Etgearx 350 1031303

Capital Group Fixed Income ETF Trust
Annual report
for the period ended
December 31, 2022
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, visit 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 average annual total returns on a $1,000 investment for periods ended December 31, 2022:
Cumulative
Fund Since fund Gross
inception date
inception expense ratio
Capital Group Core Plus Income ETF 2/22/22 0.34%
Net asset value –9.59%
Market price –9.39
Capital Group Municipal Income ETF 10/25/22 0.27
Net asset value 4.92
Market price 5.24
Capital Group U.S. Multi-Sector Income ETF 10/25/22 0.39
Market price 3.83
Capital Group Short Duration Income ETF 10/25/22 0.25
Market price 2.01
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).
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 expense ratio is as of the fund’s prospectus available at the time of publication. The expense ratio is 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:
We are pleased to present this annual flattening of the yield curve, where short-
report for Capital Group Fixed Income ETF term bond yields are rising faster than
Trust, which includes Capital Group Core longer term bond yields. Much of the curve
Plus Income ETF (ticker: CGCP), Capital ended the year inverted, with short-term
Group Municipal Income ETF (ticker: yields higher than longer term yields.
CGMU), Capital Group U.S. Multi-Sector
Contents Income ETF (ticker: CGMS) and Capital When bond yields rise, prices feel a
Group Short Duration Income ETF negative impact. As a result, the sharp
1 Letter to investors
(ticker:CGSD). It covers the period from the move upward in yields drove negative
3 Fund reviews funds’ inceptions to December 31, 2022, bond results across virtually all fixed
7 Funds’ 30-day yields the conclusion of the funds’ fiscal year. income sectors. Returns for the Bloomberg
U.S. Aggregate Index1 (the U.S. bond
Investment portfolios Bond market overview market “benchmark”) and the Bloomberg
8 Capital Group Core Last year was one of the most challenging Global Aggregate Index2 were –13.01%
Plus Income ETF on record for fixed income markets. and –16.25%, respectively. Amid
Although economic growth in the U.S. and heightened inflation, the Bloomberg U.S.
21 Capital Group Municipal
much of the rest of the world remained Treasury Inflation-Protected Securities
Income ETF
positive, developed economies Index3 outpaced the broader market, with
28 Capital Group U.S. Multi-Sector experienced the highest levels of inflation a return of –11.85%. Mortgage bonds also
Income ETF in decades, deeply impacting financial had a difficult year due to detrimental
37 Capital Group Short Duration markets. Central banks around the world supply and demand dynamics, with the
Income ETF took aggressive action to raise rates in an Bloomberg U.S. Mortgage Backed
effort to control rising prices. As bond Securities Index4 returning –11.81%.
46 Financial statements
yields rose in response, prices fell —
73 Board of trustees and leading to losses across all major sectors. Within U.S. credit sectors, investment-
other officers grade bonds were among the weakest, as
In the U.S., a strong labor market alongside the Bloomberg U.S. Corporate Investment
high and rising inflation led the U.S. Grade Index5 posted a return of –15.76%.
Federal Reserve to raise its policy rate These higher quality corporate bonds
target sharply from 0–0.25% to 4.25–4.5% were hit both by rising interest rates and
by the end of the year. The impact on bond higher risk premiums, characterized by
yields was dramatic. The 10-year Treasury their spreads to Treasuries widening 38
yield ended 2021 at 1.51% and peaked at basis points. High-yield corporates did
4.24% in October 2022, the highest since moderately better, as the Bloomberg U.S.
2008 and an increase of 2.73%. It ultimately Corporate High-Yield Index6 returned
came back down to 3.88% by the end of –11.19% due largely to its relative lower
the year, for a full-year change of 2.37%. interest rate exposure and higher starting
For shorter term bonds, yields rose even yields. That stronger result occurred
more. Two- and five-year Treasuries ended despite an even broader 186-basis-point
the year at 4.43% and 4.01%, an increase of spread widening. In emerging markets
3.70% and 2.75%, respectively, from when debt, local currency bonds outpaced
the year began. This characterizes a dollar-denominated bonds, with returns of
Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested
1
dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
2
Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets.
3
Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index consists of investment-grade, fixed-rate, publicly placed, dollar-denominated and non-
convertible inflation-protected securities issued by the U.S. Treasury that have at least one year remaining to maturity, and have at least $250 million par
amount outstanding.
4
Bloomberg U.S. Mortgage Backed Securities Index is a market-value-weighted index that covers the mortgage-backed pass-through securities of Ginnie Mae
(GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).
Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign
5
debentures and secured notes that meet the specified maturity, liquidity, and quality requirements.
6
Bloomberg U.S. Corporate High Yield Index covers the universe of fixed-rate, non-investment-grade debt.
Past results are not predictive of results in future periods.
Capital Group Fixed Income ETF Trust 1

–11.69% for the JPM GBI-EM Global take advantage of any weaknesses that could be employed, which historically have
Diversified Index7 and –17.78% for the JPM could arise in select municipal credit sectors. provided a tailwind to bond returns.
EMBI Global Diversified Index.8
Looking ahead While managers believe the uncertain
Turning to the municipal bond market, Entering the year, interest rate markets fixed income environment may present
the selloff in municipal bonds in 2022 appear to be more pessimistic than credit opportunities, macroeconomic headwinds
sent yields to 15-year highs. However, and equity markets in terms of outlook. reinforce the need for active interest rate
strong state reserve levels — the highest We expect the Fed to end its interest rate risk management and selectivity within
in more than 40 years — and the longer hikes sometime in the first half of 2023, credit sectors. Managers will continue to
lag time for lower tax revenue and other with its policy rate peaking near 5%. How employ abundant resources to identify
negative recessionary impacts to flow to quickly the central bank will pivot to rate attractively valued opportunities to
munis compared to corporate credit and cuts depends in large part on policymakers’ pursue the funds’ investment objectives.
high-yield bonds helped the Bloomberg view of whether inflation is contained and
Municipal Bond Index9 see smaller losses. also whether a recession hits. While we do Cordially,
The index’s return was –8.53% in 2022. not have a strong view on recession
timing or depth, signals from the yield
Inside the funds curve and other indicators lead us to
When presented with one of the most believe that a recession is more likely than David A. Hoag
challenging years in bond market history, average in 2023. President, Capital Group Core Plus
CGCP — the fixed income ETF that Income ETF
launched in February — found opportunities Looking at these interest rate and yield
in a higher rate environment, while curve indicators leads us to remain
pursuing some resilience in line with a cautious on credit. Managers across the
core-plus approach. The fund focused funds maintained a largely defensive Courtney K. Wolf
investments on high-conviction interest posture entering the year. This includes President, Capital Group Municipal
rate and credit strategies, consisting hedging broad high-yield corporate bond Income ETF
largely of high-quality assets such as U.S. market risk. Across credit sectors,
Treasuries and investment-grade bonds. managers intend to invest selectively in
Although its return was negative, the fund idiosyncratic opportunities unearthed by
outpaced its benchmark since inception. our research analysts. Damien J. McCann
President, Capital Group U.S. Multi-Sector
CGSD, CGMS and CGMU launched in Broadly speaking, managers are optimistic Income ETF
October and pursue a range of objectives. on bond market prospects in 2023,
Each fund outpaced their respective particularly compared to what investors
benchmarks during their short histories. experienced in 2022. The year begins with
CGSD saw opportunities in shorter major bond sector yields near or above the Vincent J. Gonzales
duration asset-backed securities which highest levels since 2010. That provides President, Capital Group Short Duration
managers felt provided attractive yields strong income potential contributing to Income ETF
without structurally more interest rate or total return. It also creates a thicker cushion
duration risk. In CGMS, managers were against potential bond price losses if yields February 14, 2023
selective in high yield and credit sectors as drift higher than markets anticipate or if
macroeconomic risks tilted to the downside credit deteriorates and risk premiums rise. For current information about the fund,
and suggested a more cautious approach. Unlike the sharp rate hikes we saw last year, visit capitalgroup.com.
Meanwhile, CGMU focused on flexibility to by the end of 2023 markets anticipate cuts
J.P. Morgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified: JP Morgan Government Bond Index – Emerging Markets Global
7
Diversified covers the universe of regularly traded, liquid fixed-rate, domestic currency emerging market government bonds to which international investors
can gain exposure.
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified: The J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified is a uniquely
8
weighted emerging market debt benchmark that tracks total returns for U.S. dollar-denominated bonds issued by emerging market sovereign and quasi-
sovereign entities.
Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market. This index
9
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.
2 Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF
Capital Group Core Plus Income ETF seeks to provide current income and maximum
total return, consistent with preservation of capital.
The fund registered a total return of –9.59% on a net asset value (NAV) basis and –9.39% on a market price basis for
inception (February 22, 2022) to fiscal year-end date. The fund’s benchmark index, the Bloomberg U.S. Aggregate
Index, a market value-weighted index that represents the U.S. investment-grade fixed-rate bond market, posted a
–9.61% decrease. For the fiscal year, the fund paid an average monthly dividend of more than 6 cents a share.
By the end of 2022, managers positioned CGCP to benefit should financial conditions tighten further by taking
advantage of what they believe are attractive valuations in some sectors to hedge their base-case positioning
should market conditions evolve unexpectedly. The fund was also underweight duration at the end of 2022
as yields are below the level the managers view as fair pricing. Managers believe inflation has peaked but will
remain elevated and anticipate market expectations coalescing around tighter-than-expected monetary policy.
The portfolio has a sizeable allocation to credit to pursue its income objective. However, given the outsized
macroeconomic risks, managers are more cautious with their credit exposure — particularly overall investment in
the sector and quality — compared to an allocation in an environment with less perceived risk. Within the credit
markets, at the end of 2022, managers saw more attractive valuations and idiosyncratic opportunities in the high-
yield and securitized credit sectors compared to investment-grade credit and emerging market debt.
$15,000
How a
hypothetical
$10,000 10,000 $10,000
investment has Original Investment
grown
since fund’s $9,041
inception on Capital Group Core
February 22, 2022f Plus Income ETF
(with all 9,000 Net Asset Value
distributions
reinvested)
$9,039
Bloomberg U.S.
Aggregate Index
8,000
3/22 4/22 5/22 6/22 7/22 8/22 9/22 10/22 11/22 12/22
The results shown are before taxes on fund distributions and sale of fund shares.
Results at a glance
For periods ended Cumulative total returns
December 31, 2022, Lifetime
with all distributions (since 2/22/22)
reinvested
Net asset value –9.59%
Market price* –9.39
Bloomberg U.S. Aggregate Index† –9.61
*E TF market price results since inception are calculated using NAV for the period until market price became available (generally
a few days after inception).
Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond
†
market. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Capital Group Municipal Income ETF
Ticker: CGMU Capital Group Municipal Income ETF seeks to provide a high level of current income
exempt from regular federal income tax, consistent with the preservation of capital.
The fund registered a total return of 4.92% on a net asset value (NAV) basis and 5.24% on a market price
basis for inception (October 25, 2022) to fiscal year-end date, surpassing the 3.90% total return of the fund’s
benchmark index, the 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, which 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.
At the end of 2022, managers saw significant opportunity in the municipal housing sector and in select,
attractively valued opportunities in waste/pollution facilities. Managers were less attracted to state general
obligation debt. Given the heightened macroeconomic risks that may lead to wider spreads in the future,
managers remain focused on higher-quality credit. The fund’s holdings had a longer average duration
compared to the benchmark, reflecting managers’ belief that the Fed was nearing the end of its rate hike cycle,
as well as what managers felt were attractive yields in the muni market.
Results at a glance
reinvested
Net asset value 4.92%
Market price* 5.24
85%/15% Bloomberg 1-15 Year Blend (1-17 Year) Municipal Bond Index/ 3.90
Bloomberg 1-15 Year Blend (1-17 Year) High Yield Municipal Bond Index†
Source: Bloomberg Index Services Ltd. 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 U.S. Multi-Sector Income ETF
Ticker: CGMS Capital Group U.S. Multi-Sector Income ETF seeks to provide a high level of current
income. Its secondary investment objective is capital appreciation.
The fund registered a total return of 3.63% on a net asset value (NAV) basis and 3.83% on a market price
basis for inception (October 25, 2022) to fiscal year-end date, surpassing the 3.59% total return of the fund’s
benchmark index, the Bloomberg U.S. Aggregate Index, a market value-weighted index that represents the U.S.
investment-grade fixed-rate bond market.
At the end of 2022, portfolio managers preferred higher quality bonds as macroeconomic risks seemed
weighted toward the downside. Securitized credit was a high conviction within the portfolio as pockets of the
market were attractive from a relative valuation perspective.
Results at a glance
reinvested
Market price* 3.83
Bloomberg U.S. Aggregate Index† 3.59
Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond
†
market. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.

Capital Group Short Duration Income ETF
Ticker: CGSD Capital Group Short Duration Income ETF seeks to provide current income,
consistent with a short duration profile as described in the prospectus and with the
preservation of capital.
The fund registered a total return of 1.73% on a net asset value (NAV) basis and 2.01% on a market price basis
for inception (October 25, 2022) to fiscal year-end date surpassing the 1.05% increase of the fund’s benchmark
index, the Bloomberg U.S. Government /Credit (1-3 years) Index, which 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.
At the end of 2022, the average duration of the fund’s holdings was less than two years, as three-month,
six-month and one-year maturities offered the highest yields along the yield curve. The fund’s positioning
reflected managers’ belief that yields would continue to steepen along shorter maturities. The fund was most
heavily invested in investment grade corporate bonds. In the securitized sector, the fund was mostly invested in
mortgage-backed securities and asset-backed securities.
Results at a glance
reinvested
Market price* 2.01
Bloomberg U.S. Government/Credit (1-3 years) Index† 1.05
Source: Bloomberg Index Services Ltd. 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.

Funds’ 30-day yields
Below is a summary of each fund’s 30-day yield as of December 31, 2022. 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 30 day SEC yield
inception date as of 12/31/22
Capital Group Core Plus Income ETF 2/22/22 4.79%
Capital Group Municipal Income ETF 10/25/22 3.37
Capital Group U.S. Multi-Sector Income ETF 10/25/22 6.26
Capital Group Short Duration Income ETF 10/25/22 4.04

Investment portfolio December 31, 2022
Portfolio by type of security Percent of net assets
Mortgage-backed obligations 36.07%

Corporate bonds, notes & loans 30.05%
U.S. Treasury bonds & notes 23.69%
Asset-backed obligations 7.33%
Bonds & notes of governments &
government agencies outside the
U.S. 1.53%
Short-term securities & other assets less
liabilities 1.33%
Portfolio quality summary* Percent of net assets
U.S. Treasury and agency† 23.69%

AAA/Aaa 31.21
AA/Aa 6.02
A/A 8.93
BBB/Baa 14.14
Below investment grade 14.68
Short-term securities & other assets less liabilities 1.33
*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. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.
†
These securities are guaranteed by the full faith and credit of the U.S. government.
Principal amount Value

Bonds, notes & other debt instruments 98.67% (000) (000)

Federal agency Fannie Mae Pool #FS0647 3.00% 2/1/20521 USD4,344 $3,877
mortgage-backed Fannie Mae Pool #FS0893 3.00% 2/1/20521 861 757
obligations Fannie Mae Pool #FS1030 3.00% 3/1/20521 944 830
29.55% Fannie Mae Pool #BV3117 3.00% 3/1/20521 800 703
Fannie Mae Pool #BV2954 3.00% 3/1/20521 750 662
Fannie Mae Pool #FS1405 3.00% 4/1/20521 824 724
Fannie Mae Pool #BU8933 3.00% 4/1/20521 774 680
Fannie Mae Pool #CB3361 3.00% 4/1/20521 766 674
Fannie Mae Pool #CB3586 3.00% 5/1/20521 2,801 2,462
Fannie Mae Pool #BW1128 3.00% 6/1/20521 1,000 879
Fannie Mae Pool #CB3890 3.00% 6/1/20521 743 653
Fannie Mae Pool #BV7903 3.50% 8/1/20521 2,000 1,820
Fannie Mae Pool #BW7610 3.50% 8/1/20521 1,000 910
Fannie Mae Pool #BW9184 4.00% 9/1/20521 4,000 3,756
Fannie Mae Pool #MA4732 4.00% 9/1/20521 2,500 2,347
Fannie Mae Pool #CB5380 5.00% 10/1/20521 1,598 1,578
Fannie Mae Pool #MA4803 3.50% 11/1/20521 300 273
Fannie Mae Pool #BX1342 4.50% 11/1/20521 2,476 2,386
Fannie Mae Pool #BX1274 5.50% 11/1/20521 100 100
Fannie Mae Pool #MA4841 5.00% 12/1/20521 848 837
Freddie Mac Pool #QC3826 3.00% 7/1/20511 1,000 879
Freddie Mac Pool #QD5662 3.00% 1/1/20521 1,000 879
Freddie Mac Pool #QD7819 3.00% 2/1/20521 869 764
Freddie Mac Pool #QD7918 3.00% 3/1/20521 880 773
8 Capital
Capital Group
Group Fixed
FixedIncome
IncomeETF
ETFTrust
Trust
Capital Group Core Plus Income ETF (continued)

Bonds, notes & other debt instruments (continued) (000) (000)
Mortgage-backed obligations (continued)

Federal agency Freddie Mac Pool #QD8673 3.00% 3/1/20521 USD847 $ 744
mortgage-backed Freddie Mac Pool #SD8206 3.00% 4/1/20521 941 827
obligations Freddie Mac Pool #SD1156 3.00% 4/1/20521 924 813
(continued) Freddie Mac Pool #RA7130 3.00% 4/1/20521 869 766
Freddie Mac Pool #QE2315 3.00% 4/1/20521 500 440
Freddie Mac Pool #QE2503 3.00% 5/1/20521 1,000 879
Freddie Mac Pool #SD1121 3.50% 6/1/20521 8,980 8,171
Freddie Mac Pool #QE5066 3.50% 6/1/20521 1,000 910
Freddie Mac Pool #QF1489 4.00% 10/1/20521 2,000 1,878
Freddie Mac Pool #QF1925 4.00% 10/1/20521 650 610
Freddie Mac Pool #QF4182 5.00% 12/1/20521 1,592 1,572
Freddie Mac Pool #SD8276 5.00% 12/1/20521 907 896
Freddie Mac Pool #SD8288 5.00% 1/1/20531 1,000 987
Government National Mortgage Assn. 3.50% 1/1/20531 5,435 4,994
Uniform Mortgage-Backed Security 2.50% 1/1/20531,2 4,200 3,557
Uniform Mortgage-Backed Security 5.00% 2/1/20531,2 1,000 985
134,381
Commercial 3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.289% 11/15/20551 1,690 1,494
mortgage-backed Bank Commercial Mortgage Trust, Series 2019-BN19, Class B, 3.647% 8/15/20611 1,000 811
securities Bank Commercial Mortgage Trust, Series 2019-BN24, Class B, 3.455% 11/15/20621 1,033 829
5.26% Bank Commercial Mortgage Trust, Series 2022-BNK40, Class AS, 3.394% 3/15/20641,3 250 208
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class B, 3.394% 3/15/20641,3 273 208
Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C,
6.148% 12/15/20551 1,355 1,167
Benchmark Mortgage Trust, Series 2020-B21, Class AS, 2.2543% 12/17/20531 250 194
Benchmark Mortgage Trust, Series 2022-B35, Class C, 4.445% 5/15/20551,3 2,005 1,573
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A,
(1-month USD CME Term SOFR + 1.7696%) 6.105% 5/15/20391,3,4 623 612
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class B,
BX Trust, Series 2022-CSMO, Class A,
BX Trust, Series 2021-SDMF, Class D,
(1-month USD-LIBOR + 1.387%) 5.705% 9/15/20341,3,4 500 470
BX Trust, Series 2021-ARIA, Class B,
(1-month USD-LIBOR + 1.297%) 5.615% 10/15/20361,4 2,976 2,799
BX Trust, Series 2022-IND, Class D,
BX Trust, Series 2022-PSB, Class A,
BX Trust, Series 2022-GPA, Class B,
BX Trust, Series 2022-GPA, Class C,
BX Trust, Series 2022-GPA, Class D,
CapitalGroup
Capital GroupFixed
FixedIncome
Income ETF 9
ETF Trust 9
Trust


Commercial BXSC Commercial Mortgage Trust, Series 2022-WSS, Class B,
mortgage-backed (1-month USD CME Term SOFR + 2.092%) 6.428% 3/15/20351,4 USD2,985 $ 2,894
securities BXSC Commercial Mortgage Trust, Series 2022-WSS, Class D,
(continued) (1-month USD CME Term SOFR + 3.188%) 7.524% 3/15/20351,3,4 249 238
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class C, 4.418% 2/10/20481,3 448 406
Extended Stay America Trust, Series 2021-ESH, Class D,
(1-month USD-LIBOR + 2.25%) 6.568% 7/15/20381,3,4 488 468
Great Wolf Trust, Series 2019-WOLF, Class A,
(1-month USD-LIBOR + 1.034%) 5.352% 12/15/20361,4 730 710
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class B,
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class C,
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C20, Class B,
4.16% 2/15/20481 2,000 1,869
Morgan Stanley Capital I Trust, Series 2019-L3, Class B, 3.659% 11/15/20521,3 750 611
Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class C,
4.550% 9/15/20581,3 130 117
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A,
(1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/20271,4 1,646 1,644
23,948
Collateralized Cascade Funding Mortgage Trust, Series 2020-HB4, Class M3, 2.720% 12/26/20301,3,4 500 465
mortgage-backed Connecticut Avenue Securities, Series 2022-R03, Class 1M1,
obligations (privately (30-day Average USD-SOFR + 2.10%) 6.028% 3/25/20421,3,4 286 284
originated) Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2,
1.26% (30-day Average USD-SOFR + 1.50%) 5.428% 10/25/20411,3,4 793 754
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A,
(30-day Average USD-SOFR + 2.00%) 5.928% 4/25/20421,3,4 535 532
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1,
(1-month USD-LIBOR + 5.10%) 9.489% 6/27/20501,3,4 1,100 1,147
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1,
4.00% 2/25/2061 (7.00% on 4/25/2025)1,4,5 1,818 1,684
Progress Residential Trust, Series 2021-SFR4, Class F, 3.407% 5/17/20381,4 1,000 853
5,719
Total mortgage-backed obligations 164,048

Financials Advisor Group Holdings, LLC 6.25% 3/1/20284 925 852
5.73% AerCap Ireland Capital DAC 1.75% 1/30/2026 150 132
AerCap Ireland Capital DAC 3.30% 1/30/2032 1,300 1,020
AerCap Ireland Capital DAC 3.85% 10/29/2041 1,025 728
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20274 200 202
AIA Group, Ltd. 3.375% 4/7/2030 450 396
American Express Co. 2.55% 3/4/2027 150 137
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)5 791 750
American International Group, Inc. 4.375% 6/30/2050 250 213
Bangkok Bank PCL 3.733% 9/25/2034
(5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)5 450 377
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)5 750 734
Bank of Montreal 2.65% 3/8/2027 350 320
Bank of Nova Scotia 2.45% 2/2/2032 125 101
Berkshire Hathaway, Inc. 3.85% 3/15/2052 400 321
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)4,5 200 176
Charles Schwab Corp. 2.45% 3/3/2027 100 91
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)5 115 93
10 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust

Corporate bonds, notes & loans (continued)

Financials Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)5 USD106 $ 100
(continued) Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)5 1,044 1,080
CME Group, Inc. 2.65% 3/15/2032 150 126
Coinbase Global, Inc. 3.625% 10/1/20314 350 169
Compass Diversified Holdings 5.25% 4/15/20294 1,145 981
Compass Diversified Holdings 5.00% 1/15/20324 295 235
Corebridge Financial, Inc. 3.85% 4/5/20294 299 273
Corebridge Financial, Inc. 4.40% 4/5/20524 1,197 955
Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)4,5 250 257
Danske Bank AS 4.298% 4/1/2028
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)4,5 275 253
Discover Financial Services 6.70% 11/29/2032 125 127
Goldman Sachs Group, Inc. 1.757% 1/24/2025 (USD-SOFR + 0.73% on 1/24/2024)5 40 38
HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)5 925 859
ING Groep NV 4.017% 3/28/2028 (USD-SOFR + 1.83% on 3/28/2027)5 375 351
ING Groep NV 4.252% 3/28/2033 (USD-SOFR + 2.07% on 3/28/2032)5 249 220
Intercontinental Exchange, Inc. 4.35% 6/15/2029 500 484
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20324 500 416
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)5 338 330
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)5 1,710 1,633
Kasikornbank PCL HK 3.343% 10/2/2031
Marsh & McLennan Companies, Inc. 2.375% 12/15/2031 100 81
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)5 330 325
Navient Corp. 6.125% 3/25/2024 82 81
Navient Corp. 5.50% 3/15/2029 500 409
Navient Corp. 5.625% 8/1/2033 950 679
New York Life Global Funding 0.85% 1/15/20264 125 111
Progressive Corp. 3.00% 3/15/2032 350 305
Royal Bank of Canada 6.00% 11/1/2027 555 580
Toronto-Dominion Bank 2.00% 9/10/2031 90 71
Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)5 469 456
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)5 1,050 1,027
26,072
Communication AT&T, Inc. 2.55% 12/1/2033 250 193

services AT&T, Inc. 3.50% 9/15/2053 1,775 1,206
4.36% CCO Holdings, LLC 4.75% 3/1/20304 450 389
CCO Holdings, LLC 4.75% 2/1/20324 914 743
CCO Holdings, LLC 4.50% 5/1/2032 100 80
CCO Holdings, LLC 4.50% 6/1/20334 200 154
CCO Holdings, LLC 4.25% 1/15/20344 1,850 1,369
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033 200 172
Charter Communications Operating, LLC 3.90% 6/1/2052 1,800 1,137
Comcast Corp. 1.50% 2/15/2031 100 78
Comcast Corp. 2.80% 1/15/2051 1,200 763
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 11
ETFTrust 11
ETF


Communication DISH Network Corp. 11.75% 11/15/20274 USD500 $ 515
services Frontier Communications Corp. 5.00% 5/1/20284 611 534
(continued) Gray Escrow II, Inc. 5.375% 11/15/20314 575 415
Meta Platforms, Inc. 3.85% 8/15/2032 1,100 971
Meta Platforms, Inc. 4.45% 8/15/2052 775 620
Midas OpCo Holdings, LLC 5.625% 8/15/20294 100 83
Netflix, Inc. 4.875% 4/15/2028 1,007 975
Netflix, Inc. 4.875% 6/15/20304 840 785
News Corp. 3.875% 5/15/20294 144 125
News Corp. 5.125% 2/15/20324 930 848
Sirius XM Radio, Inc. 4.00% 7/15/20284 430 375
T-Mobile US, Inc. 2.55% 2/15/2031 975 799
T-Mobile US, Inc. 2.875% 2/15/2031 538 445
T-Mobile US, Inc. 3.40% 10/15/2052 925 626
Univision Communications, Inc. 4.50% 5/1/20294 1,950 1,634
Verizon Communications, Inc. 1.75% 1/20/2031 400 311
Verizon Communications, Inc. 3.875% 3/1/2052 1,225 935
VZ Secured Financing BV 5.00% 1/15/20324 200 163
WarnerMedia Holdings, Inc. 4.279% 3/15/20324 841 695
19,809
Energy Apache Corp. 5.25% 2/1/2042 300 247

4.04% Apache Corp. 5.35% 7/1/2049 700 567
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20264 250 243
BP Capital Markets America, Inc. 2.721% 1/12/2032 500 418
Cheniere Energy Partners, LP 4.00% 3/1/2031 500 426
Cheniere Energy, Inc. 4.625% 10/15/2028 175 159
Chesapeake Energy Corp. 5.875% 2/1/20294 350 332
Chevron Corp. 1.995% 5/11/2027 250 225
CNX Resources Corp. 7.25% 3/14/20274 175 174
ConocoPhillips 3.80% 3/15/2052 250 198
Continental Resources, Inc. 2.875% 4/1/20324 75 56
Energy Transfer Operating, LP 3.75% 5/15/2030 150 133
Energy Transfer Partners, LP 6.25% 4/15/2049 675 631
Enterprise Products Operating, LLC 3.30% 2/15/2053 60 40
EQM Midstream Partners, LP 6.00% 7/1/20254 430 416
EQM Midstream Partners, LP 4.75% 1/15/20314 1,175 963
EQT Corp. 3.90% 10/1/2027 75 69
Exxon Mobil Corp. 2.61% 10/15/2030 400 350
Exxon Mobil Corp. 3.452% 4/15/2051 350 265
Genesis Energy, LP 8.00% 1/15/2027 725 686
Harvest Midstream I, LP 7.50% 9/1/20284 75 72
Hilcorp Energy I, LP 6.00% 4/15/20304 135 120
Kinder Morgan, Inc. 3.60% 2/15/2051 825 572
MPLX, LP 2.65% 8/15/2030 75 61
MPLX, LP 4.95% 9/1/2032 481 452
MV24 Capital BV 6.748% 6/1/2034 343 314
New Fortress Energy, Inc. 6.50% 9/30/20264 200 186
NGL Energy Operating, LLC 7.50% 2/1/20264 1,260 1,124
Oasis Petroleum, Inc. 6.375% 6/1/20264 710 693
Occidental Petroleum Corp. 6.125% 1/1/2031 300 303
Occidental Petroleum Corp. 6.60% 3/15/2046 1,050 1,083
ONEOK, Inc. 4.00% 7/13/2027 50 47
ONEOK, Inc. 6.35% 1/15/2031 40 41
12 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust


Energy ONEOK, Inc. 4.50% 3/15/2050 USD75 $ 56
(continued) ONEOK, Inc. 7.15% 1/15/2051 150 153
Petrobras Global Finance Co. 5.60% 1/3/2031 611 582
Petróleos Mexicanos 6.49% 1/23/2027 1,275 1,165
Petróleos Mexicanos 8.75% 6/2/2029 754 708
Qatar Petroleum 2.25% 7/12/20314 275 228
Shell International Finance BV 2.75% 4/6/2030 75 66
Shell International Finance BV 3.00% 11/26/2051 1,375 938
Southwestern Energy Co. 4.75% 2/1/2032 725 621
Sunoco, LP 4.50% 4/30/2030 150 130
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20314 250 213
Weatherford International, Ltd. 6.50% 9/15/20284 100 98
Weatherford International, Ltd. 8.625% 4/30/20304 125 120
Williams Companies, Inc. 2.60% 3/15/2031 55 45
18,351
Health care AmerisourceBergen Corp. 2.70% 3/15/2031 125 104

2.67% Amgen, Inc. 4.05% 8/18/2029 625 585
Amgen, Inc. 4.20% 3/1/2033 675 627
Amgen, Inc. 4.875% 3/1/2053 275 245
Anthem, Inc. 4.10% 5/15/2032 423 395
Anthem, Inc. 4.55% 5/15/2052 203 177
Bausch Health Companies, Inc. 6.125% 2/1/20274 75 52
Baxter International, Inc. 2.539% 2/1/2032 70 56
Becton, Dickinson and Company 4.298% 8/22/2032 525 493
Centene Corp. 2.45% 7/15/2028 655 554
Centene Corp. 2.625% 8/1/2031 1,575 1,241
Community Health Systems, Inc. 5.25% 5/15/20304 75 57
CVS Health Corp. 1.875% 2/28/2031 50 39
GE Healthcare Holding, LLC 5.905% 11/22/20324 650 676
HCA, Inc. 3.625% 3/15/20324 79 67
HCA, Inc. 4.625% 3/15/20524 122 96
Humana, Inc. 3.70% 3/23/2029 152 139
Merck & Co., Inc. 1.70% 6/10/2027 50 44
Molina Healthcare, Inc. 3.875% 5/15/20324 800 665
Mozart Debt Merger Sub, Inc. 5.25% 10/1/20294 75 60
Owens & Minor, Inc. 6.25% 4/1/20304 415 357
Roche Holdings, Inc. 2.076% 12/13/20314 200 163
Tenet Healthcare Corp. 4.875% 1/1/20264 300 284
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 1,717 1,505
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028 100 98
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029 1,192 1,063
UnitedHealth Group, Inc. 5.30% 2/15/2030 325 336
Zoetis, Inc. 5.60% 11/16/2032 200 208
12,164
Consumer Allied Universal Holdco, LLC 4.625% 6/1/20284 650 538

discretionary Amazon.com, Inc. 2.10% 5/12/2031 100 82
2.45% Amazon.com, Inc. 3.60% 4/13/2032 600 551
Amazon.com, Inc. 3.95% 4/13/2052 400 333
AutoNation, Inc. 3.85% 3/1/2032 300 240
Bayerische Motoren Werke AG 3.45% 4/1/20274 200 189
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 13
ETFTrust 13
ETF


Consumer Bayerische Motoren Werke AG 1.95% 8/12/20314 USD50 $ 39
discretionary Bayerische Motoren Werke AG 3.70% 4/1/20324 125 112
(continued) Daimler Trucks Finance North America, LLC 3.65% 4/7/20274 350 328
Daimler Trucks Finance North America, LLC 2.50% 12/14/20314 150 117
Fertitta Entertainment, Inc. 4.625% 1/15/20294 350 297
Ford Motor Co. 2.30% 2/10/2025 700 640
Ford Motor Co. 3.25% 2/12/2032 100 75
Ford Motor Credit Company, LLC 5.125% 6/16/2025 483 465
General Motors Financial Co. 2.35% 2/26/2027 75 66
Hanesbrands, Inc. 4.625% 5/15/20244 272 264
Home Depot, Inc. 1.375% 3/15/2031 125 97
Hyundai Capital America 1.65% 9/17/20264 100 88
International Game Technology PLC 5.25% 1/15/20294 400 373
Lowe’s Companies, Inc. 4.25% 4/1/2052 81 65
Macy’s Retail Holdings, LLC 5.875% 3/15/20304 50 43
Marriott International, Inc. 2.75% 10/15/2033 800 613
McDonald’s Corp. 4.60% 9/9/2032 180 176
McDonald’s Corp. 5.15% 9/9/2052 1,165 1,124
Party City Holdings, Inc. 8.75% 2/15/20264 461 134
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20274 350 284
Scientific Games Holdings, LP 6.625% 3/1/20304 875 740
Sonic Automotive, Inc. 4.875% 11/15/20314 200 157
Stellantis Finance US, Inc. 1.711% 1/29/20274 600 516
Wheel Pros, Inc. 6.50% 5/15/20294 275 98
11,161
Industrials Allegiant Travel Co. 7.25% 8/15/20274 276 263

2.40% Ashtead Capital, Inc. 5.50% 8/11/20324 1,100 1,055
Boeing Company 2.75% 2/1/2026 115 107
Boeing Company 3.625% 2/1/2031 1,992 1,750
Boeing Company 5.805% 5/1/2050 855 797
Bombardier, Inc. 7.125% 6/15/20264 220 214
Bombardier, Inc. 7.875% 4/15/20274 1,195 1,162
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 1,125 762
Carrier Global Corp. 2.722% 2/15/2030 100 84
CoreLogic, Inc. 4.50% 5/1/20284 300 231
CSX Corp. 2.50% 5/15/2051 550 337
Eaton Corp. 4.15% 3/15/2033 266 248
Eaton Corp. 4.70% 8/23/2052 107 97
Lockheed Martin Corp. 5.10% 11/15/2027 228 233
Maxar Technologies, Inc. 7.75% 6/15/20274 475 494
Mileage Plus Holdings, LLC 6.50% 6/20/20274 54 54
Raytheon Technologies Corp. 2.375% 3/15/2032 80 65
Spirit AeroSystems, Inc. 9.375% 11/30/20294 683 720
TransDigm, Inc. 4.625% 1/15/2029 400 352
Union Pacific Corp. 2.80% 2/14/2032 300 260
United Airlines, Inc. 4.625% 4/15/20294 100 87
10,921
14 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust


Utilities AES Panama Generation Holdings SRL 4.375% 5/31/20304 USD200 $ 174
2.13% Alabama Power Co. 3.94% 9/1/2032 525 484
Consumers Energy Co. 3.60% 8/15/2032 315 288
Duke Energy Corp. 5.00% 8/15/2052 275 246
Duke Energy Florida, LLC 5.95% 11/15/2052 125 134
Edison International 6.95% 11/15/2029 150 157
Entergy Louisiana, LLC 4.75% 9/15/2052 200 181
FirstEnergy Corp. 2.65% 3/1/2030 1,055 862
Florida Power & Light Company 2.875% 12/4/2051 150 101
MidAmerican Energy Holdings Co. 2.70% 8/1/2052 50 32
Northern States Power Co. 2.60% 6/1/2051 50 32
Northern States Power Co. 4.50% 6/1/2052 350 319
Oncor Electric Delivery Company, LLC 4.55% 9/15/20324 625 614
Pacific Gas and Electric Co. 3.15% 1/1/2026 40 37
Pacific Gas and Electric Co. 3.50% 8/1/2050 2,100 1,312
PG&E Corp. 5.25% 7/1/2030 550 501
Southern California Edison Co. 2.75% 2/1/2032 1,065 895
Southern California Edison Co. 3.45% 2/1/2052 1,015 727
Union Electric Co. 3.90% 4/1/2052 275 223
Virginia Electric and Power Co. 2.40% 3/30/2032 50 41
WEC Energy Group, Inc. 5.15% 10/1/2027 175 177
Xcel Energy, Inc. 2.35% 11/15/2031 40 32
Xcel Energy, Inc. 4.60% 6/1/2032 500 479
9,670
Consumer 7-Eleven, Inc. 1.80% 2/10/20314 725 555

staples Altria Group, Inc. 3.40% 5/6/2030 100 86
1.79% Altria Group, Inc. 3.70% 2/4/2051 890 561
Anheuser-Busch InBev NV 4.50% 6/1/2050 1,095 964
British American Tobacco PLC 2.259% 3/25/2028 100 83
Conagra Brands, Inc. 5.40% 11/1/2048 525 488
Constellation Brands, Inc. 4.35% 5/9/2027 326 318
Imperial Tobacco Finance PLC 6.125% 7/27/20274 200 199
Keurig Dr Pepper, Inc. 3.20% 5/1/2030 40 35
Kraft Heinz Company 5.50% 6/1/2050 75 72
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20264 250 217
PepsiCo, Inc. 1.95% 10/21/2031 50 40
Philip Morris International, Inc. 5.125% 11/17/2027 615 621
Post Holdings, Inc. 4.625% 4/15/20304 200 173
Post Holdings, Inc. 4.50% 9/15/20314 1,136 957
TreeHouse Foods, Inc. 4.00% 9/1/2028 50 43
8,148
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 15
ETFTrust 15
ETF


Materials Anglo American Capital PLC 2.25% 3/17/20284 USD200 $ 169
1.76% Anglo American Capital PLC 4.75% 3/16/20524 200 167
Ball Corp. 6.875% 3/15/2028 640 658
Braskem Idesa SAPI 6.99% 2/20/2032 200 143
Celanese US Holdings, LLC 6.379% 7/15/2032 125 119
Cleveland-Cliffs, Inc. 4.875% 3/1/20314 300 265
Dow Chemical Co. 3.60% 11/15/2050 40 29
First Quantum Minerals, Ltd. 6.875% 10/15/20274 1,050 987
FXI Holdings, Inc. 12.25% 11/15/20264 700 581
Glencore Funding, LLC 2.625% 9/23/20314 200 160
International Flavors & Fragrances, Inc. 2.30% 11/1/20304 230 183
LABL, Inc. 5.875% 11/1/20284 75 65
LSB Industries, Inc. 6.25% 10/15/20284 100 92
LYB International Finance III, LLC 3.625% 4/1/2051 75 51
Methanex Corp. 5.25% 12/15/2029 550 489
Nova Chemicals Corp. 4.25% 5/15/20294 1,325 1,085
Nutrien, Ltd. 5.90% 11/7/2024 220 223
SCIH Salt Holdings, Inc. 4.875% 5/1/20284 492 423
Sherwin-Williams Company 2.90% 3/15/2052 1,085 680
South32 Treasury (USA), Ltd. 4.35% 4/14/20324 209 179
Yara International ASA 7.378% 11/14/20324 586 613
8,008
Information Analog Devices, Inc. 1.70% 10/1/2028 25 21

technology Analog Devices, Inc. 2.95% 10/1/2051 583 396
1.47% Apple, Inc. 3.35% 8/8/2032 350 319
Apple, Inc. 2.65% 2/8/2051 900 598
Apple, Inc. 2.70% 8/5/2051 435 289
Apple, Inc. 3.95% 8/8/2052 364 311
Block, Inc. 3.50% 6/1/2031 100 80
Broadcom, Inc. 4.00% 4/15/20294 46 42
Broadcom, Inc. 4.15% 4/15/20324 908 799
Broadcom, Inc. 2.60% 2/15/20334 200 151
Broadcom, Inc. 3.469% 4/15/20344 450 360
Broadcom, Inc. 3.137% 11/15/20354 156 115
Broadcom, Inc. 3.187% 11/15/20364 450 325
Broadcom, Inc. 4.926% 5/15/20374 700 613
Entegris Escrow Corp. 4.75% 4/15/20294 445 407
Mastercard, Inc. 2.00% 11/18/2031 80 64
Oracle Corp. 2.875% 3/25/2031 186 155
Sabre GLBL, Inc. 11.25% 12/15/20274 300 309
salesforce.com, inc. 2.90% 7/15/2051 1,200 792
ServiceNow, Inc. 1.40% 9/1/2030 100 77
Tibco Software Inc, Term Loan A,
(3-month USD CME Term SOFR + 4.50%) 9.180% 9/29/20283,6 500 445
6,668
Real estate American Tower Corp. 2.30% 9/15/2031 80 62

1.25% American Tower Corp. 4.05% 3/15/2032 229 205
American Tower Corp. 2.95% 1/15/2051 675 421
Equinix, Inc. 2.15% 7/15/2030 350 279
Equinix, Inc. 2.50% 5/15/2031 400 322
Equinix, Inc. 3.40% 2/15/2052 460 315
Howard Hughes Corp. 4.375% 2/1/20314 375 304
Iron Mountain, Inc. 4.50% 2/15/20314 900 742
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 575 457
Sun Communities Operating, LP 2.70% 7/15/2031 40 32
16 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust


Real estate Sun Communities Operating, LP 4.20% 4/15/2032 USD649 $ 573
(continued) VICI Properties, LP 3.875% 2/15/20294 75 66
VICI Properties, LP 4.125% 8/15/20304 250 219
5,705
Total corporate bonds, notes & loans 136,677

U.S. Treasury U.S. Treasury 4.25% 10/15/2025 8,150 8,146
17.64% U.S. Treasury 4.50% 11/15/2025 5,200 5,233
U.S. Treasury 4.00% 12/15/2025 24,400 24,247
U.S. Treasury 4.125% 9/30/2027 5,375 5,396
U.S. Treasury 4.125% 10/31/2027 5,690 5,712
U.S. Treasury 3.875% 11/30/2027 6,700 6,664
U.S. Treasury 2.75% 8/15/2032 6,138 5,588
U.S. Treasury 4.125% 11/5/2032 5,798 5,913
U.S. Treasury 4.00% 11/15/20427 13,630 13,355
80,254
U.S. Treasury U.S. Treasury Inflation-Protected Security 1.625% 10/15/20278 17,201 17,178
inflation-protected U.S. Treasury Inflation-Protected Security 0.125% 1/15/20327,8 11,818 10,339
securities
27,517
6.05%
Total U.S. Treasury bonds & notes 107,771

AGL CLO, Ltd., Series 2022-18A, Class B,
(3-month USD CME Term SOFR + 2.00%) 5.988% 4/21/20311,3,4 1,500 1,480
ALM Loan Funding, Series 2020-1A, Class A2,
(3-month USD-LIBOR + 1.85%) 5.929% 10/15/20291,3,4 500 488
American Credit Acceptance Receivables Trust, Series 2022-3, Class C,
4.86% 10/13/20281,4 701 683
American Credit Acceptance Receivables Trust, Series 2022-2, Class F,
7.74% 2/13/20291,4 1,647 1,474
Avis Budget Rental Car Funding AESOP, LLC, Series 2022-5, Class B, 7.09% 4/20/20271,4 2,394 2,385
Brex Commercial Charge Card Master Trust, Series 2022-1, Class A, 4.63% 7/15/20251,4 1,000 969
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20601,4 490 429
CFG Investments, Ltd., Series 2021-1, Class B, 5.82% 5/20/20321,4 750 714
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20261,4 460 451
CPS Auto Receivables Trust, Series 2022-B, Class D, 5.19% 8/15/20281,4 1,250 1,188
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C, 5.70% 10/15/20321,4 1,000 967
Credit Acceptance Auto Loan Trust, Series 2022-1A, Class D, 6.63% 12/15/20321,4 1,000 959
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/20251 268 265
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/20281 117 110
Exeter Automobile Receivables Trust, Series 2022-2A, Class E, 6.34% 10/15/20291,4 1,443 1,256
Exeter Automobile Receivables Trust, Series 2022-3A, Class E, 8.17% 1/15/20301,4 2,000 1,945
Exeter Automobile Receivables Trust, Series 2022-5, Class E, 10.45% 4/15/20301,4 3,000 2,953
FirstKey Homes Trust, Series 2022-SFR2, Class S, 5.197% 5/17/20391,4 456 420
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class C, 2.95% 6/26/20281,4 300 248
Mission Lane Credit Card Master Trust, Series 2022-B, Class B, 10.42% 1/15/20281,9 465 465
Mission Lane Credit Card Master Trust, Series 2022-B, Class D, 14.45% 1/15/20281,9 3,500 3,499
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class A,
5.38% 11/25/20301,4 1,193 1,163
Research-Driven Pagaya Motor Asset Trust I, Series 2022-3, Class B,
6.58% 11/25/20301,4 337 315
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.69% 3/17/20311 796 813
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 17
ETFTrust 17
ETF

Asset-backed obligations (continued)

SMB Private Education Loan Trust, Series 2022-A, Class D, 4.75% 11/16/20541,4 USD208 $ 189
SMB Private Education Loan Trust, Series 2022-D, Class D, 7.23% 10/15/20581,4 2,000 1,967
Westlake Automobile Receivables Trust, Series 2022-2A, Class D, 5.48% 9/15/20271,4 1,562 1,493
33,335
Bonds & notes of governments & government agencies outside the U.S. 1.53%
Abu Dhabi (Emirate of) 1.70% 3/2/20314 300 248
Angola (Republic of) 8.75% 4/14/20324 800 695
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)5 1,100 299
Chile (Republic of) 2.45% 1/31/2031 400 333
Chile (Republic of) 4.34% 3/7/2042 200 170
Colombia (Republic of) 8.00% 4/20/2033 280 281
Dominican Republic 4.50% 1/30/20304 500 428
Egypt (Arab Republic of) 8.75% 9/30/2051 1,839 1,242
Export-Import Bank of India 2.25% 1/13/20314 250 198
Mongolia (State of) 4.45% 7/7/2031 500 390
Panama (Republic of) 2.252% 9/29/2032 1,000 744
South Africa (Republic of) 5.875% 4/20/2032 1,003 908
United Mexican States 4.50% 4/22/2029 450 430
United Mexican States 4.875% 5/19/2033 620 570
6,936
Total bonds, notes & other debt instruments (cost: $460,080,000) 448,767
Short-term securities 10.96% Shares
Money market investments 10.96%

Capital Group Central Cash Fund 4.31%10,11 498,858 49,881
Total short-term securities (cost: $49,878,000) 49,881
Total investment securities 109.63% (cost: $509,958,000) 498,648

Other assets less liabilities (9.63)% (43,820)
Net assets 100.00% $454,828
Futures contracts
Value and
unrealized
appreciation
Notional (depreciation)
Number of amount at 12/31/2022
Contracts Type contracts Expiration (000) (000)
2 Year U.S. Treasury Note Futures Long 152 March 2023 USD31,172 $ 37
5 Year U.S. Treasury Note Futures Long 156 March 2023 16,837 (97)
10 Year U.S. Treasury Note Futures Long 118 March 2023 13,251 (194)
10 Year U.S. Treasury Note Futures Short 412 March 2023 (48,732) 382
30 Year Ultra U.S. Treasury Bond Futures Short 9 March 2023 (1,209) (3)
30 Year U.S. Treasury Bond Futures Long 57 March 2023 7,145 (90)
$ 35
18 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
Swap contracts
Interest rate swaps

Centrally cleared interest rate swaps
Upfront Unrealized
Receive Pay
Notional Value at premium appreciation
Payment Payment Expiration amount 12/31/2022 paid at 12/31/2022
Rate frequency Rate frequency date (000) (000) (000) (000)
SOFR Annual 2.121% Annual 3/28/2024 USD5,700 $185 $— $185
Bilateral interest rate swaps

Upfront Unrealized
Receive Pay
Notional Value at premium depreciation
Rate frequency Rate frequency Counterparty date (000) (000) (000) (000)
12.54% At maturity BZDIOVER At maturity Barclays Bank PLC 1/2/2026 BRL19,454 $(1) $— $(1)
Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection
Upfront Unrealized
Reference Financing Payment Expiration amount 12/31/2022 received at 12/31/2022
index rate paid frequency date (000) (000) (000) (000)
CDX.NA.IG.39 1.00% Quarterly 12/20/2027 $10,400 $(86) $(89) $3
Investments in affiliates11
Value of Net Net Value of

affiliate at realized unrealized affiliate at Dividend
2/22/202212 Additions Reductions loss appreciation 12/31/2022 income
(000) (000) (000) (000) (000) (000) (000)
Short-term securities 10.96%

Capital Group Central Cash Fund 4.31%10 $— $236,670 $186,792 $—13 $3 $49,881 $1,249
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 $97,533,000, which represented
21.44% 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 $445,000, which
represented 0.10% of the net assets of the fund.
7
All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,273,000, which represented .28% of the net assets of the
fund.
8
Index-linked bond whose principal amount moves with a government price index.
9
Value determined using significant unobservable inputs.
10
Rate represents the seven-day yield at December 31, 2022.
11
Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.
12
Commencement of operations.
13
Amount less than one thousand.
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 19
ETFTrust 19
ETF
Key to abbreviations
Assn. = Association DAC = Designated Activity Company
BRL = Brazilian reais LIBOR = London Interbank Offered Rate
BZDIOVER = Overnight Brazilian Interbank Deposit Rate SOFR = Secured Overnight Financing Rate
CLO = Collateralized Loan Obligations TBA = To-be-announced
CME = CME Group USD = U.S. dollars
Refer to the notes to financial statements.
20 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
AAA/Aaa 8.20%
AA/Aa 32.95
A/A 20.71
BBB/Baa 11.83

Alabama 2.59%
Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2022-B-1,
5.25% 2/1/2053 (put 6/1/2029) USD600 $ 626
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) 500 495
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2022-F,
5.50% 11/1/2053 (put 12/1/2028) 750 787
1,908
Arizona 1.00%
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) 750 736
California 5.41%
Escondido Union High School Dist., G.O. Bonds, 2008 Election, Series 2009-A,
Assured Guaranty insured, 0% 8/1/2028 500 418
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2032 500 596
Infrastructure and Econ. Dev. Bank, Rev. Bonds (WFCS Portfolio Projects),
Series 2021-A-1, 5.00% 1/1/20561 500 372
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds,
Series 2019-D, AMT, 5.00% 5/15/2026 495 520
Monrovia Unified School Dist., G.O. Bonds, 1997 Election, Series 2001-B,
National insured, 0% 8/1/2032 750 524
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 500 512
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 500 541
Stockton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election,
Series 2011-D, Assured Guaranty Municipal insured, 0% 8/1/2033 725 496
3,979
Colorado 2.58%
City and County of Denver, Airport System Rev. Bonds, Series 2022-A, AMT,
5.00% 11/15/2028 500 537
E-470 Public Highway Auth., Rev. Bonds, Capital Appreciation Bonds, Series 2004-A,
National insured, 0% 9/1/2027 500 432
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 500 441
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3
Project), Series 2020-A, 4.00% 7/15/2033 500 488
1,898
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 21
ETFTrust 21
ETF
Capital Group Municipal Income ETF (continued)

Connecticut 0.68%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2018-E-1,
4.25% 5/15/2042 USD500 $ 503
Delaware 0.61%
Econ. Dev. Auth., Charter School Rev. Bonds (First State Montessori Academy, Inc.
Project), Series 2019-A, 4.00% 8/1/2029 460 451
District of Columbia 0.99%

Metropolitan Area Transit Auth., Dedicated Rev. Bonds, Series 2020-A, 4.00% 7/15/2020 750 727
Florida 1.28%
Capital Trust Agcy., Senior Rev. Bonds (Educational Growth Fund, LLC Charter School
Portfolio Projects), Series 2021-A-1, 3.375% 7/1/20311 500 443
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 7/1/2049 500 500
943
Georgia 3.30%
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-C,
4.00% 5/1/2052 (put 12/1/2028) 695 679
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-A,
4.00% 7/1/2052 (put 9/1/2027) 500 496
Municipal Electric Auth., Project One Bonds, Series 2020-A, 5.00% 1/1/2027 620 659
Private Colleges and Universities Auth., Rev. Bonds (Emory University), Series 2022-A,
5.00% 9/1/2032 500 599
2,433
Guam 0.68%
Limited Obligation Bonds (Section 30), Series 2016-A, 5.00% 12/1/2046 500 501
Illinois 8.16%
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 500 511
City of Chicago, G.O. Bonds, Series 2021-A, 4.00% 1/1/2035 500 470
City of Chicago, Water Rev. Bonds, Series 2000, 5.00% 11/1/2028 500 521
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A, 4.00% 11/1/2030 500 506
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A,
4.00% 11/15/2039 500 457
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 1,060 996
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds,
Capital Appreciation Bonds, Series 2002-A, Assured Guaranty Municipal insured,
0% 6/15/2030 1,055 788
Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A,
BAM insured, 5.00% 1/1/2029 510 552
Sports Facs. Auth., Sports Facs. Rev. Ref. Bonds (State Tax Supported), Series 2019,
BAM insured, 5.00% 6/15/2029 665 704
6,006
Indiana 2.28%
Fin. Auth., Environmental Improvement Rev. Bonds (Fulcrum Centerpoint, LLC Project),
Series 2022-A, AMT, 4.50% 12/15/2046 (put 12/1/2023) 750 750
Fin. Auth., Environmental Improvement Rev. Ref. Bonds (U.S. Steel Corp. Project),
Series 2021-A, 4.125% 12/1/2026 500 489
Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project),
Series 2012-B, 3.00% 11/1/2030 500 443
1,682
22 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust

Iowa 0.65%
Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project),
Series 2022, 4.00% 12/1/2050 (put 12/1/2032) USD500 $ 479
Kansas 0.74%
Dev. Fin. Auth., Hospital Rev. Bonds (Advent Health Obligated Group), Series 2021-B,
5.00% 11/15/2054 (put 11/15/2028) 500 542
Kentucky 0.66%
Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-1,
4.00% 8/1/2052 (put 8/1/2030) 500 485
Maryland 1.84%
County of Montgomery, Rev. Ref. Bonds (Dept. of Liquor Control), Series 2019-A,
4.00% 6/15/2037 750 785
Dept. of Transportation, Consolidated Transportation Bonds, Series 2021-A,
2.00% 10/1/2034 700 570
1,355
Massachusetts 0.71%
Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2019-B, AMT,
5.00% 7/1/2026 500 525
Michigan 1.42%
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2019-A,
5.00% 12/1/2041 500 522
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 6/1/2033 500 523
1,045
Minnesota 0.66%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-H, 3.00% 7/1/2052 500 484
Missouri 0.69%
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place
Homeownership Loan Program), Series 2020-C, 3.50% 11/1/2050 515 509
Nevada 3.24%
Dept. of Business and Industry, Solid Waste Disposal Rev. Bonds (Republic Services, Inc.
Project), Series 2001, AMT, 3.75% 12/1/2026 (put 6/1/2023)1 700 699
County of Clark, Limited Tax G.O. Park Improvement Bonds, Series 2018,
5.00% 12/1/2031 600 671
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement Bonds,
Series 2022-A, 4.00% 6/1/2035 500 519
City of North Las Vegas, Special Improvement Dist. No. 65 (Northern Beltway
Commercial Area), Local Improvement Bonds, Series 2017, 4.00% 12/1/20271 505 496
2,385
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 23
ETFTrust 23
ETF

New Jersey 4.25%

Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999,
AMT, 5.25% 9/15/2029 USD500 $ 498
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Hackensack Meridian Health Obligated
Group Issue), Series 2017-A, 5.00% 7/1/2032 500 541
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (RWJ Barnabas Health Obligated Group
Issue), Series 2016-A, 5.00% 7/1/2033 500 531
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2020-E,
3.50% 4/1/2051 500 493
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A,
5.00% 12/15/2027 500 539
Transportation Trust Fund Auth., Transportation System Bonds, Series 2018-A,
5.00% 12/15/2036 500 524
3,126
New York 9.85%

Build NYC Resource Corp., Rev. Bonds (East Harlem Scholars Academy Charter School
Project), Series 2022, 5.00% 6/1/20321 250 250
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)1 500 470
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds,
Series 2017-C-1, 5.00% 11/15/2028 805 836
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 10/1/2047 500 503
New York City G.O. Bonds, Series 2022-A-1, 5.00% 9/1/2034 500 577
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 750 743
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-E-1,
5.00% 2/1/2030 500 521
Port Auth., Consolidated Bonds, Series 178, AMT, 5.00% 12/1/2025 560 567
Thruway Auth., Personal Income Tax Rev. Bonds, Series 2021-A-1, 5.00% 3/15/2029 500 567
Transportation Dev. Corp., Special Fac. Rev. Bonds
(American Airlines, Inc. John F. Kennedy International Airport Project), Series 2021,
AMT, 2.25% 8/1/2026 500 462
Transportation Dev. Corp., Special Fac. Rev. Bonds
(Terminal Four John F. Kennedy International Airport Project), Series 2020-C,
5.00% 12/1/2034 500 531
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 500 506
Triborough Bridge and Tunnel Auth., Payroll Mobility Tax Green Bonds (MTA Bridges
and Tunnels), Series 2022-E-1, 5.00% 11/15/2027 650 717
7,250
North Carolina 1.41%

City of Charlotte, Charlotte Douglas International Airport, Airport Rev. Bonds,
Series 2019-B, AMT, 5.00% 7/1/2030 500 539
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 42, 4.00% 1/1/2050 500 501
1,040
Ohio 2.01%
Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-Backed Rev. Ref.
Bonds, Series 2020-B-2, 5.00% 6/1/2055 500 435
County of Cuyahoga, Metropolitan Housing Auth., Multifamily Housing Rev. Bonds
(Wade Park Apartments), Series 2022, 4.75% 12/1/2027 (put 12/1/2025) 460 473
County of Franklin, Hospital Facs. Rev. Ref. Bonds (Nationwide Children’s Hospital),
Series 2016-C, 5.00% 11/1/2031 500 573
1,481
24 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust

Pennsylvania 6.23%
City of Allentown, Neighborhood Improvement Zone Dev. Auth., Tax Rev. Bonds
(City Center Ref. Project), Series 2017, 5.00% 5/1/20421 USD500 $ 473
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Penndot Major Bridges Package
One Project), Series 2022, AMT, 5.00% 12/31/2030 700 750
Econ. Dev. Fncg. Auth., Private Activity Rev. Bonds (The Pennsylvania Rapid Bridge
Replacement Project), Series 2015, AMT, 5.00% 12/31/2034 500 506
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Republic Services, Inc. Project),
Series 2014, AMT, 2.60% 6/1/2044 (put 2022) 750 750
Higher Educational Facs. Auth., Health System Rev. Bonds (University of Pennsylvania
Health System), Series 2015, 5.00% 8/15/2026 500 528
Philadelphia School Dist., G.O. Bonds, Series 2019-A, National insured, 5.00% 9/1/2026 500 532
Turnpike Commission, Turnpike Rev. Bonds, Series 2019-A, 5.00% 12/1/2027 500 547
County of Westmoreland, Industrial Dev. Auth., Health System Rev. Bonds
(Excela Health Project), Series 2020-A, 4.00% 7/1/2026 500 504
4,590
Puerto Rico 2.95%

Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2021-B, 4.00% 7/1/20421 500 402
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 500 450
G.O. Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2033 500 435
G.O. Restructured Bonds, Series 2022-A-1, 4.00% 7/1/2037 500 410
Sales Tax Fncg. Corp., Sales Tax Rev. Restructured Bonds, Series 2018-A-1,
4.50% 7/1/2034 500 473
2,170
South Carolina 0.71%

Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-A,
5.00% 12/1/2029 500 526
Tennessee 1.69%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2A, AMT,
4.00% 1/1/2042 500 496
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2018,
4.00% 11/1/2049 750 745
1,241
Texas 6.43%
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2021-B, 5.00% 1/1/2032 500 553
County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 8/15/2030 500 554
Hays Consolidated Independent School Dist., Unlimited Tax School Building Bonds,
Series 2022, 5.00% 2/15/2035 635 718
Laredo Unified School Dist., Unlimited Tax School Building Bonds, Series 2018,
5.00% 8/1/2034 750 821
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2022,
Assured Guaranty Municipal insured, 5.00% 5/15/2026 500 536
North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2021-B,
4.00% 1/1/2036 500 506
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 500 550
Waco Education Fin. Corp., Rev. Bonds (Baylor University Issue), Series 2021,
4.00% 3/1/2040 500 498
4,736
Utah 0.73%
Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2018-A,
AMT, 5.00% 7/1/2028 500 535
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 25
ETFTrust 25
ETF

Vermont 0.66%
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 USD500 $ 487
Virgin Islands 0.70%

Matching Fund Special Purpose Securitization Corp., Matching Fund Securitization
Bonds, Series 2022-A, 5.00% 10/1/2026 500 514
Virginia 0.61%
County of Charles City, Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds
(Waste Management, Inc. Project), Series 2004-A, 2.875% 2/1/2029 500 452
Washington 4.20%
G.O. Bonds, Series 2020-A, 5.00% 8/1/2039 650 708
Health Care Facs. Auth., Rev. Bonds (Multicare Health System), Series 2015-B,
5.00% 8/15/2025 500 522
Housing Fin. Commission, Municipal Certs., Series 2021-1, 3.50% 12/20/2035 489 431
Housing Fin. Commission, Single Family Program Bonds, Series 2018-1-N,
4.00% 12/1/2048 470 471
County of King, Convention Center Public Facs. Dist., Lodging Tax Green Notes,
Series 2021, 4.00% 7/1/2031 500 458
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
3,090
West Virginia 0.68%

Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Arch Resources Project),
Series 2020, AMT, 5.00% 7/1/2045 (put 7/1/2025) 500 499
Wisconsin 2.70%
Public Fin. Auth., Project Rev. Bonds (CFP3 - Eastern Michigan University Student
Housing Project), Series 2022-A-1, BAM insured, 5.00% 7/1/2030 700 770
Public Fin. Auth., Retirement Community Rev. Bonds (Lifespace Communities, Inc.),
Series 2020-A, 4.00% 11/15/2041 500 494
Public Fin. Auth., Rev. Ref. Bonds (Celanese Corp.), Series 2016-C, AMT,
4.30% 11/1/2030 750 721
1,985

Municipals 6.66%
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs.
Rev. Bonds (Mayo Clinic), Series 2014-B, 3.50% 11/15/2052 400 400
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System
Obligated Group), Series 2008-B-4, 3.52% 1/1/2043 1,000 1,000
State of Michigan, Regents of the University of Michigan, General Rev.
Bonds, Series 2008-A, 3.50% 4/1/2038 2,000 2,000
State of Michigan, Strategic Fund, Demand Limited Obligation Rev.
Bonds (Air Products and Chemicals, Inc. Project), Series 2007,
3.56% 12/1/2042 1,500 1,500
4,900

Other assets less liabilities 7.36% 5,418
Net assets 100.00% $73,616
26 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
1
Agcy. = Agency Facs. = Facilities
AMT = Alternative Minimum Tax Fin. = Finance
Auth. = Authority Fncg. = Financing
Dept. = Department G.O. = General Obligation
Dev. = Development LIBOR = London Interbank Offered Rate
Dist. = District Redev. = Redevelopment
Econ. = Economic Ref. = Refunding
Fac. = Facility Rev. = Revenue
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 27
ETFTrust 27
ETF

U.S. Treasury bonds & notes .74%
liabilities 6.21%
U.S. Treasury and agency† .74%

AAA/Aaa 3.40
AA/Aa 10.89
A/A 15.00
BBB/Baa 22.45
†


Financials AerCap Ireland Capital DAC 3.85% 10/29/2041 USD535 $380
13.47% AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271 290 293
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271 125 112
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271 285 257
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)2 245 232
AmWINS Group, Inc. 4.875% 6/30/20291 195 166
Aretec Escrow Issuer, Inc. 7.50% 4/1/20291 180 149
AssuredPartners, Inc. 5.625% 1/15/20291 155 128
Bangkok Bank PCL 3.733% 9/25/2034
Coinbase Global, Inc. 3.625% 10/1/20311 125 60
Compass Diversified Holdings 5.25% 4/15/20291 435 373
Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)1,2 295 230
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)2 235 200
Discover Financial Services 6.70% 11/29/2032 60 61
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)2 380 295
HUB International, Ltd. 7.00% 5/1/20261 135 132
HUB International, Ltd. 5.625% 12/1/20291 105 92
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321 280 233
28 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
Capital Group U.S. Multi-Sector Income ETF (continued)


Financials JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)2 USD345 $ 320
(continued) JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)2 250 239
Kasikornbank PCL HK 3.343% 10/2/2031
LPL Holdings, Inc. 4.00% 3/15/20291 210 183
MSCI, Inc. 3.25% 8/15/20331 265 205
National Financial Partners Corp. 6.875% 8/15/20281 260 215
Navient Corp. 5.625% 8/1/2033 300 214
Oxford Finance, LLC 6.375% 2/1/20271 135 126
PNC Financial Services Group, Inc. 6.037% 10/28/2033
(USD-SOFR Index + 2.14% on 10/28/2032)2 63 66
Power Financial Corp., Ltd. 3.35% 5/16/2031 250 208
Ryan Specialty Group, LLC 4.375% 2/1/20301 160 139
State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)2 36 37
9,538
Energy Apache Corp. 5.25% 2/1/2042 175 144

10.25% Apache Corp. 5.35% 7/1/2049 100 81
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291 200 179
Bonanza Creek Energy, Inc. 5.00% 10/15/20261 153 140
BP Capital Markets America, Inc. 1.749% 8/10/2030 195 156
California Resources Corp. 7.125% 2/1/20261 165 159
Callon Petroleum Co. 7.50% 6/15/20301 130 119
Canadian Natural Resources, Ltd. 2.95% 7/15/2030 70 59
Cheniere Energy Partners, LP 3.25% 1/31/2032 245 195
Cheniere Energy, Inc. 4.625% 10/15/2028 185 168
Chevron Corp. 1.995% 5/11/2027 230 207
Comstock Resources, Inc. 5.875% 1/15/20301 205 177
Crestwood Midstream Partners, LP 8.00% 4/1/20291 75 75
Energy Transfer Partners, LP 6.25% 4/15/2049 234 219
EQM Midstream Partners, LP 4.75% 1/15/20311 370 303
EQT Corp. 3.625% 5/15/20311 80 68
Exxon Mobil Corp. 2.61% 10/15/2030 175 153
Exxon Mobil Corp. 3.452% 4/15/2051 325 246
Genesis Energy, LP 8.00% 1/15/2027 220 208
Harvest Midstream I, LP 7.50% 9/1/20281 100 96
Leviathan Bond, Ltd. 6.75% 6/30/20301 155 147
MPLX, LP 4.95% 9/1/2032 270 254
MPLX, LP 4.95% 3/14/2052 165 136
New Fortress Energy, Inc. 6.50% 9/30/20261 270 251
NGL Energy Operating, LLC 7.50% 2/1/20261 275 245
NGL Energy Partners, LP 7.50% 11/1/2023 65 63
Northern Oil and Gas, Inc. 8.125% 3/1/20281 222 213
Range Resources Corp. 4.75% 2/15/20301 215 190
Southwestern Energy Co. 4.75% 2/1/2032 350 300
Sunoco, LP 4.50% 5/15/2029 205 180
Total Capital International 3.13% 5/29/2050 135 96
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 29
ETFTrust 29
ETF


Energy Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311 USD100 $ 85
(continued) Western Gas Partners, LP 4.50% 3/1/2028 155 143
Williams Companies, Inc. 4.65% 8/15/2032 175 163
7,256
Communication AT&T, Inc. 2.25% 2/1/2032 165 130

services AT&T, Inc. 3.50% 9/15/2053 180 122
8.42% AT&T, Inc. 3.55% 9/15/2055 190 128
CCO Holdings, LLC 4.50% 6/1/20331 250 192
CCO Holdings, LLC 4.25% 1/15/20341 525 388
Charter Communications Operating, LLC 2.30% 2/1/2032 135 100
Charter Communications Operating, LLC 3.70% 4/1/2051 375 229
Comcast Corp. 1.50% 2/15/2031 215 168
DISH Network Corp. 11.75% 11/15/20271 245 253
Frontier Communications Corp. 5.00% 5/1/20281 220 192
Gray Escrow II, Inc. 5.375% 11/15/20311 223 161
Lamar Media Corp. 3.625% 1/15/2031 230 190
Netflix, Inc. 4.875% 4/15/2028 315 305
Netflix, Inc. 5.875% 11/15/2028 120 122
Netflix, Inc. 5.375% 11/15/20291 90 87
News Corp. 3.875% 5/15/20291 320 278
Nexstar Escrow Corp. 5.625% 7/15/20271 155 143
Sprint Corp. 6.875% 11/15/2028 195 203
Tencent Holdings, Ltd. 3.24% 6/3/2050 200 127
T-Mobile US, Inc. 2.55% 2/15/2031 350 287
T-Mobile US, Inc. 3.40% 10/15/2052 130 88
Univision Communications, Inc. 4.50% 5/1/20291 370 310
Warner Music Group 3.875% 7/15/20301 140 121
5,963
Consumer Allied Universal Holdco, LLC 4.625% 6/1/20281 320 265

8.00% Asbury Automotive Group, Inc. 4.625% 11/15/20291 180 152
Bath & Body Works, Inc. 6.875% 11/1/2035 230 205
Boyd Gaming Corp. 4.75% 12/1/2027 145 135
Boyne USA, Inc. 4.75% 5/15/20291 175 155
Caesars Entertainment, Inc. 4.625% 10/15/20291 190 155
Caesars Resort Collection, LLC 5.75% 7/1/20251 105 103
CDI Escrow Issuer, Inc. 5.75% 4/1/20301 195 175
Cedar Fair, LP 5.50% 5/1/20251 100 99
First Student Bidco, Inc. 4.00% 7/31/20291 210 174
Ford Motor Co. 6.10% 8/19/2032 175 162
Hanesbrands, Inc. 4.875% 5/15/20261 225 201
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20311 225 189
Home Depot, Inc. 2.375% 3/15/2051 130 78
International Game Technology PLC 5.25% 1/15/20291 230 215
McDonald’s Corp. 4.60% 9/9/2032 190 186
30 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust


Consumer McDonald’s Corp. 5.15% 9/9/2052 USD125 $ 121
discretionary Mohegan Gaming & Entertainment 8.00% 2/1/20261 96 90
(continued) Party City Holdings, Inc. 8.75% 2/15/20261 230 67
Sands China, Ltd. 3.75% 8/8/20312 200 158
Scientific Games Holdings, LP 6.625% 3/1/20301 240 203
Sonic Automotive, Inc. 4.625% 11/15/20291 229 184
Stellantis Finance US, Inc. 2.691% 9/15/20311 305 233
Vail Resorts, Inc. 6.25% 5/15/20251 90 90
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261 235 222
Wheel Pros, Inc. 6.50% 5/15/20291 100 35
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 8.825% 5/11/20283,4 100 68
Wyndham Worldwide Corp. 4.375% 8/15/20281 105 94
Wynn Las Vegas, LLC 4.25% 5/30/20231 125 123
Wynn Resorts Finance, LLC 5.125% 10/1/20291 120 103
5,665
Health care AmerisourceBergen Corp. 2.70% 3/15/2031 160 133

6.43% Amgen, Inc. 4.20% 3/1/2033 260 241
Amgen, Inc. 3.00% 1/15/2052 200 129
Avantor Funding, Inc. 3.875% 11/1/20291 275 231
Catalent Pharma Solutions, Inc. 3.125% 2/15/20291 27 22
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301 260 206
Centene Corp. 2.45% 7/15/2028 240 203
Centene Corp. 2.50% 3/1/2031 495 388
Charles River Laboratories International, Inc. 3.75% 3/15/20291 160 142
HCA, Inc. 2.375% 7/15/2031 150 117
HealthEquity, Inc. 4.50% 10/1/20291 100 88
Molina Healthcare, Inc. 3.875% 5/15/20321 235 195
Mozart Debt Merger Sub, Inc. 5.25% 10/1/20291 205 163
Radiology Partners, Inc. 9.25% 2/1/20281 125 70
Surgery Center Holdings 10.00% 4/15/20271 29 30
Thermo Fisher Scientific, Inc. 4.95% 11/21/2032 51 52
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20251 200 170
Zoetis, Inc. 5.60% 11/16/2032 50 52
4,552
Industrials Allegiant Travel Co. 7.25% 8/15/20271 125 119

6.28% Ashtead Capital, Inc. 5.50% 8/11/20321 200 192
Boeing Company 3.625% 2/1/2031 200 176
Boeing Company 5.705% 5/1/2040 80 77
Boeing Company 5.805% 5/1/2050 205 191
Bombardier, Inc. 7.125% 6/15/20261 130 126
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 31
ETFTrust 31
ETF


Industrials Bombardier, Inc. 7.875% 4/15/20271 USD215 $ 209
(continued) Burlington Northern Santa Fe, LLC 2.875% 6/15/2052 225 151
BWX Technologies, Inc. 4.125% 4/15/20291 150 131
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 200 135
Clarivate Science Holdings Corp. 3.875% 7/1/20281 140 121
CoreLogic, Inc. 4.50% 5/1/20281 140 108
CSX Corp. 2.50% 5/15/2051 220 135
Dun & Bradstreet Corp. 5.00% 12/15/20291 130 111
Eaton Corp. 4.15% 3/15/2033 95 89
Harsco Corp. 5.75% 7/31/20271 155 123
Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 95 92
Norfolk Southern Corp. 3.05% 5/15/2050 175 118
Republic Services, Inc. 1.45% 2/15/2031 150 116
Sensata Technologies Holding BV 4.00% 4/15/20291 225 194
Stericycle, Inc. 3.875% 1/15/20291 175 153
TransDigm, Inc. 6.25% 3/15/20261 135 133
TransDigm, Inc. 4.625% 1/15/2029 100 88
Triumph Group, Inc. 6.25% 9/15/20241 95 90
Uber Technologies, Inc. 8.00% 11/1/20261 155 156
United Rentals, Inc. 5.25% 1/15/2030 160 151
WESCO Distribution, Inc. 7.25% 6/15/20281 90 91
4,448
Utilities Alabama Power Co. 3.94% 9/1/2032 120 111

5.26% CenterPoint Energy, Inc. 2.90% 7/1/2050 240 163
DTE Electric Co. 2.625% 3/1/2031 215 183
Duke Energy Carolinas, LLC 2.45% 8/15/2029 75 65
Duke Energy Corp. 5.00% 8/15/2052 70 63
Duke Energy Florida, LLC 5.95% 11/15/2052 175 187
FirstEnergy Corp. 2.65% 3/1/2030 195 159
FirstEnergy Transmission, LLC 4.35% 1/15/20251 150 146
NextEra Energy Capital Holdings, Inc. 2.25% 6/1/2030 130 107
PG&E Corp. 5.25% 7/1/2030 155 141
Southern California Edison Co. 4.70% 6/1/2027 80 78
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291 180 158
Xcel Energy, Inc. 3.40% 6/1/2030 230 206
3,727
32 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust


Consumer 7-Eleven, Inc. 1.80% 2/10/20311 USD180 $ 138
staples 7-Eleven, Inc. 2.80% 2/10/20511 70 43
5.19% Altria Group, Inc. 3.70% 2/4/2051 560 353
Anheuser-Busch InBev NV 5.55% 1/23/2049 150 149
Anheuser-Busch InBev NV 4.50% 6/1/2050 250 220
B&G Foods, Inc. 5.25% 4/1/2025 220 193
Central Garden & Pet Co. 4.125% 4/30/20311 205 170
Darling Ingredients, Inc. 6.00% 6/15/20301 175 171
Ingles Markets, Inc. 4.00% 6/15/20311 60 51
Kraft Heinz Company 4.375% 6/1/2046 100 82
Kroger Co. 3.95% 1/15/2050 110 86
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271 230 190
Performance Food Group, Inc. 4.25% 8/1/20291 245 213
Post Holdings, Inc. 4.625% 4/15/20301 335 290
Prestige Brands International, Inc. 3.75% 4/1/20311 170 140
Simmons Foods, Inc. 4.625% 3/1/20291 220 179
3,678
Materials Allegheny Technologies, Inc. 4.875% 10/1/2029 155 137

5.07% Axalta Coating Systems, LLC 4.75% 6/15/20271 150 139
Ball Corp. 6.875% 3/15/2028 325 334
Braskem Idesa SAPI 6.99% 2/20/2032 250 179
CAN-PACK SA 3.875% 11/15/20291 200 158
Celanese US Holdings, LLC 6.379% 7/15/2032 85 81
Element Solutions, Inc. 3.875% 9/1/20281 155 132
First Quantum Minerals, Ltd. 6.875% 10/15/20271 250 235
FXI Holdings, Inc. 12.25% 11/15/20261 230 191
Methanex Corp. 5.125% 10/15/2027 80 74
Mineral Resources, Ltd. 8.50% 5/1/20301 135 137
Nova Chemicals Corp. 4.25% 5/15/20291 55 45
Novelis Corp. 3.875% 8/15/20311 155 127
Nutrien, Ltd. 5.90% 11/7/2024 42 43
Scotts Miracle-Gro Co. 4.375% 2/1/2032 145 109
Sealed Air Corp. 4.00% 12/1/20271 100 91
Sherwin-Williams Company 2.90% 3/15/2052 225 141
Summit Materials, LLC 5.25% 1/15/20291 100 93
Valvoline, Inc. 3.625% 6/15/20311 210 173
Venator Finance SARL 9.50% 7/1/20251 95 69
Warrior Met Coal, Inc. 7.875% 12/1/20281 195 192
Yara International ASA 7.378% 11/14/20321 206 215
3,587
Information Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/20243,4 35 31
technology Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/20253,4 50 38
4.09% Analog Devices, Inc. 2.10% 10/1/2031 285 231
Apple, Inc. 3.35% 8/8/2032 150 137
Apple, Inc. 2.40% 8/20/2050 100 63
Apple, Inc. 2.65% 2/8/2051 265 176
Block, Inc. 3.50% 6/1/2031 125 100
Booz Allen Hamilton, Inc. 4.00% 7/1/20291 165 145
Broadcom, Inc. 2.60% 2/15/20331 215 162
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 33
ETFTrust 33
ETF


Information Broadcom, Inc. 4.926% 5/15/20371 USD275 $ 241
technology CDK Global, Inc. 7.25% 6/15/20291 130 127
(continued) Diebold Nixdorf, Inc. 9.375% 7/15/20251 51 36
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/20243,4 EUR25 23
Gartner, Inc. 3.75% 10/1/20301 USD125 108
Mastercard, Inc. 1.90% 3/15/2031 200 163
MoneyGram International, Inc. 5.375% 8/1/20261 180 183
PayPal Holdings, Inc. 4.40% 6/1/2032 100 94
PayPal Holdings, Inc. 5.05% 6/1/2052 210 191
Sabre GLBL, Inc. 11.25% 12/15/20271 100 103
salesforce.com, inc. 2.90% 7/15/2051 270 178
ServiceNow, Inc. 1.40% 9/1/2030 245 188
Tibco Software Inc, Term Loan A,
2,896

2.60% Anywhere Real Estate Group, LLC 5.25% 4/15/20301 185 135
Equinix, Inc. 2.50% 5/15/2031 245 197
Howard Hughes Corp. 4.375% 2/1/20311 190 154
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291 140 113
Medical Properties Trust, Inc. 3.50% 3/15/2031 235 162
Park Intermediate Holdings, LLC 4.875% 5/15/20291 240 204
WeWork Companies, LLC 5.00% 7/10/20251 125 42
1,841

Commercial 3650R Commercial Mortgage Trust, Series 2022-PF2, Class B, 5.289% 11/15/20555 634 561
mortgage-backed Bank Commercial Mortgage Trust, Series 2022-BNK44, Class B, 5.746% 11/15/20325 556 524
securities Bank Commercial Mortgage Trust, Series 2022-BNK44, Class C, 5.746% 11/15/20325 500 410
8.25% Barclays Commercial Mortgage Securities, LLC, Series 2022-C18, Class C,
6.148% 12/15/20555 508 438
BX Trust, Series 2022-PSB, Class C,
BX Trust, Series 2020-VIV4, Class A, 2.843% 3/9/20441,5 500 406
Great Wolf Trust, Series 2019-WOLF, Class A,
(1-month USD-LIBOR + 1.034%) 5.352% 12/15/20361,5 243 236
Multifamily Connecticut Avenue Securities, Series 2020-1, Class M10,
(1-month USD-LIBOR + 3.75%) 8.139% 3/25/20501,5 1,360 1,261
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class B, 4.633% 8/15/20515 967 854
5,842
34 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust


Collateralized Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2,
mortgage-backed (1-month USD-LIBOR + 1.85%) 6.239% 2/25/20501,5 USD429 $ 428
obligations (privately Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1,
originated) (1-month USD-LIBOR + 6.00%) 10.389% 8/25/20501,5 389 415
1.19%
843

Avis Budget Rental Car Funding AESOP, LLC, Series 2022-5, Class B, 7.09% 4/20/20271,5 553 551
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,5 681 609
Drive Auto Receivables Trust, Series 2021-3, Class B, 1.11% 5/15/20265 500 486
Exeter Automobile Receivables Trust, Series 2019-3, Class E, 4.00% 8/17/20261,5 810 775
Mission Lane Credit Card Master Trust, Series 2022-B, Class C, 12.09% 1/15/20285,6 1,000 1,000
PPM CLO, Ltd., Series 2022-6, Class B,
Stratus CLO, Series 2022-3, Class B,
6,055

U.S. Treasury U.S. Treasury 2.75% 8/15/2032 200 182
0.74% U.S. Treasury 3.375% 8/15/2042 385 344
526
Weighted
average yield
Short-term securities 4.18% at acquisition
Federal agency bills and notes 2.47%

Federal Home Loan Bank 1/3/2023 3.956% 350 350
Federal Home Loan Bank 1/10/2023 3.935 700 699
1,749
Commercial paper 1.68%

Proctor & Gamble 2/21/20231 4.360 1,200 1,192
Shares

Capital Group Central Cash Fund 4.31%7,8 206 20

Other assets less liabilities 2.03% 1,437
Net assets 100.00% $70,815
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 35
ETFTrust 35
ETF
Swap contracts
Interest rate swaps

Upfront Unrealized
Receive Pay
4.446% Annual SOFR Annual 1/4/2025 USD7,800 $ — $— $ —

3.7505% Annual SOFR Annual 1/4/2028 4,900 — — —
SOFR Annual 3.5145% Annual 1/3/2033 9,700 34 — 34
3.4645% Annual SOFR Annual 1/4/2043 800 — — —
SOFR Annual 3.167 Annual 1/3/2053 3,900 33 — 33
$67 $— $67
Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection
Upfront Unrealized
Financing Payment Reference Expiration amount 12/31/2022 paid at 12/31/2022
rate received frequency index date (000) (000) (000) (000)
5.00% Quarterly CDX.NA.HY.38 6/20/2027 $1,485 $31 $11 $20

10/25/20229 Additions Reductions gain appreciation 12/31/2022 income
(000) (000) (000) (000) (000) (000) (000)

Capital Group Central Cash Fund 4.31%7 $— $28,822 $28,803 $1 $—10 $20 $28
1
2
3
Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $338,000, which
represented 0.47% of the net assets of the fund.
4
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.
5
6
Value determined using significant unobservable inputs.
7
8
9
10
CDI = CREST Depository Interest EURIBOR = Euro Interbank Offered Rate
CLO = Collateralized Loan Obligations LIBOR = London Interbank Offered Rate
CME = CME Group SOFR = Secured Overnight Financing Rate
DAC = Designated Activity Company USD = U.S. dollars
EUR = Euros
36 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust

U.S. Treasury bonds & notes .20%
liabilities 4.49%
U.S. Treasury and agency† .20%

AAA/Aaa 39.73
AA/Aa 13.73
A/A 20.71
BBB/Baa 21.14
†


Financials ACE INA Holdings Inc. 3.35% 5/15/2024 USD50 $ 49
15.01% AerCap Ireland Capital DAC 1.75% 10/29/2024 395 363
Allstate Corp. 0.75% 12/15/2025 195 173
Aon Global, Ltd. 3.875% 12/15/2025 99 97
Australia & New Zealand Banking Group, Ltd. 5.088% 12/8/2025 415 417
Bank of New York Mellon Corp.,
4.414% 7/24/2026 (USD-SOFR + 1.345% on 7/24/2025)1 100 99
Berkshire Hathaway, Inc. 3.125% 3/15/2026 50 48
BNP Paribas 3.375% 1/9/20252 200 193
Capital One Financial Corp. 3.75% 4/24/2024 5 5
Citigroup, Inc. 3.30% 4/27/2025 50 48
Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)1 1,020 956
Credit Suisse AG (New York Branch) 0.495% 2/2/2024 315 291
Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)1 150 145
Goldman Sachs Group, Inc. 5.70% 11/1/2024 70 71
Goldman Sachs Group, Inc. 3.50% 4/1/2025 405 390
Groupe BPCE SA 1.625% 1/14/20252 250 233
JPMorgan Chase & Co.
0.653% 9/16/2024 (3-month USD CME Term SOFR + 0.60% on 9/16/2023)1 965 931
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 37
ETFTrust 37
ETF
Capital Group Short Duration Income ETF (continued)


Financials JPMorgan Chase & Co. 0.824% 6/1/2025 (USD-SOFR + 0.54% on 6/1/2024)1 USD375 $ 350
(continued) JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)1 250 232
Lloyds Banking Group PLC 3.87% 7/9/2025
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024 590 582
Metropolitan Life Global Funding I 3.60% 1/11/20242 240 236
Morgan Stanley, Series F, 3.875% 4/29/2024 75 74
New York Life Global Funding 0.95% 6/24/20252 265 240
PNC Financial Services Group, Inc.
5.671% 10/28/2025 (USD-SOFR + 1.09% on 10/28/2024)1 230 233
PRICOA Global Funding I 1.15% 12/6/20242 458 424
State Street Corp. 5.82% 11/4/2028 (USD-SOFR + 1.715% on 11/4/2027)1 7 7
U.S. Bancorp 1.45% 5/12/2025 588 546
Wells Fargo & Company
2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)1 200 189
Westpac Banking Corp. 3.735% 8/26/2025 125 122
Willis North America, Inc. 3.60% 5/15/2024 464 452
13,425
Health care AbbVie, Inc. 2.60% 11/21/2024 820 785

5.51% AmerisourceBergen Corp. 3.25% 3/1/2025 210 202
Amgen, Inc. 3.625% 5/22/2024 65 64
Amgen, Inc. 1.90% 2/21/2025 340 319
Anthem, Inc. 2.375% 1/15/2025 85 81
AstraZeneca Finance, LLC 0.70% 5/28/2024 70 66
Boston Scientific Corp. 3.45% 3/1/2024 40 39
Boston Scientific Corp. 1.90% 6/1/2025 85 79
Bristol-Myers Squibb Company 2.90% 7/26/2024 25 24
CVS Health Corp. 2.625% 8/15/2024 325 312
DH Europe Finance II SARL 2.20% 11/15/2024 30 29
Elevance Health, Inc. 3.35% 12/1/2024 145 141
Eli Lilly and Company 2.75% 6/1/2025 205 196
Gilead Sciences, Inc. 3.70% 4/1/2024 160 157
HCA, Inc. 5.375% 2/1/2025 535 535
Humana, Inc. 3.85% 10/1/2024 340 333
Johnson & Johnson 0.55% 9/1/2025 180 163
Laboratory Corporation of America Holdings 3.60% 2/1/2025 270 262
Merck & Co., Inc. 2.75% 2/10/2025 125 120
Novartis Capital Corp. 3.40% 5/6/2024 55 54
Roche Holdings, Inc. 2.314% 3/10/20272 200 182
Thermo Fisher Scientific, Inc. 1.215% 10/18/2024 185 174
Zoetis, Inc. 5.40% 11/14/2025 25 25
4,934
38 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust


Communication AT&T, Inc. 0.90% 3/25/2024 USD780 $ 741
services CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2/1/2024 220 217
4.83% Charter Communications Operating, LLC 4.908% 7/23/2025 435 427
Comcast Corp. 3.70% 4/15/2024 250 246
Comcast Corp. 3.375% 2/15/2025 280 272
Comcast Corp. 5.25% 11/7/2025 150 152
Netflix, Inc. 5.875% 2/15/2025 500 507
T-Mobile US, Inc. 3.50% 4/15/2025 675 650
Verizon Communications Inc. 3.50% 11/1/2024 195 190
4,321
Utilities Alabama Power Co. 3.55% 12/1/2023 65 64

4.81% CenterPoint Energy, Inc. 2.40% 9/1/2026 65 60
DTE Electric Co. 3.65% 3/15/2024 470 462
Duke Energy Corp. 5.00% 12/8/2025 125 125
Jersey Central Power & Light Co. 4.70% 4/1/20242 310 306
Jersey Central Power & Light Co. 4.30% 1/15/20262 190 184
NiSource, Inc. 0.95% 8/15/2025 130 117
Public Service Electric and Gas Co. 3.25% 9/1/2023 95 94
Public Service Electric and Gas Co. 3.00% 5/15/2025 140 134
Southwestern Public Service Co. 3.30% 6/15/2024 130 127
4,307
Consumer 7-Eleven, Inc. 0.80% 2/10/20242 395 376

staples Altria Group, Inc. 2.35% 5/6/2025 45 42
3.97% British American Tobacco PLC 3.222% 8/15/2024 135 130
General Mills, Inc. 5.241% 11/18/2025 60 60
Mondelez International, Inc. 1.50% 5/4/2025 255 236
Nestle Holdings, Inc. 4.00% 9/12/20252 205 202
PepsiCo, Inc. 2.75% 4/30/2025 265 254
Procter & Gamble Company 0.55% 10/29/2025 340 305
Reynolds American, Inc. 4.45% 6/12/2025 400 392
Wal-Mart Stores, Inc. 3.90% 9/9/2025 30 30
3,548
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 39
ETFTrust 39
ETF


Industrials Boeing Company 2.80% 3/1/2024 USD125 $ 121
3.87% Boeing Company 4.875% 5/1/2025 565 561
Boeing Company 2.196% 2/4/2026 125 114
Burlington Northern Santa Fe, LLC 3.40% 9/1/2024 125 122
Canadian Pacific Railway, Ltd. 1.35% 12/2/2024 405 378
Carrier Global Corp. 2.242% 2/15/2025 270 255
CSX Corp. 3.40% 8/1/2024 300 293
Eaton Corp. 6.50% 6/1/2025 65 67
General Dynamics Corp. 3.25% 4/1/2025 95 92
Honeywell International, Inc. 1.35% 6/1/2025 280 259
Norfolk Southern Corp. 3.85% 1/15/2024 50 49
Northrop Grumman Corp. 2.93% 1/15/2025 325 312
United Technologies Corp. 3.95% 8/16/2025 415 406
3,461
Information Adobe, Inc. 1.90% 2/1/2025 65 61

technology Analog Devices, Inc. 2.95% 4/1/2025 160 154
3.23% Apple, Inc. 2.50% 2/9/2025 125 120
Apple, Inc. 0.55% 8/20/2025 415 375
Broadcom Corp. 3.625% 1/15/2024 155 152
Broadcom Corp. 3.125% 1/15/2025 165 159
Broadcom, Inc. 3.625% 10/15/2024 202 197
Broadcom, Inc. 3.15% 11/15/2025 180 171
Global Payments, Inc. 1.50% 11/15/2024 65 60
Global Payments, Inc. 2.65% 2/15/2025 265 250
Mastercard, Inc. 3.375% 4/1/2024 100 98
Microsoft Corp. 2.875% 2/6/2024 45 44
Microsoft Corp. 2.70% 2/12/2025 360 346
Oracle Corp. 2.40% 9/15/2023 125 123
Oracle Corp. 3.40% 7/8/2024 115 112
Oracle Corp. 2.50% 4/1/2025 385 363
salesforce.com, inc. 0.625% 7/15/2024 5 5
Visa, Inc. 3.15% 12/14/2025 105 101
2,891
Energy Baker Hughes Holdings, LLC 1.231% 12/15/2023 50 48

2.88% BP Capital Markets America, Inc. 3.796% 9/21/2025 55 54
Chevron Corp. 2.895% 3/3/2024 45 44
Chevron USA, Inc. 0.687% 8/12/2025 345 312
ConocoPhillips Co. 2.125% 3/8/2024 200 193
Continental Resources, Inc. 3.80% 6/1/2024 70 68
Energy Transfer Operating, LP 5.875% 1/15/2024 125 125
Energy Transfer, LP 3.90% 5/15/2024 325 317
EQT Corp. 6.125% 2/1/20251 75 75
Exxon Mobil Corp. 2.0019% 8/16/2024 130 125
Exxon Mobil Corp. 2.992% 3/19/2025 330 318
MPLX LP 4.875% 12/1/2024 185 184
ONEOK, Inc. 2.75% 9/1/2024 65 62
2,576
40 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust


Consumer Amazon.com, Inc. 0.80% 6/3/2025 USD210 $ 192
2.84% Bayerische Motoren Werke AG 3.80% 4/6/20232 65 65
Bayerische Motoren Werke AG 3.90% 4/9/20252 205 201
Home Depot, Inc. 3.75% 2/15/2024 125 124
Home Depot, Inc. 2.70% 4/15/2025 45 43
Home Depot, Inc. 4.00% 9/15/2025 60 59
Hyundai Capital America 1.80% 10/15/20252 65 58
McDonald’s Corp. 3.50% 7/1/2027 100 95
Mercedes-Benz Finance North America, LLC 5.50% 11/27/20242 150 151
Toyota Motor Credit Corp. 0.50% 6/18/2024 525 493
2,539

1.85% Corporate Office Properties, LP 2.25% 3/15/2026 65 57
Equinix, Inc. 2.625% 11/18/2024 185 176
Equinix, Inc. 1.00% 9/15/2025 374 335
Public Storage 0.875% 2/15/2026 90 80
Scentre Group 3.50% 2/12/20252 315 302
1,654
Materials Anglo American Capital PLC 3.625% 9/11/20242 205 198

0.97% Dow Chemical Co. 4.55% 11/30/2025 65 65
Glencore Funding, LLC 1.625% 4/27/20262 65 57
Linde, Inc. 4.70% 12/5/2025 40 40
LYB International Finance III, LLC 1.25% 10/1/2025 85 76
Nutrien, Ltd. 5.95% 11/7/2025 29 30
Sherwin-Williams Company 4.05% 8/8/2024 155 153
871

Federal agency Uniform Mortgage-Backed Security 5.00% 3/1/20533,4 6,500 6,401
mortgage-backed Uniform Mortgage-Backed Security 6.00% 3/1/20533,4 6,500 6,585
obligations
12,986
14.52%
Commercial BX Commercial Mortgage Trust 2019-XL, Class A,

mortgage-backed (1-month USD-LIBOR + 0.92%) 5.370% 10/15/20362,3 151 149
securities BX Trust, Series 2021-VOLT, Class B,
13.46% (1-month USD-LIBOR + 0.95%) 5.268% 9/15/20362,3 189 179
BX Trust, Series 2022-PSB, Class C,
Citigroup Commercial Mortgage Trust, Series 2013-CG15, Class A4, 4.371% 9/10/20463 830 822
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-CR20, Class A4, 3.59% 11/10/20473 500 482
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/20503 445 427
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 41
ETFTrust 41
ETF


Commercial GS Mortgage Securities Trust, Series 2018-HULA, Class A, 5.238% 7/15/20252,3 USD457 $ 446
mortgage-backed GS Mortgage Securities Trust, Series 2014-GC24, Class A5, 3.931% 9/10/20473 808 781
securities ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (1-month USD CME Term
(continued) SOFR + 2.245%) 6.581% 10/15/20392,3 200 200
INTOWN Mortgage Trust, Series 2022-STAY, Class A,
(1-month USD CME Term SOFR + 2.489%) 6.283% 8/15/20393 200 199
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class A4,
4.166% 12/15/20463 395 389
LUXE Commercial Mortgage Trust, Series 21-TRIP, Class C,
(1-month USD-LIBOR + 1.75%) 6.068% 10/15/20382,3 250 233
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A4,
4.198% 8/15/20463 200 197
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A-4,
4.039% 11/15/20463 200 196
3.741% 8/15/20473 880 853
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class AS,
4.110% 10/15/20473 592 565
3.338% 3/15/20483 200 190
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class A-4,
3.372% 10/15/20483 305 289
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/20483 550 505
Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class A5,
3.451% 2/15/20483 755 719
Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A5,
3.817% 8/15/20503 500 486
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS-2, Class A-5,
3.767% 7/15/20583 715 681
Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4,
3.426% 3/15/20593 541 508
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class A5, 4.101% 3/15/20473 520 509
WF-RBS Commercial Mortgage Trust, Series 2014-C19, Class B, 4.723% 3/15/20473 615 588
WF-RBS Commercial Mortgage Trust, Series 2014-C22, Class A4, 3.488% 9/15/20573 297 287
12,045
Collateralized BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/20592,3 122 115
mortgage-backed CIM Trust, Series 2018-R3, Class A1, 5.00% 12/25/20572,3 120 117
obligations (privately Connecticut Avenue Securities, Series 2014-C04, Class 1M2,
originated) (1-month USD-LIBOR + 4.90%) 9.289% 11/25/20243 197 202
5.13% Connecticut Avenue Securities, Series 2016-C02, Class 1M2,
(1-month USD-LIBOR + 6.00%) 10.389% 9/25/20283 185 192
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3,
(1-month USD-LIBOR + 3.30%) 7.689% 10/25/20273 113 114
(1-month USD-LIBOR + 4.70%) 9.089% 4/25/20283 96 100
(1-month USD-LIBOR + 5.55%) 9.939% 7/25/20283 278 291
(1-month USD-LIBOR + 5.00%) 9.389% 12/25/20283 212 219
(30-day Average USD-SOFR + 2.20%) 6.128% 5/25/20422,3 246 245
(30-day Average USD-SOFR + 2.95%) 6.878% 6/25/20422,3 62 63
(1-month USD-LIBOR + 1.85%) 6.239% 2/25/20502,3 245 245
Imperial Fund, LLC, Series 2022-NQM7, Class A1,
7.369% 11/25/2067 (8.369% on 11/25/2026)1,2,3 349 359
Mill City Mortgage Trust, Series 2019-GS2, Class A1, 2.750% 8/25/20592,3 441 414
42 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust


Collateralized Mill City Mortgage Trust, Series 2019-1, Class A1, 3.250% 10/25/20692,3 USD194 $ 184
mortgage-backed New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.750% 7/25/20592,3 51 48
obligations (privately NewRez Warehouse Securitization Trust, Series 2021-1, Class B,
originated) (1-month USD-LIBOR + 0.90%) 5.289% 5/25/20552,3 500 491
(continued) Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.750% 10/25/20562,3 145 143
Towd Point Mortgage Trust, Series 2017-2, Class A4, 3.316% 4/25/20572,3 341 328
4,586

Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 2/20/20272,3 350 318
American Credit Acceptance Receivables Trust, Series 2022-4, Class A,
6.20% 5/13/20262,3 154 154
American Express Credit Account Master Trust, Series 2022-4, Class A,
4.95% 10/15/20273 171 172
Avis Budget Rental Car Funding AESOP, LLC, Series 2022-5, Class A, 6.12% 4/20/20272,3 118 118
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/20283 238 241
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/20273 181 183
CarMaxAuto Owner Trust, Series 2022-4, Class A2A, 5.34% 12/15/20253 145 145
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,3 454 406
CPS Auto Receivables Trust, Series 2021-B, Class C, 1.23% 3/15/20272,3 520 505
Discover Card Execution Note Trust, Series 2022-4, Class A, 5.03% 10/15/20273 176 178
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 7/15/20253 10 10
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/20262,3 400 387
DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/20272,3 200 196
Dryden Senior Loan Fund, CLO, Series 2018-57, Class A,
(3-month USD-LIBOR + 1.01%) 5.616% 5/15/20312,3 300 296
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/20292,3 230 231
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20253 44 44
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/20263 561 539
Exeter Automobile Receivables Trust, Series 2022-6, Class B, 6.03% 8/16/20273 77 77
Exeter Automobile Receivables Trust, Series 2022-6, Class C, 6.32% 5/15/20283 193 193
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.968% 10/19/20372,3 325 285
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/20262,3 196 197
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20402,3 226 201
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20412,3 257 223
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20352,3 135 138
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20252,3 200 185
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/20262,3 350 322
Madison Park Funding, Ltd., CLO, Series 2021-50A, Class A,
(3-month USD-LIBOR + 1.14%) 5.367% 4/19/20342,3 300 293
Neuberger Berman CLO, Ltd., Series 2017-25, Class AR,
(3-month USD-LIBOR + 0.93%) 5.124% 10/18/20292,3 500 494
Palmer Square Loan Funding, CLO, Series 2021-3, Class A1,
(3-month USD-LIBOR + 0.80%) 5.043% 7/20/20292,3 304 300
Palmer Square, Ltd., Series 2013-2A, Class A1A3,
(3-month USD-LIBOR + 1.00%) 5.079% 10/17/20312,3 250 246
PPM CLO, Ltd., Series 2022-6, Class A,
RRAM, CLO, Series 2018-3, Class A1R2,
(3-month USD-LIBOR + 1.09%) 5.169% 1/15/20302,3 300 297
Santander Drive Auto Receivables Trust, Series 2022-7, Class A3, 5.75% 4/15/20273 84 85
Santander Drive Auto Receivables Trust, Series 2022-7, Class B, 5.95% 1/17/20283 33 33
Sound Point CLO, Ltd., Series 2013-3R, Class A,
(3-month USD-LIBOR + 1.15%) 5.344% 4/18/20312,3 300 293
Stratus Static CLO, Ltd., Series 2021-2, Class A,
(3-month USD-LIBOR + 0.90%) 5.143% 12/28/20292,3 267 263
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 43
ETFTrust 43
ETF

Asset-backed obligations (continued)

Stratus Static CLO, Ltd., Series 2022-3, Class A,
(3-month USD CME Term SOFR + 2.15%) 6.678% 10/20/20312,3 USD250 $ 250
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20452,3 382 336
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20462,3 282 240
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20312,3 250 241
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20452,3 404 347
Verizon Master Trust, Series 2022-7, Class A1A,
5.23% 11/22/2027 (5.98% on 11/20/2024)1,3 339 341
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/20262,3 140 140
Wind River CLO, Ltd., Series 2014-2, Class AR,
(3-month USD-LIBOR + 1.14%) 5.219% 1/15/20312,3 300 294
11,121

U.S. Treasury U.S. Treasury 4.50% 11/30/20245 180 180
0.20%
Short-term securities 14.70% Shares

Capital Group Central Cash Fund 4.31%6,7 131,478 13,146

Other assets less liabilities (10.21)% (9,133)
Net assets 100.00% $89,458
Swap contracts
Interest rate swaps

Unrealized
Upfront (depreciation)
Receive Pay
4.4365% Annual SOFR Annual 12/29/2024 USD19,500 $(11) $— $(11)

SOFR Annual 4.4605% Annual 1/4/2025 4,500 — — —
SOFR Annual 3.252 Annual 12/27/2032 4,200 73 — 73
SOFR Annual 3.433 Annual 12/28/2032 530 5 — 5
$ 67 $— $ 67

10/25/20228 Additions Reductions gain depreciation 12/31/2022 income
(000) (000) (000) (000) (000) (000) (000)

Capital Group Central Cash Fund 4.31%6 $— $40,979 $27,832 $—9 $(1) $13,146 $46
44 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
1
2
3
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 $180,000, which represented .20% of the net assets of the fund.
6
7
8
9
BA = Banker’s acceptances LIBOR = London Interbank Offered Rate
CLO = Collateralized Loan Obligations SOFR = Secured Overnight Financing Rate
CME = CME Group TBA = To-be-announced
DAC = Designated Activity Company USD = U.S. dollars
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 45
ETFTrust 45
ETF
Financial statements
Statements of assets and liabilities at December 31, 2022 (dollars and shares in thousands, except per-share amount)
Core Plus Municipal U.S. Multi-Sector Short Duration

Income Income Income Income
ETF ETF ETF ETF
Assets:
Investment securities, at value:
Unaffiliated issuers $448,767 $68,198 $69,358 $ 85,445
Affiliated issuers 49,881 — 20 13,146
Cash — 1,530 — 184
Cash collateral pledged for futures contracts — — 307 —
Cash collateral pledged for swap contracts — — 894 35
Cash denominated in currencies other than U.S. dollars —* — —* —
Receivables for:
Sales of investments 5,117 — 1,504 18,107
Sales of fund’s shares — 7,840 — 7,582
Dividends and interest 3,226 676 834 437
Variation margin on futures contracts 901 — — —
Variation margin on centrally cleared swap contracts 199 — 50 —*
508,091 78,244 72,967 124,936
Liabilities:
Bilateral interest rate swaps, at value 1 — — —
Payables for:
Purchases of investments 50,007 4,410 1,486 35,200
Dividends on fund’s shares 1,744 205 391 267
Investment advisory services 116 13 21 11
Variation margin on futures contract 934 — — —
Variation margin on centrally cleared swap contracts 202 — — —
Bank overdraft 259 — 254 —
53,263 4,628 2,152 35,478
Net assets at December 31, 2022 $454,828 $73,616 $70,815 $ 89,458
Net assets consist of:

Capital paid in on shares of beneficial interest 482,652 72,460 69,849 89,240
Total (accumulated loss) distributable earnings (27,824) 1,156 966 218
Net assets at December 31, 2022 $454,828 $73,616 $70,815 $ 89,458
Shares of beneficial interest issued and outstanding

(no stated par value) — unlimited shares authorized
Net assets $454,828 $73,616 $70,815 $ 89,458
Shares outstanding 20,464 2,820 2,760 3,540
Net asset value per share $22.23 $26.11 $25.66 $25.27
Investment securities, at cost:
Unaffiliated issuers $460,080 $67,050 $68,498 $ 85,254
Affiliated issuers 49,878 — 20 13,147
Cash denominated in currencies other than U.S. dollars, at
cost —* — —* —
*Amount less than one thousand.


Financial statements (continued)
Statements of operations for the period ended December 31, 2022 (dollars in thousands)

ETF1 ETF2 ETF2 ETF2
Investment income:
Income (net of non-U.S. taxes3):
Interest from unaffiliated issuers $ 8,458 $ 317 $ 672 $362
Dividends from affiliated issuers 1,249 — 28 46
9,707 317 700 408
Fees and expenses:
Investment advisory services 721 22 42 21
Net investment income 8,986 295 658 387
Net realized loss and unrealized (depreciation)

appreciation:
Net realized (loss) gain3 on:
Investments in:
Unaffiliated issuers (14,732) 75 11 (15)
Affiliated issuers —4 — 1 —4
Futures contracts (2,147) (76) 33 44
Forward currency contracts (532) — — —
Swap contracts (37) — (60) (79)
(17,448) (1) (15) (50)
Net unrealized (depreciation) appreciation3 on:

Investments in:
Unaffiliated issuers (11,313) 1,148 860 191
Affiliated issuers 3 — —4 (1)
Futures contracts 35 — — —
Swap contracts 187 — 87 67
Currency translations —4 — (1) —
(11,088) 1,148 946 257
Net realized loss and unrealized (depreciation)
appreciation (28,536) 1,147 931 207
Net (decrease) increase in net assets resulting from
operations $(19,550) $1,442 $1,589 $594
1
For the period February 22, 2022, commencement of operations, to December 31, 2022.
2
For the period October 25, 2022, commencement of operations, to December 31, 2022.
3
Additional information related to non-U.S. taxes is included in the notes to financial statements.
4
47
Financial statements (continued)
Statements of changes in net assets (dollars in thousands)

ETF ETF ETF ETF
Period ended Period ended Period ended Period ended

December 31, December 31, December 31, December 31,
2022* 2022† 2022† 2022†
Operations:
Net investment income $ 8,986 $ 295 $ 658 $ 387
Net realized loss (17,448) (1) (15) (50)
Net unrealized
(depreciation)
appreciation (11,088) 1,148 946 257
Total (decrease) increase
in net assets resulting
from operations (19,550) 1,442 1,589 594
Distributions paid to
shareholders (8,274) (286) (623) (376)
Net capital share
transactions 482,652 72,460 69,849 89,240
Total increase in net assets 454,828 73,616 70,815 89,458

Net assets:
Beginning of period — — — —
End of period $454,828 $73,616 $70,815 $89,458
*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.

Notes to financial statements
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 non-diversified 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 accounting principles generally accepted in the United States of America. The net asset value per share of each fund is
calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the
New York Stock Exchange is open.
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
Capital Group
Group Fixed
Fixed Income
Income Trust 49
ETFTrust 49
ETF
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 the funds’ investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund
Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio
securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
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. Forward currency contracts are valued based on the spot and
forward exchange rates obtained from one or more pricing vendors. 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 the funds’
investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the funds’ investment adviser and
approved by each fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with
U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value
determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in
determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions
on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or
broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of
trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets
outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset
value of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially
from valuations that would have been used had greater market activity occurred.
Processes and structure — Each fund’s board of trustees has designated the funds’ investment adviser to make fair value determinations,
subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to
administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly
reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team.
The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate,
update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation
Committee reports any changes to the fair valuation guidelines to the board of trustees. Each fund’s board and audit committee also
regularly review reports that describe fair value determinations and methods.
50 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
The funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income
valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market
data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the
investment adviser’s global risk management group.
Classifications — The funds’ investment adviser classifies each fund’s assets and liabilities into three levels based on the inputs used to
value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based
on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain
securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant
market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the
investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation
levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government
securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
The following tables present the funds’ valuation levels as of December 31, 2022 (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 $ — $164,048 $ — $164,048
Corporate bonds, notes & loans — 136,677 — 136,677
U.S. Treasury bonds & notes — 107,771 — 107,771
Asset-backed obligations — 29,371 3,964 33,335
Bonds & notes of governments & government agencies
outside the U.S. — 6,936 — 6,936
Short-term securities 49,881 — — 49,881
Total $49,881 $444,803 $3,964 $498,648
Other investments*
Assets:
Unrealized appreciation on futures contracts $ 419 $ — $— $ 419
Unrealized appreciation on centrally cleared interest rate swaps — 185 — 185
Unrealized appreciation on credit default swaps — 3 — 3
Liabilities:
Unrealized depreciation on futures contracts (384) — — (384)
Unrealized depreciation on bilateral interest rate swaps — (1) — (1)
Total $ 35 $187 $— $ 222
*Futures contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.
Municipal Income ETF

As of December 31, 2022, all of the fund’s investment securities were classified as Level 2.
U.S. Multi-Sector Income ETF

Assets:
Corporate bonds, notes & loans $ — $53,151 $ — $53,151
Mortgage-backed obligations — 6,685 — 6,685
Asset-backed obligations — 5,055 1,000 6,055
U.S. Treasury bonds & notes — 526 — 526
Short-term securities 20 2,941 — 2,961
Total $20 $68,358 $1,000 $69,378
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 51
ETFTrust 51
ETF
Other investments*
Assets:
Unrealized appreciation on centrally cleared interest rate swaps $— $67 $— $67
Unrealized appreciation on credit default swaps — 20 — 20
Total $— $87 $— $87
*Interest rate swaps and credit default swaps are not included in the investment portfolio.
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the period ended
December 31, 2022 (dollars in thousands):
Beginning Transfers Net Transfers Ending

value at into realized Unrealized out of value at
10/25/2022 Level 3* Purchases Sales gain appreciation† Level 3* 12/31/2022
Investment securities $— $— $1,000 $— $— $— $— $1,000
Net unrealized appreciation during the period on Level 3 investment securities held at December 31, 2022 $ —
*Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the
availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
†
Net unrealized appreciation is included in the related amounts on investments in the fund’s statement of operations.
Unobservable inputs — Valuation of the fund’s Level 3 securities is 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 following table
provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):
Impact to
Value at valuation from
12/31/2022 Valuation Unobservable Range Weighted an increase in
(000) techniques inputs (if applicable) average* input†
Bonds, notes & other
$1,000 Transaction Transaction price N/A N/A N/A
debt instruments
*Weighted average is by relative fair value.

†
This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant
increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
Short Duration Income ETF

Assets:
Corporate bonds, notes & loans $ — $44,527 $— $44,527
Mortgage-backed obligations — 29,617 — 29,617
Asset-backed obligations — 11,121 — 11,121
U.S. Treasury bonds & notes — 180 — 180
Short-term securities 13,146 — — 13,146
Total $13,146 $85,445 $— $98,591
Other investments*
Assets:
Unrealized appreciation on centrally cleared interest rate swaps $— $ 78 $— $ 78
Liabilities:
Unrealized depreciation on centrally cleared interest rate swaps — (11) — (11)
Total $— $ 67 $— $ 67
*Interest rate swaps are not included in the investment portfolio.
52 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
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 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.
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.
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.
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.
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 53
ETFTrust 53
ETF
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 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.
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.
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.
54 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
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
Capital Group
Group Fixed
Fixed Income
Income Trust 55
ETFTrust 55
ETF
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.
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.
56 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
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 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.
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.
Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange
currencies on specific future dates at predetermined rates. The fund’s investment adviser uses forward currency contracts to manage the
fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of
counterparties to meet the terms of their contracts and from possible movements in exchange rates.
On a daily basis, the funds’ investment adviser values forward currency contracts and records unrealized appreciation or depreciation for
open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the
forward currency contract is closed or offset by another contract with the same broker for the same settlement date and currency.
Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for
closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward
currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s
statement of operations.
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.
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 57
ETFTrust 57
ETF
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 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 — The fund has 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 fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it 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 fund,
as a protection buyer, 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 a protection seller, the fund 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 fund, coupled with the periodic payments previously received by the fund, may be less than the full
notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to
the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have
investment exposure to the notional amount of the swap transaction.
The following table presents the average month-end notional amounts of futures contracts, forward currency contracts, interest rate
swaps and credit default swaps while held for each fund (dollars in thousands):
Forward Interest Credit

Futures currency rate default
contracts contracts swaps swaps
Core Plus Income ETF $138,340 $4,631* $25,154 $6,750
Municipal Income ETF 2,034* Not applicable Not applicable Not applicable
U.S. Multi-Sector Income ETF 23,629* Not applicable 22,850 1,485
Short Duration Income ETF 15,266* Not applicable 19,665 Not applicable
*No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.
58 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
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, forward currency contracts, interest rate swaps and
credit default swaps as of, or for the period ended, December 31, 2022 (dollars in thousands):
Assets Liabilities
Location on statement of Location on statement of
Contracts Risk type assets and liabilities Value assets and liabilities Value
Futures Interest Unrealized appreciation* $419 Unrealized depreciation* $384

Swap (centrally Interest Unrealized appreciation* 185 Unrealized depreciation* —
cleared)
Swap (bilateral) Interest Bilateral interest rate swaps, at — Bilateral interest rate swaps, at 1
value value
Swap (centrally Credit Unrealized appreciation* 3 Unrealized depreciation* —
cleared)
$607 $385
Net realized (loss) gain Net unrealized appreciation

Contracts Risk type operations Value operations Value
Futures Interest Net realized loss on futures $(2,147) Net unrealized appreciation on $ 35
contracts futures contracts
Forward currency Currency Net realized gain on forward (532) Net unrealized appreciation on —
currency contracts forward currency contracts
Swap Interest Net realized loss on swap contracts (94) Net unrealized appreciation on 184
swap contracts
Swap Credit Net realized gain on swap contracts 57 Net unrealized appreciation on 3
swap contracts
$(2,716) $222

Net realized loss Net unrealized appreciation
Futures Interest Net realized loss on futures $(76) Net unrealized appreciation on $—
$(76) $—

Assets Liabilities
Swap (centrally Interest Unrealized appreciation* $67 Unrealized depreciation* $—

cleared)
Swap (centrally Credit Unrealized appreciation* 20 Unrealized depreciation* —
cleared)
$87 $—
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 59
ETFTrust 59
ETF
Net realized gain (loss) Net unrealized appreciation
Futures Interest Net realized gain on futures $ 33 Net unrealized appreciation on $ —

swap contracts
Swap Credit Net realized gain on swap contracts — Net unrealized appreciation on 20
swap contracts
$(27) $87

Assets Liabilities
Swap (centrally Interest Unrealized appreciation* $78 Unrealized depreciation* $11

cleared)
$78 $11
Net realized gain (loss) Net unrealized appreciation

Futures Interest Net realized gain on futures $ 44 Net unrealized appreciation on $ —

swap contracts
$(35) $67
*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.
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, forward currency 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 forward currency contracts and bilateral interest rate swaps, the program
calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counter-
party. 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.
Rights of offset — Funds that hold forward currency contracts and/or 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.
60 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
The following table presents each fund’s forward currency contracts and/or 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 December 31, 2022, if close-out netting was exercised (dollars in
thousands):
Gross amounts not offset in the

statement of assets and liabilities and
Gross amounts
subject to a master netting agreement
recognized in the
statement of assets Available Non-cash Cash Net
Counterparty and liabilities to offset collateral collateral amount
Liabilities:
Barclays Bank PLC $1 $— $— $— $1
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 December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund
recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of
operations. During the period, none of the funds incurred any significant interest or penalties.
Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the
expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain
jurisdictions.
Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax
reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims are recorded when the amount is
known and there are no significant uncertainties on collectability. Gains realized by the funds on the sale of securities in certain countries,
if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to
provide for potential non-U.S. taxes payable upon the sale of these securities.
Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial
reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term
capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold;
paydowns on fixed-income securities; net capital losses and income on certain investments. The fiscal year in which amounts are
distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial
reporting purposes.
Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

ETF ETF ETF ETF
Undistributed tax-exempt income $ — $ 214 $ — $ —
Undistributed ordinary income 1,880 — 436 258
Capital loss carryforward* (16,682) (1) (5) (2)
Gross unrealized appreciation on investments 3,204 1,291 1,300 283
Gross unrealized depreciation on investments (14,366) (143) (374) (54)
Net unrealized (depreciation) appreciation on investments (11,162) 1,148 926 229
Cost of investments 510,031 67,050 68,539 98,428
*Each fund’s capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not
make distributions from capital gains while a capital loss carryforward remains.
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 61
ETFTrust 61
ETF
Distributions paid by each fund from commencement of operations to December 31, 2022, were characterized for tax purposes as
follows (dollars in thousands):
Year ended December 31, 2022
Total
Ordinary Tax-exempt Long-term distributions
Fund income income capital gains paid
Core Plus Income ETF $8,274 $ — $— $8,274
Municipal Income ETF — 286 — 286
U.S. Multi-Sector Income ETF 623 — — 623
Short Duration Income ETF 376 — — 376
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.
Transfer agency and administration services – Each fund has entered into a transfer agency and service agreement and an administration
agreement with State Street Bank and Trust Company (“State Street”). Under the terms of the transfer agency agreement, State Street (or
an agent, including an affiliate) acts as transfer agent and dividend disbursing agent for each fund. Under the terms of the administration
agreement, State Street provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for the
maintenance and operations of each fund. The investment adviser bears the costs of services under these agreements.
Affiliated officers and trustees – Officers and certain trustees of each fund are or may be considered to be affiliated with CRMC and AFD.
No affiliated officers or trustees received any compensation directly from any of the funds.
Investment in CCF — Each fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in
high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for each fund’s short-term investments.
CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to
the public. CRMC does not receive an investment advisory services fee from CCF.
Security transactions with related funds — Each fund may purchase from, or sell securities to, other CRMC-managed funds (or funds
managed by certain affiliates of CRMC) under procedures adopted by each fund’s board of trustees. The funds involved in such
transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees
and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no
brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. None of the funds engaged in any such purchase
or sale transactions with any related funds during the period ended December 31, 2022.
62 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
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 period ended
December 31, 2022.
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
Capital Group
Group Fixed
Fixed Income
Income Trust 63
ETFTrust 63
ETF
Capital share transactions in each fund were as follows (dollars and shares in thousands):

Reinvestments of
Sales distributions Repurchases Net increase
Amount Shares Amount Shares Amount Shares Amount Shares
For the period February 22, 2022*, through December 31, 2022
$482,652 20,464 $— — $— — $482,652 20,464

Reinvestments of
For the period October 25, 2022*, through December 31, 2022
$72,460 2,820 $— — $— — $72,460 2,820

Reinvestments of
$69,849 2,760 $— — $— — $69,849 2,760

Reinvestments of
$89,240 3,540 $— — $— — $89,240 3,540
*Commencement of operations.
64 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
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 period ended December 31, 2022 (dollars in thousands):
Fund Purchases Sales

Core Plus Income ETF $119,313 $12,842
Municipal Income ETF 54,719 225
U.S. Multi-Sector Income ETF 29,729 2,449
Short Duration Income ETF 27,634 349
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 period ended December 31, 2022 (dollars in thousands):
Fund In-kind creations In-kind redemptions

Core Plus Income ETF $366,036 $—
Municipal Income ETF 6,877 —
U.S. Multi-Sector Income ETF 36,934 —
Short Duration Income ETF 43,185 —
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 65
ETFTrust 65
ETF
Financial highlights
(Loss) income from

investment operations1 Dividends and distributions
Net (losses)
gains on
Net asset securities Dividends Total Net assets, Ratio of Ratio of
value, Net (both Total from (from net Distributions dividends Net asset end of expenses to net income
beginning investment realized and investment investment (from capital and value, end Total year average net to average
Year ended of year income unrealized) operations income) gains) distributions of year return2 (in millions) assets3 net assets

12/31/20224,5 $25.30 $.83 $(3.24) $(2.41) $(.66) $— $(.66) $22.23 (9.59)% $455 .34%6 4.24%6

12/31/20224,7 $25.00 $.17 $ 1.07 $ 1.24 $(.13) $— $(.13) $26.11 4.92% $ 74 .05%2 .67%2

12/31/20224,7 $25.00 $.29 $ .62 $ .91 $(.25) $— $(.25) $25.66 3.63% $ 71 .07%2 1.13%2

12/31/20224,7 $25.00 $.22 $ .21 $ .43 $(.16) $— $(.16) $25.27 1.73% $ 89 .05%2 .87%2
Period ended
Portfolio turnover rate excluding mortgage dollar roll transactions8,9 December 31, 20222,4
Core Plus Income ETF5 172%

Municipal Income ETF7 1
U.S. Multi-Sector Income ETF7 6
Short Duration Income ETF 7 1
Period ended
Portfolio turnover rate including mortgage dollar roll transactions8,9 December 31, 20222,4
Core Plus Income ETF5 446%

Short Duration Income ETF 7 55
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
For the period February 22, 2022, commencement of operations, through December 31, 2022.
6
Annualized.
7
For the period October 25, 2022, commencement of operations, through December 31, 2022.
8
Rates do not include each fund’s portfolio activity with respect to any Central Funds.
9
Refer to Note 5 for more information on mortgage dollar rolls.
66 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Capital Group Fixed Income ETF Trust and Shareholders of Capital Group Core Plus Income ETF, Capital
Group Municipal Income ETF, Capital Group U.S. Multi-Sector Income ETF and Capital Group Short Duration Income ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds indicated
in the table below (constituting Capital Group Fixed Income ETF Trust, hereafter collectively referred to as the “Funds”) as of
December 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table
below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to
as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of
the Funds as of December 31, 2022, the results of each of their operations, the changes in each of their net assets, and each of the
financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the
United States of America.
Statement of Statement of changes Financial

Fund operations in net assets highlights
Capital Group Core Plus Income ETF For the period February 22, 2022 (commencement of operations) through December 31, 2022.
Capital Group Municipal Income ETF For the period October 25, 2022 (commencement of operations) through December 31, 2022.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,
whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures
included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers;
when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable
basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Los Angeles, California

February 14, 2023
We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex
since 1934.
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 67
ETFTrust 67
ETF
Expense example unaudited
As a fund shareholder, you incur ongoing Actual expenses:

costs, including investment advisory The first line in the table below provides information about actual account values and
services fees and other expenses. This actual expenses. You may use the information in this line, together with the amount you
example is intended to help you invested, to estimate the expenses that you paid over the period. Simply divide your
understand your ongoing costs (in dollars) account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
of investing in the fund so you can compare then multiply the result by the number in the first line under the heading titled “Expenses
these costs with the ongoing costs of paid during period” to estimate the expenses you paid on your account during this period.
investing in other mutual funds. The
example is based on an investment of Hypothetical example for comparison purposes:
$1,000 invested at the beginning of the The second line in the table below provides information about hypothetical account
period and held for the entire period. 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.
Ending Expenses Annualized

Beginning account value paid during expense
account value 12/31/2022 period ratio

Actual return $1,000.00 $ 978.00 $1.69* .34%
Assumed 5% return 1,000.00 1,023.49 1.73* .34
Actual return $1,000.00 $1,049.20 $ .51† .27%†
Assumed 5% return 1,000.00 1,023.84 1.38† .27†
Actual return $1,000.00 $1,036.30 $ .73† .39%†
Assumed 5% return 1,000.00 1,023.24 1.99† .39†
Actual return $1,000.00 $1,017.30 $ .46† .25%†
Assumed 5% return 1,000.00 1,023.95 1.28† .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).
†
The period for the “annualized expense ratio” and “actual return” line is based on the number of days from October 25, 2022, commencement of operations,
through December 31, 2022, and accordingly, is not representative of a full period. The “assumed 5% return” line is based on 184 days.
68 Capital
CapitalGroup
GroupFixed Income
Fixed ETF
Income Trust
ETF Trust
Tax information unaudited
We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. Each fund
hereby designates the following amounts for the funds’ fiscal year ended December 31, 2022:
Capital Group Capital Group Capital Group Capital Group

ETF ETF ETF ETF
Section 163(j) interest dividends 100% — 100% $365,000

Exempt interest dividends — $286,000 — —
U.S. government income that may be exempt from state taxation $1,075,000 — $24,000 $16,000
Individual shareholders should refer to their Form 1099 or other tax information, which was mailed in January 2023, to determine the
calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.
Capital
Capital Group
Group Fixed
Fixed Income
Income Trust 69
ETFTrust 69
ETF
Liquidity Risk Management Program unaudited
The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research
and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the
day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk
Management Committee.
Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption
requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree
of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management
tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining
the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.
The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period
October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report.
In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

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Board of trustees and other officers
Independent trustees 1
Year first
elected Number of
a trustee portfolios in fund
of the complex overseen Other directorships3
Name and year of birth series/fund2 Principal occupation(s) during past five years by trustee held by trustee
Vanessa C. L. Chang, 1952 2021 Former Director, EL & EL Investments (real estate) 22 Edison International/
Chair of the Board Southern California Edison;
(Independent and Transocean Ltd. (offshore
Non-Executive) drilling contractor)
Jennifer C. Feikin, 1968 2021 Business Advisor; previously held positions at Google, 97 Hertz Global Holdings, Inc.
AOL, 20th Century Fox and McKinsey & Company;
Trustee, The Nature Conservancy of Utah; former Trustee,
The Nature Conservancy of California; former Director,
First Descents
Pablo R. González Guajardo, 2021 CEO, Kimberly-Clark de México, SAB de CV 22 América Móvil, SAB de
1967 CV (telecommunications
company); Grupo
Sanborns, SAB de
CV (retail stores and
restaurants); Kimberly-
Clark de México, SAB de
CV (consumer staples)
Leslie Stone Heisz, 1961 2021 Former Managing Director, Lazard (retired, 2010); 97 Edwards Lifesciences;
Director, Kaiser Permanente (California public benefit Public Storage
corporation); former Lecturer, UCLA Anderson School
of Management
William D. Jones, 1955 2021 Managing Member, CityLink LLC (investing and 23 Biogen Inc.
consulting); former President and CEO, CityLink Investment
Corporation (acquires, develops and manages real estate
ventures in urban communities)
Interested trustee 4,5
Year first
elected
a trustee Number of
or officer Principal occupation(s) during past five years and portfolios in fund
Name, year of birth and of the positions held with affiliated entities or complex overseen Other directorships3
position with fund series/fund2 the principal underwriter of the fund by trustee3 held by trustee
William L. Robbins, 1968 2021 Partner — Capital International Investors, Capital Research 13 None
and Management Company; Partner — Capital International
Investors, Capital Bank and Trust Company6; Chair and
Director, Capital Group International, Inc.6
The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by
calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for
all trustees and officers of the fund is 6455 Irvine Center Drive, Irvine, CA 92618, Attention: Secretary.
Refer to page 75 for footnotes.

Other officers 5
Year first
elected
an officer
Name, year of birth and of the Principal occupation(s) during past five years and positions held with affiliated entities
position with fund series/fund2 or the principal underwriter of the fund
Vincent J. Gonzales, 1984 CGSD 2022 Partner — Capital Fixed Income Investors, Capital Research and Management Company
President
David A. Hoag, 1965 CGCP 2021 Partner — Capital World Investors, Capital Research and Management Company;
President Partner — Capital Fixed Income Investors, Capital Bank and Trust Company6
Damien J. McCann, 1977 Partner — Capital Fixed Income Investors, Capital Research and Management Company
President CGMS 2022
Senior Vice President CGCP 2021
Courtney K. Wolf, 1982 CGMU 2022 Partner — Capital Fixed Income Investors, Capital Research and Management Company;
President Director, The Capital Group Companies, Inc.6
Walt Burkley, 1966 2021 Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research
Principal Executive Officer and Management Company; Director, Capital Research Company6; Director, Capital Research and
Management Company
Michael W. Stockton, 1967 2021 Senior Vice President — Fund Business Management Group, Capital Research and
Executive Vice President Management Company
Steven D. Lotwin, 1969 CGSD 2022 Partner — Capital Fixed Income Investors, Capital Research and Management Company;
Senior Vice President Director, Capital Research and Management Company
Mark Marinella, 1958 CGMU 2022 Partner — Capital Fixed Income Investors, Capital Research and Management Company
Senior Vice President
Jerome Solomon, 1963 CGMU 2022 Partner — Capital Fixed Income Investors, Capital Research and Management Company
Scott Sykes, 1971 CGMS 2022 Partner — Capital Fixed Income Investors, Capital Research and Management Company
Ritchie Tuazon, 1978 CGCP 2021 Partner — Capital Fixed Income Investors, Capital Research and Management Company
Erik A. Vayntrub, 1984 2021 Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and
Senior Vice President Management Company; Secretary, Capital Management Services, Inc.6
Shannon Ward, 1964 CGMS 2022 Partner — Capital Fixed Income Investors, Capital Research and Management Company
Xavier Goss, 1980 CGCP 2021 Vice President — Capital Fixed Income Investors, Capital Research and Management Company
Vice President CGMS 2022
Jennifer L. Butler, 1966 2021 Assistant Vice President — Fund Business Management Group, Capital Research and Management
Secretary Company
Troy S. Tanner, 1983 2021 Vice President — Investment Operations, Capital Research and Management Company
Treasurer
Susan K. Countess, 1966 2021 Associate — Fund Business Management Group, Capital Research and Management Company
Assistant Secretary

Other officers 5
(continued)
Year first
elected
an officer
Name, year of birth and of the Principal occupation(s) during past five years and positions held with affiliated entities
position with fund series/fund2 or the principal underwriter of the fund
Michael R. Tom, 1988 2021 Associate — Fund Business Management Group, Capital Research and Management Company
Assistant Secretary
Sandra Chuon, 1972 2021 Vice President — Investment Operations, Capital Research and Management Company
Assistant Treasurer
Gregory F. Niland, 1971 2021 Vice President — Investment Operations, Capital Research and Management Company
Assistant Treasurer
1
The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940.
2
Trustees and officers of the fund serve until their resignation, removal or retirement.
3
This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management
Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
4
The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their
affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter).
5
All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management
Company serves as investment adviser.
6
Company affiliated with Capital Research and Management Company.
Key:
CGCP = Capital Group Core Plus Income ETF
CGMU = Capital Group Municipal Income ETF
CGMS = Capital Group U.S. Multi-Sector Income ETF
CGSD = Capital Group Short Duration Income ETF

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
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street

Investors should carefully consider investment objectives, risks, charges and expenses.
This and other important information is contained in the fund prospectus and summary
prospectus, which can be obtained from your financial professional and should be read
carefully before investing. You may also call (800) 421-4225 or visit the Capital Group
website at capitalgroup.com.
“Proxy Voting Procedures and Principles” — which describes our procedures and principles
for voting portfolio securities — is available at capitalgroup.com/etf. 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.
If used as sales material after March 31, 2023, this report must be accompanied by a
statistical update for the most recently completed calendar quarter.
Capital Group Fixed Income
Core Plus ETF ETF
Income Trust
For CGCP, CGMS and CGSD, 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.
For CGCP, CGMU and CGMS, lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.
For CGCP, CGMU, CGMS and CGSD, 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.
For CGMU, 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.
For CGCP, CGMS and CGSD, 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.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names
mentioned are the property of their respective companies.
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., member FINRA.
This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve
as impartial investment or fiduciary advice.
Lit. No. ETGEARX-350-0223P Printed in USA AGD/RRD/10733-S93323 © 2023 Capital Group. All rights reserved.

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Capital Group Fixed Income ETF Trust

Past results are not predictive of results in future periods.

Capital Group Fixed Income ETF Trust 1

Past results are not predictive of results in future periods.

2 Capital Group Fixed Income ETF Trust

Net asset value –9.59%

Market price* –9.39

Bloomberg U.S. Aggregate Index† –9.61

Past results are not predictive of results in future periods.

Capital Group Fixed Income ETF Trust 3

Net asset value 4.92%

Market price* 5.24

Past results are not predictive of results in future periods.

4 Capital Group Fixed Income ETF Trust

Net asset value 3.63%

Market price* 3.83

Bloomberg U.S. Aggregate Index† 3.59

Past results are not predictive of results in future periods.

Capital Group Fixed Income ETF Trust 5

Net asset value 1.73%

Market price* 2.01

Bloomberg U.S. Government/Credit (1-3 years) Index† 1.05

Past results are not predictive of results in future periods.

6 Capital Group Fixed Income ETF Trust

Capital Group Core Plus Income ETF 2/22/22 4.79%

Capital Group Municipal Income ETF 10/25/22 3.37

Capital Group U.S. Multi-Sector Income ETF 10/25/22 6.26

Capital Group Short Duration Income ETF 10/25/22 4.04

Past results are not predictive of results in future periods.

Capital Group Fixed Income ETF Trust 7

Portfolio by type of security Percent of net assets

Mortgage-backed obligations 36.07%

U.S. Treasury and agency† 23.69%

Principal amount Value

Mortgage-backed obligations 36.07%

Principal amount Value

Mortgage-backed obligations (continued)

Principal amount Value

Mortgage-backed obligations (continued)

Corporate bonds, notes & loans 30.05%

Principal amount Value

Corporate bonds, notes & loans (continued)

Communication AT&T, Inc. 2.55% 12/1/2033 250 193

Principal amount Value

Corporate bonds, notes & loans (continued)

Energy Apache Corp. 5.25% 2/1/2042 300 247

Principal amount Value

Corporate bonds, notes & loans (continued)

Health care AmerisourceBergen Corp. 2.70% 3/15/2031 125 104

Consumer Allied Universal Holdco, LLC 4.625% 6/1/20284 650 538

Principal amount Value

Corporate bonds, notes & loans (continued)

Industrials Allegiant Travel Co. 7.25% 8/15/20274 276 263

Principal amount Value

Corporate bonds, notes & loans (continued)

Consumer 7-Eleven, Inc. 1.80% 2/10/20314 725 555

Principal amount Value

Corporate bonds, notes & loans (continued)

Information Analog Devices, Inc. 1.70% 10/1/2028 25 21