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 Sep 30, 2025

736 positions reported · net assets $853.0M · filed Nov 24, 2025

Largest positions of CGSM by reported value, Form N-PORT as of Sep 30, 2025
# Holding Shares / principal Value % of net assets
1 South Carolina Jobs-Economic Development Authority CUSIP 83703FLR1 15.9M principal $15.9M 1.86%
2 Triborough Bridge & Tunnel Authority CUSIP 89602RKE4 10.9M principal $10.9M 1.27%
3 Public Finance Authority CUSIP 74445MAF6 7.0M principal $7.0M 0.82%
4 Wisconsin Housing & Economic Development Authority Home Ownership Revenue CUSIP 97689QXG6 5.8M principal $6.5M 0.76%
5 Illinois Finance Authority CUSIP 45203HAH5 6.0M principal $6.0M 0.7%
6 Kentucky Public Energy Authority CUSIP 74440DFN9 5.5M principal $5.9M 0.7%
7 Commonwealth of Puerto Rico CUSIP 74514L3T2 8.7M principal $5.8M 0.68%
8 City of New York NY CUSIP 64966SPW0 5.0M principal $5.5M 0.64%
9 County of Lincoln WY CUSIP 533485BB3 5.2M principal $5.2M 0.61%
10 County of Montgomery MD CUSIP 61336PES6 5.0M principal $5.0M 0.59%
11 New York City Municipal Water Finance Authority CUSIP 64972GC85 4.9M principal $4.9M 0.57%
12 Southeast Energy Authority A Cooperative District CUSIP 84136FBL0 4.4M principal $4.7M 0.56%
13 City of New York NY CUSIP 64966KTD5 4.7M principal $4.7M 0.55%
14 State of California CUSIP 13063ENP7 4.0M principal $4.6M 0.53%
15 State of Illinois CUSIP 452153NS4 4.0M principal $4.5M 0.53%
16 Mississippi Business Finance Corp CUSIP 60528AAS3 4.4M principal $4.4M 0.52%
17 Southeast Alabama Gas Supply District/The CUSIP 84131TBT8 4.0M principal $4.3M 0.51%
18 Argyle Independent School District CUSIP 040319V44 3.7M principal $4.2M 0.49%
19 Industrial Development Authority of the City of Phoenix Arizona/The CUSIP 71884SAC4 4.2M principal $4.2M 0.49%
20 Hampton Roads Sanitation District CUSIP 409327MW0 4.0M principal $4.1M 0.48%
21 PEFA Inc CUSIP 70556CAB0 4.0M principal $4.1M 0.48%
22 Arizona Industrial Development Authority CUSIP 04062PCF6 3.8M principal $3.9M 0.46%
23 New York State Dormitory Authority CUSIP 64990KHM8 3.4M principal $3.9M 0.46%
24 Texas Municipal Gas Acquisition and Supply Corp I CUSIP 88256CEX3 3.8M principal $3.9M 0.45%
25 Commonwealth of Puerto Rico CUSIP 74514L4C8 5.6M principal $3.8M 0.44%

As reported by the fund on Form N-PORT for the period ended Sep 30, 2025. 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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