Capital Group Growth ETF
Investment portfolio
August 31, 2024unaudited
Common stocks 98.20% Information technology 23.42% | Shares | Value (000) | |
Microsoft Corp. | 885,987 | $369,581 | |
Broadcom, Inc. | 1,275,275 | 207,640 | |
NVIDIA Corp. | 1,723,613 | 205,748 | |
Apple, Inc. | 720,291 | 164,947 | |
Salesforce, Inc. | 412,761 | 104,387 | |
Shopify, Inc., Class A, subordinate voting shares1 | 1,348,463 | 99,881 | |
Cloudflare, Inc., Class A1 | 858,758 | 70,538 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 393,217 | 67,515 | |
ASML Holding NV (ADR) | 41,695 | 37,687 | |
ASML Holding NV | 33,076 | 29,688 | |
MicroStrategy, Inc., Class A1 | 371,308 | 49,169 | |
Synopsys, Inc.1 | 90,136 | 46,833 | |
Constellation Software, Inc. | 12,185 | 39,789 | |
Motorola Solutions, Inc. | 86,613 | 38,286 | |
Applied Materials, Inc. | 169,906 | 33,516 | |
Adobe, Inc.1 | 52,964 | 30,423 | |
Micron Technology, Inc. | 310,119 | 29,846 | |
Dell Technologies, Inc., Class C | 160,842 | 18,584 | |
1,644,058 | |||
Communication services 19.50% | |||
Meta Platforms, Inc., Class A | 1,181,670 | 616,016 | |
Netflix, Inc.1 | 484,635 | 339,899 | |
Alphabet, Inc., Class C | 1,020,853 | 168,553 | |
Alphabet, Inc., Class A | 766,042 | 125,156 | |
Charter Communications, Inc., Class A1 | 168,793 | 58,662 | |
Frontier Communications Parent, Inc.1 | 901,592 | 25,966 | |
Snap, Inc., Class A, nonvoting shares1 | 2,486,049 | 23,220 | |
Pinterest, Inc., Class A1 | 372,381 | 11,931 | |
1,369,403 | |||
Health care 15.36% | |||
Regeneron Pharmaceuticals, Inc.1 | 145,581 | 172,468 | |
Intuitive Surgical, Inc.1 | 348,385 | 171,625 | |
UnitedHealth Group, Inc. | 220,069 | 129,885 | |
Vertex Pharmaceuticals, Inc.1 | 225,650 | 111,898 | |
Eli Lilly and Co. | 112,285 | 107,796 | |
Alnylam Pharmaceuticals, Inc.1 | 333,839 | 87,696 | |
Thermo Fisher Scientific, Inc. | 89,077 | 54,789 | |
HCA Healthcare, Inc. | 104,129 | 41,192 | |
Boston Scientific Corp.1 | 479,814 | 39,244 | |
Abbott Laboratories | 241,416 | 27,345 | |
Danaher Corp. | 99,257 | 26,731 | |
Novo Nordisk AS, Class B | 186,029 | 25,861 | |
Mettler-Toledo International, Inc.1 | 14,329 | 20,621 | |
Molina Healthcare, Inc.1 | 54,382 | 19,022 | |
Capital Group Growth ETF — Page 1 of 6
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
Moderna, Inc.1 | 230,007 | $17,802 | |
Sarepta Therapeutics, Inc.1 | 125,370 | 17,023 | |
NovoCure, Ltd.1 | 376,106 | 7,311 | |
1,078,309 | |||
Consumer discretionary 12.26% | |||
Tesla, Inc.1 | 1,244,098 | 266,374 | |
Amazon.com, Inc.1 | 622,743 | 111,160 | |
Royal Caribbean Cruises, Ltd.1 | 411,597 | 67,757 | |
DoorDash, Inc., Class A1 | 524,122 | 67,460 | |
Home Depot, Inc. | 127,613 | 47,025 | |
D.R. Horton, Inc. | 204,777 | 38,654 | |
Tractor Supply Co. | 140,371 | 37,556 | |
Chipotle Mexican Grill, Inc.1 | 612,383 | 34,342 | |
Airbnb, Inc., Class A1 | 291,318 | 34,174 | |
Hermès International | 14,020 | 33,615 | |
Amadeus IT Group SA, Class A, non-registered shares | 447,372 | 30,136 | |
Aramark | 779,713 | 28,561 | |
Norwegian Cruise Line Holdings, Ltd.1 | 1,223,940 | 21,896 | |
Evolution AB | 210,106 | 21,823 | |
Floor & Decor Holdings, Inc., Class A1 | 179,765 | 20,213 | |
860,746 | |||
Industrials 12.02% | |||
TransDigm Group, Inc. | 75,319 | 103,429 | |
General Electric Co. | 458,297 | 80,028 | |
Carrier Global Corp. | 1,089,490 | 79,293 | |
Uber Technologies, Inc.1 | 1,045,852 | 76,483 | |
Jacobs Solutions, Inc. | 317,285 | 47,872 | |
Equifax, Inc. | 149,105 | 45,795 | |
Ingersoll-Rand, Inc. | 485,840 | 44,430 | |
Caterpillar, Inc. | 108,481 | 38,630 | |
United Rentals, Inc. | 49,261 | 36,515 | |
Ryanair Holdings PLC (ADR) | 320,409 | 35,713 | |
Quanta Services, Inc. | 118,976 | 32,734 | |
MTU Aero Engines AG | 106,612 | 31,819 | |
Eaton Corp. PLC | 98,043 | 30,092 | |
Airbus SE, non-registered shares | 186,677 | 28,646 | |
Genpact, Ltd. | 659,922 | 25,889 | |
FTAI Aviation, Ltd. | 186,225 | 23,801 | |
Dayforce, Inc.1 | 405,495 | 23,182 | |
United Airlines Holdings, Inc.1 | 473,856 | 20,869 | |
Old Dominion Freight Line, Inc. | 103,410 | 19,937 | |
Boeing Co.1 | 109,288 | 18,988 | |
844,145 | |||
Financials 7.43% | |||
Visa, Inc., Class A | 562,194 | 155,373 | |
Bank of America Corp. | 1,789,031 | 72,903 | |
Fiserv, Inc.1 | 389,112 | 67,939 | |
Mastercard, Inc., Class A | 134,499 | 65,009 | |
KKR & Co., Inc. | 430,659 | 53,303 | |
Apollo Asset Management, Inc. | 310,801 | 35,969 | |
Toast, Inc., Class A1 | 1,111,692 | 27,637 | |
Capital Group Growth ETF — Page 2 of 6
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
Blackstone, Inc. | 169,123 | $24,076 | |
Block, Inc., Class A1 | 293,533 | 19,397 | |
521,606 | |||
Energy 3.55% | |||
Halliburton Co. | 2,097,526 | 65,212 | |
Schlumberger NV | 1,183,736 | 52,073 | |
Canadian Natural Resources, Ltd. (CAD denominated) | 1,350,995 | 48,901 | |
EOG Resources, Inc. | 305,160 | 39,311 | |
Cenovus Energy, Inc. | 1,210,484 | 22,446 | |
Tourmaline Oil Corp. | 467,750 | 21,318 | |
249,261 | |||
Consumer staples 2.24% | |||
Performance Food Group Co.1 | 669,411 | 49,965 | |
Costco Wholesale Corp. | 51,141 | 45,637 | |
Target Corp. | 202,343 | 31,084 | |
Dollar General Corp. | 366,270 | 30,389 | |
157,075 | |||
Materials 1.26% | |||
Wheaton Precious Metals Corp. | 594,123 | 36,723 | |
ATI, Inc.1 | 467,941 | 29,892 | |
Grupo México, SAB de CV, Series B | 4,296,054 | 21,984 | |
88,599 | |||
Utilities 1.16% | |||
Constellation Energy Corp. | 215,786 | 42,445 | |
PG&E Corp. | 1,994,432 | 39,290 | |
81,735 | |||
Total common stocks (cost: $5,442,510,000) | 6,894,937 | ||
Rights & warrants 0.00% Information technology 0.00% | |||
Constellation Software, Inc., warrants, expire 3/31/20401,2 | 4,185 | — 3 | |
Total rights & warrants (cost: $0) | — 3 | ||
Short-term securities 1.35% Money market investments 1.35% | |||
Capital Group Central Cash Fund 5.30%4,5 | 943,653 | 94,394 | |
Total short-term securities (cost: $94,371,000) | 94,394 | ||
Total investment securities 99.55% (cost: $5,536,881,000) | 6,989,331 | ||
Other assets less liabilities 0.45% | 31,917 | ||
Net assets 100.00% | $7,021,248 | ||
Capital Group Growth ETF — Page 3 of 6
unaudited
Investments in affiliates5
Value at 6/1/2024 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 8/31/2024 (000) | Dividend or interest income (000) | |
Short-term securities 1.34% | |||||||
Money market investments 1.34% | |||||||
Capital Group Central Cash Fund 5.30%4 | $114,011 | $220,120 | $239,753 | $12 | $4 | $94,394 | $935 |
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 8/31/2024. |
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.
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.
Capital Group Growth ETF — Page 4 of 6
unaudited
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.
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 August 31, 2024 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Information technology | $1,644,058 | $— | $— | $1,644,058 |
Communication services | 1,369,403 | — | — | 1,369,403 |
Health care | 1,078,309 | — | — | 1,078,309 |
Consumer discretionary | 860,746 | — | — | 860,746 |
Industrials | 844,145 | — | — | 844,145 |
Financials | 521,606 | — | — | 521,606 |
Energy | 249,261 | — | — | 249,261 |
Consumer staples | 157,075 | — | — | 157,075 |
Materials | 88,599 | — | — | 88,599 |
Utilities | 81,735 | — | — | 81,735 |
Rights & warrants | — | — | — * | — * |
Short-term securities | 94,394 | — | — | 94,394 |
Total | $6,989,331 | $— | $— * | $6,989,331 |
* | Amount less than one thousand. |
Key to abbreviation(s) |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
Capital Group Growth ETF — Page 5 of 6
unaudited
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.
Capital Client Group, Inc., member FINRA.
© 2024 Capital Group. All rights reserved.
ETGEFP1-302-1024
Capital Group Growth ETF — Page 6 of 6