0001870128 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member ck0001870128:C000231858Member 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member oef:RiskLoseMoneyMember 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member oef:RiskNotInsuredMember 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member ck0001870128:MarketConditionsMember 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member ck0001870128:IssuerRisksMember 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member ck0001870128:InvestingInIncomeorientedStocksMember 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member ck0001870128:InvestingInGrowthorientedStocksMember 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member ck0001870128:InvestingOutsideTheUnitedStatesMember 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member ck0001870128:MarketTradingMember 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member ck0001870128:AuthorizedParticipantConcentrationMember 2026-07-31 2026-07-31 0001870128 ck0001870128:S000074249Member srt:ManagementMember 2026-07-31 2026-07-31 0001870128 ck0001870128:C000231858Member 2023-01-01 2023-12-31 0001870128 ck0001870128:C000231858Member 2024-01-01 2024-12-31 0001870128 ck0001870128:C000231858Member 2025-01-01 2025-12-31 0001870128 ck0001870128:C000231858Member 2022-02-22 2025-12-31 0001870128 ck0001870128:C000231858Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001870128 ck0001870128:C000231858Member oef:AfterTaxesOnDistributionsMember 2022-02-22 2025-12-31 0001870128 ck0001870128:C000231858Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001870128 ck0001870128:C000231858Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-02-22 2025-12-31 0001870128 ck0001870128:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2025-01-01 2025-12-31 0001870128 ck0001870128:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2022-02-22 2025-12-31 0001870128 ck0001870128:index_Russell_1000_Value_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2025-01-01 2025-12-31 0001870128 ck0001870128:index_Russell_1000_Value_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2022-02-22 2025-12-31 0001870128 ck0001870128:C000231858Member 2026-07-31 2026-07-31 iso4217:USD pure N-1A Capital Group Dividend Value ETF Capital Group Dividend Value ETF 2026-08-01 The fund’s investment objectives are to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Fees and expenses of the fund <table cellpadding="2" style="border-collapse: collapse; width: 100%; clear: both; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="font-size: 10pt"> <td style="width: 100%"> </td></tr> <tr style="vertical-align: top; background-color: #F3F3F3"> <td style="border-bottom: #FFFFFF 0.5pt solid; font-size: 10pt; text-align: left; padding-left: 2.15pt">Shareholder fees (fees paid directly from your investment)</td></tr> <tr style="vertical-align: middle; background-color: #F3F3F3"> <td style="border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; text-align: left; padding-left: 2.15pt">None</td></tr> </table> Shareholder fees (fees paid directly from your investment) 0 <table cellpadding="2" style="border-collapse: collapse; width: 100%; clear: both; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="font-size: 10pt"> <td style="width: 83%"> </td> <td style="width: 17%"> </td></tr> <tr style="vertical-align: middle; background-color: #F3F3F3"> <td colspan="2" style="border-bottom: #FFFFFF 0.5pt solid; font-size: 10pt; text-align: left">Annual fund operating expenses* (expenses that you pay each year as a percentage of the net asset value of your investment)</td></tr> <tr> <td style="vertical-align: middle; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: left">Management fees</td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right">0.33%</td></tr> <tr> <td style="vertical-align: middle; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: left">Other expenses</td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right">0.00</td></tr> <tr> <td style="vertical-align: middle; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: left">Total annual fund operating expenses</td> <td style="vertical-align: bottom; border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right">0.33</td></tr> </table> * The fund’s Investment Advisory and Service Agreement provides that the investment adviser will pay all operating expenses of the fund, except for the 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 the fund’s 12b-1 plan (if any) and other non-routine or extraordinary expenses. Additionally, the 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 any. Annual fund operating expenses* (expenses that you pay each year as a percentage of the net asset value of your investment) 0.0033 0 0.0033 This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. No fees are charged by the fund upon the sale of fund shares, so you would incur these hypothetical costs whether or not you were to sell your shares at the end of the given period. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="2" style="border-collapse: collapse; width: 100%; clear: both; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="font-size: 10pt"> <td style="width: 56%"> </td> <td style="width: 11%"> </td> <td style="width: 11%"> </td> <td style="width: 11%"> </td> <td style="width: 11%"> </td></tr> <tr style="vertical-align: middle; background-color: #F3F3F3"> <td style="border-bottom: #FFFFFF 0.5pt solid; font-size: 10pt"> </td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">1 year</td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">3 years</td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">5 years</td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">10 years</td></tr> <tr> <td style="vertical-align: middle; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; font-size: 10pt"> </td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right; padding-left: 2.15pt">$34</td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: right; padding-left: 2.15pt">$106</td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right; padding-left: 2.15pt">$185</td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: right; padding-left: 2.15pt">$418</td></tr> </table> <table cellpadding="2" style="border-collapse: collapse; width: 100%; clear: both; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="font-size: 10pt"> <td style="width: 56%"> </td> <td style="width: 11%"> </td> <td style="width: 11%"> </td> <td style="width: 11%"> </td> <td style="width: 11%"> </td></tr> <tr style="vertical-align: middle; background-color: #F3F3F3"> <td style="border-bottom: #FFFFFF 0.5pt solid; font-size: 10pt"> </td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">1 year</td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">3 years</td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">5 years</td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">10 years</td></tr> <tr> <td style="vertical-align: middle; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; font-size: 10pt"> </td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right; padding-left: 2.15pt">$34</td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: right; padding-left: 2.15pt">$106</td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right; padding-left: 2.15pt">$185</td> <td style="vertical-align: bottom; border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: right; padding-left: 2.15pt">$418</td></tr> </table> 34 34 106 106 185 185 418 418 The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 24% of the average value of its portfolio. Portfolio turnover 0.24 Normally, the fund invests at least 80% of its assets in dividend value investments. For purposes of this policy, dividend value investments are investments in dividend-paying common stocks that are expected to contribute to the fund’s objective of producing income exceeding the average yield on U.S. stocks generally, and dividend-paying common stocks are common stocks that are expected to pay dividends based on the company’s dividend yield and dividend history. In addition, the fund primarily invests in larger, more established companies domiciled in the United States with market capitalizations greater than $4.0 billion. The fund also ordinarily invests at least 90% of its equity assets in the stock of companies that have issuer ratings of at least investment grade by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or that are unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may invest up to 10% of its assets in equity securities of larger companies domiciled outside the United States. The fund invests, under normal market conditions, at least 90% of its assets in equity securities. The fund is designed for investors seeking both income and capital appreciation. The investment adviser uses a system of multiple portfolio managers in managing assets. Under this approach, a portfolio is divided into segments managed by individual managers. 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 fund’s portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. Principal investment strategies Normally, the fund invests at least 80% of its assets in dividend value investments. For purposes of this policy, dividend value investments are investments in dividend-paying common stocks that are expected to contribute to the fund’s objective of producing income exceeding the average yield on U.S. stocks generally, and dividend-paying common stocks are common stocks that are expected to pay dividends based on the company’s dividend yield and dividend history. For purposes of this policy, dividend value investments are investments in dividend-paying common stocks that are expected to contribute to the fund’s objective of producing income exceeding the average yield on U.S. stocks generally, and dividend-paying common stocks are common stocks that are expected to pay dividends based on the company’s dividend yield and dividend history. You may lose money by investing in the fund. Market conditions — The prices of, and the income generated by, the common stocks and other securities held by the fund may decline due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; 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), bank failures and other circumstances in one country or region could have impacts on global economies or markets. As a result, whether or not the 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 the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer. Investing in income-oriented stocks — The value of the 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 in growth-oriented stocks — Growth-oriented common stocks may involve larger price swings and greater potential for loss than other types of investments. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States and securities tied economically to countries 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 are domiciled, operate or generate revenue or to which the securities are tied economically. 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 regulatory, legal, auditing, financial reporting, accounting and recordkeeping standards and practices, 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, which could impact the liquidity of the fund’s portfolio. Market trading — The fund shares are listed for trading on an exchange and are bought and sold on the secondary market at market prices. The market prices of fund shares are expected to fluctuate, in some cases materially, in response to changes in the fund’s net asset value (“NAV”), the intraday value of the fund’s holdings, and supply and demand for the fund shares. The existence of significant market volatility, disruptions to creations and redemptions, or potential lack of an active trading market for fund shares and/or for the holdings of the fund (including through a trading halt), among other factors, may result in the shares trading significantly above (at a premium) or below (at a discount) to NAV and bid-ask spreads may widen. A bid-ask spread is the “spread” or difference between what investors are willing to pay for fund shares (the “bid” price) and the price at which they are willing to sell fund shares (the “ask” price). 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. Foreign securities held by the fund may be traded in markets that close at a different time than the exchange on which the fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when 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 (as defined in the “Shareholder information” section below) may engage in creation or redemption transactions directly with the fund, and none of them is obligated to do so. The fund has a limited number of institutions that may act as Authorized Participants. In addition, to the extent that securities held by the fund are traded outside a collateralized settlement system, Authorized Participants may be required to post collateral on certain trades on an agency basis (on behalf of other market participants), which only a limited number of Authorized Participants may be able to do. 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 the fund’s net asset value and/or at wider intraday bid-ask spreads and possibly face trading halts or delisting. Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund’s investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com/etf. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund’s investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. capitalgroup.com/etf <img alt="" src="image_005.jpg" style="-sec-ix-hidden: hidden-fact-0"/> <table cellpadding="2" style="border-collapse: collapse; width: 100%; clear: both; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="font-size: 10pt"> <td style="width: 74%"> </td> <td style="width: 13%"> </td> <td style="width: 13%"> </td></tr> <tr style="vertical-align: middle; background-color: #F3F3F3"> <td style="border-bottom: #000000 0.25pt solid; font-size: 10pt; text-align: left; padding-left: 2.15pt">Average annual total returns For the periods ended December 31, 2025:</td> <td style="border-bottom: #000000 0.25pt solid; text-align: center">1 year</td> <td style="border-bottom: #000000 0.25pt solid; text-align: center">Lifetime</td></tr> <tr style="vertical-align: middle"> <td style="border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: left; padding-left: 2pt">Fund (inception date – 2/22/2022)</td> <td style="border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right">25.51%</td> <td style="border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: right">17.76%</td></tr> <tr> <td style="vertical-align: middle; background-color: #F3F3F3; text-align: left; padding-left: 5.75pt; text-indent: 7.2pt">− After taxes on distributions</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right">25.10</td> <td style="vertical-align: bottom; background-color: #F3F3F3; text-align: right">17.31</td></tr> <tr> <td style="vertical-align: middle; background-color: #F3F3F3; text-align: left; padding-left: 5.75pt; text-indent: 1.45pt">− After taxes on distributions and sale of fund shares</td> <td style="vertical-align: bottom; background-color: #D9D9D9; text-align: right">15.36</td> <td style="vertical-align: bottom; background-color: #F3F3F3; text-align: right">14.10</td></tr> </table> <table cellpadding="2" style="border-collapse: collapse; width: 100%; clear: both; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="font-size: 10pt"> <td style="width: 74%"> </td> <td style="width: 13%"> </td> <td style="width: 13%"> </td></tr> <tr style="vertical-align: bottom; background-color: #F3F3F3"> <td style="border-bottom: #FFFFFF 0.5pt solid; font-size: 10pt; text-align: left; padding-left: 2pt">Indexes</td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">1 year</td> <td style="border-bottom: #FFFFFF 0.5pt solid; text-align: center">Lifetime (since fund’s inception)</td></tr> <tr style="vertical-align: middle"> <td style="border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: left; padding-left: 2pt">S&P 500 Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes)</td> <td style="border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right">17.88%</td> <td style="border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: right">14.48%</td></tr> <tr style="vertical-align: middle"> <td style="border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: left; padding-left: 2pt">Russell 1000 Value Index (reflects no deductions for sales charges, account fees, expenses or U.S. federal income taxes)</td> <td style="border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #D9D9D9; text-align: right">15.91</td> <td style="border-bottom: #FFFFFF 0.5pt solid; border-top: #FFFFFF 0.5pt solid; background-color: #F3F3F3; text-align: right">9.76</td></tr> </table> Average annual total returns For the periods ended December 31, 2025: 2022-02-22 0.2551 0.1776 0.251 0.1731 0.1536 0.141 0.1788 0.1448 0.1591 0.0976 After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. 0.2883 0.2011 0.2551 Calendar year total returns The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund’s investment universe.  Highest 2023-12-31 Lowest 2024-12-31 The fund's total return for the six months ended 2026-06-30 Highest/Lowest quarterly results during this period were: Highest      13.33% (quarter ended December 31, 2023) Lowest       -2.80% (quarter ended December 31, 2024) The fund's total return for the six months ended June 30, 2026, was 13.70% 0.1333 -0.0280 0.1370 485BPOS 0001870128 false 2026-07-31 The fund’s Investment Advisory and Service Agreement provides that the investment adviser will pay all operating expenses of the fund, except for the 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 the fund’s 12b-1 plan (if any) and other non-routine or extraordinary expenses. Additionally, the 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 any.