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: 811-23738
Capital Group Fixed Income ETF Trust
(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: December 31
Date of reporting period: June 30, 2023
Troy S. Tanner
Capital Group Fixed Income ETF Trust
6455 Irvine Center Drive
Irvine, California 92618
(Name and Address of Agent for Service)
ITEM 1 – Reports to Stockholders
Capital Group Fixed Income ETF Trust
Semi-annual report
|
Fixed income
for a variety of
investor goals
The funds within Capital Group Fixed Income ETF Trust seek to 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. For current information and month-end results, refer to capitalgroup.com. 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 for periods ended June 30, 2023 (the most recent calendar quarter-end):
Fund inception date | 6 months | 1 year | Since fund inception | Expense ratio* | ||||||||||||||||
Capital Group Core Plus Income ETF | 2/22/22 | 0.34 | % | |||||||||||||||||
Net asset value | 2.26 | % | 0.02 | % | –5.64 | % | ||||||||||||||
Market price | 2.17 | –0.24 | –5.55 | |||||||||||||||||
Bloomberg U.S. Aggregate Index | 2.09 | –0.94 | –5.78 | |||||||||||||||||
Capital Group Municipal Income ETF | 10/25/22 | 0.27 | ||||||||||||||||||
Net asset value | 2.72 | — | 7.77 | |||||||||||||||||
Market price | 2.63 | — | 8.01 | |||||||||||||||||
85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Index | 2.09 | — | 6.07 | |||||||||||||||||
Capital Group U.S. Multi-Sector Income ETF | 10/25/22 | 0.39 | ||||||||||||||||||
Net asset value | 4.14 | — | 7.92 | |||||||||||||||||
Market price | 4.21 | — | 8.20 | |||||||||||||||||
Bloomberg U.S. Aggregate Index | 2.09 | — | 5.76 | |||||||||||||||||
Bloomberg Custom Multi-Sector Composite Index | 3.59 | — | 6.82 | |||||||||||||||||
Capital Group Short Duration Income ETF | 10/25/22 | 0.25 | ||||||||||||||||||
Net asset value | 1.15 | — | 2.90 | |||||||||||||||||
Market price | 1.07 | — | 3.10 | |||||||||||||||||
Bloomberg U.S. Government/Credit (1-3 years) Index | 1.13 | — | 2.19 |
Capital Group exchange-traded funds (ETFs) are actively managed and do not seek to replicate a specific index. ETFs are bought and sold through an exchange at the then current market price, not net asset value (NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV when traded on an exchange. Brokerage commissions will reduce returns. There can be no guarantee that an active market for ETFs will develop or be maintained, or that the ETF’s listing will continue or remain unchanged.
ETF market price returns since inception are calculated using NAV for the period until market price became available (generally a few days after inception).
Since inception returns are cumulative for ETFs with less than one year of history and average annual for ETFs with more than one year of history.
As nondiversified funds, Capital Group ETFs have the ability to invest a larger percentage of assets in securities of individual issuers than a diversified fund. As a result, a single issuer could adversely affect a fund’s results more than if the fund invested a smaller percentage of assets in securities of that issuer. Refer to the applicable prospectus for details.
* | The total annual fund operating expense ratios were as of each fund’s prospectus dated March 1, 2023. 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 included in the Capital Group Fixed Income ETF Trust for the period ended June 30, 2023, are shown in the inside front cover, as well as results of each fund’s benchmark.
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. 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
2 | Fund’s 30-day yields |
3 | Investment portfolio |
56 | Financial statements |
59 | Notes to financial statements |
76 | Financial highlights |
Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. 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.
Bloomberg 1-3 Year U.S. Government/Credit Index is a market-value weighted index that tracks the total return results of fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements, with maturities of one to three years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Bloomberg Custom Multi-Sector Composite Index comprises 50% Bloomberg U.S. High Yield Index 2% Issuer Cap, 30% Bloomberg U.S. Corporate Investment Grade Index, 16% Bloomberg CMBS ex AAA Index, 4% Bloomberg ABS ex AAA Index and blends the respective indices by weighting their cumulative total returns according to the weights described. The blend is rebalanced monthly. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. Bloomberg CMBS ex AAA Index represents the universe of U.S. commercial mortgage-backed securities, excluding issuers with credit ratings of AAA, the highest credit quality rating. Bloomberg ABS ex AAA Index represents the universe of U.S. asset-backed securities, excluding issuers with credit ratings of AAA, the highest credit quality rating. The indexes are unmanaged, and results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
85%/15% Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index/Bloomberg 1-15 Year Blend (1-17) High Yield Municipal Bond Index blends the Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index with the Bloomberg 1-15 Year Blend (1-17) High Yield Municipal Bond Index by weighting their cumulative total returns at 85% and 15%, respectively. The blend is rebalanced monthly. Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 17 years. Bloomberg 1-15 Year Blend (1-17) High Yield Municipal Bond Index consists of a broad selection of below-investment-grade general obligation and revenue bonds of maturities ranging from one year to 17 years. The indexes are unmanaged, and results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Capital Group Fixed Income ETF Trust | 1 |
Below is a summary of each fund’s 30-day yield as of June 30, 2023. Each fund’s 30-day yield is calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The SEC yield reflects the rate at which each fund is earning income on its current portfolio of securities. Accordingly, the funds’ SEC yields may differ.
Fund inception date | 30 day SEC yield as of 6/30/22 | |||||||
Capital Group Core Plus Income ETF | 2/22/22 | 5.27 | % | |||||
Capital Group Municipal Income ETF | 10/25/22 | 3.54 | ||||||
Capital Group U.S. Multi-Sector Income ETF | 10/25/22 | 6.57 | ||||||
Capital Group Short Duration Income ETF | 10/25/22 | 5.01 |
Past results are not predictive of results in future periods.
2 | Capital Group Fixed Income ETF Trust |
Capital Group Core Plus Income ETF | unaudited |
Investment portfolio June 30, 2023 | |
Portfolio by type of security | Percent of net assets |
Portfolio quality summary* | Percent of net assets | |||
U.S. Treasury and agency† | 12.03 | % | ||
AAA/Aaa | 33.58 | |||
AA/Aa | 6.63 | |||
A/A | 11.54 | |||
BBB/Baa | 19.38 | |||
Below investment grade | 15.49 | |||
Short-term securities & other assets less liabilities | 1.35 |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. |
† | These securities are guaranteed by the full faith and credit of the U.S. government. |
Bonds, notes & other debt instruments 98.65% | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations 45.23% | ||||||||
Federal agency mortgage-backed obligations 31.72% | ||||||||
Fannie Mae Pool #FS0647 3.00% 2/1/20521 | USD | 4,156 | $ | 3,709 | ||||
Fannie Mae Pool #FS0893 3.00% 2/1/20521 | 837 | 738 | ||||||
Fannie Mae Pool #FS1030 3.00% 3/1/20521 | 928 | 819 | ||||||
Fannie Mae Pool #BV3117 3.00% 3/1/20521 | 761 | 672 | ||||||
Fannie Mae Pool #BV2954 3.00% 3/1/20521 | 743 | 655 | ||||||
Fannie Mae Pool #FS1405 3.00% 4/1/20521 | 793 | 699 | ||||||
Fannie Mae Pool #BU8933 3.00% 4/1/20521 | 765 | 675 | ||||||
Fannie Mae Pool #CB3361 3.00% 4/1/20521 | 746 | 658 | ||||||
Fannie Mae Pool #CB3586 3.00% 5/1/20521 | 2,748 | 2,423 | ||||||
Fannie Mae Pool #MA4919 5.50% 2/1/20531 | 1,673 | 1,666 | ||||||
Fannie Mae Pool #MA5010 5.50% 5/1/20531 | 285 | 284 | ||||||
Fannie Mae Pool #MA5072 5.50% 7/1/20531 | 2,142 | 2,133 | ||||||
Freddie Mac Pool #QC3826 3.00% 7/1/20511 | 989 | 873 | ||||||
Freddie Mac Pool #QD5662 3.00% 1/1/20521 | 989 | 873 | ||||||
Freddie Mac Pool #QD7819 3.00% 2/1/20521 | 861 | 759 | ||||||
Freddie Mac Pool #QD7918 3.00% 3/1/20521 | 871 | 769 | ||||||
Freddie Mac Pool #QD8673 3.00% 3/1/20521 | 822 | 725 | ||||||
Freddie Mac Pool #SD8206 3.00% 4/1/20521 | 917 | 808 | ||||||
Freddie Mac Pool #SD1156 3.00% 4/1/20521 | 899 | 793 | ||||||
Freddie Mac Pool #RA7130 3.00% 4/1/20521 | 849 | 749 | ||||||
Freddie Mac Pool #QE5301 3.50% 5/1/20521 | 713 | 651 | ||||||
Freddie Mac Pool #QE8663 3.50% 5/1/20521 | 561 | 511 | ||||||
Freddie Mac Pool #SD8214 3.50% 5/1/20521 | 100 | 91 | ||||||
Freddie Mac Pool #QE4383 4.00% 6/1/20521 | 793 | 747 | ||||||
Freddie Mac Pool #SD8342 5.50% 6/1/20531 | 2,312 | 2,303 | ||||||
Freddie Mac Pool #SD8331 5.50% 6/1/20531 | 4,124 | 4,107 | ||||||
Government National Mortgage Assn. 3.50% 7/1/20531 | 2,735 | 2,525 | ||||||
Government National Mortgage Assn. 3.50% 8/1/20531 | 2,700 | 2,495 | ||||||
Uniform Mortgage-Backed Security 2.00% 7/1/20531,2 | 24,010 | 19,586 | ||||||
Uniform Mortgage-Backed Security 2.50% 7/1/20531,2 | 21,270 | 18,040 | ||||||
Uniform Mortgage-Backed Security 3.00% 7/1/20531,2 | 8,904 | 7,838 |
Capital Group Fixed Income ETF Trust | 3 |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Uniform Mortgage-Backed Security 3.50% 7/1/20531,2 | USD | 26,955 | $ | 24,566 | ||||
Uniform Mortgage-Backed Security 4.00% 7/1/20531,2 | 32,291 | 30,307 | ||||||
Uniform Mortgage-Backed Security 4.50% 7/1/20531,2 | 57,184 | 54,981 | ||||||
Uniform Mortgage-Backed Security 5.00% 7/1/20531,2 | 41,062 | 40,238 | ||||||
Uniform Mortgage-Backed Security 5.50% 7/1/20531,2 | 5,524 | 5,498 | ||||||
Uniform Mortgage-Backed Security 6.00% 7/1/20531,2 | 10,730 | 10,826 | ||||||
Uniform Mortgage-Backed Security 2.50% 8/1/20531,2 | 22,400 | 19,026 | ||||||
Uniform Mortgage-Backed Security 3.00% 8/1/20531,2 | 10,460 | 9,221 | ||||||
275,037 | ||||||||
Commercial mortgage-backed securities 10.93% | ||||||||
3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.466% 11/15/20551 | 1,690 | 1,500 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR2, Class C, 7.403% 7/15/20281 | 2,288 | �� | 2,136 | |||||
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class B, 6.148% 2/15/20561 | 1,873 | 1,806 | ||||||
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class C, 6.489% 2/15/20561 | 512 | 444 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class AS, 6.41% 3/15/20561 | 3,787 | 3,801 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.41% 3/15/20561 | 2,641 | 2,493 | ||||||
Bank Commercial Mortgage Trust, Series 2019-BN19, Class B, 3.647% 8/15/20611 | 1,000 | 777 | ||||||
Bank Commercial Mortgage Trust, Series 2019-BN24, Class B, 3.455% 11/15/20621 | 1,033 | 828 | ||||||
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class B, 3.507% 3/15/20641,3 | 273 | 209 | ||||||
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class AS, 3.507% 3/15/20641,3 | 250 | 204 | ||||||
Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C, 6.347% 12/15/20551 | 1,355 | 1,189 | ||||||
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class B, 6.546% 4/15/20561 | 948 | 923 | ||||||
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class C, 6.598% 4/15/20561 | 1,253 | 1,136 | ||||||
Barclays Commercial Mortgage Securities, LLC, Series 2023-C20, Class C, 6.828% 7/15/20561 | 1,882 | 1,756 | ||||||
Benchmark Mortgage Trust, Series 2020-B21, Class AS, 2.2543% 12/17/20531 | 250 | 188 | ||||||
Benchmark Mortgage Trust, Series 2022-B35, Class C, 4.593% 5/15/20551,3 | 2,005 | 1,468 | ||||||
Benchmark Mortgage Trust, Series 2023-V2, Class B, 6.77% 5/15/20501 | 4,994 | 5,003 | ||||||
Benchmark Mortgage Trust, Series 2023-V2, Class C, 6.77% 5/15/20551 | 3,464 | 3,260 | ||||||
Benchmark Mortgage Trust, Series 2023-B38, Class B, 6.24% 4/15/20561 | 4,994 | 4,801 | ||||||
Benchmark Mortgage Trust, Series 2023-B38, Class C, 6.24% 4/15/20561 | 2,996 | 2,604 | ||||||
BMO Mortgage Trust, Series 2023-C5, Class B, 6.476% 6/15/20561 | 1,873 | 1,939 | ||||||
BMO Mortgage Trust, Series 2023-C5, Class C, 6.627% 6/15/20561 | 998 | 949 | ||||||
BMO Mortgage Trust, Series 2023-C4, Class B, 5.39647% 2/15/20561 | 711 | 651 | ||||||
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.917% 5/15/20391,3,4 | 623 | 620 | ||||||
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class B, (1-month USD CME Term SOFR + 2.319%) 7.466% 5/15/20391,3,4 | 317 | 314 | ||||||
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.262% 6/15/20271,3,4 | 716 | 716 | ||||||
BX Trust, Series 2021-SDMF, Class D, (1-month USD-LIBOR + 1.387%) 6.58% 9/15/20341,3,4 | 500 | 474 | ||||||
BX Trust, Series 2021-VOLT, Class D, (1-month USD-LIBOR + 1.65%) 6.843% 9/15/20361,4 | 2,480 | 2,350 | ||||||
BX Trust, Series 2021-VOLT, Class E, (1-month USD-LIBOR + 2.00%) 7.193% 9/15/20361,4 | 4,000 | 3,784 | ||||||
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 6.49% 10/15/20361,4 | 2,976 | 2,869 | ||||||
BX Trust, Series 2022-IND, Class D, (1-month USD CME Term SOFR + 2.839%) 7.986% 4/15/20371,3,4 | 144 | 138 | ||||||
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.137% 2/15/20391,4 | 4,887 | 4,758 | ||||||
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 7.598% 8/15/20391,3,4 | 686 | 685 | ||||||
BX Trust, Series 2022-GPA, Class B, (1-month USD CME Term SOFR + 2.664%) 7.811% 10/15/20391,3,4 | 982 | 979 | ||||||
BX Trust, Series 2022-GPA, Class C, (1-month USD CME Term SOFR + 3.213%) 8.36% 10/15/20391,3,4 | 622 | 620 |
4 | Capital Group Fixed Income ETF Trust |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
BX Trust, Series 2022-GPA, Class D, (1-month USD CME Term SOFR + 4.061%) 9.208% 10/15/20391,3,4 | USD | 169 | $ | 168 | ||||
BX Trust, Series 2023-VLT2, Class C, (1-month USD CME Term SOFR + 4.176%) 9.323% 6/15/20401,4 | 2,500 | 2,500 | ||||||
BX Trust, Series 2023-VLT2, Class D, (1-month USD CME Term SOFR + 4.774%) 9.833% 6/15/20401,4 | 6,000 | 5,975 | ||||||
BX Trust, Series 2020-VIV2, Class C, 3.66% 3/9/20441,4 | 2,000 | 1,639 | ||||||
BX Trust, Series 2020-VIV3, Class B, 3.662% 3/9/20441,4 | 989 | 834 | ||||||
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class B, (1-month USD CME Term SOFR + 2.092%) 7.239% 3/15/20351,4 | 2,985 | 2,944 | ||||||
BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D, (1-month USD CME Term SOFR + 3.188%) 8.335% 3/15/20351,3,4 | 249 | 245 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class D, 5.85% 6/10/20281,4 | 3,950 | 3,727 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class C, 5.85% 6/10/20281,4 | 1,225 | 1,182 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class C, 4.567% 2/10/20481,3 | 448 | 407 | ||||||
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class B, 3.15% 2/15/20531 | 840 | 627 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 7.443% 7/15/20381,3,4 | 482 | 469 | ||||||
FIVE Mortgage Trust, Series 2023-V1, Class B, 6.618% 2/10/20561 | 1,982 | 1,950 | ||||||
FIVE Mortgage Trust, Series 2023-V1, Class C, 6.618% 2/10/20561 | 973 | 891 | ||||||
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.149%) 6.295% 12/15/20361,4,5 | 730 | 722 | ||||||
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class B, (1-month USD CME Term SOFR + 2.744%) 7.891% 10/15/20391,3,4 | 409 | 406 | ||||||
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class C, (1-month USD CME Term SOFR + 3.493%) 8.64% 10/15/20391,3,4 | 545 | 541 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class B, 4.16% 2/15/20481 | 2,000 | 1,870 | ||||||
Morgan Stanley Capital I Trust, Series 2019-L3, Class B, 3.78% 11/15/20521,3 | 750 | 602 | ||||||
MSFW Commercial Mortgage Trust, Series 2023-1, Class B, 6.68% 5/15/20331 | 1,642 | 1,678 | ||||||
MSFW Commercial Mortgage Trust, Series 2023-1, Class C, 6.68% 5/15/20331 | 1,698 | 1,572 | ||||||
Multifamily Connecticut Avenue Securities, Series 2020-1, Class M10, (1-month USD-LIBOR + 3.75%) 8.90% 3/25/20501,4 | 3,000 | 2,883 | ||||||
Multifamily Structured Credit Risk, Series 21-MN1, Class M2, (30-day Average USD-SOFR + 3.75%) 8.817% 1/25/20511,4 | 910 | 823 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C, 4.696% 9/15/20581,3 | 130 | 117 | ||||||
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.936% 11/15/20271,4 | 1,646 | 1,648 | ||||||
94,792 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 2.58% | ||||||||
Cascade Funding Mortgage Trust, Series 2023-HB12, Class M1, 4.25% 4/25/20331,4 | 1,425 | 1,275 | ||||||
Connecticut Avenue Securities, Series 2023-R04, Class 1B1, (30-day Average USD-SOFR + 5.35%) 10.417% 5/25/20431,4 | 812 | 835 | ||||||
Connecticut Avenue Securities Trust, Series 2022-R03, Class 1M1, (30-day Average USD-SOFR + 2.10%) 7.167% 3/25/20421,3,4 | 259 | 260 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 8.617% 5/25/20431,4 | 813 | 831 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1B1, (30-day Average USD-SOFR + 4.75%) 12.217% 6/25/20431,4 | 429 | 439 | ||||||
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class D, 5.91% 8/12/20431,4 | 3,984 | 3,334 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2, (30-day Average USD-SOFR + 1.50%) 6.567% 10/25/20411,3,4 | 793 | 774 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.067% 4/25/20421,3,4 | 479 | 480 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 10.25% 6/27/20501,3,4 | 7,991 | 8,607 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class B2, (30-day Average USD-SOFR + 11.50%) 16.322% 10/25/20501,4 | 1,900 | 2,394 |
Capital Group Fixed Income ETF Trust | 5 |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Collateralized mortgage-backed obligations (privately originated) (continued) | ||||||||
Legacy Mortgage Asset Trust, Series 2020-GS3, Class A1, 6.25% 5/25/20601,4,5 | USD | 590 | $ | 583 | ||||
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,4,5 | 1,727 | 1,660 | ||||||
Progress Residential Trust, Series 2021-SFR4, Class F, 3.407% 5/17/20381,4 | 1,000 | 875 | ||||||
22,347 | ||||||||
Total mortgage-backed obligations | 392,176 | |||||||
Corporate bonds, notes & loans 32.11% | ||||||||
Financials 6.89% | ||||||||
AerCap Ireland Capital DAC 1.75% 1/30/2026 | 150 | 135 | ||||||
AerCap Ireland Capital DAC 5.75% 6/6/2028 | 340 | 338 | ||||||
AerCap Ireland Capital DAC 3.30% 1/30/2032 | 1,724 | 1,411 | ||||||
AerCap Ireland Capital DAC 3.85% 10/29/2041 | 2,225 | 1,692 | ||||||
AG Issuer, LLC 6.25% 3/1/20284 | 1,375 | 1,311 | ||||||
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20274 | 675 | 692 | ||||||
Alliant Holdings Intermediate, LLC 4.25% 10/15/20274 | 17 | 15 | ||||||
American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033)5 | 200 | 196 | ||||||
American International Group, Inc. 5.125% 3/27/2033 | 540 | 528 | ||||||
American International Group, Inc. 4.375% 6/30/2050 | 1,430 | 1,210 | ||||||
Aon Corp. 5.35% 2/28/2033 | 443 | 447 | ||||||
Aretec Escrow Issuer, Inc. 7.50% 4/1/20294 | 300 | 261 | ||||||
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)5 | 450 | 382 | ||||||
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)5 | 750 | 737 | ||||||
Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)5 | 450 | 375 | ||||||
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)5 | 901 | 882 | ||||||
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)5 | 2,290 | 2,270 | ||||||
Bank of Montreal 2.65% 3/8/2027 | 350 | 320 | ||||||
BBVA Bancomer, SA 8.45% 6/29/20384,5 | 1,055 | 1,057 | ||||||
Berkshire Hathaway Finance Corp. 3.85% 3/15/2052 | 400 | 331 | ||||||
Block, Inc. 3.50% 6/1/2031 | 600 | 498 | ||||||
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)4,5 | 200 | 179 | ||||||
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)4,5 | 225 | 225 | ||||||
Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033)5 | 1,450 | 1,440 | ||||||
Charles Schwab Corp. 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)5 | 1,067 | 1,084 | ||||||
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)5 | 115 | 96 | ||||||
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)5 | 1,140 | 1,211 | ||||||
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)5 | 1,230 | 1,241 | ||||||
CME Group, Inc. 2.65% 3/15/2032 | 150 | 128 | ||||||
Coinbase Global, Inc. 3.625% 10/1/20314 | 350 | 207 | ||||||
Compass Group Diversified Holdings, LLC 5.25% 4/15/20294 | 2,799 | 2,456 | ||||||
Compass Group Diversified Holdings, LLC 5.00% 1/15/20324 | 375 | 304 | ||||||
Corebridge Financial, Inc. 3.85% 4/5/2029 | 299 | 269 | ||||||
Corebridge Financial, Inc. 3.90% 4/5/2032 | 741 | 645 | ||||||
Corebridge Financial, Inc. 4.35% 4/5/2042 | 98 | 79 | ||||||
Corebridge Financial, Inc. 4.40% 4/5/2052 | 2,097 | 1,652 | ||||||
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)4,5 | 600 | 561 | ||||||
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)5 | 575 | 576 | ||||||
Deutsche Bank AG 7.079% 2/10/2034 (USD-SOFR + 3.65% on 2/10/2033)5 | 300 | 278 | ||||||
Discover Financial Services 6.70% 11/29/2032 | 64 | 66 | ||||||
Goldman Sachs Group, Inc. 1.757% 1/24/2025 (USD-SOFR + 0.73% on 1/24/2024)5 | 40 | 39 | ||||||
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)5 | 480 | 406 | ||||||
Goldman Sachs Group, Inc. 3.436% 2/24/2043 (USD-SOFR + 1.632% on 2/24/2042)5 | 1,950 | 1,485 | ||||||
HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)5 | 1,125 | 1,100 | ||||||
HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)5 | 1,500 | 1,538 | ||||||
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)5 | 2,418 | 2,509 | ||||||
HUB International, Ltd. 5.625% 12/1/20294 | 300 | 269 | ||||||
HUB International, Ltd. 7.25% 6/15/20304 | 1,550 | 1,602 | ||||||
ING Groep NV 4.017% 3/28/2028 (USD-SOFR + 1.83% on 3/28/2027)5 | 375 | 352 | ||||||
ING Groep NV 4.252% 3/28/2033 (USD-SOFR + 2.07% on 3/28/2032)5 | 249 | 228 | ||||||
Intercontinental Exchange, Inc. 4.35% 6/15/2029 | 500 | 490 |
6 | Capital Group Fixed Income ETF Trust |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
Intercontinental Exchange, Inc. 4.60% 3/15/2033 | USD | 428 | $ | 416 | ||||
Intercontinental Exchange, Inc. 3.00% 6/15/2050 | 200 | 139 | ||||||
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20324 | 500 | 432 | ||||||
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)5 | 338 | 334 | ||||||
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)5 | 1,934 | 1,891 | ||||||
JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)5 | 875 | 882 | ||||||
Kasikornbank PCL 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)5 | 700 | 619 | ||||||
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)4,5 | 200 | 199 | ||||||
Marsh & McLennan Companies, Inc. 2.375% 12/15/2031 | 100 | 82 | ||||||
Mastercard, Inc. 4.85% 3/9/2033 | 65 | 66 | ||||||
Metropolitan Life Global Funding I 5.15% 3/28/20334 | 487 | 482 | ||||||
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)5 | 471 | 453 | ||||||
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)5 | 325 | 321 | ||||||
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)5 | 160 | 158 | ||||||
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)5 | 225 | 217 | ||||||
Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)5 | 1,258 | 1,339 | ||||||
Morgan Stanley 5.25% 4/21/2034 (USD-SOFR + 1.87% on 4/21/2033)5 | 1,450 | 1,432 | ||||||
Nasdaq, Inc. 5.95% 8/15/2053 | 89 | 91 | ||||||
Nasdaq, Inc. 6.10% 6/28/2063 | 141 | 144 | ||||||
Navient Corp. 6.125% 3/25/2024 | 82 | 81 | ||||||
Navient Corp. 5.50% 3/15/2029 | 500 | 427 | ||||||
Navient Corp. 9.375% 7/25/2030 | 450 | 448 | ||||||
Navient Corp. 5.625% 8/1/2033 | 1,998 | 1,505 | ||||||
New York Life Global Funding 0.85% 1/15/20264 | 125 | 112 | ||||||
New York Life Global Funding 4.55% 1/28/20334 | 378 | 364 | ||||||
NFP Corp. 7.50% 10/1/20304 | 675 | 654 | ||||||
PNC Financial Services Group, Inc. 5.068% 1/24/2034 (USD-SOFR + 1.933% on 1/24/2033)5 | 25 | 24 | ||||||
Progressive Corp. 3.00% 3/15/2032 | 350 | 305 | ||||||
State Street Corp. 4.821% 1/26/2034 (USD-SOFR + 1.567% on 1/26/2033)5 | 1,640 | 1,593 | ||||||
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)5 | 478 | 475 | ||||||
The Charles Schwab Corp. 2.45% 3/3/2027 | 98 | 88 | ||||||
Toronto-Dominion Bank 2.00% 9/10/2031 | 90 | 71 | ||||||
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)5 | 280 | 280 | ||||||
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)5 | 800 | 748 | ||||||
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)5 | 547 | 551 | ||||||
Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)5 | 469 | 454 | ||||||
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)5 | 1,050 | 1,027 | ||||||
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)5 | 30 | 26 | ||||||
Wells Fargo & Company 4.89% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)5 | 520 | 499 | ||||||
Wells Fargo & Company 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)5 | 2,050 | 2,038 | ||||||
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)5 | 541 | 475 | ||||||
59,745 | ||||||||
Energy 5.13% | ||||||||
Apache Corp. 5.25% 2/1/2042 | 500 | 394 | ||||||
Apache Corp. 5.35% 7/1/2049 | 965 | 752 | ||||||
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20264 | 250 | 242 | ||||||
BP Capital Markets America, Inc. 2.721% 1/12/2032 | 790 | 671 | ||||||
Cheniere Energy Partners, LP 4.00% 3/1/2031 | 739 | 651 | ||||||
Cheniere Energy Partners, LP 5.95% 6/30/20334 | 1,600 | 1,607 | ||||||
Cheniere Energy, Inc. 4.625% 10/15/2028 | 175 | 164 | ||||||
Chesapeake Energy Corp. 5.875% 2/1/20294 | 750 | 713 | ||||||
Chesapeake Energy Corp. 6.75% 4/15/20294 | 761 | 756 | ||||||
Chord Energy Corp. 6.375% 6/1/20264 | 710 | 705 | ||||||
Civitas Resources, Inc. 8.375% 7/1/20284 | 850 | 861 | ||||||
Civitas Resources, Inc. 8.75% 7/1/20314 | 775 | 787 | ||||||
CNX Resources Corp. 7.25% 3/14/20274 | 275 | 272 | ||||||
CNX Resources Corp. 7.375% 1/15/20314 | 185 | 180 | ||||||
Comstock Resources, Inc. 5.875% 1/15/20304 | 1,407 | 1,223 |
Capital Group Fixed Income ETF Trust | 7 |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
ConocoPhillips Co. 3.80% 3/15/2052 | USD | 1,590 | $ | 1,290 | ||||
Crescent Energy Finance, LLC 9.25% 2/15/20284 | 183 | 178 | ||||||
Crestwood Midstream Partners, LP 7.375% 2/1/20314 | 151 | 149 | ||||||
Earthstone Energy Holdings, LLC 9.875% 7/15/20314 | 820 | 812 | ||||||
Ecopetrol SA 4.625% 11/2/2031 | 10 | 8 | ||||||
Ecopetrol SA 8.875% 1/13/2033 | 1,350 | 1,338 | ||||||
Energy Transfer, LP 6.25% 4/15/2049 | 1,425 | 1,393 | ||||||
EQM Midstream Partners, LP 6.00% 7/1/20254 | 430 | 426 | ||||||
EQM Midstream Partners, LP 4.75% 1/15/20314 | 2,194 | 1,924 | ||||||
EQT Corp. 3.90% 10/1/2027 | 75 | 69 | ||||||
Exxon Mobil Corp. 2.61% 10/15/2030 | 400 | 351 | ||||||
Exxon Mobil Corp. 3.452% 4/15/2051 | 1,030 | 801 | ||||||
Genesis Energy, LP 8.00% 1/15/2027 | 1,375 | 1,342 | ||||||
Harvest Midstream I, LP 7.50% 9/1/20284 | 75 | 74 | ||||||
Hilcorp Energy I, LP 6.00% 4/15/20304 | 135 | 123 | ||||||
Hilcorp Energy I, LP 6.25% 4/15/20324 | 725 | 647 | ||||||
Kinder Morgan, Inc. 5.20% 6/1/2033 | 253 | 245 | ||||||
Kinder Morgan, Inc. 3.60% 2/15/2051 | 1,875 | 1,302 | ||||||
MPLX, LP 2.65% 8/15/2030 | 75 | 63 | ||||||
MPLX, LP 4.95% 9/1/2032 | 881 | 842 | ||||||
MPLX, LP 4.95% 3/14/2052 | 630 | 536 | ||||||
MPLX, LP 5.65% 3/1/2053 | 1,671 | 1,564 | ||||||
MV24 Capital BV 6.748% 6/1/2034 | 336 | 304 | ||||||
New Fortress Energy, Inc. 6.50% 9/30/20264 | 1,880 | 1,684 | ||||||
NGL Energy Operating, LLC 7.50% 2/1/20264 | 1,960 | 1,932 | ||||||
Noble Finance II, LLC 8.00% 4/15/20304 | 150 | 153 | ||||||
Northern Oil and Gas, Inc. 8.75% 6/15/20314 | 235 | 231 | ||||||
Occidental Petroleum Corp. 6.125% 1/1/2031 | 415 | 422 | ||||||
Occidental Petroleum Corp. 6.60% 3/15/2046 | 1,875 | 1,933 | ||||||
ONEOK, Inc. 4.00% 7/13/2027 | 50 | 47 | ||||||
ONEOK, Inc. 6.35% 1/15/2031 | 40 | 41 | ||||||
ONEOK, Inc. 4.50% 3/15/2050 | 75 | 57 | ||||||
ONEOK, Inc. 7.15% 1/15/2051 | 150 | 157 | ||||||
Petrobras Global Finance BV 5.60% 1/3/2031 | 611 | 587 | ||||||
Petroleos Mexicanos 6.49% 1/23/2027 | 1,275 | 1,134 | ||||||
Petroleos Mexicanos 8.75% 6/2/2029 | 254 | 230 | ||||||
Shell International Finance BV 2.75% 4/6/2030 | 75 | 67 | ||||||
Shell International Finance BV 3.00% 11/26/2051 | 2,899 | 2,045 | ||||||
Southwestern Energy Co. 4.75% 2/1/2032 | 2,281 | 2,014 | ||||||
Sunoco, LP 4.50% 4/30/2030 | 150 | 131 | ||||||
Transocean, Inc. 8.00% 2/1/20274 | 400 | 363 | ||||||
Transocean, Inc. 8.75% 2/15/20304 | 554 | 563 | ||||||
Transocean, Inc. 6.80% 3/15/2038 | 1,280 | 891 | ||||||
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20304 | 849 | 843 | ||||||
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20314 | 1,394 | 1,201 | ||||||
Venture Global LNG, Inc. 8.125% 6/1/20284 | 750 | 763 | ||||||
Venture Global LNG, Inc. 8.375% 6/1/20314 | 750 | 757 | ||||||
Weatherford International, Ltd. 6.50% 9/15/20284 | 300 | 302 | ||||||
Weatherford International, Ltd. 8.625% 4/30/20304 | 125 | 127 | ||||||
Williams Companies, Inc. 2.60% 3/15/2031 | 55 | 46 | ||||||
44,480 | ||||||||
Communication services 3.76% | ||||||||
AT&T, Inc. 2.55% 12/1/2033 | 1,900 | 1,493 | ||||||
AT&T, Inc. 3.50% 9/15/2053 | 2,911 | 2,063 | ||||||
AT&T, Inc. 3.55% 9/15/2055 | 234 | 164 | ||||||
CCO Holdings, LLC 4.75% 3/1/20304 | 450 | 385 | ||||||
CCO Holdings, LLC 4.75% 2/1/20324 | 1,064 | 869 | ||||||
CCO Holdings, LLC 4.50% 5/1/2032 | 300 | 240 | ||||||
CCO Holdings, LLC 4.50% 6/1/20334 | 355 | 279 | ||||||
CCO Holdings, LLC 4.25% 1/15/20344 | 4,090 | 3,095 | ||||||
Charter Communications Operating, LLC 4.40% 4/1/2033 | 210 | 184 |
8 | Capital Group Fixed Income ETF Trust |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
Charter Communications Operating, LLC 3.70% 4/1/2051 | USD | 1,680 | $ | 1,063 | ||||
Charter Communications Operating, LLC 3.90% 6/1/2052 | 2,450 | 1,605 | ||||||
Charter Communications Operating, LLC 5.25% 4/1/2053 | 1,425 | 1,152 | ||||||
Comcast Corp. 1.50% 2/15/2031 | 110 | 88 | ||||||
Comcast Corp. 2.887% 11/1/2051 | 525 | 352 | ||||||
Comcast Corp. 5.35% 5/15/2053 | 1,290 | 1,311 | ||||||
DISH Network Corp. 11.75% 11/15/20274 | 1,000 | 977 | ||||||
Frontier Communications Holdings, LLC 5.00% 5/1/20284 | 711 | 614 | ||||||
Gray Escrow II, Inc. 5.375% 11/15/20314 | 1,875 | 1,245 | ||||||
Meta Platforms, Inc. 3.85% 8/15/2032 | 1,100 | 1,022 | ||||||
Meta Platforms, Inc. 4.45% 8/15/2052 | 775 | 674 | ||||||
Midas OpCo Holdings, LLC 5.625% 8/15/20294 | 100 | 86 | ||||||
Netflix, Inc. 4.875% 4/15/2028 | 1,609 | 1,593 | ||||||
Netflix, Inc. 5.875% 11/15/2028 | 150 | 155 | ||||||
Netflix, Inc. 4.875% 6/15/20304 | 1,475 | 1,453 | ||||||
News Corp. 3.875% 5/15/20294 | 619 | 544 | ||||||
News Corp. 5.125% 2/15/20324 | 976 | 892 | ||||||
Sirius XM Radio, Inc. 3.875% 9/1/20314 | 1,939 | 1,501 | ||||||
Tencent Holdings, Ltd. 3.24% 6/3/20504 | 960 | 631 | ||||||
T-Mobile USA, Inc. 5.05% 7/15/2033 | 471 | 463 | ||||||
T-Mobile USA, Inc. 3.40% 10/15/2052 | 1,365 | 976 | ||||||
Univision Communications, Inc. 4.50% 5/1/20294 | 2,250 | 1,936 | ||||||
Univision Communications, Inc. 7.375% 6/30/20304 | 950 | 905 | ||||||
Verizon Communications, Inc. 1.75% 1/20/2031 | 400 | 316 | ||||||
Verizon Communications, Inc. 2.55% 3/21/2031 | 320 | 267 | ||||||
Verizon Communications, Inc. 3.875% 3/1/2052 | 1,582 | 1,249 | ||||||
VZ Secured Financing BV 5.00% 1/15/20324 | 200 | 161 | ||||||
WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 772 | 629 | ||||||
32,632 | ||||||||
Health care 3.56% | ||||||||
Amgen, Inc. 4.05% 8/18/2029 | 625 | 593 | ||||||
Amgen, Inc. 5.25% 3/2/2030 | 623 | 625 | ||||||
Amgen, Inc. 4.20% 3/1/2033 | 715 | 668 | ||||||
Amgen, Inc. 5.25% 3/2/2033 | 995 | 997 | ||||||
Amgen, Inc. 4.875% 3/1/2053 | 275 | 253 | ||||||
Amgen, Inc. 5.65% 3/2/2053 | 3,044 | 3,085 | ||||||
Amgen, Inc. 5.75% 3/2/2063 | 650 | 660 | ||||||
Bausch Health Companies, Inc. 6.125% 2/1/20274 | 75 | 48 | ||||||
Bausch Health Companies, Inc. 5.25% 2/15/20314 | 110 | 46 | ||||||
Baxter International, Inc. 2.539% 2/1/2032 | 572 | 464 | ||||||
Baxter International, Inc. 3.132% 12/1/2051 | 2,481 | 1,639 | ||||||
Centene Corp. 2.45% 7/15/2028 | 1,015 | 869 | ||||||
Centene Corp. 2.625% 8/1/2031 | 1,755 | 1,401 | ||||||
CHS / Community Health Systems, Inc. 5.25% 5/15/20304 | 75 | 59 | ||||||
CVS Health Corp. 1.875% 2/28/2031 | 50 | 40 | ||||||
CVS Health Corp. 5.25% 2/21/2033 | 710 | 708 | ||||||
CVS Health Corp. 5.875% 6/1/2053 | 1,733 | 1,778 | ||||||
CVS Health Corp. 6.00% 6/1/2063 | 356 | 367 | ||||||
Elevance Health, Inc. 4.10% 5/15/2032 | 423 | 394 | ||||||
Elevance Health, Inc. 4.75% 2/15/2033 | 261 | 254 | ||||||
Elevance Health, Inc. 4.55% 5/15/2052 | 203 | 182 | ||||||
GE HealthCare Technologies, Inc. 5.905% 11/22/2032 | 650 | 680 | ||||||
GE HealthCare Technologies, Inc. 6.377% 11/22/2052 | 125 | 139 | ||||||
HCA, Inc. 3.625% 3/15/20324 | 79 | 69 | ||||||
Humana, Inc. 3.70% 3/23/2029 | 152 | 139 | ||||||
Medline Borrower, LP 5.25% 10/1/20294 | 75 | 65 | ||||||
Merck & Co., Inc. 1.70% 6/10/2027 | 50 | 45 | ||||||
Molina Healthcare, Inc. 3.875% 11/15/20304 | 350 | 301 | ||||||
Molina Healthcare, Inc. 3.875% 5/15/20324 | 2,665 | 2,238 | ||||||
Owens & Minor, Inc. 6.25% 4/1/20304 | 2,365 | 2,148 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 601 | 599 |
Capital Group Fixed Income ETF Trust | 9 |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043 | USD | 1,000 | $ | 1,003 | ||||
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 771 | 802 | ||||||
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 9.467% 7/9/20253,6 | 40 | 30 | ||||||
Roche Holdings, Inc. 2.076% 12/13/20314 | 200 | 165 | ||||||
RP Escrow Issuer, LLC 5.25% 12/15/20254 | 290 | 214 | ||||||
Tenet Healthcare Corp. 4.875% 1/1/2026 | 300 | 292 | ||||||
Tenet Healthcare Corp. 6.125% 10/1/2028 | 150 | 144 | ||||||
Tenet Healthcare Corp. 4.375% 1/15/2030 | 625 | 565 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 2,027 | 1,818 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 167 | 165 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 1,671 | 1,517 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 700 | 722 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 651 | 683 | ||||||
UnitedHealth Group, Inc. 4.20% 5/15/2032 | 230 | 220 | ||||||
UnitedHealth Group, Inc. 5.35% 2/15/2033 | 363 | 377 | ||||||
UnitedHealth Group, Inc. 4.75% 5/15/2052 | 355 | 337 | ||||||
UnitedHealth Group, Inc. 5.875% 2/15/2053 | 200 | 222 | ||||||
30,829 | ||||||||
Consumer discretionary 2.51% | ||||||||
Alibaba Group Holding, Ltd. 2.125% 2/9/2031 | 1,590 | 1,296 | ||||||
Allied Universal Holdco, LLC 4.625% 6/1/20284 | 1,692 | 1,434 | ||||||
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20294 | 241 | 245 | ||||||
Amazon.com, Inc. 2.10% 5/12/2031 | 100 | 84 | ||||||
Amazon.com, Inc. 3.60% 4/13/2032 | 600 | 560 | ||||||
Amazon.com, Inc. 3.95% 4/13/2052 | 400 | 349 | ||||||
Atlas LuxCo 4 SARL 4.625% 6/1/20284 | 300 | 253 | ||||||
AutoNation, Inc. 3.85% 3/1/2032 | 300 | 255 | ||||||
Carnival Corp. 5.75% 3/1/20274 | 250 | 230 | ||||||
Carnival Corp. 6.00% 5/1/20294 | 250 | 223 | ||||||
Daimler Trucks Finance North America, LLC 3.65% 4/7/20274 | 350 | 331 | ||||||
Fertitta Entertainment, LLC 4.625% 1/15/20294 | 350 | 307 | ||||||
Fertitta Entertainment, LLC 6.75% 1/15/20304 | 725 | 618 | ||||||
Ford Motor Co. 3.25% 2/12/2032 | 340 | 268 | ||||||
Ford Motor Credit Co., LLC 2.30% 2/10/2025 | 950 | 889 | ||||||
Ford Motor Credit Co., LLC 5.125% 6/16/2025 | 837 | 815 | ||||||
Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 1,475 | 1,318 | ||||||
Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 965 | 911 | ||||||
Ford Motor Credit Company, LLC 6.95% 6/10/2026 | 400 | 402 | ||||||
Ford Motor Credit Company, LLC 7.20% 6/10/2030 | 700 | 707 | ||||||
General Motors Financial Co., Inc. 2.35% 2/26/2027 | 75 | 67 | ||||||
Hanesbrands, Inc. 9.00% 2/15/20314 | 1,044 | 1,053 | ||||||
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.852% 3/8/20303,6 | 256 | 257 | ||||||
Home Depot, Inc. 1.375% 3/15/2031 | 125 | 99 | ||||||
Hyundai Capital America 1.65% 9/17/20264 | 100 | 88 | ||||||
International Game Technology PLC 5.25% 1/15/20294 | 650 | 616 | ||||||
LCM Investments Holdings II, LLC 4.875% 5/1/20294 | 824 | 706 | ||||||
Macy’s Retail Holdings, LLC 5.875% 3/15/20304 | 50 | 45 | ||||||
Marriott Ownership Resorts, Inc. 4.50% 6/15/20294 | 773 | 668 | ||||||
Party City Holdings, Inc. 8.75% 2/15/20264 | 461 | 71 | ||||||
Party City Holdings, Inc., Term Loan DIP, 14.582% 7/19/20233,6 | 80 | 83 | ||||||
RHP Hotel Properties, LP 7.25% 7/15/20284 | 317 | 321 | ||||||
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20274 | 450 | 421 | ||||||
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028 | 1,450 | 1,262 | ||||||
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20284 | 706 | 659 | ||||||
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20294 | 800 | 841 | ||||||
Scientific Games Holdings, LP 6.625% 3/1/20304 | 975 | 859 |
10 | Capital Group Fixed Income ETF Trust |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
Sonic Automotive, Inc. 4.625% 11/15/20294 | USD | 75 | $ | 63 | ||||
Sonic Automotive, Inc. 4.875% 11/15/20314 | 2,122 | 1,744 | ||||||
Wynn Resorts Finance, LLC 7.125% 2/15/20314 | 314 | 312 | ||||||
21,730 | ||||||||
Utilities 2.36% | ||||||||
AES Panama Generation Holdings SRL 4.375% 5/31/20304 | 198 | 169 | ||||||
Alabama Power Co. 3.94% 9/1/2032 | 525 | 485 | ||||||
Consumers Energy Co. 3.60% 8/15/2032 | 315 | 284 | ||||||
Consumers Energy Co. 4.625% 5/15/2033 | 625 | 609 | ||||||
Consumers Energy Co. 3.10% 8/15/2050 | 255 | 181 | ||||||
Consumers Energy Co. 3.50% 8/1/2051 | 80 | 61 | ||||||
Consumers Energy Co. 2.65% 8/15/2052 | 402 | 258 | ||||||
Edison International 6.95% 11/15/2029 | 150 | 158 | ||||||
Electricité de France SA 6.25% 5/23/20334 | 200 | 203 | ||||||
Electricité de France SA 6.90% 5/23/20534 | 1,600 | 1,660 | ||||||
Electricité de France SA 9.125% 12/31/2079 (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)4,5 | 800 | 822 | ||||||
Entergy Louisiana, LLC 4.75% 9/15/2052 | 200 | 184 | ||||||
FirstEnergy Corp. 2.65% 3/1/2030 | 1,065 | 899 | ||||||
Florida Power & Light Company 2.875% 12/4/2051 | 150 | 104 | ||||||
Florida Power & Light Company 5.30% 4/1/2053 | 360 | 373 | ||||||
MidAmerican Energy Co. 2.70% 8/1/2052 | 50 | 32 | ||||||
NiSource, Inc. 5.40% 6/30/2033 | 850 | 851 | ||||||
Northern States Power Co. 2.60% 6/1/2051 | 50 | 32 | ||||||
Northern States Power Co. 5.10% 5/15/2053 | 62 | 61 | ||||||
Oncor Electric Delivery Co., LLC 4.55% 9/15/2032 | 625 | 607 | ||||||
Oncor Electric Delivery Co., LLC 2.70% 11/15/2051 | 175 | 114 | ||||||
Pacific Gas and Electric Co. 3.15% 1/1/2026 | 40 | 37 | ||||||
Pacific Gas and Electric Co. 4.65% 8/1/2028 | 200 | 185 | ||||||
Pacific Gas and Electric Co. 4.55% 7/1/2030 | 755 | 684 | ||||||
Pacific Gas and Electric Co. 3.25% 6/1/2031 | 200 | 163 | ||||||
Pacific Gas and Electric Co. 6.40% 6/15/2033 | 1,600 | 1,592 | ||||||
Pacific Gas and Electric Co. 3.50% 8/1/2050 | 5,735 | 3,656 | ||||||
Pacific Gas and Electric Co. 6.75% 1/15/2053 | 600 | 593 | ||||||
PG&E Corp. 5.25% 7/1/2030 | 856 | 768 | ||||||
Public Service Company of Colorado 2.70% 1/15/2051 | 272 | 173 | ||||||
Southern California Edison Co. 2.75% 2/1/2032 | 864 | 723 | ||||||
Southern California Edison Co. 2.95% 2/1/2051 | 530 | 348 | ||||||
Southern California Edison Co. 3.45% 2/1/2052 | 2,365 | 1,696 | ||||||
Talen Energy Supply, LLC 8.625% 6/1/20304 | 1,185 | 1,228 | ||||||
Union Electric Co. 3.90% 4/1/2052 | 275 | 225 | ||||||
WEC Energy Group, Inc. 5.15% 10/1/2027 | 175 | 175 | ||||||
Xcel Energy, Inc. 4.60% 6/1/2032 | 75 | 71 | ||||||
20,464 | ||||||||
Industrials 2.01% | ||||||||
Boeing Co. 2.75% 2/1/2026 | 115 | 107 | ||||||
Boeing Co. 3.625% 2/1/2031 | 1,992 | 1,795 | ||||||
Boeing Co. 3.60% 5/1/2034 | 2,345 | 1,997 | ||||||
Boeing Co. 5.805% 5/1/2050 | 2,385 | 2,378 | ||||||
Bombardier, Inc. 7.125% 6/15/20264 | 249 | 248 | ||||||
Bombardier, Inc. 7.875% 4/15/20274 | 1,395 | 1,393 | ||||||
Canadian Pacific Railway Co. 3.10% 12/2/2051 | 2,570 | 1,827 | ||||||
Carrier Global Corp. 2.722% 2/15/2030 | 100 | 86 | ||||||
Clean Harbors, Inc. 6.375% 2/1/20314 | 73 | 73 | ||||||
CoreLogic, Inc. 4.50% 5/1/20284 | 300 | 242 | ||||||
Icahn Enterprises, LP 4.75% 9/15/2024 | 100 | 96 | ||||||
Lockheed Martin Corp. 5.70% 11/15/2054 | 212 | 236 | ||||||
Mileage Plus Holdings, LLC 6.50% 6/20/20274 | 48 | 48 | ||||||
Norfolk Southern Corp. 4.45% 3/1/2033 | 78 | 75 | ||||||
Raytheon Technologies Corp. 2.375% 3/15/2032 | 80 | 66 |
Capital Group Fixed Income ETF Trust | 11 |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Industrials (continued) | ||||||||
Raytheon Technologies Corp. 2.82% 9/1/2051 | USD | 925 | $ | 622 | ||||
Raytheon Technologies Corp. 5.375% 2/27/2053 | 436 | 453 | ||||||
Regal Rexnord Corp. 6.30% 2/15/20304 | 975 | 973 | ||||||
Regal Rexnord Corp. 6.40% 4/15/20334 | 800 | 800 | ||||||
Ritchie Bros. Holdings, Inc. 6.75% 3/15/20284 | 244 | 246 | ||||||
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20314 | 280 | 291 | ||||||
Sabre GLBL, Inc. 11.25% 12/15/20274 | 127 | 108 | ||||||
Spirit AeroSystems, Inc. 9.375% 11/30/20294 | 683 | 732 | ||||||
TransDigm, Inc. 4.625% 1/15/2029 | 400 | 356 | ||||||
Triumph Group, Inc. 9.00% 3/15/20284 | 392 | 401 | ||||||
Union Pacific Corp. 2.80% 2/14/2032 | 350 | 302 | ||||||
Union Pacific Corp. 2.95% 3/10/2052 | 1,335 | 928 | ||||||
Union Pacific Corp. 4.95% 5/15/2053 | 425 | 423 | ||||||
United Airlines, Inc. 4.625% 4/15/20294 | 100 | 91 | ||||||
17,393 | ||||||||
Materials 1.92% | ||||||||
Anglo American Capital PLC 2.25% 3/17/20284 | 200 | 172 | ||||||
Anglo American Capital PLC 4.75% 3/16/20524 | 200 | 166 | ||||||
Ball Corp. 6.875% 3/15/2028 | 890 | 909 | ||||||
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 | 456 | 454 | ||||||
Braskem Idesa SAPI 6.99% 2/20/2032 | 200 | 130 | ||||||
Braskem Netherlands Finance BV 7.25% 2/13/2033 | 1,145 | 1,126 | ||||||
Braskem Netherlands Finance BV 7.25% 2/13/20334 | 475 | 467 | ||||||
Celanese US Holdings, LLC 6.379% 7/15/2032 | 425 | 429 | ||||||
Cleveland-Cliffs, Inc. 4.875% 3/1/20314 | 300 | 264 | ||||||
Dow Chemical Co. (The) 3.60% 11/15/2050 | 40 | 30 | ||||||
EIDP, Inc. 4.80% 5/15/2033 | 595 | 583 | ||||||
First Quantum Minerals, Ltd. 6.875% 10/15/20274 | 2,700 | 2,638 | ||||||
FXI Holdings, Inc. 12.25% 11/15/20264 | 1,750 | 1,588 | ||||||
International Flavors & Fragrances, Inc. 2.30% 11/1/20304 | 230 | 182 | ||||||
International Flavors & Fragrances, Inc. 3.468% 12/1/20504 | 2,285 | 1,529 | ||||||
LABL, Inc. 5.875% 11/1/20284 | 75 | 68 | ||||||
LABL, Inc. 9.50% 11/1/20284 | 328 | 334 | ||||||
LSB Industries, Inc. 6.25% 10/15/20284 | 248 | 222 | ||||||
Mauser Packaging Solutions Holding Co. 7.875% 8/15/20264 | 696 | 692 | ||||||
Nova Chemicals Corp. 4.25% 5/15/20294 | 1,360 | 1,111 | ||||||
Nutrien, Ltd. 5.80% 3/27/2053 | 325 | 326 | ||||||
OCI NV 6.70% 3/16/20334 | 699 | 684 | ||||||
Olympus Water US Holding Corp. 9.75% 11/15/20284 | 750 | 732 | ||||||
Sasol Financing USA, LLC 8.75% 5/3/20294 | 765 | 746 | ||||||
SCIH Salt Holdings, Inc. 4.875% 5/1/20284 | 742 | 664 | ||||||
Sealed Air Corp. 6.125% 2/1/20284 | 247 | 246 | ||||||
South32 Treasury, Ltd. 4.35% 4/14/20324 | 209 | 184 | ||||||
16,676 | ||||||||
Consumer staples 1.47% | ||||||||
7-Eleven, Inc. 1.80% 2/10/20314 | 975 | 772 | ||||||
7-Eleven, Inc. 2.80% 2/10/20514 | 1,869 | 1,186 | ||||||
Altria Group, Inc. 3.70% 2/4/2051 | 1,870 | 1,254 | ||||||
Anheuser-Busch InBev Worldwide, Inc. 4.50% 6/1/2050 | 1,495 | 1,381 | ||||||
B&G Foods, Inc. 5.25% 9/15/2027 | 400 | 348 | ||||||
BAT Capital Corp. 2.259% 3/25/2028 | 100 | 86 | ||||||
BAT Capital Corp. 4.742% 3/16/2032 | 250 | 228 | ||||||
BAT Capital Corp. 4.758% 9/6/2049 | 1,351 | 1,021 | ||||||
BAT Capital Corp. 3.984% 9/25/2050 | 1,254 | 846 | ||||||
BAT Capital Corp. 5.65% 3/16/2052 | 929 | 808 | ||||||
Constellation Brands, Inc. 4.35% 5/9/2027 | 326 | 318 | ||||||
Constellation Brands, Inc. 4.75% 5/9/2032 | 557 | 541 | ||||||
Constellation Brands, Inc. 4.90% 5/1/2033 | 636 | 625 | ||||||
Keurig Dr Pepper, Inc. 3.20% 5/1/2030 | 40 | 36 | ||||||
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20264 | 250 | 229 |
12 | Capital Group Fixed Income ETF Trust |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer staples (continued) | ||||||||
PepsiCo, Inc. 1.95% 10/21/2031 | USD | 50 | $ | 41 | ||||
Philip Morris International, Inc. 5.625% 11/17/2029 | 335 | 342 | ||||||
Philip Morris International, Inc. 5.75% 11/7/2032 | 850 | 871 | ||||||
Post Holdings, Inc. 4.625% 4/15/20304 | 450 | 395 | ||||||
Target Corp. 4.80% 1/15/2053 | 1,460 | 1,399 | ||||||
12,727 | ||||||||
Real estate 1.31% | ||||||||
Boston Properties, LP 2.45% 10/1/2033 | 300 | 216 | ||||||
Boston Properties, LP 6.50% 1/15/2034 | 1,576 | 1,587 | ||||||
Crown Castle, Inc. 5.00% 1/11/2028 | 178 | 175 | ||||||
Equinix, Inc. 2.15% 7/15/2030 | 350 | 283 | ||||||
Equinix, Inc. 2.50% 5/15/2031 | 400 | 326 | ||||||
Equinix, Inc. 3.40% 2/15/2052 | 700 | 490 | ||||||
Howard Hughes Corp. 4.375% 2/1/20314 | 775 | 619 | ||||||
Iron Mountain, Inc. 4.50% 2/15/20314 | 900 | 774 | ||||||
Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 1,325 | 1,049 | ||||||
Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 1,235 | 933 | ||||||
Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 1,350 | 1,012 | ||||||
Prologis, LP 5.125% 1/15/2034 | 900 | 894 | ||||||
Service Properties Trust 4.75% 10/1/2026 | 1,150 | 1,000 | ||||||
Sun Communities Operating, LP 2.70% 7/15/2031 | 40 | 32 | ||||||
Sun Communities Operating, LP 4.20% 4/15/2032 | 649 | 568 | ||||||
VICI Properties, LP 3.875% 2/15/20294 | 75 | 66 | ||||||
VICI Properties, LP 4.125% 8/15/20304 | 250 | 220 | ||||||
VICI Properties, LP 5.125% 5/15/2032 | 1,230 | 1,152 | ||||||
11,396 | ||||||||
Information technology 1.19% | ||||||||
Analog Devices, Inc. 1.70% 10/1/2028 | 25 | 22 | ||||||
Analog Devices, Inc. 2.95% 10/1/2051 | 953 | 674 | ||||||
Apple, Inc. 2.70% 8/5/2051 | 610 | 425 | ||||||
Apple, Inc. 4.85% 5/10/2053 | 1,007 | 1,033 | ||||||
Broadcom, Inc. 3.469% 4/15/20344 | 69 | 57 | ||||||
Broadcom, Inc. 3.187% 11/15/20364 | 450 | 340 | ||||||
Broadcom, Inc. 4.926% 5/15/20374 | 1,301 | 1,178 | ||||||
Cloud Software Group, Inc. 9.00% 9/30/20294 | 800 | 700 | ||||||
CommScope, Inc. 4.75% 9/1/20294 | 400 | 316 | ||||||
Entegris Escrow Corp. 4.75% 4/15/20294 | 445 | 414 | ||||||
Intel Corp. 5.20% 2/10/2033 | 203 | 205 | ||||||
Intel Corp. 5.70% 2/10/2053 | 609 | 620 | ||||||
Oracle Corp. 3.60% 4/1/2050 | 764 | 546 | ||||||
Salesforce, Inc. 2.90% 7/15/2051 | 1,810 | 1,274 | ||||||
SK hynix, Inc. 6.375% 1/17/20284 | 200 | 201 | ||||||
SK hynix, Inc. 6.50% 1/17/2033 | 890 | 899 | ||||||
SK hynix, Inc. 6.50% 1/17/20334 | 210 | 212 | ||||||
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.842% 9/29/20283,6 | 499 | 467 | ||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)5,7,8 | 800 | 768 | ||||||
10,351 | ||||||||
Total corporate bonds, notes & loans | 278,423 | |||||||
U.S. Treasury bonds & notes 12.03% | ||||||||
U.S. Treasury 10.04% | ||||||||
U.S. Treasury 4.25% 5/31/2025 | 23,250 | 22,957 | ||||||
U.S. Treasury 4.625% 6/30/2025 | 1,250 | 1,245 | ||||||
U.S. Treasury 3.875% 2/15/2026 | 9,000 | 8,863 | ||||||
U.S. Treasury 4.125% 9/30/2027 | 3,375 | 3,356 | ||||||
U.S. Treasury 4.125% 10/31/2027 | 5,690 | 5,659 | ||||||
U.S. Treasury 3.625% 5/31/2028 | 14,464 | 14,146 | ||||||
U.S. Treasury 3.875% 6/30/2028 | 1,250 | 1,244 | ||||||
U.S. Treasury 2.75% 8/15/20329 | 6,138 | 5,624 |
Capital Group Fixed Income ETF Trust | 13 |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes (continued) | ||||||||
U.S. Treasury (continued) | ||||||||
U.S. Treasury 4.125% 11/5/2032 | USD | 2,000 | $ | 2,044 | ||||
U.S. Treasury 3.375% 5/15/2033 | 6,530 | 6,307 | ||||||
U.S. Treasury 4.00% 11/15/20429 | 6,230 | 6,188 | ||||||
U.S. Treasury 3.75% 5/15/20439 | 6,312 | 6,176 | ||||||
U.S. Treasury 3.625% 2/15/20539 | 3,434 | 3,292 | ||||||
87,101 | ||||||||
U.S. Treasury inflation-protected securities 1.99% | ||||||||
U.S. Treasury Inflation-Protected Security 1.625% 10/15/202710 | 17,509 | 17,252 | ||||||
Total U.S. Treasury bonds & notes | 104,353 | |||||||
Asset-backed obligations 7.35% | ||||||||
ACHV ABS Trust, Series 2023-2PL, Class B, 6.88% 5/20/20301,4 | 318 | 316 | ||||||
AGL CLO, Ltd., Series 2022-18A, Class B, (3-month USD CME Term SOFR + 2.00%) 7.056% 4/21/20311,3,4 | 1,500 | 1,478 | ||||||
ALM Loan Funding, Series 2020-1A, Class A2, (3-month USD-LIBOR + 1.85%) 7.11% 10/15/20291,3,4 | 500 | 496 | ||||||
American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 10/13/20281,4 | 701 | 686 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-5, Class B, 7.09% 4/20/20271,4 | 2,394 | 2,424 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class C, 6.85% 4/20/20281,4 | 3,333 | 3,301 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-4A, Class B, 6.32% 6/20/20291,4 | 2,369 | 2,341 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-4A, Class C, 7.24% 6/20/20291,4 | 890 | 877 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class C, 7.03% 12/20/20291,4 | 4,000 | 3,983 | ||||||
Brex Commercial Charge Card Master Trust, Series 2022-1, Class A, 4.63% 7/15/20251,4 | 1,000 | 974 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20601,4 | 486 | 434 | ||||||
CFG Investments, Ltd., Series 2021-1, Class B, 5.82% 5/20/20321,4 | 750 | 720 | ||||||
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20261,4 | 271 | 268 | ||||||
CPS Auto Receivables Trust, Series 2022-B, Class D, 5.19% 8/15/20281,4 | 1,250 | 1,203 | ||||||
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C, 5.70% 10/15/20321,4 | 1,000 | 963 | ||||||
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class D, 6.63% 12/15/20321,4 | 1,000 | 963 | ||||||
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/20251 | 130 | 130 | ||||||
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/20281 | 26 | 25 | ||||||
Exeter Automobile Receivables Trust, Series 2023-2, Class E, 9.75% 11/15/20301,4 | 848 | 841 | ||||||
Exeter Automobile Receivables Trust, Series 2023-3, Class E, 9.98% 1/15/20311,4 | 1,022 | 1,027 | ||||||
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class D, 6.62% 5/15/20281,4 | 2,335 | 2,296 | ||||||
Hertz Vehicle Financing III, LLC, Series 2023-1, Class C, 6.91% 6/25/20271,4 | 2,200 | 2,169 | ||||||
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 6/26/20281,4 | 300 | 258 | ||||||
Hertz Vehicle Financing III, LLC, Series 2023-2, Class C, 7.13% 9/25/20291,4 | 2,167 | 2,156 | ||||||
LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/20271,4 | 1,368 | 1,361 | ||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class B, 10.42% 1/15/20281,7,8 | 465 | 470 | ||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class D, 14.45% 1/15/20281,7,8 | 3,500 | 3,556 | ||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class B, 8.15% 7/17/20281,4 | 2,459 | 2,439 | ||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class C, 10.03% 7/17/20281,4 | 5,600 | 5,562 | ||||||
Prestige Auto Receivables Trust, Series 2023-1, Class D, 6.33% 4/16/20291,4 | 1,912 | 1,883 | ||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A, 5.38% 11/25/20301,4 | 957 | 937 | ||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B, 6.58% 11/25/20301,4 | 337 | 320 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/20311 | 796 | 811 | ||||||
SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86% 1/15/20531,4 | 3,678 | 3,350 | ||||||
SMB Private Education Loan Trust, Series 2021-A, Class D2, 3.86% 1/15/20531,4 | 1,872 | 1,705 | ||||||
SMB Private Education Loan Trust, Series 2023-A, Class B, 5.88% 1/15/20531,4 | 2,490 | 2,446 | ||||||
SMB Private Education Loan Trust, Series 2022-A, Class D, 4.75% 11/16/20541,4 | 208 | 189 |
14 | Capital Group Fixed Income ETF Trust |
Capital Group Core Plus Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
SMB Private Education Loan Trust, Series 2023-B, Class D, 7.56% 10/16/20561,4 | USD | 5,000 | $ | 4,879 | ||||
SMB Private Education Loan Trust, Series 2022-D, Class D, 7.23% 10/15/20581,4 | 2,000 | 1,972 | ||||||
Westlake Automobile Receivables Trust, Series 2022-2A, Class D, 5.48% 9/15/20271,4 | 1,562 | 1,519 | ||||||
63,728 | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 1.75% | ||||||||
Abu Dhabi (Emirate of) 1.70% 3/2/20314 | 300 | 250 | ||||||
Angola (Republic of) 8.75% 4/14/20324 | 800 | 675 | ||||||
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)5 | 1,100 | 368 | ||||||
Chile (Republic of) 2.45% 1/31/2031 | 400 | 346 | ||||||
Chile (Republic of) 4.34% 3/7/2042 | 200 | 178 | ||||||
Colombia (Republic of) 8.00% 4/20/2033 | 280 | 285 | ||||||
Colombia (Republic of) 7.50% 2/2/2034 | 1,885 | 1,848 | ||||||
Dominican Republic 4.50% 1/30/20304 | 500 | 439 | ||||||
Dominican Republic 7.05% 2/3/20314 | 630 | 629 | ||||||
Dominican Republic 5.875% 1/30/2060 | 400 | 311 | ||||||
Egypt (Arab Republic of) 8.75% 9/30/2051 | 2,239 | 1,214 | ||||||
Export-Import Bank of India 2.25% 1/13/20314 | 250 | 202 | ||||||
Honduras (Republic of) 5.625% 6/24/2030 | 860 | 698 | ||||||
Mongolia (State of) 4.45% 7/7/2031 | 500 | 389 | ||||||
Oman (Sultanate of) 7.00% 1/25/20514 | 500 | 496 | ||||||
Panama (Republic of) 2.252% 9/29/2032 | 1,200 | 920 | ||||||
Panama (Republic of) 6.853% 3/28/2054 | 1,550 | 1,616 | ||||||
Senegal (Republic of) 6.75% 3/13/2048 | 1,600 | 1,150 | ||||||
South Africa (Republic of) 5.875% 4/20/2032 | 1,003 | 891 | ||||||
United Mexican States 4.50% 4/22/2029 | 450 | 437 | ||||||
United Mexican States 4.875% 5/19/2033 | 820 | 784 | ||||||
United Mexican States 6.338% 5/4/2053 | 985 | 1,006 | ||||||
15,132 | ||||||||
Municipals 0.18% | ||||||||
Texas 0.18% | ||||||||
Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC Project), Series 2023, AMT, 10.00% 6/1/20424 | 1,575 | 1,577 | ||||||
Total bonds, notes & other debt instruments (cost: $863,610,000) | 855,389 | |||||||
Short-term securities 28.95% | Shares | |||||||
Money market investments 28.95% | ||||||||
Capital Group Central Cash Fund 5.15%11,12 | 2,509,810 | 251,006 | ||||||
Total short-term securities (cost: $250,966,000) | 251,006 | |||||||
Total investment securities 127.60% (cost: $1,114,576,000) | 1,106,395 | |||||||
Other assets less liabilities (27.60)% | (239,318 | ) | ||||||
Net assets 100.00% | $ | 867,077 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 6/30/2023 (000) | |||||||||
2 Year U.S. Treasury Note Futures | Long | 2,145 | September 2023 | USD436,172 | $ | (5,439 | ) | |||||||
5 Year U.S. Treasury Note Futures | Long | 832 | September 2023 | 89,102 | (1,366 | ) | ||||||||
10 Year U.S. Treasury Note Futures | Long | 433 | September 2023 | 48,611 | (737 | ) |
Capital Group Fixed Income ETF Trust | 15 |
Capital Group Core Plus Income ETF (continued)
Futures contracts (continued)
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 6/30/2023 (000) | |||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 771 | September 2023 | (91,315 | ) | $ | 960 | |||||||
30 Year U.S. Treasury Bond Futures | Long | 72 | September 2023 | 9,137 | 25 | |||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 21 | September 2023 | 2,861 | 10 | |||||||||
$ | (6,547 | ) |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium | Unrealized appreciation (depreciation) | |||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 6/30/2023 (000) | paid (000) | at 6/30/2023 (000) | ||||||||||||||||
SOFR | Annual | 2.121% | Annual | 3/28/2024 | USD | 5,700 | $ | 137 | $ | — | $ | 137 | ||||||||||||
4.105% | Annual | SOFR | Annual | 4/18/2025 | 175,000 | (2,438 | ) | — | (2,438 | ) | ||||||||||||||
SOFR | Annual | 3.3885% | Annual | 4/18/2028 | 35,000 | 836 | — | 836 | ||||||||||||||||
SOFR | Annual | 3.1585 | Annual | 1/18/2033 | 43,000 | 1,423 | — | 1,423 | ||||||||||||||||
SOFR | Annual | 3.2205 | Annual | 4/18/2033 | 58,000 | 1,628 | — | 1,628 | ||||||||||||||||
$ | 1,586 | $ | — | $ | 1,586 |
Bilateral interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium | Unrealized appreciation | |||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Counterparty | Expiration date | amount (000) | 6/30/2023 (000) | paid (000) | at 6/30/2023 (000) | |||||||||||||||||
12.54% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2026 | BRL | 19,454 | $ | 229 | $ | — | $ | 229 |
Investments in affiliates12
Value of affiliate at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized appreciation (000) | Value of affiliate at 6/30/2023 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 28.95% | ||||||||||||||||||||||||||||
Money market investments 28.95% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.15%11 | $ | 49,881 | $ | 376,233 | $ | 175,143 | $ | (2 | ) | $ | 37 | $ | 251,006 | $ | 3,141 |
16 | Capital Group Fixed Income ETF Trust |
Capital Group Core Plus Income ETF (continued)
Restricted securities8
Acquisition date | Cost (000) | Value (000) | Percent of net assets | |||||||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class D, 14.45% 1/15/20281,7 | 12/6/2022 | $ | 3,500 | $ | 3,556 | .41 | % | |||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class B, 10.42% 1/15/20281,7 | 12/6/2022 | 465 | 470 | .06 | ||||||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)5,7 | 6/23/2023 | 768 | 768 | .09 | ||||||||||
$ | 4,733 | $ | 4,794 | .56 | % |
1 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
2 | Purchased on a TBA basis. |
3 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
4 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $225,474,000, which represented 26.00% of the net assets of the fund. |
5 | Step bond; coupon rate may change at a later date. |
6 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $837,000, which represented 0.09% of the net assets of the fund. |
7 | Value determined using significant unobservable inputs. |
8 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $4,794,000, which represented 0.56% of the net assets of the fund. |
9 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $9,051,000, which represented 1.04% of the net assets of the fund. |
10 | Index-linked bond whose principal amount moves with a government price index. |
11 | Rate represents the seven-day yield at June 30, 2023. |
12 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
13 | Amount less than one thousand. |
Key to abbreviations
AMT = Alternative Minimum Tax
Assn. = Association
BRL = Brazilian reais
BZDIOVER = Overnight Brazilian Interbank Deposit Rate
CLO = Collateralized Loan Obligations
CME = CME Group
DAC = Designated Activity Company
Dev. = Development
Facs. = Facilities
LIBOR = London Interbank Offered Rate
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD = U.S. dollars
Refer to the notes to financial statements.
Capital Group Fixed Income ETF Trust | 17 |
Capital Group Municipal Income ETF | unaudited |
Investment portfolio June 30, 2023 |
Portfolio quality summary* | Percent of net assets | |||
AAA/Aaa | 10.33 | % | ||
AA/Aa | 37.32 | |||
A/A | 20.13 | |||
BBB/Baa | 10.31 | |||
Below investment grade | 13.55 | |||
Unrated | .57 | |||
Short-term securities & other assets less liabilities | 7.79 |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund’s investment policies. |
Bonds, notes & other debt instruments 92.21% | Principal amount (000) | Value (000) | ||||||
Alabama 2.09% | ||||||||
Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2022-B-1, 5.25% 2/1/2053 (put 6/1/2029) | USD | 600 | $ | 628 | ||||
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 4), Series 2019-A, 4.00% 12/1/2049 (put 12/1/2025) | 500 | 497 | ||||||
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2022-F, 5.50% 11/1/2053 (put 12/1/2028) | 750 | 792 | ||||||
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2023-B, 5.25% 12/1/2053 (put 12/1/2026) | 500 | 534 | ||||||
Energy Southeast, Energy Supply Rev. Bonds (A Cooperative Dist.), Series 2023-A-1, 5.50% 11/1/2053 (put 1/1/2031) | 500 | 537 | ||||||
Board of Trustees of the University of Alabama, General Rev. Bonds, Series 2014-B, 4.00% 7/1/2031 | 575 | 627 | ||||||
3,615 | ||||||||
Alaska 0.87% | ||||||||
International Airport System, Rev. Ref. Bonds, Series 2021-C, AMT, 5.00% 10/1/2026 | 1,455 | 1,512 | ||||||
Arizona 1.08% | ||||||||
Industrial Dev. Auth., Charter School Social Rev. Bonds (Equitable School Revolving Fund), Series 2021-A, 4.00% 11/1/2040 | 500 | 470 | ||||||
Industrial Dev. Auth., Municipal Certs., Series 2019-2, Class A, 3.625% 5/20/2033 | 701 | 653 | ||||||
County of Maricopa, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2001, AMT, 3.375% 12/1/2031 (put 6/3/2024) | 750 | 746 | ||||||
1,869 | ||||||||
California 9.02% | ||||||||
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1, 5.00% 7/1/2053 (put 8/1/2029) | 700 | 736 | ||||||
CSCDA Community Improvement Auth., Essential Housing Social Rev. Bonds (Millennium South Bay - Hawthorne), Series 2021-A-1, 3.375% 7/1/20431 | 750 | 604 | ||||||
Davis Joint Unified School Dist., G.O Bonds, 2018 Election, Series 2020, BAM insured, 3.00% 8/1/2034 | 500 | 481 | ||||||
Escondido Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, | ||||||||
2008 Election, Series 2009-A, Assured Guaranty insured, 0% 8/1/2028 | 500 | 425 | ||||||
Freddie Mac, Multi Family Certs., Series 2023, 4.14% 1/25/2040 | 549 | 511 | ||||||
G.O. Rev. Ref. Bonds, Series 2017, 4.00% 10/1/2039 | 480 | 525 | ||||||
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2032 | 500 | 595 | ||||||
Glendale Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, 2016 Election, Series 2020-B, 0% 8/1/2032 | 500 | 361 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Providence Health & Services), Series 2014-A, 5.00% 10/1/2024 | 580 | 592 | ||||||
Housing Fin. Agcy., Municipal Certs., Series 2023-1, Class A, 4.375% 9/20/2036 | 550 | 549 |
18 | Capital Group Fixed Income ETF Trust |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Infrastructure and Econ. Dev. Bank, Rev. Bonds (WFCS Portfolio Projects), Series 2021-A-1, 5.00% 1/1/20561 | USD | 500 | $ | 381 | ||||
City of Long Beach, Harbor Rev. Bonds, Series 2015-C, AMT, 5.00% 5/15/2026 | 720 | 739 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-D, AMT, 5.00% 5/15/2026 | 495 | 515 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2018-A, AMT, 5.00% 5/15/2037 | 1,000 | 1,049 | ||||||
Monrovia Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1997 Election, Series 2001-B, National insured, 0% 8/1/2032 | 750 | 536 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2030 | 500 | 522 | ||||||
Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2021-A, AMT, 4.10% 7/1/2041 (put 10/2/2023) | 350 | 350 | ||||||
Newport-Mesa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2011, National insured, 0% 8/1/2033 | 700 | 503 | ||||||
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 7/1/2049 (put 7/1/2024) | 1,000 | 1,001 | ||||||
Rialto Unified School Dist., G.O. Bonds, 2022 Election, Series 2023, BAM insured, 0% 8/1/2028 | 115 | 97 | ||||||
Rialto Unified School Dist., G.O. Bonds, 2022 Election, Series 2023, BAM insured, 0% 8/1/2029 | 140 | 114 | ||||||
Rowland Unified School Dist., G.O. Bonds, 2006 Election, Capital Appreciation Bonds, Series 2009-B, 0% 8/1/2034 | 500 | 339 | ||||||
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 Election, Series 2012-E, 0% 7/1/2034 | 750 | 516 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2019-A-2, AMT, 5.00% 5/1/2044 | 500 | 519 | ||||||
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2023-C, 4.00% 10/1/2048 (put 10/1/2029) | 700 | 744 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2027 | 500 | 531 | ||||||
Stockton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-D, Assured Guaranty Municipal insured, 0% 8/1/2033 | 1,000 | 704 | ||||||
City of Vernon, Electric System Rev. Bonds, Series 2021-A, 5.00% 4/1/2025 | 500 | 507 | ||||||
Whittier Union High School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2016, 0% 8/1/2032 | 750 | 533 | ||||||
15,579 | ||||||||
Colorado 2.98% | ||||||||
City and County of Denver, Airport System Rev. Bonds, Series 2022-A, AMT, 5.00% 11/15/2028 | 500 | 538 | ||||||
E-470 Public Highway Auth., Rev. Bonds, Capital Appreciation Bonds, Series 2004-A, National insured, 0% 9/1/2027 | 500 | 435 | ||||||
Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2015-A, 5.00% 12/1/2035 | 500 | 504 | ||||||
Housing and Fin. Auth., Multi Family Housing Rev. Bonds (Wintergreen Ridge Apartments Project), Series 2023, 4.00% 5/1/2041 (put 5/1/2025) | 275 | 276 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2023-I, Class III, 6.00% 5/1/2053 | 1,000 | 1,097 | ||||||
City of Lone Tree, Rampart Range Metropolitan Dist. No. 5, Limited Tax Supported and Special Rev. Bonds, Series 2021, 4.00% 12/1/2036 | 500 | 421 | ||||||
Town of Parker, Cottonwood Highlands Metropolitan Dist. No. 1, Limited Tax G.O. Bonds (Convertible to Unlimited Tax), Series 2019-A, 5.00% 12/1/2049 | 500 | 455 | ||||||
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 4.00% 7/15/2033 | 500 | 520 | ||||||
Town of Superior, STC Metropolitan Dist. No. 2, Limited Tax G.O. and Special Rev. Ref. and Improvement Bonds, Series 2019-A, 4.00% 12/1/2029 | 500 | 466 | ||||||
Town of Windsor, Great Western Metropolitan Dist. No. 5, Limited Tax G.O. Rev. Ref. Bonds, Series 2020, 4.75% 12/1/2050 | 500 | 435 | ||||||
5,147 |
Capital Group Fixed Income ETF Trust | 19 |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Connecticut 1.30% | ||||||||
Health and Educational Facs. Auth., Rev. Bonds (Connecticut Children’s Medical Center Issue), Series 2023-E, 5.00% 7/15/2038 | USD | 555 | $ | 598 | ||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-E-1, 4.25% 5/15/2042 | 420 | 419 | ||||||
Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2015-C, 5.75% 2/1/20251 | 500 | 502 | ||||||
Mohegan Tribe of Indians, Gaming Auth., Priority Distribution Payment Rev. Ref. Bonds, Series 2015-A, 6.75% 2/1/20451 | 219 | 219 | ||||||
City of Stamford, Harbor Point Infrastructure Improvement Dist., Special Obligation Rev. Ref. Bonds (Harbor Point Project), Series 2017, 5.00% 4/1/20391 | 500 | 500 | ||||||
2,238 | ||||||||
Delaware 0.26% | ||||||||
Econ. Dev. Auth., Charter School Rev. Bonds (First State Montessori Academy, Inc. Project), Series 2019-A, 4.00% 8/1/2029 | 460 | 449 | ||||||
District of Columbia 0.58% | ||||||||
Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (218 Vine Street Apartments Project), Series 2020, 4.00% 1/1/2040 (put 12/1/2023) | 240 | 239 | ||||||
Metropolitan Area Transit Auth., Dedicated Rev. Bonds, Series 2020-A, 4.00% 7/15/2020 | 750 | 760 | ||||||
999 | ||||||||
Florida 3.25% | ||||||||
Capital Trust Agcy., Educational Facs. Rev. Bonds (Renaissance Charter School), Series 2017-A, 4.375% 6/15/20271 | 345 | 338 | ||||||
Capital Trust Agcy., Educational Facs. Rev. Bonds (Viera Charter Schools, Inc. Project), Series 2017-A, 4.00% 10/15/20291 | 500 | 476 | ||||||
Capital Trust Agcy., Senior Rev. Bonds (Educational Growth Fund, LLC Charter School Portfolio Projects), Series 2021-A-1, 3.375% 7/1/20311 | 500 | 469 | ||||||
Dev. Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc. Project), Series 2021, AMT, 3.00% 6/1/2032 | 500 | 398 | ||||||
Dev. Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Pro USA, Inc. Project), Series 2023, AMT, 6.125% 7/1/2032 (put 7/1/2026)1 | 650 | 654 | ||||||
Fin. Auth., Econ. Dev. Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-A, AMT, 4.05% 5/1/2034 (put 12/1/2022) | 750 | 750 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 7/1/2049 | 430 | 427 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2023-1, 5.25% 7/1/2054 | 500 | 523 | ||||||
County of Miami-Dade, Sawyers Landing Community Dev. Dist., Special Assessment Rev. Bonds, Series 2021, 3.25% 5/1/2026 | 1,075 | 1,020 | ||||||
Municipal Power Agcy., Rev. Ref. Bonds (St. Lucie Project), Series 2021-B, 5.00% 10/1/2030 | 500 | 553 | ||||||
5,608 | ||||||||
Georgia 2.41% | ||||||||
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-C, 4.00% 5/1/2052 (put 12/1/2028) | 695 | 685 | ||||||
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 7/1/2052 (put 9/1/2027) | 500 | 498 | ||||||
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-B, 5.00% 7/1/2053 (put 3/1/2030) | 510 | 533 | ||||||
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2023-C, 5.00% 9/1/2053 (put 12/1/2029) | 1,140 | 1,198 | ||||||
Municipal Electric Auth., Project One Bonds, Series 2020-A, 5.00% 1/1/2027 | 620 | 651 | ||||||
Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2022-A, 5.00% 9/1/2032 | 500 | 593 | ||||||
4,158 |
20 | Capital Group Fixed Income ETF Trust |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Guam 0.87% | ||||||||
Business Privilege Tax Rev. Ref. Bonds, Series 2021-F, 4.00% 1/1/2036 | USD | 550 | $ | 526 | ||||
Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2046 | 1,000 | 972 | ||||||
1,498 | ||||||||
Hawaii 1.47% | ||||||||
Airports System Rev. Bonds, Series 2018-A, AMT, 5.00% 7/1/2029 | 500 | 534 | ||||||
City and County of Honolulu, G.O. Bonds, Series 2021-A, 4.00% 7/1/2041 | 500 | 507 | ||||||
City and County of Honolulu, G.O. Bonds (Honolulu Rail Transit Project), Series 2019-E, 5.00% 9/1/2025 (put 9/1/2023) | 1,500 | 1,503 | ||||||
2,544 | ||||||||
Illinois 8.75% | ||||||||
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2021-A, 3.00% 6/15/2032 | 500 | 470 | ||||||
City of Chicago, Board of Education, Capital Improvement Tax Bonds (Dedicated Rev.), Series 2023, 5.25% 4/1/2036 | 250 | 275 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2033 | 500 | 526 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2021-A, 5.00% 12/1/2040 | 500 | 506 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-D, 5.00% 12/1/2046 | 500 | 492 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 12/1/2030 | 500 | 519 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2022-A, 4.00% 12/1/2047 | 500 | 439 | ||||||
City of Chicago, G.O Bonds (City Colleges of Chicago Capital Improvement Project), Capital Appreciation Bonds, Series 1999, National insured, 0% 1/1/2026 (escrowed to maturity) | 500 | 461 | ||||||
City of Chicago, G.O. Bonds, Series 2021-A, 4.00% 1/1/2035 | 500 | 494 | ||||||
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1999-A, National insured, 0% 12/1/2025 | 500 | 453 | ||||||
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2023-B, Assured Guaranty Municipal insured, 5.00% 1/1/2034 | 1,250 | 1,428 | ||||||
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 11/1/2028 | 1,000 | 1,046 | ||||||
City of Chicago, Water Rev. Ref. Bonds, Series 2023-B, Assured Guaranty Municipal insured, 5.00% 11/1/2039 | 500 | 548 | ||||||
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A, 4.00% 11/1/2030 | 500 | 505 | ||||||
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 7/1/2023 | 1,000 | 1,000 | ||||||
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 4.00% 11/15/2039 | 500 | 490 | ||||||
Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2019, AMT, 0.40% 11/1/2044 (put 11/1/2023) | 500 | 501 | ||||||
G.O. Bonds, Series 2016, 4.00% 6/1/2033 | 1,060 | 1,063 | ||||||
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, Assured Guaranty Municipal insured, 0% 6/15/2030 | 1,055 | 812 | ||||||
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 6/15/2032 | 925 | 653 | ||||||
Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, BAM insured, 5.00% 1/1/2029 | 510 | 556 | ||||||
Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2023-C, 5.00% 1/1/2034 | 460 | 514 | ||||||
Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2019, BAM insured, 5.00% 6/15/2029 | 665 | 701 | ||||||
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2023-A, 5.00% 1/1/2042 | 600 | 660 | ||||||
15,112 |
Capital Group Fixed Income ETF Trust | 21 |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Indiana 2.31% | ||||||||
Fin. Auth., Environmental Improvement Rev. Bonds (Fulcrum Centerpoint, LLC Project), Series 2022-A, AMT, 4.50% 12/15/2046 (put 12/1/2023) | USD | 750 | $ | 749 | ||||
Fin. Auth., Environmental Improvement Rev. Ref. Bonds (U.S. Steel Corp. Project), Series 2021-A, 4.125% 12/1/2026 | 750 | 742 | ||||||
Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health), Series 2023-B-1, 5.00% 10/1/2062 (put 7/1/2028) | 755 | 822 | ||||||
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-B, 3.00% 11/1/2030 | 500 | 453 | ||||||
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A-1, 5.75% 7/1/2053 | 425 | 453 | ||||||
City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America, Inc. Project), Series 2016-A, AMT, 4.40% 3/1/2046 (put 6/10/2031) | 250 | 255 | ||||||
City of Whiting, Environmental Facs. Rev. Ref. Bonds (BP Products North America, Inc. Project), Series 2019-A, AMT, 5.00% 12/1/2044 (put 6/15/2026) | 500 | 515 | ||||||
3,989 | ||||||||
Iowa 0.29% | ||||||||
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2022, 4.00% 12/1/2050 (put 12/1/2032) | 500 | 493 | ||||||
Kansas 0.31% | ||||||||
Dev. Fin. Auth., Hospital Rev. Bonds (Advent Health Obligated Group), Series 2021-B, 5.00% 11/15/2054 (put 11/15/2028) | 500 | 543 | ||||||
Kentucky 0.28% | ||||||||
Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-1, 4.00% 8/1/2052 (put 8/1/2030) | 500 | 491 | ||||||
Louisiana 0.48% | ||||||||
Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2023-A, 5.75% 6/1/2054 | 400 | 433 | ||||||
Public Facs. Auth., Hospital Rev. Bonds (Louisiana Children’s Medical Center Project), Series 2015-A-3, 5.00% 6/1/2045 (put 6/1/2028) | 365 | 389 | ||||||
822 | ||||||||
Maryland 1.47% | ||||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2023-A, 5.50% 9/1/2053 | 1,095 | 1,173 | ||||||
County of Montgomery, Rev. Ref. Bonds (Dept. of Liquor Control), Series 2019-A, 4.00% 6/15/2037 | 750 | 779 | ||||||
Dept. of Transportation, Consolidated Transportation Bonds, Series 2021-A, 2.00% 10/1/2034 | 700 | 593 | ||||||
2,545 | ||||||||
Massachusetts 0.73% | ||||||||
Dev. Fin. Agcy., Rev. Bonds (Partners Healthcare System Issue), Series 2017-S, 4.00% 7/1/2035 | 500 | 507 | ||||||
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2026 | 500 | 517 | ||||||
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2023-B, AMT, 4.25% 7/1/2044 | 235 | 233 | ||||||
1,257 |
22 | Capital Group Fixed Income ETF Trust |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Michigan 1.82% | ||||||||
Building Auth., Rev. Bonds (Facs. Program), Series 2021-I, 4.00% 10/15/2041 | USD | 500 | $ | 500 | ||||
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-A, 5.00% 12/1/2041 | 500 | 524 | ||||||
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 6/1/2033 | 500 | 542 | ||||||
Great Lakes Water Auth., Sewage Disposal System Rev. Ref. Bonds, Series 2018-B, 5.00% 7/1/2028 | 1,000 | 1,103 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2023-A, 5.50% 12/1/2053 | 450 | 482 | ||||||
3,151 | ||||||||
Minnesota 1.02% | ||||||||
Higher Education Supplemental Loan Auth., Rev. Bonds, Series 2023, AMT, 4.00% 11/1/2042 | 850 | 813 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-I, 3.00% 1/1/2051 | 500 | 483 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-H, 3.00% 7/1/2052 | 495 | 475 | ||||||
1,771 | ||||||||
Missouri 1.25% | ||||||||
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Bethesda Health Group, Inc.), Series 2021, 4.00% 8/1/2029 | 385 | 358 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2020-C, 3.50% 11/1/2050 | 475 | 465 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2023-B, 5.50% 5/1/2053 | 1,250 | 1,340 | ||||||
2,163 | ||||||||
Montana 0.38% | ||||||||
City of Forsyth, Pollution Control Rev. Ref. Bonds (Northwestern Corp. Colstrip Project), Series 2023, 3.875% 7/1/2028 | 650 | 652 | ||||||
Nebraska 0.24% | ||||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2020-A, 2.35% 9/1/2035 | 500 | 411 | ||||||
Nevada 2.84% | ||||||||
Dept. of Business and Industry, Lease Rev. Bonds (Somerset Academy), Series 2018-A, 4.50% 12/15/20291 | 505 | 491 | ||||||
Dept. of Business and Industry, Rev. Bonds (Brightline West Passenger Rail Project), Series 2020-A, AMT, 3.70% 1/1/2050 (put 1/31/2024)1 | 700 | 697 | ||||||
Dept. of Business and Industry, Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2001, AMT, 3.75% 12/1/2026 (put 12/1/2023)1 | 850 | 851 | ||||||
County of Clark, Limited Tax G.O. Park Improvement Bonds, Series 2018, 5.00% 12/1/2031 | 600 | 663 | ||||||
County of Clark, Limited Tax G.O. Stadium Improvement Bonds, Series 2018-A, 5.00% 6/1/2033 | 500 | 545 | ||||||
County of Clark, Limited Tax G.O. Transportation Improvement Bonds, Series 2018-B, 5.00% 12/1/2035 | 585 | 637 | ||||||
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement Bonds, Series 2022-A, 4.00% 6/1/2035 | 500 | 530 | ||||||
City of North Las Vegas, Special Improvement Dist. No. 65 (Northern Beltway Commercial Area), Local Improvement Bonds, Series 2017, 4.00% 12/1/20271 | 505 | 498 | ||||||
4,912 | ||||||||
New Hampshire 1.02% | ||||||||
National Fin. Auth., Municipal Certs., Series 2022-2, Class A, 4.00% 10/20/2036 | 545 | 517 | ||||||
National Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project), Series 2020-A-3, AMT, 3.95% 4/1/2024 (put 9/1/2023) | 1,250 | 1,250 | ||||||
1,767 |
Capital Group Fixed Income ETF Trust | 23 |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
New Jersey 3.79% | ||||||||
Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 9/15/2029 | USD | 500 | $ | 501 | ||||
Educational Facs. Auth., Rev. and Rev. Ref. Bonds (Ramapo College of New Jersey Issue), Series 2022-A, Assured Guaranty Municipal insured, 5.00% 7/1/2030 | 620 | 702 | ||||||
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated Group Issue), Series 2017-A, 5.00% 7/1/2032 | 500 | 537 | ||||||
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (RWJ Barnabas Health Obligated Group Issue), Series 2016-A, 5.00% 7/1/2033 | 500 | 529 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2019-B, AMT, 3.25% 12/1/2039 | 500 | 474 | ||||||
Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2023-B, AMT, 4.00% 12/1/2044 | 900 | 875 | ||||||
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2020-E, 3.50% 4/1/2051 | 465 | 455 | ||||||
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2023-J, 5.50% 4/1/2053 | 1,000 | 1,072 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 5.00% 12/15/2027 | 500 | 537 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A, 5.00% 12/15/2036 | 500 | 530 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds, Capital Appreciation Bonds, Series 2006-C, AMBAC insured, 0% 12/15/2035 | 550 | 335 | ||||||
6,547 | ||||||||
New York 7.96% | ||||||||
Build NYC Resource Corp., Rev. Bonds (East Harlem Scholars Academy Charter School Project), Series 2022, 5.00% 6/1/20321 | 250 | 253 | ||||||
Energy Research and Dev. Auth., Pollution Control Rev. Bonds (New York State Electric & Gas Corp. Project), Series 2004-C, 4.00% 4/1/2034 | 120 | 121 | ||||||
Environmental Facs. Corp., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2014-R-2, AMT, 3.125% 12/1/2044 (put 6/1/2026)1 | 500 | 478 | ||||||
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2023-A-2, 3.60% 11/1/2062 (put 5/1/2027) | 720 | 719 | ||||||
Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 2.875% 11/15/2046 | 995 | 742 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2017-D, 5.00% 11/15/2035 | 600 | 633 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 11/15/2028 | 805 | 861 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 10/1/2047 | 440 | 439 | ||||||
New York City G.O. Bonds, Series 2023-F-1, 5.00% 8/1/2025 | 110 | 114 | ||||||
New York City G.O. Bonds, Series 2022-A-1, 5.00% 9/1/2034 | 500 | 583 | ||||||
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2020-A-1-B, 2.05% 11/1/2031 | 530 | 459 | ||||||
New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series 2021-F-1, 2.40% 11/1/2046 | 500 | 330 | ||||||
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2020-CC-1, 4.00% 6/15/2037 | 750 | 769 | ||||||
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2023-CC, 3.25% 6/15/2053 | 1,000 | 1,000 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-E-1, 5.00% 2/1/2030 | 500 | 514 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2016-B-1, 5.00% 11/1/2034 | 500 | 519 | ||||||
Port Auth., Consolidated Bonds, Series 178, AMT, 5.00% 12/1/2025 | 560 | 563 | ||||||
Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 5.00% 3/15/2029 | 500 | 560 | ||||||
Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 3.00% 3/15/2048 | 500 | 394 | ||||||
Transportation Dev. Corp., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2021, AMT, 2.25% 8/1/2026 | 750 | 723 | ||||||
Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), Series 2020-A, AMT, 5.00% 12/1/2024 | 750 | 763 |
24 | Capital Group Fixed Income ETF Trust |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
New York (continued) | ||||||||
Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), Series 2020-C, 5.00% 12/1/2034 | USD | 500 | $ | 547 | ||||
Transportation Dev. Corp., Special Fac. Rev. Ref. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project), Series 2016, AMT, 5.00% 8/1/2026 | 500 | 501 | ||||||
Transportation Dev. Corp., Special Facs. Rev. Bonds (Delta Air Lines, Inc. LaGuardia Airport Terminals C & D Redev. Project), Series 2018, AMT, 5.00% 1/1/2033 | 500 | 519 | ||||||
Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Rev. Ref. Green Bonds (MTA Bridges and Tunnels), Series 2023-A, 5.00% 11/15/2034 | 550 | 658 | ||||||
13,762 | ||||||||
North Carolina 1.15% | ||||||||
City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds, Series 2019-B, AMT, 5.00% 7/1/2030 | 500 | 541 | ||||||
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 50, 5.50% 1/1/2054 | 700 | 750 | ||||||
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 42, 4.00% 1/1/2050 | 475 | 471 | ||||||
Turnpike Auth., Triangle Expressway System, Appropriation Rev. Bonds, Capital Appreciation Bonds, Series 2019, 0% 1/1/2043 | 560 | 233 | ||||||
1,995 | ||||||||
North Dakota 0.43% | ||||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2023-A, 5.75% 7/1/2053 | 700 | 746 | ||||||
Ohio 3.84% | ||||||||
Air Quality Dev. Auth., Air Quality Dev. Rev. Ref. Bonds (Duke Energy Corp. Project), Series 2022-B, AMT, 4.25% 11/1/2039 (put 6/1/2027) | 500 | 497 | ||||||
Air Quality Dev. Auth., Air Quality Rev. Ref. Bonds (Ohio Valley Electric Corp. Project), Series 2019-A, 3.25% 9/1/2029 | 500 | 467 | ||||||
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2020-A-2, Class 1, 5.00% 6/1/2033 | 750 | 815 | ||||||
County of Cuyahoga, Metropolitan Housing Auth., Multi Family Housing Rev. Bonds (Wade Park Apartments), Series 2022, 4.75% 12/1/2027 (put 12/1/2025) | 460 | 467 | ||||||
County of Franklin, Hospital Facs. Rev. Ref. Bonds (Nationwide Children’s Hospital), Series 2016-C, 5.00% 11/1/2031 | 500 | 569 | ||||||
County of Franklin, Hospital Facs. Rev. Ref. Bonds (Nationwide Children’s Hospital), Series 2016-C, 4.00% 11/1/2040 | 1,000 | 985 | ||||||
Hospital Rev. Bonds (University Hospitals Health System, Inc.), Series 2021-C, 3.58% 1/15/2051 | 985 | 985 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2023-A, 5.50% 3/1/2053 | 1,000 | 1,059 | ||||||
Water Dev. Auth., Water Dev. Rev. Bonds (Fresh Water), Series 2019, 5.00% 6/1/2031 | 695 | 791 | ||||||
6,635 | ||||||||
Oregon 0.16% | ||||||||
G.O. Bonds (Veteran’s Welfare Bonds Series 111), Series 2023-E, 5.50% 12/1/2053 | 260 | 279 | ||||||
Pennsylvania 4.99% | ||||||||
City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Bonds (City Center Ref. Project), Series 2017, 5.00% 5/1/20421 | 500 | 501 | ||||||
County of Cumberland, Municipal Auth., Rev. Bonds (Penn State Health), Series 2019, 5.00% 11/1/2027 | 500 | 539 | ||||||
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Penndot Major Bridges Package One Project), Series 2022, AMT, 5.00% 12/31/2030 | 700 | 766 | ||||||
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge Replacement Project), Series 2015, AMT, 5.00% 12/31/2034 | 500 | 511 | ||||||
Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2020-A, 4.00% 4/15/2039 | 500 | 492 | ||||||
Erie County School Dist., Limited Tax G.O. Bonds, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 4/1/2030 | 500 | 549 |
Capital Group Fixed Income ETF Trust | 25 |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Pennsylvania (continued) | ||||||||
Erie County School Dist., Limited Tax G.O. Bonds, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 4/1/2031 | USD | 525 | $ | 576 | ||||
G.O. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 9/15/2026 | 500 | 533 | ||||||
Higher Education Assistance Agcy., Education Loan Rev. Bonds, Series 2023-B, AMT, 4.00% 6/1/2044 | 350 | 343 | ||||||
Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania Health System), Series 2015, 5.00% 8/15/2026 | 500 | 519 | ||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2023-141-A, 5.75% 10/1/2053 | 800 | 853 | ||||||
County of Montgomery, Industrial Dev. Auth., Exempt Facs. Rev. Ref. Bonds (Constellation Energy Generation, LLC Project), Series 2023-C, 4.10% 6/1/2029 | 600 | 614 | ||||||
Philadelphia School Dist., G.O. Bonds, Series 2019-A, National insured, 5.00% 9/1/2026 | 500 | 524 | ||||||
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 9/1/2028 | 250 | 262 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2027 | 500 | 540 | ||||||
County of Westmoreland, Industrial Dev. Auth., Health System Rev. Bonds (Excela Health Project), Series 2020-A, 4.00% 7/1/2026 | 500 | 495 | ||||||
8,617 | ||||||||
Puerto Rico 2.19% | ||||||||
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 5.00% 7/1/20331 | 500 | 514 | ||||||
Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 4.00% 7/1/20421 | 500 | 438 | ||||||
Commonwealth Highways and Transportation Auth., Toll Rev. Bonds, Capital Appreciation Bonds, Series 2022-C, 0% 7/1/2053 (5.00% on 7/1/2032)2 | 750 | 459 | ||||||
Electric Power Auth., Power Rev. Ref. Bonds, Series 2007-UU, Assured Guaranty Municipal insured, (3-month USD-LIBOR x 0.67 + 0.52%) 0.67% 7/1/2029 | 500 | 464 | ||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2021, 5.00% 7/1/2033 | 435 | 477 | ||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040 | 1,000 | 953 | ||||||
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2019-A-2, 4.329% 7/1/2040 | 500 | 477 | ||||||
3,782 | ||||||||
South Carolina 0.59% | ||||||||
Jobs-Econ. Dev. Auth., Environmental Improvement Rev. Ref. Bonds (International Paper Company Project), Series 2023-A, AMT, 4.00% 4/1/2033 (put 4/1/2026) | 500 | 502 | ||||||
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A, 5.00% 12/1/2029 | 500 | 519 | ||||||
1,021 | ||||||||
Tennessee 1.11% | ||||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2A, AMT, 4.00% 1/1/2042 | 425 | 420 | ||||||
City of Memphis and County of Shelby, Airport Auth., Airport Rev. Ref. Bonds, Series 2021-D, 5.00% 7/1/2023 | 500 | 500 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2018, 4.00% 11/1/2049 | 1,000 | 995 | ||||||
1,915 | ||||||||
Texas 7.78% | ||||||||
City of Arlington, Special Tax Rev. Bonds, Series 2021-B, 5.00% 8/15/2024 | 800 | 816 | ||||||
Boerne Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2023, 3.125% 2/1/2053 (put 2/1/2027) | 500 | 495 | ||||||
Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC Project), Series 2023, AMT, 10.00% 6/1/20421 | 500 | 501 | ||||||
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2021-B, 5.00% 1/1/2032 | 500 | 558 | ||||||
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Valor Education), Series 2023-A, 5.75% 6/15/20381 | 500 | 488 |
26 | Capital Group Fixed Income ETF Trust |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Texas (continued) | ||||||||
Gulf Coast Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (CITGO Petroleum Corp. Project), Series 1995, AMT, 4.875% 5/1/2025 | USD | 500 | $ | 499 | ||||
County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 8/15/2030 | 500 | 547 | ||||||
County of Harris, Toll Road Rev. Ref. Bonds, Series 2021, 4.00% 8/15/2045 | 500 | 500 | ||||||
Hays Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2/15/2035 | 635 | 726 | ||||||
City of Houston, Airport System Rev. Ref. Bonds, Series 2021-A, AMT, 5.00% 7/1/2029 | 500 | 540 | ||||||
City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project), Series 2014, AMT, 5.00% 7/1/2029 | 650 | 652 | ||||||
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2018, 5.00% 2/15/2030 | 500 | 550 | ||||||
Laredo Unified School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 8/1/2034 | 500 | 540 | ||||||
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2022, Assured Guaranty Municipal insured, 5.00% 5/15/2026 | 500 | 527 | ||||||
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2022, 5.00% 5/15/2030 | 575 | 649 | ||||||
North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2021, BAM insured, 5.00% 12/15/2027 | 500 | 543 | ||||||
North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2021-B, 4.00% 1/1/2036 | 500 | 511 | ||||||
Board of Regents of the Texas A&M University System, Permanent University Fund Bonds, Series 2023, 5.00% 7/1/2042 | 1,500 | 1,675 | ||||||
Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 3/15/2033 | 500 | 553 | ||||||
Waco Education Fin. Corp., Rev. Bonds (Baylor University Issue), Series 2021, 4.00% 3/1/2040 | 500 | 496 | ||||||
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2023-2-A, 4.70% 1/1/2054 | 1,000 | 1,082 | ||||||
13,448 | ||||||||
United States 0.10% | ||||||||
Freddie Mac, Multi Family Certs., Series 2023, 0.897% 11/25/20351,3 | 2,755 | 168 | ||||||
Utah 1.14% | ||||||||
MIDA Mountain Village Public Infrastructure Dist., Special Assessment Rev. Bonds (Mountain Village Assessment Area #2), Series 2021, 4.00% 8/1/20271 | 500 | 483 | ||||||
MIDA Mountain Village Public Infrastructure Dist., Special Assessment Rev. Bonds (Mountain Village Assessment Area No. 2), Series 2021, 4.00% 8/1/20291 | 1,000 | 949 | ||||||
Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2018-A, AMT, 5.00% 7/1/2028 | 500 | 533 | ||||||
1,965 | ||||||||
Vermont 0.58% | ||||||||
Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds (Casella Waste Systems, Inc. Project), Series 2013, AMT, 4.625% 4/1/2036 (put 4/3/2028)1 | 500 | 494 | ||||||
Student Assistance Corp., Education Loan Rev. Bonds, Series 2023-A, AMT, 4.00% 6/15/2041 | 535 | 512 | ||||||
1,006 | ||||||||
Virgin Islands 0.29% | ||||||||
Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization Bonds, Series 2022-A, 5.00% 10/1/2026 | 500 | 504 |
Capital Group Fixed Income ETF Trust | 27 |
Capital Group Municipal Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Virginia 1.33% | ||||||||
County of Arlington, Industrial Dev. Auth., Multifamily Housing Rev. Bonds (Park Shirlington Apartments), Series 2023-A, 5.00% 1/1/2026 | USD | 150 | $ | 155 | ||||
County of Charles City, Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004-A, 2.875% 2/1/2029 | 500 | 466 | ||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2023-A, 5.00% 2/1/2040 | 500 | 567 | ||||||
City of Norfolk, G.O. Capital Rev. Ref. Bonds, Series 2014-C, 4.00% 8/1/2025 | 500 | 510 | ||||||
City of Norfolk, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Braywood Manor Apartments), Series 2023, 5.00% 5/1/2043 (put 5/1/2026) | 100 | 103 | ||||||
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 1/1/2024 | 500 | 502 | ||||||
2,303 | ||||||||
Washington 2.34% | ||||||||
G.O. Bonds, Series 2020-A, 5.00% 8/1/2039 | 650 | 710 | ||||||
Health Care Facs. Auth., Rev. Bonds (Multicare Health System), Series 2015-B, 5.00% 8/15/2025 | 500 | 514 | ||||||
Housing Fin. Commission, Municipal Certs., Series 2021-1, 3.50% 12/20/2035 | 485 | 448 | ||||||
Housing Fin. Commission, Single Family Program Bonds, Series 2018-1-N, 4.00% 12/1/2048 | 410 | 407 | ||||||
County of King, Convention Center Public Facs. Dist., Lodging Tax Green Notes, Series 2021, 4.00% 7/1/2031 | 750 | 719 | ||||||
Mercer Island School Dist. No. 400, Unlimited Tax G.O. Bonds, Series 2015, 3.00% 12/1/2024 | 750 | 750 | ||||||
Port of Seattle, Industrial Dev. Corp., Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2012, AMT, 5.00% 4/1/2030 | 500 | 500 | ||||||
4,048 | ||||||||
West Virginia 0.81% | ||||||||
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Arch Resources Project), Series 2021, AMT, 4.125% 7/1/2045 (put 7/1/2025) | 500 | 494 | ||||||
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Arch Resources Project), Series 2020, AMT, 5.00% 7/1/2045 (put 7/1/2025) | 500 | 501 | ||||||
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Kentucky Power Company - Mitchell Project), Series 2014-A, AMT, 4.70% 4/1/2036 (put 6/17/2026) | 400 | 401 | ||||||
1,396 | ||||||||
Wisconsin 2.26% | ||||||||
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, 5.00% 8/15/2054 (put 6/24/2026) | 655 | 685 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-1, 4.00% 11/15/2043 | 750 | 727 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Hope Christian Schools Obligated Group), Series 2021, 4.00% 12/1/2031 | 250 | 211 | ||||||
Public Fin. Auth., Air Cargo Rev. Bonds (AFCO Obligated Group), Series 2023, AMT, 5.00% 7/1/2025 | 265 | 268 | ||||||
Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student Housing Project), Series 2022-A-1, BAM insured, 5.00% 7/1/2030 | 700 | 781 | ||||||
Public Fin. Auth., Retirement Community Rev. Bonds (Lifespace Communities, Inc.), Series 2020-A, 4.00% 11/15/2041 | 500 | 485 | ||||||
Public Fin. Auth., Rev. Ref. Bonds (Celanese Corp.), Series 2016-C, AMT, 4.30% 11/1/2030 | 750 | 743 | ||||||
3,900 | ||||||||
Total bonds, notes & other debt instruments (cost: $157,790,000) | 159,332 |
28 | Capital Group Fixed Income ETF Trust |
Capital Group Municipal Income ETF (continued)
Short-term securities 7.76% | Principal amount (000) | Value (000) | ||||||
Municipals 7.76% | ||||||||
State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds, Series 2003, Bank of America LOC, 1.62% 1/1/2033 | USD | 1,000 | $ | 1,000 | ||||
State of Florida, City of Gainesville, Utilities System Rev. Bonds, Series 2019-C, 0.13% 10/1/2047 | 2,000 | 2,000 | ||||||
State of Arizona, City of Phoenix, Industrial Dev. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2013, AMT, 2.25% 12/1/2035 (put 8/1/2023) | 1,500 | 1,500 | ||||||
State of Maryland, County of Montgomery, G.O. Bonds, Series 2017-E, 3.60% 11/1/2037 | 2,500 | 2,500 | ||||||
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project), Series 2014, AMT, 4.05% 6/1/2044 (put 7/3/2023) | 1,500 | 1,500 | ||||||
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2013, AMT, 3.50% 8/1/2045 (put 8/1/2023) | 1,000 | 1,000 | ||||||
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 3.68% 8/1/2044 | 1,000 | 1,000 | ||||||
State of New Hampshire, Health and Education Facs. Auth., Rev. Ref. Bonds (Dartmouth College Issue), Series 2007-B, 3.62% 6/1/2041 | 1,000 | 1,000 | ||||||
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2013-B-3, 4.00% 1/1/2039 | 500 | 500 | ||||||
State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2012-B, 0.11% 4/1/2042 | 1,400 | 1,400 | ||||||
13,400 | ||||||||
Total short-term securities (cost: $13,400,000) | 13,400 | |||||||
Total investment securities 99.97% (cost: $171,190,000) | 172,732 | |||||||
Other assets less liabilities 0.03% | 52 | |||||||
Net assets 100.00% | $ | 172,784 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 6/30/2023 (000) | |||||||||
2 Year U.S. Treasury Note Futures | Long | 65 | September 2023 | USD13,218 | $ | (145 | ) | |||||||
5 Year U.S. Treasury Note Futures | Long | 78 | September 2023 | 8,353 | (129 | ) | ||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 61 | September 2023 | (7,225 | ) | 81 | ||||||||
$ | (193 | ) |
Capital Group Fixed Income ETF Trust | 29 |
Capital Group Municipal Income ETF (continued)
1 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,947,000, which represented 6.91% of the net assets of the fund. |
2 | Step bond; coupon rate may change at a later date. |
3 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
Key to abbreviations
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. = Certificates
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
USD = U.S. dollars
Refer to the notes to financial statements.
30 | Capital Group Fixed Income ETF Trust |
Capital Group U.S. Multi-Sector Income ETF | unaudited |
Investment portfolio June 30, 2023 |
Portfolio by type of security | Percent of net assets |
Portfolio quality summary* | Percent of net assets | |||
U.S. Treasury and agency† | 1.16 | % | ||
AAA/Aaa | 3.39 | |||
AA/Aa | 10.61 | |||
A/A | 15.39 | |||
BBB/Baa | 23.83 | |||
Below investment grade | 41.97 | |||
Short-term securities & other assets less liabilities | 3.65 |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody���s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. |
† | These securities are guaranteed by the full faith and credit of the U.S. government. |
Bonds, notes & other debt instruments 96.35% | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans 68.52% | ||||||||
Financials 13.16% | ||||||||
AerCap Ireland Capital DAC 3.85% 10/29/2041 | USD | 695 | $ | 529 | ||||
AG Issuer, LLC 6.25% 3/1/20281 | 156 | 149 | ||||||
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271 | 390 | 400 | ||||||
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271 | 250 | 225 | ||||||
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271 | 335 | 315 | ||||||
American International Group, Inc. 5.125% 3/27/2033 | 81 | 79 | ||||||
American International Group, Inc. 4.375% 6/30/2050 | 335 | 283 | ||||||
AmWINS Group, Inc. 4.875% 6/30/20291 | 375 | 339 | ||||||
Aon Corp. 5.35% 2/28/2033 | 137 | 138 | ||||||
Aretec Escrow Issuer, Inc. 7.50% 4/1/20291 | 355 | 309 | ||||||
AssuredPartners, Inc. 5.625% 1/15/20291 | 380 | 329 | ||||||
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)2 | 350 | 297 | ||||||
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)2 | 400 | 393 | ||||||
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)2 | 225 | 223 | ||||||
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)2 | 110 | 108 | ||||||
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)2 | 560 | 555 | ||||||
Block, Inc. 3.50% 6/1/2031 | 275 | 228 | ||||||
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)1,2 | 200 | 200 | ||||||
Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028)2 | 54 | 52 | ||||||
Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033)2 | 335 | 333 | ||||||
Charles Schwab Corp. 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)2 | 192 | 195 | ||||||
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)2 | 416 | 442 | ||||||
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)2 | 400 | 404 | ||||||
Coinbase Global, Inc. 3.625% 10/1/20311 | 125 | 74 | ||||||
Compass Group Diversified Holdings, LLC 5.25% 4/15/20291 | 710 | 623 | ||||||
Corebridge Financial, Inc. 3.90% 4/5/2032 | 250 | 218 | ||||||
Corebridge Financial, Inc. 4.40% 4/5/2052 | 395 | 311 | ||||||
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)2 | 335 | 291 | ||||||
Deutsche Bank AG 7.079% 2/10/2034 (USD-SOFR + 3.65% on 2/10/2033)2 | 200 | 185 | ||||||
Discover Financial Services 6.70% 11/29/2032 | 78 | 80 | ||||||
Fortrea Holdings, Inc. 7.50% 7/1/20301 | 115 | 118 |
Capital Group Fixed Income ETF Trust | 31 |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)2 | USD | 565 | $ | 478 | ||||
Hightower Holding, LLC 6.75% 4/15/20291 | 75 | 65 | ||||||
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)2 | 655 | 530 | ||||||
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)2 | 660 | 685 | ||||||
HUB International, Ltd. 7.00% 5/1/20261 | 300 | 300 | ||||||
HUB International, Ltd. 5.625% 12/1/20291 | 150 | 135 | ||||||
HUB International, Ltd. 7.25% 6/15/20301 | 291 | 301 | ||||||
HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.34% 6/20/2030 | 49 | 49 | ||||||
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321 | 405 | 350 | ||||||
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)2 | 125 | 123 | ||||||
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)2 | 250 | 244 | ||||||
JPMorgan Chase & Co. 3.328% 4/22/2052 (USD-SOFR + 1.58% on 4/22/2051)2 | 185 | 135 | ||||||
Kasikornbank PCL 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)2 | 400 | 353 | ||||||
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)1,2 | 200 | 199 | ||||||
LPL Holdings, Inc. 4.00% 3/15/20291 | 435 | 382 | ||||||
Metropolitan Life Global Funding I 5.15% 3/28/20331 | 175 | 173 | ||||||
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)2 | 150 | 148 | ||||||
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)2 | 130 | 128 | ||||||
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)2 | 419 | 403 | ||||||
Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)2 | 211 | 225 | ||||||
MSCI, Inc. 3.25% 8/15/20331 | 320 | 258 | ||||||
Nasdaq, Inc. 5.35% 6/28/2028 | 31 | 31 | ||||||
Nasdaq, Inc. 5.95% 8/15/2053 | 30 | 31 | ||||||
Nasdaq, Inc. 6.10% 6/28/2063 | 79 | 81 | ||||||
Navient Corp. 9.375% 7/25/2030 | 100 | 100 | ||||||
Navient Corp. 5.625% 8/1/2033 | 650 | 489 | ||||||
New York Life Global Funding 4.55% 1/28/20331 | 46 | 44 | ||||||
NFP Corp. 4.875% 8/15/20281 | 100 | 89 | ||||||
NFP Corp. 6.875% 8/15/20281 | 330 | 287 | ||||||
NFP Corp. 7.50% 10/1/20301 | 137 | 133 | ||||||
Oxford Finance, LLC 6.375% 2/1/20271 | 135 | 126 | ||||||
PayPal Holdings, Inc. 5.05% 6/1/2052 | 435 | 426 | ||||||
PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR + 2.14% on 10/28/2032)2 | 77 | 79 | ||||||
PNC Financial Services Group, Inc. 5.068% 1/24/2034 (USD-SOFR + 1.933% on 1/24/2033)2 | 118 | 113 | ||||||
Power Finance Corp., Ltd. 3.35% 5/16/2031 | 250 | 210 | ||||||
Royal Bank of Canada 5.00% 2/1/2033 | 89 | 87 | ||||||
Ryan Specialty Group, LLC 4.375% 2/1/20301 | 270 | 239 | ||||||
State Street Corp. 4.821% 1/26/2034 (USD-SOFR + 1.567% on 1/26/2033)2 | 348 | 338 | ||||||
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)2 | 66 | 66 | ||||||
The Allstate Corp. 5.25% 3/30/2033 | 168 | 168 | ||||||
The Charles Schwab Corp. 2.45% 3/3/2027 | 245 | 220 | ||||||
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)2 | 77 | 77 | ||||||
U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028)2 | 125 | 119 | ||||||
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)2 | 225 | 210 | ||||||
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)2 | 73 | 74 | ||||||
UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)1,2 | 385 | 343 | ||||||
Wells Fargo & Company 4.89% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)2 | 545 | 523 | ||||||
Wells Fargo & Company 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)2 | 375 | 373 | ||||||
WeWork Companies, LLC 5.00% Cash and 6.00% PIK 8/15/20271,3 | 113 | 47 | ||||||
WeWork Companies, LLC 7.00% Cash and 8.00% PIK 8/15/20271,3 | 90 | 79 | ||||||
19,291 | ||||||||
Energy 11.40% | ||||||||
Apache Corp. 5.10% 9/1/2040 | 25 | 20 | ||||||
Apache Corp. 5.25% 2/1/2042 | 225 | 177 | ||||||
Apache Corp. 5.35% 7/1/2049 | 300 | 234 | ||||||
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291 | 300 | 268 |
32 | Capital Group Fixed Income ETF Trust |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
BP Capital Markets America, Inc. 4.893% 9/11/2033 | USD | 46 | $ | 46 | ||||
California Resources Corp. 7.125% 2/1/20261 | 240 | 241 | ||||||
Callon Petroleum Co. 7.50% 6/15/20301 | 480 | 453 | ||||||
Canadian Natural Resources, Ltd. 2.95% 7/15/2030 | 95 | 82 | ||||||
Cheniere Energy Partners, LP 3.25% 1/31/2032 | 545 | 449 | ||||||
Cheniere Energy Partners, LP 5.95% 6/30/20331 | 175 | 176 | ||||||
Cheniere Energy, Inc. 4.625% 10/15/2028 | 255 | 238 | ||||||
Chesapeake Energy Corp. 5.875% 2/1/20291 | 615 | 585 | ||||||
Civitas Resources, Inc. 5.00% 10/15/20261 | 255 | 241 | ||||||
Civitas Resources, Inc. 8.375% 7/1/20281 | 175 | 177 | ||||||
Civitas Resources, Inc. 8.75% 7/1/20311 | 325 | 330 | ||||||
CNX Resources Corp. 7.375% 1/15/20311 | 400 | 390 | ||||||
Comstock Resources, Inc. 6.75% 3/1/20291 | 75 | 69 | ||||||
Comstock Resources, Inc. 5.875% 1/15/20301 | 495 | 430 | ||||||
ConocoPhillips 5.30% 5/15/2053 | 25 | 25 | ||||||
Crescent Energy Finance, LLC 9.25% 2/15/20281 | 136 | 132 | ||||||
Crestwood Midstream Partners, LP 8.00% 4/1/20291 | 75 | 76 | ||||||
Crestwood Midstream Partners, LP 7.375% 2/1/20311 | 375 | 370 | ||||||
DT Midstream, Inc. 4.375% 6/15/20311 | 300 | 259 | ||||||
Earthstone Energy Holdings, LLC 9.875% 7/15/20311 | 180 | 178 | ||||||
Ecopetrol SA 8.875% 1/13/2033 | 435 | 431 | ||||||
Energy Transfer, LP 6.25% 4/15/2049 | 284 | 278 | ||||||
EQM Midstream Partners, LP 4.75% 1/15/20311 | 470 | 412 | ||||||
EQT Corp. 3.625% 5/15/20311 | 80 | 69 | ||||||
Exxon Mobil Corp. 2.61% 10/15/2030 | 350 | 308 | ||||||
Exxon Mobil Corp. 3.452% 4/15/2051 | 400 | 311 | ||||||
Genesis Energy, LP 8.00% 1/15/2027 | 220 | 215 | ||||||
Genesis Energy, LP 8.875% 4/15/2030 | 245 | 240 | ||||||
Harvest Midstream I, LP 7.50% 9/1/20281 | 325 | 322 | ||||||
Hilcorp Energy I, LP 6.25% 4/15/20321 | 475 | 424 | ||||||
Kinder Morgan, Inc. 4.80% 2/1/2033 | 250 | 236 | ||||||
Kinder Morgan, Inc. 5.20% 6/1/2033 | 50 | 48 | ||||||
Kinder Morgan, Inc. 5.45% 8/1/2052 | 295 | 270 | ||||||
Leviathan Bond, Ltd. 6.75% 6/30/20301 | 230 | 215 | ||||||
MPLX, LP 4.95% 9/1/2032 | 270 | 258 | ||||||
MPLX, LP 5.00% 3/1/2033 | 75 | 72 | ||||||
MPLX, LP 4.95% 3/14/2052 | 565 | 481 | ||||||
Nabors Industries, Inc. 7.375% 5/15/20271 | 100 | 95 | ||||||
New Fortress Energy, Inc. 6.50% 9/30/20261 | 570 | 511 | ||||||
NGL Energy Operating, LLC 7.50% 2/1/20261 | 635 | 626 | ||||||
Noble Finance II, LLC 8.00% 4/15/20301 | 75 | 76 | ||||||
Northern Oil and Gas, Inc. 8.125% 3/1/20281 | 397 | 389 | ||||||
Northern Oil and Gas, Inc. 8.75% 6/15/20311 | 90 | 89 | ||||||
Occidental Petroleum Corp. 6.625% 9/1/2030 | 125 | 130 | ||||||
Occidental Petroleum Corp. 6.125% 1/1/2031 | 175 | 178 | ||||||
Occidental Petroleum Corp. 6.60% 3/15/2046 | 255 | 263 | ||||||
Permian Resources Operating, LLC 5.875% 7/1/20291 | 330 | 311 | ||||||
Petroleos Mexicanos 6.49% 1/23/2027 | 150 | 133 | ||||||
Range Resources Corp. 4.75% 2/15/20301 | 340 | 305 | ||||||
Shell International Finance BV 3.00% 11/26/2051 | 415 | 293 | ||||||
Southwestern Energy Co. 4.75% 2/1/2032 | 635 | 561 | ||||||
Sunoco, LP 4.50% 5/15/2029 | 280 | 249 | ||||||
Superior Plus, LP 4.50% 3/15/20291 | 50 | 44 | ||||||
TotalEnergies Capital International SA 3.127% 5/29/2050 | 135 | 98 | ||||||
Transocean Titan Financing, Ltd. 8.375% 2/1/20281 | 42 | 43 | ||||||
Transocean, Inc. 8.00% 2/1/20271 | 150 | 136 | ||||||
Transocean, Inc. 8.75% 2/15/20301 | 342 | 347 | ||||||
Transocean, Inc. 6.80% 3/15/2038 | 150 | 104 | ||||||
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20301 | 229 | 227 | ||||||
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311 | 225 | 194 | ||||||
Venture Global LNG, Inc. 8.125% 6/1/20281 | 175 | 178 | ||||||
Venture Global LNG, Inc. 8.375% 6/1/20311 | 200 | 202 |
Capital Group Fixed Income ETF Trust | 33 |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Western Midstream Operating, LP 4.50% 3/1/2028 | USD | 180 | $ | 170 | ||||
Western Midstream Operating, LP 6.15% 4/1/2033 | 203 | 205 | ||||||
Williams Companies, Inc. 4.65% 8/15/2032 | 325 | 308 | ||||||
16,701 | ||||||||
Consumer discretionary 7.22% | ||||||||
Alibaba Group Holding, Ltd. 2.125% 2/9/2031 | 200 | 163 | ||||||
Allied Universal Holdco, LLC 4.625% 6/1/20281 | 695 | 589 | ||||||
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20291 | 225 | 229 | ||||||
Amazon.com, Inc. 4.70% 12/1/2032 | 160 | 161 | ||||||
Asbury Automotive Group, Inc. 4.625% 11/15/20291 | 345 | 307 | ||||||
Atlas LuxCo 4 SARL 4.625% 6/1/20281 | 100 | 84 | ||||||
Bath & Body Works, Inc. 6.875% 11/1/2035 | 435 | 399 | ||||||
Boyd Gaming Corp. 4.75% 12/1/2027 | 195 | 185 | ||||||
Boyne USA, Inc. 4.75% 5/15/20291 | 230 | 207 | ||||||
Caesars Entertainment, Inc. 4.625% 10/15/20291 | 465 | 406 | ||||||
Caesars Entertainment, Inc. 7.00% 2/15/20301 | 125 | 126 | ||||||
Caesars Resort Collection, LLC 5.75% 7/1/20251 | 187 | 189 | ||||||
Carnival Corp. 5.75% 3/1/20271 | 325 | 300 | ||||||
Carnival Corp. 6.00% 5/1/20291 | 75 | 67 | ||||||
Cedar Fair, LP 5.50% 5/1/20251 | 200 | 199 | ||||||
Clarios Global, LP 8.50% 5/15/20271 | 75 | 75 | ||||||
Fertitta Entertainment, LLC 4.625% 1/15/20291 | 125 | 110 | ||||||
Fertitta Entertainment, LLC 6.75% 1/15/20301 | 175 | 149 | ||||||
First Student Bidco, Inc. 4.00% 7/31/20291 | 165 | 140 | ||||||
Ford Motor Co. 6.10% 8/19/2032 | 700 | 679 | ||||||
Ford Motor Credit Co., LLC 4.134% 8/4/2025 | 100 | 95 | ||||||
Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 507 | 454 | ||||||
Hanesbrands, Inc. 4.875% 5/15/20261 | 150 | 140 | ||||||
Hanesbrands, Inc. 9.00% 2/15/20311 | 397 | 401 | ||||||
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 8.852% 3/8/20304,5 | 79 | 79 | ||||||
Hilton Domestic Operating Co., Inc. 4.00% 5/1/20311 | 359 | 312 | ||||||
Home Depot, Inc. 2.375% 3/15/2051 | 230 | 143 | ||||||
International Game Technology PLC 5.25% 1/15/20291 | 380 | 360 | ||||||
Jacobs Entertainment, Inc. 6.75% 2/15/20291 | 214 | 192 | ||||||
Levi Strauss & Co. 3.50% 3/1/20311 | 225 | 186 | ||||||
Lithia Motors, Inc. 3.875% 6/1/20291 | 100 | 87 | ||||||
Marriott International, Inc. 3.50% 10/15/2032 | 110 | 95 | ||||||
Marriott Ownership Resorts, Inc. 4.50% 6/15/20291 | 185 | 160 | ||||||
Party City Holdings, Inc. 8.75% 2/15/20261 | 230 | 36 | ||||||
Party City Holdings, Inc., Term Loan DIP, 14.582% 7/19/20234,5 | 40 | 41 | ||||||
RHP Hotel Properties, LP 7.25% 7/15/20281 | 79 | 80 | ||||||
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261 | 465 | 427 | ||||||
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281 | 165 | 154 | ||||||
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291 | 200 | 210 | ||||||
Royal Caribbean Cruises, Ltd. 7.25% 1/15/20301 | 76 | 77 | ||||||
Sands China, Ltd. 3.75% 8/8/20312 | 575 | 469 | ||||||
Scientific Games Holdings, LP 6.625% 3/1/20301 | 177 | 156 | ||||||
Sonic Automotive, Inc. 4.625% 11/15/20291 | 409 | 343 | ||||||
Sonic Automotive, Inc. 4.875% 11/15/20311 | 160 | 131 | ||||||
Vail Resorts, Inc. 6.25% 5/15/20251 | 90 | 90 | ||||||
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261 | 315 | 294 | ||||||
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/20281 | 188 | 172 | ||||||
Wynn Resorts Finance, LLC 5.125% 10/1/20291 | 295 | 265 | ||||||
Wynn Resorts Finance, LLC 7.125% 2/15/20311 | 176 | 175 | ||||||
10,588 |
34 | Capital Group Fixed Income ETF Trust |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care 7.01% | ||||||||
Amgen, Inc. 5.25% 3/2/2030 | USD | 86 | $ | 86 | ||||
Amgen, Inc. 4.20% 3/1/2033 | 260 | 243 | ||||||
Amgen, Inc. 5.25% 3/2/2033 | 368 | 369 | ||||||
Amgen, Inc. 3.00% 1/15/2052 | 375 | 250 | ||||||
Amgen, Inc. 5.65% 3/2/2053 | 306 | 310 | ||||||
Amgen, Inc. 5.75% 3/2/2063 | 175 | 178 | ||||||
Avantor Funding, Inc. 3.875% 11/1/20291 | 341 | 299 | ||||||
Bausch Health Americas, Inc. 8.50% 1/31/20271 | 130 | 71 | ||||||
Bausch Health Companies, Inc. 5.50% 11/1/20251 | 350 | 310 | ||||||
Bausch Health Companies, Inc. 5.00% 2/15/20291 | 125 | 52 | ||||||
Bausch Health Companies, Inc. 5.25% 2/15/20311 | 170 | 71 | ||||||
Baxter International, Inc. 2.272% 12/1/2028 | 100 | 86 | ||||||
Baxter International, Inc. 2.539% 2/1/2032 | 292 | 237 | ||||||
Baxter International, Inc. 3.132% 12/1/2051 | 200 | 132 | ||||||
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301 | 260 | 211 | ||||||
Centene Corp. 2.45% 7/15/2028 | 240 | 205 | ||||||
Centene Corp. 2.50% 3/1/2031 | 695 | 555 | ||||||
Charles River Laboratories International, Inc. 3.75% 3/15/20291 | 274 | 241 | ||||||
CHS / Community Health Systems, Inc. 5.625% 3/15/20271 | 100 | 88 | ||||||
CVS Health Corp. 5.25% 2/21/2033 | 126 | 126 | ||||||
CVS Health Corp. 5.875% 6/1/2053 | 177 | 182 | ||||||
CVS Health Corp. 6.00% 6/1/2063 | 213 | 219 | ||||||
Eli Lilly and Co. 4.70% 2/27/2033 | 38 | 38 | ||||||
Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 5.05%% 6/30/20304,5 | 25 | 25 | ||||||
GE HealthCare Technologies, Inc. 5.905% 11/22/2032 | 150 | 157 | ||||||
GE HealthCare Technologies, Inc. 6.377% 11/22/2052 | 125 | 139 | ||||||
Grifols Escrow Issuer SA 4.75% 10/15/20281 | 200 | 174 | ||||||
HCA, Inc. 2.375% 7/15/2031 | 225 | 180 | ||||||
HealthEquity, Inc. 4.50% 10/1/20291 | 175 | 154 | ||||||
Medline Borrower, LP 5.25% 10/1/20291 | 380 | 330 | ||||||
Molina Healthcare, Inc. 3.875% 5/15/20321 | 725 | 609 | ||||||
Owens & Minor, Inc. 6.25% 4/1/20301 | 535 | 486 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 265 | 264 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043 | 100 | 100 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 278 | 289 | ||||||
Radiology Partners, Inc. 9.25% 2/1/20281 | 340 | 124 | ||||||
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 9.467% 7/9/20254,5 | 15 | 11 | ||||||
RP Escrow Issuer, LLC 5.25% 12/15/20251 | 100 | 74 | ||||||
Surgery Center Holdings, Inc. 10.00% 4/15/20271 | 79 | 81 | ||||||
Tenet Healthcare Corp. 6.125% 10/1/2028 | 225 | 217 | ||||||
Tenet Healthcare Corp. 4.375% 1/15/2030 | 305 | 276 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 450 | 404 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 455 | 449 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 275 | 250 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 350 | 361 | ||||||
Thermo Fisher Scientific, Inc. 4.95% 11/21/2032 | 101 | 103 | ||||||
UnitedHealth Group, Inc. 5.35% 2/15/2033 | 145 | 151 | ||||||
UnitedHealth Group, Inc. 2.90% 5/15/2050 | 180 | 126 | ||||||
UnitedHealth Group, Inc. 5.875% 2/15/2053 | 160 | 178 | ||||||
10,271 | ||||||||
Communication services 6.67% | ||||||||
AT&T, Inc. 2.25% 2/1/2032 | 165 | 131 | ||||||
AT&T, Inc. 3.50% 9/15/2053 | 280 | 198 | ||||||
AT&T, Inc. 3.55% 9/15/2055 | 240 | 168 | ||||||
CCO Holdings, LLC 4.75% 2/1/20321 | 175 | 143 | ||||||
CCO Holdings, LLC 4.50% 6/1/20331 | 475 | 374 | ||||||
CCO Holdings, LLC 4.25% 1/15/20341 | 1,060 | 802 | ||||||
Charter Communications Operating, LLC 2.30% 2/1/2032 | 135 | 102 | ||||||
Charter Communications Operating, LLC 3.70% 4/1/2051 | 800 | 506 |
Capital Group Fixed Income ETF Trust | 35 |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
Comcast Corp. 1.50% 2/15/2031 | USD | 315 | $ | 251 | ||||
Comcast Corp. 5.35% 5/15/2053 | 75 | 76 | ||||||
DIRECTV Financing, LLC 5.875% 8/15/20271 | 125 | 113 | ||||||
DISH Network Corp. 11.75% 11/15/20271 | 535 | 523 | ||||||
Gray Escrow II, Inc. 5.375% 11/15/20311 | 671 | 446 | ||||||
Gray Television, Inc. 5.875% 7/15/20261 | 6 | 5 | ||||||
Gray Television, Inc. 4.75% 10/15/20301 | 152 | 103 | ||||||
Lamar Media Corp. 3.625% 1/15/2031 | 455 | 384 | ||||||
Meta Platforms, Inc. 3.85% 8/15/2032 | 415 | 386 | ||||||
Meta Platforms, Inc. 4.45% 8/15/2052 | 345 | 300 | ||||||
Netflix, Inc. 4.875% 4/15/2028 | 390 | 386 | ||||||
Netflix, Inc. 5.875% 11/15/2028 | 120 | 124 | ||||||
Netflix, Inc. 5.375% 11/15/20291 | 215 | 216 | ||||||
News Corp. 3.875% 5/15/20291 | 555 | 488 | ||||||
Nexstar Media, Inc. 4.75% 11/1/20281 | 375 | 326 | ||||||
Sirius XM Radio, Inc. 3.875% 9/1/20311 | 810 | 627 | ||||||
Sprint Capital Corp. 6.875% 11/15/2028 | 245 | 260 | ||||||
Tencent Holdings, Ltd. 3.24% 6/3/2050 | 265 | 174 | ||||||
Tencent Holdings, Ltd. 3.24% 6/3/20501 | 165 | 108 | ||||||
Tencent Holdings, Ltd. 3.84% 4/22/2051 | 310 | 228 | ||||||
T-Mobile USA, Inc. 2.55% 2/15/2031 | 100 | 83 | ||||||
T-Mobile USA, Inc. 5.05% 7/15/2033 | 37 | 36 | ||||||
T-Mobile USA, Inc. 3.40% 10/15/2052 | 230 | 164 | ||||||
Univision Communications, Inc. 4.50% 5/1/20291 | 545 | 469 | ||||||
Univision Communications, Inc. 7.375% 6/30/20301 | 275 | 262 | ||||||
Verizon Communications, Inc. 2.355% 3/15/2032 | 380 | 306 | ||||||
Verizon Communications, Inc. 5.05% 5/9/2033 | 50 | 50 | ||||||
Verizon Communications, Inc. 3.55% 3/22/2051 | 260 | 194 | ||||||
WMG Acquisition Corp. 3.875% 7/15/20301 | 312 | 270 | ||||||
9,782 | ||||||||
Materials 5.59% | ||||||||
Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/20291 | 325 | 258 | ||||||
ATI, Inc. 4.875% 10/1/2029 | 235 | 212 | ||||||
Axalta Coating Systems, LLC 4.75% 6/15/20271 | 200 | 189 | ||||||
Ball Corp. 6.875% 3/15/2028 | 325 | 332 | ||||||
Ball Corp. 6.00% 6/15/2029 | 100 | 99 | ||||||
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 | 52 | 52 | ||||||
Braskem Idesa SAPI 6.99% 2/20/2032 | 250 | 162 | ||||||
Braskem Netherlands Finance BV 7.25% 2/13/20331 | 350 | 344 | ||||||
CAN-PACK Spolka Akcyjna 3.875% 11/15/20291 | 200 | 163 | ||||||
Celanese US Holdings, LLC 6.379% 7/15/2032 | 285 | 288 | ||||||
EIDP, Inc. 4.80% 5/15/2033 | 124 | 122 | ||||||
Element Solutions, Inc. 3.875% 9/1/20281 | 285 | 249 | ||||||
First Quantum Minerals, Ltd. 6.875% 10/15/20271 | 550 | 537 | ||||||
FXI Holdings, Inc. 12.25% 11/15/20261 | 420 | 381 | ||||||
International Flavors & Fragrances, Inc. 3.468% 12/1/20501 | 480 | 321 | ||||||
LABL, Inc. 9.50% 11/1/20281 | 276 | 281 | ||||||
LSB Industries, Inc. 6.25% 10/15/20281 | 302 | 270 | ||||||
Mineral Resources, Ltd. 8.50% 5/1/20301 | 235 | 236 | ||||||
Nova Chemicals Corp. 4.25% 5/15/20291 | 255 | 208 | ||||||
Novelis Corp. 3.875% 8/15/20311 | 405 | 334 | �� | |||||
Nutrien, Ltd. 5.80% 3/27/2053 | 125 | 126 | ||||||
OCI NV 6.70% 3/16/20331 | 330 | 323 | ||||||
Olympus Water US Holding Corp. 9.75% 11/15/20281 | 285 | 278 | ||||||
Sasol Financing USA, LLC 8.75% 5/3/20291 | 225 | 219 | ||||||
SCIH Salt Holdings, Inc. 4.875% 5/1/20281 | 235 | 210 | ||||||
SCIH Salt Holdings, Inc. 6.625% 5/1/20291 | 250 | 210 | ||||||
Scotts Miracle-Gro Co. 4.375% 2/1/2032 | 320 | 252 | ||||||
Sealed Air Corp. 4.00% 12/1/20271 | 100 | 91 | ||||||
Sealed Air Corp. 6.125% 2/1/20281 | 336 | 334 | ||||||
Summit Materials, LLC 5.25% 1/15/20291 | 150 | 142 |
36 | Capital Group Fixed Income ETF Trust |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Materials (continued) | ||||||||
Trident TPI Holdings, Inc. 12.75% 12/31/20281 | USD | 250 | $ | 260 | ||||
Valvoline, Inc. 3.625% 6/15/20311 | 385 | 313 | ||||||
Venator Finance SARL 9.50% 7/1/20251 | 95 | 73 | ||||||
Venator Finance SARL, Term Loan, 15.05% 9/14/20234,5 | 19 | 19 | ||||||
Warrior Met Coal, Inc. 7.875% 12/1/20281 | 295 | 297 | ||||||
8,185 | ||||||||
Industrials 4.99% | ||||||||
Boeing Co. 3.625% 2/1/2031 | 200 | 180 | ||||||
Boeing Co. 5.705% 5/1/2040 | 130 | 130 | ||||||
Boeing Co. 5.805% 5/1/2050 | 505 | 504 | ||||||
Bombardier, Inc. 7.125% 6/15/20261 | 280 | 278 | ||||||
Bombardier, Inc. 7.875% 4/15/20271 | 415 | 415 | ||||||
BWX Technologies, Inc. 4.125% 4/15/20291 | 250 | 226 | ||||||
Canadian Pacific Railway Co. 3.10% 12/2/2051 | 525 | 373 | ||||||
Clarivate Science Holdings Corp. 3.875% 7/1/20281 | 115 | 102 | ||||||
Clean Harbors, Inc. 6.375% 2/1/20311 | 45 | 45 | ||||||
CoreLogic, Inc. 4.50% 5/1/20281 | 420 | 339 | ||||||
CSX Corp. 2.50% 5/15/2051 | 220 | 140 | ||||||
Enviri Corp. 5.75% 7/31/20271 | 155 | 135 | ||||||
Icahn Enterprises, LP 4.75% 9/15/2024 | 121 | 116 | ||||||
Icahn Enterprises, LP 6.375% 12/15/2025 | 31 | 29 | ||||||
Icahn Enterprises, LP 6.25% 5/15/2026 | 19 | 17 | ||||||
KKR Apple Bidco, LLC, Term Loan B, (1-month USD CME Term SOFR + 4.00%) 9.102% 9/22/20284,5 | 80 | 80 | ||||||
Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 | 142 | 138 | ||||||
Norfolk Southern Corp. 4.45% 3/1/2033 | 15 | 14 | ||||||
PM General Purchaser, LLC 9.50% 10/1/20281 | 102 | 100 | ||||||
Regal Rexnord Corp. 6.30% 2/15/20301 | 300 | 299 | ||||||
Regal Rexnord Corp. 6.40% 4/15/20331 | 280 | 280 | ||||||
Republic Services, Inc. 1.45% 2/15/2031 | 141 | 111 | ||||||
Ritchie Bros. Holdings, Inc. 6.75% 3/15/20281 | 85 | 86 | ||||||
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20311 | 158 | 164 | ||||||
Sabre GLBL, Inc. 11.25% 12/15/20271 | 125 | 106 | ||||||
Sensata Technologies BV 4.00% 4/15/20291 | 350 | 312 | ||||||
Spirit AeroSystems, Inc. 4.60% 6/15/2028 | 145 | 122 | ||||||
Spirit AeroSystems, Inc. 9.375% 11/30/20291 | 282 | 302 | ||||||
Stericycle, Inc. 3.875% 1/15/20291 | 265 | 236 | ||||||
The Dun & Bradstreet Corp. 5.00% 12/15/20291 | 230 | 203 | ||||||
TransDigm, Inc. 6.25% 3/15/20261 | 160 | 159 | ||||||
TransDigm, Inc. 6.75% 8/15/20281 | 150 | 151 | ||||||
TransDigm, Inc. 4.625% 1/15/2029 | 250 | 223 | ||||||
Triumph Group, Inc. 9.00% 3/15/20281 | 335 | 342 | ||||||
Uber Technologies, Inc. 8.00% 11/1/20261 | 270 | 276 | ||||||
Union Pacific Corp. 2.95% 3/10/2052 | 308 | 214 | ||||||
United Rentals (North America), Inc. 5.25% 1/15/2030 | 185 | 177 | ||||||
WESCO Distribution, Inc. 7.25% 6/15/20281 | 190 | 194 | ||||||
7,318 | ||||||||
Utilities 3.94% | ||||||||
AEP Transmission Co., LLC 5.40% 3/15/2053 | 75 | 77 | ||||||
Alabama Power Co. 3.94% 9/1/2032 | 151 | 140 | ||||||
CenterPoint Energy Houston Electric, LLC 2.90% 7/1/2050 | 440 | 300 | ||||||
Consumers Energy Co. 3.60% 8/15/2032 | 75 | 68 | ||||||
Consumers Energy Co. 4.625% 5/15/2033 | 125 | 122 | ||||||
DTE Electric Co. 2.625% 3/1/2031 | 215 | 184 | ||||||
Duke Energy Carolinas, LLC 2.45% 8/15/2029 | 75 | 65 | ||||||
Duke Energy Carolinas, LLC 5.35% 1/15/2053 | 100 | 101 | ||||||
Edison International 4.125% 3/15/2028 | 65 | 61 | ||||||
Edison International 6.95% 11/15/2029 | 95 | 100 | ||||||
Electricité de France SA 6.90% 5/23/20531 | 500 | 519 |
Capital Group Fixed Income ETF Trust | 37 |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities (continued) | ||||||||
Electricité de France SA 9.125% 12/31/2079 (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)1,2 | USD | 200 | $ | 206 | ||||
Entergy Louisiana, LLC 2.90% 3/15/2051 | 350 | 231 | ||||||
FirstEnergy Corp. 2.65% 3/1/2030 | 245 | 207 | ||||||
FirstEnergy Transmission, LLC 4.35% 1/15/20251 | 200 | 195 | ||||||
Florida Power & Light Company 2.875% 12/4/2051 | 195 | 135 | ||||||
Florida Power & Light Company 5.30% 4/1/2053 | 100 | 103 | ||||||
Georgia Power Co. 4.95% 5/17/2033 | 25 | 25 | ||||||
Minejesa Capital BV 4.625% 8/10/2030 | 250 | 225 | ||||||
NextEra Energy Capital Holdings, Inc. 2.25% 6/1/2030 | 130 | 108 | ||||||
Oncor Electric Delivery Co., LLC 2.70% 11/15/2051 | 355 | 230 | ||||||
Pacific Gas and Electric Co. 3.30% 12/1/2027 | 240 | 211 | ||||||
Pacific Gas and Electric Co. 3.25% 6/1/2031 | 270 | 220 | ||||||
Pacific Gas and Electric Co. 6.40% 6/15/2033 | 100 | 99 | ||||||
Pacific Gas and Electric Co. 3.30% 8/1/2040 | 135 | 91 | ||||||
Pacific Gas and Electric Co. 3.50% 8/1/2050 | 390 | 249 | ||||||
PG&E Corp. 5.25% 7/1/2030 | 280 | 251 | ||||||
Southern California Edison Co. 4.70% 6/1/2027 | 105 | 103 | ||||||
Southern California Edison Co. 2.50% 6/1/2031 | 180 | 150 | ||||||
Southern California Edison Co. 3.65% 2/1/2050 | 143 | 107 | ||||||
Southern California Edison Co. 2.95% 2/1/2051 | 380 | 249 | ||||||
Talen Energy Supply, LLC 8.625% 6/1/20301 | 322 | 334 | ||||||
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291 | 205 | 179 | ||||||
Virginia Electric & Power 2.30% 11/15/2031 | 155 | 126 | ||||||
5,771 | ||||||||
Consumer staples 3.45% | ||||||||
7-Eleven, Inc. 1.80% 2/10/20311 | 430 | 340 | ||||||
7-Eleven, Inc. 2.80% 2/10/20511 | 95 | 60 | ||||||
Altria Group, Inc. 3.70% 2/4/2051 | 660 | 443 | ||||||
Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049 | 100 | 105 | ||||||
Anheuser-Busch InBev Worldwide, Inc. 4.50% 6/1/2050 | 250 | 231 | ||||||
B&G Foods, Inc. 5.25% 4/1/2025 | 270 | 258 | ||||||
BAT Capital Corp. 3.984% 9/25/2050 | 605 | 408 | ||||||
Central Garden & Pet Co. 4.125% 4/30/20311 | 480 | 396 | ||||||
Constellation Brands, Inc. 2.25% 8/1/2031 | 380 | 311 | ||||||
Constellation Brands, Inc. 4.90% 5/1/2033 | 20 | 20 | ||||||
Darling Ingredients, Inc. 6.00% 6/15/20301 | 425 | 415 | ||||||
Energizer Holdings, Inc. 4.375% 3/31/20291 | 100 | 86 | ||||||
Ingles Markets, Inc. 4.00% 6/15/20311 | 335 | 281 | ||||||
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271 | 310 | 275 | ||||||
Performance Food Group, Inc. 4.25% 8/1/20291 | 166 | 148 | ||||||
Philip Morris International, Inc. 5.625% 11/17/2029 | 147 | 150 | ||||||
Philip Morris International, Inc. 5.75% 11/7/2032 | 150 | 154 | ||||||
Post Holdings, Inc. 4.625% 4/15/20301 | 460 | 404 | ||||||
Prestige Brands, Inc. 3.75% 4/1/20311 | 295 | 245 | ||||||
Simmons Foods, Inc. 4.625% 3/1/20291 | 350 | 281 | ||||||
Walmart, Inc. 4.10% 4/15/2033 | 50 | 49 | ||||||
5,060 | ||||||||
Real estate 2.78% | ||||||||
Anywhere Real Estate Group, LLC 5.25% 4/15/20301 | 325 | 231 | ||||||
Boston Properties, LP 2.45% 10/1/2033 | 229 | 165 | ||||||
Boston Properties, LP 6.50% 1/15/2034 | 342 | 344 | ||||||
Crown Castle, Inc. 5.00% 1/11/2028 | 105 | 103 | ||||||
Equinix, Inc. 2.50% 5/15/2031 | 295 | 241 | ||||||
Howard Hughes Corp. 4.375% 2/1/20311 | 490 | 392 | ||||||
Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 675 | 510 | ||||||
Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 175 | 131 | ||||||
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271 | 4 | 4 | ||||||
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291 | 336 | 274 | ||||||
MPT Operating Partnership, LP 3.50% 3/15/2031 | 425 | 293 |
38 | Capital Group Fixed Income ETF Trust |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Real estate (continued) | ||||||||
Park Intermediate Holdings, LLC 4.875% 5/15/20291 | USD | 415 | $ | 358 | ||||
Prologis, LP 4.75% 6/15/2033 | 35 | 34 | ||||||
Prologis, LP 5.125% 1/15/2034 | 50 | 50 | ||||||
Service Properties Trust 4.75% 10/1/2026 | 30 | 26 | ||||||
Service Properties Trust 4.95% 2/15/2027 | 41 | 35 | ||||||
Service Properties Trust 3.95% 1/15/2028 | 70 | 55 | ||||||
Service Properties Trust 4.95% 10/1/2029 | 229 | 178 | ||||||
Service Properties Trust 4.375% 2/15/2030 | 5 | 4 | ||||||
Sun Communities Operating, LP 4.20% 4/15/2032 | 300 | 262 | ||||||
VICI Properties, LP 5.125% 5/15/2032 | 405 | 379 | ||||||
4,069 | ||||||||
Information technology 2.31% | ||||||||
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 9.231% 6/13/20244,5 | 35 | 33 | ||||||
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 12.405% 6/13/20254,5 | 50 | 45 | ||||||
Apple, Inc. 2.40% 8/20/2050 | 100 | 67 | ||||||
Apple, Inc. 4.85% 5/10/2053 | 317 | 325 | ||||||
Booz Allen Hamilton, Inc. 4.00% 7/1/20291 | 240 | 215 | ||||||
Broadcom, Inc. 2.60% 2/15/20331 | 116 | 91 | ||||||
CDK Global, Inc. 7.25% 6/15/20291 | 135 | 134 | ||||||
Cloud Software Group, Inc. 6.50% 3/31/20291 | 125 | 111 | ||||||
Cloud Software Group, Inc. 9.00% 9/30/20291 | 610 | 533 | ||||||
CommScope Technologies, LLC 6.00% 6/15/20251 | 75 | 70 | ||||||
CommScope, Inc. 8.25% 3/1/20271 | 138 | 111 | ||||||
CommScope, Inc. 7.125% 7/1/20281 | 155 | 110 | ||||||
CommScope, Inc. 4.75% 9/1/20291 | 100 | 79 | ||||||
Diebold Nixdorf, Inc. 9.375% 7/15/20251 | 51 | 9 | ||||||
Diebold Nixdorf, Inc., Term Loan B1, (USD-SOFR + 7.50%) 11.50% 10/2/20234,5 | 71 | 67 | ||||||
Diebold Nixdorf, Inc., Term Loan B2, (USD-SOFR + 7.50%) 11.50% 10/2/20234,5 | 46 | 44 | ||||||
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.479% 7/15/20254,5 | 100 | 18 | ||||||
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 6.134% 6/13/20244,5 | EUR | 24 | 25 | |||||
Gartner, Inc. 3.75% 10/1/20301 | USD | 250 | 218 | |||||
Intel Corp. 5.20% 2/10/2033 | 51 | 52 | ||||||
Intel Corp. 5.70% 2/10/2053 | 144 | 147 | ||||||
Salesforce, Inc. 2.90% 7/15/2051 | 420 | 296 | ||||||
ServiceNow, Inc. 1.40% 9/1/2030 | 120 | 95 | ||||||
SK hynix, Inc. 6.50% 1/17/2033 | 200 | 202 | ||||||
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.842% 9/29/20284,5 | 199 | 187 | ||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)2,6,7 | 110 | 106 | ||||||
3,390 | ||||||||
Total corporate bonds, notes & loans | 100,426 | |||||||
Mortgage-backed obligations 18.37% | ||||||||
Commercial mortgage-backed securities 14.63% | ||||||||
3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.466% 11/15/20558 | 634 | 563 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR2, Class AS, 6.878% 6/15/20288 | 267 | 276 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR2, Class C, 7.403% 7/15/20288 | 458 | 428 | ||||||
Bank Commercial Mortgage Trust, Series 2022-BNK44, Class B, 5.937% 11/15/20328 | 556 | 517 | ||||||
Bank Commercial Mortgage Trust, Series 2022-BNK44, Class C, 5.937% 11/15/20328 | 500 | 413 | ||||||
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class B, 6.148% 2/15/20568 | 375 | 362 | ||||||
Bank Commercial Mortgage Trust, Series 2023-BNK45, Class C, 6.489% 2/15/20568 | 102 | 88 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class B, 6.41% 3/15/20568 | 745 | 703 | ||||||
Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C, 6.347% 12/15/20558 | 1,008 | 884 | ||||||
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class AS, 6.07% 4/15/20568 | 148 | 150 | ||||||
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class B, 6.546% 4/15/20568 | 150 | 146 | ||||||
Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class C, 6.598% 4/15/20568 | 198 | 179 |
Capital Group Fixed Income ETF Trust | 39 |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
Barclays Commercial Mortgage Securities, LLC, Series 2023-C20, Class C, 6.828% 7/15/20568 | USD | 470 | $ | 438 | ||||
Benchmark Mortgage Trust, Series 2023-V2, Class B, 6.77% 5/15/20508 | 999 | 1,001 | ||||||
Benchmark Mortgage Trust, Series 2023-V2, Class C, 6.77% 5/15/20558 | 742 | 698 | ||||||
Benchmark Mortgage Trust, Series 2023-B38, Class AM, 6.12% 4/15/20568 | 226 | 230 | ||||||
Benchmark Mortgage Trust, Series 2023-B38, Class B, 6.24% 4/15/20568 | 499 | 480 | ||||||
Benchmark Mortgage Trust, Series 2023-B38, Class C, 6.24% 4/15/20568 | 499 | 434 | ||||||
BMO Mortgage Trust, Series 2023-C5, Class B, 6.476% 6/15/20568 | 312 | 323 | ||||||
BMO Mortgage Trust, Series 2023-C5, Class C, 6.627% 6/15/20568 | 166 | 158 | ||||||
BX Trust, Series 2021-VOLT, Class D, (1-month USD-LIBOR + 1.65%) 6.843% 9/15/20361,8 | 280 | 265 | ||||||
BX Trust, Series 2021-VOLT, Class E, (1-month USD-LIBOR + 2.00%) 7.193% 9/15/20361,8 | 710 | 672 | ||||||
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.137% 2/15/20391,8 | 769 | 749 | ||||||
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 7.598% 8/15/20391,8 | 446 | 446 | ||||||
BX Trust, Series 2022-PSB, Class C, (1-month USD CME Term SOFR + 3.697%) 8.844% 8/15/20391,8 | 223 | 222 | ||||||
BX Trust, Series 2023-VLT2, Class D, (1-month USD CME Term SOFR + 4.774%) 9.833% 6/15/20401,8 | 1,500 | 1,494 | ||||||
BX Trust, Series 2020-VIV4, Class A, 2.843% 3/9/20441,8 | 500 | 414 | ||||||
BX Trust, Series 2020-VIV3, Class B, 3.662% 3/9/20441,8 | 495 | 417 | ||||||
BX Trust, Series 2020-VIV2, Class C, 3.66% 3/9/20441,8 | 500 | 410 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class D, 5.85% 6/10/20281,8 | 1,129 | 1,065 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class C, 5.85% 6/10/20281,8 | 245 | 236 | ||||||
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class B, 3.15% 2/15/20538 | 140 | 104 | ||||||
FIVE Mortgage Trust, Series 2023-V1, Class B, 6.618% 2/10/20568 | 495 | 487 | ||||||
FIVE Mortgage Trust, Series 2023-V1, Class C, 6.618% 2/10/20568 | 195 | 179 | ||||||
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.149%) 6.295% 12/15/20361,2,8 | 243 | 240 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class AS, 3.561% 4/15/20488 | 483 | 451 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class AS, 4.036% 5/15/20488 | 508 | 481 | ||||||
MSFW Commercial Mortgage Trust, Series 2023-1, Class B, 6.68% 5/15/20338 | 410 | 419 | ||||||
MSFW Commercial Mortgage Trust, Series 2023-1, Class C, 6.68% 5/15/20338 | 283 | 262 | ||||||
Multifamily Connecticut Avenue Securities, Series 2020-1, Class M10, (1-month USD-LIBOR + 3.75%) 8.90% 3/25/20501,8 | 1,360 | 1,307 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class AS, 3.872% 5/15/20488 | 481 | 454 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class AS, 4.013% 6/15/20488 | 995 | 939 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class B, 4.633% 8/15/20518 | 967 | 844 | ||||||
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.936% 11/15/20271,8 | 412 | 412 | ||||||
21,440 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 3.74% | ||||||||
Cascade Funding Mortgage Trust, Series 2023-HB12, Class M1, 4.25% 4/25/20331,8 | 224 | 200 | ||||||
Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 7/25/20261,8 | 88 | 84 | ||||||
Connecticut Avenue Securities, Series 2023-R04, Class 1B1, (30-day Average USD-SOFR + 5.35%) 10.417% 5/25/20431,8 | 284 | 292 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.467% 12/25/20421,8 | 935 | 942 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 8.617% 5/25/20431,8 | 285 | 291 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1B1, (30-day Average USD-SOFR + 4.75%) 12.217% 6/25/20431,8 | 86 | 88 | ||||||
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class D, 5.91% 8/12/20431,8 | 664 | 556 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 7.00% 2/25/20501,8 | 377 | 378 |
40 | Capital Group Fixed Income ETF Trust |
Capital Group U.S. Multi-Sector Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Collateralized mortgage-backed obligations (privately originated) (continued) | ||||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 10.25% 6/27/20501,8 | USD | 1,106 | $ | 1,191 | ||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 11.15% 8/25/20501,8 | 361 | 402 | ||||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class B, (1-month USD-LIBOR + 0.90%) 6.05% 5/25/20551,8 | 867 | 860 | ||||||
Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/20401,8 | 100 | 95 | ||||||
Tricon Residential Trust, Series 2023-SFR1, Class E, 7.977% 7/17/20401,8 | 100 | 100 | ||||||
5,479 | ||||||||
Total mortgage-backed obligations | 26,919 | |||||||
Asset-backed obligations 8.16% | ||||||||
ACHV ABS Trust, Series 2023-2PL, Class B, 6.88% 5/20/20301,8 | 100 | 99 | ||||||
American Credit Acceptance Receivables Trust, Series 2023-2, Class D, 6.47% 8/13/20291,8 | 347 | 343 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-5, Class B, 7.09% 4/20/20271,8 | 553 | 560 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class B, 6.12% 2/22/20281,8 | 100 | 99 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class C, 7.05% 2/22/20281,8 | 187 | 186 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,8 | 675 | 606 | ||||||
Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11% 5/15/20268 | 422 | 417 | ||||||
Exeter Automobile Receivables Trust, Series 2019-3, Class E, 4.00% 8/17/20261,8 | 810 | 793 | ||||||
Exeter Automobile Receivables Trust, Series 2023-2, Class E, 9.75% 11/15/20301,8 | 212 | 210 | ||||||
Exeter Automobile Receivables Trust, Series 2023-3, Class E, 9.98% 1/15/20311,8 | 1,014 | 1,019 | ||||||
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class D, 6.62% 5/15/20281,8 | 584 | 574 | ||||||
Fortress Credit BSL, Ltd., CLO, Series 2023-1, Class B1, (3-month USD CME Term SOFR + 3.00%) 7.775% 4/23/20361,8 | 250 | 251 | ||||||
LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/20271,8 | 273 | 272 | ||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class C, 12.09% 1/15/20286,7,8 | 1,000 | 1,012 | ||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class B, 8.15% 7/17/20281,8 | 615 | 610 | ||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class C, 10.03% 7/17/20281,8 | 1,100 | 1,092 | ||||||
Palmer Square Loan Funding, Ltd., CLO, Series 2023-1, Class C, (3-month USD CME Term SOFR + 4.75%) 9.862% 7/20/20311,8 | 250 | 251 | ||||||
PPM CLO, Ltd., Series 2022-6, Class B, (3-month USD CME Term SOFR + 3.60%) 8.175% 1/20/20311,8 | 467 | 467 | ||||||
Prestige Auto Receivables Trust, Series 2023-1, Class D, 6.33% 4/16/20291,8 | 273 | 269 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/20318 | 149 | 152 | ||||||
SMB Private Education Loan Trust, Series 2021-A, Class D1, 3.86% 1/15/20531,8 | 590 | 537 | ||||||
SMB Private Education Loan Trust, Series 2021-A, Class D2, 3.86% 1/15/20531,8 | 281 | 256 | ||||||
SMB Private Education Loan Trust, Series 2023-A, Class B, 5.88% 1/15/20531,8 | 415 | 408 | ||||||
SMB Private Education Loan Trust, Series 2023-B, Class D, 7.56% 10/16/20561,8 | 1,000 | 976 | ||||||
Stratus Static CLO, Ltd., Series 2022-3, Class B, (3-month USD CME Term SOFR + 3.05%) 8.098% 10/20/20311,8 | 500 | 502 | ||||||
11,961 | ||||||||
U.S. Treasury bonds & notes 1.16% | ||||||||
U.S. Treasury 1.16% | ||||||||
U.S. Treasury 4.125% 6/15/2026 | 150 | 149 | ||||||
U.S. Treasury 3.625% 5/31/2028 | 485 | 474 | ||||||
U.S. Treasury 3.375% 5/15/2033 | 379 | 366 | ||||||
U.S. Treasury 3.75% 5/15/2043 | 75 | 73 | ||||||
U.S. Treasury 3.625% 2/15/2053 | 664 | 637 | ||||||
1,699 | ||||||||
Municipals 0.14% | ||||||||
Texas 0.14% | ||||||||
Brazoria County Industrial Dev. Corp., Solid Waste Disposal Facs. Rev. Bonds (Aleon Renewable Metals, LLC Project), Series 2023, AMT, 10.00% 6/1/20421 | 200 | 200 | ||||||
Total bonds, notes & other debt instruments (cost: $140,412,000) | 141,205 |
Capital Group Fixed Income ETF Trust | 41 |
Capital Group U.S. Multi-Sector Income ETF (continued)
Common stocks 0.00% | Shares | Value (000) | ||||||
Real estate 0.00% | ||||||||
WeWork, Inc., Class A | 24,300 | $ | 6 | |||||
Total common stocks (cost: $11,000) | 6 | |||||||
Short-term securities 1.69% | ||||||||
Money market investments 1.69% | ||||||||
Capital Group Central Cash Fund 5.15%9,10 | 24,725 | 2,473 | ||||||
Total short-term securities (cost: $2,472,000) | 2,473 | |||||||
Total investment securities 98.04% (cost: $142,895,000) | 143,684 | |||||||
Other assets less liabilities 1.96% | 2,868 | |||||||
Net assets 100.00% | $ | 146,552 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 6/30/2023 (000) | |||||||||
2 Year U.S. Treasury Note Futures | Long | 164 | September 2023 | USD33,348 | $ | (334 | ) | |||||||
5 Year U.S. Treasury Note Futures | Long | 81 | September 2023 | 8,675 | (57 | ) | ||||||||
10 Year U.S. Treasury Note Futures | Short | 4 | September 2023 | (449 | ) | — | 11 | |||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 137 | September 2023 | (16,226 | ) | 183 | ||||||||
30 Year U.S. Treasury Bond Futures | Long | 20 | September 2023 | 2,538 | 3 | |||||||||
30 Year Ultra U.S. Treasury Bond Futures | Short | 59 | September 2023 | (8,037 | ) | (67 | ) | |||||||
$ | (272 | ) |
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Financing rate received | Payment frequency | Reference index | Expiration date | Notional amount (000) | Value at 6/30/2023 (000) | Upfront premium paid (000) | Unrealized appreciation at 6/30/2023 (000) | ||||||||||||||||
5% | Quarterly | CDX.NA.HY.40 | 6/20/2028 | $USD2,950 | $ | 83 | $ | 14 | $ | 69 |
Centrally cleared credit default swaps on credit indices — buy protection
Reference index | Financing rate paid | Payment frequency | Expiration date | Notional amount (000) | Value at 6/30/2023 (000) | Upfront premium received (000) | Unrealized depreciation at 6/30/2023 (000) | ||||||||||||||||
CDX.NA.IG.40 | 1% | Quarterly | 6/20/2028 | $USD7,428 | $ | (111 | ) | $ | (92 | ) | $ | (19 | ) |
42 | Capital Group Fixed Income ETF Trust |
Capital Group U.S. Multi-Sector Income ETF (continued)
Investments in affiliates10
Value of affiliate at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized appreciation (000) | Value of affiliate at 6/30/2023 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 1.69% | ||||||||||||||||||||||||||||
Money market investments 1.69% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.15%9 | $ | 20 | $ | 31,819 | $ | 29,366 | $ | (1 | ) | $ | 1 | $ | 2,473 | $ | 48 |
Restricted securities7
Acquisition date | Cost (000) | Value (000) | Percent of net assets | |||||||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class C, 12.09% 1/15/20286,8 | 12/6/2022 | $ | 1,000 | $ | 1,012 | .69 | % | |||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)2,6 | 6/23/2023 | 106 | 106 | .08 | ||||||||||
$ | 1,106 | $ | 1,118 | .77 | % |
1 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $75,479,000, which represented 51.50% of the net assets of the fund. |
2 | Step bond; coupon rate may change at a later date. |
3 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. |
4 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $674,000, which represented 0.47% of the net assets of the fund. |
5 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
6 | Value determined using significant unobservable inputs. |
7 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $1,118,000, which represented 0.77% of the net assets of the fund. |
8 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
9 | Rate represents the seven-day yield at June 30, 2023. |
10 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
11 | Amount less than one thousand. |
Key to abbreviations
AMT = Alternative Minimum Tax
CLO = Collateralized Loan Obligations
CME = CME Group
DAC = Designated Activity Company
Dev. = Development
EUR = Euros
EURIBOR = Euro Interbank Offered Rate
Facs. = Facilities
LIBOR = London Interbank Offered Rate
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
USD = U.S. dollars
Refer to the notes to financial statements.
Capital Group Fixed Income ETF Trust | 43 |
Capital Group Short Duration Income ETF | unaudited |
Investment portfolio June 30, 2023 | |
Portfolio by type of security | Percent of net assets |
Portfolio quality summary* | Percent of net assets | |||
U.S. Treasury and agency† | .67 | % | ||
AAA/Aaa | 39.31 | |||
AA/Aa | 13.61 | |||
A/A | 22.98 | |||
BBB/Baa | 21.91 | |||
Below investment grade | .53 | |||
Short-term securities & other assets less liabilities | .99 |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. |
† | These securities are guaranteed by the full faith and credit of the U.S. government. |
Bonds, notes & other debt instruments 99.01% | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans 48.19% | ||||||||
Financials 18.19% | ||||||||
AerCap Ireland Capital DAC 1.75% 10/29/2024 | USD | 995 | $ | 935 | ||||
AerCap Ireland Capital DAC 5.75% 6/6/2028 | 150 | 149 | ||||||
American Express Co. 3.375% 5/3/2024 | 360 | 353 | ||||||
American Express Co. 2.50% 7/30/2024 | 300 | 290 | ||||||
American Express Co. 2.25% 3/4/2025 | 825 | 782 | ||||||
American Express Co. 4.90% 2/13/2026 | 140 | 139 | ||||||
American International Group, Inc. 2.50% 6/30/2025 | 710 | 669 | ||||||
Aon Global, Ltd. 3.875% 12/15/2025 | 672 | 648 | ||||||
Australia and New Zealand Banking Group, Ltd. 5.088% 12/8/2025 | 1,150 | 1,145 | ||||||
Bank of America Corp. 1.319% 10/24/2024 (USD-SOFR + 0.74% on 10/24/2023)1 | 610 | 600 | ||||||
Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)1 | 457 | 438 | ||||||
Bank of America Corp. 0.981% 9/25/2025 (USD-SOFR + 0.91% on 9/25/2024)1 | 3,725 | 3,501 | ||||||
Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)1 | 300 | 295 | ||||||
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)1 | 150 | 147 | ||||||
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)1 | 350 | 346 | ||||||
Bank of New York Mellon Corp. 4.414% 7/24/2026 (USD-SOFR + 1.345% on 7/24/2025)1 | 105 | 103 | ||||||
BNP Paribas SA 3.375% 1/9/20252 | 355 | 341 | ||||||
BPCE 1.625% 1/14/20252 | 400 | 374 | ||||||
Capital One Financial Corp. 3.75% 4/24/2024 | 5 | 5 | ||||||
Capital One Financial Corp. 3.20% 2/5/2025 | 470 | 447 | ||||||
Capital One Financial Corp. 4.25% 4/30/2025 | 375 | 362 | ||||||
Charles Schwab Corp. 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028)1 | 115 | 115 | ||||||
Citigroup, Inc. 3.30% 4/27/2025 | 55 | 53 | ||||||
Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)1 | 2,050 | 1,962 | ||||||
Corebridge Financial, Inc. 3.50% 4/4/2025 | 638 | 608 | ||||||
Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)1 | 800 | 790 | ||||||
Global Payments, Inc. 1.50% 11/15/2024 | 100 | 94 | ||||||
Global Payments, Inc. 2.65% 2/15/2025 | 715 | 678 | ||||||
Goldman Sachs Group, Inc. 5.70% 11/1/2024 | 1,295 | 1,293 | ||||||
Goldman Sachs Group, Inc. 3.50% 4/1/2025 | 1,295 | 1,245 | ||||||
HSBC Holdings PLC 6.161% 3/9/2029 (USD-SOFR + 1.97% on 3/9/2028)1 | 200 | 202 |
44 | Capital Group Fixed Income ETF Trust |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
HSBC USA, Inc. 5.625% 3/17/2025 | USD | 840 | $ | 837 | ||||
Intercontinental Exchange, Inc. 3.65% 5/23/2025 | 420 | 412 | ||||||
Intercontinental Exchange, Inc. 4.00% 9/15/2027 | 125 | 122 | ||||||
JPMorgan Chase & Co. 0.653% 9/16/2024 (3-month USD CME Term SOFR + 0.60% on 9/16/2023)1 | 965 | 954 | ||||||
JPMorgan Chase & Co. 0.824% 6/1/2025 (USD-SOFR + 0.54% on 6/1/2024)1 | 1,800 | 1,712 | ||||||
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)1 | 3,090 | 2,895 | ||||||
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)1 | 1,010 | 1,006 | ||||||
Lloyds Banking Group PLC 3.87% 7/9/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.50% on 7/9/2024)1 | 400 | 390 | ||||||
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024 | 1,090 | 1,075 | ||||||
Metropolitan Life Global Funding I 3.60% 1/11/20242 | 240 | 237 | ||||||
Metropolitan Life Global Funding I 5.00% 1/6/20262 | 165 | 163 | ||||||
Morgan Stanley 0.79% 5/30/2025 (USD-SOFR + 0.525% on 5/30/2024)1 | 1,490 | 1,416 | ||||||
Morgan Stanley 1.164% 10/21/2025 (USD-SOFR + 0.56% on 10/21/2024)1 | 2,965 | 2,773 | ||||||
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)1 | 125 | 124 | ||||||
Morgan Stanley Bank, N.A. 4.754% 4/21/2026 | 350 | 345 | ||||||
Morgan Stanley, Series F, 3.875% 4/29/2024 | 75 | 74 | ||||||
Nasdaq, Inc. 5.65% 6/28/2025 | 675 | 677 | ||||||
New York Life Global Funding 0.95% 6/24/20252 | 550 | 503 | ||||||
PNC Financial Services Group, Inc. 5.671% 10/28/2025 (USD-SOFR + 1.09% on 10/28/2024)1 | 788 | 782 | ||||||
PNC Financial Services Group, Inc. 4.758% 1/26/2027 (USD-SOFR + 1.085% on 1/26/2026)1 | 650 | 636 | ||||||
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)1 | 108 | 108 | ||||||
PRICOA Global Funding I 1.15% 12/6/20242 | 1,088 | 1,019 | ||||||
Royal Bank of Canada 5.66% 10/25/2024 | 310 | 310 | ||||||
Royal Bank of Canada 4.95% 4/25/2025 | 300 | 296 | ||||||
Royal Bank of Canada 4.875% 1/12/2026 | 730 | 722 | ||||||
State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)1 | 7 | 7 | ||||||
The Allstate Corp. 0.75% 12/15/2025 | 550 | 493 | ||||||
The Bank of Nova Scotia 4.75% 2/2/2026 | 300 | 295 | ||||||
The Northwestern Mutual Life Insurance Co. 4.90% 6/12/20282 | 150 | 149 | ||||||
Toronto-Dominion Bank 0.55% 3/4/2024 | 250 | 242 | ||||||
Toronto-Dominion Bank 0.75% 9/11/2025 | 875 | 792 | ||||||
Toronto-Dominion Bank 5.103% 1/9/2026 | 375 | 374 | ||||||
Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026)1 | 200 | 200 | ||||||
U.S. Bancorp 1.45% 5/12/2025 | 1,133 | 1,057 | ||||||
U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028)1 | 150 | 150 | ||||||
Wells Fargo & Company 0.805% 5/19/2025 (USD-SOFR + 0.51% on 5/19/2024)1 | 430 | 410 | ||||||
Wells Fargo & Company 2.406% 10/30/2025 (3-month USD CME Term SOFR + 1.087% on 10/30/2024)1 | 1,260 | 1,200 | ||||||
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)1 | 150 | 147 | ||||||
Westpac Banking Corp. 3.735% 8/26/2025 | 305 | 296 | ||||||
Willis North America, Inc. 3.60% 5/15/2024 | 914 | 892 | ||||||
45,401 | ||||||||
Health care 6.20% | ||||||||
AbbVie, Inc. 2.60% 11/21/2024 | 1,630 | 1,565 | ||||||
AmerisourceBergen Corp. 3.25% 3/1/2025 | 410 | 394 | ||||||
Amgen, Inc. 3.625% 5/22/2024 | 65 | 64 | ||||||
Amgen, Inc. 1.90% 2/21/2025 | 670 | 632 | ||||||
Amgen, Inc. 5.507% 3/2/2026 | 885 | 884 | ||||||
Amgen, Inc. 5.15% 3/2/2028 | 552 | 552 | ||||||
AstraZeneca Finance, LLC 0.70% 5/28/2024 | 70 | 67 | ||||||
AstraZeneca Finance, LLC 4.875% 3/3/2028 | 200 | 200 | ||||||
Baxter International, Inc. 1.322% 11/29/2024 | 2,502 | 2,349 | ||||||
Becton, Dickinson and Company 3.363% 6/6/2024 | 290 | 284 | ||||||
Becton, Dickinson and Company 3.734% 12/15/2024 | 295 | 286 | ||||||
Boston Scientific Corp. 3.45% 3/1/2024 | 40 | 39 | ||||||
Boston Scientific Corp. 1.90% 6/1/2025 | 250 | 234 |
Capital Group Fixed Income ETF Trust | 45 |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
CVS Health Corp. 2.625% 8/15/2024 | USD | 350 | $ | 339 | ||||
CVS Health Corp. 5.00% 2/20/2026 | 300 | 299 | ||||||
CVS Health Corp. 5.00% 1/30/2029 | 200 | 198 | ||||||
DH Europe Finance II SARL 2.20% 11/15/2024 | 30 | 29 | ||||||
Elevance Health, Inc. 3.35% 12/1/2024 | 245 | 237 | ||||||
Elevance Health, Inc. 2.375% 1/15/2025 | 430 | 409 | ||||||
Eli Lilly and Co. 2.75% 6/1/2025 | 395 | 379 | ||||||
GE HealthCare Technologies, Inc. 5.55% 11/15/2024 | 380 | 378 | ||||||
Gilead Sciences, Inc. 3.70% 4/1/2024 | 310 | 306 | ||||||
HCA, Inc. 5.375% 2/1/2025 | 1,360 | 1,349 | ||||||
HCA, Inc. 5.20% 6/1/2028 | 120 | 119 | ||||||
Humana, Inc. 3.85% 10/1/2024 | 1,080 | 1,055 | ||||||
Laboratory Corporation of America Holdings 3.60% 2/1/2025 | 730 | 706 | ||||||
Medtronic Global Holdings S.C.A. 4.25% 3/30/2028 | 122 | 119 | ||||||
Merck & Co., Inc. 4.05% 5/17/2028 | 250 | 246 | ||||||
Novartis Capital Corp. 3.40% 5/6/2024 | 55 | 54 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2026 | 400 | 395 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028 | 250 | 246 | ||||||
Roche Holdings, Inc. 2.314% 3/10/20272 | 250 | 230 | ||||||
Thermo Fisher Scientific, Inc. 1.215% 10/18/2024 | 400 | 378 | ||||||
UnitedHealth Group, Inc. 5.15% 10/15/2025 | 370 | 371 | ||||||
UnitedHealth Group, Inc. 5.25% 2/15/2028 | 75 | 76 | ||||||
15,468 | ||||||||
Utilities 5.03% | ||||||||
Alabama Power Co. 3.55% 12/1/2023 | 65 | 64 | ||||||
CenterPoint Energy Houston Electric, LLC 2.40% 9/1/2026 | 65 | 60 | ||||||
Consumers Energy Co. 4.65% 3/1/2028 | 100 | 99 | ||||||
DTE Electric Co. 3.65% 3/15/2024 | 470 | 463 | ||||||
Duke Energy Corp. 5.00% 12/8/2025 | 330 | 328 | ||||||
Edison International 4.70% 8/15/2025 | 970 | 948 | ||||||
Edison International 5.25% 11/15/2028 | 250 | 244 | ||||||
Electricité de France SA 5.70% 5/23/20282 | 200 | 200 | ||||||
Entergy Louisiana, LLC 0.95% 10/1/2024 | 1,230 | 1,160 | ||||||
Florida Power & Light Company 3.25% 6/1/2024 | 125 | 123 | ||||||
Florida Power & Light Company 3.125% 12/1/2025 | 440 | 421 | ||||||
Florida Power & Light Company 4.45% 5/15/2026 | 200 | 198 | ||||||
Florida Power & Light Company 5.05% 4/1/2028 | 200 | 202 | ||||||
Florida Power & Light Company 4.40% 5/15/2028 | 150 | 147 | ||||||
Georgia Power Co. 4.65% 5/16/2028 | 400 | 392 | ||||||
Jersey Central Power & Light Co. 4.70% 4/1/20242 | 835 | 826 | ||||||
Jersey Central Power & Light Co. 4.30% 1/15/20262 | 614 | 594 | ||||||
NiSource, Inc. 0.95% 8/15/2025 | 240 | 219 | ||||||
Oncor Electric Delivery Co., LLC 2.75% 6/1/2024 | 855 | 832 | ||||||
Pacific Gas and Electric Co. 3.75% 2/15/2024 | 220 | 216 | ||||||
Pacific Gas and Electric Co. 3.45% 7/1/2025 | 2,075 | 1,960 | ||||||
Pacific Gas and Electric Co. 6.10% 1/15/2029 | 232 | 228 | ||||||
Public Service Electric and Gas Co. 3.25% 9/1/2023 | 95 | 95 | ||||||
Public Service Electric and Gas Co. 3.00% 5/15/2025 | 340 | 325 | ||||||
Southern California Edison Co. 4.20% 6/1/2025 | 615 | 600 | ||||||
Southern California Edison Co. 4.90% 6/1/2026 | 150 | 148 | ||||||
Southern California Edison Co. 5.85% 11/1/2027 | 105 | 108 | ||||||
Southern California Edison Co. 5.30% 3/1/2028 | 200 | 200 | ||||||
Southwestern Public Service Co. 3.30% 6/15/2024 | 130 | 127 | ||||||
Virginia Electric & Power 3.45% 2/15/2024 | 20 | 20 | ||||||
Virginia Electric & Power 3.10% 5/15/2025 | 530 | 506 | ||||||
WEC Energy Group, Inc. 4.75% 1/9/2026 | 525 | 517 | ||||||
12,570 |
46 | Capital Group Fixed Income ETF Trust |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services 3.57% | ||||||||
AT&T, Inc. 0.90% 3/25/2024 | USD | 1,480 | $ | 1,430 | ||||
Charter Communications Operating, LLC 4.50% 2/1/2024 | 420 | 416 | ||||||
Charter Communications Operating, LLC 4.908% 7/23/2025 | 1,945 | 1,908 | ||||||
Comcast Corp. 5.25% 11/7/2025 | 210 | 211 | ||||||
Netflix, Inc. 5.875% 2/15/2025 | 1,165 | 1,171 | ||||||
T-Mobile US, Inc. 4.80% 7/15/2028 | 175 | 171 | ||||||
T-Mobile USA, Inc. 3.50% 4/15/2025 | 1,370 | 1,318 | ||||||
Verizon Communications, Inc. 3.50% 11/1/2024 | 195 | 190 | ||||||
Verizon Communications, Inc. 3.376% 2/15/2025 | 572 | 553 | ||||||
WarnerMedia Holdings, Inc. 3.528% 3/15/2024 | 1,195 | 1,174 | ||||||
WarnerMedia Holdings, Inc. 3.788% 3/15/2025 | 390 | 376 | ||||||
8,918 | ||||||||
Consumer staples 3.11% | ||||||||
7-Eleven, Inc. 0.80% 2/10/20242 | 395 | 383 | ||||||
Altria Group, Inc. 2.35% 5/6/2025 | 50 | 47 | ||||||
Anheuser-Busch Companies, LLC 3.65% 2/1/2026 | 825 | 799 | �� | |||||
BAT Capital Corp. 3.222% 8/15/2024 | 1,140 | 1,107 | ||||||
Conagra Brands, Inc. 4.30% 5/1/2024 | 1,430 | 1,411 | ||||||
Constellation Brands, Inc. 5.00% 2/2/2026 | 300 | 299 | ||||||
Constellation Brands, Inc. 4.35% 5/9/2027 | 290 | 283 | ||||||
Mondelez International, Inc. 1.50% 5/4/2025 | 300 | 280 | ||||||
Philip Morris International, Inc. 2.875% 5/1/2024 | 40 | 39 | ||||||
Philip Morris International, Inc. 5.125% 11/15/2024 | 370 | 369 | ||||||
Philip Morris International, Inc. 1.50% 5/1/2025 | 160 | 150 | ||||||
Philip Morris International, Inc. 5.00% 11/17/2025 | 915 | 911 | ||||||
Philip Morris International, Inc. 4.875% 2/13/2026 | 650 | 646 | ||||||
Philip Morris International, Inc. 5.125% 11/17/2027 | 88 | 88 | ||||||
Procter & Gamble Company 0.55% 10/29/2025 | 200 | 181 | ||||||
Reynolds American, Inc. 4.45% 6/12/2025 | 560 | 544 | ||||||
Walmart, Inc. 4.00% 4/15/2026 | 225 | 221 | ||||||
7,758 | ||||||||
Industrials 2.97% | ||||||||
Boeing Co. 2.80% 3/1/2024 | 125 | 123 | ||||||
Boeing Co. 4.875% 5/1/2025 | 1,365 | 1,346 | ||||||
Boeing Co. 2.196% 2/4/2026 | 975 | 895 | ||||||
Burlington Northern Santa Fe, LLC 3.40% 9/1/2024 | 225 | 219 | ||||||
Canadian Pacific Railway Co. 1.35% 12/2/2024 | 865 | 813 | ||||||
Carrier Global Corp. 2.242% 2/15/2025 | 560 | 530 | ||||||
CSX Corp. 3.40% 8/1/2024 | 585 | 571 | ||||||
Eaton Corp. 6.50% 6/1/2025 | 65 | 67 | ||||||
General Dynamics Corp. 3.25% 4/1/2025 | 235 | 227 | ||||||
Lockheed Martin Corp. 4.95% 10/15/2025 | 440 | 439 | ||||||
Lockheed Martin Corp. 4.45% 5/15/2028 | 84 | 83 | ||||||
Norfolk Southern Corp. 3.85% 1/15/2024 | 50 | 50 | ||||||
Northrop Grumman Corp. 2.93% 1/15/2025 | 665 | 639 | ||||||
Raytheon Technologies Corp. 3.95% 8/16/2025 | 990 | 970 | ||||||
Union Pacific Corp. 3.646% 2/15/2024 | 95 | 94 | ||||||
Union Pacific Corp. 3.25% 1/15/2025 | 350 | 339 | ||||||
7,405 | ||||||||
Consumer discretionary 2.47% | ||||||||
Amazon.com, Inc. 4.60% 12/1/2025 | 85 | 84 | ||||||
American Honda Finance Corp. 4.60% 4/17/2025 | 300 | 296 | ||||||
American Honda Finance Corp. 4.75% 1/12/2026 | 250 | 249 | ||||||
BMW US Capital, LLC 3.90% 4/9/20252 | 490 | 478 | ||||||
Ford Motor Credit Co., LLC 5.125% 6/16/2025 | 925 | 900 | ||||||
Ford Motor Credit Co., LLC 6.95% 6/10/2026 | 425 | 427 | ||||||
General Motors Financial Co. 5.40% 4/6/2026 | 300 | 297 | ||||||
General Motors Financial Co., Inc. 1.20% 10/15/2024 | 900 | 847 | ||||||
General Motors Financial Co., Inc. 2.75% 6/20/2025 | 60 | 57 |
Capital Group Fixed Income ETF Trust | 47 |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
Hyundai Capital America 1.80% 10/15/20252 | USD | 165 | $ | 151 | ||||
Hyundai Capital America 5.50% 3/30/20262 | 150 | 149 | ||||||
Lowe’s Companies, Inc. 4.40% 9/8/2025 | 165 | 162 | ||||||
Marriott International, Inc. 3.60% 4/15/2024 | 770 | 757 | ||||||
Marriott International, Inc. 5.75% 5/1/2025 | 225 | 226 | ||||||
Mercedes-Benz Finance North America, LLC 5.50% 11/27/20242 | 150 | 150 | ||||||
Toyota Motor Credit Corp. 0.50% 6/18/2024 | 725 | 691 | ||||||
Toyota Motor Credit Corp. 4.80% 1/10/2025 | 240 | 238 | ||||||
6,159 | ||||||||
Energy 2.15% | ||||||||
Baker Hughes Holdings, LLC 1.231% 12/15/2023 | 50 | 49 | ||||||
BP Capital Markets America, Inc. 3.796% 9/21/2025 | 180 | 176 | ||||||
Canadian Natural Resources, Ltd. 3.80% 4/15/2024 | 530 | 521 | ||||||
Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 65 | 61 | ||||||
Chevron Corp. 2.895% 3/3/2024 | 45 | 44 | ||||||
Chevron USA, Inc. 0.687% 8/12/2025 | 750 | 685 | ||||||
ConocoPhillips Co. 2.125% 3/8/2024 | 200 | 195 | ||||||
Continental Resources, Inc. 3.80% 6/1/2024 | 70 | 69 | ||||||
Energy Transfer, LP 5.875% 1/15/2024 | 125 | 125 | ||||||
Energy Transfer, LP 3.90% 5/15/2024 | 945 | 929 | ||||||
Enterprise Products Operating, LLC 5.05% 1/10/2026 | 120 | 120 | ||||||
EQT Corp. 6.125% 2/1/20251 | 266 | 265 | ||||||
Exxon Mobil Corp. 2.002% 8/16/2024 | 130 | 125 | ||||||
Exxon Mobil Corp. 2.992% 3/19/2025 | 885 | 853 | ||||||
MPLX LP 4.875% 12/1/2024 | 375 | 370 | ||||||
ONEOK, Inc. 2.75% 9/1/2024 | 165 | 160 | ||||||
Shell International Finance BV 3.25% 5/11/2025 | 515 | 498 | ||||||
TotalEnergies Capital International SA 3.75% 4/10/2024 | 45 | 44 | ||||||
TotalEnergies Capital International SA 2.434% 1/10/2025 | 75 | 72 | ||||||
5,361 | ||||||||
Information technology 2.06% | ||||||||
Adobe, Inc. 1.90% 2/1/2025 | 165 | 157 | ||||||
Analog Devices, Inc. 2.95% 4/1/2025 | 295 | 284 | ||||||
Apple, Inc. 0.55% 8/20/2025 | 495 | 452 | ||||||
Apple, Inc. 4.00% 5/10/2028 | 450 | 443 | ||||||
Broadcom Corp. 3.625% 1/15/2024 | 155 | 153 | ||||||
Broadcom Corp. 3.125% 1/15/2025 | 65 | 62 | ||||||
Broadcom, Inc. 3.625% 10/15/2024 | 212 | 206 | ||||||
Broadcom, Inc. 3.15% 11/15/2025 | 560 | 532 | ||||||
Hewlett Packard Enterprise Co. 5.90% 10/1/2024 | 914 | 915 | ||||||
Microsoft Corp. 2.70% 2/12/2025 | 350 | 338 | ||||||
Oracle Corp. 2.40% 9/15/2023 | 125 | 124 | ||||||
Oracle Corp. 3.40% 7/8/2024 | 615 | 600 | ||||||
Oracle Corp. 2.50% 4/1/2025 | 920 | 874 | ||||||
5,140 | ||||||||
Real estate 1.33% | ||||||||
Corporate Office Properties, LP 2.25% 3/15/2026 | 65 | 58 | ||||||
Equinix, Inc. 2.625% 11/18/2024 | 885 | 845 | ||||||
Equinix, Inc. 1.00% 9/15/2025 | 739 | 668 | ||||||
Prologis, LP 4.875% 6/15/2028 | 236 | 234 | ||||||
Public Storage 0.875% 2/15/2026 | 95 | 85 | ||||||
Scentre Group Trust 1 3.50% 2/12/20252 | 640 | 614 | ||||||
VICI Properties, LP 4.625% 6/15/20252 | 855 | 827 | ||||||
3,331 |
48 | Capital Group Fixed Income ETF Trust |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Materials 1.11% | ||||||||
Anglo American Capital PLC 3.625% 9/11/20242 | USD | 720 | $ | 700 | ||||
BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026 | 250 | 249 | ||||||
Dow Chemical Co. (The) 4.55% 11/30/2025 | 65 | 63 | ||||||
EIDP, Inc. 4.50% 5/15/2026 | 186 | 183 | ||||||
Glencore Funding, LLC 1.625% 4/27/20262 | 65 | 59 | ||||||
International Flavors & Fragrances, Inc. 1.23% 10/1/20252 | 795 | 709 | ||||||
Linde, Inc. 4.70% 12/5/2025 | 40 | 40 | ||||||
LYB International Finance III, LLC 1.25% 10/1/2025 | 220 | 199 | ||||||
Nutrien, Ltd. 5.95% 11/7/2025 | 29 | 29 | ||||||
Nutrien, Ltd. 4.90% 3/27/2028 | 189 | 185 | ||||||
Sherwin-Williams Co. 4.05% 8/8/2024 | 370 | 364 | ||||||
2,780 | ||||||||
Total corporate bonds, notes & loans | 120,291 | |||||||
Mortgage-backed obligations 30.22% | ||||||||
Collateralized mortgage-backed obligations (privately originated) 12.08% | ||||||||
Arroyo Mortgage Trust, Series 2019-1, Class A1, 3.805% 1/25/20492,3 | 111 | 104 | ||||||
Arroyo Mortgage Trust, Series 2019-2, Class A3, 3.80% 4/25/20492,3 | 486 | 452 | ||||||
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)1,2,3 | 366 | 332 | ||||||
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/20592,3 | 109 | 103 | ||||||
Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 7/25/20262,3 | 967 | 927 | ||||||
CIM Trust, Series 2018-R3, Class A1, 5.00% 12/25/20572,3 | 99 | 97 | ||||||
COLT Funding, LLC, Series 2023-1, Class A1, 6.048% 4/25/2068 (7.048% on 4/1/2027)1,2,3 | 1,382 | 1,373 | ||||||
Connecticut Avenue Securities Trust, Series 2014-C01, Class M2, (1-month USD-LIBOR + 4.40%) 9.55% 1/25/20243 | 1,652 | 1,681 | ||||||
Connecticut Avenue Securities Trust, Series 2014-C02A, Class 1M2, (1-month USD-LIBOR + 2.60%) 7.75% 5/25/20243 | 1,623 | 1,631 | ||||||
Connecticut Avenue Securities Trust, Series 2014-C04, Class 1M2, (1-month USD-LIBOR + 4.90%) 10.05% 11/25/20243 | 183 | 190 | ||||||
Connecticut Avenue Securities Trust, Series 2015-C01, Class 1M2, (1-month USD-LIBOR + 4.30%) 9.45% 2/25/20253 | 664 | 686 | ||||||
Connecticut Avenue Securities Trust, Series 2016-C02, Class 1M2, (1-month USD-LIBOR + 6.00%) 11.15% 9/25/20283 | 154 | 162 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.467% 12/25/20422,3 | 1,495 | 1,505 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 6.967% 6/25/20432,3 | 537 | 539 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2013-DN1, Class M2, (1-month USD-LIBOR + 7.15%) 12.30% 7/25/20233 | 290 | 291 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 8.45% 10/25/20273 | 83 | 84 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.85% 4/25/20283 | 85 | 89 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA1, Class M3, (1-month USD-LIBOR + 5.55%) 10.70% 7/25/20283 | 249 | 265 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M3, (1-month USD-LIBOR + 5.00%) 10.15% 12/25/20283 | 191 | 204 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 7.267% 5/25/20422,3 | 220 | 222 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 8.017% 6/25/20422,3 | 837 | 853 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (1-month USD-LIBOR + 1.70%) 6.85% 1/25/20502,3 | 443 | 443 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 7.00% 2/25/20502,3 | 215 | 216 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 10.25% 6/27/20502,3 | 369 | 397 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA5, Class M2, (30-day Average USD-SOFR + 2.80%) 7.622% 10/25/20502,3 | 197 | 200 |
Capital Group Fixed Income ETF Trust | 49 |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Collateralized mortgage-backed obligations (privately originated) (continued) | ||||||||
Imperial Fund Mortgage Trust, Series 2022-NQM7, Class A1, 7.369% 11/25/2067 (8.369% on 11/1/2026)1,2,3 | USD | 611 | $ | 614 | ||||
Imperial Fund Mortgage Trust, Series 2023-NQM1, Class A1, 5.941% 2/25/2068 (6.941% on 1/1/2027)1,2,3 | 2,103 | 2,073 | ||||||
Legacy Mortgage Asset Trust, Series 2020-GS3, Class A1, 6.25% 5/25/20601,2,3 | 1,180 | 1,166 | ||||||
Mill City Mortgage Trust, Series 2019-GS2, Class A1, 2.75% 8/25/20592,3 | 398 | 371 | ||||||
Mill City Mortgage Trust, Series 2019-1, Class A1, 3.25% 10/25/20692,3 | 176 | 167 | ||||||
New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.75% 7/25/20592,3 | 812 | 750 | ||||||
New Residential Mortgage Loan Trust, Series 2020-RPL1, Class A1, 2.75% 11/25/20592,3 | 289 | 267 | ||||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class B, (1-month USD-LIBOR + 0.90%) 6.05% 5/25/20552,3 | 1,300 | 1,291 | ||||||
Onslow Bay Financial Mortgage Loan Trust, Series 2022-NQM9, Class A1A, 6.45% 9/25/2062 (7.45% on 11/1/2026)1,2,3 | 939 | 938 | ||||||
Onslow Bay Financial Mortgage Loan Trust, Series 2023-NQM1, Class A1, 6.12% 11/25/2062 (7.12% on 12/1/2026)1,2,3 | 630 | 627 | ||||||
Onslow Bay Mortgage Loan Trust, Series 2023-NQM4, Class A1, 6.113% 3/25/2063 (7.113% on 5/1/2027)1,2,3 | 738 | 732 | ||||||
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20392,3 | 497 | 452 | ||||||
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/20552,3 | 148 | 144 | ||||||
Towd Point Mortgage Trust, Series 2016-2, Class M1, 3.00% 8/25/20552,3 | 450 | 424 | ||||||
Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75% 10/25/20562,3 | 84 | 83 | ||||||
Towd Point Mortgage Trust, Series 2017-1, Class A2, 3.50% 10/25/20562,3 | 300 | 289 | ||||||
Towd Point Mortgage Trust, Series 2017-2, Class A4, 3.388% 4/25/20572,3 | 769 | 738 | ||||||
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/20572,3 | 393 | 383 | ||||||
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/20572,3 | 603 | 573 | ||||||
Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00% 1/25/20582,3 | 543 | 522 | ||||||
Towd Point Mortgage Trust, Series 2019-1, Class A1, 3.75% 3/25/20582,3 | 558 | 525 | ||||||
Towd Point Mortgage Trust, Series 2019-2, Class A1, 3.75% 12/25/20582,3 | 554 | 519 | ||||||
Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/20632,3 | 1,243 | 1,139 | ||||||
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20402,3 | 372 | 364 | ||||||
Verus Securitization Trust, Series 2023-1, Class A1, 5.85% 12/25/2067 (6.85% on 1/1/2027)1,2,3 | 687 | 680 | ||||||
Verus Securitization Trust, Series 2023-3, Class A1, 5.93% 3/25/20681,2,3 | 311 | 307 | ||||||
Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027)1,2,3 | 961 | 964 | ||||||
30,148 | ||||||||
Commercial mortgage-backed securities 10.70% | ||||||||
Banc of America Commercial Mortgage, Inc., Series 2015-UBS7, Class A4, 3.705% 9/15/20483 | 260 | 247 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 3/15/20563 | 495 | 504 | ||||||
Bank of America Merrill Lynch Large Loan, Inc., Series 2015-200P, Class A, 3.218% 4/14/20332,3 | 500 | 465 | ||||||
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A , (1-month USD CME Term SOFR + 1.77%) 6.917% 5/15/20392,3 | 500 | 497 | ||||||
BX Commercial Mortgage Trust 2019-XL, Class A, (1-month USD-LIBOR + 0.92%) 6.181% 10/15/20362,3 | 146 | 145 | ||||||
BX Trust, Series 2021-VOLT, Class B , (1-month USD-LIBOR + 0.95%) 6.143% 9/15/20362,3 | 189 | 181 | ||||||
BX Trust, Series 2021-ACNT, Class A , (1-month USD-LIBOR + 0.85%) 6.043% 11/15/20382,3 | 500 | 488 | ||||||
BX Trust, Series 2022-AHP, Class A , (1-month USD CME Term SOFR + 0.99%) 6.137% 2/15/20392,3 | 483 | 470 | ||||||
BX Trust, Series 2022-PSB, Class A , (1-month USD CME Term SOFR + 2.451%) 7.598% 8/15/20392,3 | 179 | 178 | ||||||
BX Trust, Series 2022-PSB, Class C , (1-month USD CME Term SOFR + 3.697%) 8.844% 8/15/20392,3 | 179 | 177 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20282,3 | 361 | 361 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/20282,3 | 750 | 764 |
50 | Capital Group Fixed Income ETF Trust |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
Citigroup Commercial Mortgage Trust, Series 2013-CG15, Class A4, 4.371% 9/10/20463 | USD | 57 | $ | 56 | ||||
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4, 3.622% 7/10/20473 | 850 | 824 | ||||||
Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class A4, 3.635% 10/10/20473 | 325 | 313 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4, 3.314% 4/10/20493 | 270 | 252 | ||||||
Commercial Mortgage Trust, Series 2014-CR15, Class A4, 4.074% 2/10/20473 | 1,095 | 1,080 | ||||||
Commercial Mortgage Trust, Series 2014-CR14, Class AM, 4.526% 2/10/20473 | 749 | 728 | ||||||
Commercial Mortgage Trust, Series 2014-CR16, Class A4, 4.051% 4/10/20473 | 775 | 760 | ||||||
Commercial Mortgage Trust, Series 2014-CR20, Class A4, 3.59% 11/10/20473 | 500 | 481 | ||||||
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/20503 | 445 | 426 | ||||||
FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/20563 | 1,216 | 1,215 | ||||||
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/20362,3 | 500 | 473 | ||||||
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 6.113% 7/15/20252,3 | 457 | 451 | ||||||
GS Mortgage Securities Trust, Series 2013-GC16, Class A4, 4.271% 11/10/20463 | 565 | 563 | ||||||
GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931% 9/10/20473 | 1,257 | 1,213 | ||||||
ILPT Commercial Mortgage Pass-through Certificates, Series 2022-LPF2, Class A, (1-month USD CME Term SOFR + 2.245%) 7.392% 10/15/20392,3 | 200 | 200 | ||||||
Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class A, (1-month USD CME Term SOFR + 2.489%) 7.548% 8/15/20393 | 200 | 200 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class A4, 4.166% 12/15/20463 | 645 | 642 | ||||||
LUXE Commercial Mortgage Trust, Series 21-TRIP, Class C, (1-month USD-LIBOR + 1.75%) 6.943% 10/15/20382,3 | 250 | 244 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4, 4.284% 8/15/20463 | 200 | 199 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A-4, 4.039% 11/15/20463 | 1,200 | 1,189 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/20473 | 980 | 951 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class AS, 4.11% 10/15/20473 | 592 | 567 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21, Class A4, 3.338% 3/15/20483 | 200 | 190 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class AS, 3.561% 4/15/20483 | 500 | 467 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class AS, 4.036% 5/15/20483 | 500 | 473 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class A-4, 3.372% 10/15/20483 | 305 | 290 | ||||||
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/20483 | 550 | 509 | ||||||
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 6.147% 1/15/20392,3 | 500 | 485 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class A5, 3.451% 2/15/20483 | 755 | 718 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class AS, 3.872% 5/15/20483 | 500 | 472 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class AS, 4.013% 6/15/20483 | 500 | 472 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A5, 3.817% 8/15/20503 | 500 | 485 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS-2, Class A-5, 3.767% 7/15/20583 | 715 | 677 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4, 3.426% 3/15/20593 | 541 | 506 | ||||||
WF-RBS Commercial Mortgage Trust, Series 2013-C16, Class A5, 4.415% 9/15/20463 | 655 | 653 | ||||||
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101% 3/15/20473 | 520 | 512 | ||||||
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class B, 4.723% 3/15/20473 | 615 | 591 |
Capital Group Fixed Income ETF Trust | 51 |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
WF-RBS Commercial Mortgage Trust, Series 2014-C25, Class A5, 3.631% 11/15/20473 | USD | 852 | $ | 816 | ||||
WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class A4, 3.488% 9/15/20573 | 692 | 669 | ||||||
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.936% 11/15/20272,3 | 206 | 206 | ||||||
26,695 | ||||||||
Federal agency mortgage-backed obligations 7.44% | ||||||||
Fannie Mae Pool #MA4919 5.50% 2/1/20533 | 275 | 273 | ||||||
Fannie Mae Pool #MA5010 5.50% 5/1/20533 | 47 | 47 | ||||||
Fannie Mae Pool #MA5072 5.50% 7/1/20533 | 351 | 350 | ||||||
Freddie Mac Pool #SD8342 5.50% 6/1/20533 | 379 | 378 | ||||||
Freddie Mac Pool #SD8331 5.50% 6/1/20533 | 677 | 674 | ||||||
Uniform Mortgage-Backed Security 5.00% 7/1/20533,4 | 2,000 | 1,960 | ||||||
Uniform Mortgage-Backed Security 5.50% 7/1/20533,4 | 263 | 262 | ||||||
Uniform Mortgage-Backed Security 6.00% 7/1/20533,4 | 14,500 | 14,629 | ||||||
18,573 | ||||||||
Total mortgage-backed obligations | 75,416 | |||||||
Asset-backed obligations 19.93% | ||||||||
ACHV ABS Trust, Series 2023-1, Class A, 6.42% 3/18/20302,3 | 104 | 104 | ||||||
Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.61% 1/18/20282,3 | 597 | 594 | ||||||
AGL CLO, Ltd., Series 2023-24, Class A1, (3-month USD CME Term SOFR + 2.00%) 7.076% 7/25/20362,3 | 464 | 464 | ||||||
American Credit Acceptance Receivables Trust, Series 2022-4, Class A, 6.20% 5/13/20262,3 | 76 | 76 | ||||||
American Money Management Corp., CLO, Series 2016-18, Class AR, (3-month USD-LIBOR + 1.10%) 6.524% 5/26/20312,3 | 249 | 246 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20272,3 | 350 | 317 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2022-5, Class A, 6.12% 4/20/20272,3 | 118 | 118 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/20272,3 | 779 | 763 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-3A, Class A, 5.44% 2/22/20282,3 | 396 | 390 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/20282,3 | 259 | 257 | ||||||
Avis Budget Rental Car Funding AESOP, LLC, Series 2023-2, Class B, 6.03% 10/20/20272,3 | 290 | 286 | ||||||
Birch Grove CLO, Ltd., Series 2023-6, Class A1, (3-month USD CME Term SOFR + 2.20%) 7.07% 7/20/20352,3 | 494 | 494 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,3 | 1,349 | 1,212 | ||||||
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20452,3 | 435 | 377 | ||||||
CLI Funding VIII, LLC, Series 2022-1, Class A, 2.72% 1/18/20472,3 | 1,177 | 1,002 | ||||||
CPS Auto Receivables Trust, Series 2023-A, Class A, 5.54% 3/16/20262,3 | 444 | 442 | ||||||
CPS Auto Receivables Trust, Series 2023-A, Class B, 5.47% 11/16/20262,3 | 656 | 647 | ||||||
CPS Auto Receivables Trust, Series 2021-B, Class C, 1.23% 3/15/20272,3 | 405 | 399 | ||||||
CPS Auto Receivables Trust, Series 2023-A, Class C, 5.54% 4/16/20292,3 | 933 | 915 | ||||||
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/20262,3 | 274 | 268 | ||||||
DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/20262,3 | 920 | 852 | ||||||
DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/20272,3 | 82 | 81 | ||||||
DriveTime Auto Owner Trust, Series 2023-1, Class A, 5.48% 4/15/20272,3 | 727 | 725 | ||||||
DriveTime Auto Owner Trust, Series 2023-1, Class C, 5.55% 10/16/20282,3 | 1,063 | 1,043 | ||||||
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 6.24% 4/15/20282,3 | 412 | 410 | ||||||
Dryden Senior Loan Fund, CLO, Series 2015-37, Class AR, (3-month USD-LIBOR + 1.10%) 6.36% 1/15/20312,3 | 262 | 260 | ||||||
Dryden Senior Loan Fund, CLO, Series 2018-57, Class A, (3-month USD-LIBOR + 1.01%) 6.331% 5/15/20312,3 | 300 | 297 | ||||||
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/20292,3 | 230 | 229 | ||||||
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20253 | 27 | 27 |
52 | Capital Group Fixed Income ETF Trust |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/20263 | USD | 468 | $ | 458 | ||||
Exeter Automobile Receivables Trust, Series 2023-1, Class B, 5.72% 4/15/20273 | 616 | 612 | ||||||
Exeter Automobile Receivables Trust, Series 2022-6, Class B, 6.03% 8/16/20273 | 77 | 77 | ||||||
Exeter Automobile Receivables Trust, Series 2023-3, Class B, 6.11% 9/15/2027 | 307 | 307 | ||||||
Exeter Automobile Receivables Trust, Series 2023-1, Class C, 5.82% 2/15/20283 | 1,000 | 989 | ||||||
Exeter Automobile Receivables Trust, Series 2022-6, Class C, 6.32% 5/15/20283 | 193 | 193 | ||||||
Exeter Automobile Receivables Trust, Series 2023-1, Class D, 6.69% 6/15/20293 | 240 | 239 | ||||||
First National Master Note Trust, Series 2023-1, Class A, 5.13% 4/16/2029 | 592 | 584 | ||||||
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.968% 10/19/20372,3 | 325 | 291 | ||||||
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20392,3 | 497 | 469 | ||||||
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/20262,3 | 172 | 172 | ||||||
Ford Credit Auto Lease Trust, Series 2023-A, Class A2A, 5.19% 6/15/20253 | 531 | 529 | ||||||
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20312,3 | 477 | 449 | ||||||
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/20352,3 | 1,054 | 1,033 | ||||||
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/20282,3 | 518 | 513 | ||||||
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20402,3 | 473 | 421 | ||||||
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20412,3 | 1,045 | 904 | ||||||
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20352,3 | 135 | 138 | ||||||
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.45% 6/15/20282,3 | 564 | 564 | ||||||
GoldenTree Loan Opportunities XI, Ltd., CLO, Series 2015-11A, Class AR2, (3-month USD-LIBOR + 1.07%) 6.332% 1/18/20312,3 | 160 | 159 | ||||||
HalseyPoint CLO II, Ltd., Series 2020-2A, Class A1, (3-month USD-LIBOR + 1.10%) 6.35% 7/20/20312,3 | 244 | 242 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20252,3 | 1,200 | 1,125 | ||||||
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/20262,3 | 350 | 325 | ||||||
Hertz Vehicle Financing III, LLC, Series 2023-1, Class A, 5.49% 6/25/20272,3 | 1,000 | 988 | ||||||
Juniper Valley Park CLO, Ltd., Series 2023-1, Class A1, (3-month USD CME Term SOFR + 1.85%) 7.005% 7/20/20352,3 | 797 | 797 | ||||||
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/20262,3 | 822 | 818 | ||||||
LAD Auto Receivables Trust, Series 2023-1, Class C, 6.18% 12/15/20272,3 | 273 | 272 | ||||||
Madison Park Funding, Ltd., CLO, Series 2021-50A, Class A, (3-month USD CME Term SOFR + 1.402%) 6.405% 4/19/20342,3 | 300 | 296 | ||||||
Neuberger Berman CLO, Ltd., Series 2017-25, Class AR, (3-month USD-LIBOR + 0.93%) 6.192% 10/18/20292,3 | 490 | 485 | ||||||
OCP CLO, Ltd., Series 2018-15A, Class A1, (3-month USD-LIBOR + 1.10%) 6.35% 7/20/20312,3 | 175 | 174 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-3, Class A1, (3-month USD-LIBOR + 0.80%) 6.05% 7/20/20292,3 | 781 | 771 | ||||||
Palmer Square Loan Funding, CLO, Series 2022-4, Class A1, (3-month USD-CME Term SOFR + 1.75%) 6.526% 7/24/20312,3 | 635 | 633 | ||||||
Palmer Square Loan Funding, CLO, Series 2022-4, Class A2, (3-month USD CME Term SOFR + 2.35%) 7.032% 7/24/20312,3 | 889 | 890 | ||||||
Palmer Square, Ltd., Series 2013-2A, Class A1A3, (3-month USD-LIBOR + 1.00%) 6.26% 10/17/20312,3 | 250 | 247 | ||||||
PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/20282,3 | 2,000 | 2,003 | ||||||
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20282,3 | 610 | 607 | ||||||
PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 7.025% 1/20/20312,3 | 298 | 298 | ||||||
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/20262,3 | 668 | 666 | ||||||
Santander Drive Auto Receivables Trust, Series 2023-1, Class A2, 5.36% 5/15/20263 | 866 | 864 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/20263 | 122 | 120 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/20263 | 731 | 712 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.75% 4/15/20273 | 84 | 84 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95% 1/17/20283 | 33 | 33 | ||||||
Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98% 2/15/20283 | 1,678 | 1,648 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-1, Class C, 2.56% 4/17/20283 | 200 | 191 | ||||||
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 55.47% 10/20/282,3 | 1,099 | 1,098 | ||||||
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 6.23% 10/20/20302,3 | 481 | 476 | ||||||
Sound Point CLO, Ltd., Series 2013-3R, Class A, (3-month USD-LIBOR + 1.15%) 6.412% 4/18/20312,3 | 300 | 296 | ||||||
Stratus Static CLO, Ltd., Series 2021-2, Class A, (3-month USD-LIBOR + 0.90%) 6.15% 12/28/20292,3 | 247 | 245 |
Capital Group Fixed Income ETF Trust | 53 |
Capital Group Short Duration Income ETF (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 7.198% 10/20/20312,3 | USD | 236 | $ | 237 | ||||
Sycamore Tree CLO, Ltd., Series 2023-3, Class A1, (3-month USD CME Term SOFR + 2.20%) 7.32% 8/16/20272,3 | 500 | 501 | ||||||
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20452,3 | 1,117 | 980 | ||||||
Teachers Insurance and Annuity Association of AME, CLO, Series 2016-1, Class AR, (3-month USD-LIBOR + 1.20%) 6.450% 7/20/20312,3 | 250 | 247 | ||||||
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20462,3 | 939 | 794 | ||||||
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20462,3 | 657 | 565 | ||||||
TIF Funding II, LLC, Series 2021-1A, Class A, 1.65% 2/20/20462,3 | 1,135 | 940 | ||||||
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20452,3 | 1,149 | 987 | ||||||
Verizon Master Trust, Series 2023-2, Class A, 2.71% 4/20/2028 | 868 | 861 | ||||||
Wellfleet CLO, Ltd., Series 2017-3A, Class A1, (3-month USD-LIBOR + 1.15%) 6.41% 1/17/20312,3 | 250 | 247 | ||||||
Westlake Automobile Receivables Trust, Series 2021-1, Class C, 0.95% 3/16/20262,3 | 1,000 | 977 | ||||||
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/20262,3 | 140 | 139 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/20282,3 | 298 | 295 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/20282,3 | 212 | 209 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class C, 5.74% 8/15/20282,3 | 412 | 407 | ||||||
World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 | 1,569 | 1,552 | ||||||
49,738 | ||||||||
U.S. Treasury bonds & notes 0.67% | ||||||||
U.S. Treasury 0.67% | ||||||||
U.S. Treasury 4.125% 6/15/20265 | 1,700 | 1,684 | ||||||
Total bonds, notes & other debt instruments (cost: $248,375,000) | 247,129 | |||||||
Short-term securities 7.31% | Shares | |||||||
Money market investments 7.31% | ||||||||
Capital Group Central Cash Fund 5.15%6,7 | 182,484 | 18,250 | ||||||
Total short-term securities (cost: $18,248,000) | 18,250 | |||||||
Total investment securities 106.32% (cost: $266,623,000) | 265,379 | |||||||
Other assets less liabilities (6.32)% | (15,785 | ) | ||||||
Net assets 100.00% | $ | 249,594 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 6/30/2023 (000) | ||||||||
2 Year U.S. Treasury Note Futures | Long | 728 | September 2023 | USD148,034 | $ | (1,909 | ) | ||||||
10 Year U.S. Treasury Note Futures | Long | 47 | September 2023 | 5,277 | 3 | ||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 189 | September 2023 | (22,385) | 257 | ||||||||
30 Year U.S. Treasury Bond Futures | Short | 7 | September 2023 | (888) | (1 | ) | |||||||
$ | (1,650 | ) |
54 | Capital Group Fixed Income ETF Trust |
Capital Group Short Duration Income ETF (continued)
Investments in affiliates7
Value of affiliate at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized appreciation (000) | Value of affiliate at 6/30/2023 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 7.31% | ||||||||||||||||||||||||||||
Money market investments 7.31% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.15%6 | $ | 13,146 | $ | 100,695 | $ | 95,594 | $ | — | 8 | $ | 3 | $ | 18,250 | $ | 196 |
1 | Step bond; coupon rate may change at a later date. |
2 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $79,164,000, which represented 31.72% of the net assets of the fund. |
3 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
4 | Purchased on a TBA basis. |
5 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $334,000, which represented .13% of the net assets of the fund. |
6 | Rate represents the seven-day yield at June 30, 2023. |
7 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
8 | Amount less than one thousand. |
Key to abbreviations
CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
DAC = Designated Activity Company
LIBOR = London Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD = U.S. dollars
Refer to the notes to financial statements.
Capital Group Fixed Income ETF Trust | 55 |
Financial statements | |
Statements of assets and liabilities at June 30, 2023 | unaudited (dollars and shares in thousands, except per-share amount) |
Core Plus Income ETF | Municipal Income ETF | U.S. Multi-Sector Income ETF | Short Duration Income ETF | |||||||||||||
Assets: | ||||||||||||||||
Investment securities, at value: | ||||||||||||||||
Unaffiliated issuers | $ | 855,389 | $ | 172,732 | $ | 141,211 | $ | 247,129 | ||||||||
Affiliated issuers | 251,006 | — | 2,473 | 18,250 | ||||||||||||
Cash | 1,034 | 353 | 198 | 87 | ||||||||||||
Cash collateral pledged for futures contracts | — | 130 | 701 | 556 | ||||||||||||
Cash collateral pledged for swap contracts | 1 | — | 194 | 35 | ||||||||||||
Cash denominated in currencies other than U.S. dollars | — | * | — | — | * | — | ||||||||||
Bilateral swaps, at value | 229 | — | — | — | ||||||||||||
Receivables for: | ||||||||||||||||
Sales of investments | 38,981 | — | 636 | — | ||||||||||||
Sales of fund’s shares | 4,006 | 1,589 | 4,686 | 1,508 | ||||||||||||
Dividends and interest | 6,218 | 1,622 | 1,759 | 1,382 | ||||||||||||
Variation margin on futures contracts | 3,610 | 121 | 701 | 831 | ||||||||||||
Variation margin on centrally cleared swap contracts | 4,499 | — | 181 | (3 | ) | |||||||||||
1,164,973 | 176,547 | 152,740 | 269,775 | |||||||||||||
Liabilities: | ||||||||||||||||
Payables for: | ||||||||||||||||
Purchases of investments | 285,538 | 3,154 | 4,480 | 18,343 | ||||||||||||
Dividends on fund’s shares | 3,620 | 432 | 693 | 877 | ||||||||||||
Investment advisory services | 229 | 36 | 43 | 49 | ||||||||||||
Variation margin on futures contract | 3,769 | 141 | 803 | 912 | ||||||||||||
Variation margin on centrally cleared swap contracts | 4,740 | — | 169 | — | ||||||||||||
297,896 | 3,763 | 6,188 | 20,181 | |||||||||||||
Net assets at June 30, 2023 | $ | 867,077 | $ | 172,784 | $ | 146,552 | $ | 249,594 | ||||||||
Net assets consist of: | ||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 901,299 | $ | 171,067 | $ | 145,276 | $ | 252,402 | ||||||||
Total (accumulated loss) distributable earnings | (34,222 | ) | 1,717 | 1,276 | (2,808 | ) | ||||||||||
Net assets at June 30, 2023 | $ | 867,077 | $ | 172,784 | $ | 146,552 | $ | 249,594 | ||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||
Net assets | $ | 867,077 | $ | 172,784 | $ | 146,552 | $ | 249,594 | ||||||||
Shares outstanding | 39,004 | 6,540 | 5,640 | 9,960 | ||||||||||||
Net asset value per share | $ | 22.23 | $ | 26.42 | $ | 25.98 | $ | 25.06 | ||||||||
Investment securities, at cost: | ||||||||||||||||
Unaffiliated issuers | $ | 863,610 | $ | 171,190 | $ | 140,423 | $ | 248,375 | ||||||||
Affiliated issuers | 250,966 | — | 2,472 | 18,248 | ||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | * | — | — | * | — |
* | Amount less than one thousand. |
Refer to the notes to financial statements.
56 | Capital Group Fixed Income ETF Trust |
Financial statements (continued) | |
Statements of operations for the six months ended June 30, 2023 | unaudited (dollars in thousands) |
Core Plus Income ETF | Municipal Income ETF | U.S. Multi-Sector Income ETF | Short Duration Income ETF | |||||||||||||
Investment income: | ||||||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||||||
Interest from unaffiliated issuers | $ | 17,802 | $ | 2,242 | $ | 3,518 | $ | 4,655 | ||||||||
Dividends from affiliated issuers | 3,141 | — | 48 | 196 | ||||||||||||
20,943 | 2,242 | 3,566 | 4,851 | |||||||||||||
Fees and expenses: | ||||||||||||||||
Investment advisory services | 1,073 | 157 | 200 | 245 | ||||||||||||
Net investment income | 19,870 | 2,085 | 3,366 | 4,606 | ||||||||||||
Net realized (loss) gain and unrealized (depreciation) appreciation: | ||||||||||||||||
Net realized (loss) gain* on: | ||||||||||||||||
Investments in: | ||||||||||||||||
Unaffiliated issuers | (3,892 | ) | 31 | 410 | 56 | |||||||||||
Affiliated issuers | (2 | ) | — | (1 | ) | — | † | |||||||||
In-kind redemptions | — | 111 | — | — | ||||||||||||
Futures contracts | (1,157 | ) | — | † | 204 | (346 | ) | |||||||||
Swap contracts | (3,998 | ) | — | (108 | ) | 13 | ||||||||||
Currency transactions | — | — | (1 | ) | — | |||||||||||
(9,049 | ) | 142 | 504 | (277 | ) | |||||||||||
Net unrealized appreciation (depreciation)* on: | ||||||||||||||||
Investments in: | ||||||||||||||||
Unaffiliated issuers | 3,092 | 394 | (72 | ) | (1,437 | ) | ||||||||||
Affiliated issuers | 37 | — | 1 | 3 | ||||||||||||
Futures contracts | (6,582 | ) | (193 | ) | (272 | ) | (1,650 | ) | ||||||||
Swap contracts | 1,628 | — | (37 | ) | (67 | ) | ||||||||||
Currency translations | — | — | 1 | — | ||||||||||||
(1,825 | ) | 201 | (379 | ) | (3,151 | ) | ||||||||||
Net realized (loss) gain and unrealized (depreciation) appreciation: | (10,874 | ) | 343 | 125 | (3,428 | ) | ||||||||||
Net increase in net assets resulting from operations | $ | 8,996 | $ | 2,428 | $ | 3,491 | $ | 1,178 |
* | Additional information related to non-U.S. taxes, if any, is included in the notes to financial statements. |
† | Amount less than one thousand. |
Refer to the notes to financial statements.
Capital Group Fixed Income ETF Trust | 57 |
Financial statements (continued) | |
Statements of changes in net assets | (dollars in thousands) |
Core Plus Income ETF | Municipal Income ETF | U.S. Multi-Sector Income ETF | ||||||||||||||||||||||
Six months ended June 30, 20231 | Period ended December 31, 20222 | Six months ended June 30, 20231 | Period ended December 31, 20223 | Six months ended June 30, 20231 | Period ended December 31, 20223 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 19,870 | $ | 8,986 | $ | 2,085 | $ | 295 | $ | 3,366 | $ | 658 | ||||||||||||
Net realized (loss) gain | (9,049 | ) | (17,448 | ) | 142 | (1 | ) | 504 | (15 | ) | ||||||||||||||
Net unrealized (depreciation) appreciation | (1,825 | ) | (11,088 | ) | 201 | 1,148 | (379 | ) | 946 | |||||||||||||||
Total increase (decrease) in net assets resulting from operations | 8,996 | (19,550 | ) | 2,428 | 1,442 | 3,491 | 1,589 | |||||||||||||||||
Distributions paid to shareholders | (15,394 | ) | (8,274 | ) | (1,867 | ) | (286 | ) | (3,181 | ) | (623 | ) | ||||||||||||
Net capital share transactions | 418,647 | 482,652 | 98,607 | 72,460 | 75,427 | 69,849 | ||||||||||||||||||
Total increase in net assets | 412,249 | 454,828 | 99,168 | 73,616 | 75,737 | 70,815 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 454,828 | — | 73,616 | — | 70,815 | — | ||||||||||||||||||
End of period | $ | 867,077 | $ | 454,828 | $ | 172,784 | $ | 73,616 | $ | 146,552 | $ | 70,815 |
Short Duration Income ETF | ||||||||
Six months ended June 30, 20231 | Period ended December 31, 20223 | |||||||
Operations: | ||||||||
Net investment income | $ | 4,606 | $ | 387 | ||||
Net realized (loss) gain | (277 | ) | (50 | ) | ||||
Net unrealized (depreciation) appreciation | (3,151 | ) | 257 | |||||
Total increase in net assets resulting from operations | 1,178 | 594 | ||||||
Distributions paid to shareholders | (4,204 | ) | (376 | ) | ||||
Net capital share transactions | 163,162 | 89,240 | ||||||
Total increase in net assets | 160,136 | 89,458 | ||||||
Net assets: | ||||||||
Beginning of period | 89,458 | — | ||||||
End of period | $ | 249,594 | $ | 89,458 |
1 | Unaudited. |
2 | For the period February 22, 2022, commencement of operations, to December 31, 2022. |
3 | For the period October 25, 2022, commencement of operations, to December 31, 2022. |
Refer to the notes to financial statements.
58 | Capital Group Fixed Income ETF Trust |
Notes to financial statements | unaudited |
1. Organization
Capital Group Fixed Income ETF Trust (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The series was organized on January 12, 2021, as a Delaware statutory trust. The series consists of four nondiversified exchange-traded funds: Capital Group Core Plus Income ETF (“Core Plus Income ETF”), Capital Group Municipal Income ETF (“Municipal Income ETF”), Capital Group U.S. Multi-Sector Income ETF (“U.S. Multi-Sector Income ETF”), and Capital Group Short Duration Income ETF (“Short Duration Income ETF”) (each a “fund”, or collectively, the “funds”). The funds’ fiscal year end is December 31.
The investment objective(s) for each fund are as follows:
Core Plus Income ETF — To provide current income and maximum total return, consistent with preservation of capital.
Municipal Income ETF — To provide a high level of current income exempt from regular federal income tax, consistent with the preservation of capital.
U.S. Multi-Sector Income ETF — To provide a high level of current income. The secondary objective is to provide capital appreciation.
Short Duration Income ETF — To provide current income, consistent with a short duration profile and with the preservation of capital.
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the funds’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.
Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in each fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
3. Valuation
Capital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.
Methods and inputs — The funds’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Capital Group Fixed Income ETF Trust | 59 |
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 | |
Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
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 each 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. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by each funds’ investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by each funds’ 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, 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.
60 | Capital Group Fixed Income ETF Trust |
Processes and structure — Each fund’s board of trustees has designated each 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 any changes to the fair valuation guidelines to the board of trustees. Each fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — Each 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 each funds’ valuation levels as of June 30, 2023 (dollars in thousands):
Core Plus Income ETF
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Mortgage-backed obligations | $ | — | $ | 392,176 | $ | — | $ | 392,176 | ||||||||
Corporate bonds, notes & loans | — | 277,655 | 768 | 278,423 | ||||||||||||
U.S. Treasury bonds & notes | — | 104,353 | — | 104,353 | ||||||||||||
Asset-backed obligations | — | 59,702 | 4,026 | 63,728 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 15,132 | — | 15,132 | ||||||||||||
Municipals | — | 1,577 | — | 1,577 | ||||||||||||
Short-term securities | 251,006 | — | — | 251,006 | ||||||||||||
Total | $ | 251,006 | $ | 850,595 | $ | 4,794 | $ | 1,106,395 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 995 | $ | — | $ | — | $ | 995 | ||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 4,024 | — | 4,024 | ||||||||||||
Unrealized appreciation on bilateral interest rate swaps | — | 229 | — | 229 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (7,542 | ) | — | — | (7,542 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (2,438 | ) | — | (2,438 | ) | ||||||||||
Total | $ | (6,547 | ) | $ | 1,815 | $ | — | $ | (4,732 | ) |
* | Futures contracts and interest rate swaps are not included in the investment portfolio. |
Capital Group Fixed Income ETF Trust | 61 |
Municipal Income ETF
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Municipals | $ | — | $ | 159,332 | $ | — | $ | 159,332 | ||||||||
Short-term securities | — | 13,400 | — | 13,400 | ||||||||||||
Total | $ | — | $ | 172,732 | $ | — | $ | 172,732 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 81 | $ | — | $ | — | $ | 81 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (274 | ) | — | — | (274 | ) | ||||||||||
Total | $ | (193 | ) | $ | — | $ | — | $ | (193 | ) |
* | Futures contracts are not included in the investment portfolio. |
U.S. Multi-Sector Income ETF
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Corporate bonds, notes & loans | $ | — | $ | 100,320 | $ | 106 | $ | 100,426 | ||||||||
Mortgage-backed obligations | — | 26,919 | — | 26,919 | ||||||||||||
Asset-backed obligations | — | 10,949 | 1,012 | 11,961 | ||||||||||||
U.S. Treasury bonds & notes | — | 1,699 | — | 1,699 | ||||||||||||
Municipals | — | 200 | — | 200 | ||||||||||||
Common stocks: | ||||||||||||||||
Real estate | 6 | — | — | 6 | ||||||||||||
Short-term securities | 2,473 | — | — | 2,473 | ||||||||||||
Total | $ | 2,479 | $ | 140,087 | $ | 1,118 | $ | 143,684 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 186 | $ | — | $ | — | $ | 186 | ||||||||
Unrealized appreciation on credit default swaps | — | 69 | — | 69 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (458 | ) | — | — | (458 | ) | ||||||||||
Unrealized depreciation on credit default swaps | — | (19 | ) | — | (19 | ) | ||||||||||
Total | $ | (272 | ) | $ | 50 | $ | — | $ | (222 | ) |
* | Futures contracts and credit default swaps are not included in the investment portfolio. |
62 | Capital Group Fixed Income ETF Trust |
Short Duration Income ETF
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Corporate bonds, notes & loans | $ | — | $ | 120,291 | $ | — | $ | 120,291 | ||||||||
Mortgage-backed obligations | — | 75,416 | — | 75,416 | ||||||||||||
Asset-backed obligations | — | 49,738 | — | 49,738 | ||||||||||||
U.S. Treasury bonds & notes | — | 1,684 | — | 1,684 | ||||||||||||
Short-term securities | 18,250 | — | — | 18,250 | ||||||||||||
Total | $ | 18,250 | $ | 247,129 | $ | — | $ | 265,379 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 260 | $ | — | $ | — | $ | 260 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (1,910 | ) | — | — | (1,910 | ) | ||||||||||
Total | $ | (1,650 | ) | $ | — | $ | — | $ | (1,650 | ) |
* | Futures contracts are not included in the investment portfolio. |
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 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; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Events (including public health emergencies, such as the spread of infectious disease) and other circumstances in one country or region could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.
Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives and the market response to any such initiatives.
Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.
Capital Group Fixed Income ETF Trust | 63 |
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund’s securities could cause the net asset value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities.
Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and a fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.
Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.
Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.
Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.
Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates —i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.
Investing in inflation-linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.
64 | Capital Group Fixed Income ETF Trust |
Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that a fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.
Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, a fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).
Exposure to country, region, industry or sector — Subject to each fund’s investment limitations, a 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 a 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.
Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues 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 operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the 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 a 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. A 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 a 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, 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 a 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.
Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa.
Capital Group Fixed Income ETF Trust | 65 |
Investing in municipal securities — Municipal securities are debt obligations that are exempt from federal, state and/or local income taxes. The yield and/or value of a fund’s investments in municipal securities may be adversely affected by events tied to the municipal securities markets, which can be very volatile and significantly impacted by unfavorable legislative or political developments and negative changes in the financial conditions of municipal securities issuers and the economy. To the extent a fund invests in obligations of a municipal issuer, the volatility, credit quality and performance of a fund may be adversely impacted by local political and economic conditions of the issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affect the market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by a fund could also be declared taxable because of changes in tax laws or interpretations by taxing authorities or as a result of noncompliant conduct of a municipal issuer. Additionally, the relative amount of publicly available information about municipal securities is generally less than that for corporate securities.
Investing in similar municipal bonds — Investing significantly in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries may make a fund more susceptible to certain economic, political or regulatory occurrences. As a result, a fund has greater risk of volatility, and greater risk of loss, from these investments.
Alternative minimum tax — A fund may invest in securities that may be subject to federal alternative minimum tax. Therefore, while a fund’s distributions from tax-exempt securities are not subject to regular federal income tax, a portion or all of the distributions may be included in determining a shareholder’s federal alternative minimum tax.
Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.
Portfolio turnover — A fund may engage in frequent and active trading of its portfolio securities. Higher portfolio turnover may involve correspondingly greater transaction costs in the form of dealer spreads, brokerage commissions and other transaction costs on the sale of securities and on reinvestment in other securities. The sale of portfolio securities may also result in the realization of net capital gains, which are taxable when distributed to shareholders, unless the shareholder is exempt from taxation or the shareholder’s account is tax-favored. These costs and tax effects may adversely affect a fund’s returns to shareholders. A fund’s portfolio turnover rate may vary from year to year, as well as within a year.
Market trading — The funds’ shares are listed for trading on an exchange and are bought and sold on the secondary market at market prices. The market prices of fund shares are expected to fluctuate, in some cases materially, in response to changes in a fund’s net asset value (“NAV”), the intraday value of a fund’s holdings, and supply and demand for a fund’s shares. The existence of significant market volatility, disruptions to creations and redemptions, or potential lack of an active trading market for fund shares (including through a trading halt), among other factors, may result in the shares trading significantly above (at a premium) or below (at a discount) to the fund’s NAV and bid-ask spreads may widen. Purchasing a fund’s shares when its market price is at a premium or selling a fund’s shares when its market price is at a discount, may result in paying more than, or receiving less than, NAV, respectively.
Foreign securities held by a fund 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 a 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 a fund, and none of them is obligated to do so. A 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.
66 | Capital Group Fixed Income ETF Trust |
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 the fund were more broadly diversified.
Cash transactions — Each fund currently expects to effect at least part of its creations and redemptions for cash rather than in-kind securities. When a fund effects redemptions partly or wholly for cash, rather than in-kind, the fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. If a fund realizes gains on these sales, the fund generally will be required to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. This strategy may cause shareholders to be subject to tax from distributions to which they would not otherwise be subject. The use of cash creations and redemptions may also cause a fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the fund’s NAV. As a result of such cash transactions, a fund could incur brokerage costs which, to the extent not offset by transaction fees that are payable by an authorized participant, may reduce the fund’s NAV.
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 funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.
5. Certain investment techniques
Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.
Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the fund’s financial highlights table.
Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.
Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.
Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.
On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations.
Capital Group Fixed Income ETF Trust | 67 |
Swap contracts — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.
Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.
On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds’ statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds’ statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund’s statement of operations.
Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:
Interest rate swaps — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the funds’ portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds’ current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.
Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSIs”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.
The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protected buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as protection sellers, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction.
68 | Capital Group Fixed Income ETF Trust |
The following table presents the average month-end notional amounts of futures contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):
Futures contracts | Interest rate swaps | Credit default swaps | |||||
Core Plus Income ETF | $501,630 | $215,154 | $10,400 | ||||
Municipal Income ETF | 17,952 | Not applicable | Not applicable | ||||
U.S. Multi-Sector Income ETF | 62,184 | Not applicable | 8,023 | ||||
Short Duration Income ETF | 120,959 | Not applicable | Not applicable |
The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and the effect on each fund’s statement of operations resulting from each fund’s use of futures contracts, interest rate swaps and credit default swaps as of, or for the six months ended, June 30, 2023 (dollars in thousands):
Core Plus Income ETF
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation* | $ | 995 | Unrealized depreciation* | $ | 7,542 | |||||||
Swap (centrally cleared) | Interest | Unrealized appreciation* | 4,024 | Unrealized depreciation* | 2,438 | |||||||||
Swap (bilateral) | Interest | Bilateral swaps, at value | 229 | Bilateral swaps, at value | — | |||||||||
$ | 5,248 | $ | 9,980 | |||||||||||
Net realized (loss) gain | Net unrealized (depreciation) appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (1,157 | ) | Net unrealized depreciation on futures contracts | $ | (6,582 | ) | |||||
Swap | Interest | Net realized loss on swap contracts | (4,034 | ) | Net unrealized appreciation on swap contracts | 1,631 | ||||||||
Swap | Credit | Net realized gain on swap contracts | 36 | Net unrealized depreciation on swap contracts | (3 | ) | ||||||||
$ | (5,155 | ) | $ | (4,954 | ) | |||||||||
Municipal Income ETF | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation* | $ | 81 | Unrealized depreciation* | $ | 274 | |||||||
Net realized loss | Net unrealized depreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | — | † | Net unrealized depreciation on futures contracts | $ | (193 | ) |
Refer to the end of the tables for footnotes.
Capital Group Fixed Income ETF Trust | 69 |
U.S. Multi-Sector Income ETF
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation* | $ | 186 | Unrealized depreciation* | $ | 458 | |||||||
Swap (centrally cleared) | Credit | Unrealized appreciation* | 69 | Unrealized depreciation* | 19 | |||||||||
$ | 255 | $ | 477 | |||||||||||
Net realized gain (loss) | Net unrealized (depreciation) appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 204 | Net unrealized depreciation on futures contracts | $ | (272 | ) | ||||||
Swap | Interest | Net realized loss on swap contracts | (125 | ) | Net unrealized depreciation on swap contracts | (67 | ) | |||||||
Swap | Credit | Net realized gain on swap contracts | 17 | Net unrealized appreciation on swap contracts | 30 | |||||||||
$ | 96 | $ | (309 | ) | ||||||||||
Short Duration Income ETF | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation* | $ | 260 | Unrealized depreciation* | $ | 1,910 | |||||||
Net realized (loss) gain | Net unrealized depreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (346 | ) | Net unrealized depreciation on futures contracts | $ | (1,650 | ) | |||||
Swap | Interest | Net realized gain on swap contracts | 13 | Net unrealized depreciation on swap contracts | (67 | ) | ||||||||
$ | (333 | ) | $ | (1,717 | ) |
* | Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable tables following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities. |
† | Amount less than one thousand. |
Collateral — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to their use of futures contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.
70 | Capital Group Fixed Income ETF Trust |
Rights of offset — Funds that hold bilateral interest rate swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.
The following table presents each fund’s bilateral interest rate swaps by counterparty that are subject to master netting agreements but that are not offset in the funds’ statement of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of June 30, 2023, if close-out netting was exercised (dollars in thousands):
Core Plus Income ETF
Gross amounts recognized in the | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | statement of assets and liabilities | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | |||||||||||||||
Assets: | ||||||||||||||||||||
Barclays Bank PLC | $ | 229 | $ | — | $ | — | $ | — | $ | 229 |
* | Collateral is shown on a settlement basis. |
6. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended June 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; paydowns on fixed-income securities; net capital losses; amortization of premiums and discounts 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 Fixed Income ETF Trust | 71 |
Additional tax basis disclosures for each fund as of June 30, 2023, were as follows (dollars in thousands):
Core Plus Income ETF | Municipal Income ETF | U.S. Multi-Sector Income ETF | Short Duration Income ETF | |||||||||||||
As of December 31, 2022 | ||||||||||||||||
Undistributed tax-exempt income | $ | — | $ | 214 | $ | — | $ | — | ||||||||
Undistributed ordinary income | 1,880 | — | 436 | 258 | ||||||||||||
Capital loss carryforward* | (16,682 | ) | (1 | ) | (5 | ) | (2 | ) | ||||||||
As of June 30, 2023 | ||||||||||||||||
Gross unrealized appreciation on investments | 6,617 | 2,184 | 2,077 | 365 | ||||||||||||
Gross unrealized depreciation on investments | (13,040 | ) | (642 | ) | (1,274 | ) | (1,606 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments | (6,423 | ) | 1,542 | 803 | (1,241 | ) | ||||||||||
Cost of investments | 1,108,086 | 170,998 | 142,660 | 264,970 |
* | 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. |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
Six months ended June 30, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||||||||||
Fund | Ordinary income | Tax-exempt income | Long-term capital gains | Total distributions paid | Ordinary income | Tax-exempt income | Long-term capital gains | Total distributions paid | ||||||||||||||||||||||||
Core Plus | ||||||||||||||||||||||||||||||||
Income ETF | $ | 15,394 | $ | — | $ | — | $ | 15,394 | $ | 8,274 | * | $ | — | $ | — | $ | 8,274 | * | ||||||||||||||
Municipal | ||||||||||||||||||||||||||||||||
Income ETF | — | 1,867 | — | 1,867 | — | 286 | † | — | 286 | † | ||||||||||||||||||||||
U.S. Multi-Sector | ||||||||||||||||||||||||||||||||
Income ETF | 3,181 | — | — | 3,181 | 623 | † | — | — | 623 | † | ||||||||||||||||||||||
Short Duration | ||||||||||||||||||||||||||||||||
Income ETF | 4,204 | — | — | 4,204 | 376 | † | — | — | 376 | † |
* | For the period February 22, 2022, commencement of operations, to December 31, 2022. |
† | For the period October 25, 2022, commencement of operations, to December 31, 2022. |
7. 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 | |||
Core Plus Income ETF | 0.34 | % | ||
Municipal Income ETF | 0.27 | |||
U.S. Multi-Sector Income ETF | 0.39 | |||
Short Duration Income ETF | 0.25 |
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.
72 | Capital Group Fixed Income ETF Trust |
Transfer agency and administration services – Each fund has entered into a transfer agency and service agreement and an administration agreement with State Street Bank and Trust Company (“State Street”). Under the terms of the transfer agency agreement, State Street (or an agent, including an affiliate) acts as transfer agent and dividend disbursing agent for each fund. Under the terms of the administration agreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for the maintenance and operations of each fund. The investment adviser bears the costs of services under these agreements.
Affiliated officers and trustees – Officers and certain trustees of each fund are or may be considered to be affiliated with CRMC and AFD. No affiliated officers or trustees received any compensation directly from any of the funds.
Investment in CCF — Each fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for each fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to the public. CRMC does not receive an investment advisory services fee from CCF.
Security transactions with related funds — Each fund may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by each fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. None of the funds engaged in any such purchase or sale transactions with any related funds during the six months ended June 30, 2023.
Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, 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. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended June 30, 2023.
8. Indemnifications
Each fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, each fund may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against each fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to each fund’s board members and officers.
9. Capital share transactions
Each fund issues and redeems shares at NAV only with certain authorized participants in large increments known as creation units. Purchases of creation units are made by tendering a basket of designated securities and cash to a fund, and redemption proceeds are paid with a basket of securities from a fund’s portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per creation unit on the transaction date. The funds may issue creation units to authorized participants in advance of the delivery and settlement of all or a portion of the designated securities. When this occurs, the authorized participant provides cash collateral in an amount equal to 105% of the daily marked to market value of the securities that have not yet been delivered to the fund. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. Realized gains or losses resulting from redemptions of shares in-kind 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 Group Fixed Income ETF Trust | 73 |
Capital share transactions in each fund were as follows (dollars and shares in thousands):
Core Plus Income ETF
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||
$ | 418,647 | 18,540 | $ | — | — | $ | — | — | $ | 418,647 | 18,540 | |||||||||||||||||||||
For the period February 22, 2022*, through December 31, 2022 | ||||||||||||||||||||||||||||||||
$ | 482,652 | 20,464 | $ | — | — | $ | — | — | $ | 482,652 | 20,464 | |||||||||||||||||||||
Municipal Income ETF | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||
$ | 100,211 | 3,780 | $ | — | — | $ | (1,604 | ) | (60 | ) | $ | 98,607 | 3,720 | |||||||||||||||||||
For the period October 25, 2022*, through December 31, 2022 | ||||||||||||||||||||||||||||||||
$ | 72,460 | 2,820 | $ | — | — | $ | — | — | $ | 72,460 | 2,820 | |||||||||||||||||||||
U.S. Multi-Sector Income ETF | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||
$ | 75,427 | 2,880 | $ | — | — | $ | — | — | $ | 75,427 | 2,880 | |||||||||||||||||||||
For the period October 25, 2022*, through December 31, 2022 | ||||||||||||||||||||||||||||||||
$ | 69,849 | 2,760 | $ | — | — | $ | — | — | $ | 69,849 | 2,760 | |||||||||||||||||||||
Short Duration Income ETF | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | |||||||||||||||||||||||||
Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||
$ | 163,162 | 6,420 | $ | — | — | $ | — | — | $ | 163,162 | 6,420 | |||||||||||||||||||||
For the period October 25, 2022*, through December 31, 2022 | ||||||||||||||||||||||||||||||||
$ | 89,240 | 3,540 | $ | — | — | $ | — | — | $ | 89,240 | 3,540 |
* | Commencement of operations. |
74 | Capital Group Fixed Income ETF Trust |
10. Investment transactions
The following table presents purchases and sales of investments, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, during the six months ended June 30, 2023 (dollars in thousands):
Fund | Purchases | Sales | ||||||
Core Plus Income ETF | $ | 191,348 | $ | 55,241 | ||||
Municipal Income ETF | 80,614 | 9,518 | ||||||
U.S. Multi-Sector Income ETF | 44,440 | 16,498 | ||||||
Short Duration Income ETF | 104,015 | 25,728 |
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 June 30, 2023 (dollars in thousands):
Fund | In-kind creations | In-kind redemptions | ||||||
Core Plus Income ETF | $ | 329,484 | $ | — | ||||
Municipal Income ETF | 20,080 | 1,477 | ||||||
U.S. Multi-Sector Income ETF | 43,818 | — | ||||||
Short Duration Income ETF | 86,543 | — |
The following table presents additional information for each fund for the six months ended June 30, 2023 (dollars in thousands):
Fund | Non-U.S. taxes paid on interest income | |||
Core Plus Income ETF | $ | 2 | ||
Municipal Income ETF | — | |||
U.S. Multi-Sector Income ETF | — | * | ||
Short Duration Income ETF | — |
* | Amount less than one thousand. |
Capital Group Fixed Income ETF Trust | 75 |
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Six months ended | Net asset value, beginning of year | Net investment income | Net (losses) gains 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 return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets3 | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
Core Plus Income ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20234,5 | $ | 22.23 | $ | .70 | $ | (.19 | ) | $ | .51 | $ | (.51 | ) | $ | — | $ | (.51 | ) | $ | 22.23 | 2.26 | % | $ | 867 | .34 | %6 | 3.12 | %6 | |||||||||||||||||||||
12/31/20224,7 | 25.30 | .83 | (3.24 | ) | (2.41 | ) | (.66 | ) | — | (.66 | ) | 22.23 | (9.59 | ) | 455 | .34 | 6 | 4.24 | 6 | |||||||||||||||||||||||||||||
Municipal Income ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20234,5 | $ | 26.11 | $ | .47 | $ | .23 | $ | .70 | $ | (.39 | ) | $ | — | $ | (.39 | ) | $ | 26.42 | 2.72 | % | $ | 173 | .27 | %6 | 1.78 | %6 | ||||||||||||||||||||||
12/31/20224,8 | 25.00 | .17 | 1.07 | 1.24 | (.13 | ) | — | (.13 | ) | 26.11 | 4.92 | 74 | .05 | 2 | .67 | 2 | ||||||||||||||||||||||||||||||||
U.S. Multi-Sector Income ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20234,5 | $ | 25.66 | $ | .85 | $ | .21 | $ | 1.06 | $ | (.74 | ) | $ | — | $ | (.74 | ) | $ | 25.98 | 4.14 | % | $ | 147 | .39 | %6 | 3.25 | %6 | ||||||||||||||||||||||
12/31/20224,8 | 25.00 | .29 | .62 | .91 | (.25 | ) | — | (.25 | ) | 25.66 | 3.63 | 71 | .07 | 2 | 1.13 | 2 | ||||||||||||||||||||||||||||||||
Short Duration Income ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
6/30/20234,5 | $ | 25.27 | $ | .59 | $ | (.30 | ) | $ | .29 | $ | (.50 | ) | $ | — | $ | (.50 | ) | $ | 25.06 | 1.15 | % | $ | 250 | .25 | %6 | 2.33 | %6 | |||||||||||||||||||||
12/31/20224,8 | 25.00 | .22 | .21 | .43 | (.16 | ) | — | (.16 | ) | 25.27 | 1.73 | 89 | .05 | 2 | .87 | 2 |
Portfolio turnover rate excluding mortgage dollar roll transactions9,10 | Six months ended June 30, 20232,4,5 | Period ended December 31, 20222,4 | ||||||
Core Plus Income ETF | 57 | % | 172 | %7 | ||||
Short Duration Income ETF | 30 | 1 | 8 |
Portfolio turnover rate including mortgage dollar roll transactions, if any9,10 | Six months ended June 30, 20232,4,5 | Period ended December 31, 20222,4 | ||||||
Core Plus Income ETF | 257 | % | 446 | %7 | ||||
Municipal Income ETF | 9 | 1 | 8 | |||||
U.S. Multi-Sector Income ETF | 28 | 6 | 8 | |||||
Short Duration Income ETF | 76 | 55 | 8 |
1 | Based on average shares outstanding. |
2 | Not annualized. |
3 | Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds. |
4 | Based on operations for a period that is less than a full year. |
5 | Unaudited. |
6 | Annualized. |
7 | For the period February 22, 2022, commencement of operations, through December 31, 2022. |
8 | For the period October 25, 2022, commencement of operations, through December 31, 2022. |
9 | Rates do not include each fund’s portfolio activity with respect to any Central Funds. |
10 | Refer to Note 5 for more information on mortgage dollar rolls. |
Refer to the notes to financial statements.
76 | Capital Group Fixed Income ETF Trust |
Expense example | unaudited |
As a fund shareholder, you incur ongoing costs, including investment advisory services 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 period (January 1, 2023, through June 30, 2023).
Actual expenses:
The first line in the table 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 in the table 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 on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning account value 1/1/2023 | Ending account value 6/30/2023 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Core Plus Income ETF | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,022.60 | $ | 1.71 | .34 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.11 | 1.71 | .34 | ||||||||||||
Municipal Income ETF | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,027.20 | $ | 1.36 | .27 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.46 | 1.35 | .27 | ||||||||||||
U.S. Multi-Sector Income ETF | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,041.40 | $ | 1.97 | .39 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,022.86 | 1.96 | .39 | ||||||||||||
Short Duration Income ETF | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,011.50 | $ | 1.25 | .25 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.56 | 1.25 | .25 |
* | 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). |
Capital Group Fixed Income ETF Trust | 77 |
Approval of Investment Advisory and Service Agreement
The trust’s board has approved the continuation of the trust’s Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through July 31, 2024. The board approved the agreement following the recommendation of the trust’s Contracts Committee (the “committee”), which is composed of all of the trust’s independent board members. The board and the committee determined in the exercise of their 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 and the committee took into account their interactions with CRMC in addition to information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, 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 and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee 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 are 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 and the committee also considered the nature, extent and quality of administrative services provided by CRMC to each fund under the agreement and other agreements. The board and the committee considered the risks assumed by CRMC in providing services to each fund, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.
2. Investment results
The board and the committee considered the investment results of each fund in light of its objective and strategy. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as relevant market and fund indexes through December 31, 2022, while recognizing each fund’s short operational history. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment operations and results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s continued management should benefit each fund and its shareholders.
3. Advisory fees and total expenses
The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds, noting that each fund has a unitary fee structure. They observed that each fund’s advisory fees and expenses generally compared favorably to those of other similar active exchange-traded funds and institutional share classes for comparable open-end funds included in the applicable Lipper categories. The board and the committee also reviewed information regarding the effective advisory fees charged to other funds and accounts managed by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising each fund and the other clients. The board and the committee concluded that each fund’s contractual fee rate was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by each fund.
78 | Capital Group Fixed Income ETF Trust |
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s 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 and the committee reviewed CRMC’s portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payment to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the fees paid to CRMC by each fund.
5. Adviser financial information
The board and the committee reviewed information regarding CRMC’s costs of providing services to its U.S. registered fund business, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee 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. They further considered that shareholders benefited from the unitary fee structure because expenses were limited. The board and the committee 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. The board and the committee concluded that each fund’s contractual fee rate reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.
Capital Group Fixed Income ETF Trust | 79 |
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80 | Capital Group Fixed Income ETF Trust |
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Capital Group Fixed Income ETF Trust | 81 |
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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
84 | Capital Group Fixed Income ETF Trust |
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 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 on our American Funds website or upon request by calling AFS. 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.
Capital Group Fixed Income ETF Trust |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Past results are not predictive of results in future periods. |
Investments in mortgage-related securities involve additional risks, such as prepayment risk. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Income from municipal bonds may be subject to state or local income taxes and/or the federal alternative minimum tax. Certain other income, as well as capital gain distributions, may be taxable. |
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. |
ETF market price returns since inception are calculated using NAV for the period until market price became available (generally a few days after inception). |
If used after September 30, 2023, this report must be accompanied by the most recent applicable quarterly statistical update for the products shown. |
Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. |
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.
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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 FIXED INCOME ETF TRUST | |
By __/s/ Walter R. Burkley____________________ | |
Walter R. Burkley, Principal Executive Officer | |
Date: August 31, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By __/s/ Walter R. Burkley____________ |
Walter R. Burkley, Principal Executive Officer |
Date: August 31, 2023 |
By ___/s/ Troy S. Tanner __________ |
Troy S. Tanner, Treasurer and Principal Financial Officer |
Date: August 31, 2023 |