CAP GROUP SHORT MUNI INCOME

CGSM
NYSE Arca ETF Capital Group Fixed Income ETF Trust Municipal Bonds
CUSIP: 14020Y607

Investment objective: The funds investment objective is to provide current income exempt from regular federal income tax, consistent with a short duration profile as described in this prospectus and with the preservation of capital.

Principal investment strategies: The fund will normally invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. Such securities consist of municipal bonds, which are debt obligations that pay interest that is exempt from federal income taxation, with payments made from a wide variety of sources, including governmental revenue streams and private enterprises. The fund will invest up to 20% of its assets in private activity bonds whose interest is generally subject to the federal alternative minimum tax. The fund will invest at least 80% of its assets in bonds and other debt instruments. The fund may invest in insured municipal bonds, which are municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. In addition, the fund may invest in debt securities of varying credit quality, including up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the funds investment adviser, or unrated but determined by the funds investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as junk bonds. The fund may invest in debt securities of any maturity. The fund will maintain a weighted average effective portfolio duration that is within 1 year of that of the Bloomberg Municipal Short 1-5 Years Index. The fund is nondiversified, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case. The funds assets are managed by a team of portfolio managers. Under this approach, the funds managers work together to oversee the funds entire portfolio. For more information regarding the investment process of the fund, see the Management and organization section of this prospectus. The fund relies on the professional judgment of its investment adviser to make decisions about the funds portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Source: Fund prospectus, 485BPOS, filed 2026-02-27

Top 25 holdings · as of Dec 31, 2023

101 positions reported · net assets $46.4M · filed Feb 21, 2024

Largest positions of CGSM by reported value, Form N-PORT as of Dec 31, 2023
# Holding Shares / principal Value % of net assets
1 California State Public Works Board CUSIP 13068XGZ6 1.0M principal $1.0M 2.24%
2 Kentucky Public Energy Authority CUSIP 74440DCM4 1.0M principal $1.0M 2.16%
3 Minnesota Housing Finance Agency CUSIP 60416TQQ4 935.0K principal $920.6K 1.98%
4 Metropolitan Government of Nashville & Davidson County TN CUSIP 592112QL3 850.0K principal $877.9K 1.89%
5 Virginia Public Building Authority CUSIP 9281724G7 800.0K principal $871.2K 1.88%
6 Virginia Small Business Financing Authority CUSIP 928104MK1 855.0K principal $863.5K 1.86%
7 Iowa Finance Authority CUSIP 462467WR8 820.0K principal $821.2K 1.77%
8 Pennsylvania Economic Development Financing Authority CUSIP 708692BZ0 750.0K principal $758.5K 1.63%
9 Pennsylvania Economic Development Financing Authority CUSIP 708692BH0 750.0K principal $750.0K 1.62%
10 Connecticut Housing Finance Authority CUSIP 20775CU85 745.0K principal $746.5K 1.61%
11 Fairfax County Industrial Development Authority CUSIP 303823LP1 700.0K principal $737.8K 1.59%
12 Humble Independent School District CUSIP 445047LR2 640.0K principal $705.3K 1.52%
13 Capital Trust Agency Inc CUSIP 140532BR2 650.0K principal $652.2K 1.41%
14 City of San Antonio TX Electric & Gas Systems Revenue CUSIP 79625GBD4 600.0K principal $622.5K 1.34%
15 Louisiana Stadium & Exposition District CUSIP 546410CK5 500.0K principal $581.6K 1.25%
16 Iowa Finance Authority CUSIP 462467YJ4 570.0K principal $561.4K 1.21%
17 State of California CUSIP 13063D7M4 500.0K principal $559.4K 1.21%
18 Port Authority of New York & New Jersey CUSIP 73358WTN4 550.0K principal $556.7K 1.2%
19 County of Harris TX Toll Road Revenue CUSIP 41423PCU9 500.0K principal $555.6K 1.2%
20 County of Franklin OH CUSIP 353202FK5 550.0K principal $550.4K 1.19%
21 City of Salt Lake City UT Airport Revenue CUSIP 795576LL9 500.0K principal $545.8K 1.18%
22 Metropolitan Washington Airports Authority Aviation Revenue CUSIP 592647KW0 525.0K principal $539.6K 1.16%
23 Main Street Natural Gas Inc CUSIP 56035DFC1 500.0K principal $533.4K 1.15%
24 Texas A&M University CUSIP 88213AFB6 500.0K principal $529.4K 1.14%
25 Asheville Housing Authority CUSIP 044034CQ7 515.0K principal $528.3K 1.14%

As reported by the fund on Form N-PORT for the period ended Dec 31, 2023. View the filing on SEC.gov

Holdings reports by period

Form N-PORT holdings reports of CGSM by period
As of Positions Net assets
Jun 30, 2026 1,011 $1.5B
Mar 31, 2026 886 $1.1B
Dec 31, 2025 799 $953.8M
Sep 30, 2025 736 $853.0M
Jun 30, 2025 638 $709.4M
Mar 31, 2025 564 $637.6M
Dec 31, 2024 511 $547.7M
Sep 30, 2024 409 $465.9M
Jun 30, 2024 126 $52.4M
Mar 31, 2024 102 $46.3M
Dec 31, 2023 101 $46.4M
Sep 30, 2023 46 $30.0M

As reported on Form N-PORT.

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