SEC File Nos. 333-281924
811-24000
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
Registration Statement
Under
the Securities Act of 1933
Post-Effective Amendment No. 4
and
Registration Statement
Under
the Investment Company Act of 1940
Amendment No. 6
Capital Group Equity ETF Trust I
(Exact Name of Registrant as Specified in Charter)
6455 Irvine Center Drive
Irvine, California 92618-4518
(Address of Principal Executive Offices)
Registrant's telephone number, including area code:
(213) 486-9200
Michael R. Tom, Secretary
Capital Group Equity ETF Trust I
333 South Hope Street
Los Angeles, California 90071-1406
(Name and Address of Agent for Service)
Copies to:
Mark D. Perlow
Dechert LLP
45 Fremont Street, 26th Floor
San Francisco, California 94105-2223
(Counsel for the Registrant)
It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933 as amended.
Explanatory Note
This Post-Effective Amendment No. 4 to the Registration Statement on Form N-1A (File No. 333-281924) (the “Registration Statement”) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the “Securities Act”), solely to amend the Consent of the Independent Registered Public Accounting Firm (exhibit j), which was originally filed by the Company using an incorrect date. Accordingly, this Post-Effective Amendment No. 4 consists only of a facing page, this explanatory note, Part C and the exhibits to the Registration Statement. Parts A and B (the Prospectus and Statement of Additional Information) of Post-Effective Amendment No. 3 to the Registration Statement filed on July 31, 2025 pursuant to Rule 485(b) under the Securities Act are incorporated by reference herein. There have been no changes to the Prospectus or Statement of Additional Information.
Capital Group Equity ETF Trust I
Part C
Other Information
| Item 28. | Exhibits for Registration Statement (1940 Act No. 811-24000 and 1933 Act No. 333-281924) |
| (a) | Articles of Incorporation – Certificate of Trust – previously filed (see Pre-Effective Amendment No. 1 filed 11/8/24); Amended and Restated Agreement and Declaration of Trust dated 12/10/24 – previously filed (see Post-Effective Amendment No. 2 filed 5/29/2025) |
| (b) | By-laws – By-laws – previously filed (see Pre-Effective Amendment No. 1 filed 11/8/24) |
| (c) | Instruments Defining Rights of Security Holders – See Items 28(a) (Articles 2, 6 and 7 of Agreement and Declaration of Trust) and 28(b) (Article 3 and Section 8.04) |
| (d) | Investment Advisory Contracts – Investment Advisory and Service Agreement – previously filed (see Pre-Effective Amendment No. 1 filed 11/8/24); Exhibit A to the Investment Advisory and Service Agreement as amended 3/7/25 – previously filed (see Post-Effective Amendment No. 2 filed 5/29/2025) |
| (e) | Underwriting Contracts – Principal Underwriting Agreement – previously filed (see Pre-Effective Amendment No. 1 filed 11/8/24); Exhibit A to the Principal Underwriting Agreement as amended 3/7/25 – previously filed (see Post-Effective Amendment No. 2 filed 5/29/2025) |
| (f) | Bonus or Profit Sharing Contracts – None |
| (g) | Custodian Agreements – Global Custody Agreement dated 12/14/06; Amendment to the Global Custody Agreement dated 3/19/25 -- previously filed (see Post-Effective Amendment No. 2 filed 5/29/2025) |
| (h) | Other Material Contracts – Transfer Agency and Service Agreement – previously filed (see Pre-Effective Amendment No. 1 filed 11/8/24); Administration Agreement – previously filed (see Pre-Effective Amendment No. 1 filed 11/8/24); Form of Authorized Participant Agreement – previously filed (see Pre-Effective Amendment No. 1 filed 11/8/24); Amendment to Transfer Agency and Service Agreement dated 3/19/25 – previously filed (see Post-Effective Amendment No. 2 filed 5/29/25); Amendment to Administrative Agreement dated 3/19/25 – previously filed (see Post-Effective Amendment No. 2 filed 5/29/25); Form of Indemnification Agreement – previously filed (see Post-Effective Amendment No. 3 filed 7/31/25) |
| (i) | Legal Opinion – Legal Opinion – previously filed (see Pre-Effective Amendment No. 2 filed 1/8/25); (see Post-Effective Amendment No. 2 filed 5/29/25) |
| (j) | Other Opinions – Consent of Independent Registered Public Accounting Firm |
(k) Omitted financial statements – None
| (l) | Initial capital agreements – Initial capital agreements – previously filed (see Pre-Effective Amendment No. 2 filed 1/8/25) |
| (m) | Rule 12b-1 Plan – Plan of Distribution – previously filed (see Pre-Effective Amendment No. 1 filed 11/8/24) |
| (n) | Rule 18f-3 Plan – Not applicable |
(o) Reserved
| (p) | Code of Ethics – Code of Ethics for The Capital Group Companies dated May 2025 and Code of Ethics for Registrant |
| Item 29. | Persons Controlled by or Under Common Control with the Fund |
None
| Item 30. | Indemnification |
The Registrant is a joint-insured under Investment Adviser/Mutual Fund Errors and Omissions Policies, which insure its officers and trustees against certain liabilities. However, in no event will Registrant maintain insurance to indemnify any such person for any act for which Registrant itself is not permitted to indemnify the individual.
Article 8 of the Registrant’s Declaration of Trust as well as the indemnification agreements that the Registrant has entered into with each of its trustees who is not an “interested person” of the Registrant (as defined under the Investment Company Act of 1940, as amended), provide in effect that the Registrant will indemnify its officers and trustees against any liability or expenses actually and reasonably incurred by such person in any proceeding arising out of or in connection with his or her service to the Registrant, to the fullest extent permitted by applicable law, subject to certain conditions. In accordance with Section 17(h) and 17(i) of the Investment Company Act of 1940, as amended, and their respective terms, these provisions do not protect any person against any liability to the Registrant or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Registrant will comply with the indemnification requirements contained in the Investment Company Act of 1940, as amended, and Release Nos. 7221 (June 9, 1972) and 11330 (September 4, 1980).
| Item 31. | Business and Other Connections of the Investment Adviser |
None
| Item 32. | Principal Underwriters |
(a) Capital Client Group, Inc. is the Principal Underwriter of shares of: AMCAP Fund, American Balanced Fund, American Funds College Target Date Series, American Funds Corporate Bond Fund, American Funds Developing World Growth and Income Fund, American Funds Emerging Markets Bond Fund, American Funds Fundamental Investors, American Funds Global Balanced Fund, American Funds Global Insight Fund, The American Funds Income Series, American Funds Inflation Linked Bond Fund, American Funds International Vantage Fund, American Funds Mortgage Fund, American Funds Multi-Sector Income Fund, American Funds Portfolio Series, American Funds Retirement Income Portfolio Series, American Funds Short-Term Tax-Exempt Bond Fund, American Funds Strategic Bond Fund, American Funds Target Date Retirement Series, American Funds Tax-Exempt Fund of New York, The American Funds Tax-Exempt Series II, American Funds U.S. Government Money Market Fund, American Funds U.S. Small and Mid Cap Equity Fund, American High-Income Municipal Bond Fund, American High-Income Trust, American Mutual Fund, The Bond Fund of America, Capital Group Completion Fund Series, Capital Group Conservative Equity ETF, Capital Group Core Balanced ETF, Capital Group Core Equity ETF, Capital Group Dividend Growers ETF, Capital Group Dividend Value ETF, Capital Group Equity ETF Trust I, Capital Group Fixed Income ETF Trust, Capital Group Global Equity ETF, Capital Group Global Growth Equity ETF, Capital Group Growth ETF, Capital Group International Core Equity ETF, Capital Group International Equity ETF, Capital Group International Focus Equity ETF, Capital Group KKR Core Plus+, Capital Group KKR Multi-Sector+, Capital Group New Geography Equity ETF, Capital Group Private Client Services Funds, Capital Group U.S. Equity Fund, Capital Income Builder, Capital World Bond Fund, Capital World Growth and Income Fund, Emerging Markets Equities Fund, Inc., EUPAC Fund, The Growth Fund of America, The Income Fund of America, Intermediate Bond Fund of America, International Growth and Income Fund, The Investment Company of America, Limited Term Tax-Exempt Bond Fund of America, The New Economy Fund, New Perspective Fund, New World Fund, Inc., Short-Term Bond Fund of America, SMALLCAP World Fund, Inc., The Tax-Exempt Bond Fund of America and Washington Mutual Investors Fund
(b)
| LAO | Jeb M. Bent | Senior Vice President | None |
| LAO | Matthew D. Benton | Senior Vice President | None |
| LAO | Jerry R. Berg | Senior Vice President | None |
| LAO | Joseph W. Best, Jr. | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Matthew F. Betley | Vice President | None |
| LAO | Roger J. Bianco, Jr. | Senior Vice President | None |
| LAO | Ryan M. Bickle | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Joseph Bilello | Regional Vice President | None |
| LAO | Jay A. Binstock | Assistant Vice President | None |
| LAO | Peter D. Bjork | Regional Vice President | None |
| DCO | Bryan K. Blankenship | Senior Vice President | None |
| LAO | Marek Blaskovic | Vice President | None |
| LAO | Matthew C. Bloemer | Regional Vice President | None |
| LAO | Erick K. Bodge | Regional Vice President | None |
| LAO | Gerard M. Bockstie, Jr. | Senior Vice President | None |
| LAO | Jon T. Boldt | Regional Vice President | None |
| LAO | Ainsley J. Borel | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Jill M. Boudreau | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Andre W. Bouvier | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Jordan C. Bowers | Regional Vice President | None |
| LAO | David H. Bradin | Senior Vice President | None |
| LAO | William J. Brady | Regional Vice President | None |
| LAO | William P. Brady | Senior Vice President | None |
| LAO | Andrew A. Bredholt | Regional Vice President | None |
| LAO | William G. Bridge | Senior Vice President | None |
| LAO | Siobhan M. Broadbery | Regional Vice President | None |
| LAO | Lorena B. Brockman | Vice President | None |
| LAO | Kevin G. Broulette | Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | E. Chapman Brown, Jr. | Senior Vice President | None |
| LAO | Elizabeth S. Brownlow | Vice President | None |
| LAO | Gary D. Bryce | Senior Vice President | None |
| LAO | Christopher Bucci | Regional Vice President | None |
| NYO | Melissa Buccilli | Senior Vice President | None |
| SNO | Dylan J. Burdick | Regional Vice President | None |
| LAO | Kenneth D. Burdick | Assistant Vice President | None |
| LAO | Carmen A. Burke | Vice President | None |
| IND | Jennifer L. Butler | Assistant Vice President | None |
| LAO | Steven Calabria | Senior Vice President | None |
| LAO | Thomas E. Callahan | Senior Vice President | None |
| LAO | Kelly V. Campbell | Senior Vice President | None |
| LAO | Patrick C. Campbell III | Regional Vice President | None |
| LAO | Anthon S. Cannon III | Vice President | None |
| SNO | Antonio G. Capobianco | Regional Vice President | None |
| LAO | Kevin J. Carevic | Vice President | None |
| LAO | Jason S. Carlough | Senior Vice President | None |
| LAO | Kim R. Carney | Senior Vice President | None |
| LAO | Damian F. Carroll | Senior Vice President | None |
| LAO | David C. Carson, Jr. | Vice President | None |
| LAO | James D. Carter | Senior Vice President | None |
| LAO | Stephen L. Caruthers | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| SFO | James G. Carville | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Philip L. Casciano | Vice President | None |
| LAO | Christopher M. Cefalo | Senior Vice President | None |
| IND | Alexzania N. Chambers
|
Assistant Vice President | None |
| LAO | Kent W. Chan | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| SNO | Marcus L. Chaves | Assistant Vice President | None |
| SNO | Bradley C. Davis | Assistant Vice President | None |
| LAO | Scott T. Davis | Senior Vice President | None |
| LAO | Shehan N. De Silva | Assistant Vice President | None |
| LAO | Adam DeAngelis | Regional Vice President | None |
| LAO | Peter J. Deavan | Senior Vice President | None |
| LAO | Kristofer J. DeBonville | Regional Vice President | None |
| LAO | Guy E. Decker | Senior Vice President | None |
| LAO | Mark A. Dence | Senior Vice President | None |
| SNO | Brian M. Derrico | Vice President | None |
| LAO | Stephen Deschenes | Senior Vice President | None |
| LAO | Maddi L. Dessner | Director and Senior Vice President | None |
| LAO | James G. DiGiuseppe | Senior Vice President | None |
| LAO | Alexander J. Diorio | Vice President | None |
| LAO | Mario P. DiVito | Senior Vice President | None |
| LAO | Kevin F. Dolan | Senior Vice President | None |
| LAO | John H. Donovan IV | Vice President | None |
| LAO | Ronald Q. Dottin | Senior Vice President | None |
| LAO | Joseph B. Dowd | Assistant Vice President | None |
| LAO | John J. Doyle | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Ryan T. Doyle | Senior Vice President | None |
| LAO | Craig Duglin | Senior Vice President | None |
| LAO | Alan J. Dumas | Vice President | None |
| LAO | John E. Dwyer IV | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Christopher P. Dziubasik | Assistant Vice President | None |
| IND | Karyn B. Dzurisin | Senior Vice President | None |
| LAO | Kevin C. Easley | Senior Vice President | None |
| LAO | Shirley Ecklund | Senior Vice President | None |
| LAO | Damian Eckstein | Senior Vice President | None |
| LAO | Matthew J. Eisenhardt | Senior Vice President | None |
| IRV | Jessica Eng | Assistant Vice President | None |
| LAO | Joseph Epstein | Regional Vice President | None |
| LAO | Wayne C. Ewan | Regional Vice President | None |
| LAO | Bryan R. Favilla | Senior Vice President | None |
| LAO | Joseph M. Fazio | Regional Vice President | None |
| LAO | Mark A. Ferraro | Senior Vice President | None |
| LAO | Christopher Fetchet | Regional Vice President | None |
| LAO | Brandon J. Fetta | Vice President | None |
| LAO | John P. Finneran III | Vice President | None |
| LAO | Layne M. Finnerty | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| SNO | Coenraad F. Fletcher | Vice President | None |
| LAO | Kevin H. Folks | Senior Vice President | None |
| IND | Kelly B. Fonderoli | Assistant Vice President | None |
| LAO | William E. Ford | Senior Vice President | None |
| IRV | Robert S. Forshee | Assistant Vice President | None |
| LAO | Mark D. Foster | Regional Vice President | None |
| LAO | Steven M. Fox | Vice President | None |
| LAO | Holly C. Framsted | Senior Vice President | None |
| LAO | Megan France | Regional Vice President | None |
| LAO | Rusty A. Frauhiger | Vice President | None |
| LAO | Vincent C. Fu | Assistant Vice President | None |
| LAO | Tyler L. Furek | Vice President | None |
| LAO | Myles Gaines | Regional Vice President | None |
| LAO | Jignesh D. Gandhi | Vice President | None |
| LAO | J. Gregory Garrett | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| SNO | Edward S. Garza | Vice President | None |
| LAO | Brian K. Geiger | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Leslie B. Geller | Senior Vice President | None |
| LAO | Jacob M. Gerber | Senior Vice President | None |
| LAO | Travis Gilberg | Vice President | None |
| LAO | Pamela A. Gillett | Senior Vice President | None |
| LAO | William F. Gilmartin | Senior Vice President | None |
| IND | Brenda L. Goeken | Assistant Vice President | None |
| LAO | Kathleen D. Golden | Vice President | None |
| NYO | Joshua H. Gordon | Vice President, Capital Group Institutional Investment Services Division | None |
| SNO | Craig B. Gray | Assistant Vice President | None |
| LAO | Robert E. Greeley, Jr. | Senior Vice President | None |
| LAO | Jameson R. Greenstone | Senior Vice President | None |
| LAO | Eric M. Grey | Senior Vice President | None |
| LAO | Karen M. Griffin | Vice President | None |
| LAO | E. Renee Grimm | Senior Vice President | None |
| LAO | Scott A. Grouten | Senior Vice President | None |
| SNO | John S. Gryniewicz | Regional Vice President | None |
| LAO | Sam S. Gumma | Vice President | None |
| LAO | Jan S. Gunderson | Senior Vice President | None |
| LAO | Ryan A. Gundrum | Assistant Vice President | None |
| SNO | Lori L. Guy | Vice President | None |
| LAO | Janna C. Hahn | Senior Vice President | None |
| LAO | Philip E. Haning | Senior Vice President | None |
| LAO | Katy L. Hanke | Senior Vice President | None |
| LAO | Brandon S. Hansen | Senior Vice President | None |
| LAO | Julie O. Hansen | Vice President | None |
| SNO | Nicholas Hargreaves | Assistant Vice President | None |
| LAO | John R. Harley | Senior Vice President | None |
| LAO | Calvin L. Harrelson III | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Craig W. Hartigan | Senior Vice President | None |
| LAO | Janis Harrison | Assistant Vice President | None |
| LAO | James Hayes | Regional Vice President | None |
| LAO | Jennifer Hayes | Regional Vice President | None |
| LAO | Alan M. Heaton | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Clifford W. “Webb” Heidinger | Senior Vice President | None |
| LAO | Brock A. Hillman | Senior Vice President | None |
| IND | Kristin S. Himsel | Senior Vice President | None |
| SNO | Emilia A. Holt | Assistant Vice President | None |
| LAO | Dennis L. Hooper | Regional Vice President | None |
| IND | Ryan D. Hoover | Regional Vice President | None |
| LAO | Jessica K. Hooyenga | Vice President | None |
| LAO | Scott W. Hoyer | Regional Vice President | None |
| LAO | David R. Hreha | Senior Vice President | None |
| LAO | Frederic J. Huber | Senior Vice President | None |
| LAO | Michael S. Hukriede | Regional Vice President | None |
| LAO | Jeffrey K. Hunkins | Senior Vice President | None |
| LAO | Angelia G. Hunter | Senior Vice President | None |
| LAO | Christa M. Iacono | Vice President | None |
| LAO | Marc G. Ialeggio | Senior Vice President | None |
| LAO | Maurice E. Jadah | Regional Vice President | None |
| LAO | Asad K. Jamil | Regional Vice President | None |
| LAO | W. Chris Jenkins | Senior Vice President | None |
| LAO | Daniel J. Jess II | Senior Vice President | None |
| IND | Jameel S. Jiwani | Vice President | None |
| CHO | Allison S. Johnston | Assistant vice President | None |
| LAO | Brendan M. Jonland | Senior Vice President | None |
| LAO | Kathryn H. Jordan | Vice President | None |
| LAO | David G. Jordt | Senior Vice President | None |
| LAO | Michael Kamell | Senior Vice President | None |
| LAO | Eric J. Kamin | Regional Vice President | None |
| IND | Teodor P. Karnakov | Assistant Vice President | None |
| LAO | Wassan M. Kasey | Senior Vice President | None |
| IND | Joel A. Kaul | Assistant Vice President | None |
| LAO | John P. Keating | Senior Vice President | None |
| LAO | David B. Keib | Senior Vice President | None |
| LAO | Brian G. Kelly | Senior Vice President | None |
| LAO | Christopher J. Kennedy | Vice President | None |
| LAO | Jason A. Kerr | Senior Vice President | None |
| LAO | Ryan C. Kidwell | Senior Vice President | None |
| LAO | Charles A. King | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| IND | Eric M. Kirkman | Vice President | None |
| LAO | Kelsei Q. Kirland | Vice President | None |
| IND | Morgann B. Klaus | Assistant Vice President | None |
| LAO | Stephen J. Knutson | Assistant Vice President | None |
| LAO | Michael J. Koch | Vice President | None |
| IND | Philip A. Kojich | Assistant Vice President | None |
| LAO | Christina Kramer | Regional Vice President | None |
| LAO | James M. Kreider | Vice President | None |
| LAO | Andrew M. Kruger | Regional Vice President | None |
| LAO | Jacob A. Kuchta | Regional Vice President | None |
| SNO | David D. Kuncho | Vice President | None |
| NYO | Joseph Lai | Senior Vice President | None |
| LAO | Jialing Lang | Assistant Vice President | None |
| LAO | Richard M. Lang | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| SNO | Theodore J. Larsen | Assistant Vice President | None |
| LAO | Andrew P. Laskowski | Senior Vice President | None |
| LAO | Armand Leaks | Regional Vice President | None |
| LAO | Matthew N. Leeper | Senior Vice President | None |
| LAO | Victor J. LeMay | Regional Vice President | None |
| SNO | Matthew T. Levene | Assistant Vice President | None |
| LAO | Clay M. Leveritt | Senior Vice President | None |
| LAO | Emily R. Liao | Senior Vice President | None |
| LAO | Lauren C. Liebes | Regional Vice President | None |
| LAO | Chris H. Lin | Assistant Vice President | None |
| IND | Justin L. Linder | Vice President | None |
| LAO | Louis K. Linquata | Senior Vice President | None |
| LAO | Damien X. Lona | Regional Vice President | None |
| LAO | Omar J. Love | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| SNO | Adam C. Lozano | Assistant Vice President | None |
| IND | Eric S. Luchene | Regional Vice President | None |
| LAO | Dillon W. Lull | Regional Vice President | None |
| LAO | Reid A. Luna | Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Joe P. Lynch | Regional Vice President | None |
| CHO | Karin A. Lystad | Assistant Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Brandon Y. Ma | Regional Vice President | None |
| LAO | Justin Maddox | Regional Vice President | None |
| LAO | Tyler J. Magie | Regional Vice President | None |
| NYO | Catherine M. Magyera | Vice President | None |
| LAO | James M. Maher | Senior Vice President | None |
| LAO | Brendan T. Mahoney | Senior Vice President | None |
| LAO | Nathan G. Mains | Senior Vice President | None |
| LAO | Jeffrey N. Malbasa | Senior Vice President | None |
| LAO | Usma A. Malik | Senior Vice President | None |
| LAO | Tammy H. Miller | Vice President | None |
| LAO | William T. Mills | Senior Vice President | None |
| LAO | Sean C. Minor | Senior Vice President | None |
| LAO | Louis W. Minora | Vice President | None |
| LAO | James R. Mitchell III | Senior Vice President | None |
| LAO | Charles L. Mitsakos | Senior Vice President | None |
| IND | Eric E. Momcilovich | Assistant Vice President | None |
| SNO | Christopher Moore | Assistant Vice President | None |
| IND | Jonathan L. Moran | Regional Vice President | None |
| LAO | Rex Morgan | Regional Vice President | None |
| LAO | Nathaniel Morris | Regional Vice President | None |
| LAO | David H. Morrison | Vice President | None |
| LAO | Andrew J. Moscardini | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Stanley Moy | Assistant Vice President | None |
| LAO | Joseph M. Mulcahy | Regional Vice President | None |
| LAOW | Ryan D. Murphy | Senior Vice President | None |
| NYO | Timothy J. Murphy | Senior Vice President | None |
| IND | Valynda J. Murray | Vice President | None |
| LAO | Zahid Nakhooda | Regional Vice President | None
|
| IND | Kristen L. Nelson | Regional Vice President | None |
| LAO | Jon C. Nicolazzo | Senior Vice President | None |
| LAO | Earnest M. Niemi | Senior Vice President | None |
| LAO | Matthew P. O’Connor | Director, Chairman and Chief Executive Officer; Senior Vice President, Capital Group Institutional Investment Services Division | None |
| IND | Jody L. O’Dell | Assistant Vice President | None |
| LAO | Jonathan H. O’Flynn | Senior Vice President | None |
| LAO | Bradley D. Olalde | Assistant Vice President | None |
| LAO | Arthur B. Oliver | Vice President | None |
| LAO | Peter A. Olsen | Senior Vice President | None |
| LAO | Thomas A. O’Neil | Senior Vice President | None |
| LAO | Cimber L. Nuessle | Assistant Vice President | None |
| LAO | Michael Orlando | Vice President | None |
| IRV | Paula A. Orologas | Vice President | None |
| LAO | Vincent A. Ortega | Vice President, Capital Group Institutional Investment Services Division | None |
| NYO | Gregory H. Ortman | Senior Vice President | None |
| LAO | Shawn M. O’Sullivan | Senior Vice President | None |
| IND | Lance T. Owens | Senior Vice President | None |
| LAO | Kristina E. Page | Vice President | None |
| LAO | Jeffrey C. Paguirigan | Senior Vice President | None |
| NYO | Christine M. Papa | Assistant Vice President | None |
| LAO | Rodney Dean Parker II | Senior Vice President | None |
| LAO | Ingrid S. Parl | Vice President | None |
| LAO | William D. Parsley | Regional Vice President | None |
| LAO | Timothy C. Patterson | Vice President | None |
| LAO | W. Burke Patterson, Jr. | Senior Vice President | None |
| SNO | Adam P. Peach | Vice President | None |
| LAO | Robert J. Peche | Senior Vice President | None |
| LAO | Elena M. Peerson | Regional Vice President | None |
| IRV | Grace L. Pelczynski | Assistant Vice President | None |
| LAO | Sejal U. Penkar | Vice President | None |
| LAO | Harry A. Phinney | Senior Vice President | None |
| LAO | Adam W. Phillips | Vice President | None |
| LAO | Joseph M. Piccolo | Senior Vice President | None |
| LAO | Sally L. Picota De Holte | Regional Vice President | None |
| LAO | Keith A. Piken | Senior Vice President and Director | None |
| SFO | Eugene Podkaminer | Senior Vice President | None |
| LAO | David T. Polak | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Chloe E. Pollara | Assistant Vice President | None |
| LAO | Michael E. Pollgreen | Vice President | None |
| LAO | Charles R. Porcher | Senior Vice President | None |
| SNO | Robert B. Potter III | Assistant Vice President | None |
| LAO | Darrell W. Pounders | Vice President | None |
| LAOW | Colyar W. Pridgen | Vice President | None |
| LAO | Michelle L. Pullen | Vice President | None |
| LAO | Victoria M. Quach | Vice President | None |
| LAO | Steven J. Quagrello | Senior Vice President | None |
| IND | Kelly S. Quick | Assistant Vice President | None |
| LAO | Michael R. Quinn | Senior Vice President | None |
| LAO | Mary K. Radloff | Regional Vice President | None |
| LAO | Ryan E. Radtke | Senior Vice President | None |
| LAO | James R. Raker | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Rachel M. Ramos | Vice President | None |
| SNO | Eddie A. Rascon | Regional Vice President | None |
| LAO | Rene M. Reincke | Vice President, Treasurer and Director | None |
| LAO | Lesley P. Reinhart | Vice President | None |
| LAO | Michael D. Reynaert
|
Senior Vice President | None |
| LAO | Adnane Rhazzal | Regional Vice President | None |
| LAO | Christopher J. Richardson | Senior Vice President | None |
| LAO | James Robelotto | Assistant Vice President | None |
| SNO | Stephanie A. Robichaud | Vice President | None |
| LAO | Jeffrey J. Robinson | Senior Vice President | None |
| LAO | Matthew M. Robinson | Senior Vice President | None |
| LAO | Jennifer R. Rocci | Regional Vice President | None |
| LAO | Bethany M. Rodenhuis | Senior Vice President | None |
| LAO | Rochelle C. Rodriguez | Senior Vice President | None |
| LAO | Melissa B. Roe | Senior Vice President | None |
| LAO | Stephen Ross | Regional Vice President | None |
| LAO | Thomas W. Rose | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Rome D. Rottura | Senior Vice President | None |
| IND | Jennah N. Ruddick | Assistant Vice President | None |
| LAO | Leah O. Ryan | Vice President | None |
| LAO | William M. Ryan | Senior Vice President | None |
| IND | Brenda S. Rynski | Regional Vice President | None |
| LAO | Richard A. Sabec, Jr. | Senior Vice President | None |
| SNO | Richard R. Salinas | Vice President | None |
| LAOW | Erica Salvay | Vice President | None |
| LAO | Benjamin F. Samuels | Assistant Vice President | None |
| LAO | Michael C. Santangelo | Regional Vice President | None |
| LAO | Paul V. Santoro | Senior Vice President | None |
| LAO | David E. Saunders II | Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Keith A. Saunders | Senior Vice President | None |
| LAO | Joe D. Scarpitti | Senior Vice President | None |
| IND | Broderic C. Schoen | Assistant Vice President | None |
| LAO | Jackson T. Schuette | Regional Vice President | None |
| LAO | Domenic A. Sciarra | Assistant Vice President | None |
| LAO | Keon F. Scott | Regional Vice President | None |
| LAO | Mark A. Seaman | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | James J. Sewell III | Senior Vice President | None |
| LAO | Arthur M. Sgroi | Senior Vice President | None |
| LAO | Erin C. Sheehan | Regional Vice President | None |
| LAO | Puja V. Sheth | Assistant Vice President | None |
| LAO | Kelly S. Simon | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAOW | Anmol Sinha | Senior Vice President | None |
| SNO | Julia M. Sisente | Assistant Vice President | None |
| LAO | Melissa A. Sloane | Senior Vice President | None |
| LAO | Jason C. Smith | Regional Vice President | None |
| LAO | Joshua J. Smith | Regional Vice President | None |
| LAO | Taylor D. Smith | Regional Vice President | None |
| LAO | Stephanie L. Smolka | Vice President | None |
| LAO | J. Eric Snively | Senior Vice President | None |
| LAO | John A. Sobotowski | Assistant Vice President | None |
| SNO | Chadwick R. Solano | Assistant Vice President | None |
| LAO | Charles V. Sosa | Vice President | None |
| LAO | Alexander T. Sotiriou | Vice President | None |
| LAO | Steven J. Sperry | Assistant Vice President | None |
| LAO | Margaret V. Steinbach | Senior Vice President | None |
| LAO | Michael P. Stern | Senior Vice President | None |
| LAO | Andrew J. Strandquist | Senior Vice President | None |
| LAO | Allison M. Straub | Vice President | None |
| LAO | Valerie B. Stringer | Vice President | None |
| LAO | Jamie J. Suh | Assistant Vice President | None |
| LAO | John R. Sulzicki | Vice President | None |
| LAO | Jack Swigle | Regional Vice President | None |
| LAO | Peter D. Thatch | Senior Vice President | None |
| LAO | John B. Thomas | Senior Vice President | None |
| LAO | Cynthia M. Thompson | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| SNO | Mark D. Thompson | Assistant Vice President | None |
| HRO | Stephen B. Thompson | Regional Vice President | None |
| LAO | Ryan D. Tiernan | Senior Vice President | None |
| LAO | Luke N. Trammell | Senior Vice President | None |
| LAO | Jordan A. Trevino | Senior Vice President | None |
| LAO | Michael J. Triessl | Director | None |
| LAO | Michael Trujillo | Regional Vice President | None |
| CHO | Polina S. Tsybrovska | Assistant Vice President | None |
| LAO | Shaun C. Tucker | Senior Vice President | None |
| IRV | Sean M. Tupy | Vice President | None |
| SNO | Corey W. Tyson | Regional Vice President | None |
| IND | Ryan C. Tyson | Assistant Vice President | None |
| LAO | Jason A. Uberti | Vice President | None |
| LAO | David E. Unanue | Senior Vice President | None |
| LAO | John W. Urbanski | Regional Vice President | None |
| LAO | Veronica Vasquez | Vice President | None |
| LAO-W | Gerrit Veerman III | Senior Vice President, Capital Group Institutional Investment Services | None |
| LAO | Cynthia G. Velazquez | Assistant Vice President | None |
| LAO | Spilios Venetsanopoulos | Senior Vice President | None |
| LAO | J. David Viale | Senior Vice President | None |
| LAO | Austin J. Vierra | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Robert D. Vigneaux III | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Julie A. Vogel | Senior Vice President | None |
| IRV | Thu A. Vu | Assistant Vice President | None |
| LAO | Adam Waclawsky | Vice President | None |
| LAO | Jon N. Wainman | Vice President | None |
| LAO | Hudson Walker | Regional Vice President | None |
| ATO | Jason C. Wallace | Senior Vice President | None |
| LAO | Sherrie S. Walling | Vice President | None |
| LAO | Brian M. Walsh | Senior Vice President | None |
| LAO | Susan O. Walton | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Justin N. Wang | Regional Vice President | None |
| IND | Kristen M. Weaver | Vice President | None |
| LAO | Timothy S. Wei | Regional Vice President | None |
| LAO | Sheraton Welch | Regional Vice President | None |
| SNO | Gordon S. Wells | Regional Vice President | None |
| LAO | George J. Wenzel | Senior Vice President | None |
| LAO | Jason M. Weybrecht | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Adam B. Whitehead | Senior Vice President | None |
| LAO | Gregory D. Williams II | Assistant Vice President | None |
| LAO | Ashley L. Wilson | Regional Vice President | None |
| LAO | Jonathan D. Wilson | Regional Vice President | None |
| LAO | Steven Wilson | Senior Vice President | None |
| LAO | Steven C. Wilson | Vice President | None |
| LAO | Anthony J. Wingate | Vice President | None |
| LAO | Benjamin Wirtshafter | Senior Vice President | None |
| LAO | Kimberly D. Wood | Senior Vice President, Capital Group Institutional Investment Services Division | None |
| IND | Benjamin T. Wooden | Regional Vice President | None |
| LAO | Jennifer N. Woodward | Assistant Vice President | None |
| IND | Matthew A. Wooten | Assistant Vice President | None |
| LAO | Elizabeth D. Yakes | Assistant Vice President | None |
| NYO | Mila I. Yankova | Senior Vice President | None |
| LAO | Jason P. Young | Senior Vice President | None |
| LAO | Jonathan A. Young | Senior Vice President | None |
| LAO | Lauren E. Zappia | Regional Vice President | None |
| LAO | Raul Zarco, Jr. | Vice President, Capital Group Institutional Investment Services Division | None |
| LAO | Connie R. Zeender | Regional Vice President | None |
| LAO | Heidi H. Zhang | Assistant Vice President | None |
| NYO | Tanya Zolotarevskiy | Vice President, Capital Group Institutional Investment Services Division | None |
__________
| HRO | Business Address, 5300 Robin Hood Road, Norfolk, VA 23513 |
| IND | Business Address, 12811 North Meridian Street, Carmel, IN 46032 |
| IRV | Business Address, 6455 Irvine Center Drive, Irvine, CA 92618 |
| LAO | Business Address, 333 South Hope Street, Los Angeles, CA 90071 |
| LAO-W | Business Address, 11100 Santa Monica Blvd., 18th Floor, Los Angeles, CA 90025 |
| NYO | Business Address, 399 Park Avenue, 34th Floor, New York, NY 10022 |
| SFO | Business Address, One Market Street, Suite 1800, San Francisco, CA 94105 |
| SNO | Business Address, 3500 Wiseman Boulevard, San Antonio, TX 78251 |
| (c) | None |
| Item 33. | Location of Accounts and Records |
Accounts, books and other records required by Rules 31a-1 and 31a-2 under the Investment Company Act of 1940, as amended, are maintained and held in the offices of the Registrant’s investment adviser, Capital Research and Management Company, 333 South Hope Street, Los Angeles, California 90071; 6455 Irvine Center Drive, Irvine, California 92618; and/or 5300 Robin Hood Road, Norfolk, Virginia 23513.
Registrant’s records covering shareholder accounts are maintained and kept by its transfer agent, State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111.
Registrant's records covering portfolio transactions are maintained and kept by its custodian, State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111.
| Item 34. | Management Services |
None
| Item 35. | Undertakings |
n/a
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Los Angeles, and State of California on the 6th day of August, 2025.
CAPITAL GROUP EQUITY ETF TRUST I
By: /s/ Michael W. Stockton
(Michael W. Stockton, Executive Vice President)
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below on August 6, 2025, by the following persons in the capacities indicated.
POWER OF ATTORNEY
I, Vanessa C. L. Chang, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):
| - | American Balanced Fund (File No. 002-10758, File No. 811-00066) |
| - | American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881) |
| - | Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933) |
| - | Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867) |
| - | Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735) |
| - | Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866) |
| - | Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736) |
| - | Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000) |
| - | Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738) |
| - | Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934) |
| - | Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737) |
| - | Capital Group Growth ETF (File No. 333-259020, File No. 811-23733) |
| - | Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935) |
| - | Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865) |
| - | Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734) |
| - | Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936) |
| - | EUPAC Fund (File No. 002-83847, File No. 811-03734) |
| - | EUPAC Fund |
| - | The Income Fund of America (File No. 002-33371, File No. 811-01880) |
| - | International Growth and Income Fund (File No. 333-152323, File No. 811-22215) |
| - | New Perspective Fund (File No. 002-47749, File No. 811-02333) |
| - | New World Fund, Inc. (File No. 333-67455, File No. 811-09105) |
| - | American Funds New World Fund |
hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Randall F. Buonviri Jennifer L. Butler Patrick C. Castellani Jane Y. Chung Sandra Chuon Mariah L. Coria Susan K. Countess Brian C. Janssen Julie E. Lawton Hong T. Le |
Melissa B. Leyva Timothy W. McHale Gregory F. Niland Marilyn Paramo Becky L. Park W. Michael Pattie Michael W. Stockton Courtney R. Taylor Michael R. Tom
|
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at Houston, Texas, on May 6, 2025.
(City, State)
/s/ Vanessa C.L. Chang
Vanessa C. L. Chang, Board member
POWER OF ATTORNEY
I, Jennifer C. Feikin, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):
| - | American Funds College Target Date Series (File No. 333-180729, File No. 811-22692) |
| - | American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077) |
| - | American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744) |
| - | American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122) |
| - | The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318) |
| - | American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746) |
| - | American Funds Insurance Series (File No. 002-86838, File No. 811-03857) |
| - | American Funds Insurance Series |
| - | American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449) |
| - | American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409) |
| - | American Funds Portfolio Series (File No. 333-178936, File No. 811-22656) |
| - | American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053) |
| - | American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750) |
| - | American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101) |
| - | American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981) |
| - | American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448) |
| - | The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694) |
| - | American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277) |
| - | American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576) |
| - | American High-Income Trust (File No. 033-17917, File No. 811-05364) |
| - | The Bond Fund of America (File No. 002-50700, File No. 811-02444) |
| - | Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391) |
| - | Capital Group Central Fund Series II (File No. 811-23633) |
| - | Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959) |
| - | Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933) |
| - | Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867) |
| - | Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735) |
| - | Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866) |
| - | Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736) |
| - | Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000) |
| - | Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738) |
| - | Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934) |
| - | Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737) |
| - | Capital Group Growth ETF (File No. 333-259020, File No. 811-23733) |
| - | Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935) |
| - | Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865) |
| - | Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734) |
| - | Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936) |
| - | Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349) |
| - | Capital World Bond Fund (File No. 033-12447, File No. 811-05104) |
| - | Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446) |
| - | Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888) |
| - | Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928) |
| - | The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421) |
hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Randall F. Buonviri Jennifer L. Butler Patrick C. Castellani Jane Y. Chung Sandra Chuon Mariah L. Coria Susan K. Countess Brian C. Janssen Julie E. Lawton Hong T. Le |
Melissa B. Leyva Timothy W. McHale Gregory F. Niland Marilyn Paramo Becky L. Park W. Michael Pattie Michael W. Stockton Courtney R. Taylor Michael R. Tom
|
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at New York, New York , on June 12, 2025.
(City, State)
/s/ Jennifer C. Feikin
Jennifer C. Feikin, Board member
POWER OF ATTORNEY
I, Pablo R. González Guajardo, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):
| - | AMCAP Fund (File No. 002-26516, File No. 811-01435) |
| - | American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496) |
| - | American Funds U.S. Small and Mid Cap Equity Fund (File No. 333-280621, File No. 811-23979) |
| - | American Mutual Fund (File No. 002-10607, File No. 811-00572) |
| - | Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933) |
| - | Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867) |
| - | Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735) |
| - | Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866) |
| - | Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736) |
| - | Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000) |
| - | Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738) |
| - | Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934) |
| - | Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737) |
| - | Capital Group Growth ETF (File No. 333-259020, File No. 811-23733) |
| - | Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935) |
| - | Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865) |
| - | Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734) |
| - | Capital Group KKR Core Plus+ (File No. 333-282864, File No. 811-24016) |
| - | Capital Group KKR Multi-Sector+ (File No. 333-282865, File No. 811-24017) |
| - | Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936) |
| - | Capital Group U.S. Equity Fund (File No. 333-233376, File No. 811-23469) |
| - | Emerging Markets Equities Fund, Inc. (File No. 333-74995, File No. 811-04692) |
| - | EUPAC Fund (File No. 002-83847, File No. 811-03734) |
| - | EUPAC Fund |
| - | The Investment Company of America (File No. 002-10811, File No. 811-00116) |
| - | New Perspective Fund (File No. 002-47749, File No. 811-02333) |
| - | New World Fund, Inc. (File No. 333-67455, File No. 811-09105) |
| - | American Funds New World Fund |
hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Randall F. Buonviri Jennifer L. Butler Patrick C. Castellani Jane Y. Chung Sandra Chuon Mariah L. Coria Susan K. Countess Brian C. Janssen Julie E. Lawton Hong T. Le |
Melissa B. Leyva Timothy W. McHale Gregory F. Niland Marilyn Paramo Becky L. Park W. Michael Pattie Michael W. Stockton Courtney R. Taylor Michael R. Tom
|
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A or Form N-2, as applicable, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or Form N-2 or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at Mexico City, on May 6, 2025.
(City, State)
/s/ Pablo R. González Guajardo
Pablo R. González Guajardo, Board member
POWER OF ATTORNEY
I, Leslie Stone Heisz, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):
| - | American Funds College Target Date Series (File No. 333-180729, File No. 811-22692) |
| - | American Funds Core Plus Bond Fund (File No. 333-286599, File No. 811-24077) |
| - | American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744) |
| - | American Funds Emerging Markets Bond Fund (File No. 333-208636; File No. 811-23122) |
| - | The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318) |
| - | American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746) |
| - | American Funds Insurance Series (File No. 002-86838, File No. 811-03857) |
| - | American Funds Insurance Series |
| - | American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449) |
| - | American Funds Multi-Sector Income Fund (File No. 333-228995, File No. 811-23409) |
| - | American Funds Portfolio Series (File No. 333-178936, File No. 811-22656) |
| - | American Funds Retirement Income Portfolio Series (File No. 333-203797, File No. 811-23053) |
| - | American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750) |
| - | American Funds Strategic Bond Fund (File No. 333-207474, File No. 811-23101) |
| - | American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981) |
| - | American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448) |
| - | The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694) |
| - | American Funds U.S. Government Money Market Fund (File No. 333-157162, File No. 811-22277) |
| - | American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576) |
| - | American High-Income Trust (File No. 033-17917, File No. 811-05364) |
| - | The Bond Fund of America (File No. 002-50700, File No. 811-02444) |
| - | Capital Group Central Fund Series – Capital Group Central Cash Fund (File No. 811-23391) |
| - | Capital Group Central Fund Series II (File No. 811-23633) |
| - | Capital Group Completion Fund Series (File No. 333-278929, File No. 811-23959) |
| - | Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933) |
| - | Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867) |
| - | Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735) |
| - | Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866) |
| - | Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736) |
| - | Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000) |
| - | Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738) |
| - | Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934) |
| - | Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737) |
| - | Capital Group Growth ETF (File No. 333-259020, File No. 811-23733) |
| - | Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935) |
| - | Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865) |
| - | Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734) |
| - | Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936) |
| - | Capital Group Private Client Services Funds (File No. 333-163115, File No. 811-22349) |
| - | Capital World Bond Fund (File No. 033-12447, File No. 811-05104) |
| - | Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446) |
| - | Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888) |
| - | Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928) |
| - | The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421) |
hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Randall F. Buonviri Jennifer L. Butler Patrick C. Castellani Jane Y. Chung Sandra Chuon Mariah L. Coria Susan K. Countess Brian C. Janssen Julie E. Lawton Hong T. Le |
Melissa B. Leyva Timothy W. McHale Gregory F. Niland Marilyn Paramo Becky L. Park W. Michael Pattie Michael W. Stockton Courtney R. Taylor Michael R. Tom
|
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at New York, NY, on June 12, 2025.
(City, State)
/s/ Leslie Stone Heisz
Leslie Stone Heisz, Board member
POWER OF ATTORNEY
I, William D. Jones, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):
| - | AMCAP Fund (File No. 002-26516, File No. 811-01435) |
| - | American Balanced Fund (File No. 002-10758, File No. 811-00066) |
| - | American Funds Developing World Growth and Income Fund (File No. 333-190913, File No. 811-22881) |
| - | American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496) |
| - | American Funds U.S. Small and Mid Cap Equity Fund (File No. 333-280621, File No. 811-23979) |
| - | American Mutual Fund (File No. 002-10607, File No. 811-00572) |
| - | Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933) |
| - | Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867) |
| - | Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735) |
| - | Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866) |
| - | Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736) |
| - | Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000) |
| - | Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738) |
| - | Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934) |
| - | Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737) |
| - | Capital Group Growth ETF (File No. 333-259020, File No. 811-23733) |
| - | Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935) |
| - | Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865) |
| - | Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734) |
| - | Capital Group KKR Core Plus+ (File No. 333-282864, File No. 811-24016) |
| - | Capital Group KKR Multi-Sector+ (File No. 333-282865, File No. 811-24017) |
| - | Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936) |
| - | Capital Group U.S. Equity Fund (File No. 333-233376, File No. 811-23469) |
| - | Emerging Markets Equities Fund, Inc. (File No. 333-74995, File No. 811-04692) |
| - | The Income Fund of America (File No. 002-33371, File No. 811-01880) |
| - | International Growth and Income Fund (File No. 333-152323, File No. 811-22215) |
| - | The Investment Company of America (File No. 002-10811, File No. 811-00116) |
hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Randall F. Buonviri Jennifer L. Butler Patrick C. Castellani Jane Y. Chung Sandra Chuon Mariah L. Coria Susan K. Countess Brian C. Janssen Julie E. Lawton Hong T. Le |
Melissa B. Leyva Timothy W. McHale Gregory F. Niland Marilyn Paramo Becky L. Park W. Michael Pattie Michael W. Stockton Courtney R. Taylor Michael R. Tom
|
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A or Form N-2, as applicable, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or Form N-2 or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at San Diego, CA, on May 6, 2025.
(City, State)
/s/ William D. Jones
William D. Jones, Board member
POWER OF ATTORNEY
I, William L. Robbins, the undersigned Board member of the following registered investment companies (collectively, the “Funds”):
| - | AMCAP Fund (File No. 002-26516, File No. 811-01435) |
| - | American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496) |
| - | American Mutual Fund (File No. 002-10607, File No. 811-00572) |
| - | Capital Group Conservative Equity ETF (File No. 333-276928, File No. 811-23933) |
| - | Capital Group Core Balanced ETF (File No. 333-271211, File No. 811-23867) |
| - | Capital Group Core Equity ETF (File No. 333-259021, File No. 811-23735) |
| - | Capital Group Dividend Growers ETF (File No. 333-271210, File No. 811-23866) |
| - | Capital Group Dividend Value ETF (File No. 333-259023, File No. 811-23736) |
| - | Capital Group Equity ETF Trust I (File No.333-281924, File No. 811-24000) |
| - | Capital Group Fixed Income ETF Trust (File No. 333-259025, File No. 811-23738) |
| - | Capital Group Global Equity ETF (File No. 333-276927, File No. 811-23934) |
| - | Capital Group Global Growth Equity ETF (File No. 333-259024, File No. 811-23737) |
| - | Capital Group Growth ETF (File No. 333-259020, File No. 811-23733) |
| - | Capital Group International Core Equity ETF (File No. 333-276930, File No. 811-23935) |
| - | Capital Group International Equity ETF (File No. 333-271212, File No. 811-23865) |
| - | Capital Group International Focus Equity ETF (File No. 333-259022, File No. 811-23734) |
| - | Capital Group New Geography Equity ETF (File No. 333-276931, File No. 811-23936) |
| - | Capital Group U.S. Equity Fund (File No. 333-233376, File No. 811-23469) |
| - | Emerging Markets Equities Fund, Inc. (File No. 333-74995, File No. 811-04692) |
| - | The Investment Company of America (File No. 002-10811, File No. 811-00116) |
hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Randall F. Buonviri Jennifer L. Butler Patrick C. Castellani Jane Y. Chung Sandra Chuon Mariah L. Coria Susan K. Countess Brian C. Janssen Julie E. Lawton Hong T. Le |
Melissa B. Leyva Timothy W. McHale Gregory F. Niland Marilyn Paramo Becky L. Park W. Michael Pattie Michael W. Stockton Courtney R. Taylor Michael R. Tom
|
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, as amended, and all related requirements of the U.S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at San Francisco, CA, on May 6, 2025.
(City, State)
/s/ William L. Robbins
William L. Robbins, Board member
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in this Registration Statement on Form N-1A of our report dated July 14, 2025, relating to the financial statements and financial highlights of Capital Group U.S. Small and Mid Cap ETF, which appears in such Registration Statement. We also consent to the references to us under the headings “Financial highlights”, “Independent registered public accounting firm” and “Prospectuses, reports to shareholders and proxy statements” in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
Los Angeles, California
August 6, 2025
[logo - The Capital Group]
Code of Ethics
May 2025
Capital Group associates are responsible for maintaining the highest ethical standards. The Code of Ethics is intended to help associates observe exemplary standards of integrity, honesty and trust. It sets out standards for our personal conduct, including personal investing, gifts and entertainment, outside business interests and affiliations, political contributions, insider trading, and client confidentiality.
Our fund shareholders and clients have placed their trust in Capital to manage their assets. As investment advisers, we act as fiduciaries to our clients. This means we owe them both a duty of care and a duty of loyalty.
Capital has earned a reputation over many years for acting with the highest integrity and ethics. Reputations are fragile, however, and Capital’s reputation can be harmed if any of us fails to act ethically and in the best interests of our clients. We each must hold ourselves to the highest standards of behavior, regardless of business custom, and strive to avoid even the appearance of impropriety. We all share this responsibility — if you have any doubt whether an action or circumstance is consistent with our standards, raise it.
Associates should be aware that their actions outside of the workplace can reflect on the ethics of our organization and potentially harm our reputation. For this reason, associates should exercise caution and good judgment in order to avoid having their actions outside of the workplace impact Capital, our workplace or our associates.
No set of rules can anticipate every possible situation, so it is essential that associates adhere to the spirit as well as the letter of the Code of Ethics. Any activity that compromises the trust our clients have placed in us, even if it does not expressly violate a rule, has the potential to harm our reputation. Associates are reminded of one of Capital’s core principles: that we must do the right thing as a matter of principle, not just in observance of policy.
In addition to the specific policies described below, associates have the following fundamental obligations under the Code of Ethics:
| − | Associates must avoid those situations that might place, or appear to place, their personal interests in conflict with the interests of Capital, our clients or fund shareholders. |
| − | Associates must not take advantage of their role with Capital to benefit themselves or another party. |
| − | Associates must comply with the laws, rules and regulations that apply to us in the conduct of our business. |
| − | Associates must promptly report violations of the Code of Ethics. |
It is important that all associates comply with the Code of Ethics, including its related guidelines and policies. Failure to do so could result in disciplinary action, including termination.
Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.
Working ethically
In order to maintain the highest ethical standards, Capital strives to recruit, hire and retain exceptional and diverse talent. We can only do so by offering a work environment where associates have a voice, feel respected and can thrive, grow, and bring their most authentic selves to the workplace. In order to help foster such an environment, we have established certain employment policies designed in part to ensure associates interact in a professional, productive and inclusive manner. All associates are expected to be familiar and comply with these and the other policies included in our Associate Handbooks. Because we hold ourselves to the highest ethical standards, our policies often exceed what may be required by law or observed at other companies.
The following sections summarize some of your obligations under the Associate Handbook. Due to their importance to our workplace, violation of the policies in our Associate Handbooks could result in disciplinary action, up to and including termination of employment.
Providing equal employment opportunities and preventing discrimination and harassment
All associates at Capital are responsible for maintaining a professional, inclusive work environment. As an equal opportunity employer, we do not tolerate discrimination. Our policies prohibit unlawful discrimination on the basis of race, religion, color, national origin, ancestry, sex (including gender, gender expression and gender identity), pregnancy, childbirth and related medical conditions, age, physical or mental disability, medical condition, genetic information, marital status, sexual orientation, citizenship status, AIDS/HIV status, political activities or affiliations, military or veteran status, status as a victim of domestic violence, assault or stalking or any other characteristic protected by federal, state or local law.
Harassment is a form of discrimination and violates our commitment to equal employment opportunities. Harassment in violation of our policies occurs when unwelcome comments or conduct based on a protected status unreasonably interfere with an associate’s work performance or create an intimidating, hostile or offensive work environment.
We are committed to promptly investigating and taking action to eliminate any discrimination and harassment that occurs in the workplace. When requested by our Human Resources or Legal Department, all associates are expected to cooperate fully in any investigation into a violation of our policies against discrimination and harassment. Our commitment is to address such claims promptly and to take corrective action as appropriate.
Associates are encouraged to report harassment to Human Resources, any manager in the organization or through our Open Line (contact information for Open Line is outlined below in Reporting requirements).
Close personal relationships in the office
When associates have a close personal, intimate or familial relationship in the workplace, it can create an actual or potential conflict of interest. It can also negatively impact the work environment. For this reason, Capital requires that all associates report any personal intimate or familial relationship with another associate or a business partner employee to Human Resources. Under this policy, certain relationships are prohibited, such as intimate relationships between managers and associates in their reporting lines.
Interacting with the public
Regardless of whether you are speaking on behalf of Capital or simply using social media for personal use, we expect all associates to maintain both client and firm confidentiality, and to protect the firm’s reputation. The lines between public and private, personal and professional, can become blurred, particularly within the realm of social media. By identifying yourself as a Capital associate within a social network, you are connected, either directly or indirectly, to colleagues, managers, clients and investors. Information originally intended for friends and family can be forwarded and, ultimately, lead to unintended consequences. For this reason, associates should exercise extra caution and good judgment and avoid mixing personal and business social networks and ensure that they abide by all local laws and regulations and applicable Capital policies, such as the policy against harassment.
Protecting sensitive information
Capital Group regularly creates, collects, and maintains valuable proprietary information, which is essential to our business operations and the performance of services for our clients. This information derives its value, in part, from not being generally known outside of Capital (hereinafter “Confidential Information”). It includes confidential electronic information in any medium, hard-copy information, and information shared orally or visually (such as by telephone or video conference). The confidentiality, integrity and limited availability of such information is regarded as fundamental to the successful business operations of Capital Group. The purpose of the Confidential Information Policy is to protect our information from disclosure – intentional or inadvertent – and to ensure that associates understand their obligation to protect and maintain its confidentiality.
Code of Ethics guidelines
No special treatment from broker-dealers
Associates may not accept negotiated commission rates or any other terms they believe may be more favorable than the broker-dealer grants to accounts with similar characteristics. U.S. broker-dealers are subject to certain rules designed to prevent favoritism toward such accounts. Favors or preferential treatment from broker-dealers may not be accepted. This rule applies to the associate’s spouse/spouse equivalent and any immediate family member residing in the same household.
No excessive trading of Capital-affiliated funds
Associates should not engage in excessive trading of the American Funds or other Capital-managed investment vehicles worldwide in order to take advantage of short-term market movements. Excessive activity, such as a frequent pattern of exchanges, could involve actual or potential harm to shareholders or clients. This rule applies to the associate’s spouse/spouse equivalent and any immediate family member residing in the same household.
Ban on Initial Public Offerings (IPOs) and Initial Coin Offerings (ICOs)
All associates and immediate family members residing in the same household may not participate in IPOs or ICOs.
Exceptions for participation in IPOs are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member’s compensation).
Avoiding conflicts
Associates must avoid conflicts of interest that can occur when their business, financial or other interests interfere, or reasonably appear to interfere, with their duty to serve the interests of Capital and our clients. Conflicts of interest include any situation where financial or other personal factors compromise objectivity or professional judgment. Even the appearance of conflict could negatively impact Capital and harm our reputation.
Portfolio managers and investment analysts should be aware of the potential conflicts that can arise when they invest on behalf of fund shareholders and clients. The investments we make for our clients must be based on their best interests, and should not be, or appear to be, based on the self-interest of our associates. Accordingly, members of the investment group must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, has a material business, financial or personal relationship with a company that they hold or are eligible
to purchase professionally. Examples of a material relationship include: (1) a family member serving as a senior officer or executive of a portfolio company, (2) significant beneficial ownership of a portfolio company by the associate or their family members, and (3) involvement by the associate or a family member in a significant transaction or business opportunity with a portfolio company.
In addition, associates should avoid conflicts related to Capital’s business, and therefore must not:
| − | Engage in a business that competes, directly or indirectly, with the interests of Capital, or is related to their role or responsibilities at Capital; |
| − | Act for Capital in any transaction or business relationship that involves the associate, members of their family or other people or organizations with whom the associate or their family member(s) have a significant personal connection or financial interest; |
| − | Negotiate with Capital on behalf of any such people or organizations; or |
| − | Use or attempt to use their position at Capital to obtain any improper personal benefit for themselves, family member(s) or any other party. |
No policy can anticipate every possible conflict of interest and all associates must be vigilant in guarding against anything that could color our judgment. Any associate who is aware of a transaction or relationship that could reasonably be expected to give rise to a conflict of interest or perceived conflict of interest must disclose the matter promptly to a member of the Code of Ethics Team. If there is any doubt or if something does not feel consistent with our standards, raise the issue.
Any changes in a previously disclosed potential conflict, outside business interest or affiliation that could be relevant to an evaluation of a potential conflict must also be promptly disclosed. Examples of changes to disclose include: (1) a change in research coverage of an investment analyst to include a company with a family member serving as a senior executive (even if the senior executive relationship had previously been disclosed); (2) a change in an associate’s role to trader if the associate had previously disclosed a sibling who works as a sell-side trader; and (3) a change in the line of business or activities of an outside business interest of an associate.
Outside business interests/affiliations
Associates should avoid outside business interests or affiliations that may give rise to conflicts of interest or that may create divided loyalties, divert substantial amounts of their time, or compromise their independent judgment.
Associates must obtain approval from the Code of Ethics Team to serve on the board of directors or as an advisory board member of any public or private company. This rule does not apply to: (1) boards of Capital companies or funds; (2) board service that is a direct result of the associate’s responsibilities at Capital, such as for portfolio companies of private equity funds managed by Capital; or (3) boards of non-profit and charitable organizations. Associates must disclose to the Code of Ethics Team if they serve on the board of a non-profit or charitable
organization that has issued or has future plans to issue publicly held securities, including debt obligations.
Submit pre-approval to serve on the board of directors or as an advisory board member directly in the compliance reporting application.
In addition, associates must disclose to the Code of Ethics Team if they or any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship:
| − | serves as a board director or as an advisory board member of, |
| − | holds a senior officer position, such as CEO, CFO or Treasurer with, or |
| − | owns 5% or more, individually or together with other such family members, of |
any public company or any private company that may be reasonably expected to go public.
In addition to the disclosure obligations set forth above, associates should be mindful of and must disclose to the Code of Ethics Team any other outside business interest or activity that may present a conflict of interest or the appearance of a conflict of interest or that may compromise their independent judgment. For example, associates must disclose if they have a significant interest in a private company that does business with or competes with Capital, even if that company is not reasonably expected to go public.
Family members employed by a financial institution
Associates who are “Covered Associates” (as defined below) must disclose if any of their family members, such as parents, children, siblings, in-laws or other family members with whom they have a close relationship, is employed by a broker-dealer, investment adviser or other firm that provides investment research or trade execution services to Capital.
Requests for approval or questions may be directed to the Code of Ethics Team.
Other guidelines
Statements and disclosures about Capital, including those made to fund shareholders and clients and in regulatory filings, should be accurate and not misleading.
Reporting requirements
Annual certification of the Code of Ethics
All associates are required to certify at least annually that they have read and understand the Code of Ethics. Questions or issues relating to the Code of Ethics should be directed to the associate’s manager or the Code of Ethics Team.
Reporting violations
All associates are responsible for complying with the Code of Ethics. As part of that responsibility, associates are obligated to report violations of the Code of Ethics promptly, including: (1) fraud or illegal acts involving any aspect of Capital’s business; (2) noncompliance with applicable laws, rules and regulations; (3) intentional or material misstatements in regulatory filings, internal books and records, or client records and reports; or (4) activity that is harmful to fund shareholders or clients. Deviations from controls or procedures that safeguard Capital, including the assets of shareholders and clients, should also be reported. Reported violations of the Code of Ethics will be investigated and appropriate action will be taken, which may include reporting the matter to the firm’s regulator if determined to be appropriate by legal counsel. Once a violation has been reported, all associates are required to cooperate with Capital in the internal investigation of any matter by providing honest, truthful and complete information.
Associates may report confidentially to a manager/department head or to the Open Line Committee.
Associates may also contact the Chief Compliance Officers of CB&T, CGPCS, CIInc, CRC, CIAM, CRMC, or legal counsel employed with Capital.
Capital strictly prohibits retaliation against any associate who in good faith makes a complaint, raises a concern, provides information or otherwise assists in an investigation regarding any conduct that he or she reasonably believes to be in violation of the Code of Ethics. This policy is designed to ensure that associates comply with their obligations to report violations without fear of retaliation.
Policies
Capital’s policies regarding gifts and entertainment, political contributions, insider trading and personal investing are summarized below.
Gifts and Entertainment Policy
The Gifts and Entertainment Policy is intended to ensure that gifts and entertainment involving associates do not raise questions of propriety regarding Capital’s current or prospective business relationships, or Capital’s interactions with government officials. If a gift or entertainment is excessive, repetitive or extravagant, it can raise the appearance of favoritism or the potential for a conflict of interest. By understanding and following the Gifts and Entertainment Policy requirements, associates help Capital safeguard the company and ensure compliance with regulatory rules.
| − | Associates are prohibited from receiving or extending cash gifts, including cash equivalents, such as credit gift cards or cryptocurrencies. Any gifts from or to a Business Partner, a Business Partner Employee or Contingent Worker who is currently on |
assignment at Capital is also prohibited. Associates may also not accept from or give to any one individual or entity a gift or group of gifts exceeding in aggregate US$100 in a 12-month calendar year period if such a person or entity conducts, or may conduct, business with Capital. Trading department associates are subject to different limits and reporting requirements and are generally not permitted to receive gifts. Trading associates may be asked to return gifts received.
| − | Associates must receive approval from their manager and the Code of Ethics Team before accepting or extending entertainment with a market value greater than US$500. This value is cumulative for associates and their invited guests. All ticketed events should be approved by the associate’s manager. Trading department associates are prohibited from accepting entertainment, regardless of value, unless the associate or Capital pays. |
Submit pre-approval for an entertainment request directly in the compliance reporting application.
Gifts or entertainment extended by a Capital associate and approved by the associate’s manager for reimbursement by Capital do not need to be reported (or pre-approved). Trading department associates should report gifts and entertainment extended regardless of reimbursement. Dollar amounts refer to U.S. dollars.
Please note CCG/PCS associates are subject to separate policies regarding extending or receiving gifts and entertainment and are also required under the Gifts and Entertainment Policy to report all gifts and entertainment, regardless of value.
Capital Group is registered as a federal lobbyist and special rules apply to gifts and entertainment involving government officials and employees as a result. Associates must receive approval from Capital’s Code of Ethics Team prior to either: (1) hosting a federal government official or employee at a Capital facility if anything of value (e.g. food, tangible item) will be presented to that individual; or (2) providing anything of value to a federal government official or employee if Capital will pay or reimburse for the related cost.
Reporting
The limitations relating to gifts and entertainment apply to all associates as described above, and associates will be asked to complete quarterly disclosures. Associates must report any gift exceeding $50 and business entertainment in which an event exceeds $75 (although it is recommended that associates report all gifts and entertainment). Trading department associates should notify the Code of Ethics Team when gifts are received and report such gifts quarterly, whether the gift is received by an individual associate or by a department. In addition, trading associates should report all gifts and entertainment regardless of reimbursement.
Charitable contributions
Associates must not allow Capital’s present or anticipated business to be a factor in soliciting political or charitable contributions from outside parties. In addition, it is generally not appropriate to solicit these outside parties or Capital associates for donations to a family-run non-profit organization, family foundation, donor-advised fund or other charitable organization in which an associate or their family members are significantly involved. Board membership alone would not be considered significant involvement.
Entertainment, Gifts and Personal Investing Committee (Committee)
The Committee oversees administration of the Gifts and Entertainment Policy. Questions regarding the Gifts and Entertainment Policy may be directed to the Code of Ethics Team.
Political Contributions Policy
Associates must be cautious when engaging in personal political activities, particularly when supporting officials, candidates, or organizations that may be in a position to influence decisions to award business to investment management firms. Associates should not make political contributions to officials or candidates (in any country) for the purpose of influencing the hiring of a Capital Group company as an advisor to a governmental entity. Associates are encouraged to contact the Code of Ethics Team with any questions about the Political Contributions Policy.
Associates may not use Capital offices or equipment to engage in political fundraising or solicitation activity, for example, hosting a fundraising event at the office or using Capital phones or email systems to help solicit donations for an elected official, a candidate, Political Action Committee (PAC) or political party. Associates may volunteer their time on behalf of a candidate or political organization but should limit volunteer activities to non-work hours.
For
contributions or activities supporting candidates or political organizations within the U.S., we have adopted the guidelines set
forth below, which apply to associates classified as “Restricted Associates.”
Guidelines for political contributions and activities within the U.S.
U.S. Securities and Exchange Commission (SEC) regulations limit political contributions to certain Covered Government Officials by certain
employees of investment advisory firms and certain affiliated companies. “Covered Government Official,” for purposes of the
Political Contributions Policy, is defined as: (1) a state or local official; (2) a candidate for state or local office; or (3) a federal
candidate currently holding state or local office.
Many U.S. cities and states have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. Some associates are also subject to these regulations.
Restricted Associates
Certain associates are deemed “Restricted Associates” under the Political Contributions Policy. Restricted Associates include (1) “covered associates” as defined in the SEC’s rule relating to political contributions by investment advisers (Rule 206(4)-5 under the Investment Advisors Act of 1940); and (2) other associates who do not meet that definition but whom Capital has determined should be subject to the restrictions on political contributions contained in the Political Contributions Policy based on their roles and responsibilities at Capital. Contributions by Restricted Associates and their spouse/spouse equivalent are subject to specific limitations, pre-approval, and reporting requirements as described below.
Pre-approval of political contributions
Contributions by Restricted Associates to any of the following must be pre-approved:
| − | State or local officials, or candidates for state or local office |
| − | Federal candidate campaigns and affiliated committees, including federal incumbents and presidential candidates |
| − | Political organizations such as Political Action Committees (PACs), Super PACs and 527 organizations and ballot measure committees |
| − | Non-profit organizations that may engage in political activities, such as 501(c)(4) and 501(c)(6) organizations |
Restricted Associates must also obtain pre-approval for U.S. political contributions by their spouse/spouse equivalent to any of the foregoing, as well as contributions to any state, local or federal political party or political party committee, if the aggregate contributions by the Restricted Associate and spouse/spouse equivalent to any one candidate or political entity equals or exceeds $100,000 in a calendar year.
Certain documentation is required for contributions to Covered Governmental Officials, PACs or Super PACs, and may be required for contributions to other entities that engage in political activity. See “Required documentation” below for further details. Submit pre-approval requests directly in the compliance reporting application.
Contributions include:
| − | Monetary contributions, gifts or loans |
| − | “In kind” contributions (for example, donations of goods or services or underwriting or hosting fundraisers) |
| − | Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses, and purchasing tickets to inaugural events) |
| − | Contributions to joint fund-raising committees |
| − | Contributions made by a Political Action Committee (PAC) controlled by a Restricted Associate[1] |
[1] “Control” for this purpose includes service as an officer or member of the board (or other governing body) of a PAC.
Required documentation
Restricted Associates must obtain additional documentation from an independent legal authority before they will be approved to contribute to Covered Government Officials. The purpose of the legal documentation is to verify that a specific state or local office does not have the ability to directly or indirectly influence the awarding of business to an investment manager. For contributions to PACs, Super PACs, or other entities that engage in political activities, Restricted Associates may be required to obtain a certification that the entity does not contribute to Covered Government Officials. The Code of Ethics Team will provide language for the documentation when you obtain pre-approval for the contribution.
If a candidate currently holds a state/local office and is running for a different state/local office, legal documentation must be obtained for both the current position and the office for which the candidate is running. Exceptions to the documentation requirements may be granted on a case-by-case basis.
Special political contribution requirements – CollegeAmerica and ABLEAmerica
Certain associates involved with “CollegeAmerica,” the American Funds 529 college savings plan and “ABLEAmerica,” the American Funds nationwide plan for individuals with disabilities, sponsored by the Commonwealth of Virginia, are subject to additional restrictions which prohibit them from contributing to Virginia political candidates or parties.
Administration of the Political Contributions Policy
The U.S. Public Policy Coordinating Group oversees the administration of the Political Contributions Policy, including considering and granting possible exceptions. Questions regarding the Political Contributions Policy may be directed to the Code of Ethics Team.
Insider Trading Policy
Antifraud provisions of U.S. securities laws as well as the laws of other countries generally prohibit persons in possession of material non-public information from trading on or communicating the information to others. Sanctions for violations can include civil injunctions, permanent bars from the securities industry, civil penalties up to three times the profits made or losses avoided, criminal fines and jail sentences. In addition, trading in fund shares while in possession of material, non-public information that may have an immediate impact on the value of the fund’s shares may constitute insider trading.
While investment research analysts are most likely to come in contact with material non-public information, the rules (and sanctions) in this area apply to all Capital associates and extend to activities both within and outside each associate's duties. Associates who believe they have material non-public information should contact any lawyer in the organization.
Personal Investing Policy
This policy applies only to “Covered Associates.” Special rules apply to certain associates in some non-U.S. offices.
The Personal Investing Policy sets forth specific rules regarding personal investments that apply to "covered" associates. These associates may have access to confidential information that places them in a position of special trust. Under the Code of Ethics, associates are responsible for maintaining the highest ethical standards. Associates are reminded that the requirements of the Code of Ethics apply to personal investing activities, even if the matter is not covered by a specific provision of the Personal Investing Policy.
Personal investing should be viewed as a privilege, not a right. As such, the Personal Investing Committee may place limitations on the number of preclearance/trade requests and/or transactions associates make.
Covered Associates
“Covered
Associates” are associates with access to non-public information relating to current or imminent fund/client transactions, investment
recommendations or fund portfolio holdings.
The Personal Investing Policy applies to the personal investments of Covered Associates, as well as those of any Covered Family Members.
Covered Family Members include your spouse or dependent family member, whether they do or do not reside in your household. It also includes
any immediate family members or a person with whom you have a committed relationship residing in your household. A family member may
be children, siblings, and parents, including adoptive, step and in-law relationships.
Questions regarding coverage status should be directed to the Code of Ethics Team.
Additional rules apply to Investment Access Persons
Under this policy, additional restrictions apply to Investment Access Persons, including:
| − | Investment Professionals, such as portfolio managers, research analysts, research directors, trading associates, and fundamental research group associates, and |
| − | Other associates in roles that support certain investment group activities or applications, such as private wealth advisors, investment group administrative assistants, global investment control associates, environmental and social governance associates, and investment group technology associates. |
These restrictions also apply to any Covered Family Members.
Prohibited transactions
The following transactions are prohibited:
| − | Initial Public Offering (IPO) investments (this prohibition applies to all Capital associates) |
Note: Exceptions are rarely granted; however, they will be considered on a case-by-case basis (for example, where a family member is employed by the IPO company and IPO shares are considered part of that family member’s compensation).
| − | Initial Coin Offering (ICO) investments (this prohibition applies to all Capital associates) |
| − | Excessive trading of Capital-affiliated funds |
| − | Spread betting/contracts for difference (CFD) on securities |
| − | Transactions in derivatives on securities and financial contracts, such as options, futures and forwards contracts, with limited exceptions described below |
| − | Short selling of securities – including short selling “against the box,” with limited exceptions described below |
| − | Interest rate swaps (IRS), with limited exceptions described below |
Exceptions:
| − | Derivatives, financial contracts, and short selling transactions are permitted only if they are based on non-reportable instruments (such as currencies and commodities) or if they are based on the S&P 500, Russell 2000 or MSCI EAFE indices |
| − | Interest rate swaps are permitted if based on currencies and government bonds of the G7 |
Reporting requirements
Covered Associates are required to report any securities accounts, holdings and transactions: (1) in which the Covered Associate or any Covered Family Member has a pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security) or (2) over which the Covered Associate or any Covered Family Member exercises investment discretion or has direct or indirect influence or control. Quarterly or annual certifications of accounts, holdings and transactions must also be submitted. An electronic reporting platform is available for these disclosures.
Examples of accounts that must be disclosed include: (1) trusts if the Covered Associate or Covered Family Member are the grantor or serve as trustee or custodian or have the ability to appoint or remove the trustee, (2) trusts that you or a Covered Family Member have the power to revoke, (3) trusts for which you or a Covered Family Member are a beneficiary and exercise investment discretion or have direct or indirect influence or control, and (4) accounts of another person or entity if the Covered Associate or Covered Family Member makes or influences
investment decisions, such as by suggesting purchases and sales of securities in the account. The obligation to disclose accounts includes professionally managed accounts. Please see “Professionally managed accounts” in the Personal Investing Policy for more information.
Covered Associates should immediately notify the Code of Ethics Team when opening new securities accounts by logging into the compliance reporting application and entering the account information directly.
All Covered Associates and Covered Family Members must use an approved electronic reporting firm for all U.S.-based brokerage accounts. There are some exceptions to this requirement which include professionally managed accounts, employer-sponsored retirement accounts, and employee stock purchase plans. Contact the Code of Ethics Team with questions.
Account documentation, such as statements, trade confirmations or approved equivalent documentation is required for compliance purposes. This requirement includes employer-sponsored retirement accounts and employee stock purchase plans (ESPP, ESOP, 401(k)). Documentation allowing the acquisition of shares via an employer-sponsored plan may be required.
Pre-approval procedures
Certain transactions may be exempt from pre-approval; please refer to the Personal Investing Policy for more details.
Before any purchase or sale of securities subject to pre-approval, including securities that are not publicly traded, Covered Associates must receive approval from the Code of Ethics Team. This requirement applies to any purchase or sale of securities in which the Covered Associate or any Covered Family Member (1) has, or by reason of such transaction may acquire, pecuniary interest (in other words, the ability to obtain an economic benefit or otherwise profit from a security), or (2) exercises investment discretion or direct or indirect influence or control. Transactions in an approved professionally managed account are not subject to pre-approval, except for private investments or other limited offerings which require pre-approval and reporting. Please refer to the Personal Investing Policy for more details on securities that require pre-approval.
Submitting preclearance/trade requests
Submit preclearance/trade requests directly in the compliance reporting application.
Requests are reviewed during New York Stock Exchange (NYSE) hours. A response will generally be sent within one business day.
Unless a different period is specified, clearance is good until the close of the NYSE on the day of the request.
If the pre-approved trade has not been executed within the approved timeframe, a preclearance/trade request must be submitted again. For this reason, limit orders and margin accounts are strongly discouraged. Preclearance/trade requests should be submitted in the amount intended to trade and in the specific account in which the trade will take place.
Private investments or other limited offerings
Participation in private investments or other limited offerings are subject to special review. The following types of private investments must be pre-approved:
| − | Hedge funds |
| − | Private companies |
| − | Limited Liability Companies (LLCs) |
| − | Limited Partnerships (LPs) |
| − | Private equity funds |
| − | Private funds |
| − | Private placements |
| − | Private real estate investment companies |
| − | Venture capital funds |
In addition, opportunities to acquire a stock that is "limited" (that is, a broker-dealer is only given a certain number of shares to sell and is offering the opportunity to buy) may be subject to the Gifts and Entertainment Policy.
Pre-approval procedures for private investments
Submit pre-approval for private investments directly in the compliance reporting application. Pre-approval is also required for additional investments in the same vehicle.
Additional policies for Investment Access Persons and CIKK associates
Ban on short-term trading
Investment Access Persons and CIKK associates are prohibited from engaging in short-term trading of reportable securities.
Associates and their Covered Family Members may not buy and then sell or sell and then buy the same security:
| − | Within 60 calendar days for Investment Access Persons |
| − | Within 6 months for CIKK associates |
This ban applies to transactions in all your accounts as well as accounts held by your Covered Family Members. For example, if you sell ABC company in your account, your spouse cannot purchase ABC company for 60 calendar days in their account.
Failure to comply with this requirement may result in remedial action, including disgorgement of the profits.
Blackout periods
Investment Access Persons may not buy or sell a security during the seven calendar days after Capital has transacted in that security’s issuer for a fund or client account.
If Capital transacts in securities of the same issuer within seven calendar days after you transact, your personal transaction may be reviewed to determine the appropriate action, if any. For example, if you received a better price than the fund or client accounts, you may be subject to a price adjustment, and may be asked to donate to a charitable organization. This blackout period helps mitigate the appearance of front running.
Report cross-holdings for certain Investment Professionals
Portfolio managers, research directors and investment analysts are required to report issuers owned personally by you or a Covered Family Member that you also own professionally, on a quarterly basis. If you are a research director or an investment analyst, you are also required to report issuers owned personally by you or a Covered Family Member that are within your research responsibilities. This reporting must be made to the Code of Ethics Team and may be reviewed by various Capital committees.
When recommending a security for purchase or sale in a fund or client account that you or a Covered Family Member own personally, you should first disclose such personal ownership either in writing (in a company write-up) or verbally (when discussing the company at investment meetings) prior to making a recommendation. This disclosure requirement is consistent with both the CFA Institute standards as well as the ICI Advisory Group Guidelines.
Penalties for violating the Personal Investing Policy
Covered Associates may be subject to penalties for violating the Personal Investing Policy, such as restrictions on personal trading, disgorgement of profits, and other disciplinary action, up to and including termination. In addition, information about particular transactions may be provided to an associate’s manager, appropriate Human Resources manager and/or a Chief Compliance Officer (CCO) by the Code of Ethics Team if the transactions are in violation of the Personal Investing Policy. These violations may raise conflict of interest-related issues or impact the associate’s performance review.
Violations to the Personal Investing Policy include failure to obtain approval before trading and failure to report securities transactions, and accounts and reportable holdings.
Entertainment, Gifts and Personal Investing Committee (Committee)
The Committee oversees the administration of the Personal Investing Policy. Among other duties, the Committee considers certain types of preclearance/trade requests as well as requests for exceptions to the Personal Investing Policy.
Questions regarding the Personal Investing Policy may be directed to the Code of Ethics Team.
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Questions regarding the Code of Ethics may be directed to the Code of Ethics Team.
[logo - The Capital Group]
The following is representative of the Code of Ethics in effect for each Fund:
CODE OF ETHICS
With respect to non-affiliated Board members and all other access persons to the extent that they are not covered by The Capital Group Companies, Inc. policies:
| · | No Board member shall so use his or her position or knowledge gained therefrom as to create a conflict between his or her personal interest and that of the Fund. |
| · | No Board member shall engage in excessive trading of shares of the fund or any other affiliated fund to take advantage of short-term market movements. |
| · | Each non-affiliated Board member shall report to the Secretary of the Fund not later than thirty (30) days after the end of each calendar quarter any transaction in securities which such Board member has effected during the quarter which the Board member then knows to have been effected within fifteen (15) days before or after a date on which the Fund purchased or sold, or considered the purchase or sale of, the same security. |
| · | For purposes of this Code of Ethics, transactions involving United States Government securities as defined in the Investment Company Act of 1940, bankers’ acceptances, bank certificates of deposit, commercial paper, or shares of registered open-end investment companies are exempt from reporting as are non-volitional transactions such as dividend reinvestment programs and transactions over which the Board member exercises no control. |
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In addition, the Fund has adopted the following standards in accordance with the requirements of Form N-CSR adopted by the Securities and Exchange Commission pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for the purpose of deterring wrongdoing and promoting: 1) honest and ethical conduct, including handling of actual or apparent conflicts of interest between personal and professional relationships; 2) full, fair, accurate, timely and understandable disclosure in reports and documents that a fund files with or submits to the Commission and in other public communications made by the fund; 3) compliance with applicable governmental laws, rules and regulations; 4) the prompt internal reporting of violations of the Code of Ethics to an appropriate person or persons identified in the Code of Ethics; and 5) accountability for adherence to the Code of Ethics. These provisions shall apply to the principal executive officer or chief executive officer and treasurer (“Covered Officers”) of the Fund.
| 1. | It is the responsibility of Covered Officers to foster, by their words and actions, a corporate culture that encourages honest and ethical conduct, including the ethical resolution of, and appropriate disclosure of conflicts of interest. Covered Officers should work to assure a working environment that is characterized by respect for law and compliance with applicable rules and regulations. |
| 2. | Each Covered Officer must act in an honest and ethical manner while conducting the affairs of the Fund, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. Duties of Covered Officers include: |
| · | Acting with integrity; |
| · | Adhering to a high standard of business ethics; and |
| · | Not using personal influence or personal relationships to improperly influence investment decisions or financial reporting whereby the Covered Officer would benefit personally to the detriment of the Fund. |
| 3. | Each Covered Officer should act to promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with or submits to, the Securities and Exchange Commission and in other public communications made by the Fund. |
| · | Covered Officers should familiarize themselves with disclosure requirements applicable to the Fund and disclosure controls and procedures in place to meet these requirements; and |
| · | Covered Officers must not knowingly misrepresent, or cause others to misrepresent facts about the Fund to others, including the Fund’s auditors, independent directors, governmental regulators and self-regulatory organizations. |
| 4. | Any existing or potential violations of this Code of Ethics should be reported to The Capital Group Companies’ Personal Investing Committee. The Personal Investing Committee is authorized to investigate any such violations and report their findings to the Chairman of the Audit Committee of the Fund. The Chairman of the Audit Committee may report violations of the Code of Ethics to the Board or other appropriate entity including the Audit Committee, if he or she believes such a reporting is appropriate. The Personal Investing Committee may also determine the appropriate sanction for any violations of this Code of Ethics, including removal from office, provided that removal from office shall only be carried out with the approval of the Board. |
| 5. | Application of this Code of Ethics is the responsibility of the Personal Investing Committee, which shall report periodically to the Chairman of the Audit Committee of the Fund. |
| 6. | Material amendments to these provisions must be ratified by a majority vote of the Board. As required by applicable rules, substantive amendments to the Code of Ethics must be filed or appropriately disclosed. |