Capital Group International Focus Equity ETF NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-23734

Capital Group International Focus Equity ETF

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

Troy S. Tanner

Capital Group International Focus Equity ETF

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

Capital Group Growth ETF
Capital Group Global Growth Equity ETF
Capital Group International Focus Equity ETF
Capital Group Core Equity ETF
Capital Group Dividend Value ETF

Semi-annual report for the six months ended November 30, 2022

Signature active
management to
pursue better
investment outcomes

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

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

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2022 (the most recent calendar quarter-end):

	6 months			Since fund inception (2/22/22)			30-day SEC yield as of 12/31/2022			Expense ratio*
Capital Group Growth ETF								0.53	%		0.39	%
Net asset value		0.18	%		–18.01	%
Market price		0.13			–18.01

Capital Group Global Growth Equity ETF								1.12			0.47
Net asset value		5.30			–13.67
Market price		5.03			–13.63

Capital Group International Focus Equity ETF								1.67			0.54
Net asset value		2.30			–13.99
Market price		1.46			–14.20

Capital Group Core Equity ETF								1.45			0.33
Net asset value		4.28			–7.82
Market price		4.28			–7.78

Capital Group Dividend Value ETF								1.88			0.33
Net asset value		6.68			–3.30
Market price		6.81			–3.18

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.

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

*	The total annual fund operating expense ratios were as of each fund’s prospectus dated August 1, 2022.

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

Fellow investors:

Results for Capital Group equity ETFs for the periods ended November 30, 2022, are shown below, as well as results of the funds’ respective benchmarks.

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

Contents

1		Results at a glance

3		Investment portfolios

20		Financial statements

23		Notes to financial statements

33		Financial highlights

Results at a glance

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended November 30, 2022:

6 months

Since fund
inception
(2/22/22)

30-day SEC
yield as of
11/30/2022

Expense
ratio¹

Capital Group Growth ETF

0.45

0.39

Net asset value

–3.32

–11.72

Market price

–3.27

–11.63

S&P 500 Index^2,3

–0.40

–3.99

Capital Group Global Growth Equity ETF

1.03

0.47

Net asset value

0.72

–10.80

Market price

0.68

–10.72

MSCI All Country World Index (ACWI)⁴

–2.51

–7.77

Capital Group International Focus Equity ETF

1.52

0.54

Net asset value

–3.72

–10.36

Market price

–3.55

–10.32

MSCI All Country World Index (ACWI) ex USA⁵

–5.18

–11.62

Capital Group Core Equity ETF

1.35

0.33

Net asset value

–0.37

–3.94

Market price

–0.41

–3.94

S&P 500 Index

–0.40

–3.99

Capital Group Dividend Value ETF

1.78

0.33

Net asset value

–0.48

–0.93

Market price

–0.56

–0.93

S&P 500 Index

–0.40

–3.99

Refer to page 2 for footnotes.

Capital Group equity exchange-traded funds

Results at a glance (continued)

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

2	Capital Group equity exchange-traded funds

Capital Group Growth ETF
Investment portfolio November 30, 2022	unaudited

Sector diversification	Percent of net assets

Largest equity holdings	Percent of net assets
Tesla		6.47	%
Microsoft		5.33
Netflix		3.79
Meta Platforms		3.74
UnitedHealth Group		3.07
Alphabet		2.91
Regeneron Pharmaceuticals		2.80
Broadcom		2.07
ASML Holding		2.04
Bank of America		2.01

Common stocks 97.20%	Shares		Value (000)
Information technology 19.96%
Microsoft Corp.		238,520	$	60,856
Broadcom, Inc.		42,918		23,649
ASML Holding NV		26,769		16,283
ASML Holding NV (New York registered) (ADR)		11,528		7,010
Apple, Inc.		57,173		8,463
Mastercard, Inc., Class A		22,951		8,180
Motorola Solutions, Inc.		26,681		7,263
Synopsys, Inc. (USA)¹		20,744		7,043
Salesforce, Inc.¹		43,380		6,952
Fiserv, Inc.¹		63,144		6,590
Shopify, Inc., Class A, subordinate voting shares¹		159,283		6,512
Visa, Inc., Class A		29,913		6,491
NVIDIA Corp.		34,967		5,917
Wolfspeed, Inc.¹		60,908		5,538
Micron Technology, Inc.		87,739		5,058
RingCentral, Inc., Class A¹		134,560		4,987
ServiceNow, Inc.¹		11,362		4,730
Genpact, Ltd.		81,067		3,738
Applied Materials, Inc.		29,877		3,275
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		38,906		3,228
Cloudflare, Inc., Class A¹		65,186		3,203
Fidelity National Information Services, Inc.		43,808		3,180
Amadeus IT Group SA, Class A, non-registered shares¹		52,276		2,846
Trimble, Inc.¹		44,993		2,688
GoDaddy, Inc., Class A¹		33,920		2,684
Ceridian HCM Holding, Inc.¹		37,119		2,540
NetApp, Inc.		29,178		1,973
Concentrix Corp.		15,844		1,939
Toast, Inc., Class A¹		101,464		1,863
Bill.com Holdings, Inc.¹		14,889		1,793
MicroStrategy, Inc., Class A¹		6,953		1,377
				227,849

Consumer discretionary 19.84%
Tesla, Inc.¹		379,038		73,799
D.R. Horton, Inc.		212,033		18,235
Amazon.com, Inc.¹		187,706		18,121
Home Depot, Inc.		42,168		13,662
LVMH Moët Hennessy-Louis Vuitton SE		16,213		12,553
Dollar General Corp.		44,968		11,498
Dollar Tree Stores, Inc.¹		76,155		11,445
Las Vegas Sands Corp.¹		211,149		9,890
Chipotle Mexican Grill, Inc.¹		5,551		9,031
Hermès International		4,887		8,033
Target Corp.		41,551		6,942
Royal Caribbean Cruises, Ltd.¹		89,487		5,363
Burlington Stores, Inc.¹		27,097		5,302
Aramark		127,309		5,296

Capital Group equity exchange-traded funds

Capital Group Growth ETF (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Airbnb, Inc., Class A¹		46,638	$	4,764
NVR, Inc.¹		883		4,096
Darden Restaurants, Inc.		21,052		3,095
Etsy, Inc.¹		22,766		3,007
Norwegian Cruise Line Holdings, Ltd.¹		140,465		2,309
				226,441

Health care 17.11%
UnitedHealth Group, Inc.		63,881		34,991
Regeneron Pharmaceuticals, Inc.¹		42,502		31,949
Intuitive Surgical, Inc.¹		79,636		21,533
Alnylam Pharmaceuticals, Inc.¹		76,646		16,907
Centene Corp.¹		185,460		16,144
Thermo Fisher Scientific, Inc.		22,501		12,605
Vertex Pharmaceuticals, Inc.¹		33,416		10,573
Seagen, Inc.¹		65,201		7,915
NovoCure, Ltd.¹		100,871		7,751
Moderna, Inc.¹		43,162		7,593
Eli Lilly and Company		15,168		5,629
Horizon Therapeutics PLC¹		41,433		4,155
AstraZeneca PLC		29,069		3,933
Edwards Lifesciences Corp.¹		47,950		3,704
Danaher Corp.		13,243		3,621
Molina Healthcare, Inc.¹		7,832		2,638
Guardant Health, Inc.¹		38,782		2,030
Inari Medical, Inc.¹		22,966		1,690
				195,361

Communication services 12.86%
Netflix, Inc.¹		141,481		43,227
Meta Platforms, Inc., Class A¹		361,576		42,702
Alphabet, Inc., Class C¹		185,914		18,861
Alphabet, Inc., Class A¹		142,091		14,350
Verizon Communications, Inc.		195,023		7,602
Charter Communications, Inc., Class A¹		17,976		7,034
Frontier Communications Parent, Inc.¹		150,930		3,889
Snap, Inc., Class A, nonvoting shares¹		367,602		3,790
Comcast Corp., Class A		96,080		3,520
Pinterest, Inc., Class A¹		70,605		1,795
				146,770

Industrials 11.73%
Carrier Global Corp.		365,034		16,178
Uber Technologies, Inc.¹		534,026		15,561
TransDigm Group, Inc.		22,101		13,890
Jacobs Solutions, Inc.		103,776		13,132
Delta Air Lines, Inc.¹		347,626		12,296
United Rentals, Inc.¹		25,795		9,106
Caterpillar, Inc.		33,643		7,954
Waste Connections, Inc.		42,443		6,133
MTU Aero Engines AG		28,245		5,890
Old Dominion Freight Line, Inc.		17,366		5,255
Robert Half International, Inc.		63,251		4,983
Ryanair Holdings PLC (ADR)¹		63,195		4,783
Airbus SE, non-registered shares		39,982		4,616
United Airlines Holdings, Inc.¹		81,846		3,615
Axon Enterprise, Inc.¹		18,454		3,396
Dun & Bradstreet Holdings, Inc.		204,509		2,753
Boeing Company¹		13,772		2,464
Advanced Drainage Systems, Inc.		19,193		1,867
				133,872

4	Capital Group equity exchange-traded funds

Capital Group Growth ETF (continued)

Common stocks (continued)	Shares		Value (000)
Energy 5.90%
Halliburton Company		518,948	$	19,663
Canadian Natural Resources, Ltd. (CAD denominated)		291,706		17,416
Cenovus Energy, Inc.		279,258		5,553
Permian Resources Corp., Class A		473,378		4,810
EQT Corp.		101,043		4,285
Pioneer Natural Resources Company		17,763		4,192
EOG Resources, Inc.		26,239		3,724
ConocoPhillips		26,746		3,303
Tourmaline Oil Corp.		36,801		2,240
Suncor Energy, Inc.		65,659		2,159
				67,345

Financials 5.25%
Bank of America Corp.		607,217		22,983
Capital One Financial Corp.		74,050		7,645
First Republic Bank		52,893		6,750
S&P Global, Inc.		15,481		5,462
KKR & Co., Inc.		78,289		4,065
MSCI, Inc.		7,837		3,980
Western Alliance Bancorporation		54,671		3,747
Tradeweb Markets, Inc., Class A		47,744		2,934
Signature Bank		17,352		2,420
				59,986

Materials 2.52%
Wheaton Precious Metals Corp.		194,150		7,578
Grupo México, SAB de CV, Series B		1,326,697		5,410
Linde PLC		14,864		5,002
CF Industries Holdings, Inc.		32,380		3,503
ATI, Inc.¹		92,617		2,826
Nutrien, Ltd.		33,985		2,731
Albemarle Corp.		6,354		1,766
				28,816

Consumer staples 1.47%
Costco Wholesale Corp.		12,671		6,833
Altria Group, Inc.		108,255		5,042
Constellation Brands, Inc., Class A		19,148		4,928
				16,803

Utilities 0.56%
PG&E Corp.¹		406,270		6,379

Total common stocks (cost: $1,083,232,000)				1,109,622

Short-term securities 2.74%
Money market investments 2.74%
Capital Group Central Cash Fund 3.94%^2,3		312,232		31,220

Total short-term securities (cost: $31,215,000)				31,220
Total investment securities 99.94% (cost: $1,114,447,000)				1,140,842
Other assets less liabilities 0.06%				710

Net assets 100.00%			$	1,141,552

Capital Group equity exchange-traded funds

Capital Group Growth ETF (continued)

Investments in affiliates³

		Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 11/30/2022 (000)		Dividend income (000)
Short-term securities 2.74%
Money market investments 2.74%
Capital Group Central Cash Fund 3.94%²	$	8,056	$	65,896	$	42,735	$	(2	)	$	5	$	31,220	$	264

¹	Security did not produce income during the last 12 months.
²	Rate represents the seven-day yield at November 30, 2022.
³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

6	Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF	unaudited
Investment portfolio November 30, 2022

Sector diversification

Percent of net assets

Country diversification by domicile	Percent of net assets
United States		49.72	%
Eurozone*		17.66
United Kingdom		4.31
Denmark		3.42
Taiwan		3.32
Hong Kong		2.57
Canada		2.50
India		2.24
Switzerland		2.01
Other countries		6.79
Short-term securities & other assets less
liabilities		5.46

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

Common stocks 92.13%	Shares		Value (000)
Information technology 24.06%
Microsoft Corp.		243,639	$	62,162
ASML Holding NV		89,563		54,479
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		377,933		31,361
Adyen NV¹		10,043		15,658
Applied Materials, Inc.		136,737		14,986
Broadcom, Inc.		20,673		11,392
Fiserv, Inc.¹		89,967		9,389
Hexagon AB, Class B		577,518		6,681
Apple, Inc.		44,274		6,554
Keyence Corp.		13,000		5,528
NVIDIA Corp.		30,800		5,212
MongoDB, Inc., Class A¹		24,064		3,674
				227,076

Health care 21.71%
UnitedHealth Group, Inc.		49,123		26,908
Novo Nordisk A/S, Class B		207,476		25,974
DexCom, Inc.¹		143,773		16,718
ResMed, Inc.		72,051		16,586
AstraZeneca PLC		117,984		15,965
Pfizer, Inc.		291,264		14,601
Cigna Corp.		40,897		13,450
Merck & Co., Inc.		100,890		11,110
Regeneron Pharmaceuticals, Inc.¹		14,596		10,972
Eli Lilly and Company		26,725		9,917
EssilorLuxottica		52,794		9,907
Mettler-Toledo International, Inc.¹		6,568		9,652
Gilead Sciences, Inc.		82,990		7,289
CVS Health Corp.		69,329		7,063
NovoCure, Ltd.¹		59,734		4,590
Alnylam Pharmaceuticals, Inc.¹		18,948		4,180
				204,882

Consumer discretionary 14.67%
Chipotle Mexican Grill, Inc.¹		20,291		33,013
LVMH Moët Hennessy-Louis Vuitton SE		36,967		28,622
Floor & Decor Holdings, Inc., Class A¹		144,890		10,813
Renault SA¹		278,622		10,180
Amazon.com, Inc.¹		83,452		8,056
Prosus NV, Class N		120,318		7,913
Cie. Financière Richemont SA, Class A		57,401		7,636
NIKE, Inc., Class B		69,596		7,634
MGM China Holdings, Ltd.¹		9,920,988		6,706
Booking Holdings, Inc.¹		2,777		5,775

Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Coupang, Inc., Class A¹		219,368	$	4,273
IDP Education, Ltd.		202,503		4,177
MercadoLibre, Inc.¹		3,862		3,595
				138,393

Consumer staples 7.97%
British American Tobacco PLC		475,716		19,521
Philip Morris International, Inc.		141,858		14,139
Keurig Dr Pepper, Inc.		316,493		12,239
Nestlé SA		95,158		11,323
Altria Group, Inc.		229,389		10,685
Kweichow Moutai Co., Ltd., Class A		32,400		7,281
				75,188

Financials 7.96%
AIA Group, Ltd.		1,726,600		17,610
Tradeweb Markets, Inc., Class A		252,383		15,511
Kotak Mahindra Bank, Ltd.		480,314		11,578
AXA SA		332,513		9,512
Citigroup, Inc.		112,669		5,454
Ping An Insurance (Group) Company of China, Ltd., Class H		848,000		5,253
Prudential PLC		434,539		5,185
Société Générale		197,342		5,014
				75,117

Industrials 5.84%
Caterpillar, Inc.		37,390		8,839
Carrier Global Corp.		191,068		8,468
Boeing Company¹		39,744		7,110
MTU Aero Engines AG		33,220		6,928
DSV A/S		39,692		6,287
Airbus SE, non-registered shares		45,645		5,270
Alliance Global Group, Inc.		25,134,000		4,366
NIBE Industrier AB, Class B		450,315		4,298
GT Capital Holdings, Inc.		453,530		3,541
				55,107

Energy 4.00%
Canadian Natural Resources, Ltd. (CAD denominated)		253,018		15,106
Reliance Industries, Ltd.		284,200		9,579
Tourmaline Oil Corp.		139,500		8,490
Equinor ASA		119,712		4,611
Gazprom PJSC^1,2		36,932		—	³
				37,786

Materials 3.33%
Sherwin-Williams Company		62,562		15,589
Linde PLC		33,563		11,293
Vale SA, ordinary nominative shares		275,382		4,549
				31,431

Communication services 2.59%
Alphabet, Inc., Class A¹		197,849		19,981
Meta Platforms, Inc., Class A¹		37,729		4,456
				24,437

Total common stocks (cost: $804,549,000)				869,417

8	Capital Group equity exchange-traded funds

Capital Group Global Growth Equity ETF (continued)

Preferred securities 2.41%	Shares		Value (000)
Health care 1.40%
Sartorius AG, nonvoting non-registered preferred shares		35,353	$	13,146

Information technology 1.01%
Samsung Electronics Co., Ltd., nonvoting preferred shares		221,859		9,545

Total preferred securities (cost: $22,549,000)				22,691

Short-term securities 5.23%
Money market investments 5.23%
Capital Group Central Cash Fund 3.94%^4,5		494,042		49,399

Total short-term securities (cost: $49,393,000)				49,399
Total investment securities 99.77% (cost: $876,491,000)				941,507
Other assets less liabilities 0.23%				2,133

Net assets 100.00%			$	943,640

Investments in affiliates⁵

	Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 11/30/2022 (000)		Dividend income (000)
Short-term securities 5.23%
Money market investments 5.23%
Capital Group Central Cash Fund 3.94%⁴		$22,127		$87,810		$60,539		$(5	)		$6		$49,399		$457

¹	Security did not produce income during the last 12 months.
²	Value determined using significant unobservable inputs.
³	Amount less than one thousand.
⁴	Rate represents the seven-day yield at November 30, 2022.
⁵	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds

Capital Group International Focus Equity ETF	unaudited
Investment portfolio November 30, 2022

Sector diversification

Percent of net assets

Country diversification by domicile	Percent of net assets
Eurozone*		21.67	%
Japan		16.45
India		11.24
Canada		8.19
Hong Kong		4.75
Australia		4.26
Brazil		4.12
South Korea		3.96
United Kingdom		3.31
Other countries		16.40
Short-term securities & other assets less liabilities		5.65

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

Common stocks 94.35%	Shares		Value (000)
Industrials 16.37%
Recruit Holdings Co., Ltd.		897,800	$	28,656
Airbus SE, non-registered shares		197,526		22,806
Safran SA		88,225		10,856
Siemens AG		69,052		9,449
Melrose Industries PLC		5,178,923		8,438
MTU Aero Engines AG		34,630		7,222
Ashtead Group PLC		109,256		6,659
DSV A/S		39,049		6,185
NIBE Industrier AB, Class B		609,052		5,813
Techtronic Industries Co., Ltd.		454,000		5,467
Legrand SA		60,663		5,016
International Container Terminal Services, Inc.		1,342,410		4,880
Thales SA		35,211		4,479
Shenzhen Inovance Technology Co., Ltd., Class A		416,500		4,108
				130,034

Information technology 13.98%
SK hynix, Inc.		475,051		31,423
Shopify, Inc., Class A, subordinate voting shares¹		456,767		18,673
ASML Holding NV		28,510		17,342
Taiwan Semiconductor Manufacturing Company, Ltd.		883,000		14,107
Nice, Ltd. (ADR)¹		62,096		12,057
Fujitsu, Ltd.		71,000		9,641
Lasertec Corp.		41,000		7,750
				110,993

Health care 11.43%
Daiichi Sankyo Company, Ltd.		1,135,600		37,611
Novo Nordisk A/S, Class B		135,933		17,017
Olympus Corp.		755,600		15,613
Siemens Healthineers AG		141,226		7,456
Bayer AG		125,925		7,280
Grifols, SA, Class A, non-registered shares¹		537,469		5,784
				90,761

Consumer discretionary 11.24%
MercadoLibre, Inc.¹		16,615		15,468
Evolution AB		119,243		12,217
Sony Group Corp.		131,800		10,909
LVMH Moët Hennessy-Louis Vuitton SE		13,053		10,106
Galaxy Entertainment Group, Ltd.		1,428,000		8,652
Kering SA		12,016		7,288
Flutter Entertainment PLC¹		46,848		7,058

10	Capital Group equity exchange-traded funds

Capital Group International Focus Equity ETF (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Ferrari NV		30,031	$	6,656
Maruti Suzuki India, Ltd.		50,030		5,534
Entain PLC		310,347		5,334
				89,222

Materials 10.99%
First Quantum Minerals, Ltd.		1,268,226		30,151
Fortescue Metals Group, Ltd.		1,471,491		19,585
Vale SA (ADR), ordinary nominative shares		965,728		15,935
Shin-Etsu Chemical Co., Ltd.		65,400		8,472
JSR Corp.		257,900		5,478
Ivanhoe Mines, Ltd., Class A¹		500,801		4,482
Wacker Chemie AG		25,368		3,195
				87,298

Energy 10.86%
Reliance Industries, Ltd.		1,064,670		35,885
Canadian Natural Resources, Ltd. (CAD denominated)		197,219		11,775
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares		1,006,008		11,760
Neste OYJ		199,952		10,288
TotalEnergies SE		142,487		8,901
Woodside Energy Group, Ltd.		303,974		7,670
				86,279

Financials 7.67%
Kotak Mahindra Bank, Ltd.		906,574		21,852
AIA Group, Ltd.		1,753,000		17,879
HDFC Bank, Ltd. (ADR)		116,243		8,203
Aegon NV		1,609,848		7,959
Nu Holdings, Ltd., Class A¹		1,120,325		4,986
				60,879

Communication services 5.79%
Sea, Ltd., Class A (ADR)¹		393,718		22,981
Bharti Airtel, Ltd.		1,684,648		17,668
Universal Music Group NV		222,354		5,327
				45,976

Consumer staples 3.36%
Danone SA		147,043		7,684
Treasury Wine Estates, Ltd.		701,211		6,587
Seven & i Holdings Co., Ltd.		159,800		6,520
British American Tobacco PLC		144,434		5,927
				26,718

Utilities 1.94%
ENN Energy Holdings, Ltd.		1,095,100		15,406


Real estate 0.72%
ESR Group, Ltd.		2,516,400		5,746

Total common stocks (cost: $700,547,000)				749,312

Capital Group equity exchange-traded funds

Capital Group International Focus Equity ETF (continued)

Short-term securities 5.03%	Shares		Value (000)
Money market investments 5.03%
Capital Group Central Cash Fund 3.94%^2,3	399,569	$	39,953

Total short-term securities (cost: $39,946,000)			39,953
Total investment securities 99.38% (cost: $740,493,000)			789,265
Other assets less liabilities 0.62%			4,915

Net assets 100.00%		$	794,180

Investments in affiliates³

		Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 11/30/2022 (000)		Dividend income (000)
Short-term securities 5.03%
Money market investments 5.03%
Capital Group Central Cash Fund 3.94%²	$	24,123	$	157,263	$	141,433	$	(7	)	$	7	$	39,953	$	446

¹	Security did not produce income during the last 12 months.
²	Rate represents the seven-day yield at November 30, 2022.
³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

Refer to the notes to financial statements.

12	Capital Group equity exchange-traded funds

Capital Group Core Equity ETF	unaudited
Investment portfolio November 30, 2022

Sector diversification

Percent of net assets

Largest equity holdings	Percent of net assets
Microsoft		6.19	%
Broadcom		4.35
UnitedHealth Group		3.57
Alphabet		3.35
Raytheon Technologies		2.42
Abbott Laboratories		2.24
Philip Morris International		2.15
Mastercard		1.88
AbbVie		1.85
JPMorgan Chase		1.77

Common stocks 93.80%	Shares		Value (000)
Information technology 20.76%
Microsoft Corp.		126,559	$	32,290
Broadcom, Inc.		41,205		22,705
Mastercard, Inc., Class A		27,568		9,825
Apple, Inc.		43,036		6,371
Automatic Data Processing, Inc.		18,792		4,964
Visa, Inc., Class A		22,588		4,902
Accenture PLC, Class A		14,357		4,320
ASML Holding NV		6,308		3,837
Applied Materials, Inc.		29,798		3,266
Taiwan Semiconductor Manufacturing Company, Ltd.		194,000		3,099
Global Payments, Inc.		19,719		2,046
GoDaddy, Inc., Class A¹		25,610		2,027
Concentrix Corp.		16,494		2,019
ServiceNow, Inc.¹		4,797		1,997
FleetCor Technologies, Inc.¹		9,413		1,847
QUALCOMM, Inc.		12,942		1,637
Fidelity National Information Services, Inc.		16,866		1,224
				108,376

Industrials 14.38%
Raytheon Technologies Corp.		127,975		12,634
General Electric Co.		98,820		8,495
Carrier Global Corp.		125,307		5,554
Northrop Grumman Corp.		10,258		5,470
TFI International, Inc.		47,284		5,133
General Dynamics Corp.		19,527		4,928
Waste Connections, Inc.		24,635		3,560
Old Dominion Freight Line, Inc.		11,135		3,370
BWX Technologies, Inc.		47,417		2,887
TransDigm Group, Inc.		4,116		2,587
Norfolk Southern Corp.		9,615		2,466
United Rentals, Inc.¹		6,781		2,394
Woodward, Inc.		23,344		2,236
Equifax, Inc.		10,511		2,075
Waste Management, Inc.		12,365		2,074
Airbus SE, non-registered shares		15,375		1,775
Air Lease Corp., Class A		45,561		1,760
United Airlines Holdings, Inc.¹		38,702		1,709
ITT, Inc.		18,306		1,547
Lockheed Martin Corp.		2,674		1,297
Safran SA		8,874		1,092
				75,043

Health care 13.52%
UnitedHealth Group, Inc.		34,037		18,644
Abbott Laboratories		108,569		11,680
AbbVie, Inc.		59,739		9,629
Humana, Inc.		8,752		4,813

Capital Group equity exchange-traded funds

Capital Group Core Equity ETF (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Novo Nordisk A/S, Class B		37,590	$	4,706
Elevance Health, Inc.		6,463		3,444
AstraZeneca PLC		24,726		3,346
Danaher Corp.		11,818		3,231
Thermo Fisher Scientific, Inc.		5,208		2,918
Bristol-Myers Squibb Company		32,367		2,598
PerkinElmer, Inc.		17,652		2,466
Pfizer, Inc.		39,948		2,003
Seagen, Inc.¹		9,220		1,119
				70,597

Financials 9.36%
JPMorgan Chase & Co.		67,026		9,262
BlackRock, Inc.		6,435		4,607
Marsh & McLennan Companies, Inc.		25,222		4,368
Nasdaq, Inc.		63,349		4,337
Chubb, Ltd.		19,690		4,324
Arthur J. Gallagher & Co.		20,026		3,987
B3 SA-Brasil, Bolsa, Balcao		914,291		2,243
PNC Financial Services Group, Inc.		13,243		2,228
Webster Financial Corp.		36,965		2,009
State Street Corp.		24,690		1,967
Moody’s Corp.		6,359		1,897
Aon PLC, Class A		5,815		1,793
Signature Bank		12,128		1,692
Charles Schwab Corp.		20,183		1,666
American International Group, Inc.		20,696		1,306
Blue Owl Capital, Inc., Class A		105,166		1,188
				48,874

Communication services 8.13%
Alphabet, Inc., Class A¹		95,449		9,639
Alphabet, Inc., Class C¹		77,308		7,843
Comcast Corp., Class A		236,259		8,657
Netflix, Inc.¹		27,703		8,464
Charter Communications, Inc., Class A¹		8,038		3,145
Meta Platforms, Inc., Class A¹		20,326		2,400
Electronic Arts, Inc.		17,499		2,289
				42,437

Consumer discretionary 7.99%
Amazon.com, Inc.¹		77,657		7,497
General Motors Company		152,568		6,188
Hilton Worldwide Holdings, Inc.		23,291		3,322
Home Depot, Inc.		9,982		3,234
Dollar Tree Stores, Inc.¹		20,781		3,123
Wyndham Hotels & Resorts, Inc.		42,281		3,100
Royal Caribbean Cruises, Ltd.¹		50,051		3,000
Burlington Stores, Inc.¹		12,591		2,464
Chipotle Mexican Grill, Inc.¹		1,313		2,136
Lear Corp.		13,036		1,880
InterContinental Hotels Group PLC		31,870		1,875
Dollar General Corp.		6,035		1,543
Kering SA		2,117		1,284
Rivian Automotive, Inc., Class A¹		33,018		1,058
				41,704

Energy 5.65%
Chevron Corp.		37,882		6,944
ConocoPhillips		50,908		6,288
Canadian Natural Resources, Ltd. (CAD denominated)		94,823		5,661
Baker Hughes Co., Class A		131,040		3,803

14	Capital Group equity exchange-traded funds

Capital Group Core Equity ETF (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
EOG Resources, Inc.		23,999	$	3,406
TC Energy Corp.		42,060		1,864
Equitrans Midstream Corp.		184,091		1,544
				29,510

Consumer staples 5.06%
Philip Morris International, Inc.		112,531		11,216
British American Tobacco PLC		164,591		6,754
Keurig Dr Pepper, Inc.		83,275		3,220
General Mills, Inc.		24,158		2,061
Molson Coors Beverage Company, Class B, restricted voting shares		31,692		1,746
Anheuser-Busch InBev SA/NV		24,294		1,428
				26,425

Utilities 3.69%
PG&E Corp.¹		389,880		6,121
Edison International		58,441		3,896
Constellation Energy Corp.		23,295		2,239
Sempra Energy		12,125		2,015
CenterPoint Energy, Inc.		61,024		1,898
AES Corp.		63,158		1,827
Enel SpA		232,599		1,267
				19,263

Materials 2.92%
Linde PLC		13,093		4,406
LyondellBasell Industries NV		31,336		2,664
Albemarle Corp.		8,092		2,249
Freeport-McMoRan, Inc.		51,957		2,068
Corteva, Inc.		22,088		1,483
Vale SA (ADR), ordinary nominative shares		82,614		1,363
ATI, Inc.¹		33,367		1,018
				15,251

Real estate 2.34%
VICI Properties, Inc. REIT		194,930		6,667
Equinix, Inc. REIT		4,956		3,423
Crown Castle, Inc. REIT		15,054		2,129
				12,219

Total common stocks (cost: $464,175,000)				489,699

Short-term securities 6.16%
Money market investments 6.16%
Capital Group Central Cash Fund 3.94%^2,3		321,763		32,173

Total short-term securities (cost: $32,170,000)				32,173
Total investment securities 99.96% (cost: $496,345,000)				521,872
Other assets less liabilities 0.04%				194

Net assets 100.00%			$	522,066

Capital Group equity exchange-traded funds

Capital Group Core Equity ETF (continued)

Investments in affiliates³

	Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 11/30/2022 (000)		Dividend income (000)
Short-term securities 6.16%
Money market investments 6.16%
Capital Group Central Cash Fund 3.94%²	$	8,939	$	39,175	$	15,942	$	(2	)	$	3	$	32,173	$	259

¹	Security did not produce income during the last 12 months.
²	Rate represents the seven-day yield at November 30, 2022.
³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

16	Capital Group equity exchange-traded funds

Capital Group Dividend Value ETF	unaudited
Investment portfolio November 30, 2022

Sector diversification

Percent of net assets

Largest equity holdings	Percent of net assets
Raytheon Technologies		6.02	%
Microsoft		5.30
General Electric		5.21
Broadcom		4.91
Abbott Laboratories		3.26
Philip Morris International		3.03
Comcast		3.01
General Dynamics		2.98
Edison International		2.95
American International Group		2.76

Common stocks 95.42%	Shares		Value (000)
Industrials 20.16%
Raytheon Technologies Corp.		757,939	$	74,824
General Electric Co.		753,168		64,750
General Dynamics Corp.		147,070		37,119
Carrier Global Corp.		616,232		27,311
Illinois Tool Works, Inc.		81,321		18,498
TFI International, Inc.		132,987		14,436
Union Pacific Corp.		63,503		13,807
				250,745

Information technology 13.95%
Microsoft Corp.		258,286		65,899
Broadcom, Inc.		110,952		61,138
Apple, Inc.		181,549		26,875
Micron Technology, Inc.		340,448		19,627
				173,539

Health care 13.40%
Abbott Laboratories		377,262		40,586
UnitedHealth Group, Inc.		48,998		26,839
Amgen, Inc.		86,772		24,852
AbbVie, Inc.		152,296		24,547
Gilead Sciences, Inc.		247,735		21,759
Danaher Corp.		52,159		14,261
Medtronic PLC		175,297		13,855
				166,699

Consumer discretionary 9.47%
McDonald’s Corp.		95,913		26,164
D.R. Horton, Inc.		300,686		25,859
General Motors Company		385,632		15,641
Starbucks Corp.		112,777		11,526
Aptiv PLC¹		99,837		10,650
Royal Caribbean Cruises, Ltd.¹		170,152		10,197
TopBuild Corp.¹		65,684		10,120
Hasbro, Inc.		121,646		7,642
				117,799

Energy 9.12%
Baker Hughes Co., Class A		1,158,037		33,606
Chevron Corp.		136,967		25,107
EOG Resources, Inc.		175,982		24,977
Canadian Natural Resources, Ltd.		303,825		18,145
Halliburton Company		304,459		11,536
				113,371

Capital Group equity exchange-traded funds

Capital Group Dividend Value ETF (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples 8.53%
Philip Morris International, Inc.		377,594	$	37,635
British American Tobacco PLC		743,659		30,516
Altria Group, Inc.		520,133		24,228
Coca-Cola Company		214,924		13,671
				106,050

Communication services 6.36%
Comcast Corp., Class A		1,020,196		37,380
Meta Platforms, Inc., Class A¹		135,931		16,053
Netflix, Inc.¹		52,478		16,034
Alphabet, Inc., Class A¹		95,032		9,597
				79,064

Utilities 5.51%
Edison International		550,729		36,712
NextEra Energy, Inc.		129,018		10,928
Public Service Enterprise Group, Inc.		175,022		10,597
PG&E Corp.¹		652,928		10,251
				68,488

Financials 4.82%
American International Group, Inc.		544,103		34,338
JPMorgan Chase & Co.		117,550		16,243
Morgan Stanley		100,339		9,339
				59,920

Materials 3.42%
Linde PLC		101,179		34,045
Freeport-McMoRan, Inc.		212,228		8,446
				42,491

Real estate 0.68%
Prologis, Inc. REIT		71,837		8,462

Total common stocks (cost: $1,108,284,000)				1,186,628

Short-term securities 4.70%
Money market investments 4.70%
Capital Group Central Cash Fund 3.94%^2,3		584,754		58,470

Total short-term securities (cost: $58,464,000)				58,470
Total investment securities 100.12% (cost: $1,166,748,000)				1,245,098
Other assets less liabilities (0.12)%				(1,552	)

Net assets 100.00%			$	1,243,546

18	Capital Group equity exchange-traded funds

Capital Group Dividend Value ETF (continued)

Investments in affiliates³

	Value of affiliate at 6/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 11/30/2022 (000)		Dividend income (000)
Short-term securities 4.70%
Money market investments 4.70%
Capital Group Central Cash Fund 3.94%²	$	10,077	$	71,400	$	23,010	$	(3	)	$	6	$	58,470	$	412

¹	Security did not produce income during the last 12 months.
²	Rate represents the seven-day yield at November 30, 2022.
³	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds

Financial statements

Statements of assets and liabilities	unaudited
at November 30, 2022	(dollars and shares in thousands, except per-share amounts)

	Growth ETF			Global Growth Equity ETF		International Focus Equity ETF		Core Equity ETF			Dividend Value ETF
Assets:
Investment securities, at value:
Unaffiliated issuers	$	1,109,622		$	892,108	$	749,312	$	489,699		$	1,186,628
Affiliated issuers		31,220			49,399		39,953		32,173			58,470
Cash		50			59		4,294		50			50
Cash denominated in currencies other than U.S. dollars		—	*		171		124		—	*		—	*
Receivables for:
Sales of investments		—			—		23,787		7,958			11,132
Sales of fund’s shares		13,343			33,109		12,258		—			19,408
Dividends and interest		643			614		1,569		512			1,349
		1,154,878			975,460		831,297		530,392			1,277,037

Liabilities:
Payables for:
Purchases of investments		13,012			31,350		11,379		8,200			33,201
Repurchases of fund’s shares		—			—		24,671		—			—
Investment advisory services		314			310		314		126			290
Non-U.S. taxes		—			160		753		—			—
		13,326			31,820		37,117		8,326			33,491
Net assets at November 30, 2022	$	1,141,552		$	943,640	$	794,180	$	522,066		$	1,243,546

Net assets consist of:
Capital paid in on shares of beneficial interest		1,140,292			904,169		767,687		504,937			1,191,592
Total distributable earnings		1,260			39,471		26,493		17,129			51,954
Net assets at November 30, 2022	$	1,141,552		$	943,640	$	794,180	$	522,066		$	1,243,546

Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Net assets	$	1,141,552		$	943,640	$	794,180	$	522,066		$	1,243,546
Shares outstanding		53,044			43,324		36,284		22,224			51,224
Net asset value per share	$	21.52		$	21.78	$	21.89	$	23.49		$	24.28

Investment securities, at cost:
Unaffiliated issuers	$	1,083,232		$	827,098	$	700,547	$	464,175		$	1,108,284
Affiliated issuers		31,215			49,393		39,946		32,170			58,464
Cash denominated in currencies other than U.S. dollars, at cost		—	*		170		124		—	*		—	*

*	Amount less than one thousand.

Refer to the notes to financial statements.

20	Capital Group equity exchange-traded funds

Financial statements (continued)

Statements of operations	unaudited
for the six months ended November 30, 2022	(dollars in thousands)

	Growth ETF			Global Growth Equity ETF			International Focus Equity ETF			Core Equity ETF			Dividend Value ETF
Investment income:
Income (net of non-U.S. taxes*):
Dividends:
Unaffiliated issuers	$	3,081		$	3,069		$	5,113		$	2,792		$	8,101
Affiliated issuers		264			457			446			259			412
		3,345			3,526			5,559			3,051			8,513
Fees and expenses:
Investment advisory services		1,277			1,141			1,167			512			1,106
Net investment income		2,068			2,385			4,392			2,539			7,407

Net realized loss and unrealized appreciation:
Net realized (loss) gain* on:
Investments in:
Unaffiliated issuers		(26,449	)		(23,886	)		(25,952	)		(9,844	)		(29,723	)
Affiliated issuers		(2	)		(5	)		(7	)		(2	)		(3	)
In-kind redemptions		1,082			—			3,057			1,377			—
Currency transactions		(9	)		49			(119	)		(4	)		—
		(25,378	)		(23,842	)		(23,021	)		(8,473	)		(29,726	)

Net unrealized appreciation* on:
Investments in:
Unaffiliated issuers		39,951			69,369			48,329			27,007			81,534
Affiliated issuers		5			6			7			3			6
Currency translations		—	^†		2			10			—	^†		—	^†
		39,956			69,377			48,346			27,010			81,540
Net realized loss and unrealized appreciation		14,578			45,535			25,325			18,537			51,814
Net increase in net assets resulting from operations	$	16,646		$	47,920		$	29,717		$	21,076		$	59,221

*	Additional information related to non-U.S. taxes is included in the notes to financial statements.
^†	Amount less than one thousand.

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Growth ETF						Global Growth Equity ETF						International Focus Equity ETF
	Six months ended November 30, 2022*			Period ended May 31, 2022^†			Six months ended November 30, 2022*			Period ended May 31, 2022^†			Six months ended November 30, 2022*			Period ended May 31, 2022^†
Operations:
Net investment income	$	2,068		$	187		$	2,385		$	403		$	4,392		$	963
Net realized (loss) gain		(25,378	)		(1,442	)		(23,842	)		(3,699	)		(23,021	)		(2,915	)
Net unrealized appreciation (depreciation)		39,956			(13,561	)		69,377			(4,522	)		48,346			(319	)
Total increase (decrease) in net assets resulting from operations		16,646			(14,816	)		47,920			(7,818	)		29,717			(2,271	)

Distributions paid to shareholders		(423	)		—			(631	)		—			(953	)		—

Net capital share transactions		840,060			300,085			676,108			228,061			577,320			190,367

Total increase in net assets		856,283			285,269			723,397			220,243			606,084			188,096

Net assets:
Beginning of period		285,269			—			220,243			—			188,096			—
End of period	$	1,141,552		$	285,269		$	943,640		$	220,243		$	794,180		$	188,096

	Core Equity ETF						Dividend Value ETF
	Six months ended November 30, 2022*			Period ended May 31, 2022^†			Six months ended November 30, 2022*			Period ended May 31, 2022^†
Operations:
Net investment income	$	2,539		$	280		$	7,407		$	536
Net realized (loss) gain		(8,473	)		(1,007	)		(29,726	)		83
Net unrealized appreciation (depreciation)		27,010			(1,483	)		81,540			(3,190	)
Total increase (decrease) in net assets resulting from operations		21,076			(2,210	)		59,221			(2,571	)

Distributions paid to shareholders		(1,657	)		(80	)		(4,329	)		(105	)

Net capital share transactions		338,396			166,541			887,780			303,550

Total increase in net assets		357,815			164,251			942,672			300,874

Net assets:
Beginning of period		164,251			—			300,874			—
End of period	$	522,066		$	164,251		$	1,243,546		$	300,874

*	Unaudited.
^†	For the period February 22, 2022, commencement of operations, to May 31, 2022.

Refer to the notes to financial statements.

22	Capital Group equity exchange-traded funds

Notes to financial statements

unaudited

1. Organization

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

The funds’ investment objectives are as follows:

Growth ETF – To provide growth of capital.

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

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

Core Equity ETF – To achieve long-term growth of capital and income.

Dividend Value ETF – To produce income exceeding the average yield on U.S. stocks generally and provide an opportunity for growth of principal consistent with sound common stock investing.

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. Security transactions are recorded by each fund as of the date the trades are executed with brokers. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.

Capital Group equity exchange-traded funds

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

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

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

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

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

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds’ investment adviser are fair valued as determined in good faith under fair 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.

24	Capital Group equity exchange-traded funds

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 November 30, 2022 (dollars in thousands):

Growth ETF

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	208,720	$	19,129	$	—	$	227,849
Consumer discretionary		205,855		20,586		—		226,441
Health care		191,428		3,933		—		195,361
Communication services		146,770		—		—		146,770
Industrials		123,366		10,506		—		133,872
Energy		67,345		—		—		67,345
Financials		59,986		—		—		59,986
Materials		28,816		—		—		28,816
Consumer staples		16,803		—		—		16,803
Utilities		6,379		—		—		6,379
Short-term securities		31,220		—		—		31,220
Total	$	1,086,688	$	54,154	$	—	$	1,140,842

Global Growth Equity ETF

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	144,730	$	82,346	$	—		$	227,076
Health care		153,036		51,846		—			204,882
Consumer discretionary		73,159		65,234		—			138,393
Consumer staples		37,063		38,125		—			75,188
Financials		20,965		54,152		—			75,117
Industrials		24,417		30,690		—			55,107
Energy		23,596		14,190		—	*		37,786
Materials		31,431		—		—			31,431
Communication services		24,437		—		—			24,437
Preferred securities		—		22,691		—			22,691
Short-term securities		49,399		—		—			49,399
Total	$	582,233	$	359,274	$	—	*	$	941,507

*	Amount less than one thousand.

Capital Group equity exchange-traded funds

International Focus Equity ETF

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Industrials	$	—	$	130,034	$	—	$	130,034
Information technology		30,730		80,263		—		110,993
Health care		—		90,761		—		90,761
Consumer discretionary		15,468		73,754		—		89,222
Materials		50,568		36,730		—		87,298
Energy		23,535		62,744		—		86,279
Financials		13,189		47,690		—		60,879
Communication services		22,981		22,995		—		45,976
Consumer staples		—		26,718		—		26,718
Utilities		—		15,406		—		15,406
Real estate		—		5,746		—		5,746
Short-term securities		39,953		—		—		39,953
Total	$	196,424	$	592,841	$	—	$	789,265

Core Equity ETF

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	101,440	$	6,936	$	—	$	108,376
Industrials		72,176		2,867		—		75,043
Health care		62,545		8,052		—		70,597
Financials		48,874		—		—		48,874
Communication services		42,437		—		—		42,437
Consumer discretionary		38,545		3,159		—		41,704
Energy		29,510		—		—		29,510
Consumer staples		18,243		8,182		—		26,425
Utilities		17,996		1,267		—		19,263
Materials		15,251		—		—		15,251
Real estate		12,219		—		—		12,219
Short-term securities		32,173		—		—		32,173
Total	$	491,409	$	30,463	$	—	$	521,872

Dividend Value ETF

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Industrials	$	250,745	$	—	$	—	$	250,745
Information technology		173,539		—		—		173,539
Health care		166,699		—		—		166,699
Consumer discretionary		117,799		—		—		117,799
Energy		113,371		—		—		113,371
Consumer staples		75,534		30,516		—		106,050
Communication services		79,064		—		—		79,064
Utilities		68,488		—		—		68,488
Financials		59,920		—		—		59,920
Materials		42,491		—		—		42,491
Real estate		8,462		—		—		8,462
Short-term securities		58,470		—		—		58,470
Total	$	1,214,582	$	30,516	$	—	$	1,245,098

26	Capital Group equity exchange-traded funds

4. Risk factors

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

Market conditions — The prices of, and the income generated by, the common stocks and other securities held by a fund may decline due to various factors, including events or conditions affecting the general economy or particular industries; 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 the 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 government regulations affecting the issuer or its competitive environment and strategic initiatives and the market response to any such initiatives.

Investing in growth-oriented stocks — Growth-oriented common stocks may involve larger price swings and greater potential for loss than other types of investments.

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

Investing outside the U.S. — Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 United States. Investments outside the United States may also be subject to different accounting and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund.

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 and accounting and auditing practices and standards 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 there may be fewer rights and remedies available to the fund and its shareholders. 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 the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

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

Capital Group equity exchange-traded funds

Foreign securities held by the funds may be traded in markets that close at a different time than the exchange on which the fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the fund’s exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the fund’s exchange and the corresponding premium or discount to the fund’s NAV may widen.

Authorized participant concentration — Only authorized participants may engage in creation or redemption transactions directly with each of the funds, and none of them is obligated to do so. Each fund has a limited number of institutions that may act as authorized participants. If authorized participants exit the business or are unable to or elect not to engage in creation or redemption transactions, and no other authorized participant engages in such function, fund shares may trade at a premium or discount to NAV and/or at wider intraday bid-ask spreads and possibly face trading halts or delisting.

Nondiversification — As nondiversified funds, each fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. As a result, poor performance by a single issuer could adversely affect fund performance more than if each fund were invested in a larger number of issuers. Each fund’s share price can be expected to fluctuate more than might be the case if each fund were more broadly diversified.

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

5. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended November 30, 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; 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.

28	Capital Group equity exchange-traded funds

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

	Growth ETF			Global Growth Equity ETF			International Focus Equity ETF			Core Equity ETF			Dividend Value ETF
As of May 31, 2022
Undistributed ordinary income	$	185		$	391		$	945		$	199		$	430
Capital loss carryforward*		(1,059	)		(3,092	)		(1,836	)		(841	)		(173	)
As of November 30, 2022
Gross unrealized appreciation on investments		76,902			72,684			54,936			31,658			86,275
Gross unrealized depreciation on investments		(54,432	)		(12,783	)		(11,569	)		(6,931	)		(9,486	)
Net unrealized appreciation on investments		22,470			59,901			43,367			24,727			76,789
Cost of investments		1,118,372			881,606			745,898			497,145			1,168,309

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

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

	Six months ended November 30, 2022						Period ended May 31, 2022*
Fund	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Growth ETF	$	423	$	—	$	423	$	—	$	—	$	—
Global Growth Equity ETF		631		—		631		—		—		—
International Focus Equity ETF		953		—		953		—		—		—
Core Equity ETF		1,657		—		1,657		80		—		80
Dividend Value ETF		4,329		—		4,329		105		—		105

*	For the period February 22, 2022, commencement of operations, to May 31, 2022.

6. Fees and transactions

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

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

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

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.

Capital Group equity exchange-traded funds

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 November 30, 2022.

Interfund lending — Pursuant to an exemptive order issued by the SEC, the funds, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. None of the funds lent or borrowed cash through the interfund lending program at any time during the period ended November 30, 2022.

7. Indemnifications

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

8. Capital share transactions

The funds issue and redeem 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 the 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.

30	Capital Group equity exchange-traded funds

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

Growth ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2022

	$	845,528		40,500	$	—		—	$	(5,468	)		(260	)	$	840,060		40,240
For the period February 22, 2022*, through May 31, 2022
	$	301,946		12,884	$	—		—	$	(1,861	)		(80	)	$	300,085		12,804

Global Growth Equity ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2022

	$	676,108		33,160	$	—		—		$—			—		$	676,108		33,160
For the period February 22, 2022*, through May 31, 2022
	$	228,061		10,164	$	—		—		$—			—		$	228,061		10,164

International Focus Equity ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2022

	$	606,106		29,400	$	—		—	$	(28,786	)		(1,360	)	$	577,320		28,040
For the period February 22, 2022*, through May 31, 2022
	$	190,367		8,244	$	—		—	$	—			—		$	190,367		8,244

Core Equity ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2022

	$	350,633		15,840	$	—		—	$	(12,237	)		(540	)	$	338,396		15,300
For the period February 22, 2022*, through May 31, 2022
	$	166,541		6,924	$	—		—	$	—			—		$	166,541		6,924

Dividend Value ETF

	Sales				Reinvestments of distributions				Repurchases						Net increase
	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended November 30, 2022

	$	887,780		38,980	$	—		—	$	—			—		$	887,780		38,980
For the period February 22, 2022*, through May 31, 2022
	$	311,566		12,584	$	—		—	$	(8,016	)		(340	)	$	303,550		12,244

*	Commencement of operations.

Capital Group equity exchange-traded funds

9. Investment transactions

The following table presents purchases and sales of investments, excluding in-kind transactions, short-term securities and U.S. government obligations, if any, during the six months ended November 30, 2022 (dollars in thousands):

Fund	Purchases		Sales
Growth ETF	$	143,517	$	128,905
Global Growth Equity ETF		176,197		102,769
International Focus Equity ETF		364,163		162,217
Core Equity ETF		55,927		46,398
Dividend Value ETF		173,064		153,402

The following table presents the value of securities received and delivered in-kind from the authorized participants to support creation and redemption transactions, if any, during the six months ended November 30, 2022 (dollars in thousands):

Fund	In-kind creations			In-kind redemptions
Growth ETF		$	808,405		$	5,275
Global Growth Equity ETF			572,199			—
International Focus Equity ETF			383,726			27,827
Core Equity ETF			317,809			11,166
Dividend Value ETF			824,896			—

32	Capital Group equity exchange-traded funds

Financial highlights

				(Loss) income from investment operations¹								Dividends and distributions
Six months ended		Net asset value, beginning of period		Net investment income		Net (losses) gain on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period	Total return²			Net assets, end of period (in millions)	Ratio of expenses to average net assets³		Ratio of net income to average net assets
Growth ETF
11/30/2022^4,5	$	22.28	$	.07	$	(.81	)	$	(.74	)	$	(.02	)	$	—	$	(.02	)	$	21.52	(3.32	)%	$	1,142	.39	%⁶	.63	%⁶
5/31/2022^4,7		24.40		.03		(2.15	)		(2.12	)		—			—		—			22.28	(8.69	)		285	.10	²	.13	²
Global Growth Equity ETF
11/30/2022^4,5	$	21.67	$	.10	$	.05		$	.15		$	(.04	)	$	—	$	(.04	)	$	21.78	.72	%	$	944	.47	%⁶	.98	%⁶
5/31/2022^4,7		24.47		.08		(2.88	)		(2.80	)		—			—		—			21.67	(11.44	)		220	.13	²	.38	²
International Focus Equity ETF
11/30/2022^4,5	$	22.82	$	.21	$	(1.06	)	$	(.85	)	$	(.08	)	$	—	$	(.08	)	$	21.89	(3.72	)%	$	794	.54	%⁶	2.03	%⁶
5/31/2022^4,7		24.51		.24		(1.93	)		(1.69	)		—			—		—			22.82	(6.90	)		188	.14	²	1.07	²
Core Equity ETF
11/30/2022^4,5	$	23.72	$	.18	$	(.28	)	$	(.10	)	$	(.13	)	$	—	$	(.13	)	$	23.49	(.37	)%	$	522	.33	%⁶	1.64	%⁶
5/31/2022^4,7		24.63		.08		(.96	)		(.88	)		(.03	)		—		(.03	)		23.72	(3.59	)		164	.09	²	.34	²
Dividend Value ETF
11/30/2022^4,5	$	24.57	$	.25	$	(.39	)	$	(.14	)	$	(.15	)	$	—	$	(.15	)	$	24.28	(.48	)%	$	1,244	.33	%⁶	2.21	%⁶
5/31/2022^4,7		24.71		.10		(.21	)		(.11	)		(.03	)		—		(.03	)		24.57	(.46	)		301	.09	²	.41	²

Portfolio turnover rate⁸	Six months ended November 30, 2022^2,4,5			Period ended May 31, 2022^2,4,7
Growth ETF		20	%		9	%
Global Growth Equity ETF		22			17
International Focus Equity ETF		40			21
Core Equity ETF		16			8
Dividend Value ETF		23			3

¹	Based on average shares outstanding.
²	Not annualized.
³	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
⁴	Based on operations for a period that is less than a full year.
⁵	Unaudited.
⁶	Annualized.
⁷	For the period February 22, 2022, commencement of operations, through May 31, 2022.
⁸	Rates do not include each fund’s portfolio activity with respect to any Central Funds.

Refer to the notes to financial statements.

Capital Group equity exchange-traded funds

Expense example

unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (June 1, 2022, through November 30, 2022).

Actual expenses:

The first line of each fund in the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each fund in the tables below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 6/1/2022		Ending account value 11/30/2022		Expenses paid during period*		Annualized expense ratio
Growth ETF
Actual return	$	1,000.00	$	966.80	$	1.92		.39	%
Assumed 5% return		1,000.00		1,023.11		1.98		.39
Global Growth Equity ETF
Actual return	$	1,000.00	$	1,007.20	$	2.36		.47	%
Assumed 5% return		1,000.00		1,022.71		2.38		.47
International Focus Equity ETF
Actual return	$	1,000.00	$	962.80	$	2.66		.54	%
Assumed 5% return		1,000.00		1,022.36		2.74		.54
Core Equity ETF
Actual return	$	1,000.00	$	996.30	$	1.65		.33	%
Assumed 5% return		1,000.00		1,023.41		1.67		.33
Dividend Value ETF
Actual return	$	1,000.00	$	995.20	$	1.65		.33	%
Assumed 5% return		1,000.00		1,023.41		1.67		.33

*	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).

34	Capital Group equity exchange-traded funds

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Capital Group equity exchange-traded funds

Office of the fund

6455 Irvine Center Drive

Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

Counsel

Dechert LLP

One Bush Street, Suite 1600

San Francisco, CA 94104-4446

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

Principal underwriter

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

36	Capital Group equity exchange-traded funds

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call (800) 421-4225 or 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/ETFs. Each fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Past results are not predictive of results in future periods.

For Capital Group Growth ETF, Capital Group Global Growth Equity ETF, Capital Group International Focus Equity ETF and Capital Group Core Equity ETF, investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in each fund’s prospectus. These risks may be heightened in connection with investments in developing countries.

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

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.

ITEM 2 – Code of Ethics

Not applicable for filing of semi-annual reports to shareholders.

ITEM 3 – Audit Committee Financial Expert

Not applicable for filing of semi-annual reports to shareholders.

ITEM 4 – Principal Accountant Fees and Services

Not applicable for filing of semi-annual reports to shareholders.

ITEM 5 – Audit Committee of Listed Registrants

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

ITEM 6 – Schedule of Investments

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

ITEM 10 – Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

ITEM 11 – Controls and Procedures

(a)

The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b)

There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.

(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CAPITAL GROUP INTERNATIONAL FOCUS EQUITY ETF

	By __/s/ Walter R. Burkley____________________
	Walter R. Burkley, Principal Executive Officer

	Date: January 31, 2023

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

By __/s/ Walter R. Burkley______________

Walter R. Burkley,

Principal Executive Officer

Date: January 31, 2023

By ___/s/ Troy S. Tanner __________

Troy S. Tanner, Treasurer and

Principal Financial Officer

Date: January 31, 2023

Capital Group International Focus Equity ETF (CGXU) N-CSRSCertified semi-annual shareholder report (management investment company)