ANNUAL SHAREHOLDER REPORT
Stock Exchange: NYSE Arca, Inc.
What were the fund costs for the last year?
(based on a hypothetical $10,000 investment
)| Fund | Cost of $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| CGUS | $ | % |
Management's discussion of fund performance
The fund's shares gained 27.35% on a net asset value (NAV) basis and 27.36% on a market price basis for the year ended
May 31, 2026. These results compare with a 29.78% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to
May 31, 2026. These results compare with a 29.78% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to
capitalgroup.com/ETF-returns
.What factors influenced results
U.S. equities advanced sharply during the fund’s fiscal year, with the S&P 500 Index reaching all-time highs. Artificial intelligence and the growing need for memory chips drove the rally, with information technology, communication services and energy sectors leading the gains. The U.S. economy remained resilient, underpinned by higher consumer spending. However, signs of a softening labor market prompted the U.S. Federal Reserve to implement three 25-basis-point rate cuts during the period.
Within the fund, holdings in most sectors contributed, with information technology, communication services, and consumer discretionary being particularly additive. Returns from the health care, industrials and energy sectors also significantly contributed to the portfolio.
Conversely, the fund’s holdings in the materials and financials sectors detracted during the period.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average annual total
returns
| 1 year | Since inception 1 | |
NAV) 2 | % | % |
Index 3 | % | % |
1
The fund began investment operations on 2
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.Key fund statistics
| Fund net assets (in millions) | $ |
| Total number of portfolio holdings | |
| Total advisory fees paid (in millions) | $ |
| Portfolio turnover rate | % |
Portfolio holdings
(percent of net assets)by
sector 
Changes in and disagreements with accountants
On July 3, 2025 , PricewaterhouseCoopers LLP (“PwC”) was dismissed and Deloitte & Touche LLP was appointed as the fund’s independent registered public accounting firm for the fiscal year ending May 31, 2026 audit. The change in the fund’s independent registered public accounting firm was approved by the fund’s board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund’s fiscal years ended May 31, 2024 and May 31, 2025 and the subsequent interim period through July 14, 2025, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.
Availability of additional information
Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at
capitalgroup.com/ETF-literature
.Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.Lit. No. ETMXARX-301-0726 © 2026 Capital Group. All rights reserved.
