnover rate9	Six months ended November 30, 20233,4,5			Year ended May 31, 2023			Period ended May 31, 20223,5,7
Growth ETF		12	%		33	%		9	%
Global Growth Equity ETF		21			39			17
International Focus Equity ETF		20			43			21
International Equity ETF		3	8		—			—
Core Equity ETF		14			34			8
Dividend Value ETF		15			30			3
Dividend Growers ETF		3	8		—			—

1	Based on average shares outstanding.
2	Ratios do not include expenses of any Central Funds. Each fund indirectly bears its proportionate share of the expenses of any Central Funds.
3	Based on operations for a period that is less than a full year.
4	Unaudited.
5	Not annualized.
6	Annualized.
7	For the period February 22, 2022, commencement of operations, through May 31, 2022.
8	For the period September 26, 2023, commencement of operations, through November 30, 2023.
9	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 43

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, 2023, through November 30, 2023).

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.

44 Capital Group equity exchange-traded funds

Expense example (continued)

	Beginning account value 6/1/2023		Ending account value 11/30/2023		Expenses paid during period			Annualized expense ratio
Growth ETF
Actual return	$	1,000.00	$	1,137.90	$	2.09	*		.39	%
Assumed 5% return		1,000.00		1,023.11		1.98	*		.39
Global Growth Equity ETF
Actual return	$	1,000.00	$	1,063.10	$	2.43	*		.47	%
Assumed 5% return		1,000.00		1,022.71		2.38	*		.47
International Focus Equity ETF
Actual return	$	1,000.00	$	1,018.20	$	2.73	*		.54	%
Assumed 5% return		1,000.00		1,022.36		2.74	*		.54
International Equity ETF
Actual return	$	1,000.00	$	1,063.30	$	.99	†		.54	%†
Assumed 5% return		1,000.00		1,022.36		2.74	†		.54	†
Core Equity ETF
Actual return	$	1,000.00	$	1,114.90	$	1.75	*		.33	%
Assumed 5% return		1,000.00		1,023.41		1.67	*		.33
Dividend Value ETF
Actual return	$	1,000.00	$	1,113.70	$	1.75	*		.33	%
Assumed 5% return		1,000.00		1,023.41		1.67	*		.33
Dividend Growers ETF
Actual return	$	1,000.00	$	1,050.90	$	.86	†		.47	%†
Assumed 5% return		1,000.00		1,022.71		2.38	†		.47	†

*	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).
†	The period for the “annualized expense ratio” and “actual return” line is based on the number of days from September 26, 2023, commencement of operations, through November 30, 2023, and accordingly, is not representative of a full period. The “assumed 5% return” line is based on 183 days.

Capital Group equity exchange-traded funds 45

Approval of Investment Advisory and Service Agreement

The boards of Capital Group International Equity ETF and Capital Group Dividend Growers ETF (the “board”), including a majority of its independent board members, have approved each fund’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an initial term through July 31, 2024. The board determined in the exercise of its business judgment that each fund’s contractual fee rate was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board took into account information prepared specifically in connection with their review of the agreement and information otherwise provided in the meeting material, as well as information previously provided to them in their capacity as board members of other investment companies managed by CRMC, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets will be managed, including liquidity management),financial, investment operations, compliance, trading, proxy voting, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board also considered the nature, extent and quality of administrative services to be provided by CRMC to each fund under the agreement and other agreements. The board considered the risks assumed by CRMC in providing services to each fund, including operational, business, financial, reputational, regulatory and litigation risks. The board concluded that the nature, extent and quality of the services to be provided by CRMC should benefit each fund and its shareholders.

2. Investment results

The board considered the manner in which CRMC proposed to manage each fund in light of its objective and strategy. They also considered the proposed investment policies and restrictions on each fund, and CRMC’s experience in managing similar strategies. On the basis of this evaluation and the board’s plan to undertake ongoing review of investment operations and results, the board concluded that CRMC’s management should benefit each fund and its shareholders. This report, including the letter to shareholders and related disclosures, contains certain information about each fund’s investment results and related benchmarks.

3. Advisory fees and total expenses

The board reviewed the proposed unitary fee structure and considered that CRMC would be, with certain exceptions, responsible for the operating expenses of each fund. The board considered the contractual fee rate that will be paid by each fund to CRMC and compared the estimated expense ratio of each fund to the expense ratios of other relevant funds. The board concluded that the proposed contractual fee rate was fair and reasonable in relation to the services that CRMC proposed to provide, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders would likely receive reasonable value in return for the fees paid to CRMC by each fund.

46 Capital Group equity exchange-traded funds

4. Ancillary benefits

The board considered a variety of other benefits that CRMC and its affiliates could receive as a result of CRMC’s proposed relationship with each fund and other funds it sponsors, including fees for administrative services and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board considered CRMC’s portfolio trading practices, noting that, since 2019, CRMC has borne the cost of third-party research. The board also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements, with all such amounts reimbursed to each fund by CRMC. The board took these ancillary benefits into account in evaluating the reasonableness of the fees payable to CRMC by each fund under the agreement.

5. Adviser financial information

The board considered CRMC’s commitment to providing to each fund the necessary resources, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. The board noted the competitiveness and cyclicality of both the registered fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. The board further considered that shareholders would benefit from the unitary fee structure because expenses would be limited even when each fund was new and not achieving economies of scale. The board also considered the fact that increases in assets would not lead to fee decreases, even if economies of scale are achieved, because the unitary fee structure does not contain breakpoints, and that they would have the opportunity to further review the appropriateness of the fees payable to CRMC under the agreement experienced in the future. The board concluded that each fund’s proposed contractual fee rate reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.

Capital Group equity exchange-traded funds 47

This page was intentionally left blank.

48 Capital Group equity exchange-traded funds

This page was intentionally left blank.

Capital Group equity exchange-traded funds 49

This page was intentionally left blank.

50 Capital Group equity exchange-traded funds

This page was intentionally left blank.

Capital Group equity exchange-traded funds 51

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

52 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 refer to 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, Capital Group International Equity ETF, Capital Group Dividend Growers 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.

This report is for the information of shareholders of Capital Group equity ETFs, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the funds. If used as sales material after March 31, 2024, this report must be accompanied by an Capital Group ETFs statistical update for the most recently completed calendar quarter.

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.

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. 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 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 EAFE^® (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index that is designed to measure developed equity market results, excluding the United States and Canada. Results reflect dividends net of withholding taxes. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.

American Funds Distributors, Inc.

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.

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 and 906 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 GROWTH ETF

By __/s/ Walter R. Burkley_________________

Walter R. Burkley,

Principal Executive Officer

Date: January 31, 2024

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

By __/s/ Walter R. Burkley__________

Walter R. Burkley,

Principal Executive Officer

Date: January 31, 2024

By ___/s/ Troy S. Tanner    __________

Troy S. Tanner, Treasurer and

Principal Financial Officer

Date: January 31, 2024