0002034928 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member ck0002034928:C000260730Member 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member oef:RiskLoseMoneyMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member oef:RiskNotInsuredMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member ck0002034928:MarketConditionsMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member ck0002034928:IssuerRisksMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member ck0002034928:InvestingInGrowthorientedStocksMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member ck0002034928:MarketTradingMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member ck0002034928:AuthorizedParticipantConcentrationMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member oef:RiskNondiversifiedStatusMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092695Member srt:ManagementMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member ck0002034928:C000260731Member 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member oef:RiskLoseMoneyMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member oef:RiskNotInsuredMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member ck0002034928:MarketConditionsMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member ck0002034928:IssuerRisksMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member ck0002034928:InvestingInValueorientedStocksMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member ck0002034928:MarketTradingMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member ck0002034928:AuthorizedParticipantConcentrationMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member oef:RiskNondiversifiedStatusMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000092696Member srt:ManagementMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member ck0002034928:C000255258Member 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member oef:RiskLoseMoneyMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member oef:RiskNotInsuredMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member ck0002034928:MarketConditionsMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member ck0002034928:IssuerRisksMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member ck0002034928:InvestingInSmallAndMidcapitalizationCompaniesMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member ck0002034928:MarketTradingMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member ck0002034928:AuthorizedParticipantConcentrationMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member oef:RiskNondiversifiedStatusMember 2026-07-31 2026-07-31 0002034928 ck0002034928:S000088874Member srt:ManagementMember 2026-07-31 2026-07-31 iso4217:USD pure N-1A Capital Group Equity ETF Trust I 2026-08-01 Capital Group U.S. Large Growth ETF The fund’s investment objective is to seek capital appreciation. Investment objective 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 expenses1 (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">0.39%</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 expenses2</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">0.39</td></tr> </table> 1 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. 2 Based on estimated amounts for the current fiscal year. Annual fund operating expenses1 (expenses that you pay each year as a percentage of the net asset value of your investment) 0.0039 0 0.0039 Based on estimated amounts for the current fiscal year. 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">$40</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">$125</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">$219</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">$493</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">$40</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">$125</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">$219</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">$493</td></tr> </table> 40 40 125 125 219 219 493 493 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 period from June 24, 2025 (commencement of operations) to the end of the most recent fiscal year, the fund’s portfolio turnover rate was 34% of the average value of its portfolio. Portfolio turnover 0.34 Under normal market conditions, the fund invests at least 80% of its net assets in common stocks and other equity-type securities (including preferred stock, convertible securities and hybrid securities) of large, growth companies in the United States. The investment adviser currently defines “large companies” to be companies whose market capitalizations typically fall within the range of the Russell 1000 Index. As of June 30, 2026, the smallest company for the Russell 1000 Index had a market capitalization of approximately $776.8 million and the largest company for the Russell 1000 Index had a market capitalization of approximately $4.8 trillion. The market capitalization of the companies included in the Russell 1000 Index will change with market conditions. The investment adviser currently defines “growth companies” to be companies that are included in the Russell 1000 Growth Index or exhibit the potential for growth based on historical or projected revenue or earnings, or if the investment adviser expects the company to contribute to the fund’s long-term growth of capital based on factors such as whether the company is attractively valued or is positioned to benefit from innovation, economic growth, or increasing consumer demand. The fund strives to maintain a fully invested portfolio. 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 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 Under normal market conditions, the fund invests at least 80% of its net assets in common stocks and other equity-type securities (including preferred stock, convertible securities and hybrid securities) of large, growth companies in the United States. 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 growth-oriented stocks — Growth-oriented common stocks may involve larger price swings and greater potential for loss than other types of investments. 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. 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. Nondiversification — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund’s shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified. 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. Because the fund has been in operation for less than one full calendar year, information regarding investment results is not available as of the date of this prospectus. Investment results Because the fund has been in operation for less than one full calendar year, information regarding investment results is not available as of the date of this prospectus. Capital Group U.S. Large Value ETF The fund’s investment objective is to seek capital appreciation. Investment objective 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 expenses1 (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 expenses2</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> 1 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. 2 Based on estimated amounts for the current fiscal year. Annual fund operating expenses1 (expenses that you pay each year as a percentage of the net asset value of your investment) 0.0033 0 0.0033 Based on estimated amounts for the current fiscal year. 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 period from June 24, 2025 (commencement of operations) to the end of the most recent fiscal year, the fund’s portfolio turnover rate was 55% of the average value of its portfolio. Portfolio turnover 0.55 Under normal market conditions, the fund invests at least 80% of its net assets in common stocks and other equity-type securities (including preferred stock, convertible securities and hybrid securities) of large, value companies in the United States. The investment adviser currently defines “large companies” to be companies whose market capitalizations typically fall within the range of the Russell 1000 Index. As of June 30, 2026, the smallest company for the Russell 1000 Index had a market capitalization of approximately $776.8 million and the largest company for the Russell 1000 Index had a market capitalization of approximately $4.8 trillion. The market capitalization of the companies included in the Russell 1000 Index will change with market conditions. The investment adviser currently defines “value companies” to be companies that are included in the Russell 1000 Value Index or appear to be temporarily undervalued by the stock market, but have the potential for capital appreciation across the value spectrum, based on valuation metrics such as adjusted price-to-earnings ratios, price-to-free-cash-flow ratios, price-to-book ratios, and dividend yields. The fund strives to maintain a fully invested portfolio. 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 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 Under normal market conditions, the fund invests at least 80% of its net assets in common stocks and other equity-type securities (including preferred stock, convertible securities and hybrid securities) of large, value companies in the United States. 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 value-oriented stocks — The prices of value-oriented stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. 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. 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. Nondiversification — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund’s shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified. 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. Because the fund has been in operation for less than one full calendar year, information regarding investment results is not available as of the date of this prospectus. Investment results Because the fund has been in operation for less than one full calendar year, information regarding investment results is not available as of the date of this prospectus. Capital Group U.S. Small and Mid Cap ETF The fund’s investment objective is to seek capital appreciation. Investment objective 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">0.51%</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">0.51</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) 0.0051 0 0.0051 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">$52</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">$164</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">$285</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">$640</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">$52</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">$164</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">$285</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">$640</td></tr> </table> 52 52 164 164 285 285 640 640 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 42% of the average value of its portfolio. Portfolio turnover 0.42 Under normal market conditions, the fund invests at least 80% of its net assets in common stocks and other equity-type securities (including preferred stock, convertible securities and hybrid securities) of small and mid-capitalization companies in the United States. The investment adviser currently defines “small and mid-capitalization companies” to be companies whose market capitalizations typically fall within the range of the Russell 2500 Index or the Russell Midcap Index. As of June 30, 2026, the largest company for the Russell 2500 Index had a market capitalization of approximately $30.6 billion and the largest company for the Russell Midcap Index had a market capitalization of approximately $92.7 billion. The market capitalization of the companies included in the Russell 2500 Index and the Russell Midcap Index will change with market conditions. The fund strives to maintain a fully invested portfolio. 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 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 Under normal market conditions, the fund invests at least 80% of its net assets in common stocks and other equity-type securities (including preferred stock, convertible securities and hybrid securities) of small and mid-capitalization companies in the United States. The investment adviser currently defines “small and mid-capitalization companies” to be companies whose market capitalizations typically fall within the range of the Russell 2500 Index or the Russell Midcap Index. The investment adviser currently defines “small and mid-capitalization companies” to be companies whose market capitalizations typically fall within the range of the Russell 2500 Index or the Russell Midcap Index. 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 small and mid-capitalization companies — Investing in small and mid-capitalization companies may pose additional risks. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil. 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. 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. Nondiversification — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund’s shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified. 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. Because the fund has been in operation for less than one full calendar year, information regarding investment results is not available as of the date of this prospectus. Investment results Because the fund has been in operation for less than one full calendar year, information regarding investment results is not available as of the date of this prospectus. 485BPOS 0002034928 false 2026-07-31 The investment adviser currently defines &amp;#8220;large companies&amp;#8221; to be companies whose market capitalizations typically fall within the range of the Russell 1000 Index. The investment adviser currently defines &amp;#8220;growth companies&amp;#8221; to be companies that are included in the Russell 1000 Growth Index or exhibit the potential for growth based on historical or projected revenue or earnings, or if the investment adviser expects the company to contribute to the fund&amp;#8217;s long-term growth of capital based on factors such as whether the company is attractively valued or is positioned to benefit from innovation, economic growth, or increasing consumer demand. The investment adviser currently defines &amp;#8220;large companies&amp;#8221; to be companies whose market capitalizations typically fall within the range of the Russell 1000 Index. The investment adviser currently defines &amp;#8220;growth companies&amp;#8221; to be companies that are included in the Russell 1000 Growth Index or exhibit the potential for growth based on historical or projected revenue or earnings, or if the investment adviser expects the company to contribute to the fund&amp;#8217;s long-term growth of capital based on factors such as whether the company is attractively valued or is positioned to benefit from innovation, economic growth, or increasing consumer demand. The investment adviser currently defines &amp;#8220;large companies&amp;#8221; to be companies whose market capitalizations typically fall within the range of the Russell 1000 Index. The investment adviser currently defines &amp;#8220;value companies&amp;#8221; to be companies that are included in the Russell 1000 Value Index or appear to be temporarily undervalued by the stock market, but have the potential for capital appreciation across the value spectrum, based on valuation metrics such as adjusted price-to-earnings ratios, price-to-free-cash-flow ratios, price-to-book ratios, and dividend yields. The investment adviser currently defines &amp;#8220;large companies&amp;#8221; to be companies whose market capitalizations typically fall within the range of the Russell 1000 Index. The investment adviser currently defines &amp;#8220;value companies&amp;#8221; to be companies that are included in the Russell 1000 Value Index or appear to be temporarily undervalued by the stock market, but have the potential for capital appreciation across the value spectrum, based on valuation metrics such as adjusted price-to-earnings ratios, price-to-free-cash-flow ratios, price-to-book ratios, and dividend yields. Based on estimated amounts for the current fiscal year. 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. Based on estimated amounts for the current fiscal year. 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. 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.