The Capital Group Short Duration Municipal Income ETF (CGSM) aims to generate current income that is exempt from regular federal income tax. It achieves this while maintaining a short-duration investment profile and prioritizing the preservation of capital. The fund distinguishes itself by allocating at least 80% of its assets to bonds and other debt instruments, encompassing various municipal bonds. These municipal obligations are notable for providing interest income that is generally exempt from federal income tax, with their payments funded by a wide array of sources, from government revenues to private enterprises. The fund's average portfolio duration is carefully managed to stay within one year of the average duration of the Bloomberg Municipal Short 1-5 Years Index. In line with its primary goal, the fund typically invests at least 80% of its holdings in, or generates at least 80% of its income from, securities that are exempt from regular federal income tax. However, it may allocate up to 20% of its assets to 'private activity bonds,' which fund private, for-profit organizations and whose interest income may be subject to the federal alternative minimum tax (AMT).