Capital Group Growth ETF
Investment portfolio
February 29, 2024
unaudited
| Common stocks 98.68% Information technology 22.17% | Shares | Value (000) | |
| Microsoft Corp. | 693,241 | $286,752 | |
| Broadcom, Inc. | 105,282 | 136,918 | |
| NVIDIA Corp. | 111,074 | 87,873 | |
| Salesforce, Inc.1 | 273,969 | 84,607 | |
| Shopify, Inc., Class A, subordinate voting shares1 | 785,925 | 60,021 | |
| ASML Holding NV (ADR) | 33,698 | 32,070 | |
| ASML Holding NV | 26,144 | 24,597 | |
| Cloudflare, Inc., Class A1 | 504,051 | 49,669 | |
| Synopsys, Inc.1 | 65,792 | 37,747 | |
| Apple, Inc. | 195,687 | 35,370 | |
| MicroStrategy, Inc., Class A1 | 34,114 | 34,893 | |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 269,409 | 34,665 | |
| Intuit, Inc. | 43,071 | 28,551 | |
| Motorola Solutions, Inc. | 80,646 | 26,645 | |
| Applied Materials, Inc. | 118,591 | 23,910 | |
| Micron Technology, Inc. | 257,134 | 23,299 | |
| ServiceNow, Inc.1 | 28,561 | 22,030 | |
| Constellation Software, Inc. | 6,083 | 16,936 | |
| Trimble, Inc.1 | 254,710 | 15,586 | |
| Intel Corp. | 250,354 | 10,778 | |
| DocuSign, Inc.1 | 165,310 | 8,806 | |
| 1,081,723 | |||
| Communication services 18.84% | |||
| Meta Platforms, Inc., Class A | 938,420 | 459,948 | |
| Netflix, Inc.1 | 376,233 | 226,838 | |
| Alphabet, Inc., Class C1 | 699,010 | 97,707 | |
| Alphabet, Inc., Class A1 | 496,438 | 68,737 | |
| Snap, Inc., Class A, nonvoting shares1 | 1,821,747 | 20,076 | |
| Charter Communications, Inc., Class A1 | 59,854 | 17,593 | |
| Frontier Communications Parent, Inc.1 | 424,143 | 10,044 | |
| Take-Two Interactive Software, Inc.1 | 66,355 | 9,749 | |
| Pinterest, Inc., Class A1 | 230,999 | 8,478 | |
| 919,170 | |||
| Consumer discretionary 13.87% | |||
| Tesla, Inc.1 | 895,918 | 180,868 | |
| Amazon.com, Inc.1 | 428,272 | 75,701 | |
| Home Depot, Inc. | 154,635 | 58,856 | |
| DoorDash, Inc., Class A1 | 380,600 | 47,411 | |
| Chipotle Mexican Grill, Inc.1 | 16,524 | 44,429 | |
| Royal Caribbean Cruises, Ltd.1 | 296,107 | 36,525 | |
| Airbnb, Inc., Class A1 | 231,320 | 36,426 | |
| Tractor Supply Co. | 126,605 | 32,198 | |
| Hermès International | 10,601 | 26,501 | |
| D.R. Horton, Inc. | 163,216 | 24,391 | |
Capital Group Growth ETF — Page 1 of 6
unaudited
| Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
| Floor & Decor Holdings, Inc., Class A1 | 141,566 | $17,146 | |
| LVMH Moët Hennessy-Louis Vuitton SE | 18,601 | 16,944 | |
| Norwegian Cruise Line Holdings, Ltd.1 | 759,663 | 14,730 | |
| Amadeus IT Group SA, Class A, non-registered shares | 219,115 | 12,878 | |
| Aramark | 413,499 | 12,541 | |
| NIKE, Inc., Class B | 117,661 | 12,229 | |
| Darden Restaurants, Inc. | 51,359 | 8,768 | |
| Burlington Stores, Inc.1 | 34,180 | 7,010 | |
| Etsy, Inc.1 | 87,846 | 6,298 | |
| VF Corp. | 282,162 | 4,611 | |
| 676,461 | |||
| Health care 13.70% | |||
| Regeneron Pharmaceuticals, Inc.1 | 128,209 | 123,861 | |
| Intuitive Surgical, Inc.1 | 264,895 | 102,143 | |
| UnitedHealth Group, Inc. | 145,934 | 72,033 | |
| Vertex Pharmaceuticals, Inc.1 | 170,818 | 71,870 | |
| Eli Lilly and Co. | 84,613 | 63,771 | |
| Thermo Fisher Scientific, Inc. | 90,004 | 51,318 | |
| Centene Corp.1 | 366,818 | 28,770 | |
| Alnylam Pharmaceuticals, Inc.1 | 119,641 | 18,077 | |
| DexCom, Inc.1 | 140,548 | 16,173 | |
| Moderna, Inc.1 | 170,792 | 15,754 | |
| Mettler-Toledo International, Inc.1 | 10,440 | 13,021 | |
| Novo Nordisk AS, Class B | 103,736 | 12,330 | |
| Molina Healthcare, Inc.1 | 29,434 | 11,594 | |
| Danaher Corp. | 39,960 | 10,115 | |
| AstraZeneca PLC | 76,735 | 9,670 | |
| Zoetis, Inc., Class A | 48,503 | 9,620 | |
| Sarepta Therapeutics, Inc.1 | 74,080 | 9,475 | |
| Ascendis Pharma AS (ADR)1 | 60,748 | 8,976 | |
| Edwards Lifesciences Corp.1 | 102,308 | 8,683 | |
| R1 RCM, Inc.1 | 457,807 | 6,432 | |
| Guardant Health, Inc.1 | 241,767 | 4,594 | |
| 668,280 | |||
| Industrials 11.60% | |||
| TransDigm Group, Inc. | 68,448 | 80,614 | |
| Uber Technologies, Inc.1 | 988,432 | 78,580 | |
| Carrier Global Corp. | 786,886 | 43,735 | |
| Jacobs Solutions, Inc. | 240,872 | 35,324 | |
| Caterpillar, Inc. | 99,116 | 33,101 | |
| United Rentals, Inc. | 40,609 | 28,153 | |
| Ryanair Holdings PLC (ADR) | 195,508 | 27,029 | |
| Airbus SE, non-registered shares | 152,472 | 25,203 | |
| Equifax, Inc. | 81,350 | 22,257 | |
| Old Dominion Freight Line, Inc. | 42,821 | 18,947 | |
| MTU Aero Engines AG | 77,185 | 18,545 | |
| General Electric Co. | 105,787 | 16,597 | |
| Quanta Services, Inc. | 66,637 | 16,093 | |
| Dayforce, Inc.1 | 228,587 | 15,946 | |
| Southwest Airlines Co. | 458,075 | 15,698 | |
| Genpact, Ltd. | 421,879 | 14,344 | |
| Ingersoll-Rand, Inc. | 151,189 | 13,808 | |
| Axon Enterprise, Inc.1 | 41,053 | 12,618 | |
Capital Group Growth ETF — Page 2 of 6
unaudited
| Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
| Robert Half, Inc. | 120,687 | $9,703 | |
| Northrop Grumman Corp. | 20,760 | 9,571 | |
| Core & Main, Inc., Class A1 | 198,957 | 9,496 | |
| United Airlines Holdings, Inc.1 | 199,532 | 9,077 | |
| Saia, Inc.1 | 10,458 | 6,018 | |
| Dun & Bradstreet Holdings, Inc. | 541,062 | 5,703 | |
| 566,160 | |||
| Financials 7.59% | |||
| Visa, Inc., Class A | 382,508 | 108,112 | |
| Bank of America Corp. | 1,271,808 | 43,903 | |
| Fiserv, Inc.1 | 277,563 | 41,432 | |
| Mastercard, Inc., Class A | 85,010 | 40,359 | |
| KKR & Co., Inc. | 253,208 | 24,880 | |
| Apollo Asset Management, Inc. | 185,123 | 20,697 | |
| Block, Inc., Class A1 | 241,945 | 19,227 | |
| Toast, Inc., Class A1 | 654,547 | 15,055 | |
| Capital One Financial Corp. | 108,984 | 14,997 | |
| MSCI, Inc. | 22,074 | 12,383 | |
| Affirm Holdings, Inc., Class A1 | 272,241 | 10,214 | |
| Blue Owl Capital, Inc., Class A | 567,351 | 10,190 | |
| Progressive Corp. | 45,451 | 8,616 | |
| 370,065 | |||
| Energy 4.17% | |||
| Halliburton Co. | 1,439,550 | 50,485 | |
| Canadian Natural Resources, Ltd. (CAD denominated) | 693,721 | 48,325 | |
| EOG Resources, Inc. | 297,717 | 34,077 | |
| Schlumberger NV | 674,557 | 32,601 | |
| Tourmaline Oil Corp. | 384,431 | 17,398 | |
| EQT Corp. | 363,700 | 13,512 | |
| ConocoPhillips | 62,395 | 7,022 | |
| 203,420 | |||
| Consumer staples 3.90% | |||
| Dollar Tree Stores, Inc.1 | 290,146 | 42,559 | |
| Performance Food Group Co.1 | 486,375 | 37,339 | |
| Dollar General Corp. | 215,539 | 31,320 | |
| Target Corp. | 204,065 | 31,206 | |
| Costco Wholesale Corp. | 40,367 | 30,028 | |
| Kroger Co. | 355,623 | 17,642 | |
| 190,094 | |||
| Materials 1.67% | |||
| Wheaton Precious Metals Corp. | 492,617 | 20,291 | |
| Grupo México, SAB de CV, Series B | 3,488,523 | 16,935 | |
| Linde PLC | 37,149 | 16,673 | |
| ATI, Inc.1 | 286,403 | 14,086 | |
| Olin Corp. | 125,951 | 6,776 | |
| Albemarle Corp. | 49,047 | 6,761 | |
| 81,522 | |||
Capital Group Growth ETF — Page 3 of 6
unaudited
| Common stocks (continued) Utilities 0.73% | Shares | Value (000) | |
| PG&E Corp. | 1,373,440 | $22,923 | |
| Constellation Energy Corp. | 75,480 | 12,714 | |
| 35,637 | |||
| Real estate 0.44% | |||
| Zillow Group, Inc., Class C, nonvoting shares1 | 386,140 | 21,682 | |
| Total common stocks (cost: $3,683,607,000) | 4,814,214 | ||
| Rights & warrants 0.00% Information technology 0.00% | |||
| Constellation Software, Inc., warrants, expire 3/31/20402 | 4,185 | —3 | |
| Total rights & warrants (cost: $0) | —3 | ||
| Short-term securities 0.73% Money market investments 0.73% | |||
| Capital Group Central Cash Fund 5.41%4,5 | 353,982 | 35,398 | |
| Total short-term securities (cost: $35,401,000) | 35,398 | ||
| Total investment securities 99.41% (cost: $3,719,008,000) | 4,849,612 | ||
| Other assets less liabilities 0.59% | 28,869 | ||
| Net assets 100.00% | $4,878,481 | ||
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 2/29/2024 (000) | Dividend or interest income (000) | |
| Short-term securities 0.73% | |||||||
| Money market investments 0.73% | |||||||
| Capital Group Central Cash Fund 5.41%4 | $40,029 | $473,479 | $478,109 | $4 | $(5) | $35,398 | $1,881 |
| 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 February 29, 2024. |
| 5 | Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended. |
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share 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 the 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 fund’s investment adviser uses the following methods and inputs to establish the fair value of the 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.
Capital Group Growth ETF — Page 4 of 6
unaudited
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 fund is 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 fund’s 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 fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has designated the fund’s 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. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
Capital Group Growth ETF — Page 5 of 6
unaudited
Classifications — The fund’s investment adviser classifies the 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 table presents the fund’s valuation levels as of February 29, 2024 (dollars in thousands):
| Investment securities | |||||||
| Level 1 | Level 2 | Level 3 | Total | ||||
| Assets: | |||||||
| Common stocks: | |||||||
| Information technology | $1,081,723 | $— | $— | $1,081,723 | |||
| Communication services | 919,170 | — | — | 919,170 | |||
| Consumer discretionary | 676,461 | — | — | 676,461 | |||
| Health care | 668,280 | — | — | 668,280 | |||
| Industrials | 566,160 | — | — | 566,160 | |||
| Financials | 370,065 | — | — | 370,065 | |||
| Energy | 203,420 | — | — | 203,420 | |||
| Consumer staples | 190,094 | — | — | 190,094 | |||
| Materials | 81,522 | — | — | 81,522 | |||
| Utilities | 35,637 | — | — | 35,637 | |||
| Real estate | 21,682 | — | — | 21,682 | |||
| Rights & warrants | — | — | —* | —* | |||
| Short-term securities | 35,398 | — | — | 35,398 | |||
| Total | $4,849,612 | $— | $—* | $4,849,612 | |||
| * | Amount less than one thousand. |
| Key to abbreviation(s) |
| ADR = American Depositary Receipts |
| CAD = Canadian dollars |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
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 American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2024 Capital Group. All rights reserved.
| ETGEFP3-302-0424O-S96501 | Capital Group Growth ETF — Page 6 of 6 |