# EDGAR Filing Document

**Accession Number:** 0001655589
**File Stem:** 0000940400-26-008773
**Filing Date:** 2026-2
**Character Count:** 1244675
**Document Hash:** 362f0fb63e710db538844fa145ed54cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008773.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000940400-26-008773

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Templeton ETF Trust
- **CENTRAL INDEX KEY:** 0001655589

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23124
- **FILM NUMBER:** 26697060

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403

## Series and Classes Contracts Data

### Franklin Municipal Green Bond ETF (Series ID: S000057880)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000187843 | Franklin Municipal Green Bond ETF | FLMB            |

## Nport-Ex

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Disruptive Commerce ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Communication Services — 16.9%** | **Communication Services — 16.9%** | **Communication Services — 16.9%** |
| *Entertainment — 8.6%* | *Entertainment — 8.6%* | *Entertainment — 8.6%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc. | &nbsp;&nbsp; 2560 | &nbsp;&nbsp;&nbsp; $240,026<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Nintendo Co. Ltd., ADR | &nbsp;&nbsp; 3876 | &nbsp;&nbsp;&nbsp; 65349<br>|
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 2312 | &nbsp;&nbsp;&nbsp; 187,341<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Roku Inc. | &nbsp;&nbsp; 877 | &nbsp;&nbsp;&nbsp; 95,146<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Spotify Technology SA | &nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; 96,978<br> \*<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *684840* |
| *Interactive Media & Services — 8.3%* | *Interactive Media & Services — 8.3%* | *Interactive Media & Services — 8.3%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 609 | &nbsp;&nbsp;&nbsp; 190617<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 308922<br>|
| &nbsp;&nbsp;&nbsp; Scout24 SE | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 30230<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | &nbsp;&nbsp; 1729 | &nbsp;&nbsp;&nbsp; 133060<br>|
| &nbsp;&nbsp;&nbsp; Trustpilot Group PLC | &nbsp;&nbsp; 2327 | &nbsp;&nbsp;&nbsp; 5,146<br> \*<sup>(a)</sup><br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *667975* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1352815** |
| **Consumer Discretionary — 41.1%** | **Consumer Discretionary — 41.1%** | **Consumer Discretionary — 41.1%** |
| *Broadline Retail — 23.6%* | *Broadline Retail — 23.6%* | *Broadline Retail — 23.6%* |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | &nbsp;&nbsp; 5931 | &nbsp;&nbsp;&nbsp; 108813<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com Inc. | &nbsp;&nbsp; 3140 | &nbsp;&nbsp;&nbsp; 724,775<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Coupang Inc. | &nbsp;&nbsp; 4089 | &nbsp;&nbsp;&nbsp; 96,459<br> \*<br>|
| &nbsp;&nbsp;&nbsp; eBay Inc. | &nbsp;&nbsp; 1529 | &nbsp;&nbsp;&nbsp; 133176<br>|
| &nbsp;&nbsp;&nbsp; Etsy Inc. | &nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp; 32,211<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Global-e Online Ltd. | &nbsp;&nbsp; 1205 | &nbsp;&nbsp;&nbsp; 47,369<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MercadoLibre Inc. | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 324,296<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Naspers Ltd., Class N Shares | &nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; 56992<br>|
| &nbsp;&nbsp;&nbsp; PDD Holdings Inc., ADR | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 71,436<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Prosus NV | &nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp; 59835<br>|
| &nbsp;&nbsp;&nbsp; Sea Ltd., ADR | &nbsp;&nbsp; 1906 | &nbsp;&nbsp;&nbsp; 243,148<br> \*<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *1898510* |
| *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* | *Diversified Consumer Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Duolingo Inc. | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; *6,669*<br> \*<br>|
| *Hotels, Restaurants & Leisure — 11.5%* | *Hotels, Restaurants & Leisure — 11.5%* | *Hotels, Restaurants & Leisure — 11.5%* |
| &nbsp;&nbsp;&nbsp; Airbnb Inc., Class A Shares | &nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp; 40,851<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Booking Holdings Inc. | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 321320<br>|
| &nbsp;&nbsp;&nbsp; DoorDash Inc., Class A Shares | &nbsp;&nbsp; 1987 | &nbsp;&nbsp;&nbsp; 450,016<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Expedia Group Inc. | &nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; 111624<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *923811* |
| *Specialty Retail — 5.9%* | *Specialty Retail — 5.9%* | *Specialty Retail — 5.9%* |
| &nbsp;&nbsp;&nbsp; Carvana Co. | &nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp; 317,359<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Chewy Inc., Class A Shares | &nbsp;&nbsp; 3436 | &nbsp;&nbsp;&nbsp; 113,560<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Wayfair Inc., Class A Shares  | &nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 40,967<br> \*<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *471886* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3300876** |
| **Consumer Staples — 3.9%** | **Consumer Staples — 3.9%** | **Consumer Staples — 3.9%** |
| *Consumer Staples Distribution & Retail — 3.9%* | *Consumer Staples Distribution & Retail — 3.9%* | *Consumer Staples Distribution & Retail — 3.9%* |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 156084<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Disruptive Commerce ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Consumer Staples Distribution & Retail — continued* | *Consumer Staples Distribution & Retail — continued* | *Consumer Staples Distribution & Retail — continued* |
| &nbsp;&nbsp;&nbsp; Maplebear Inc. | &nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp; $66,930<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Walmart Inc. | &nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp; 90242<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **313256** |
| **Financials — 12.8%** | **Financials — 12.8%** | **Financials — 12.8%** |
| *Capital Markets — 2.0%* | *Capital Markets — 2.0%* | *Capital Markets — 2.0%* |
| &nbsp;&nbsp;&nbsp; Bullish | &nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 15,224<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 47,037<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 892 | &nbsp;&nbsp;&nbsp; 100,885<br> \*<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *163146* |
| *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* |
| &nbsp;&nbsp;&nbsp; Dave Inc. | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; *19,041*<br> \*<br>|
| *Financial Services — 10.5%* | *Financial Services — 10.5%* | *Financial Services — 10.5%* |
| &nbsp;&nbsp;&nbsp; Adyen NV, ADR | &nbsp;&nbsp; 5324 | &nbsp;&nbsp;&nbsp; 85,024<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Affirm Holdings Inc. | &nbsp;&nbsp; 3725 | &nbsp;&nbsp;&nbsp; 277,252<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Class A Shares | &nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp; 184394<br>|
| &nbsp;&nbsp;&nbsp; Shift4 Payments Inc., Class A Shares | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 7,557<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Toast Inc., Class A Shares | &nbsp;&nbsp; 3492 | &nbsp;&nbsp;&nbsp; 124,001<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A Shares | &nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp; 165535<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *843763* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1025950** |
| **Health Care — 1.1%** | **Health Care — 1.1%** | **Health Care — 1.1%** |
| *Health Care Technology — 1.1%* | *Health Care Technology — 1.1%* | *Health Care Technology — 1.1%* |
| &nbsp;&nbsp;&nbsp; Doximity Inc., Class A Shares | &nbsp;&nbsp; 1963 | &nbsp;&nbsp;&nbsp; **86,922**<br> \*<br>|
| **Industrials — 4.2%** | **Industrials — 4.2%** | **Industrials — 4.2%** |
| *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; RB Global Inc. | &nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; *21603*<br>|
| *Ground Transportation — 3.1%* | *Ground Transportation — 3.1%* | *Ground Transportation — 3.1%* |
| &nbsp;&nbsp;&nbsp; Lyft Inc., Class A Shares | &nbsp;&nbsp; 1042 | &nbsp;&nbsp;&nbsp; 20,183<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Uber Technologies Inc. | &nbsp;&nbsp; 2560 | &nbsp;&nbsp;&nbsp; 209,178<br> \*<br>|
| &nbsp;&nbsp;&nbsp; XPO Inc. | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 23,784<br> \*<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *253145* |
| *Trading Companies & Distributors — 0.8%* | *Trading Companies & Distributors — 0.8%* | *Trading Companies & Distributors — 0.8%* |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp; 1537 | &nbsp;&nbsp;&nbsp; *61680*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **336428** |
| **Information Technology — 19.1%** | **Information Technology — 19.1%** | **Information Technology — 19.1%** |
| *IT Services — 10.1%* | *IT Services — 10.1%* | *IT Services — 10.1%* |
| &nbsp;&nbsp;&nbsp; Shopify Inc., Class A Shares | &nbsp;&nbsp; 5029 | &nbsp;&nbsp;&nbsp; *809,518*<br> \*<br>|
| *Software — 9.0%* | *Software — 9.0%* | *Software — 9.0%* |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp; 507,387<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Descartes Systems Group Inc. | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 39,447<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Life360 Inc. | &nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 57,470<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Manhattan Associates Inc. | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 40,381<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Samsara Inc., Class A Shares | &nbsp;&nbsp; 676 | &nbsp;&nbsp;&nbsp; 23,964<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Unity Software Inc. | &nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp; 52,076<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *720725* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1530243** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Disruptive Commerce ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| *Industrial REITs — 0.7%* | *Industrial REITs — 0.7%* | *Industrial REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; Prologis Inc. | &nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; **$61149**<br>|
| **Total Investments — 99.8% (Cost — $6,822,323)** | **Total Investments — 99.8% (Cost — $6,822,323)** | &nbsp;&nbsp; **8007639** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; 12258 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$8019897** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Dividend Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.5%** | **Common Stocks — 98.5%** | **Common Stocks — 98.5%** |
| **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** |
| *Hotels, Restaurants & Leisure — 3.5%* | *Hotels, Restaurants & Leisure — 3.5%* | *Hotels, Restaurants & Leisure — 3.5%* |
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Class A Shares | &nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp; $81283<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp; 98107<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *179390* |
| *Household Durables — 1.3%* | *Household Durables — 1.3%* | *Household Durables — 1.3%* |
| &nbsp;&nbsp;&nbsp; DR Horton Inc. | &nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; *67118*<br>|
| *Specialty Retail — 3.2%* | *Specialty Retail — 3.2%* | *Specialty Retail — 3.2%* |
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc. | &nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp; 89953<br>|
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | &nbsp;&nbsp; 1468 | &nbsp;&nbsp;&nbsp; 73415<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *163368* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **409876** |
| **Consumer Staples — 10.4%** | **Consumer Staples — 10.4%** | **Consumer Staples — 10.4%** |
| *Beverages — 2.5%* | *Beverages — 2.5%* | *Beverages — 2.5%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 1812 | &nbsp;&nbsp;&nbsp; *126677*<br>|
| *Consumer Staples Distribution & Retail — 5.5%* | *Consumer Staples Distribution & Retail — 5.5%* | *Consumer Staples Distribution & Retail — 5.5%* |
| &nbsp;&nbsp;&nbsp; Casey's General Stores Inc. | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 84012<br>|
| &nbsp;&nbsp;&nbsp; Walmart Inc. | &nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp; 197196<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *281208* |
| *Household Products — 2.4%* | *Household Products — 2.4%* | *Household Products — 2.4%* |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | &nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp; *124966*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **532851** |
| **Energy — 3.4%** | **Energy — 3.4%** | **Energy — 3.4%** |
| *Oil, Gas & Consumable Fuels — 3.4%* | *Oil, Gas & Consumable Fuels — 3.4%* | *Oil, Gas & Consumable Fuels — 3.4%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 784 | &nbsp;&nbsp;&nbsp; 119490<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc. | &nbsp;&nbsp; 508 | &nbsp;&nbsp;&nbsp; 53345<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **172835** |
| **Financials — 18.7%** | **Financials — 18.7%** | **Financials — 18.7%** |
| *Banks — 4.2%* | *Banks — 4.2%* | *Banks — 4.2%* |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; *213954*<br>|
| *Capital Markets — 6.8%* | *Capital Markets — 6.8%* | *Capital Markets — 6.8%* |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 1077 | &nbsp;&nbsp;&nbsp; 107603<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; 758 | &nbsp;&nbsp;&nbsp; 134568<br>|
| &nbsp;&nbsp;&nbsp; Nasdaq Inc. | &nbsp;&nbsp; 1109 | &nbsp;&nbsp;&nbsp; 107717<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *349888* |
| *Financial Services — 5.9%* | *Financial Services — 5.9%* | *Financial Services — 5.9%* |
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc. | &nbsp;&nbsp; 767 | &nbsp;&nbsp;&nbsp; 111031<br>|
| &nbsp;&nbsp;&nbsp; Visa Inc., Class A Shares | &nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; 193241<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *304272* |
| *Insurance — 1.8%* | *Insurance — 1.8%* | *Insurance — 1.8%* |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc. | &nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; *89977*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **958091** |
| **Health Care — 15.0%** | **Health Care — 15.0%** | **Health Care — 15.0%** |
| *Health Care Equipment & Supplies — 6.2%* | *Health Care Equipment & Supplies — 6.2%* | *Health Care Equipment & Supplies — 6.2%* |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp; 897 | &nbsp;&nbsp;&nbsp; 112385<br>|
| &nbsp;&nbsp;&nbsp; STERIS PLC | &nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp; 77831<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dividend Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | &nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp; $127935<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *318151* |
| *Life Sciences Tools & Services — 2.3%* | *Life Sciences Tools & Services — 2.3%* | *Life Sciences Tools & Services — 2.3%* |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; *118208*<br>|
| *Pharmaceuticals — 6.5%* | *Pharmaceuticals — 6.5%* | *Pharmaceuticals — 6.5%* |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 219234<br>|
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp; 111546<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *330780* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **767139** |
| **Industrials — 10.5%** | **Industrials — 10.5%** | **Industrials — 10.5%** |
| *Aerospace & Defense — 2.6%* | *Aerospace & Defense — 2.6%* | *Aerospace & Defense — 2.6%* |
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp; 739 | &nbsp;&nbsp;&nbsp; *135533*<br>|
| *Building Products — 1.6%* | *Building Products — 1.6%* | *Building Products — 1.6%* |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp; *82695*<br>|
| *Commercial Services & Supplies — 1.5%* | *Commercial Services & Supplies — 1.5%* | *Commercial Services & Supplies — 1.5%* |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp; *78049*<br>|
| *Machinery — 2.8%* | *Machinery — 2.8%* | *Machinery — 2.8%* |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; *141512*<br>|
| *Trading Companies & Distributors — 2.0%* | *Trading Companies & Distributors — 2.0%* | *Trading Companies & Distributors — 2.0%* |
| &nbsp;&nbsp;&nbsp; W.W. Grainger Inc. | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; *99896*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **537685** |
| **Information Technology — 26.3%** | **Information Technology — 26.3%** | **Information Technology — 26.3%** |
| *Electronic Equipment, Instruments & Components — 1.8%* | *Electronic Equipment, Instruments & Components — 1.8%* | *Electronic Equipment, Instruments & Components — 1.8%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A Shares | &nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp; *93112*<br>|
| *IT Services — 1.2%* | *IT Services — 1.2%* | *IT Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A Shares | &nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp; *62246*<br>|
| *Semiconductors & Semiconductor Equipment — 7.3%* | *Semiconductors & Semiconductor Equipment — 7.3%* | *Semiconductors & Semiconductor Equipment — 7.3%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp; 268227<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 107564<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *375791* |
| *Software — 12.1%* | *Software — 12.1%* | *Software — 12.1%* |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 812 | &nbsp;&nbsp;&nbsp; 392699<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 831 | &nbsp;&nbsp;&nbsp; 161970<br>|
| &nbsp;&nbsp;&nbsp; Roper Technologies Inc. | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 64099<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *618768* |
| *Technology Hardware, Storage & Peripherals — 3.9%* | *Technology Hardware, Storage & Peripherals — 3.9%* | *Technology Hardware, Storage & Peripherals — 3.9%* |
| &nbsp;&nbsp;&nbsp; Apple Inc. | &nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp; *197914*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1347831** |
| **Materials — 3.9%** | **Materials — 3.9%** | **Materials — 3.9%** |
| *Chemicals — 3.9%* | *Chemicals — 3.9%* | *Chemicals — 3.9%* |
| &nbsp;&nbsp;&nbsp; Linde PLC | &nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp; 146678<br>|
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | &nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 54437<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **201115** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| *Electric Utilities — 2.3%* | *Electric Utilities — 2.3%* | *Electric Utilities — 2.3%* |
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp; 1489 | &nbsp;&nbsp;&nbsp; **119537**<br>|
| **Total Investments before Short-Term Investments (Cost — $4,942,684)** | **Total Investments before Short-Term Investments (Cost — $4,942,684)** | &nbsp;&nbsp; **5046960** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dividend Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $76,411)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 76411<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$76411**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 100.0% (Cost — $5,019,095)** | **Total Investments — 100.0% (Cost — $5,019,095)** | **Total Investments — 100.0% (Cost — $5,019,095)** | &nbsp;&nbsp; **5123371** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; (1145)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$5122226** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(b)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $76,411 and the cost was $76,411 (Note 3).<br>|
| <sup>(c)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 93.9%** | **Municipal Bonds — 93.9%** | **Municipal Bonds — 93.9%** | **Municipal Bonds — 93.9%** | **Municipal Bonds — 93.9%** |
| *Alabama — 9.9%* | *Alabama — 9.9%* | *Alabama — 9.9%* | *Alabama — 9.9%* | *Alabama — 9.9%* |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, AL, Gas Project Revenue Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; $9835000 | &nbsp;&nbsp;&nbsp; $10687297<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 204688<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1012675<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7953995<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 16075000 | &nbsp;&nbsp;&nbsp; 17034758<br>|
| &nbsp;&nbsp;&nbsp; City of Huntsville, AL, Health Care Authority Revenue, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 960412<br>|
| &nbsp;&nbsp;&nbsp; Energy Southeast, AL, A Cooperative District, Energy Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 17585000 | &nbsp;&nbsp;&nbsp; 18646380<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 2185000 | &nbsp;&nbsp;&nbsp; 2388093<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 5230000 | &nbsp;&nbsp;&nbsp; 5693796<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp; 1036041<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Homewood Educational Building Authority, AL, Horizons II LLC, Student <br> Housing & Parking Project, Series C  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 1100168<br>|
| &nbsp;&nbsp;&nbsp; MidCity Improvement District, AL, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 580864<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 243980<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mobile County, AL, Revenue, Gomesa Project, Series 2020  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 91061<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Selma, AL, Industrial Development Board Revenue, International Paper <br> Company Project, Refunding  | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 2640000 | &nbsp;&nbsp;&nbsp; 2743645<br>|
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply, AL, Gas Supply Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 2940000 | &nbsp;&nbsp;&nbsp; 3157754<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Commodity Supply Revenue, Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp; 906154<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 10420000 | &nbsp;&nbsp;&nbsp; 10864837<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 17205000 | &nbsp;&nbsp;&nbsp; 18282080<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 13655000 | &nbsp;&nbsp;&nbsp; 14416307<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp; 2880834<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 11220000 | &nbsp;&nbsp;&nbsp; 12046047<br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *132931866* |
| *Alaska — 0.3%* | *Alaska — 0.3%* | *Alaska — 0.3%* | *Alaska — 0.3%* | *Alaska — 0.3%* |
| &nbsp;&nbsp;&nbsp; Alaska Railroad Corp. Cruise Port Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 540492<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1071114<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1063251<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., AK, Tobacco Settlement Revenue, <br> Asset Backed Senior Bonds, Class 1, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 971618<br>|
| *Total Alaska* | *Total Alaska* | *Total Alaska* | *Total Alaska* | &nbsp;&nbsp; *3646475* |
| *Arizona — 0.6%* | *Arizona — 0.6%* | *Arizona — 0.6%* | *Arizona — 0.6%* | *Arizona — 0.6%* |
| &nbsp;&nbsp;&nbsp; Chandler, AZ, IDA Revenue, Intel Corp. Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp; 2700284<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glendale, AZ, IDA Revenue, People of Faith Inc. Obligated Group, Series 2020 <br> A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 156221<br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA Revenue, Grand Canyon University Project T  | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp; 3069676<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sierra Vista, AZ, Industrial Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Leadership Academy Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1662750<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgetown Community Development Authority Project | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 246134<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Arizona — continued* | *Arizona — continued* | *Arizona — continued* | *Arizona — continued* | *Arizona — continued* |
| &nbsp;&nbsp;&nbsp; Tempe, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friendship Village of Tempe Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; $225000 | &nbsp;&nbsp;&nbsp; $226234<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501155<br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *8562454* |
| *Arkansas — 0.5%* | *Arkansas — 0.5%* | *Arkansas — 0.5%* | *Arkansas — 0.5%* | *Arkansas — 0.5%* |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority Health Care Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist Memorial Health Care Corp., Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 143841<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist Memorial Health Care Corp., Series B-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2512623<br>|
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Regional Medical Center, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; 1533661<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Regional Medical Center, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 166098<br>|
| &nbsp;&nbsp;&nbsp; Jonesboro, AR, City Water & Light Plant, Public Utility System Revenue, <br> Series 2025  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2465167<br>|
| *Total Arkansas* | *Total Arkansas* | *Total Arkansas* | *Total Arkansas* | &nbsp;&nbsp; *6821390* |
| *California — 5.8%* | *California — 5.8%* | *California — 5.8%* | *California — 5.8%* | *California — 5.8%* |
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 5740000 | &nbsp;&nbsp;&nbsp; 5985985<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 1830000 | &nbsp;&nbsp;&nbsp; 1993241<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 8880000 | &nbsp;&nbsp;&nbsp; 9439509<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series E | &nbsp;&nbsp; 4.189% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 4595000 | &nbsp;&nbsp;&nbsp; 4617629<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series F | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp; 1080802<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Community College Financing Authority Revenue, Napa Valley <br> Properties LLC, College Project, Series A  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 447673<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Community Housing Agency Essential Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Bonds Aster, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/43 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; 3860657<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Bonds Fountains, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/46 | &nbsp;&nbsp; 3755000 | &nbsp;&nbsp;&nbsp; 3186058<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Bonds Glendale Properties, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 2320000 | &nbsp;&nbsp;&nbsp; 1782384<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Revenue Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; 887231<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arbors, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 4895000 | &nbsp;&nbsp;&nbsp; 4584519<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verdant Green Valley, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp; 1870455<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Health Facilities Financing Authority Revenue, Episcopal <br> Communities & Services, Initial Entrance Fees  | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000726<br>|
| &nbsp;&nbsp;&nbsp; California State Infrastructure & Economic Development Bank Revenue, Green <br> Bonds, Brightline West Passenger Rail Project, Series B, Refunding  | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 296000<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mobile Home Park, Subordinate Revenue, Caritas Projects, Series B, <br> Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 122440<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 127775<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102892<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 506712<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 517151<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/31 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 222185<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/31 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 273711<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/36 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp; 1170080<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/43 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1406987<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, LINXS APM Project, Series A, AG | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/31/35 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 145446<br> <sup>(d)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax Revenue, Improvement Area No 1, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; $300000 | &nbsp;&nbsp;&nbsp; $317308<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax Revenue, Improvement Area No 1, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 285943<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax Revenue, Improvement Area No 2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 724522<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax Revenue, Series C | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 65218<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax Revenue, Series C | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 433792<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax Revenue, Series C | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 678939<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax Revenue, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 369877<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax Revenue, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 569267<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax Revenue, Series D | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 285586<br>|
| &nbsp;&nbsp;&nbsp; California State MFA Special Finance Agency Essential Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Bonds Solana at Grand, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 5340000 | &nbsp;&nbsp;&nbsp; 4718792<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Bonds Solana at Grand, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 5565000 | &nbsp;&nbsp;&nbsp; 5086331<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Bonds Solana at Grand, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 3220000 | &nbsp;&nbsp;&nbsp; 2943034<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Junior Bonds Solana at Grand, Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp; 1522954<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State PCFA Solid Waste Disposal Revenue, Calplant I Project, Green <br> Bonds, Series 2017  | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 2,813<br> \*<sup>(c)(d)(e)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State School Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspire Public School, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1450296<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classical Academy, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 131082<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community High School Foundation Inc., Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 51557<br> <sup>(c)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community High School Foundation Inc., Series 2017, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50660<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Adams Academies, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; 249931<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; California Statewide CDA Community Improvement Authority Essential <br> Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson-Anaheim, Social Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; 143548<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Lien, Waterscape Apartments, Social Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1495329<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mezzanine Lien,Towne-Glendale, Social Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 917787<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parallel-Anaheim, Social Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 89493<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renaissance at City Center, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 4030000 | &nbsp;&nbsp;&nbsp; 3805028<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elsinore Valley, CA, Municipal Water Special Tax Revenue, Community <br> Facilities District No 2020, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100469<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Bond Finance Authority Revenue, Natural Gas Purchase, <br> Series B (3 mo. Term SOFR x 0.670 + 0.262%) | &nbsp;&nbsp; 4.206% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3036181<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Community Facilities District No 2023-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; 459137<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 2, Community Facilities District No 2003-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 532816<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Community Facilities District No 2003-1, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 439360<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Community Facilities District No 2003-1, <br> Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 603841<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Development Special Tax Revenue, Mission <br> Rock Facilities & Services, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100761<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Natural Gas Project Revenue, <br> Project Number 1, Series A  | &nbsp;&nbsp; 4.227% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp; 1360446<br> <sup>(b)</sup><br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *78650346* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Colorado — 1.6%* | *Colorado — 1.6%* | *Colorado — 1.6%* | *Colorado — 1.6%* | *Colorado — 1.6%* |
| &nbsp;&nbsp;&nbsp; Bradburn Metropolitan District No 2, Colorado Limited Tax, GO, Improvement <br> Bonds, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; $600000 | &nbsp;&nbsp;&nbsp; $607001<br>|
| &nbsp;&nbsp;&nbsp; City & County of Broomfield, CO, Water Activity Enterprise Water Revenue, <br> Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1431184<br>|
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, Charter School, Golden <br> View Classical Academy Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202205<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp; 1568742<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 1685000 | &nbsp;&nbsp;&nbsp; 1685200<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp; 1390740<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health Initiatives, Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2081639<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement and Refunding Revenue, Christian Living Neighborhoods, <br> Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99672<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Second Tier Bonds, Bethesda Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp; 1581387<br>|
| &nbsp;&nbsp;&nbsp; Denver, CO, Health & Hospital Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp; 203953<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp; 1006101<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp; 1190539<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp; 1393718<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp; 1745165<br>|
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority Revenue, CO, Senior Bonds, Series B, <br> Refunding (SOFR x 0.670 + 0.750%) | &nbsp;&nbsp; 3.276% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 998271<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinston Metropolitan District, CO, GO, Series A, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 567299<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Raindance, CO, Metropolitan District No 1, Non-Potable Water System <br> Revenue, Water Activity Enterprise, Series 2020  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 623000 | &nbsp;&nbsp;&nbsp; 623363<br>|
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1425544<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southglenn Metropolitan District, CO, GO, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100085<br>|
| &nbsp;&nbsp;&nbsp; Southlands Metropolitan District No 1, CO, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 133577<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98910<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 311718<br>|
| &nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority Board, CO, Special Assessment Revenue, <br> Board Douglas County Colorado Special Improvement, District No 1  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 1096616<br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *21542629* |
| *Connecticut — 0.5%* | *Connecticut — 0.5%* | *Connecticut — 0.5%* | *Connecticut — 0.5%* | *Connecticut — 0.5%* |
| &nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masonicare Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp; 1188746<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masonicare Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5460034<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McLean Affiliates Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100186<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sacred Heart University Issue, Series I-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5155<br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *6754121* |
| *Delaware — 0.2%* | *Delaware — 0.2%* | *Delaware — 0.2%* | *Delaware — 0.2%* | *Delaware — 0.2%* |
| &nbsp;&nbsp;&nbsp; Delaware State EDA Revenue, Charter Schools Revenue, Series 2021, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 925887<br>|
| &nbsp;&nbsp;&nbsp; Delaware State Housing Authority Revenue, Senior Single Family Mortgage <br> Revenue, Series B, GNMA/FNMA/FHLMC  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1034080<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Delaware — continued* | *Delaware — continued* | *Delaware — continued* | *Delaware — continued* | *Delaware — continued* |
| &nbsp;&nbsp;&nbsp; Kent County, DE, Revenue, Student Housing and Dining Facility, University <br> Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp;&nbsp; $101787<br>|
| *Total Delaware* | *Total Delaware* | *Total Delaware* | *Total Delaware* | &nbsp;&nbsp; *2061754* |
| *District of Columbia — 0.0%††* | *District of Columbia — 0.0%††* | *District of Columbia — 0.0%††* | *District of Columbia — 0.0%††* | *District of Columbia — 0.0%††* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/33 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 284367<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/36 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 28865<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/37 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 138557<br> <sup>(d)</sup><br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *451789* |
| *Florida — 10.5%* | *Florida — 10.5%* | *Florida — 10.5%* | *Florida — 10.5%* | *Florida — 10.5%* |
| &nbsp;&nbsp;&nbsp; Angeline, FL, Community Development District, Special Assessment Revenue, <br> Capital Improvement Bonds, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 303410<br>|
| &nbsp;&nbsp;&nbsp; Antillia, FL, Community Development District Miami-Dade County Special <br> Assessment Revenue, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 357589<br>|
| &nbsp;&nbsp;&nbsp; Artisan, FL, Lakes East Community Development District Revenue, Manatee <br> County Florida Capital Improvement Bond  | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99463<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Astonia, FL, Community Development District Polk County, Special <br> Assessment Revenue, Assessment Area One, Series 2020  | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 144626<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avalon, FL, Groves Community Development District Special Assessment <br> Revenue, Assessment Area One, Series 2021  | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp; 34846<br>|
| &nbsp;&nbsp;&nbsp; Avalon, FL, Park West Community Development District Special Assessment <br> Revenue, Series 2020, Refunding  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98334<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aventura, FL, Isles Community Development District Miami-Dade County <br> Special Assessment Revenue, Series 2024, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp; 1230755<br>|
| &nbsp;&nbsp;&nbsp; Babcock Ranch, FL, Community Independent Special District Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte County, Special Assessment Revenue, Assessment Area Three | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 142170<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte County, Special Assessment Revenue, Assessment Area Two | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 49222<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte County, Special Assessment Revenue, Series 2022 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 570566<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte County, Special Assessment Revenue, Series 2022 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp; 55685<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte County, Special Assessment Revenue, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 25398<br>|
| &nbsp;&nbsp;&nbsp; Bella Tara, FL, Community Development District Revenue, Osceola County, <br> Special Assessment Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp; 834503<br>|
| &nbsp;&nbsp;&nbsp; Belmond Reserve, FL, Community Development District Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98649<br>|
| &nbsp;&nbsp;&nbsp; Berry Bay, FL, Community Development District Special Assessment Revenue, <br> Assessment Area One, Series 2021  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 95479<br>|
| &nbsp;&nbsp;&nbsp; Black Creek, FL, Community Development District Miami-Dade County Florida <br> Special Assessment Revenue, Expansion Area Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 106341<br>|
| &nbsp;&nbsp;&nbsp; Brevard County, FL, Health Facilities Authority Hospital Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/47 | &nbsp;&nbsp; 2860000 | &nbsp;&nbsp;&nbsp; 2906822<br>|
| &nbsp;&nbsp;&nbsp; Brightwater, FL, Community Development District Capital Improvement <br> Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 256601<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Buena Lago, FL, Community Development District Capital Improvement <br> Revenue, Series 2022  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp; 695900<br>|
| &nbsp;&nbsp;&nbsp; Capital Projects, FL, Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing, Loan Program, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 987649<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1067693<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp; 1650007<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1052230<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing, Loan Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1047047<br>|
| &nbsp;&nbsp;&nbsp; Capital Trust Agency Inc., FL, Educational Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academir Charter Schools Inc., Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 117368<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liza Jackson Preparatory School Inc., Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 210996<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liza Jackson Preparatory School Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 727386<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Tech Schools Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 2210000 | &nbsp;&nbsp;&nbsp; 2210658<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital Trust Agency Inc., FL, Senior Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educational Growth Fund LLC, Charter School Portfolio Projects, Series A-1 | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 82045<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonderful Foundations Charter School Portfolio Project, Series A-1 | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 260442<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonderful Foundations Charter School Portfolio Project, Series A-1 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp; 290183<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital Trust Agency Inc., FL, Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Bridge LLC, Student Housing Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299708<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Bridge LLC, Student Housing Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 4375000 | &nbsp;&nbsp;&nbsp; 4376713<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital Trust Authority, FL, Educational Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academir Charter Schools Inc., Series A | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1785000 | &nbsp;&nbsp;&nbsp; 1817913<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academir Charter Schools Inc., Series A | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1015459<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madron Tech Student Housing I LLC, Florida Institute of Technology Project, <br> Series A | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1149742<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madron Tech Student Housing I LLC, Florida Institute of Technology Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 337542<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital Trust Authority, FL, Multifamily Housing Revenue, Gulf Coast Portfolio, <br> Refunding  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; 725887<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caymas, FL, Community Development District Revenue, Collier County Capital <br> Improvement Bond, Assessment Area One  | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 243805<br>|
| &nbsp;&nbsp;&nbsp; Cedar Crossings, FL, Community Development District Revenue, Polk County, <br> Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 600009<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Celebration Community Development District Special Assessment Revenue, <br> Assessment Area One  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/41 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 43439<br>|
| &nbsp;&nbsp;&nbsp; Center Lake Ranch West, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 603810<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Central Parc, FL, Community Development District Special Assessment <br> Revenue, City of North Port Florida, Series 2024  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1014750<br>|
| &nbsp;&nbsp;&nbsp; Chaparral of Palm Bay Community Development District Revenue, Capital <br> Improvement, Assessment Area Two  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 415503<br>|
| &nbsp;&nbsp;&nbsp; Charlotte County, FL, IDA Revenue, Town & Country Utilities Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 517222<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coddington, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 287766<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement, Series 2022 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 73998<br>|
| &nbsp;&nbsp;&nbsp; Connerton East, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 168118<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Three | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; 670965<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 508821<br>|
| &nbsp;&nbsp;&nbsp; Coral Bay, FL, Community Development District, Special Assessment Revenue, <br> Series 2022  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 291887<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Coral Keys, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; $165000 | &nbsp;&nbsp;&nbsp; $162798<br>|
| &nbsp;&nbsp;&nbsp; Cordoba Ranch, FL, Community Development District, Special Assessment <br> Revenue, Series 2021, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98127<br>|
| &nbsp;&nbsp;&nbsp; Cordova Palms, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One, Series 2022 | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50330<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 94719<br>|
| &nbsp;&nbsp;&nbsp; Creekview, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp; 1152041<br>|
| &nbsp;&nbsp;&nbsp; Cresswind DeLand, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 750370<br>|
| &nbsp;&nbsp;&nbsp; Cross Creek North, FL, Community Development District, Special Assessment <br> Revenue, Series 2022  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 968422<br>|
| &nbsp;&nbsp;&nbsp; Curiosity Creek, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2024  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 304005<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cypress Bluff, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One, Series 2025 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; 664357<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp; 54331<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cypress Park Estates, FL, Community Development District, Special <br> Assessment Revenue, Series 2022  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp; 55132<br>|
| &nbsp;&nbsp;&nbsp; Cypress Ridge, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 342123<br>|
| &nbsp;&nbsp;&nbsp; Darby, FL, Community Development District, Special Assessment Revenue, <br> Series 2024A-2  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 211179<br>|
| &nbsp;&nbsp;&nbsp; Del Webb Oak Creek, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; 106583<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 378858<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Del Webb River Reserve, FL, Community Development District, Special <br> Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 439434<br>|
| &nbsp;&nbsp;&nbsp; Downtown Doral South, FL, Community Development District, Special <br> Assessment Revenue, Series 2018  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 166604<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; DW Bayview, FL, Community Development District, Special Assessment <br> Revenue, Series 2021  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98189<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; EA McKinnon Groves, FL, Community Development District, Special <br> Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; 856373<br>|
| &nbsp;&nbsp;&nbsp; East 547, FL, Community Development District, Special Assessment Revenue, <br> Series 2024  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 139359<br>|
| &nbsp;&nbsp;&nbsp; East Bonita Beach Road, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One, Series 2021  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98021<br>|
| &nbsp;&nbsp;&nbsp; East Nassau County, FL, Special Assessment Revenue, Stewardship District, <br> Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1038335<br>|
| &nbsp;&nbsp;&nbsp; Edgewater East, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 96524<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 123617<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Enbrook, FL, Community Development District, Special Assessment Revenue, <br> Series 2020  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp;&nbsp; $96447<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Entrada, FL, Community Development District, Special Assessment Revenue, <br> Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300266<br>|
| &nbsp;&nbsp;&nbsp; Epperson North, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 76650<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 137065<br>|
| &nbsp;&nbsp;&nbsp; Escambia, FL, County Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist Health Care Corp. Obligated Group, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 1105578<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist Hospital Inc. Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp; 2357505<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist Hospital Inc. Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 450039<br>|
| &nbsp;&nbsp;&nbsp; Everlands II, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 127136<br>|
| &nbsp;&nbsp;&nbsp; Everlands, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 754730<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 280237<br>|
| &nbsp;&nbsp;&nbsp; Firethorn, FL, Community Development District, Special Assessment Revenue, <br> Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 370275<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp. Healthcare Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UF Health Jacksonville Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp; 1169513<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UF Health Jacksonville Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 2640000 | &nbsp;&nbsp;&nbsp; 2757601<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UF Health Jacksonville Project, Series, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/38 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 304092<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline Passenger Rail Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 260417<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline Passenger Rail Project, Series B | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/31/26 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 245000<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp. Senior Living Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenridge on Palmer Ranch Obligated Group, Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 210120<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayflower Retirement Community Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98410<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Housing Finance Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homeowner Mortgage Revenue, Series 3, GNMA/FNMA/FHLMC | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 438799<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homeowner Mortgage Revenue, Series 5, GNMA/FNMA/FHLMC | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 898589<br>|
| &nbsp;&nbsp;&nbsp; Florida State Local Government Finance Commission, Educational Facilities <br> Revenue, Bridgeprep Academy Projects, Series A  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1026550<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Municipal Loan Council, Capital Improvement Revenue, Shingle <br> Creek Transit and Utility Community Development District  | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 224981<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flow Way, FL, Community Development District, Special Assessment <br> Revenue, Series 2024, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1013820<br>|
| &nbsp;&nbsp;&nbsp; Forest Lake, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 143615<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fox Branch Ranch, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 532344<br>|
| &nbsp;&nbsp;&nbsp; Gardens at Hammock Beach, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One, Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp; 621397<br>|
| &nbsp;&nbsp;&nbsp; Grand Oaks, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 150825<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Grande Pines, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2024  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; $430000 | &nbsp;&nbsp;&nbsp; $441574<br>|
| &nbsp;&nbsp;&nbsp; Hacienda North, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 142725<br>|
| &nbsp;&nbsp;&nbsp; Hammock Oaks, FL, Community Development District, Special Assessment <br> Revenue, Series 2020  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; 107102<br>|
| &nbsp;&nbsp;&nbsp; Hammock Reserve, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One, Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98847<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One, Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; 524454<br>|
| &nbsp;&nbsp;&nbsp; Harmony on Lake Eloise, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Two, Series 2025  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 831092<br>|
| &nbsp;&nbsp;&nbsp; Harmony West, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project, Series 2023  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30497<br>|
| &nbsp;&nbsp;&nbsp; Harvest Ridge, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 509898<br>|
| &nbsp;&nbsp;&nbsp; Hawkstone, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; 157356<br>|
| &nbsp;&nbsp;&nbsp; Herons Glen, FL, Recreation District, Special Assessment Revenue, <br> Series 2020, Refunding, BAM  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100028<br>|
| &nbsp;&nbsp;&nbsp; Hickory Tree, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 460196<br>|
| &nbsp;&nbsp;&nbsp; Highland Trails, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 194121<br>|
| &nbsp;&nbsp;&nbsp; Hillcrest Preserve, FL, Community Development District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 985089<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hills of Minneola, FL, Community Development District, Special Assessment <br> Revenue, Series 2021  | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 24877<br>|
| &nbsp;&nbsp;&nbsp; Hunt Club Grove, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One, Series 2024 | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 228486<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One, Series 2024 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 186671<br>|
| &nbsp;&nbsp;&nbsp; Ibis Landing, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; 557215<br>|
| &nbsp;&nbsp;&nbsp; Indigo, FL, Community Development District, Special Assessment Revenue, <br> Series 2021  | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 95496<br>|
| &nbsp;&nbsp;&nbsp; Jacksonville, FL, Health Care Facilities Revenue, Brooks Rehabilitation, <br> Series 2020, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; 1524055<br>|
| &nbsp;&nbsp;&nbsp; Juniper Cove, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507679<br>|
| &nbsp;&nbsp;&nbsp; Kelly Park, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2023 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; 159467<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 654291<br>|
| &nbsp;&nbsp;&nbsp; Keys Edge, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 475811<br>|
| &nbsp;&nbsp;&nbsp; Kindred, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; 152587<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; $400000 | &nbsp;&nbsp;&nbsp; $420297<br>|
| &nbsp;&nbsp;&nbsp; Kingman Gate, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 109408<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19905<br>|
| &nbsp;&nbsp;&nbsp; Kissimmee Park, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 445759<br>|
| &nbsp;&nbsp;&nbsp; Lake Mattie Preserve, FL, Community Development District, Capital <br> Improvement Revenue, Phase 1 Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1011515<br>|
| &nbsp;&nbsp;&nbsp; Lakes at Bella Lago, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 171387<br>|
| &nbsp;&nbsp;&nbsp; Lakes by the Bay South, FL, Community Development District, Special <br> Assessment Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 479063<br>|
| &nbsp;&nbsp;&nbsp; Lakes of Sarasota, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 132434<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two Project | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 79812<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 526157<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 635957<br>|
| &nbsp;&nbsp;&nbsp; Lakeside at Satilla, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 606633<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, FL, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azario Project | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 172219<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Southeast Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 874960<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lorraine Lakes Project | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 58868<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Sector Project - Phase 2, Refunding | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 97978<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Grove Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; 591092<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Farms At Lakewood Ranch Project – Phase 1/2 | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 94751<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Ranch Project | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 535112<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Villages of Lakewood Ranch South Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; 460543<br>|
| &nbsp;&nbsp;&nbsp; Langley South, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 190394<br>|
| &nbsp;&nbsp;&nbsp; Lawson Dunes, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp; 65230<br>|
| &nbsp;&nbsp;&nbsp; Lee County, FL, IDA, Healthcare Facilities Revenue, Shell Point Obligated <br> Group  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1005383<br>|
| &nbsp;&nbsp;&nbsp; Longleaf, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neighborhood 4, Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 122438<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neighborhood 4, Assessment Area Two Project, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 242111<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neighborhood 4, Assessment Area Two Project, Series 2024 | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; 705318<br>|
| &nbsp;&nbsp;&nbsp; Los Cayos, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 270229<br>|
| &nbsp;&nbsp;&nbsp; LT Ranch, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phase IIA Assessment Area, Series 2022-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 121091<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 196909<br>|
| &nbsp;&nbsp;&nbsp; LTC Ranch West Residential, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Four Project, Refunding  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp; 972577<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Madeira, FL, Community Development District, Capital Improvement Revenue, <br> Assessment Area Two Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $502178<br>|
| &nbsp;&nbsp;&nbsp; Magnolia Island, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251994<br>|
| &nbsp;&nbsp;&nbsp; Magnolia Park, FL, Community Development District, Special Assessment <br> Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp; 48291<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marion Ranch, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 189064<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; 910295<br>|
| &nbsp;&nbsp;&nbsp; Meadow View at Twin Creeks, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 66938<br>|
| &nbsp;&nbsp;&nbsp; Miami, FL, HFA Revenue, Miami Jewish Health Systems Inc. Project, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 149513<br>|
| &nbsp;&nbsp;&nbsp; Middleton A, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 214641<br>|
| &nbsp;&nbsp;&nbsp; Mirada II, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 92795<br>|
| &nbsp;&nbsp;&nbsp; Newport Isles, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 440105<br>|
| &nbsp;&nbsp;&nbsp; Newton Road, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; 847706<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Normandy, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 434840<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp; 1302265<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; North Powerline Road, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 85537<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; North River Ranch Improvement Stewardship District, FL, Special Assessment <br> Revenue, Manatee County  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 148198<br>|
| &nbsp;&nbsp;&nbsp; Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 406924<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Old Hickory, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 97288<br>|
| &nbsp;&nbsp;&nbsp; Orlando, FL, Contract Tourist Development Tax Revenue, Series 2025, AG  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/50 | &nbsp;&nbsp; 2560000 | &nbsp;&nbsp;&nbsp; 2796433<br>|
| &nbsp;&nbsp;&nbsp; Pacific Ace, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505274<br>|
| &nbsp;&nbsp;&nbsp; Palermo, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two Project, Series 2025 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 761566<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp; 66033<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 329718<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp; 1026983<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp; 618454<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 78889<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 224857<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 726295<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 92979<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jupiter Medical Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 148870<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; $1295000 | &nbsp;&nbsp;&nbsp; $1302852<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 725128<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 307000 | &nbsp;&nbsp;&nbsp; 307138<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30014<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp; 877566<br>|
| &nbsp;&nbsp;&nbsp; Palm Coast Park, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200569<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 268194<br>|
| &nbsp;&nbsp;&nbsp; Palm Gate, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp; 940333<br>|
| &nbsp;&nbsp;&nbsp; Palm Glades, FL, Community Development District, Senior Special <br> Assessment Revenue, Series A-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; 801922<br>|
| &nbsp;&nbsp;&nbsp; Parkside Trails, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 350560<br>|
| &nbsp;&nbsp;&nbsp; Parkview at Long Lake Ranch, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 96476<br>|
| &nbsp;&nbsp;&nbsp; Parrish Lakes II, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1492690<br>|
| &nbsp;&nbsp;&nbsp; Parrish Lakes, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Three Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 244402<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; 156204<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 938110<br>|
| &nbsp;&nbsp;&nbsp; Parrish Plantation, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Three Project | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 206977<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 96690<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 81844<br>|
| &nbsp;&nbsp;&nbsp; Pasadena Ridge, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 248923<br>|
| &nbsp;&nbsp;&nbsp; Peace Creek Village, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 842849<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 331260<br>|
| &nbsp;&nbsp;&nbsp; Peace Crossing, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 328611<br>|
| &nbsp;&nbsp;&nbsp; Pine Ridge Plantation, FL, Community Development District, Special <br> Assessment Revenue, Refunding  | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 149343<br>|
| &nbsp;&nbsp;&nbsp; Pioneer Ranch, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 547621<br>|
| &nbsp;&nbsp;&nbsp; Poitras East, FL, Community Development District, Special Assessment <br> Revenue, Series 2023  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100567<br>|
| &nbsp;&nbsp;&nbsp; Preserve at Legends Pointe, FL, Community Development District, Capital <br> Improvement Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; 548610<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Preserve at South Branch, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98703<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Reflection Bay, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; $210000 | &nbsp;&nbsp;&nbsp; $214857<br>|
| &nbsp;&nbsp;&nbsp; Regal Village, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; 248357<br>|
| &nbsp;&nbsp;&nbsp; Reserve at Van Oaks, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 185260<br>|
| &nbsp;&nbsp;&nbsp; Reunion East, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 96557<br>|
| &nbsp;&nbsp;&nbsp; Reunion West, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Four Project  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; 438854<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; River Hall, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Five Project | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp; 639578<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Four Project | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 182061<br>|
| &nbsp;&nbsp;&nbsp; River Landing, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 643302<br>|
| &nbsp;&nbsp;&nbsp; Rivers Edge II, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 97206<br>|
| &nbsp;&nbsp;&nbsp; Rivers Edge III, FL, Community Development District, Capital Improvement <br> Revenue, St. Johns County  | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99561<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Riverwalk, FL, Community Development District, Special Assessment <br> Revenue, Series A  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 256619<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rolling Oaks, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 234117<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rye Ranch, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp; 56449<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saddle Creek Preserve of Polk County, FL, Community Development District, <br> Special Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 78475<br>|
| &nbsp;&nbsp;&nbsp; Saltmeadows, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 169890<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 237855<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sanctuary Cove, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 69584<br>|
| &nbsp;&nbsp;&nbsp; Sandmine Road, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2020 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99501<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two Project, Series 2021 | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 14855<br>|
| &nbsp;&nbsp;&nbsp; Sandridge, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99728<br>|
| &nbsp;&nbsp;&nbsp; Sawgrass Village, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; 163894<br>|
| &nbsp;&nbsp;&nbsp; Sawyers Landing, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 150299<br>|
| &nbsp;&nbsp;&nbsp; Scenic Terrace North, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 306921<br>|
| &nbsp;&nbsp;&nbsp; Seaton Creek Reserve, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One Project  | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20422<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Sebastian Isles, FL, Community Development District, Capital Improvement <br> Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp; $175535<br>|
| &nbsp;&nbsp;&nbsp; Sherwood Manor, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 96928<br>|
| &nbsp;&nbsp;&nbsp; Shingle Creek at Bronson, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98494<br>|
| &nbsp;&nbsp;&nbsp; Silver Oaks, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp; 208991<br>|
| &nbsp;&nbsp;&nbsp; Six Mile Creek, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two Project, Series 2021, Refunding | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 72252<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 741515<br>|
| &nbsp;&nbsp;&nbsp; Somerset Bay, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; 309223<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Somerset, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200645<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 196814<br>|
| &nbsp;&nbsp;&nbsp; Sorrento Pines, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp; 45857<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 185967<br>|
| &nbsp;&nbsp;&nbsp; South Fork East, FL, Community Development District, Capital Improvement <br> Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp; 1390301<br>|
| &nbsp;&nbsp;&nbsp; Southern Groves No 5, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port St. Lucie, Series 2022 | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 535280<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port St. Lucie, Series 2024 | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; 358883<br>|
| &nbsp;&nbsp;&nbsp; Springs at Lake Alfred, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp; 369743<br>|
| &nbsp;&nbsp;&nbsp; St Augustine Lakes, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 155680<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Johns County, Series 2022 | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 447174<br>|
| &nbsp;&nbsp;&nbsp; Starling, FL, Community Development District, Special Assessment Revenue, <br> Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 997095<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Stillwater, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 95215<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Stonegate Preserve, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 724752<br>|
| &nbsp;&nbsp;&nbsp; Stuart Crossing, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 172836<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Summer Woods, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 72396<br>|
| &nbsp;&nbsp;&nbsp; Summit View, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; 397695<br>|
| &nbsp;&nbsp;&nbsp; Sunbridge Stewardship District, FL, Special Assessment Revenue, Del Webb <br> Phase 1/2 Project  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 135749<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Tamarindo, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp;&nbsp; $95533<br>|
| &nbsp;&nbsp;&nbsp; Terra Lago, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp; 1188669<br>|
| &nbsp;&nbsp;&nbsp; Terreno, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 244124<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 559280<br>|
| &nbsp;&nbsp;&nbsp; Timber Creek Southwest, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 144794<br>|
| &nbsp;&nbsp;&nbsp; Tohoqua, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phase 2 Project | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 97379<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phase 4A/5A Project | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 59734<br>|
| &nbsp;&nbsp;&nbsp; Tradition No 9, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 94058<br>|
| &nbsp;&nbsp;&nbsp; Tranquility, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 891478<br>|
| &nbsp;&nbsp;&nbsp; Trevesta, FL, Community Development District, Special Assessment Revenue  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 96852<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Twisted Oaks Pointe, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; 804329<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two Project | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 177233<br>|
| &nbsp;&nbsp;&nbsp; Two Lakes, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 301437<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Two Ridges, FL, Community Development District, Special Assessment <br> Revenue, Pasco County  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 517145<br>|
| &nbsp;&nbsp;&nbsp; Two Rivers West, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 284338<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 159175<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 105508<br>|
| &nbsp;&nbsp;&nbsp; Varrea South, FL, Community Development District, Capital Improvement <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp; 244191<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp; 601237<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; V-Dana, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 97943<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two Project, Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504572<br>|
| &nbsp;&nbsp;&nbsp; Venetian Parc, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1013820<br>|
| &nbsp;&nbsp;&nbsp; Venice, IN, Retirement Community Revenue, Tax-Exempt, Isle Project, Series B  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 551149<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Veranda, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veranda Estates Project, Series 2021, Refunding | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 68284<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veranda Estates Project, Series 2024, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 163218<br>|
| &nbsp;&nbsp;&nbsp; Verano No 2, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 630386<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp; 829872<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Verano No 3, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2022  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; $35000 | &nbsp;&nbsp;&nbsp; $36089<br>|
| &nbsp;&nbsp;&nbsp; Verano No 4, FL, Community Development District, Special Assessment <br> Revenue, Phase 2 Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 171275<br>|
| &nbsp;&nbsp;&nbsp; Viera Stewardship District, FL, Special Assessment Revenue, Village 2 - <br> Series 2021 Project  | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 122356<br>|
| &nbsp;&nbsp;&nbsp; Village No 13, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 79242<br>|
| &nbsp;&nbsp;&nbsp; Village No 5, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phase 1 Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp; 1089999<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phase 2 Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1499927<br>|
| &nbsp;&nbsp;&nbsp; Villamar, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Five Project, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 265950<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Six Project, Series 2024 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 189036<br>|
| &nbsp;&nbsp;&nbsp; Vivid Shores, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503175<br>|
| &nbsp;&nbsp;&nbsp; Waterford, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp; 594549<br>|
| &nbsp;&nbsp;&nbsp; Waterset South, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 105258<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, Series 2022 | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 264071<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 302837<br>|
| &nbsp;&nbsp;&nbsp; Wellness Ridge, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; 354945<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; West Lake, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 701005<br>|
| &nbsp;&nbsp;&nbsp; West Villages Improvement District, FL, Capital Improvement Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit of Development No. 10, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500407<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit of Development No. 11, Series 2025 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1003785<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit of Development No. 12, Assessment Area One, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 428978<br>|
| &nbsp;&nbsp;&nbsp; West Villages Improvement District, FL, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit of Development No 7, Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 94559<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit of Development No 8, Series 2022 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 340335<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit of Development No 8, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; 407241<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Of Development No 9, Series 2023 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 40786<br>|
| &nbsp;&nbsp;&nbsp; Willowbrook, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 183103<br>|
| &nbsp;&nbsp;&nbsp; Winding Oaks, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504299<br>|
| &nbsp;&nbsp;&nbsp; Windsor Cay, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 225271<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two Project, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 691108<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Windward, FL, Community Development District, Special Assessment <br> Revenue  | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99053<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Wiregrass II, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; $165000 | &nbsp;&nbsp;&nbsp; $165618<br>|
| &nbsp;&nbsp;&nbsp; Woodcreek, FL, Community Development District, Capital Improvement <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 572300<br>|
| &nbsp;&nbsp;&nbsp; Woodland Preserve, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One Project  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 634159<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Woodland Ranch Estates, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1011623<br>|
| &nbsp;&nbsp;&nbsp; Yarborough Lane, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 253205<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; 246422<br>|
| &nbsp;&nbsp;&nbsp; Zephyrhills, FL, Abbott Square Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 208678<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; 772993<br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *142197772* |
| *Georgia — 2.8%* | *Georgia — 2.8%* | *Georgia — 2.8%* | *Georgia — 2.8%* | *Georgia — 2.8%* |
| &nbsp;&nbsp;&nbsp; Atlanta, GA, Development Authority Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRG-CAU Properties LLC Project at Clark University) Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 261329<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRG-CAU Properties LLC Project at Clark University) Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 371628<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRG-CAU Properties LLC Project at Clark University) Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 575310<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; DeKalb County, GA, Housing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Pointe, Series 2025 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 6630000 | &nbsp;&nbsp;&nbsp; 6586962<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Avenues of North Decatur, Series 2024, Refunding | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2017507<br>|
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority Revenue, Signia Hotel <br> Management LLC  | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 340943<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Georgia State Housing & Finance Authority, Series C  | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2047657<br>|
| &nbsp;&nbsp;&nbsp; Main Street Energy Inc., GA, Energy Project Revenue, Series D  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2661417<br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3175000 | &nbsp;&nbsp;&nbsp; 3348589<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; 1579052<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 14215000 | &nbsp;&nbsp;&nbsp; 15147694<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp; 1514913<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, LIQ - Royal Bank Of Canada | &nbsp;&nbsp; 4.226% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp; 1325048<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockdale County, GA, Development Authority Revenue, Multifamily Housing <br> Revenue, Affordable Housing Preservation Corp., Refunding  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 208511<br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *37986560* |
| *Idaho — 0.0%††* | *Idaho — 0.0%††* | *Idaho — 0.0%††* | *Idaho — 0.0%††* | *Idaho — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Idaho State Housing & Finance Association, Nonprofit Facilities Revenue, <br> White Pine Charter School Project, Series 2023, School Board Guaranty | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; *317690*<br>|
| *Illinois — 10.4%* | *Illinois — 10.4%* | *Illinois — 10.4%* | *Illinois — 10.4%* | *Illinois — 10.4%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, Dedicated Capital Improvement Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 1047778<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1210261<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 2462450<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1066746<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; $1265000 | &nbsp;&nbsp;&nbsp; $1334285<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 463504<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/45 | &nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp; 1446575<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 7080000 | &nbsp;&nbsp;&nbsp; 7434680<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2108613<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10253310<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2092729<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp; 1938987<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202482<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1244562<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series B, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 533499<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series B, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2315108<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series B, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 208697<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 2220000 | &nbsp;&nbsp;&nbsp; 2177234<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 487197<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, NATL | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp; 1268860<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 2890000 | &nbsp;&nbsp;&nbsp; 3032061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago Works, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 9245000 | &nbsp;&nbsp;&nbsp; 9590209<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colleges Capital Improvement 1999, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 155315<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing and Economic Development, Series F | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; 1670211<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 659831<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 2195000 | &nbsp;&nbsp;&nbsp; 2290445<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3760954<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2401262<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Midway International Airport: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A, Refunding, BAM | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 840811<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 42330<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1835537<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp; 3956668<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trips Obligated Group, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1561623<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trips Obligated Group, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1102004<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago School, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 432776<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 140966<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1075927<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 26318<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 285946<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 721185<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chicago School, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp; 1279609<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depaul College Prep Foundation, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 525073<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Learn Charter, School Project, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 257159<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Learn Charter, School Project, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 262713<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moornings of Arlington Heights, Series A, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2106097<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rosalind Franklin University Woodlands Apartment Project, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; $4050000 | &nbsp;&nbsp;&nbsp; $4227639<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Refunding (SOFR x 0.700 + 1.150%) | &nbsp;&nbsp; 3.789% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp; 966591<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 1076604<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surface Freight Transfer Facilites, Centerpoint Joliet Terminal Railroad <br> Project | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 7/2/35 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1549711<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westminster Village, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp; 974787<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westminster Village, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 1895000 | &nbsp;&nbsp;&nbsp; 1891018<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Housing Development Authority Revenue, Series H, Refunding, <br> FHA  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 2560000 | &nbsp;&nbsp;&nbsp; 2488458<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NATL | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 336508<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; 977649<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 6880000 | &nbsp;&nbsp;&nbsp; 7006766<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5763378<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 3430000 | &nbsp;&nbsp;&nbsp; 3554846<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 8400000 | &nbsp;&nbsp;&nbsp; 8675465<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 5180000 | &nbsp;&nbsp;&nbsp; 5344133<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 255555<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; 372383<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick Place Expansion Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3504378<br>|
| &nbsp;&nbsp;&nbsp; Northeastern Illinois State University: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participation Capital Improvement Projects, BAM | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp; 1780032<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participation Capital Improvement Projects, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1695288<br>|
| &nbsp;&nbsp;&nbsp; Northern Illinois State University: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participation Energy Savings Projects, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp; 1187124<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Participation Energy Savings Projects, BAM | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2099364<br>|
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp. Revenue, Senior Lien, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 2335000 | &nbsp;&nbsp;&nbsp; 2309862<br>|
| &nbsp;&nbsp;&nbsp; Village of Lincolnwood, IL, COP, Tax Increment Revenue, North Lincoln <br> Redevelopment Project  | &nbsp;&nbsp; 4.820% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp; 1525660<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Village of Villa Park, IL, Tax Increment Revenue, Garden Station <br> Redevelopment Project  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 92610<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *140966396* |
| *Indiana — 0.6%* | *Indiana — 0.6%* | *Indiana — 0.6%* | *Indiana — 0.6%* | *Indiana — 0.6%* |
| &nbsp;&nbsp;&nbsp; Goshen, IN, Multifamily Housing Revenue, Green Oaks of Goshen Project, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 867281<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federally Taxable University of Evansville Project, Educational Facilities, <br> Series B | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 156903<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marquette Project, Series A, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 3205000 | &nbsp;&nbsp;&nbsp; 3228663<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Living Masonic Home Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp; 1673732<br>|
| &nbsp;&nbsp;&nbsp; Indiana State Housing & Community Development Authority, Vita of Marion <br> Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 677500 | &nbsp;&nbsp;&nbsp; 655864<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank, Convention Center <br> Hotel, Series E  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1086917<br>|
| &nbsp;&nbsp;&nbsp; Jeffersonville, IN, Multifamily Housing Revenue, Vivera Senior Living Project, <br> Series A  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 96826<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* |
| &nbsp;&nbsp;&nbsp; Valparaiso, IN, Multifamily Housing Revenue, Green Oaks Project, Series 2021  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $457260<br> <sup>(c)</sup><br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *8223446* |
| *Iowa — 1.1%* | *Iowa — 1.1%* | *Iowa — 1.1%* | *Iowa — 1.1%* | *Iowa — 1.1%* |
| &nbsp;&nbsp;&nbsp; Crawford County, IA, Memorial Hospital Iowa Revenue, Anticipation Notes, <br> Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; 518965<br>|
| &nbsp;&nbsp;&nbsp; Iowa State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 616858<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp; 1060187<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2018 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1067518<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 363042<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2021, Refunding | &nbsp;&nbsp; 3.189% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 493691<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 6.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 124598<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/33 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 1216392<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 5/15/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 570041<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area, Iowa Fertilizer Co. Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 2425000 | &nbsp;&nbsp;&nbsp; 2791033<br> <sup>(a)(b)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Homes Mill Pond Project, Series 2025, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1010333<br>|
| &nbsp;&nbsp;&nbsp; Iowa State Higher Education Loan Authority Revenue, Private College Facility, <br> University of Dubuque Project, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 4950000 | &nbsp;&nbsp;&nbsp; 4796660<br>|
| *Total Iowa* | *Total Iowa* | *Total Iowa* | *Total Iowa* | &nbsp;&nbsp; *14629318* |
| *Kansas — 0.3%* | *Kansas — 0.3%* | *Kansas — 0.3%* | *Kansas — 0.3%* | *Kansas — 0.3%* |
| &nbsp;&nbsp;&nbsp; Garden City, KS, Special Obligation Revenue, World Star Bond Project - Phase <br> II, Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2531581<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wyandotte County, KA, Unified Government, Sales Tax Revenue, Legends <br> Apartments Garage & West Lawn Project  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp; 1727217<br>|
| *Total Kansas* | *Total Kansas* | *Total Kansas* | *Total Kansas* | &nbsp;&nbsp; *4258798* |
| *Kentucky — 3.6%* | *Kentucky — 3.6%* | *Kentucky — 3.6%* | *Kentucky — 3.6%* | *Kentucky — 3.6%* |
| &nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A - 2 | &nbsp;&nbsp; 3.726% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp; 1395054<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 24235000 | &nbsp;&nbsp;&nbsp; 25141961<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp; 2330303<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 18580000 | &nbsp;&nbsp;&nbsp; 19750042<br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *48617360* |
| *Louisiana — 0.3%* | *Louisiana — 0.3%* | *Louisiana — 0.3%* | *Louisiana — 0.3%* | *Louisiana — 0.3%* |
| &nbsp;&nbsp;&nbsp; Lakeshore Villages Master, LA, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parish of St. Tammany, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; 251502<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parish of St. Tammany, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; 749825<br>|
| &nbsp;&nbsp;&nbsp; Louisiana State Local Government Environmental Facilities & Community <br> Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. John The Baptist Parish Gomesa Project | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 136046<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Chemical Corp, Refunding | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp; 1652723<br>|
| &nbsp;&nbsp;&nbsp; New Orleans Aviation Board, LA, General Airport Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp; 1112209<br> <sup>(d)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *3902305* |
| *Maine — 0.1%* | *Maine — 0.1%* | *Maine — 0.1%* | *Maine — 0.1%* | *Maine — 0.1%* |
| &nbsp;&nbsp;&nbsp; Maine State Housing Authority Revenue, Social Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *1004895*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Maryland — 0.3%* | *Maryland — 0.3%* | *Maryland — 0.3%* | *Maryland — 0.3%* | *Maryland — 0.3%* |
| &nbsp;&nbsp;&nbsp; Baltimore, MD, Special Obligation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbor Point Project, Series 2016, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; $135000 | &nbsp;&nbsp;&nbsp; $135055<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harbor Point Project, Series 2019, Refunding | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 97368<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; County of Frederick, MD, Tax Increment Revenue, Oakdale-Lake Linganore <br> Project, Series 2019, Refunding  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp; 112987<br>|
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Private Activity Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/36 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 680110<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/36 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 446675<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/37 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 156659<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 291104<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1192207<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Town of La Plata, MD, Special Tax Revenue, Heritage Green Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; 695003<br> <sup>(c)</sup><br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *3807168* |
| *Massachusetts — 0.9%* | *Massachusetts — 0.9%* | *Massachusetts — 0.9%* | *Massachusetts — 0.9%* | *Massachusetts — 0.9%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds Lasell Village Inc. | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1167840<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds Salem Community Corp., Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202436<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Merrimack Inc., Merrimack College Student Housing Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 204635<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Merrimack Inc., Merrimack College Student Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1503501<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foxborough Regional Charter School, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 40364<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salem Community Corporation Issue, Series 2022, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp; 1024095<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Foundation and Affiliates, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 437349<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WGBH Educational Foundation, Series A, AMBAC | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5850230<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Educational Financing Authority Revenue  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 165000<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1039961<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 1002655<br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *12638066* |
| *Michigan — 2.6%* | *Michigan — 2.6%* | *Michigan — 2.6%* | *Michigan — 2.6%* | *Michigan — 2.6%* |
| &nbsp;&nbsp;&nbsp; Detroit, MI, Downtown Development Tax Increment Revenue, Series 2024, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp; 1381473<br>|
| &nbsp;&nbsp;&nbsp; Detroit, MI, GO, Unlimited Tax, Series C  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 413483<br>|
| &nbsp;&nbsp;&nbsp; Grand Rapids, MI, EDC: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Hill at Eastgate Project, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3982150<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Hill At Eastgate Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 148774<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beacon Hill At Eastgate Project, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp; 40800<br>|
| &nbsp;&nbsp;&nbsp; Kalamazoo, MI, EDC Revenue, Revel Creek Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1107796<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawrence Technology University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 94853<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawrence Technology University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; 282766<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/29/44 | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp; 1463087<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Henry Ford Health Detroit South Campus Central Utility Plant Project, <br> Green Bonds, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/49 | &nbsp;&nbsp; 8995000 | &nbsp;&nbsp;&nbsp; 9513240<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Detroit Mercy, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 858163<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Detroit Mercy, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp; 860743<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Michigan — continued* | *Michigan — continued* | *Michigan — continued* | *Michigan — continued* | *Michigan — continued* |
| &nbsp;&nbsp;&nbsp; Michigan State HDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rental Housing | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; $3365000 | &nbsp;&nbsp;&nbsp; $3464501<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single-Family Mortgage | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2566600<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single-Family Mortgage, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4031096<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Strategic Fund Ltd. Obligation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-75 Improvement Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/33 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 77674<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-75 Improvement Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/48 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98302<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-75 Improvement Project, AG | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/30/35 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; 674840<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-75 Improvement Project, AG | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 3975000 | &nbsp;&nbsp;&nbsp; 3980113<br> <sup>(d)</sup><br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *35040454* |
| *Minnesota — 0.8%* | *Minnesota — 0.8%* | *Minnesota — 0.8%* | *Minnesota — 0.8%* | *Minnesota — 0.8%* |
| &nbsp;&nbsp;&nbsp; Duluth, MN, EDA Revenue, Benedictine Health System, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 121055<br>|
| &nbsp;&nbsp;&nbsp; Minneapolis & St. Paul, MN, Metropolitan Airports Commission Revenue, <br> Subordinate, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6196352<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Minnesota State Municipal Gas Agency Revenue, Minnesota Community <br> Energy Commodity Supply, Series B, LIQ - Royal Bank Of Canada  | &nbsp;&nbsp; 3.526% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1402427<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ramsey, MN, Charter School Lease Revenue, Pact Charter School Project, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3036800<br>|
| *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | &nbsp;&nbsp; *10756634* |
| *Mississippi — 0.1%* | *Mississippi — 0.1%* | *Mississippi — 0.1%* | *Mississippi — 0.1%* | *Mississippi — 0.1%* |
| &nbsp;&nbsp;&nbsp; Mississippi State Development Bank Special Obligation, Mangolia Regional <br> Health Center Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 156460<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mississippi State Home Corp., Single Family Mortgage Revenue, GNMA/FNMA/<br> FHLMC  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1523648<br>|
| *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | *Total Mississippi* | &nbsp;&nbsp; *1680108* |
| *Missouri — 0.3%* | *Missouri — 0.3%* | *Missouri — 0.3%* | *Missouri — 0.3%* | *Missouri — 0.3%* |
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist University, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505443<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis, Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp; 1744286<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis, Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp; 1266313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis, Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 237372<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis, Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 105485<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *3858899* |
| *Nebraska — 0.4%* | *Nebraska — 0.4%* | *Nebraska — 0.4%* | *Nebraska — 0.4%* | *Nebraska — 0.4%* |
| &nbsp;&nbsp;&nbsp; Nebraska State Investment Finance Authority Revenue, Social Bonds, GNMA/<br> FNMA/FHLMC | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 4840000 | &nbsp;&nbsp;&nbsp; *5028888*<br>|
| *Nevada — 0.6%* | *Nevada — 0.6%* | *Nevada — 0.6%* | *Nevada — 0.6%* | *Nevada — 0.6%* |
| &nbsp;&nbsp;&nbsp; Henderson, NV, Local Improvement District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rainbow Canyon Phase II, Local Improvement Bonds, Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp; 994694<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp; 1597443<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas, NV, Special Improvement, District No 611, Special Assessment <br> Revenue, Local Improvement Bonds, Series 2020  | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 143611<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Nevada — continued* | *Nevada — continued* | *Nevada — continued* | *Nevada — continued* | *Nevada — continued* |
| &nbsp;&nbsp;&nbsp; Las Vegas, NV, Special Improvement, District No 815, Special Assessment <br> Revenue, Local Improvement Bonds, Series 2020  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; $945000 | &nbsp;&nbsp;&nbsp; $957078<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas, NV, Special Improvement, District No 816, Special Assessment <br> Revenue, Local Improvement Bonds, Series 2021  | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 190724<br>|
| &nbsp;&nbsp;&nbsp; North Las Vegas, NV, Special Assessment Revenue, Special Improvement, <br> District No 66, Local Improvement Bonds, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 142768<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Reno-Tahoe, NV, Airport Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp; 1778093<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1064444<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 787001<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tahoe-Douglas, NV, Visitors Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp; 772529<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 267980<br>|
| *Total Nevada* | *Total Nevada* | *Total Nevada* | *Total Nevada* | &nbsp;&nbsp; *8696365* |
| *New Hampshire — 0.3%* | *New Hampshire — 0.3%* | *New Hampshire — 0.3%* | *New Hampshire — 0.3%* | *New Hampshire — 0.3%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue, Grace Christian School Project, <br> Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; *4447125*<br>|
| *New Jersey — 1.0%* | *New Jersey — 1.0%* | *New Jersey — 1.0%* | *New Jersey — 1.0%* | *New Jersey — 1.0%* |
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey American Water Company Inc. Project, Refunding | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 12/3/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 94499<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Rowan Properties LLC, Rowan University Student <br> Housing Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 750031<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group, Kean Properties | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100673<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group, Kean Properties | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50077<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility Revenue, Continental Airlines Inc. Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 270352<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Higher Education, Student Assistance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 3314689<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; 824291<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue, <br> Transportation System, Series A, Refunding  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 7210000 | &nbsp;&nbsp;&nbsp; 7342400<br>|
| &nbsp;&nbsp;&nbsp; Passaic County, NJ, Improvement Authority Revenue, Community Charter <br> School of Paterson Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 291244<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *13038256* |
| *New Mexico — 0.1%* | *New Mexico — 0.1%* | *New Mexico — 0.1%* | *New Mexico — 0.1%* | *New Mexico — 0.1%* |
| &nbsp;&nbsp;&nbsp; New Mexico State Hospital Equipment Loan Council Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *1005541*<br>|
| *New York — 5.7%* | *New York — 5.7%* | *New York — 5.7%* | *New York — 5.7%* | *New York — 5.7%* |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., NY, Revenue, Senior Airport Facilities Revenue, <br> Transportation Infrastructure  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp; 1227391<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2503454<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 6560000 | &nbsp;&nbsp;&nbsp; 6640353<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, HDC, Tax-Exempt Bonds  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/43 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 665700<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, HDC, MFH Revenue, Tax-Exempt Bonds, Series F  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/15/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1031816<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue, New York University  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp; 65920<br>|
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Solid Water Disposal Facility <br> Revenue, Casella Waste Systems Inc. Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/3/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 260000<br> <sup>(a)(b)(c)(d)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc., John F. Kennedy International Airport Project 2021, <br> Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; $210000<br> &nbsp;&nbsp;&nbsp; $199340<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc., John F. Kennedy International Airport Project, <br> Refunding | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 30000<br> &nbsp;&nbsp;&nbsp; 29833<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc., John F. Kennedy International Airport Project, <br> Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 4200000<br> &nbsp;&nbsp;&nbsp; 4350512<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 1845000<br> &nbsp;&nbsp;&nbsp; 2034246<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 2190000<br> &nbsp;&nbsp;&nbsp; 2298767<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 15490000<br> &nbsp;&nbsp;&nbsp; 15710877<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 670000<br> &nbsp;&nbsp;&nbsp; 624687<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project, Series 2018 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 1490000<br> &nbsp;&nbsp;&nbsp; 1451364<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/38 | &nbsp;&nbsp; 1250000<br> &nbsp;&nbsp;&nbsp; 1340845<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/42 | &nbsp;&nbsp; 350000<br> &nbsp;&nbsp;&nbsp; 388283<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 4930000<br> &nbsp;&nbsp;&nbsp; 5079133<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/44 | &nbsp;&nbsp; 1200000<br> &nbsp;&nbsp;&nbsp; 1308568<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, AG | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/30/42 | &nbsp;&nbsp; 4715000<br> &nbsp;&nbsp;&nbsp; 4600152<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/43 | &nbsp;&nbsp; 185000<br> &nbsp;&nbsp;&nbsp; 194512<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2023 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/41 | &nbsp;&nbsp; 35000<br> &nbsp;&nbsp;&nbsp; 36718<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2023, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/42 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 264540<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/38 | &nbsp;&nbsp; 260000<br> &nbsp;&nbsp;&nbsp; 281340<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 1475000<br> &nbsp;&nbsp;&nbsp; 1560360<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/44 | &nbsp;&nbsp; 100000<br> &nbsp;&nbsp;&nbsp; 102324<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 267016<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1030000<br> &nbsp;&nbsp;&nbsp; 1092770<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 360000<br> &nbsp;&nbsp;&nbsp; 377820<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 3155000<br> &nbsp;&nbsp;&nbsp; 3286300<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 3085000<br> &nbsp;&nbsp;&nbsp; 3186395<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1265000<br> &nbsp;&nbsp;&nbsp; 1295369<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 425000<br> &nbsp;&nbsp;&nbsp; 445552<br> <sup>(d)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; $610000 | &nbsp;&nbsp;&nbsp; $636329<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2310000 | &nbsp;&nbsp;&nbsp; 2285323<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 2685000 | &nbsp;&nbsp;&nbsp; 2634893<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport Terminal 4 Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp; 1309373<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminal 4 John F. Kennedy International Airport Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 483211<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oneida Indian Nation of New York, NY: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2541808<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Exempt Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 269728<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp., NY, Tax Exempt Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103262<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2037259<br>|
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Revenue, MTA Bridges & Tunnels, <br> Senior Lien, Green Bonds, Series B-1, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/54 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 78900<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *76582343* |
| *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* | *North Carolina — 0.3%* |
| &nbsp;&nbsp;&nbsp; North Carolina State Medical Care Commission, Retirement Facilities First <br> Mortgage Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carolina Meadows, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1528664<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penick Village Project, Series B-1 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp; 405077<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Methodist Retirement Homes Project, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 543691<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Methodist Retirement Homes Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/50 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 993267<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Methodist Retirement Homes Project, Series B-1 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 350151<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *3820850* |
| *North Dakota — 1.5%* | *North Dakota — 1.5%* | *North Dakota — 1.5%* | *North Dakota — 1.5%* | *North Dakota — 1.5%* |
| &nbsp;&nbsp;&nbsp; Burleigh County, ND, Revenue, Education Facilities University of Mary Project, <br> Series 2016  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/15/36 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 2052270<br>|
| &nbsp;&nbsp;&nbsp; Grand Forks, ND, Health Care System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altru Health System, Refunding, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 567548<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp; 1483119<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; 164397<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 2215053<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altru Health System, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 1879160<br>|
| &nbsp;&nbsp;&nbsp; Horace, ND, GO, Temporary Improvement Bonds, Series B, Refunding  | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000358<br>|
| &nbsp;&nbsp;&nbsp; North Dakota State HFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Mortgage Finance Program, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1039012<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Mortgage Finance Program, Series C | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7020238<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Mortgage Finance Program, Series C | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1013847<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Mortgage Finance Program, Series D | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2013172<br>|
| *Total North Dakota* | *Total North Dakota* | *Total North Dakota* | *Total North Dakota* | &nbsp;&nbsp; *20448174* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Ohio — 2.7%* | *Ohio — 2.7%* | *Ohio — 2.7%* | *Ohio — 2.7%* | *Ohio — 2.7%* |
| &nbsp;&nbsp;&nbsp; Akron Bath & Copley Joint Township Hospital District Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Hospital Facilities, Summa Health Obligated Group, Series 2020, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; $550000 | &nbsp;&nbsp;&nbsp; $587275<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Hospital Facilities, Summa Health Obligated Group, Series 2020, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 138810<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbus, OH, Metropolitan Housing Authority General Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canals Edge Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5313876<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchard Project and the Eden Park Project, Series 2024 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp; 1916689<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Falls Project, Series D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1988601<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thornton Hall Project, Series F | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1985407<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waldren Woods Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504111<br>|
| &nbsp;&nbsp;&nbsp; Columbus, OH, Metropolitan Housing Authority Affordable Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobblestone Manor Project | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 8/1/42 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp; 2946241<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Country Ridge Apartments Project, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000115<br>|
| &nbsp;&nbsp;&nbsp; Cuyahoga County, OH, Revenue, Independent Living Facilities, Eliza Jennings <br> Senior Health Care Network, Series 2022A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 494286<br>|
| &nbsp;&nbsp;&nbsp; Franklin County, OH, Convention Facilities Authority Hotel Project Revenue, <br> Greater Columbus Convention Center, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 104064<br>|
| &nbsp;&nbsp;&nbsp; Franklin County, OH, Revenue, Health Care Facilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 225839<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Wesley Communities Obligated Group Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102829<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Wesley Communities Obligated Group Project, Unrefunded | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 199953<br>|
| &nbsp;&nbsp;&nbsp; Hamilton County, OH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Enriching Communities Project, Series 2025, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505366<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Enriching Communities Project, Series 2025, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 456563<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Project, Series B, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 3565000 | &nbsp;&nbsp;&nbsp; 3621342<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pratt Paper LLC Project, Series 2017 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4004578<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State HFA, Residential Mortgage Revenue, Series D, GNMA/FNMA/<br> FHLMC  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3707567<br>|
| &nbsp;&nbsp;&nbsp; Ohio State HFA Revenue, Middletown Phase 1 Project  | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 105437<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility Commission Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp; 936807<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Health Partners Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; 1067422<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Health Partners Obligated Group, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp; 1295651<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Health Partners Obligated Group, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp; 887870<br>|
| &nbsp;&nbsp;&nbsp; Warren County, OH, Port Authority Revenue, Woodland Lake Development <br> Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp; 1065023<br>|
| &nbsp;&nbsp;&nbsp; West Central Ohio State Port Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Impact Stem Academy Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 570444<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserve At Honey Creek Phase I Project, Step bond (0.000% to 12/1/28 <br> then 5.500%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp; 818099<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *36550265* |
| *Oklahoma — 0.1%* | *Oklahoma — 0.1%* | *Oklahoma — 0.1%* | *Oklahoma — 0.1%* | *Oklahoma — 0.1%* |
| &nbsp;&nbsp;&nbsp; Tulsa, OK, Municipal Airport Trust Revenue, American Airlines Inc. Project, <br> Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; *1323433*<br> <sup>(d)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pennsylvania — 2.9%* | *Pennsylvania — 2.9%* | *Pennsylvania — 2.9%* | *Pennsylvania — 2.9%* | *Pennsylvania — 2.9%* |
| &nbsp;&nbsp;&nbsp; Adams County, PA, General Authority Revenue, Brethren Home Community <br> Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; $2350000 | &nbsp;&nbsp;&nbsp; $2364994<br>|
| &nbsp;&nbsp;&nbsp; Allegheny, PA, County Higher Education Building Authority Revenue, <br> Commonwealth of Pennsylvania University, Robert Morris University  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 15266<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allentown, PA, Commercial and Industrial Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education Facility Lease, Executive Education Academy Charter School <br> Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2075000 | &nbsp;&nbsp;&nbsp; 2101118<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education Facility Lease, Executive Education Academy Charter School <br> Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 473810<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allentown, PA, Neighborhood Improvement Zone Development Authority <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Center Project, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103786<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Center Project, Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 204684<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Center Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 649599<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Berks County, PA, Municipal Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tower Health Project, Series A-1 | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp; 84285<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tower Health Project, Series A-2 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/34 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp; 45150<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tower Health Project, Series A-3 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/39 | &nbsp;&nbsp; 1162000 | &nbsp;&nbsp;&nbsp; 1047076<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tower Health Project, Series B-1, Step bond (0.000% to 11/15/29 then <br> 6.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/30/44 | &nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp; 195878<br>|
| &nbsp;&nbsp;&nbsp; Chester County, PA, IDA Revenue, Avon Grove Charter School, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1007870<br>|
| &nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue, Messiah Village <br> Project, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4068342<br> <sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Franklin County, PA, IDA Revenue, Bond Menno-Haven Inc. Project, <br> Series 2018, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101253<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue, Brethren Village Project, <br> Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1888045<br>|
| &nbsp;&nbsp;&nbsp; Montgomery County, PA, HEFA Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/52 | &nbsp;&nbsp; 5685000 | &nbsp;&nbsp;&nbsp; 5721419<br>|
| &nbsp;&nbsp;&nbsp; Northampton County, PA, General Purpose Authority, Hospital Revenue, St. <br> Luke's University Health Network Project, Series A1, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2065235<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Region Parking System, Series C, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500000<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Energy Supply LLC Project, Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1006307<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sewage Sludge Disposal, Philadelphia Biosolids Facility Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 499970<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pennsylvania Rapid Bridge Replacement Project, Series 2015 | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/31/38 | &nbsp;&nbsp; 6040000 | &nbsp;&nbsp;&nbsp; 5839888<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pittsburgh, Series A, Refunding | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 150049<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State HFA, Single Family Mortgage Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-146A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1507357<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-148A | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1501118<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-149A | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 3430000 | &nbsp;&nbsp;&nbsp; 3615487<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Higher Education Assistance Agency, Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1601639<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, IDA Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 75,000<br> \*<sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Redevelopment Authority Revenue, BAM-TCRS  | &nbsp;&nbsp; 2.799% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 449320<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *38883945* |
| *Puerto Rico — 0.8%* | *Puerto Rico — 0.8%* | *Puerto Rico — 0.8%* | *Puerto Rico — 0.8%* | *Puerto Rico — 0.8%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 12391 | &nbsp;&nbsp;&nbsp; 8981<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; $130932 | &nbsp;&nbsp;&nbsp; $133750<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 787027 | &nbsp;&nbsp;&nbsp; 834203<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 2312058 | &nbsp;&nbsp;&nbsp; 2541363<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1329628 | &nbsp;&nbsp;&nbsp; 1330172<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1507772 | &nbsp;&nbsp;&nbsp; 1482941<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 663885 | &nbsp;&nbsp;&nbsp; 644212<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 735607 | &nbsp;&nbsp;&nbsp; 680904<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 37086 | &nbsp;&nbsp;&nbsp; 23782<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 171048<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding, NATL | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 177853<br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico GDB Debt Recovery Authority Revenue  | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/20/40 | &nbsp;&nbsp; 1416879 | &nbsp;&nbsp;&nbsp; 1379490<br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Industrial Tourist Educational Medical & Environmental Control <br> Facilities Finance Authority: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp; 147379<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; 112007<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing Revenue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 192018<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 96905<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 402223<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing Revenue, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 92629<br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, <br> Series A-2  | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 171436<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *10623296* |
| *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* |
| &nbsp;&nbsp;&nbsp; Rhode Island State Student Loan Authority Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; *1491735*<br> <sup>(d)</sup><br>|
| *South Carolina — 1.1%* | *South Carolina — 1.1%* | *South Carolina — 1.1%* | *South Carolina — 1.1%* | *South Carolina — 1.1%* |
| &nbsp;&nbsp;&nbsp; Dorchester County, SC, Special Assessment Revenue, Improvement District <br> Bond, Series 2023  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 418356<br>|
| &nbsp;&nbsp;&nbsp; Goose Creek, SC, Special Assessment Revenue, Carnes Crossroads <br> Improvement District, Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp; 797983<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Housing Authority of The City of Charleston General Revenue, 1800 Ashley <br> West, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 4380000 | &nbsp;&nbsp;&nbsp; 4636950<br>|
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, SC, Gas Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries A-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 3905000 | &nbsp;&nbsp;&nbsp; 4174592<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries B-2, Refunding (SOFR x 0.670 + 1.900%) | &nbsp;&nbsp; 4.419% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 260817<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Healthcare Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beaufort Memorial Hospital & South of Broad Healthcare Project, <br> Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 318460<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beaufort Memorial Hospital & South of Broad Healthcare Project, <br> Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 514955<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolling Green Village Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1045318<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolling Green Village Project, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1008678<br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bishop Gadsden Episcopal Retirement Community, Series 2025 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1244018<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAH Portfolio - Pelham Apartments, Series B | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 149437<br> <sup>(c)</sup><br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *14569564* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *South Dakota — 0.2%* | *South Dakota — 0.2%* | *South Dakota — 0.2%* | *South Dakota — 0.2%* | *South Dakota — 0.2%* |
| &nbsp;&nbsp;&nbsp; South Dakota State, Housing Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homeownership Mortgage Bonds, GNMA/FNMA/FHLMC | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp;&nbsp; $1560851<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homeownership Mortgage Bonds, Refunding, GNMA/FNMA/FHLMC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1509275<br>|
| *Total South Dakota* | *Total South Dakota* | *Total South Dakota* | *Total South Dakota* | &nbsp;&nbsp; *3070126* |
| *Tennessee — 1.7%* | *Tennessee — 1.7%* | *Tennessee — 1.7%* | *Tennessee — 1.7%* | *Tennessee — 1.7%* |
| &nbsp;&nbsp;&nbsp; City of Chattanooga, TN, Health Educational and Housing Facility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502802<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Health, Series A-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 1810000 | &nbsp;&nbsp;&nbsp; 1796587<br>|
| &nbsp;&nbsp;&nbsp; Cleveland Housing Authority, TN, Multifamily Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Phase 1 Project Subordinate, Series B | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 300174<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Phase 1 Project Subordinate, Series B | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100058<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tennergy Corp., TN, Gas Supply Revenue  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 5470000 | &nbsp;&nbsp;&nbsp; 5869761<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tennessee State Energy Acquisition Corp., Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Tennessee Energy Acquisition Corp. Commodity Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp; 6733649<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Tennessee Energy Acquisition Corp. Gas Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 6970000 | &nbsp;&nbsp;&nbsp; 7500546<br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *22803577* |
| *Texas — 14.5%* | *Texas — 14.5%* | *Texas — 14.5%* | *Texas — 14.5%* | *Texas — 14.5%* |
| &nbsp;&nbsp;&nbsp; Alvarado, TX, Municipal Corp. Special Assessment Revenue, Johnson County, <br> Series 2025  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp; 569424<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Anna, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin County, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 524000 | &nbsp;&nbsp;&nbsp; 533978<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin County, Sherley Tract Public Improvement, District No 2 Improvement <br> Area One | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp; 722875<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crystal Park Public Improvement, District No 2, Series 2025 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 302000 | &nbsp;&nbsp;&nbsp; 302847<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meadow Vista Public Improvement, District Improvement Area One | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 274508<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woods at Lindsey Place Public Improvement District, Series 2025 | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 331000 | &nbsp;&nbsp;&nbsp; 331907<br>|
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp. Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; 762415<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Series 2025, Refunding | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1019095<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aubrey, TX, Special Assessment Revenue, Aubrey Public Improvement, <br> District No 1, Series 2023  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101760<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Austin, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travis Williamson and Hays Counties, Whisper Valley Public Improvement <br> District, Improvement Area Two Project | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 121149<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whisper Valley Public Improvement, District Project, Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 156000 | &nbsp;&nbsp;&nbsp; 159663<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Balch Springs, TX, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 714000 | &nbsp;&nbsp;&nbsp; 734586<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bastrop County, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Double Eagle Ranch Public Improvement, District Improvement Area Two, <br> Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 225408<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Double Eagle Ranch Public Improvement, District Improvement Area Two, <br> Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 511064<br>|
| &nbsp;&nbsp;&nbsp; Bastrop, TX, Municipal Corp. Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp; 625136<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Blue Ridge, TX, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 511000 | &nbsp;&nbsp;&nbsp; 523125<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boyd, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Improvement, District No 1, Improvement Area One, Series 2024 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp; 108373<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Improvement, District No 1, Improvement Area One, Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 694749<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp; 175712<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Cedar Port Navigation and Improvement District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Tax, Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $502250<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Tax, Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000513<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Tax, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 1027248<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Tax, Series A | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 765725<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Tax, Series A | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 763227<br>|
| &nbsp;&nbsp;&nbsp; Celina, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin and Denton Counties, Celina Hills Public Improvement District <br> Project, Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 24934<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin and Denton Counties, Celina Hills Public Improvement District <br> Project, Series 2022 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100777<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin and Denton Counties, Chalk Hills Public Improvement District No 2, <br> Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 188970<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collin and Denton Counties, Mosaic Public Improvement District, <br> Improvement Area Two, Series 2024 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 255618<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross Creek Meadows Public Improvement District, Improvement Area One, <br> Series 2023 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1624000 | &nbsp;&nbsp;&nbsp; 1648084<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewood Creek Public Improvement District Phase 1 Project, Series 2021 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 174109<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewood Creek Public Improvement District Phase 2 - 3, Series 2021 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; 321570<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic Public Improvement District, Phase 1 Project, Series 2023 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp; 1236330<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Sky Public Improvement District, Improvement Area OneB Project, <br> Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 289000 | &nbsp;&nbsp;&nbsp; 276929<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parvin Public Improvement District Project, Series 2023 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp; 104056<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 172843<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 95634<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Celina, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parks at Wilson Creek, Series 2021 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 103302<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutton Fields II Public Improvement District, Neighborhood Improvement <br> Area Five Project, Series 2022 | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 24321<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Lake at Mustang Ranch Public Improvement District, Phases 8-9 <br> Project, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp; 898335<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Club Municipal Management District No 1, Special Assessment Revenue, <br> Improvement Area Two  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 326000 | &nbsp;&nbsp;&nbsp; 326778<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Corpus Christi, TX, Special Assessment Revenue, Whitecap Public <br> Improvement District No 1, Improvement Area One, Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp; 154672<br>|
| &nbsp;&nbsp;&nbsp; Crandall, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arbors Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 561000 | &nbsp;&nbsp;&nbsp; 555845<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; River Ridge Public Improvement District, Improvement Area Two Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 693567<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crandall, TX, Special Assessment Revenue, Cartwright Ranch Public <br> Improvement District, Series 2021  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100784<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dayton, TX, Special Assessment Revenue, Dayton Public Improvement, <br> District No 5, Improvement Area One, Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 998570<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Decatur, TX, Municipal Corp. Special Assessment Revenue, Wise County, <br> Series 2025  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 407651<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Denton County, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Meadows Public Improvement District Major Improvement Area <br> Project, Series 2025 | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/31/45 | &nbsp;&nbsp; $275000 | &nbsp;&nbsp;&nbsp; $283630<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Meadows Public Improvement District, Improvement Area One <br> Project, Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/31/45 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 537536<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tabor Ranch Public Improvement District, Improvement District Area One <br> Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/31/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 249819<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dripping Springs, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Public Improvement District, Improvement Area Three Project, <br> Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 1019000 | &nbsp;&nbsp;&nbsp; 1016941<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heritage Public Improvement District, Improvement Area Two Project, <br> Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 646000 | &nbsp;&nbsp;&nbsp; 640070<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; East Montgomery County, TX, GO, Municipal Utility District No 5, Special <br> Assessment Bonds, Series 2023, BAM  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; 1128030<br>|
| &nbsp;&nbsp;&nbsp; El Paso County, TX, GO, Hospital District, Series 2025, AG  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 15250000 | &nbsp;&nbsp;&nbsp; 16183340<br>|
| &nbsp;&nbsp;&nbsp; Ennis, TX, Municipal Corp. Special Assessment Revenue, Prairieview Public <br> Improvement District, Improvement Area One & Two Project, Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 208323<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; EP Cimarron Ventanas PFC Residential Development Revenue, Lifestyles At <br> Los Paseos And Lifestyles On The Reserve Project  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 3328819<br>|
| &nbsp;&nbsp;&nbsp; EP LA Privada PFC Residential Development Revenue, Home Essential <br> Function, La Privada Apartments Project, Series 2025  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 4915000 | &nbsp;&nbsp;&nbsp; 5017609<br>|
| &nbsp;&nbsp;&nbsp; EP Royal Estates PFC Residential Development Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Essential Function, El Paso Royal Apartments Project, Series 2024 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 3120000 | &nbsp;&nbsp;&nbsp; 3163571<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Essential Function, El Paso Royal Apartments Project, Series 2024 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 2075120<br>|
| &nbsp;&nbsp;&nbsp; Fate, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwall County, Williamsburg Public Improvement, District No 1, <br> Series 2023 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 718000 | &nbsp;&nbsp;&nbsp; 731777<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williamsburg East Public Improvement, District Area One, Series 2020 | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 138584<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fort Bend County, TX, GO, Municipal Utility District No 134: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 690999<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1485000 | &nbsp;&nbsp;&nbsp; 1433727<br>|
| &nbsp;&nbsp;&nbsp; Fort Bend County, TX, GO, Municipal Utility District No 229: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1411238<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp; 1575421<br>|
| &nbsp;&nbsp;&nbsp; Fulshear, TX, GO, Municipal Utility District No 3A, Series 2023, AG  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp; 991469<br>|
| &nbsp;&nbsp;&nbsp; FW Chaparral, TX, PFC Residential Development Revenue, Ranch Project, <br> Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3200219<br>|
| &nbsp;&nbsp;&nbsp; FW Ramble, TX, Public Facility Corp. Residential Development Revenue, <br> Ramble and Rose Project, Series 2025  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 6360000 | &nbsp;&nbsp;&nbsp; 6293471<br>|
| &nbsp;&nbsp;&nbsp; FW Texas Street PFC Residential Development Revenue, River District Project, <br> Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp; 3342062<br>|
| &nbsp;&nbsp;&nbsp; Galveston, TX, Wharves & Terminal Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1085939<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1091050<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp; 1048312<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 541229<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 537709<br> <sup>(d)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Harris County, TX, GO, Municipal Utility District No 171: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, AG | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; $1015000 | &nbsp;&nbsp;&nbsp; $1047715<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, AG | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp; 1243960<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp; 947874<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, AG | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 743199<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, AG | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp; 1373342<br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, GO, Municipal Utility District No 490: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp; 780478<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp; 1467681<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp; 1544758<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; 1690000 | &nbsp;&nbsp;&nbsp; 1665033<br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, GO, Municipal Utility District No 502, Series 2023, BAM  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp; 1094362<br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, GO, Municipal Utility District No 540: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 267018<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 427511<br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, GO, Municipal Utility District No 576: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp; 205892<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 572574<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp; 653752<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 675779<br>|
| &nbsp;&nbsp;&nbsp; Harris-Waller Counties, TX, GO, Municipal Utility District No 4: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; 359467<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 666114<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 281999<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 368292<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1278374<br>|
| &nbsp;&nbsp;&nbsp; Hays County, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Cima Public Improvement District, Neighborhood Improvement Area <br> Three Project, Series 2022 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 268000 | &nbsp;&nbsp;&nbsp; 271280<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Cima Public Improvement District, Neighborhood Improvement Area <br> Three Project, Series 2022 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 587639<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Cima Public Improvement District, Neighborhood Improvement Area <br> Three Project, Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 957156<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Cima Public Improvement District, Neighborhood Improvement Areas <br> One & Two Project, Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 141220<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Horseshoe Bay, TX, Special Assessment Revenue, Public Improvement <br> District, Series 2020, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp; 128292<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; 169467<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 543798<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 3670000 | &nbsp;&nbsp;&nbsp; 3967291<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Inc., Terminal Improvement Project, Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/39 | &nbsp;&nbsp; 6180000 | &nbsp;&nbsp;&nbsp; 6636559<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hutto, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cottonwood Creek Public Improvement, District Improvement Area Two, <br> Series 2025 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 702000 | &nbsp;&nbsp;&nbsp; 689483<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emory Crossing Public Improvement, District Improvement Area Two, <br> Series 2023 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 264000 | &nbsp;&nbsp;&nbsp; 268451<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Justin, TX, Special Assessment Revenue, Timberbrook Public Improvement <br> District No 2, Improvement Area One  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; $153000 | &nbsp;&nbsp;&nbsp; $155805<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kaufman, TX, Special Assessment Revenue, Kaufman Public Improvement <br> District Project, Series 2022  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp; 105675<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kyle, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyle Fifty Seven Public Improvement District, Series 2022 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 133000 | &nbsp;&nbsp;&nbsp; 137307<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limestone Creek Public Improvement, District Improvement Area One B <br> Project, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1113891<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limestone Creek Public Improvement, District Improvement Area One <br> Project, Series 2023 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 678000 | &nbsp;&nbsp;&nbsp; 692076<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plum Creek North Public Improvement, District Improvement Area Two <br> Project, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 524000 | &nbsp;&nbsp;&nbsp; 525551<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plum Creek North Public Improvement, District Major Improvement Area <br> Project, Series 2022 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 216497<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Creeks Public Improvement, District Improvement Area Five Project, <br> Series 2025 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 366000 | &nbsp;&nbsp;&nbsp; 369001<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Creeks Public Improvement, District Improvement Area Four Project, <br> Series 2023 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 323000 | &nbsp;&nbsp;&nbsp; 325919<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Creeks Public Improvement, District Improvement Area Four Project, <br> Series 2023 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 663879<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Kyle Public Improvement, District No 1, Improvement Area Two <br> Project, Series 2023 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 104262<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lago Vista, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tessera on Lake Travis Public Improvement, District Improvement Area One <br> Project, Series 2020, Refunding | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 123408<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tessera on Lake Travis Public Improvement, District Major Improvement <br> Area Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 85872<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lakes Fresh Water Supply District of Denton County, TX, GO, Utility Bonds, <br> BAM  | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1352947<br>|
| &nbsp;&nbsp;&nbsp; Lavon, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevon Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503043<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevon Public Improvement, District Improvement Areas Three & Five, <br> Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 498741<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakepointe Public Improvement, District Improvement Areas Two & Three <br> Project, Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 423000 | &nbsp;&nbsp;&nbsp; 432196<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakepointe Public Improvement, District Improvement Areas Two & Three <br> Project, Series 2022 | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp; 697039<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trails of Lavon Public Improvement District Projects | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 309277<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Leander, TX, Special Assessment Revenue, Oak Creek Public Improvement <br> District, Series 2020, Refunding  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 93648<br>|
| &nbsp;&nbsp;&nbsp; Liberty Hill, TX, Special Assessment Revenue, Summerlyn West Public <br> Improvement District, Series 2020  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 71015<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lowry Crossing, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowry Trails Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 409000 | &nbsp;&nbsp;&nbsp; 407218<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpson Road Public Improvement District Projects, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1026466<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Manor, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entradaglen Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; $409000 | &nbsp;&nbsp;&nbsp; $424501<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lagos Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 839000 | &nbsp;&nbsp;&nbsp; 861820<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manor Heights Public Improvement, District Improvement Area Three <br> Project, Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202802<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marble Falls, TX, Special Assessment Revenue, Series 2024  | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1004000 | &nbsp;&nbsp;&nbsp; 983415<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Matagorda County, TX, Navigation District No 1, Revenue, Houston LT & <br> Power Co., Refunding, AMBAC  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 1115000 | &nbsp;&nbsp;&nbsp; 1167290<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mclendon-Chisholm, TX, Special Assessment Revenue, Series 2022  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp; 163946<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mesquite, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Town Center Public Improvement, District Phase 2, Series 2023 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 85246<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solterra Public Improvement, District Improvement Area A-1 Projects, <br> Series 2023 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1521000 | &nbsp;&nbsp;&nbsp; 1568104<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solterra Public Improvement, District Improvement Area C-1 Projects, <br> Series 2023 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp; 104225<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solterra Public Improvement, District Improvement Area C-3 Projects, <br> Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 506000 | &nbsp;&nbsp;&nbsp; 500153<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solterra Public Improvement, District Improvement Area C-4 Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 297034<br>|
| &nbsp;&nbsp;&nbsp; Mission, TX, EDC: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Revenue, Graphic Packaging International, LLC <br> Project, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3110740<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utility Revenue, Permian Basin Water Resources Project, Series A | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 1827000 | &nbsp;&nbsp;&nbsp; 1883215<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Montgomery County, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Life Communities Inc., Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 480858<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Life Communities Inc., Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; 677069<br>|
| &nbsp;&nbsp;&nbsp; Mustang Ridge, TX, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp; 727464<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., TX, Retirement Facility <br> Revenue, Wesleyan Homes Inc. Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 84887<br>|
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., TX, Student Housing <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Collegiate Housing College Station I LLC - Texas A&M University <br> Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 85024<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Collegiate Housing Corpus Christi II LLC - Texas A&M University <br> Corpus Christi Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 30181<br> <sup>(i)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCCD College Station Properties LLC - Texas A&M University Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 167798<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCCD College Station Properties LLC - Texas A&M University Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 78976<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCCD College Station Properties LLC - Texas A&M University Project, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 126855<br>|
| &nbsp;&nbsp;&nbsp; North Parkway Municipal Management District No 1, TX, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Hills Public Improvement, District Phase 1A & 1B Improvements, <br> Series 2021 | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 49122<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major Improvement Project, Series 2021 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 152000 | &nbsp;&nbsp;&nbsp; 151907<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Water System Revenue, Series 2025, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $2073259<br>|
| &nbsp;&nbsp;&nbsp; Northlake Municipal Management District No 1, TX, GO, Unlimited Tax Road <br> Bonds, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 954647<br>|
| &nbsp;&nbsp;&nbsp; Northwood Municipal Utility District No 1, TX, GO, Unlimited Tax, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 400067<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oak Point, TX, Special Assessment Revenue, Chaparral Park Public <br> Improvement, District Improvement Area One Project, Series 2024  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 409000 | &nbsp;&nbsp;&nbsp; 408340<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pilot Point, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creekview Public Improvement, District Zone A, Improvement Area One <br> Project, Series 2022 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 155389<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creekview Public Improvement, District Zone A, Improvement Area One <br> Project, Series 2022 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp; 149715<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Princeton, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastridge Public Improvement, District Improvement Area One Project, <br> Series 2022 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 863705<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastridge Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299936<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southridge Public Improvement, District Improvement Area Four Project, <br> Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 563000 | &nbsp;&nbsp;&nbsp; 562880<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southridge Public Improvement, District Improvement Area One Project, <br> Series 2023 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp; 56214<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southridge Public Improvement, District Improvement Area Three Project, <br> Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 854000 | &nbsp;&nbsp;&nbsp; 880527<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southridge Public Improvement, District Improvement Area Two Project, <br> Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1261000 | &nbsp;&nbsp;&nbsp; 1266659<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westridge Public Improvement, District Improvement Area One Project, <br> Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 544000 | &nbsp;&nbsp;&nbsp; 547483<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitewing Public Improvement, District No 2 Phase 2 Project, Series 2023 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp; 99309<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winchester Crossing Public Improvement, District No 3 Project, Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 291544<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winchester Public Improvement, District No 2 Project, Series 2022 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1011000 | &nbsp;&nbsp;&nbsp; 1022923<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winchester Public Improvement, District No 3 Project, Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1226198<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winchester Public Improvement, District Phase 1 & 2 Project, Series 2020 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 95249<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winchester Public Improvement, District Phase 3 & 4 Project, Series 2021 | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 91912<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windmore Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 411000 | &nbsp;&nbsp;&nbsp; 409450<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windmore Public Improvement, District Improvement Area Two Project, <br> Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 811000 | &nbsp;&nbsp;&nbsp; 833436<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royse City, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearview Ranch Public Improvement, District North Zone Improvement <br> Area One Project, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; 617565<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearview Ranch Public Improvement, District South Zone Improvement <br> Area One Project, Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 409079<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creekshaw Public Improvement, District Major Improvement Area Project, <br> Series 2020 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/40 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 367102<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Crossing Public Improvement, District Improvement Area Two <br> Project, Series 2024 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/15/44 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp; 685088<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Sachse, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sachse Public Improvement, District No 1, Improvement Areas One Project, <br> Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; $173000 | &nbsp;&nbsp;&nbsp; $177404<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sachse Public Improvement, District No 1 Improvement Area One Project, <br> Series 2022 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; 490324<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sachse, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sachse Public Improvement, District No 1, Improvement Areas Two & Three <br> Project, Series 2022 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103744<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sachse Public Improvement, District No 1, Improvement Areas Two & Three <br> Project, Series 2022 | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 341904<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Seagoville, TX, Special Assessment Revenue, Stonehaven Public <br> Improvement, District Improvement Area One  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 665554<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sienna, TX, Municipal Utility District No 6, TX, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, BAM | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp; 1079479<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, BAM | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp; 992211<br>|
| &nbsp;&nbsp;&nbsp; South Manvel Development Authority, TX, Tax Increment Revenue  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 717962<br>|
| &nbsp;&nbsp;&nbsp; Southeast Regional Management District, TX, GO, Unlimited Tax Road Bonds, <br> Refunding, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 469905<br>|
| &nbsp;&nbsp;&nbsp; Texas State Department of Housing & Community Affairs, GNMA - <br> Collateralized, Series B  | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1034069<br>|
| &nbsp;&nbsp;&nbsp; Texas State Municipal Gas Acquisition & Supply Corp., Gas Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 5220000 | &nbsp;&nbsp;&nbsp; 5638115<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 4049607<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 12090000 | &nbsp;&nbsp;&nbsp; 12949194<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 5595000 | &nbsp;&nbsp;&nbsp; 6223321<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tomball, TX, Municipal Corp. Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raburn Reserve Public Improvement, District Improvement Area One, <br> Series 2020 | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 96306<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raburn Reserve Public Improvement, District Improvement Area Two, <br> Series 2023 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 149648<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winfrey Estates Public Improvement District, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 430761<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Town of Providence Village, TX, Municipal Corp., Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foree Ranch Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 231000 | &nbsp;&nbsp;&nbsp; 232574<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foree Ranch Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp; 438804<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Town of Providence Village, TX, Special Assessment Revenue, Foree Ranch <br> Public Improvement, District Improvement Area Two Project, Series 2025  | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 769247<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Travis County Development Authority, TX, Contract Assessment Revenue, <br> Turner's Crossing Public Improvement, District Improvement Area One <br> Commercial Lot 98 & Improvement Area Two Project, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; 285043<br>|
| &nbsp;&nbsp;&nbsp; Travis County, TX, Municipal Utility District No 19, GO, Series 2025, AG  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 880216<br>|
| &nbsp;&nbsp;&nbsp; Travis County, TX, Municipal Utility District No 22, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; 527193<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 583349<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Uhland, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anderson Park Public Improvement, District Improvement Area One Project, <br> Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; $710000 | &nbsp;&nbsp;&nbsp; $701457<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watermill Public Improvement District, Series 2022 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp; 130013<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viridian, TX, Municipal Management District, Special Assessment Revenue, <br> Series 2020  | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 93114<br>|
| &nbsp;&nbsp;&nbsp; Walden Pond, TX, Fresh Water Supply District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Tax Road Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; 203020<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Tax Road Bonds | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/1/47 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 372581<br>|
| &nbsp;&nbsp;&nbsp; Westpointe Special Improvement District, TX, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Ad Valorem Tax Bonds, Series 2025, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 365009<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Ad Valorem Tax Bonds, Series 2025, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 355357<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Ad Valorem Tax Road Bonds, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 574691<br>|
| &nbsp;&nbsp;&nbsp; Westside, Special Improvement District No 211, TX, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Road <br> Bonds, Series 2025, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 415608<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Ad Valorem Tax and Subordinate Lien Sales and Use Tax Road <br> Bonds, Series 2025, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 506734<br>|
| &nbsp;&nbsp;&nbsp; Wharton, TX, Special Assessment Revenue, Wharton Public Improvement <br> District No 2, Series 2025  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 230384<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Williamson County, TX, Municipal Utility District No 26, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; 781200<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp; 837635<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, BAM | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 871446<br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *195947464* |
| *U.S. Virgin Islands — 0.1%* | *U.S. Virgin Islands — 0.1%* | *U.S. Virgin Islands — 0.1%* | *U.S. Virgin Islands — 0.1%* | *U.S. Virgin Islands — 0.1%* |
| &nbsp;&nbsp;&nbsp; U.S. Virgin Islands Matching Fund Special Purpose Securitization Corp., <br> Revenue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; *846527*<br>|
| *Utah — 0.7%* | *Utah — 0.7%* | *Utah — 0.7%* | *Utah — 0.7%* | *Utah — 0.7%* |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village, UT, Public Infrastructure District, Tax Increment <br> Revenue  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1980334<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Military Installation Development Authority, UT, Tax Allocation Revenue, <br> Series A-2  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 242870<br>|
| &nbsp;&nbsp;&nbsp; Utah State Charter School Finance Authority, Charter School Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wallace Stegner Academy, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 236326<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wallace Stegner Academy, Series A | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502326<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Tax-Exempt Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp; 1319388<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1452472<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 465079<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 538719<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 104872<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/46 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99426<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/47 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 108297<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; 606762<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp; 1418140<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *9075011* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Virginia — 0.6%* | *Virginia — 0.6%* | *Virginia — 0.6%* | *Virginia — 0.6%* | *Virginia — 0.6%* |
| &nbsp;&nbsp;&nbsp; Peninsula Town Center, VA, Community Development District, Special <br> Assessment Revenue, Refunding  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp;&nbsp; $100781<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virginia Beach, VA, Development Authority, Residential Care Facilities <br> Revenue, Westminster-Canterbury On Chesapeake Bay  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1011247<br>|
| &nbsp;&nbsp;&nbsp; Virginia State College Building Authority Revenue, Regent University Project  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 2018414<br>|
| &nbsp;&nbsp;&nbsp; Virginia State Housing Development Authority Revenue, Rental Housing <br> Bonds  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 766435<br>|
| &nbsp;&nbsp;&nbsp; Virginia State Small Business Financing Authority Revenue, The Obligated <br> Group of National Senior Campuses Inc., Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 4185000 | &nbsp;&nbsp;&nbsp; 4247070<br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *8143947* |
| *Washington — 2.2%* | *Washington — 2.2%* | *Washington — 2.2%* | *Washington — 2.2%* | *Washington — 2.2%* |
| &nbsp;&nbsp;&nbsp; Energy Northwest, WA, Columbia Generating Station, Electric Revenue, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 5470000 | &nbsp;&nbsp;&nbsp; 5489718<br>|
| &nbsp;&nbsp;&nbsp; Jefferson County, WA, Hospital Revenue, Public Hospital District, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; 470139<br>|
| &nbsp;&nbsp;&nbsp; King County, WA, Housing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Birch Creek Apartments Project, County GTD | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001887<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1047556<br>|
| &nbsp;&nbsp;&nbsp; Skagit County, WA, Public Hospital District Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101243<br>|
| &nbsp;&nbsp;&nbsp; Spokane County, IA, Washington Airport Revenue, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1716263<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vancouver, WA, Housing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascara Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp; 1635208<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascara Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1561224<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cougar Creek Project, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1280966<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishers Mill and Willow Creek Projects, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1037174<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Plain Commons, Series 2025, Refunding | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 3255000 | &nbsp;&nbsp;&nbsp; 3186389<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jens Pointe Project, Series 2025 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3088695<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navalia and Alena Projects, Series 2024 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 996574<br>|
| &nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue, Seattle Cancer <br> Care Alliance, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 120164<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State HFC Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blakeley and Laurel Villages Portfolio, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1009542<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds for Emerald Heights Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp; 2276678<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds for Emerald Heights Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 203291<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eliseo Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 95991<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Madison at River's Edge Project | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 86548<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Retirement Communities Northwest Obligated Group <br> Transforming Age Projects | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102314<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rockwood Retirement Communities Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102032<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Academy of Arts and Sciences Project, Series 2023, Refunding | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 468308<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Academy of Arts and Sciences Project, Series 2023, Refunding | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 534995<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whatcom County, WA, Public Utility District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 896105<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Activity, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp; 1359313<br> <sup>(d)</sup><br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *29868317* |
| *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* |
| &nbsp;&nbsp;&nbsp; County of Ohio, WV, Tax Increment Revenue, The Highlands Project, <br> Series 2024, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2791708<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *West Virginia — continued* | *West Virginia — continued* | *West Virginia — continued* | *West Virginia — continued* | *West Virginia — continued* |
| &nbsp;&nbsp;&nbsp; West Virginia State Hospital Finance Authority, Hospital Revenue, Series A  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/47 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp;&nbsp; $1393452<br>|
| *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | &nbsp;&nbsp; *4185160* |
| *Wisconsin — 1.9%* | *Wisconsin — 1.9%* | *Wisconsin — 1.9%* | *Wisconsin — 1.9%* | *Wisconsin — 1.9%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority Revenue, WI: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Housing Multifamily Certificates, Series 2023-1 | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 7/25/34 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; 401371<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Housing Multifamily Certificates, Series 2024-1 | &nbsp;&nbsp; 6.810% | &nbsp;&nbsp; 4/28/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 515882<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Housing Preservation Corp., Series A-1, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 937525<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Housing Preservation Corp., Series A-2, Refunding Step bond <br> (0.000% to 12/1/38 then 6.375%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 235500 | &nbsp;&nbsp;&nbsp; 112538<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggie Apartment Life Holding Corp. II LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp; 1017650<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggie Apartment Life Holding Corporation II LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; 1031260<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bluehub Loan Fund Issue, Green Bonds, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1055328<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coral Academy of Science Las Vegas, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1805000 | &nbsp;&nbsp;&nbsp; 1773397<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coral Academy of Science Reno, Series A | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; 672716<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eno River Academy Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp; 815732<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estancia Valley Classical Academy, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 89969<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Academy Charter School Project, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 736082<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Academy Charter School Project, Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 2832719<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Friends Homes, Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 85932<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KSU Bixby Real Estate Foundation LLC Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 518337<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KSU Bixby Real Estate Foundation LLC Project, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 280469<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North East Carolina Preparatory School Project, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 817907<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ocean Academy Charter School Project, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; 546900<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Services Group Portfolio Restructuring, Series B | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 546810<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patriot Services Group, Portfolio Restructuring, Series A-1, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 506073<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Preparatory, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 697942<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tree House Apartments Project, Series B | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 226170<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triad Educational Services Inc., Series 2025, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/45 | &nbsp;&nbsp; 3430000 | &nbsp;&nbsp;&nbsp; 3391490<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triad Educational Services Inc., Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 336664<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ultimate Medical Academy Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 626385<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone Retirement Facilities First Mortgage, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 19896<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whitestone Retirement Facilities First Mortgage, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp; 1388040<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Communities Inc. Project Third Tier, Series C | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9778<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Communities Inc. Project Third Tier, Series C | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp; 459499<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's Communities Inc. Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 969575<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's Communities Inc. Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 641879<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's Communities Inc. Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp; 470937<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three Pillars Senior Living Communities, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; 315535<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three Pillars Senior Living Communities, Series B-2 | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200010<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *25048397* |
| **Total Municipal Bonds (Cost — $1,243,926,358)** | **Total Municipal Bonds (Cost — $1,243,926,358)** | **Total Municipal Bonds (Cost — $1,243,926,358)** | **Total Municipal Bonds (Cost — $1,243,926,358)** | &nbsp;&nbsp; **1266806999** |
| **Corporate Bonds & Notes — 0.6%** | **Corporate Bonds & Notes — 0.6%** | **Corporate Bonds & Notes — 0.6%** | **Corporate Bonds & Notes — 0.6%** | **Corporate Bonds & Notes — 0.6%** |
| **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** |
| *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Grand Canyon University, Secured Notes (Cost — $7,137,542) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp;&nbsp; **7459510**<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  | Expiration <br>Date <br>| Warrants | Value |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* |
| &nbsp;&nbsp;&nbsp; DesertXpress Enterprises LLC (Cost — $0) |  | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 8700<br>| &nbsp;&nbsp;&nbsp; **$0**<br> \*<sup>(f)(g)(k)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $1,251,063,900)** | **Total Investments before Short-Term Investments (Cost — $1,251,063,900)** | **Total Investments before Short-Term Investments (Cost — $1,251,063,900)** | **Total Investments before Short-Term Investments (Cost — $1,251,063,900)** | &nbsp;&nbsp; **1274266509** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** | **Short-Term Investments — 4.4%** |
| **Municipal Bonds — 4.4%** | **Municipal Bonds — 4.4%** | **Municipal Bonds — 4.4%** | **Municipal Bonds — 4.4%** | **Municipal Bonds — 4.4%** |
| *Arizona — 0.3%* | *Arizona — 0.3%* | *Arizona — 0.3%* | *Arizona — 0.3%* | *Arizona — 0.3%* |
| &nbsp;&nbsp;&nbsp; Arizona State Health Facilities Authority Revenue, Banner Health Obligated <br> Group, Series C, LOC - Bank of America N.A. | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; $4000000 | &nbsp;&nbsp;&nbsp;&nbsp; *4000000*<br> <sup>(l)(m)</sup><br>|
| *Georgia — 0.2%* | *Georgia — 0.2%* | *Georgia — 0.2%* | *Georgia — 0.2%* | *Georgia — 0.2%* |
| &nbsp;&nbsp;&nbsp; Roswell Development Authority, GA, Revenue, Wellstar Healthcare Inc., LOC - <br> Truist Bank N.A. | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 4/1/47 | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp;&nbsp; *2950000*<br> <sup>(l)(m)</sup><br>|
| *Louisiana — 0.1%* | *Louisiana — 0.1%* | *Louisiana — 0.1%* | *Louisiana — 0.1%* | *Louisiana — 0.1%* |
| &nbsp;&nbsp;&nbsp; Louisiana State Gasoline & Fuels Tax Revenue, Series A-2, Refunding, LOC - <br> TD Bank N.A. | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; *1100000*<br> <sup>(l)(m)</sup><br>|
| *Michigan — 1.1%* | *Michigan — 1.1%* | *Michigan — 1.1%* | *Michigan — 1.1%* | *Michigan — 1.1%* |
| &nbsp;&nbsp;&nbsp; Grand Traverse County, MI, Hospital Finance Authority Revenue, Munson <br> Healthcare Obligated Group, Series C, Refunding, LOC - PNC Bank N.A.  | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp; 5900000<br> <sup>(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Green Lake Township, MI, EDC, The Township of Green Lake Michigan <br> Variable Rate Demand Revenue, Series 2004, Refunding, LOC - PNC Bank N.A.  | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp; 9400000<br> <sup>(l)(m)</sup><br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *15300000* |
| *Minnesota — 0.7%* | *Minnesota — 0.7%* | *Minnesota — 0.7%* | *Minnesota — 0.7%* | *Minnesota — 0.7%* |
| &nbsp;&nbsp;&nbsp; Rochester, MN, Health Care Facilities Variable Rate Revenue, Mayo Clinic, <br> Series D, LOC - Barclays Bank PLC | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 11/15/64 | &nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp;&nbsp; *8900000*<br> <sup>(l)(m)</sup><br>|
| *Missouri — 0.5%* | *Missouri — 0.5%* | *Missouri — 0.5%* | *Missouri — 0.5%* | *Missouri — 0.5%* |
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue, Series F | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 7100000 | &nbsp;&nbsp;&nbsp;&nbsp; *7100000*<br> <sup>(l)(m)</sup><br>|
| *New Jersey — 0.0%††* | *New Jersey — 0.0%††* | *New Jersey — 0.0%††* | *New Jersey — 0.0%††* | *New Jersey — 0.0%††* |
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financiang Authority Revenue, Series <br> C, LOC - JPMorgan Chase & Co. | &nbsp;&nbsp; 1.450% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; *400000*<br> <sup>(l)(m)</sup><br>|
| *New York — 0.4%* | *New York — 0.4%* | *New York — 0.4%* | *New York — 0.4%* | *New York — 0.4%* |
| &nbsp;&nbsp;&nbsp; Nassau County, NY, Industrial Development Agency Revenue, Cold Spring <br> Harbor Laboratory, Refunding, SPA - TD Bank N.A.  | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2500000<br> <sup>(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York, NY, GO, Fiscal 2014, Series I, SPA - U.S. Bank N.A.  | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 3/1/44 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2600000<br> <sup>(l)(m)</sup><br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *5100000* |
| *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* |
| &nbsp;&nbsp;&nbsp; Hamilton County, OH, Revenue, Trihealth Inc. Obligated Group Project, <br> Series 2021, Refunding, SPA - JPMorgan Chase & Co. | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; *1200000*<br> <sup>(l)(m)</sup><br>|
| *Oregon — 0.1%* | *Oregon — 0.1%* | *Oregon — 0.1%* | *Oregon — 0.1%* | *Oregon — 0.1%* |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority Revenue, Peacehealth, Series B, Refunding, <br> LOC - TD Bank N.A. | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; *1000000*<br> <sup>(l)(m)</sup><br>|
| *Pennsylvania — 0.5%* | *Pennsylvania — 0.5%* | *Pennsylvania — 0.5%* | *Pennsylvania — 0.5%* | *Pennsylvania — 0.5%* |
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Children's Hospital of Philadelphia Project, Series B-1, SPA - JPMorgan <br> Chase & Co. | &nbsp;&nbsp; 2.480% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1800000<br> <sup>(l)(m)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Dynamic Municipal Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Children's Hospital of Philadelphia Project, Series B-2, SPA - JPMorgan <br> Chase & Co. | &nbsp;&nbsp; 2.480% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; $5400000 | &nbsp;&nbsp;&nbsp; $5400000<br> <sup>(l)(m)</sup><br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *7200000* |
| *Virginia — 0.4%* | *Virginia — 0.4%* | *Virginia — 0.4%* | *Virginia — 0.4%* | *Virginia — 0.4%* |
| &nbsp;&nbsp;&nbsp; Albemarle County, VA, EDA Revenue, Sentara Martha Jefferson Hospital, <br> Series B, Refunding, SPA - TD Bank N.A.  | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500000<br> <sup>(l)(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; Winchester, VA, EDA Revenue, Valley Health System Obligated Group, Series <br> B-1, Refunding, LOC - Truist Bank N.A.  | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp; 4700000<br> <sup>(l)(m)</sup><br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *5200000* |
| **Total Short-Term Investments (Cost — $59,450,000)** | **Total Short-Term Investments (Cost — $59,450,000)** | **Total Short-Term Investments (Cost — $59,450,000)** | **Total Short-Term Investments (Cost — $59,450,000)** | &nbsp;&nbsp; **59450000** |
| **Total Investments — 98.9% (Cost — $1,310,513,900)** | **Total Investments — 98.9% (Cost — $1,310,513,900)** | **Total Investments — 98.9% (Cost — $1,310,513,900)** | **Total Investments — 98.9% (Cost — $1,310,513,900)** | &nbsp;&nbsp; **1333716509** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp;&nbsp; 15448700 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1349165209** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(d)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(e)</sup> | The coupon payment on this security is currently in default as of December 31, 2025. |
| <sup>(f)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(g)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(h)</sup> | Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.  |
| <sup>(i)</sup> | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| <sup>(j)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(k)</sup> | Value is less than $1. |
| <sup>(l)</sup> | Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no <br> more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the <br> remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official <br> documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The <br> SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's <br> Short-term Obligation Rate Transparency System.<br>|
| <sup>(m)</sup> | Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Dynamic Municipal Bond ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| AMBAC |  | American Municipal Bond Assurance Corporation — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| CAB |  | Capital Appreciation Bonds |
| CDA |  | Communities Development Authority |
| COP |  | Certificates of Participation |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| FHA |  | Federal Housing Administration — Insured Bonds |
| GNMA |  | Government National Mortgage Association |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDA |  | Housing Development Authority |
| HDC |  | Housing Development Corporation |
| HEFA |  | Health & Educational Facilities Authority |
| HFA |  | Housing Finance Agency |
| HFC |  | Housing Finance Commission |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| LIQ |  | Liquidity Facility |
| LOC |  | Letter of Credit |
| MFA |  | Municipal Finance Authority |
| MFH |  | Multi-Family Housing |
| MTA |  | Metropolitan Transportation Authority |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| PCFA |  | Pollution Control Financing Authority |
| PEA |  | Public Energy Authority |
| PFC |  | Public Facilities Corporation |
| SOFR |  | Secured Overnight Financing Rate |
| SPA |  | Standby Bond Purchase Agreement — Insured Bonds |
| TCRS |  | Transferable Custodial Receipts |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Exponential Data ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.5%** | **Common Stocks — 98.5%** | **Common Stocks — 98.5%** |
| **Communication Services — 26.4%** | **Communication Services — 26.4%** | **Communication Services — 26.4%** |
| *Entertainment — 4.9%* | *Entertainment — 4.9%* | *Entertainment — 4.9%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc. | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; $93,760<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 25,363<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Roku Inc. | &nbsp;&nbsp; 649 | &nbsp;&nbsp;&nbsp; 70,410<br> \*<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *189533* |
| *Interactive Media & Services — 19.6%* | *Interactive Media & Services — 19.6%* | *Interactive Media & Services — 19.6%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 1012 | &nbsp;&nbsp;&nbsp; 316756<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 279218<br>|
| &nbsp;&nbsp;&nbsp; Pinterest Inc., Class A Shares | &nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 15,456<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Reddit Inc., Class A Shares | &nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp; 90,109<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Snap Inc., Class A Shares | &nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp; 8,675<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | &nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp; 49715<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *759929* |
| *Wireless Telecommunication Services — 1.9%* | *Wireless Telecommunication Services — 1.9%* | *Wireless Telecommunication Services — 1.9%* |
| &nbsp;&nbsp;&nbsp; T-Mobile US Inc. | &nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp; *72688*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1022150** |
| **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** | **Consumer Discretionary — 1.3%** |
| *Broadline Retail — 0.9%* | *Broadline Retail — 0.9%* | *Broadline Retail — 0.9%* |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., ADR | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; *35472*<br>|
| *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Duolingo Inc. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; *16,848*<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **52320** |
| **Financials — 4.1%** | **Financials — 4.1%** | **Financials — 4.1%** |
| *Capital Markets — 4.0%* | *Capital Markets — 4.0%* | *Capital Markets — 4.0%* |
| &nbsp;&nbsp;&nbsp; Bullish | &nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 7,498<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 40,932<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Moody's Corp. | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 20434<br>|
| &nbsp;&nbsp;&nbsp; MSCI Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 19507<br>|
| &nbsp;&nbsp;&nbsp; Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 33,138<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tradeweb Markets Inc., Class A Shares | &nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; 34090<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *155599* |
| *Insurance — 0.1%* | *Insurance — 0.1%* | *Insurance — 0.1%* |
| &nbsp;&nbsp;&nbsp; Root Inc., Class A Shares | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; *5,417*<br> \*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **161016** |
| **Health Care — 3.2%** | **Health Care — 3.2%** | **Health Care — 3.2%** |
| *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals Inc., Class A Shares | &nbsp;&nbsp; 1813 | &nbsp;&nbsp;&nbsp; *7,415*<br> \*<br>|
| *Health Care Technology — 3.0%* | *Health Care Technology — 3.0%* | *Health Care Technology — 3.0%* |
| &nbsp;&nbsp;&nbsp; Doximity Inc., Class A Shares | &nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; 29,004<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Schrodinger Inc. | &nbsp;&nbsp; 1641 | &nbsp;&nbsp;&nbsp; 29,341<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Simulations Plus Inc. | &nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 5,323<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 36,163<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Waystar Holding Corp. | &nbsp;&nbsp; 503 | &nbsp;&nbsp;&nbsp; 16,473<br> \*<br>|
| *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *116304* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **123719** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Exponential Data ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Industrials — 0.4%** | **Industrials — 0.4%** | **Industrials — 0.4%** |
| *Professional Services — 0.4%* | *Professional Services — 0.4%* | *Professional Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Verisk Analytics Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; **$14316**<br>|
| **Information Technology — 61.3%** | **Information Technology — 61.3%** | **Information Technology — 61.3%** |
| *Communications Equipment — 2.1%* | *Communications Equipment — 2.1%* | *Communications Equipment — 2.1%* |
| &nbsp;&nbsp;&nbsp; Arista Networks Inc. | &nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; *79,928*<br> \*<br>|
| *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* | *Electronic Equipment, Instruments & Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; Celestica Inc. | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; *19,510*<br> \*<br>|
| *IT Services — 14.5%* | *IT Services — 14.5%* | *IT Services — 14.5%* |
| &nbsp;&nbsp;&nbsp; Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp; 337,127<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings Inc. | &nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; 13,253<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MongoDB Inc. | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp; 93,171<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Snowflake Inc., Class A Shares | &nbsp;&nbsp; 543 | &nbsp;&nbsp;&nbsp; 119,113<br> \*<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *562664* |
| *Software — 44.2%* | *Software — 44.2%* | *Software — 44.2%* |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 243,249<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Aurora Innovation Inc. | &nbsp;&nbsp; 1747 | &nbsp;&nbsp;&nbsp; 6,708<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Circle Internet Group Inc. | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 8,723<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings Inc., Class A Shares | &nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp; 17,005<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Confluent Inc., Class A Shares | &nbsp;&nbsp; 2129 | &nbsp;&nbsp;&nbsp; 64,381<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Constellation Software Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 16859<br>|
| &nbsp;&nbsp;&nbsp; CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 144,847<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Datadog Inc., Class A Shares | &nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp; 56,708<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 42,265<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Figma Inc., Class A Shares | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 3,999<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fortinet Inc. | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 13,817<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Gitlab Inc., Class A Shares | &nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; 19,140<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Guidewire Software Inc. | &nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 51,057<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HubSpot Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 18,059<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Life360 Inc. | &nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 28,286<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp; 247130<br>|
| &nbsp;&nbsp;&nbsp; Monday.com Ltd. | &nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 31,430<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 37033<br>|
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp; 140,600<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Palo Alto Networks Inc. | &nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp; 129,861<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Qualys Inc. | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 11,429<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rubrik Inc., Class A Shares | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; 15,067<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Salesforce Inc. | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 45300<br>|
| &nbsp;&nbsp;&nbsp; Samsara Inc., Class A Shares | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 22,333<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SentinelOne Inc., Class A Shares | &nbsp;&nbsp; 1341 | &nbsp;&nbsp;&nbsp; 20,115<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ServiceNow Inc. | &nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp; 104,935<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ServiceTitan Inc., Class A Shares | &nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp; 33,867<br> \*<br>|
| &nbsp;&nbsp;&nbsp; SoundHound AI Inc., Class A Shares | &nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 6,032<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Trend Micro Inc. | &nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 28,000<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tyler Technologies Inc. | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 14,980<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Unity Software Inc. | &nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp; 38,119<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Exponential Data ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; Zscaler Inc. | &nbsp;&nbsp;&nbsp; Zscaler Inc. | &nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; $51,282<br> \*<br>|
| *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *1712616* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2374718** |
| **Real Estate — 1.8%** | **Real Estate — 1.8%** | **Real Estate — 1.8%** | **Real Estate — 1.8%** |
| *Specialized REITs — 1.8%* | *Specialized REITs — 1.8%* | *Specialized REITs — 1.8%* | *Specialized REITs — 1.8%* |
| &nbsp;&nbsp;&nbsp; Crown Castle Inc. | &nbsp;&nbsp;&nbsp; Crown Castle Inc. | &nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 18930<br>|
| &nbsp;&nbsp;&nbsp; Equinix Inc. | &nbsp;&nbsp;&nbsp; Equinix Inc. | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 34477<br>|
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 18376<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **71783** |
| **Total Investments before Short-Term Investments (Cost — $3,097,981)** | **Total Investments before Short-Term Investments (Cost — $3,097,981)** | **Total Investments before Short-Term Investments (Cost — $3,097,981)** | &nbsp;&nbsp; **3820022** |
|  | Rate |  |  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $49,189)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 49189<br>| &nbsp;&nbsp;&nbsp;&nbsp; **49189**<br> <sup>(a)(b)(c)</sup><br>|
| **Total Investments — 99.8% (Cost — $3,147,170)** | **Total Investments — 99.8% (Cost — $3,147,170)** | **Total Investments — 99.8% (Cost — $3,147,170)** | &nbsp;&nbsp; **3869211** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.2% | &nbsp;&nbsp;&nbsp; 7125 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$3876336** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(b)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of investments in Affiliated Companies was $49,189 and the cost was $49,189 (Note 3). 

<sup>(c)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Focused Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Communication Services — 15.0%** | **Communication Services — 15.0%** | **Communication Services — 15.0%** |
| *Entertainment — 2.7%* | *Entertainment — 2.7%* | *Entertainment — 2.7%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc. | &nbsp;&nbsp; 41570 | &nbsp;&nbsp;&nbsp; $3,897,603<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 24064 | &nbsp;&nbsp;&nbsp; 1,949,906<br> \*<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *5847509* |
| *Interactive Media & Services — 12.3%* | *Interactive Media & Services — 12.3%* | *Interactive Media & Services — 12.3%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 50073 | &nbsp;&nbsp;&nbsp; 15672849<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 15808 | &nbsp;&nbsp;&nbsp; 10434703<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *26107552* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **31955061** |
| **Consumer Discretionary — 16.5%** | **Consumer Discretionary — 16.5%** | **Consumer Discretionary — 16.5%** |
| *Automobiles — 3.6%* | *Automobiles — 3.6%* | *Automobiles — 3.6%* |
| &nbsp;&nbsp;&nbsp; Tesla Inc. | &nbsp;&nbsp; 17121 | &nbsp;&nbsp;&nbsp; *7,699,656*<br> \*<br>|
| *Broadline Retail — 10.9%* | *Broadline Retail — 10.9%* | *Broadline Retail — 10.9%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc. | &nbsp;&nbsp; 80085 | &nbsp;&nbsp;&nbsp; 18,485,220<br> \*<br>|
| &nbsp;&nbsp;&nbsp; MercadoLibre Inc. | &nbsp;&nbsp; 1467 | &nbsp;&nbsp;&nbsp; 2,954,919<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sea Ltd., ADR | &nbsp;&nbsp; 13932 | &nbsp;&nbsp;&nbsp; 1,777,305<br> \*<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *23217444* |
| *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* |
| &nbsp;&nbsp;&nbsp; DoorDash Inc., Class A Shares | &nbsp;&nbsp; 11958 | &nbsp;&nbsp;&nbsp; *2,708,248*<br> \*<br>|
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Carvana Co. | &nbsp;&nbsp; 3369 | &nbsp;&nbsp;&nbsp; *1,421,786*<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **35047134** |
| **Financials — 5.2%** | **Financials — 5.2%** | **Financials — 5.2%** |
| *Capital Markets — 1.5%* | *Capital Markets — 1.5%* | *Capital Markets — 1.5%* |
| &nbsp;&nbsp;&nbsp; Robinhood Markets Inc., Class A Shares | &nbsp;&nbsp; 20517 | &nbsp;&nbsp;&nbsp; 2,320,473<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Tradeweb Markets Inc., Class A Shares | &nbsp;&nbsp; 9350 | &nbsp;&nbsp;&nbsp; 1005499<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *3325972* |
| *Financial Services — 3.7%* | *Financial Services — 3.7%* | *Financial Services — 3.7%* |
| &nbsp;&nbsp;&nbsp; Affirm Holdings Inc. | &nbsp;&nbsp; 20547 | &nbsp;&nbsp;&nbsp; 1,529,313<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Class A Shares | &nbsp;&nbsp; 11085 | &nbsp;&nbsp;&nbsp; 6328205<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *7857518* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **11183490** |
| **Health Care — 6.7%** | **Health Care — 6.7%** | **Health Care — 6.7%** |
| *Biotechnology — 2.8%* | *Biotechnology — 2.8%* | *Biotechnology — 2.8%* |
| &nbsp;&nbsp;&nbsp; Argenx SE, ADR | &nbsp;&nbsp; 1889 | &nbsp;&nbsp;&nbsp; 1,588,555<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S, ADR | &nbsp;&nbsp; 8027 | &nbsp;&nbsp;&nbsp; 1,711,677<br> \*<sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Natera Inc. | &nbsp;&nbsp; 11930 | &nbsp;&nbsp;&nbsp; 2,733,044<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *6033276* |
| *Health Care Equipment & Supplies — 1.4%* | *Health Care Equipment & Supplies — 1.4%* | *Health Care Equipment & Supplies — 1.4%* |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical Inc. | &nbsp;&nbsp; 5252 | &nbsp;&nbsp;&nbsp; *2,974,522*<br> \*<br>|
| *Pharmaceuticals — 2.5%* | *Pharmaceuticals — 2.5%* | *Pharmaceuticals — 2.5%* |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 3978 | &nbsp;&nbsp;&nbsp; 4275077<br>|
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC | &nbsp;&nbsp; 5678 | &nbsp;&nbsp;&nbsp; 965,260<br> \*<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *5240337* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **14248135** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Focused Growth ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Industrials — 2.9%** | **Industrials — 2.9%** | **Industrials — 2.9%** | **Industrials — 2.9%** |
| *Aerospace & Defense — 2.2%* | *Aerospace & Defense — 2.2%* | *Aerospace & Defense — 2.2%* | *Aerospace & Defense — 2.2%* |
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp; Axon Enterprise Inc. | &nbsp;&nbsp; 6345 | &nbsp;&nbsp;&nbsp; $3,603,516<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp; 12829 | &nbsp;&nbsp;&nbsp; 973,849<br> \*<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *4577365* |
| *Electrical Equipment — 0.7%* | *Electrical Equipment — 0.7%* | *Electrical Equipment — 0.7%* | *Electrical Equipment — 0.7%* |
| &nbsp;&nbsp;&nbsp; GE Vernova Inc. | &nbsp;&nbsp;&nbsp; GE Vernova Inc. | &nbsp;&nbsp; 2342 | &nbsp;&nbsp;&nbsp; *1530661*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **6108026** |
| **Information Technology — 52.7%** | **Information Technology — 52.7%** | **Information Technology — 52.7%** | **Information Technology — 52.7%** |
| *Electronic Equipment, Instruments & Components — 1.6%* | *Electronic Equipment, Instruments & Components — 1.6%* | *Electronic Equipment, Instruments & Components — 1.6%* | *Electronic Equipment, Instruments & Components — 1.6%* |
| &nbsp;&nbsp;&nbsp; Celestica Inc. | &nbsp;&nbsp;&nbsp; Celestica Inc. | &nbsp;&nbsp; 11584 | &nbsp;&nbsp;&nbsp; *3,424,346*<br> \*<br>|
| *IT Services — 5.8%* | *IT Services — 5.8%* | *IT Services — 5.8%* | *IT Services — 5.8%* |
| &nbsp;&nbsp;&nbsp; Cloudflare Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 22239 | &nbsp;&nbsp;&nbsp; 4,384,419<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Shopify Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Shopify Inc., Class A Shares | &nbsp;&nbsp; 39786 | &nbsp;&nbsp;&nbsp; 6,404,353<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Snowflake Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Snowflake Inc., Class A Shares | &nbsp;&nbsp; 6862 | &nbsp;&nbsp;&nbsp; 1,505,248<br> \*<br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *12294020* |
| *Semiconductors & Semiconductor Equipment — 25.7%* | *Semiconductors & Semiconductor Equipment — 25.7%* | *Semiconductors & Semiconductor Equipment — 25.7%* | *Semiconductors & Semiconductor Equipment — 25.7%* |
| &nbsp;&nbsp;&nbsp; ASML Holding NV, Registered Shares | &nbsp;&nbsp;&nbsp; ASML Holding NV, Registered Shares | &nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp; 1720335<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp; 36427 | &nbsp;&nbsp;&nbsp; 12607385<br>|
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems Inc. | &nbsp;&nbsp;&nbsp; Monolithic Power Systems Inc. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp; 957116<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 167318 | &nbsp;&nbsp;&nbsp; 31204807<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 27097 | &nbsp;&nbsp;&nbsp; 8234507<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *54724150* |
| *Software — 14.7%* | *Software — 14.7%* | *Software — 14.7%* | *Software — 14.7%* |
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp; 9354 | &nbsp;&nbsp;&nbsp; 6,302,912<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc. | &nbsp;&nbsp; 11157 | &nbsp;&nbsp;&nbsp; 3,487,455<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Intuit Inc. | &nbsp;&nbsp;&nbsp; Intuit Inc. | &nbsp;&nbsp; 2095 | &nbsp;&nbsp;&nbsp; 1387770<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 41579 | &nbsp;&nbsp;&nbsp; 20108436<br>|
| *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *31286573* |
| *Technology Hardware, Storage & Peripherals — 4.9%* | *Technology Hardware, Storage & Peripherals — 4.9%* | *Technology Hardware, Storage & Peripherals — 4.9%* | *Technology Hardware, Storage & Peripherals — 4.9%* |
| &nbsp;&nbsp;&nbsp; Apple Inc. | &nbsp;&nbsp;&nbsp; Apple Inc. | &nbsp;&nbsp; 37958 | &nbsp;&nbsp;&nbsp; *10319262*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **112048351** |
| **Total Investments before Short-Term Investments (Cost — $160,893,188)** | **Total Investments before Short-Term Investments (Cost — $160,893,188)** | **Total Investments before Short-Term Investments (Cost — $160,893,188)** | &nbsp;&nbsp; **210590197** |
|  | Rate |  |  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $2,136,832)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 2136832<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2136832**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 100.0% (Cost — $163,030,020)** | **Total Investments — 100.0% (Cost — $163,030,020)** | **Total Investments — 100.0% (Cost — $163,030,020)** | &nbsp;&nbsp; **212727029** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; (79421)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$212647608** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Focused Growth ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(c)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $2,136,832 and the cost was $2,136,832 (Note 3).<br>|
| <sup>(d)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Genomic Advancements ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Health Care — 96.2%** | **Health Care — 96.2%** | **Health Care — 96.2%** |
| *Biotechnology — 55.4%* | *Biotechnology — 55.4%* | *Biotechnology — 55.4%* |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 1982 | &nbsp;&nbsp;&nbsp; $788,142<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics Inc. | &nbsp;&nbsp; 3792 | &nbsp;&nbsp;&nbsp; 110,120<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Argenx SE | &nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp; 356,943<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Beam Therapeutics Inc. | &nbsp;&nbsp; 6495 | &nbsp;&nbsp;&nbsp; 180,041<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BeOne Medicines Ltd., ADR | &nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 58,635<br> \*<br>|
| &nbsp;&nbsp;&nbsp; BioNTech SE, ADR | &nbsp;&nbsp; 4007 | &nbsp;&nbsp;&nbsp; 381,466<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma Inc. | &nbsp;&nbsp; 11255 | &nbsp;&nbsp;&nbsp; 860,895<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CareDx Inc. | &nbsp;&nbsp; 6858 | &nbsp;&nbsp;&nbsp; 129,205<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Caris Life Sciences Inc. | &nbsp;&nbsp; 1892 | &nbsp;&nbsp;&nbsp; 51,046<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals Inc. | &nbsp;&nbsp; 5117 | &nbsp;&nbsp;&nbsp; 119,431<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG | &nbsp;&nbsp; 2924 | &nbsp;&nbsp;&nbsp; 153,335<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dynavax Technologies Corp. | &nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp; 31,221<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. | &nbsp;&nbsp; 4864 | &nbsp;&nbsp;&nbsp; 493,988<br> \*<br>|
| &nbsp;&nbsp;&nbsp; GRAIL Inc. | &nbsp;&nbsp; 3820 | &nbsp;&nbsp;&nbsp; 326,954<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Insmed Inc. | &nbsp;&nbsp; 5476 | &nbsp;&nbsp;&nbsp; 953,043<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals Inc. | &nbsp;&nbsp; 5499 | &nbsp;&nbsp;&nbsp; 435,026<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Krystal Biotech Inc. | &nbsp;&nbsp; 4079 | &nbsp;&nbsp;&nbsp; 1,005,637<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Natera Inc. | &nbsp;&nbsp; 6583 | &nbsp;&nbsp;&nbsp; 1,508,100<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences Inc. | &nbsp;&nbsp; 2486 | &nbsp;&nbsp;&nbsp; 352,589<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Neurogene Inc. | &nbsp;&nbsp; 1699 | &nbsp;&nbsp;&nbsp; 34,999<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Praxis Precision Medicines Inc. | &nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp; 85,180<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PTC Therapeutics Inc. | &nbsp;&nbsp; 4295 | &nbsp;&nbsp;&nbsp; 326,248<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals Inc., Class A Shares | &nbsp;&nbsp; 16145 | &nbsp;&nbsp;&nbsp; 66,033<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp; 514837<br>|
| &nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals Inc. | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 96,336<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Samsung Episholdings Co. Ltd. | &nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp; 167,111<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Stoke Therapeutics Inc. | &nbsp;&nbsp; 5718 | &nbsp;&nbsp;&nbsp; 181,489<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Travere Therapeutics Inc. | &nbsp;&nbsp; 9350 | &nbsp;&nbsp;&nbsp; 357,264<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp. | &nbsp;&nbsp; 6020 | &nbsp;&nbsp;&nbsp; 190,954<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp; 5409 | &nbsp;&nbsp;&nbsp; 124,407<br> \*<br>|
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp. | &nbsp;&nbsp; 1551 | &nbsp;&nbsp;&nbsp; 755,725<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Veracyte Inc. | &nbsp;&nbsp; 6266 | &nbsp;&nbsp;&nbsp; 263,799<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals Inc. | &nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp; 600,702<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *12060901* |
| *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; OmniAb Inc., $12.50 EARNOUT | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; OmniAb Inc., $15.00 EARNOUT | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; 0<br> \*<sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransMedics Group Inc. | &nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 54,134<br> \*<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *54134* |
| *Health Care Providers & Services — 9.5%* | *Health Care Providers & Services — 9.5%* | *Health Care Providers & Services — 9.5%* |
| &nbsp;&nbsp;&nbsp; GeneDx Holdings Corp. | &nbsp;&nbsp; 3816 | &nbsp;&nbsp;&nbsp; 496,309<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Guardant Health Inc. | &nbsp;&nbsp; 14509 | &nbsp;&nbsp;&nbsp; 1,481,949<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hinge Health Inc., Class A Shares | &nbsp;&nbsp; 2015 | &nbsp;&nbsp;&nbsp; 93,597<br> \*<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *2071855* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Genomic Advancements ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Health Care Technology — 0.7%* | *Health Care Technology — 0.7%* | *Health Care Technology — 0.7%* | *Health Care Technology — 0.7%* |
| &nbsp;&nbsp;&nbsp; Doximity Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Doximity Inc., Class A Shares | &nbsp;&nbsp; 2692 | &nbsp;&nbsp;&nbsp; $119,202<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Schrodinger Inc. | &nbsp;&nbsp;&nbsp; Schrodinger Inc. | &nbsp;&nbsp; 1254 | &nbsp;&nbsp;&nbsp; 22,421<br> \*<br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *141623* |
| *Life Sciences Tools & Services — 20.3%* | *Life Sciences Tools & Services — 20.3%* | *Life Sciences Tools & Services — 20.3%* | *Life Sciences Tools & Services — 20.3%* |
| &nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp. | &nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp. | &nbsp;&nbsp; 44534 | &nbsp;&nbsp;&nbsp; 723,232<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp; Agilent Technologies Inc. | &nbsp;&nbsp; 1049 | &nbsp;&nbsp;&nbsp; 142737<br>|
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories Inc., Class A Shares | &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories Inc., Class A Shares | &nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 63,325<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp; Charles River Laboratories International Inc. | &nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp; 266,106<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp; 222052<br>|
| &nbsp;&nbsp;&nbsp; IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp; IQVIA Holdings Inc. | &nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; 209,181<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp; Medpace Holdings Inc. | &nbsp;&nbsp; 1708 | &nbsp;&nbsp;&nbsp; 959,298<br> \*<br>|
| &nbsp;&nbsp;&nbsp; QIAGEN NV | &nbsp;&nbsp;&nbsp; QIAGEN NV | &nbsp;&nbsp; 3086 | &nbsp;&nbsp;&nbsp; 138777<br>|
| &nbsp;&nbsp;&nbsp; Repligen Corp. | &nbsp;&nbsp;&nbsp; Repligen Corp. | &nbsp;&nbsp; 1723 | &nbsp;&nbsp;&nbsp; 282,331<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd. | &nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd. | &nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp; 708,334<br> \*<sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tempus AI Inc. | &nbsp;&nbsp;&nbsp; Tempus AI Inc. | &nbsp;&nbsp; 8512 | &nbsp;&nbsp;&nbsp; 502,634<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 209182<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *4427189* |
| *Pharmaceuticals — 10.1%* | *Pharmaceuticals — 10.1%* | *Pharmaceuticals — 10.1%* | *Pharmaceuticals — 10.1%* |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | &nbsp;&nbsp; 6626 | &nbsp;&nbsp;&nbsp; 609128<br>|
| &nbsp;&nbsp;&nbsp; Axsome Therapeutics Inc. | &nbsp;&nbsp;&nbsp; Axsome Therapeutics Inc. | &nbsp;&nbsp; 523 | &nbsp;&nbsp;&nbsp; 95,521<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp; 37866<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp; 588925<br>|
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC | &nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 132,090<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals Inc. | &nbsp;&nbsp; 3503 | &nbsp;&nbsp;&nbsp; 662,312<br> \*<br>|
| &nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd. | &nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd. | &nbsp;&nbsp; 4127 | &nbsp;&nbsp;&nbsp; 70,159<br> \*<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *2196001* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **20951703** |
| **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** |
| *Software — 0.7%* | *Software — 0.7%* | *Software — 0.7%* | *Software — 0.7%* |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc. | &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc. | &nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp; **157,540**<br> \*<br>|
| **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** |
| *Chemicals — 2.0%* | *Chemicals — 2.0%* | *Chemicals — 2.0%* | *Chemicals — 2.0%* |
| &nbsp;&nbsp;&nbsp; Corteva Inc. | &nbsp;&nbsp;&nbsp; Corteva Inc. | &nbsp;&nbsp; 6373 | &nbsp;&nbsp;&nbsp; **427182**<br>|
| **Total Common Stocks (Cost — $16,080,018)** | **Total Common Stocks (Cost — $16,080,018)** | **Total Common Stocks (Cost — $16,080,018)** | &nbsp;&nbsp;&nbsp; **21536425**<br>|
|  | Rate |  |  |
| **Preferred Stocks — 1.1%** | **Preferred Stocks — 1.1%** | **Preferred Stocks — 1.1%** | **Preferred Stocks — 1.1%** |
| **Health Care — 1.1%** | **Health Care — 1.1%** | **Health Care — 1.1%** | **Health Care — 1.1%** |
| *Life Sciences Tools & Services — 1.1%* | *Life Sciences Tools & Services — 1.1%* | *Life Sciences Tools & Services — 1.1%* | *Life Sciences Tools & Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; Sartorius AG (Cost — $196,040) | &nbsp;&nbsp; 0.299% | &nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp; **225582**<br> <sup>(f)</sup><br>|
| **Total Investments — 100.0% (Cost — $16,276,058)** | **Total Investments — 100.0% (Cost — $16,276,058)** | **Total Investments — 100.0% (Cost — $16,276,058)** | &nbsp;&nbsp; **21762007** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; 10118 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$21772125** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Genomic Advancements ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Value is less than $1. |
| <sup>(d)</sup> | Restricted security (Note 4). |
| <sup>(e)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(f)</sup> | Rate shown represents yield-to-maturity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 95.9%** | **Corporate Bonds & Notes — 95.9%** | **Corporate Bonds & Notes — 95.9%** | **Corporate Bonds & Notes — 95.9%** | **Corporate Bonds & Notes — 95.9%** |
| **Communication Services — 11.2%** | **Communication Services — 11.2%** | **Communication Services — 11.2%** | **Communication Services — 11.2%** | **Communication Services — 11.2%** |
| *Diversified Telecommunication Services — 1.8%* | *Diversified Telecommunication Services — 1.8%* | *Diversified Telecommunication Services — 1.8%* | *Diversified Telecommunication Services — 1.8%* | *Diversified Telecommunication Services — 1.8%* |
| &nbsp;&nbsp;&nbsp; Altice France Lux 3/Altice Holdings 1, Senior Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; $120000<br>| &nbsp;&nbsp;&nbsp; $110205<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Altice France SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 1670100<br>| &nbsp;&nbsp;&nbsp; 1725380<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2406988<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp;&nbsp; 4494996<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 3750000<br>| &nbsp;&nbsp;&nbsp; 3866282<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *12603851* |
| *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 4690759<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3652002<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.054% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2140358<br>|
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 1875000<br>| &nbsp;&nbsp;&nbsp; 1324219<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *11807338* |
| *Media — 6.8%* | *Media — 6.8%* | *Media — 6.8%* | *Media — 6.8%* | *Media — 6.8%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp;&nbsp; 3265019<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 5653031<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1276837<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 795085<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp;&nbsp; 4652551<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1268546<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp;&nbsp; 4254785<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 902000<br>| &nbsp;&nbsp;&nbsp; 907800<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EW Scripps Co., Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp;&nbsp; 3398192<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 3075000<br>| &nbsp;&nbsp;&nbsp; 3193459<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 2150000<br>| &nbsp;&nbsp;&nbsp; 1614123<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 1285000<br>| &nbsp;&nbsp;&nbsp; 1313821<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 5500000<br>| &nbsp;&nbsp;&nbsp; 5807021<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sinclair Television Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp;&nbsp; 3553408<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp;&nbsp; 1581026<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 5170000<br>| &nbsp;&nbsp;&nbsp; 5242679<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *47777383* |
| *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Iliad Holding SAS, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 3650000<br>| &nbsp;&nbsp;&nbsp; 3766446<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zegona Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 2190000<br>| &nbsp;&nbsp;&nbsp; 2329551<br> <sup>(a)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *6095997* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **78284569** |
| **Consumer Discretionary — 16.5%** | **Consumer Discretionary — 16.5%** | **Consumer Discretionary — 16.5%** | **Consumer Discretionary — 16.5%** | **Consumer Discretionary — 16.5%** |
| *Automobile Components — 2.6%* | *Automobile Components — 2.6%* | *Automobile Components — 2.6%* | *Automobile Components — 2.6%* | *Automobile Components — 2.6%* |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 2480000<br>| &nbsp;&nbsp;&nbsp; 2526943<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 3420000<br>| &nbsp;&nbsp;&nbsp; 3548549<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp;&nbsp; 5115199<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Forvia SE, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 3220000<br>| &nbsp;&nbsp;&nbsp; 3326890<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, Senior Secured Notes (7.750% Cash or 8.500% PIK) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1472183<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* | *Automobile Components — continued* |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, Senior Secured Notes (8.000% Cash or 8.750% PIK) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; $2000000<br>| &nbsp;&nbsp;&nbsp; $2114482<br> <sup>(a)(b)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *18104246* |
| *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* | *Automobiles — 0.4%* |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 7/17/35 | &nbsp;&nbsp; 2535000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2696029*<br> <sup>(a)</sup><br>|
| *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* | *Diversified Consumer Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Grand Canyon University, Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; *3182724*<br>|
| *Hotels, Restaurants & Leisure — 7.2%* | *Hotels, Restaurants & Leisure — 7.2%* | *Hotels, Restaurants & Leisure — 7.2%* | *Hotels, Restaurants & Leisure — 7.2%* | *Hotels, Restaurants & Leisure — 7.2%* |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 3185782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing UK PLC, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 3731000<br>| &nbsp;&nbsp;&nbsp; 3885379<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp;&nbsp; 695923<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3705325<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp;&nbsp; 2579103<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 4900000<br>| &nbsp;&nbsp;&nbsp; 4662350<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1653000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp./Raptor LLC, Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 3375000<br>| &nbsp;&nbsp;&nbsp; 3411532<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 3800000<br>| &nbsp;&nbsp;&nbsp; 3971198<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1650947<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; 3278520<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 1195000<br>| &nbsp;&nbsp;&nbsp; 1195058<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 2880000<br>| &nbsp;&nbsp;&nbsp; 2941053<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1022644<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp;&nbsp; 2980752<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2624362<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 857116<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 2040000<br>| &nbsp;&nbsp;&nbsp; 2072544<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 4330812<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *50703400* |
| *Household Durables — 3.0%* | *Household Durables — 3.0%* | *Household Durables — 3.0%* | *Household Durables — 3.0%* | *Household Durables — 3.0%* |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 863661<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1475000<br>| &nbsp;&nbsp;&nbsp; 1477412<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dream Finders Homes Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1652757<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; K Hovnanian Enterprises Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1164364<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; K Hovnanian Enterprises Inc., Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 1660000<br>| &nbsp;&nbsp;&nbsp; 1688319<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LGI Homes Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1043693<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1522279<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1075659<br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp;&nbsp; 3254630<br>|
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1297198<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC/Weekley Finance Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 6070000<br>| &nbsp;&nbsp;&nbsp; 6153642<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *21193614* |
| *Specialty Retail — 1.7%* | *Specialty Retail — 1.7%* | *Specialty Retail — 1.7%* | *Specialty Retail — 1.7%* | *Specialty Retail — 1.7%* |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 3445000<br>| &nbsp;&nbsp;&nbsp; 3510074<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* |
| &nbsp;&nbsp;&nbsp; Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; $2400000<br>| &nbsp;&nbsp;&nbsp; $2507292<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2458495<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1420365<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1955000<br>| &nbsp;&nbsp;&nbsp; 2029805<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *11926031* |
| *Textiles, Apparel & Luxury Goods — 1.1%* | *Textiles, Apparel & Luxury Goods — 1.1%* | *Textiles, Apparel & Luxury Goods — 1.1%* | *Textiles, Apparel & Luxury Goods — 1.1%* | *Textiles, Apparel & Luxury Goods — 1.1%* |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, Senior Notes (10.000% Cash or 10.750% PIK) | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 5800000<br>| &nbsp;&nbsp;&nbsp; 6406872<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Under Armour Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1605553<br> <sup>(a)</sup><br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *8012425* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **115818469** |
| **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** | **Consumer Staples — 2.1%** |
| *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 5045000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *5118275*<br> <sup>(a)</sup><br>|
| *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, Senior Notes (8.750% Cash or 9.500% PIK) | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 2235986<br>| &nbsp;&nbsp;&nbsp; 2392273<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp. Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1566558<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *3958831* |
| *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 5525000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *5662676*<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **14739782** |
| **Energy — 10.6%** | **Energy — 10.6%** | **Energy — 10.6%** | **Energy — 10.6%** | **Energy — 10.6%** |
| *Energy Equipment & Services — 3.6%* | *Energy Equipment & Services — 3.6%* | *Energy Equipment & Services — 3.6%* | *Energy Equipment & Services — 3.6%* | *Energy Equipment & Services — 3.6%* |
| &nbsp;&nbsp;&nbsp; Borr IHC Ltd./Borr Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 10.375% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1396806<br>| &nbsp;&nbsp;&nbsp; 1394310<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3747409<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1011515<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 1465000<br>| &nbsp;&nbsp;&nbsp; 1507015<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2728050<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; 3106487<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transocean International Ltd., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1512793<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transocean International Ltd., Senior Notes | &nbsp;&nbsp; 6.800% | &nbsp;&nbsp; 3/15/38 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1635266<br>|
| &nbsp;&nbsp;&nbsp; Transocean International Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 2195315<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transocean International Ltd., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp;&nbsp; 414409<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 1538095<br>| &nbsp;&nbsp;&nbsp; 1571913<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 4395000<br>| &nbsp;&nbsp;&nbsp; 4503302<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *25327784* |
| *Oil, Gas & Consumable Fuels — 7.0%* | *Oil, Gas & Consumable Fuels — 7.0%* | *Oil, Gas & Consumable Fuels — 7.0%* | *Oil, Gas & Consumable Fuels — 7.0%* | *Oil, Gas & Consumable Fuels — 7.0%* |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 1401000<br>| &nbsp;&nbsp;&nbsp; 1427487<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 801208<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1438975<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coronado Finance Pty Ltd., Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 3709883<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 3550000<br>| &nbsp;&nbsp;&nbsp; 3371122<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 3495000<br>| &nbsp;&nbsp;&nbsp; 3473855<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Expand Energy Corp., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3520822<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 2070000<br>| &nbsp;&nbsp;&nbsp; 2145524<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1957555<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; $3900000<br>| &nbsp;&nbsp;&nbsp; $3937322<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Martin Midstream Partners LP/Martin Midstream Finance Corp., Secured <br> Notes | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2593838<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2345468<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/29 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1219649<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2094536<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1773526<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3111306<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 2089512<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 213974<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1135109<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1065000<br>| &nbsp;&nbsp;&nbsp; 1091359<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 214678<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1424135<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1965000<br>| &nbsp;&nbsp;&nbsp; 2013654<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vital Energy Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1774735<br> <sup>(a)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *48879232* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **74207016** |
| **Financials — 12.6%** | **Financials — 12.6%** | **Financials — 12.6%** | **Financials — 12.6%** | **Financials — 12.6%** |
| *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* |
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 2880000<br>| &nbsp;&nbsp;&nbsp; 2936831<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Osaic Holdings Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 2927347<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 902988<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Group Inc., Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 4798350<br> <sup>(a)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *11565516* |
| *Consumer Finance — 2.9%* | *Consumer Finance — 2.9%* | *Consumer Finance — 2.9%* | *Consumer Finance — 2.9%* | *Consumer Finance — 2.9%* |
| &nbsp;&nbsp;&nbsp; Encore Capital Group Inc., Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1688000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Encore Capital Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 3013293<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1496972<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 4165807<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1140693<br>|
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1001216<br>|
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 626747<br>|
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 2435000<br>| &nbsp;&nbsp;&nbsp; 2464527<br>|
| &nbsp;&nbsp;&nbsp; PRA Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1411853<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRA Group Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 934839<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PROG Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 2081058<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *20025005* |
| *Financial Services — 5.8%* | *Financial Services — 5.8%* | *Financial Services — 5.8%* | *Financial Services — 5.8%* | *Financial Services — 5.8%* |
| &nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 3230000<br>| &nbsp;&nbsp;&nbsp; 3298625<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 2730000<br>| &nbsp;&nbsp;&nbsp; 2787909<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp;&nbsp; 4932077<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 800913<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp;&nbsp; 974432<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp;&nbsp; 554435<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Net Lease Inc./Global Net Lease Operating Partnership LP, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 1930000<br>| &nbsp;&nbsp;&nbsp; 1880774<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* | *Financial Services — continued* |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; $1400000<br>| &nbsp;&nbsp;&nbsp; $1384649<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp;&nbsp; 3411070<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2820032<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 2215233<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp;&nbsp; 4104621<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel LP/PEB Finance Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2465369<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC/PHH Corp., Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 5300000<br>| &nbsp;&nbsp;&nbsp; 5504368<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp;&nbsp; 3706325<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *40840832* |
| *Insurance — 1.5%* | *Insurance — 1.5%* | *Insurance — 1.5%* | *Insurance — 1.5%* | *Insurance — 1.5%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1989583<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2076238<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1430283<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Secured <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2595413<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 2560000<br>| &nbsp;&nbsp;&nbsp; 2657604<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *10749121* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.7%* |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 5200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *5033701*<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **88214175** |
| **Health Care — 7.9%** | **Health Care — 7.9%** | **Health Care — 7.9%** | **Health Care — 7.9%** | **Health Care — 7.9%** |
| *Biotechnology — 2.1%* | *Biotechnology — 2.1%* | *Biotechnology — 2.1%* | *Biotechnology — 2.1%* | *Biotechnology — 2.1%* |
| &nbsp;&nbsp;&nbsp; Genmab A/S/Genmab Finance LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 12/15/33 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp;&nbsp; 2996068<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Genmab A/S/Genmab Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2307469<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grifols SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp;&nbsp; 3261521<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kedrion SpA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp;&nbsp; 6409223<br> <sup>(a)</sup><br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *14974281* |
| *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4284500*<br> <sup>(a)</sup><br>|
| *Health Care Providers & Services — 3.7%* | *Health Care Providers & Services — 3.7%* | *Health Care Providers & Services — 3.7%* | *Health Care Providers & Services — 3.7%* | *Health Care Providers & Services — 3.7%* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 890950<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp;&nbsp; 3311913<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 3150000<br>| &nbsp;&nbsp;&nbsp; 3441973<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Concentra Health Services Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp;&nbsp; 6177619<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DaVita Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 6900000<br>| &nbsp;&nbsp;&nbsp; 6714148<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 854320<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp;&nbsp; 798420<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2356450<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1457469<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *26003262* |
| *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 180055<br>| &nbsp;&nbsp;&nbsp; 158142<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Senior Secured Notes (6.000% Cash and <br> 0.750% PIK) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/31/31 | &nbsp;&nbsp; 1550161<br>| &nbsp;&nbsp;&nbsp; 1338936<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Health Care Technology — continued* | *Health Care Technology — continued* | *Health Care Technology — continued* | *Health Care Technology — continued* | *Health Care Technology — continued* |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Senior Secured Notes (6.500% Cash and <br> 5.000% PIK) | &nbsp;&nbsp; 11.500% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; $282462<br>| &nbsp;&nbsp;&nbsp; $298983<br> <sup>(a)(b)</sup><br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *1796061* |
| *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; IQVIA Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 3800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3975439*<br> <sup>(a)</sup><br>|
| *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* | *Pharmaceuticals — 0.7%* |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2751297<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1304946<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 576345<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *4632588* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **55666131** |
| **Industrials — 12.1%** | **Industrials — 12.1%** | **Industrials — 12.1%** | **Industrials — 12.1%** | **Industrials — 12.1%** |
| *Aerospace & Defense — 1.9%* | *Aerospace & Defense — 1.9%* | *Aerospace & Defense — 1.9%* | *Aerospace & Defense — 1.9%* | *Aerospace & Defense — 1.9%* |
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1671188<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Efesto Bidco SpA Efesto US LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 5950000<br>| &nbsp;&nbsp;&nbsp; 6024345<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 716996<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 4815000<br>| &nbsp;&nbsp;&nbsp; 5018767<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *13431296* |
| *Building Products — 1.3%* | *Building Products — 1.3%* | *Building Products — 1.3%* | *Building Products — 1.3%* | *Building Products — 1.3%* |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 938486<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 5100000<br>| &nbsp;&nbsp;&nbsp; 5231659<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1201728<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp;&nbsp; 1718533<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *9090406* |
| *Commercial Services & Supplies — 2.5%* | *Commercial Services & Supplies — 2.5%* | *Commercial Services & Supplies — 2.5%* | *Commercial Services & Supplies — 2.5%* | *Commercial Services & Supplies — 2.5%* |
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 6175000<br>| &nbsp;&nbsp;&nbsp; 6386463<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co., Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 11/30/30 | &nbsp;&nbsp; 1625000<br>| &nbsp;&nbsp;&nbsp; 1749252<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Waste Pro USA Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp;&nbsp; 3508173<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp;&nbsp; 6199561<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *17843449* |
| *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* | *Construction & Engineering — 1.1%* |
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2955602<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2327588<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VM Consolidated Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2603458<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *7886648* |
| *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* |
| &nbsp;&nbsp;&nbsp; Gates Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 2183433<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp;&nbsp; 3186363<br> <sup>(a)</sup><br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *5369796* |
| *Ground Transportation — 1.6%* | *Ground Transportation — 1.6%* | *Ground Transportation — 1.6%* | *Ground Transportation — 1.6%* | *Ground Transportation — 1.6%* |
| &nbsp;&nbsp;&nbsp; Watco Cos. LLC/Watco Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 6060000<br>| &nbsp;&nbsp;&nbsp; 6350074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; XPO Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp;&nbsp; 4644059<br> <sup>(a)</sup><br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *10994133* |
| *Machinery — 1.0%* | *Machinery — 1.0%* | *Machinery — 1.0%* | *Machinery — 1.0%* | *Machinery — 1.0%* |
| &nbsp;&nbsp;&nbsp; ATS Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2938358<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Machinery — continued* | *Machinery — continued* | *Machinery — continued* | *Machinery — continued* | *Machinery — continued* |
| &nbsp;&nbsp;&nbsp; Esab Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; $2450000<br>| &nbsp;&nbsp;&nbsp; $2522194<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Terex Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp;&nbsp; 1314184<br> <sup>(a)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *6774736* |
| *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* | *Passenger Airlines — 1.0%* |
| &nbsp;&nbsp;&nbsp; OneSky Flight LLC, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 4525000<br>| &nbsp;&nbsp;&nbsp; 4845619<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1998702<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *6844321* |
| *Professional Services — 0.4%* | *Professional Services — 0.4%* | *Professional Services — 0.4%* | *Professional Services — 0.4%* | *Professional Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; CACI International Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3159582*<br> <sup>(a)</sup><br>|
| *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* |
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2717569*<br> <sup>(a)</sup><br>|
| *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Beacon Mobility Corp., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 905000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *947065*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **85059001** |
| **Information Technology — 6.7%** | **Information Technology — 6.7%** | **Information Technology — 6.7%** | **Information Technology — 6.7%** | **Information Technology — 6.7%** |
| *Communications Equipment — 1.8%* | *Communications Equipment — 1.8%* | *Communications Equipment — 1.8%* | *Communications Equipment — 1.8%* | *Communications Equipment — 1.8%* |
| &nbsp;&nbsp;&nbsp; CommScope Technologies LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3494532<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp;&nbsp; 6265736<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 3220000<br>| &nbsp;&nbsp;&nbsp; 3065588<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *12825856* |
| *Electronic Equipment, Instruments & Components — 1.6%* | *Electronic Equipment, Instruments & Components — 1.6%* | *Electronic Equipment, Instruments & Components — 1.6%* | *Electronic Equipment, Instruments & Components — 1.6%* | *Electronic Equipment, Instruments & Components — 1.6%* |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 2215000<br>| &nbsp;&nbsp;&nbsp; 2304554<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EquipmentShare.com Inc., Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 3785000<br>| &nbsp;&nbsp;&nbsp; 4002721<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TTM Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp;&nbsp; 4510192<br> <sup>(a)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *10817467* |
| *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* | *IT Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 4705000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4618783*<br> <sup>(a)</sup><br>|
| *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 2595000<br>| &nbsp;&nbsp;&nbsp; 2693095<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1015000<br>| &nbsp;&nbsp;&nbsp; 1039052<br> <sup>(a)</sup><br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *3732147* |
| *Software — 0.9%* | *Software — 0.9%* | *Software — 0.9%* | *Software — 0.9%* | *Software — 0.9%* |
| &nbsp;&nbsp;&nbsp; Gen Digital Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp;&nbsp; 3468727<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McAfee Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 2706742<br> <sup>(a)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *6175469* |
| *Technology Hardware, Storage & Peripherals — 1.2%* | *Technology Hardware, Storage & Peripherals — 1.2%* | *Technology Hardware, Storage & Peripherals — 1.2%* | *Technology Hardware, Storage & Peripherals — 1.2%* | *Technology Hardware, Storage & Peripherals — 1.2%* |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 5400000<br>| &nbsp;&nbsp;&nbsp; 5641326<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2838319<br> <sup>(a)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *8479645* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **46649367** |
| **Materials — 8.4%** | **Materials — 8.4%** | **Materials — 8.4%** | **Materials — 8.4%** | **Materials — 8.4%** |
| *Chemicals — 3.1%* | *Chemicals — 3.1%* | *Chemicals — 3.1%* | *Chemicals — 3.1%* | *Chemicals — 3.1%* |
| &nbsp;&nbsp;&nbsp; Avient Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; 3291094<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Calderys Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1275716<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 10/3/31 | &nbsp;&nbsp; 4448000<br>| &nbsp;&nbsp;&nbsp; 4620360<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* |
| &nbsp;&nbsp;&nbsp; FMC Corp., Subordinated Notes (8.450% to 11/1/30 then 5 year Treasury <br> Constant Maturity Rate + 4.366%) | &nbsp;&nbsp; 8.450% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; $4700000<br>| &nbsp;&nbsp;&nbsp; $3723955<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; GPD Cos. Inc., Senior Secured Notes | &nbsp;&nbsp; 12.500% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 2060887<br>| &nbsp;&nbsp;&nbsp; 1061151<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rain Carbon Inc., Senior Secured Notes | &nbsp;&nbsp; 12.250% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp;&nbsp; 4795893<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/33 | &nbsp;&nbsp; 2810000<br>| &nbsp;&nbsp;&nbsp; 2836454<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *21604623* |
| *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* | *Construction Materials — 0.3%* |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1926662*<br> <sup>(a)</sup><br>|
| *Containers & Packaging — 1.4%* | *Containers & Packaging — 1.4%* | *Containers & Packaging — 1.4%* | *Containers & Packaging — 1.4%* | *Containers & Packaging — 1.4%* |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 5700000<br>| &nbsp;&nbsp;&nbsp; 5864983<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can Inc./Toucan FinCo US LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp;&nbsp; 4347984<br> <sup>(a)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *10212967* |
| *Metals & Mining — 3.3%* | *Metals & Mining — 3.3%* | *Metals & Mining — 3.3%* | *Metals & Mining — 3.3%* | *Metals & Mining — 3.3%* |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2635000<br>| &nbsp;&nbsp;&nbsp; 2704170<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1895000<br>| &nbsp;&nbsp;&nbsp; 1981764<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Metals Co., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 1025000<br>| &nbsp;&nbsp;&nbsp; 1048690<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Metals Co., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2410479<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Constellium SE, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1932856<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Constellium SE, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 3214285<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mineral Resources Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 4050000<br>| &nbsp;&nbsp;&nbsp; 4227002<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Novelis Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 2706747<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 831073<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 2075000<br>| &nbsp;&nbsp;&nbsp; 2105235<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *23162301* |
| *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Magnera Corp., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2221838*<br> <sup>(a)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **59128391** |
| **Real Estate — 4.0%** | **Real Estate — 4.0%** | **Real Estate — 4.0%** | **Real Estate — 4.0%** | **Real Estate — 4.0%** |
| *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* | *Diversified REITs — 0.8%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 3100000<br>| &nbsp;&nbsp;&nbsp; 3312903<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2356595<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *5669498* |
| *Hotel & Resort REITs — 0.8%* | *Hotel & Resort REITs — 0.8%* | *Hotel & Resort REITs — 0.8%* | *Hotel & Resort REITs — 0.8%* | *Hotel & Resort REITs — 0.8%* |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2063722<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2386872<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1252280<br> <sup>(a)</sup><br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *5702874* |
| *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* |
| &nbsp;&nbsp;&nbsp; Forestar Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 1630000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1663692*<br> <sup>(a)</sup><br>|
| *Specialized REITs — 2.2%* | *Specialized REITs — 2.2%* | *Specialized REITs — 2.2%* | *Specialized REITs — 2.2%* | *Specialized REITs — 2.2%* |
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2569628<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 4150000<br>| &nbsp;&nbsp;&nbsp; 4088092<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 4870000<br>| &nbsp;&nbsp;&nbsp; 4986242<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1830000<br>| &nbsp;&nbsp;&nbsp; 1847858<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Specialized REITs — continued* | *Specialized REITs — continued* | *Specialized REITs — continued* | *Specialized REITs — continued* | *Specialized REITs — continued* |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; $1545000<br>| &nbsp;&nbsp;&nbsp; $1512103<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *15003923* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **28039987** |
| **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** |
| *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* |
| &nbsp;&nbsp;&nbsp; Leeward Renewable Energy Operations LLC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 5300000<br>| &nbsp;&nbsp;&nbsp; 5069621<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 2100220<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 4585000<br>| &nbsp;&nbsp;&nbsp; 4648128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1530576<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 827772<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2118448<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp;&nbsp; 4450518<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *20745283* |
| *Independent Power and Renewable Electricity Producers — 0.8%* | *Independent Power and Renewable Electricity Producers — 0.8%* | *Independent Power and Renewable Electricity Producers — 0.8%* | *Independent Power and Renewable Electricity Producers — 0.8%* | *Independent Power and Renewable Electricity Producers — 0.8%* |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 5865000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *5887369*<br> <sup>(a)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **26632652** |
| **Total Corporate Bonds & Notes (Cost — $662,245,299)** | **Total Corporate Bonds & Notes (Cost — $662,245,299)** | **Total Corporate Bonds & Notes (Cost — $662,245,299)** | **Total Corporate Bonds & Notes (Cost — $662,245,299)** | &nbsp;&nbsp; **672439540** |
| **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** | **Senior Loans — 0.4%** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| *Media — 0.0%††* | *Media — 0.0%††* | *Media — 0.0%††* | *Media — 0.0%††* | *Media — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Diamond Sports Net LLC, First Lien Exit Term Loan (15.000% PIK)  | 15.000% | &nbsp;&nbsp; 1/2/28 | &nbsp;&nbsp; 71129<br>| &nbsp;&nbsp;&nbsp;&nbsp; **27893**<br> <sup>(b)(d)(e)</sup><br>|
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%)  | 6.466% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 1466556<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1471139**<br> <sup>(c)(d)(e)</sup><br>|
| **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** | **Materials — 0.2%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., Second Lien Term Loan (1 mo. Term SOFR + 7.538%) | 11.254% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 418605<br>| &nbsp;&nbsp;&nbsp; 407357<br> <sup>(c)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vibrantz Technologies Inc., Initial Term Loan (3 mo. Term SOFR + 4.400%) | 8.327% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 1644750<br>| &nbsp;&nbsp;&nbsp; 921520<br> <sup>(c)(d)(e)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1328877** |
| **Total Senior Loans (Cost — $3,579,198)** | **Total Senior Loans (Cost — $3,579,198)** | **Total Senior Loans (Cost — $3,579,198)** | **Total Senior Loans (Cost — $3,579,198)** | &nbsp;&nbsp; **2827909** |
| **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** | **Municipal Bonds — 0.2%** |
| *Arizona — 0.2%* | *Arizona — 0.2%* | *Arizona — 0.2%* | *Arizona — 0.2%* | *Arizona — 0.2%* |
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA Revenue, Grand Canyon University Project T (Cost — <br> $1,554,669) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1545000 | &nbsp;&nbsp;&nbsp;&nbsp; **1621419**<br> <sup>(a)</sup><br>|
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 0.1%** | **Convertible Preferred Stocks — 0.1%** | **Convertible Preferred Stocks — 0.1%** | **Convertible Preferred Stocks — 0.1%** | **Convertible Preferred Stocks — 0.1%** |
| **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** | **Industrials — 0.1%** |
| *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* | *Aerospace & Defense — 0.1%* |
| &nbsp;&nbsp;&nbsp; Boeing Co. (Cost — $550,000) | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp; **759660**<br>|
| **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** |
| **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** | **Communication Services — 0.1%** |
| *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Altice France SA | &nbsp;&nbsp;&nbsp; Altice France SA |  | &nbsp;&nbsp; 9795 | &nbsp;&nbsp;&nbsp; **176,407**<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin High Yield Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** | **Financials — 0.0%††** |
| *Financial Services — 0.0%††* | *Financial Services — 0.0%††* | *Financial Services — 0.0%††* | *Financial Services — 0.0%††* | *Financial Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; DSG TOPCO, Inc. | &nbsp;&nbsp;&nbsp; DSG TOPCO, Inc. |  | &nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp; **$1216**<br> <sup>(f)(g)</sup><br>|
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| *Pharmaceuticals — 0.0%††* | *Pharmaceuticals — 0.0%††* | *Pharmaceuticals — 0.0%††* | *Pharmaceuticals — 0.0%††* | *Pharmaceuticals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Keenova Therapeutics PLC | &nbsp;&nbsp;&nbsp; Keenova Therapeutics PLC |  | &nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp; 129255<br>|
| &nbsp;&nbsp;&nbsp; Par Health Inc. | &nbsp;&nbsp;&nbsp; Par Health Inc. |  | &nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp; 13547<br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **142802** |
| **Total Common Stocks (Cost — $269,115)** | **Total Common Stocks (Cost — $269,115)** | **Total Common Stocks (Cost — $269,115)** | **Total Common Stocks (Cost — $269,115)** | &nbsp;&nbsp;&nbsp; **320425**<br>|
|  |  | Expiration <br>Date <br>| Rights |  |
| **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** | **Rights — 0.0%††** |
| **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** | **Communication Services — 0.0%††** |
| *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Altice France SA (Cost — $0) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp; **8,317**<br> \*<br>|
| **Total Investments before Short-Term Investments (Cost — $668,198,281)** | **Total Investments before Short-Term Investments (Cost — $668,198,281)** | **Total Investments before Short-Term Investments (Cost — $668,198,281)** | **Total Investments before Short-Term Investments (Cost — $668,198,281)** | &nbsp;&nbsp; **677977270** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $10,142,146)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 10142146<br>| &nbsp;&nbsp;&nbsp;&nbsp; **10142146**<br> <sup>(h)(i)(j)</sup><br>|
| **Total Investments — 98.2% (Cost — $678,340,427)** | **Total Investments — 98.2% (Cost — $678,340,427)** | **Total Investments — 98.2% (Cost — $678,340,427)** | **Total Investments — 98.2% (Cost — $678,340,427)** | &nbsp;&nbsp; **688119416** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; 12784484 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$700903900** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(c)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(d)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(e)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(f)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(g)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(h)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(i)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $10,142,146 and the cost was $10,142,146 (Note 3).<br>|
| <sup>(j)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| IDA |  | Industrial Development Authority |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin High Yield Corporate ETF**

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 57.5%** | **Common Stocks — 57.5%** | **Common Stocks — 57.5%** |
| **Communication Services — 2.9%** | **Communication Services — 2.9%** | **Communication Services — 2.9%** |
| *Diversified Telecommunication Services — 2.4%* | *Diversified Telecommunication Services — 2.4%* | *Diversified Telecommunication Services — 2.4%* |
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc. | &nbsp;&nbsp; 65820 | &nbsp;&nbsp;&nbsp; $*2680848*<br>|
| *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A Shares | &nbsp;&nbsp; 19082 | &nbsp;&nbsp;&nbsp; *570361*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **3251209** |
| **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** |
| *Hotels, Restaurants & Leisure — 1.6%* | *Hotels, Restaurants & Leisure — 1.6%* | *Hotels, Restaurants & Leisure — 1.6%* |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 4176 | &nbsp;&nbsp;&nbsp; 1276311<br>|
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp; 6192 | &nbsp;&nbsp;&nbsp; 521428<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *1797739* |
| *Specialty Retail — 1.0%* | *Specialty Retail — 1.0%* | *Specialty Retail — 1.0%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc. | &nbsp;&nbsp; 3325 | &nbsp;&nbsp;&nbsp; *1144133*<br>|
| *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* |
| &nbsp;&nbsp;&nbsp; NIKE Inc., Class B Shares | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; *509680*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **3451552** |
| **Consumer Staples — 10.2%** | **Consumer Staples — 10.2%** | **Consumer Staples — 10.2%** |
| *Beverages — 4.7%* | *Beverages — 4.7%* | *Beverages — 4.7%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 22588 | &nbsp;&nbsp;&nbsp; 1579127<br>|
| &nbsp;&nbsp;&nbsp; PepsiCo Inc. | &nbsp;&nbsp; 26100 | &nbsp;&nbsp;&nbsp; 3745872<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *5324999* |
| *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp; 8204 | &nbsp;&nbsp;&nbsp; *801941*<br>|
| *Food Products — 0.5%* | *Food Products — 0.5%* | *Food Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Nestle SA, ADR | &nbsp;&nbsp; 5603 | &nbsp;&nbsp;&nbsp; *553464*<br>|
| *Household Products — 2.8%* | *Household Products — 2.8%* | *Household Products — 2.8%* |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | &nbsp;&nbsp; 21610 | &nbsp;&nbsp;&nbsp; *3096929*<br>|
| *Tobacco — 1.5%* | *Tobacco — 1.5%* | *Tobacco — 1.5%* |
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc. | &nbsp;&nbsp; 10855 | &nbsp;&nbsp;&nbsp; *1741142*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **11518475** |
| **Energy — 7.3%** | **Energy — 7.3%** | **Energy — 7.3%** |
| *Oil, Gas & Consumable Fuels — 7.3%* | *Oil, Gas & Consumable Fuels — 7.3%* | *Oil, Gas & Consumable Fuels — 7.3%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 20908 | &nbsp;&nbsp;&nbsp; 3186589<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 30927 | &nbsp;&nbsp;&nbsp; 3721755<br>|
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | &nbsp;&nbsp; 20179 | &nbsp;&nbsp;&nbsp; 1320110<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **8228454** |
| **Financials — 6.0%** | **Financials — 6.0%** | **Financials — 6.0%** |
| *Banks — 4.1%* | *Banks — 4.1%* | *Banks — 4.1%* |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 13385 | &nbsp;&nbsp;&nbsp; 626552<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 6544 | &nbsp;&nbsp;&nbsp; 2108607<br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc. | &nbsp;&nbsp; 3103 | &nbsp;&nbsp;&nbsp; 647689<br>|
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp; 24413 | &nbsp;&nbsp;&nbsp; 1302678<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *4685526* |
| *Capital Markets — 1.9%* | *Capital Markets — 1.9%* | *Capital Markets — 1.9%* |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; 11867 | &nbsp;&nbsp;&nbsp; *2106749*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **6792275** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| **Health Care — 7.1%** | **Health Care — 7.1%** | **Health Care — 7.1%** | **Health Care — 7.1%** | **Health Care — 7.1%** |
| *Pharmaceuticals — 7.1%* | *Pharmaceuticals — 7.1%* | *Pharmaceuticals — 7.1%* | *Pharmaceuticals — 7.1%* | *Pharmaceuticals — 7.1%* |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR |  | &nbsp;&nbsp; 8416 | &nbsp;&nbsp;&nbsp; $773683<br>|
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp; Johnson & Johnson |  | &nbsp;&nbsp; 15342 | &nbsp;&nbsp;&nbsp; 3175027<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc. | &nbsp;&nbsp;&nbsp; Merck & Co. Inc. |  | &nbsp;&nbsp; 26844 | &nbsp;&nbsp;&nbsp; 2825599<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc. | &nbsp;&nbsp;&nbsp; Pfizer Inc. |  | &nbsp;&nbsp; 48515 | &nbsp;&nbsp;&nbsp; 1208024<br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **7982333** |
| **Industrials — 9.6%** | **Industrials — 9.6%** | **Industrials — 9.6%** | **Industrials — 9.6%** | **Industrials — 9.6%** |
| *Aerospace & Defense — 4.7%* | *Aerospace & Defense — 4.7%* | *Aerospace & Defense — 4.7%* | *Aerospace & Defense — 4.7%* | *Aerospace & Defense — 4.7%* |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. |  | &nbsp;&nbsp; 6054 | &nbsp;&nbsp;&nbsp; 2928138<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp;&nbsp; RTX Corp. |  | &nbsp;&nbsp; 12834 | &nbsp;&nbsp;&nbsp; 2353756<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *5281894* |
| *Building Products — 2.5%* | *Building Products — 2.5%* | *Building Products — 2.5%* | *Building Products — 2.5%* | *Building Products — 2.5%* |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | &nbsp;&nbsp;&nbsp; Johnson Controls International PLC |  | &nbsp;&nbsp; 23244 | &nbsp;&nbsp;&nbsp; *2783469*<br>|
| *Ground Transportation — 1.5%* | *Ground Transportation — 1.5%* | *Ground Transportation — 1.5%* | *Ground Transportation — 1.5%* | *Ground Transportation — 1.5%* |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp; Union Pacific Corp. |  | &nbsp;&nbsp; 7475 | &nbsp;&nbsp;&nbsp; *1729117*<br>|
| *Industrial Conglomerates — 0.9%* | *Industrial Conglomerates — 0.9%* | *Industrial Conglomerates — 0.9%* | *Industrial Conglomerates — 0.9%* | *Industrial Conglomerates — 0.9%* |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc. | &nbsp;&nbsp;&nbsp; Honeywell International Inc. |  | &nbsp;&nbsp; 5111 | &nbsp;&nbsp;&nbsp; *997105*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **10791585** |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| *Semiconductors & Semiconductor Equipment — 1.0%* | *Semiconductors & Semiconductor Equipment — 1.0%* | *Semiconductors & Semiconductor Equipment — 1.0%* | *Semiconductors & Semiconductor Equipment — 1.0%* | *Semiconductors & Semiconductor Equipment — 1.0%* |
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp;&nbsp; Texas Instruments Inc. |  | &nbsp;&nbsp; 6470 | &nbsp;&nbsp;&nbsp; **1122480**<br>|
| **Materials — 4.0%** | **Materials — 4.0%** | **Materials — 4.0%** | **Materials — 4.0%** | **Materials — 4.0%** |
| *Chemicals — 2.0%* | *Chemicals — 2.0%* | *Chemicals — 2.0%* | *Chemicals — 2.0%* | *Chemicals — 2.0%* |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals Inc. | &nbsp;&nbsp;&nbsp; Air Products & Chemicals Inc. |  | &nbsp;&nbsp; 6668 | &nbsp;&nbsp;&nbsp; 1647129<br>|
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A Shares |  | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp; 562900<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *2210029* |
| *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* |
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | &nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR |  | &nbsp;&nbsp; 28923 | &nbsp;&nbsp;&nbsp; *2314708*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4524737** |
| **Utilities — 6.4%** | **Utilities — 6.4%** | **Utilities — 6.4%** | **Utilities — 6.4%** | **Utilities — 6.4%** |
| *Electric Utilities — 5.4%* | *Electric Utilities — 5.4%* | *Electric Utilities — 5.4%* | *Electric Utilities — 5.4%* | *Electric Utilities — 5.4%* |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp;&nbsp; Duke Energy Corp. |  | &nbsp;&nbsp; 13104 | &nbsp;&nbsp;&nbsp; 1535920<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp;&nbsp; NextEra Energy Inc. |  | &nbsp;&nbsp; 19624 | &nbsp;&nbsp;&nbsp; 1575414<br>|
| &nbsp;&nbsp;&nbsp; Southern Co. | &nbsp;&nbsp;&nbsp; Southern Co. |  | &nbsp;&nbsp; 34084 | &nbsp;&nbsp;&nbsp; 2972125<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *6083459* |
| *Multi-Utilities — 1.0%* | *Multi-Utilities — 1.0%* | *Multi-Utilities — 1.0%* | *Multi-Utilities — 1.0%* | *Multi-Utilities — 1.0%* |
| &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp;&nbsp; Sempra |  | &nbsp;&nbsp; 12743 | &nbsp;&nbsp;&nbsp; *1125080*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **7208539** |
| **Total Common Stocks (Cost — $59,008,920)** | **Total Common Stocks (Cost — $59,008,920)** | **Total Common Stocks (Cost — $59,008,920)** | **Total Common Stocks (Cost — $59,008,920)** | &nbsp;&nbsp;&nbsp; **64871639**<br>|
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Equity-Linked Securities — 36.3%** | **Equity-Linked Securities — 36.3%** | **Equity-Linked Securities — 36.3%** | **Equity-Linked Securities — 36.3%** | **Equity-Linked Securities — 36.3%** |
| **Other — 36.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into AbbVie Inc. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/16/26 | &nbsp;&nbsp; $5000<br>| &nbsp;&nbsp;&nbsp; 1131513<br>|
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into Analog Devices Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/8/27 | &nbsp;&nbsp; 4200<br>| &nbsp;&nbsp;&nbsp; 1155355<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into S&P 500 Index | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 1/21/26 | &nbsp;&nbsp; 200<br>| &nbsp;&nbsp;&nbsp; 1360957<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| &nbsp;&nbsp;&nbsp; BNP Paribas Issuance BV into Accenture PLC | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/4/26 | &nbsp;&nbsp; $3200<br>| &nbsp;&nbsp;&nbsp; $860511<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas Issuance BV into Freeport-McMoRan Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp;&nbsp; 2040887<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas Issuance BV into The Boeing Co. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/8/27 | &nbsp;&nbsp; 4500<br>| &nbsp;&nbsp;&nbsp; 975843<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings Inc. into Alphabet Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/29/26 | &nbsp;&nbsp; 4000<br>| &nbsp;&nbsp;&nbsp; 845354<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings Inc. into Cisco <br> Systems Inc.<br>| &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/28/26 | &nbsp;&nbsp; 28000<br>| &nbsp;&nbsp;&nbsp; 2068916<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings Inc. into International <br> Business Machines Corp.<br>| &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/21/26 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 1339972<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings Inc. into Newmont Corp. | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/18/26 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp;&nbsp; 739816<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA into Marvell Technology Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp;&nbsp; 1281065<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA into Microsoft Inc. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 2000<br>| &nbsp;&nbsp;&nbsp; 985206<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA into SLB Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 34000<br>| &nbsp;&nbsp;&nbsp; 1310371<br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch BV into Dell Technologies Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 7000<br>| &nbsp;&nbsp;&nbsp; 879921<br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch BV into Microchip Technology Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 12/29/26 | &nbsp;&nbsp; 22000<br>| &nbsp;&nbsp;&nbsp; 1440518<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch BV into United Health Group Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 6000<br>| &nbsp;&nbsp;&nbsp; 1959410<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into Meta Platforms Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 12/7/26 | &nbsp;&nbsp; 1600<br>| &nbsp;&nbsp;&nbsp; 1011123<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into Microsoft Corp. | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 2250<br>| &nbsp;&nbsp;&nbsp; 1093537<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into Schlumberger NV | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp;&nbsp; 939473<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 2500<br>| &nbsp;&nbsp;&nbsp; 871839<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Finance II Ltd. into Amazon.com Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/8/27 | &nbsp;&nbsp; 3777<br>| &nbsp;&nbsp;&nbsp; 869277<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Finance II Ltd. into Amgen Inc. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/16/26 | &nbsp;&nbsp; 3500<br>| &nbsp;&nbsp;&nbsp; 1155121<br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada into Analog Devices Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp;&nbsp; 1985547<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada into Oracle Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 800<br>| &nbsp;&nbsp;&nbsp; 127457<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada into Texas Instruments Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/21/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp;&nbsp; 1969883<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank into Amazon.com Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/13/26 | &nbsp;&nbsp; 2200<br>| &nbsp;&nbsp;&nbsp; 490570<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank into Apple Inc. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/13/26 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 1219044<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank into Lowe's Cos. Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/19/26 | &nbsp;&nbsp; 4700<br>| &nbsp;&nbsp;&nbsp; 1117407<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank into QUALCOMM Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/25/26 | &nbsp;&nbsp; 3450<br>| &nbsp;&nbsp;&nbsp; 602640<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank into Starbucks Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 1688837<br>|
| &nbsp;&nbsp;&nbsp; UBS AG into Bank of America Corp. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 1/28/26 | &nbsp;&nbsp; 22000<br>| &nbsp;&nbsp;&nbsp; 1133400<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG into Nasdaq 100 Stock Index | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/21/26 | &nbsp;&nbsp; 40<br>| &nbsp;&nbsp;&nbsp; 1010270<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA into Salesforce.com Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 2500<br>| &nbsp;&nbsp;&nbsp; 659353<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 4700<br>| &nbsp;&nbsp;&nbsp; 1621860<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA into United Parcel Service Inc. | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 10789<br>| &nbsp;&nbsp;&nbsp; 1082642<br>|
| **Total Equity-Linked Securities (Cost — $40,543,384)** | **Total Equity-Linked Securities (Cost — $40,543,384)** | **Total Equity-Linked Securities (Cost — $40,543,384)** | **Total Equity-Linked Securities (Cost — $40,543,384)** | &nbsp;&nbsp; **41024895** |
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 5.7%** | **Convertible Preferred Stocks — 5.7%** | **Convertible Preferred Stocks — 5.7%** | **Convertible Preferred Stocks — 5.7%** | **Convertible Preferred Stocks — 5.7%** |
| **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** | **Financials — 0.7%** |
| *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Non Voting Shares | &nbsp;&nbsp; 6.750% |  | &nbsp;&nbsp; 16845 | &nbsp;&nbsp;&nbsp; **848988**<br>|
| **Industrials — 1.3%** | **Industrials — 1.3%** | **Industrials — 1.3%** | **Industrials — 1.3%** | **Industrials — 1.3%** |
| *Aerospace & Defense — 1.3%* | *Aerospace & Defense — 1.3%* | *Aerospace & Defense — 1.3%* | *Aerospace & Defense — 1.3%* | *Aerospace & Defense — 1.3%* |
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 20672 | &nbsp;&nbsp;&nbsp; **1427609**<br>|
| **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** | **Information Technology — 0.7%** |
| *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 7.625% |  | &nbsp;&nbsp; 11206 | &nbsp;&nbsp;&nbsp; **747328**<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Income Equity Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** |
| *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* |
| &nbsp;&nbsp;&nbsp; Albemarle Corp., Non Voting Shares | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 30780 | &nbsp;&nbsp;&nbsp; **$1828024**<br>|
| **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
| *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* |
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp; 7.299% | &nbsp;&nbsp; 30517 | &nbsp;&nbsp;&nbsp; **1579865**<br>|
| **Total Convertible Preferred Stocks (Cost — $5,381,528)** | **Total Convertible Preferred Stocks (Cost — $5,381,528)** | **Total Convertible Preferred Stocks (Cost — $5,381,528)** | &nbsp;&nbsp; **6431814** |
| **Total Investments before Short-Term Investments (Cost — $104,933,832)** | **Total Investments before Short-Term Investments (Cost — $104,933,832)** | **Total Investments before Short-Term Investments (Cost — $104,933,832)** | &nbsp;&nbsp; **112328348** |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $449,186)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 449186<br>| &nbsp;&nbsp;&nbsp;&nbsp; **449186**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 99.9% (Cost — $105,383,018)** | **Total Investments — 99.9% (Cost — $105,383,018)** | **Total Investments — 99.9% (Cost — $105,383,018)** | &nbsp;&nbsp; **112777534** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 136623 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$112914157** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(b)</sup> Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(c)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(d)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of investments in Affiliated Companies was $449,186 and the cost was $449,186 (Note 3). 

<sup>(e)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

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Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 29.9%** | **Corporate Bonds & Notes — 29.9%** | **Corporate Bonds & Notes — 29.9%** | **Corporate Bonds & Notes — 29.9%** | **Corporate Bonds & Notes — 29.9%** |
| **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** | **Communication Services — 1.6%** |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; $945000<br>| &nbsp;&nbsp;&nbsp; $*993938*<br>|
| *Media — 1.3%* | *Media — 1.3%* | *Media — 1.3%* | *Media — 1.3%* | *Media — 1.3%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1998411<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1340074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1236750<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2738477<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1146802<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 2859129<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2688820<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *14008463* |
| *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Connect Holding II LLC, Senior Secured Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 4/3/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1896480<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 918685<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *2815165* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **17817566** |
| **Consumer Discretionary — 4.5%** | **Consumer Discretionary — 4.5%** | **Consumer Discretionary — 4.5%** | **Consumer Discretionary — 4.5%** | **Consumer Discretionary — 4.5%** |
| *Automobile Components — 0.3%* | *Automobile Components — 0.3%* | *Automobile Components — 0.3%* | *Automobile Components — 0.3%* | *Automobile Components — 0.3%* |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2167457<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1574055<br> <sup>(a)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *3741512* |
| *Automobiles — 1.9%* | *Automobiles — 1.9%* | *Automobiles — 1.9%* | *Automobiles — 1.9%* | *Automobiles — 1.9%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/12/32 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1542789<br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Co., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 9300000<br>| &nbsp;&nbsp;&nbsp; 9586576<br>|
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 7.350% | &nbsp;&nbsp; 3/6/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3221094<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2825210<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/7/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 886444<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 1/9/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2160243<br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *20222356* |
| *Hotels, Restaurants & Leisure — 1.6%* | *Hotels, Restaurants & Leisure — 1.6%* | *Hotels, Restaurants & Leisure — 1.6%* | *Hotels, Restaurants & Leisure — 1.6%* | *Hotels, Restaurants & Leisure — 1.6%* |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 855000<br>| &nbsp;&nbsp;&nbsp; 820709<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4866045<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2568827<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2066230<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Expedia Group Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp;&nbsp; 522583<br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2378750<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1315000<br>| &nbsp;&nbsp;&nbsp; 1278644<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 307361<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 621068<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp;&nbsp; 778461<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 757892<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 818477<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *17785047* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* |
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; $2000000<br>| &nbsp;&nbsp;&nbsp; $*2099696*<br> <sup>(a)</sup><br>|
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; *1024364*<br>|
| *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, Senior Notes (10.000% Cash or 10.750% PIK) | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *3866216*<br> <sup>(a)(b)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **48739191** |
| **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |
| *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* | *Food Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 2530000<br>| &nbsp;&nbsp;&nbsp; 2644705<br>|
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1070261<br>|
| &nbsp;&nbsp;&nbsp; Post Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 720107<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *4435073* |
| *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2049838*<br> <sup>(a)</sup><br>|
| *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/19/32 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 995148<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 6.421% | &nbsp;&nbsp; 8/2/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 552304<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 523154<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *2070606* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **8555517** |
| **Energy — 3.3%** | **Energy — 3.3%** | **Energy — 3.3%** | **Energy — 3.3%** | **Energy — 3.3%** |
| *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* | *Energy Equipment & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 748000<br>| &nbsp;&nbsp;&nbsp; 767223<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3073926<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *3841149* |
| *Oil, Gas & Consumable Fuels — 3.0%* | *Oil, Gas & Consumable Fuels — 3.0%* | *Oil, Gas & Consumable Fuels — 3.0%* | *Oil, Gas & Consumable Fuels — 3.0%* | *Oil, Gas & Consumable Fuels — 3.0%* |
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 2625000<br>| &nbsp;&nbsp;&nbsp; 2628964<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1525170<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet Finance Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 308352<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 781745<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2628725<br>|
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2377443<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp;&nbsp; 530100<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp;&nbsp; 800371<br>|
| &nbsp;&nbsp;&nbsp; Matador Resources Co., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 456667<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2154538<br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Junior Subordinated Notes (9.000% to 9/30/29 then <br> 5 year Treasury Constant Maturity Rate + 5.440%) | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 3952303<br> <sup>(a)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3547052<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3056773<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 4089111<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2190977<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1535834<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *32564125* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **36405274** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Financials — 3.3%** | **Financials — 3.3%** | **Financials — 3.3%** | **Financials — 3.3%** | **Financials — 3.3%** |
| *Banks — 1.6%* | *Banks — 1.6%* | *Banks — 1.6%* | *Banks — 1.6%* | *Banks — 1.6%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.571% to 4/27/32 then SOFR + <br> 1.830%) | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 4/27/33 | &nbsp;&nbsp; $1500000<br>| &nbsp;&nbsp;&nbsp; $1496784<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (5.425% to 8/15/34 then SOFR + <br> 1.913%) | &nbsp;&nbsp; 5.425% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1534614<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Junior Subordinated Notes (7.625% to 9/15/35 then USD 5 year <br> SOFR ICE Swap Rate + 3.686%) | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1071102<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (7.437% to 11/2/32 then 1 year Treasury Constant <br> Maturity Rate + 3.500%) | &nbsp;&nbsp; 7.437% | &nbsp;&nbsp; 11/2/33 | &nbsp;&nbsp; 1465000<br>| &nbsp;&nbsp;&nbsp; 1675755<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2859313<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (6.270% to 11/17/32 then SOFR + 2.338%) | &nbsp;&nbsp; 6.270% | &nbsp;&nbsp; 11/17/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 544660<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes (6.020% to 1/24/35 then SOFR + 1.830%) | &nbsp;&nbsp; 6.020% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1047808<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes (6.174% to 5/25/33 then SOFR + 2.661%) | &nbsp;&nbsp; 6.174% | &nbsp;&nbsp; 5/25/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1594015<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (6.500% to 4/1/30 then 5 <br> year Treasury Constant Maturity Rate + 2.152%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2079742<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.040% to 1/23/27 then SOFR + <br> 1.190%) | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 1/23/28 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 990421<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; KeyBank NA, Subordinated Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/8/32 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp;&nbsp; 613930<br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.068% to 1/24/33 then <br> SOFR + 1.933%) | &nbsp;&nbsp; 5.068% | &nbsp;&nbsp; 1/24/34 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 521999<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Subordinated Notes (4.916% to 7/28/32 then SOFR + <br> 2.240%) | &nbsp;&nbsp; 4.916% | &nbsp;&nbsp; 7/28/33 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 543241<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.836% to 6/10/33 then SOFR + 2.260%) | &nbsp;&nbsp; 5.836% | &nbsp;&nbsp; 6/12/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 320235<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.389% to 4/24/33 then SOFR + 2.020%) | &nbsp;&nbsp; 5.389% | &nbsp;&nbsp; 4/24/34 | &nbsp;&nbsp; 1101000<br>| &nbsp;&nbsp;&nbsp; 1145861<br> <sup>(d)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *18039480* |
| *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* | *Capital Markets — 0.7%* |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (5.853% to 5/19/33 then SOFR + <br> 2.500%) | &nbsp;&nbsp; 5.853% | &nbsp;&nbsp; 5/19/34 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 525136<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (6.196% to 11/17/28 then SOFR + <br> 1.878%) | &nbsp;&nbsp; 6.196% | &nbsp;&nbsp; 11/17/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 529033<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Junior Subordinated Notes (6.850% to 2/10/30 <br> then 5 year Treasury Constant Maturity Rate + 2.461%) | &nbsp;&nbsp; 6.850% | &nbsp;&nbsp; 2/10/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1043939<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (6.561% to 10/24/33 then SOFR + <br> 1.950%) | &nbsp;&nbsp; 6.561% | &nbsp;&nbsp; 10/24/34 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp;&nbsp; 919823<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.250% to 4/21/33 then SOFR + 1.870%) | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/21/34 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp;&nbsp; 4016501<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (6.342% to 10/18/32 then SOFR + 2.560%) | &nbsp;&nbsp; 6.342% | &nbsp;&nbsp; 10/18/33 | &nbsp;&nbsp; 1148000<br>| &nbsp;&nbsp;&nbsp; 1258596<br> <sup>(d)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *8293028* |
| *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (4.927% to 5/10/27 then SOFR + <br> 2.057%) | &nbsp;&nbsp; 4.927% | &nbsp;&nbsp; 5/10/28 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 774159<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (5.817% to 2/1/33 then SOFR + <br> 2.600%) | &nbsp;&nbsp; 5.817% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1047052<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (7.624% to 10/30/30 then SOFR + <br> 3.070%) | &nbsp;&nbsp; 7.624% | &nbsp;&nbsp; 10/30/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2826202<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Subordinated Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/28/26 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 598822<br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *5246235* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* | *Financial Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/6/28 | &nbsp;&nbsp; $500000<br>| &nbsp;&nbsp;&nbsp; $518255<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/10/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 748794<br>|
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/26/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 524699<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *1791748* |
| *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* | *Insurance — 0.3%* |
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2076253<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp;&nbsp; 551952<br>|
| &nbsp;&nbsp;&nbsp; Five Corners Funding Trust III, Senior Notes | &nbsp;&nbsp; 5.791% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 517034<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *3145239* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **36515730** |
| **Health Care — 5.4%** | **Health Care — 5.4%** | **Health Care — 5.4%** | **Health Care — 5.4%** | **Health Care — 5.4%** |
| *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 512259<br>|
| &nbsp;&nbsp;&nbsp; Genmab A/S/Genmab Finance LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 12/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 525626<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Genmab A/S/Genmab Finance LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1538312<br> <sup>(a)</sup><br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *2576197* |
| *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* | *Health Care Equipment & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp;&nbsp; 705375<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.905% | &nbsp;&nbsp; 11/22/32 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 511934<br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 1135000<br>| &nbsp;&nbsp;&nbsp; 1108900<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 465755<br> <sup>(a)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *2791964* |
| *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* |
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1553030<br>|
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 2030000<br>| &nbsp;&nbsp;&nbsp; 1754196<br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4010717<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp;&nbsp; 9834210<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5257893<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/21/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1029886<br>|
| &nbsp;&nbsp;&nbsp; DaVita Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 2520000<br>| &nbsp;&nbsp;&nbsp; 2452124<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 520783<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1037673<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care US Finance III Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 2/16/31 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp;&nbsp; 573233<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 2935000<br>| &nbsp;&nbsp;&nbsp; 3026094<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 2363000<br>| &nbsp;&nbsp;&nbsp; 2375009<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2575548<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 5915611<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3585902<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2602622<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 521117<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *48625648* |
| *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2081534<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 529096<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1957209<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; $600000<br>| &nbsp;&nbsp;&nbsp; $623152<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *5190991* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **59184800** |
| **Industrials — 3.2%** | **Industrials — 3.2%** | **Industrials — 3.2%** | **Industrials — 3.2%** | **Industrials — 3.2%** |
| *Aerospace & Defense — 1.1%* | *Aerospace & Defense — 1.1%* | *Aerospace & Defense — 1.1%* | *Aerospace & Defense — 1.1%* | *Aerospace & Defense — 1.1%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 3060000<br>| &nbsp;&nbsp;&nbsp; 3145239<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1660065<br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 640139<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 611320<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2560700<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3126958<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *11744421* |
| *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* | *Building Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp., Senior Notes | &nbsp;&nbsp; 2.722% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 800610<br>|
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 521381<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1041535<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *2363526* |
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2068490*<br> <sup>(a)</sup><br>|
| *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* | *Electrical Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., Senior Notes | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1060255<br>|
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 538094<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *1598349* |
| *Passenger Airlines — 1.2%* | *Passenger Airlines — 1.2%* | *Passenger Airlines — 1.2%* | *Passenger Airlines — 1.2%* | *Passenger Airlines — 1.2%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5232585<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/20/29 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1018944<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1911855<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 9/20/31 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2772925<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2490919<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *13427228* |
| *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* |
| &nbsp;&nbsp;&nbsp; Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 544177<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3159070<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp;&nbsp; 498613<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *4201860* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **35403874** |
| **Information Technology — 2.2%** | **Information Technology — 2.2%** | **Information Technology — 2.2%** | **Information Technology — 2.2%** | **Information Technology — 2.2%** |
| *Communications Equipment — 0.9%* | *Communications Equipment — 0.9%* | *Communications Equipment — 0.9%* | *Communications Equipment — 0.9%* | *Communications Equipment — 0.9%* |
| &nbsp;&nbsp;&nbsp; CommScope Inc., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1613553<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 8300000<br>| &nbsp;&nbsp;&nbsp; 8390472<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *10004025* |
| *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1835540<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fiserv Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 413202<br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *2248742* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 3.469% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; $1315000<br>| &nbsp;&nbsp;&nbsp; $1199497<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology Inc., Senior Notes | &nbsp;&nbsp; 5.327% | &nbsp;&nbsp; 2/6/29 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 360993<br>|
| &nbsp;&nbsp;&nbsp; NXP BV/NXP Funding LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 518148<br>|
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 778351<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 767772<br> <sup>(a)</sup><br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *3624761* |
| *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* | *Software — 0.6%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 912373<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McAfee Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1746285<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 584322<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/9/32 | &nbsp;&nbsp; 3220000<br>| &nbsp;&nbsp;&nbsp; 3358372<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *6601352* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 316356<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 743672<br>|
| &nbsp;&nbsp;&nbsp; HP, Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 774160<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *1834188* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **24313068** |
| **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** |
| *Chemicals — 1.2%* | *Chemicals — 1.2%* | *Chemicals — 1.2%* | *Chemicals — 1.2%* | *Chemicals — 1.2%* |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.879% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2603548<br>|
| &nbsp;&nbsp;&nbsp; Rain Carbon Inc., Senior Secured Notes | &nbsp;&nbsp; 12.250% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 521293<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1256431<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 1155000<br>| &nbsp;&nbsp;&nbsp; 1159433<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tronox Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2102749<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tronox Inc., Senior Secured Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4996269<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *12639723* |
| *Containers & Packaging — 1.2%* | *Containers & Packaging — 1.2%* | *Containers & Packaging — 1.2%* | *Containers & Packaging — 1.2%* | *Containers & Packaging — 1.2%* |
| &nbsp;&nbsp;&nbsp; Ardagh Group SA, Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 4702000<br>| &nbsp;&nbsp;&nbsp; 5104269<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance <br> PLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1083583<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1543417<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2895000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2482588<br> <sup>(a)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *13108857* |
| *Metals & Mining — 0.7%* | *Metals & Mining — 0.7%* | *Metals & Mining — 0.7%* | *Metals & Mining — 0.7%* | *Metals & Mining — 0.7%* |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp;&nbsp; 809464<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 6.800% | &nbsp;&nbsp; 11/29/32 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp;&nbsp; 543377<br>|
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1029632<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3078751<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortescue Treasury Pty Ltd., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 968024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortescue Treasury Pty Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp; 804175<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 11/14/34 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp;&nbsp; 799723<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *8033146* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **33781726** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** | **Real Estate — 0.4%** |
| *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* | *Diversified REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; $500000<br>| &nbsp;&nbsp;&nbsp; $513783<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 805794<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *1319577* |
| *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1309646<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 302646<br>|
| &nbsp;&nbsp;&nbsp; Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1535804<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *3148096* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **4467673** |
| **Utilities — 2.1%** | **Utilities — 2.1%** | **Utilities — 2.1%** | **Utilities — 2.1%** | **Utilities — 2.1%** |
| *Electric Utilities — 1.7%* | *Electric Utilities — 1.7%* | *Electric Utilities — 1.7%* | *Electric Utilities — 1.7%* | *Electric Utilities — 1.7%* |
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 315300<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 289628<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 513656<br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1234269<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2043568<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1541933<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3548189<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 831682<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 993517<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Junior Subordinated Notes (6.375% to 3/15/35 then 5 year <br> Treasury Constant Maturity Rate + 2.069%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1044261<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 509303<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1481910<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1589471<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1475446<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp;&nbsp; 531918<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 893922<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *18837973* |
| *Independent Power and Renewable Electricity Producers — 0.4%* | *Independent Power and Renewable Electricity Producers — 0.4%* | *Independent Power and Renewable Electricity Producers — 0.4%* | *Independent Power and Renewable Electricity Producers — 0.4%* | *Independent Power and Renewable Electricity Producers — 0.4%* |
| &nbsp;&nbsp;&nbsp; Calpine Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1502387<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Corp., Junior Subordinated Notes (8.000% to 10/15/26 then 5 year <br> Treasury Constant Maturity Rate + 6.930%) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2058024<br> <sup>(a)(c)(d)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *3560411* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **22398384** |
| **Total Corporate Bonds & Notes (Cost — $320,237,849)** | **Total Corporate Bonds & Notes (Cost — $320,237,849)** | **Total Corporate Bonds & Notes (Cost — $320,237,849)** | **Total Corporate Bonds & Notes (Cost — $320,237,849)** | &nbsp;&nbsp; **327582803** |
|  |  |  | Shares |  |
| **Common Stocks — 27.9%** | **Common Stocks — 27.9%** | **Common Stocks — 27.9%** | **Common Stocks — 27.9%** | **Common Stocks — 27.9%** |
| **Communication Services — 1.5%** | **Communication Services — 1.5%** | **Communication Services — 1.5%** | **Communication Services — 1.5%** | **Communication Services — 1.5%** |
| *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* | *Diversified Telecommunication Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc. | &nbsp;&nbsp;&nbsp; Verizon Communications Inc. |  | &nbsp;&nbsp; 393401 | &nbsp;&nbsp;&nbsp; **16023223**<br>|
| **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** |
| *Broadline Retail — 0.0%††* | *Broadline Retail — 0.0%††* | *Broadline Retail — 0.0%††* | *Broadline Retail — 0.0%††* | *Broadline Retail — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc. | &nbsp;&nbsp;&nbsp; Amazon.com Inc. |  | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; *15,696*<br> \*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp; 10377 | &nbsp;&nbsp;&nbsp; $*3171522*<br>|
| *Specialty Retail — 0.0%††* | *Specialty Retail — 0.0%††* | *Specialty Retail — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc. | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; *20646*<br>|
| *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* | *Textiles, Apparel & Luxury Goods — 0.4%* |
| &nbsp;&nbsp;&nbsp; NIKE Inc., Class B Shares | &nbsp;&nbsp; 77244 | &nbsp;&nbsp;&nbsp; *4921215*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **8129079** |
| **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** |
| *Beverages — 2.1%* | *Beverages — 2.1%* | *Beverages — 2.1%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 125618 | &nbsp;&nbsp;&nbsp; 8781954<br>|
| &nbsp;&nbsp;&nbsp; PepsiCo Inc. | &nbsp;&nbsp; 98805 | &nbsp;&nbsp;&nbsp; 14180494<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *22962448* |
| *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; Mondelez International Inc., Class A Shares | &nbsp;&nbsp; 102567 | &nbsp;&nbsp;&nbsp; 5521182<br>|
| &nbsp;&nbsp;&nbsp; Nestle SA, ADR | &nbsp;&nbsp; 31464 | &nbsp;&nbsp;&nbsp; 3108014<br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *8629196* |
| *Household Products — 1.3%* | *Household Products — 1.3%* | *Household Products — 1.3%* |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | &nbsp;&nbsp; 99546 | &nbsp;&nbsp;&nbsp; *14265937*<br>|
| *Tobacco — 1.3%* | *Tobacco — 1.3%* | *Tobacco — 1.3%* |
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc. | &nbsp;&nbsp; 87070 | &nbsp;&nbsp;&nbsp; *13966028*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **59823609** |
| **Energy — 4.1%** | **Energy — 4.1%** | **Energy — 4.1%** |
| *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* | *Energy Equipment & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; SLB Ltd. | &nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; *5872*<br>|
| *Oil, Gas & Consumable Fuels — 4.1%* | *Oil, Gas & Consumable Fuels — 4.1%* | *Oil, Gas & Consumable Fuels — 4.1%* |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 149919 | &nbsp;&nbsp;&nbsp; 22849155<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 104600 | &nbsp;&nbsp;&nbsp; 12587564<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | &nbsp;&nbsp; 125498 | &nbsp;&nbsp;&nbsp; 9221593<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *44658312* |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **44664184** |
| **Financials — 2.6%** | **Financials — 2.6%** | **Financials — 2.6%** |
| *Banks — 2.1%* | *Banks — 2.1%* | *Banks — 2.1%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 122465 | &nbsp;&nbsp;&nbsp; 6735575<br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 70420 | &nbsp;&nbsp;&nbsp; 3296360<br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp; 149064 | &nbsp;&nbsp;&nbsp; 7335440<br>|
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp; 103420 | &nbsp;&nbsp;&nbsp; 5518491<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *22885866* |
| *Capital Markets — 0.5%* | *Capital Markets — 0.5%* | *Capital Markets — 0.5%* |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; 31387 | &nbsp;&nbsp;&nbsp; *5572134*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **28458000** |
| **Health Care — 2.7%** | **Health Care — 2.7%** | **Health Care — 2.7%** |
| *Biotechnology — 0.6%* | *Biotechnology — 0.6%* | *Biotechnology — 0.6%* |
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc. | &nbsp;&nbsp; 51914 | &nbsp;&nbsp;&nbsp; *6371924*<br>|
| *Health Care Equipment & Supplies — 1.2%* | *Health Care Equipment & Supplies — 1.2%* | *Health Care Equipment & Supplies — 1.2%* |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp; 42220 | &nbsp;&nbsp;&nbsp; 5289744<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 82778 | &nbsp;&nbsp;&nbsp; 7951655<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *13241399* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* | *Pharmaceuticals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Roche Holding AG, ADR | &nbsp;&nbsp; 203291 | &nbsp;&nbsp;&nbsp; $*10483717*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **30097040** |
| **Industrials — 3.4%** | **Industrials — 3.4%** | **Industrials — 3.4%** |
| *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp; 23557 | &nbsp;&nbsp;&nbsp; *11393814*<br>|
| *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* | *Ground Transportation — 0.9%* |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp; 41599 | &nbsp;&nbsp;&nbsp; *9622681*<br>|
| *Industrial Conglomerates — 1.0%* | *Industrial Conglomerates — 1.0%* | *Industrial Conglomerates — 1.0%* |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc. | &nbsp;&nbsp; 38486 | &nbsp;&nbsp;&nbsp; 7508234<br>|
| &nbsp;&nbsp;&nbsp; Siemens AG, Registered Shares | &nbsp;&nbsp; 12416 | &nbsp;&nbsp;&nbsp; 3489505<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *10997739* |
| *Machinery — 0.5%* | *Machinery — 0.5%* | *Machinery — 0.5%* |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works Inc. | &nbsp;&nbsp; 23630 | &nbsp;&nbsp;&nbsp; *5820069*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **37834303** |
| **Information Technology — 1.1%** | **Information Technology — 1.1%** | **Information Technology — 1.1%** |
| *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Cisco Systems Inc. | &nbsp;&nbsp; 46711 | &nbsp;&nbsp;&nbsp; *3598148*<br>|
| *Semiconductors & Semiconductor Equipment — 0.7%* | *Semiconductors & Semiconductor Equipment — 0.7%* | *Semiconductors & Semiconductor Equipment — 0.7%* |
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc. | &nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 16826<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc. | &nbsp;&nbsp; 16609 | &nbsp;&nbsp;&nbsp; 2840969<br>|
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc. | &nbsp;&nbsp; 29391 | &nbsp;&nbsp;&nbsp; 5099045<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *7956840* |
| *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; *15476*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **11570464** |
| **Materials — 2.2%** | **Materials — 2.2%** | **Materials — 2.2%** |
| *Chemicals — 1.2%* | *Chemicals — 1.2%* | *Chemicals — 1.2%* |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals Inc. | &nbsp;&nbsp; 32954 | &nbsp;&nbsp;&nbsp; 8140297<br>|
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A Shares | &nbsp;&nbsp; 117955 | &nbsp;&nbsp;&nbsp; 5107452<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *13247749* |
| *Metals & Mining — 1.0%* | *Metals & Mining — 1.0%* | *Metals & Mining — 1.0%* |
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | &nbsp;&nbsp; 131951 | &nbsp;&nbsp;&nbsp; *10560038*<br>|
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **23807787** |
| **Utilities — 4.1%** | **Utilities — 4.1%** | **Utilities — 4.1%** |
| *Electric Utilities — 2.2%* | *Electric Utilities — 2.2%* | *Electric Utilities — 2.2%* |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 106572 | &nbsp;&nbsp;&nbsp; 12491304<br>|
| &nbsp;&nbsp;&nbsp; Southern Co. | &nbsp;&nbsp; 97273 | &nbsp;&nbsp;&nbsp; 8482206<br>|
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc. | &nbsp;&nbsp; 45506 | &nbsp;&nbsp;&nbsp; 3361073<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *24334583* |
| *Multi-Utilities — 1.9%* | *Multi-Utilities — 1.9%* | *Multi-Utilities — 1.9%* |
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc. | &nbsp;&nbsp; 99012 | &nbsp;&nbsp;&nbsp; 5801113<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp; 89935 | &nbsp;&nbsp;&nbsp; 11599816<br>|
| &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp; 33697 | &nbsp;&nbsp;&nbsp; 2975108<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *20376037* |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **44710620** |
| **Total Common Stocks (Cost — $293,913,605)** | **Total Common Stocks (Cost — $293,913,605)** | &nbsp;&nbsp;&nbsp; **305118309**<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Equity-Linked Securities — 21.3%** | **Equity-Linked Securities — 21.3%** | **Equity-Linked Securities — 21.3%** | **Equity-Linked Securities — 21.3%** | **Equity-Linked Securities — 21.3%** |
| **Other — 21.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into AbbVie Inc. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 12/16/26 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp;&nbsp; $13578159<br>|
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into Amazon.com Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 2184457<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into ConocoPhillips | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; 37275<br>| &nbsp;&nbsp;&nbsp; 3514823<br>|
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/29/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 4461969<br>|
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into Micron Technology Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 9/8/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp;&nbsp; 3671188<br>|
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into S&P 500 Index | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 1/21/26 | &nbsp;&nbsp; 700<br>| &nbsp;&nbsp;&nbsp; 4763351<br>|
| &nbsp;&nbsp;&nbsp; Barclays Bank PLC into The Home Depot Inc. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/25/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 3478376<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas Issuance BV into Accenture PLC | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/4/26 | &nbsp;&nbsp; 12500<br>| &nbsp;&nbsp;&nbsp; 3361370<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas Issuance BV into AstraZeneca PLC | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 10/14/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 8926611<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas Issuance BV into Freeport-McMoRan Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp; 97000<br>| &nbsp;&nbsp;&nbsp; 4399246<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas Issuance BV into Target Corp. | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 10/7/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp;&nbsp; 2345254<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA into Texas Instruments Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp;&nbsp; 4411131<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings Inc. into Alphabet Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 7/29/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 4226769<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings Inc. into Cisco <br> Systems Inc.<br>| &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/28/26 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp;&nbsp; 12191829<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings Inc. into Freeport-<br> Mcmoran Inc.<br>| &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 6/9/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 2195748<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings Inc. into International <br> Business Machines Corp.<br>| &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/21/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 8039832<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Holdings Inc. into Newmont <br> Corp.<br>| &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/18/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 1972844<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA into Analog Devices Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/19/26 | &nbsp;&nbsp; 17000<br>| &nbsp;&nbsp;&nbsp; 4007926<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA into Marvell Technology Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 9394473<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA into Microsoft Inc. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 4926031<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA into SLB Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp;&nbsp; 2890524<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank NA into The Boeing Co. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp;&nbsp; 2169066<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Structured Products BV into The Home <br> Depot Inc.<br>| &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 10/20/26 | &nbsp;&nbsp; 11500<br>| &nbsp;&nbsp;&nbsp; 4104886<br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 2213432<br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp;&nbsp; 3610592<br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch BV into Bank of America Corp. | &nbsp;&nbsp; 11.000% | &nbsp;&nbsp; 9/3/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 3202207<br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch BV into Dell Technologies Inc. | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 2514059<br>|
| &nbsp;&nbsp;&nbsp; Merrill Lynch BV into United Health Group Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 7500<br>| &nbsp;&nbsp;&nbsp; 2449262<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into Meta Platforms Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 12/7/26 | &nbsp;&nbsp; 7250<br>| &nbsp;&nbsp;&nbsp; 4581653<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into Microsoft Corp. | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 10900<br>| &nbsp;&nbsp;&nbsp; 5297579<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into Mizuho Bank Ltd. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/25/26 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 4706752<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into Mizuho Bank Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 3094375<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into Mizuho Bank Ltd. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 14000<br>| &nbsp;&nbsp;&nbsp; 4261956<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into Schlumberger NV | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 4133681<br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 14500<br>| &nbsp;&nbsp;&nbsp; 5056664<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Finance II Ltd. into Amazon.com Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/8/27 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp;&nbsp; 5523605<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Into International Business Machines <br> Corp.<br>| &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 4/8/27 | &nbsp;&nbsp; 14000<br>| &nbsp;&nbsp;&nbsp; 3995386<br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada into Analog Devices Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 23500<br>| &nbsp;&nbsp;&nbsp; 5832544<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada into Oracle Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 14400<br>| &nbsp;&nbsp;&nbsp; 2294221<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada into Texas Instruments Inc. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 8/20/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 3462026<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank into Amazon.com Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 10/13/26 | &nbsp;&nbsp; $11000<br>| &nbsp;&nbsp;&nbsp; $2452850<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank into Lowe's Cos. Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 8/19/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 4754924<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank into QUALCOMM Inc. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 11/25/26 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp;&nbsp; 4192278<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank into Starbucks Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 34000<br>| &nbsp;&nbsp;&nbsp; 2871022<br>|
| &nbsp;&nbsp;&nbsp; UBS AG into Accenture PLC | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 7500<br>| &nbsp;&nbsp;&nbsp; 2053177<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG into Bank of America Corp. | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 1/28/26 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 3091091<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG into Exxon Mobil Corp. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 12/4/26 | &nbsp;&nbsp; 87000<br>| &nbsp;&nbsp;&nbsp; 10348475<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA into Citigroup Inc. | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/25/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 2872227<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA into NextEra Energy Inc. | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp;&nbsp; 4092652<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA into Salesforce.com Inc. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 8400<br>| &nbsp;&nbsp;&nbsp; 2215427<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA into Starbucks Corp. | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 8/10/26 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 1730373<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA into Target Corp. | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 33000<br>| &nbsp;&nbsp;&nbsp; 3243287<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA into The Home Depot Inc. | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp;&nbsp; 7936759<br>|
| **Total Equity-Linked Securities (Cost — $226,670,189)** | **Total Equity-Linked Securities (Cost — $226,670,189)** | **Total Equity-Linked Securities (Cost — $226,670,189)** | **Total Equity-Linked Securities (Cost — $226,670,189)** | &nbsp;&nbsp; **233300399** |
| **U.S. Government & Agency Obligations — 7.4%** | **U.S. Government & Agency Obligations — 7.4%** | **U.S. Government & Agency Obligations — 7.4%** | **U.S. Government & Agency Obligations — 7.4%** | **U.S. Government & Agency Obligations — 7.4%** |
| *U.S. Government Obligations — 7.4%* | *U.S. Government Obligations — 7.4%* | *U.S. Government Obligations — 7.4%* | *U.S. Government Obligations — 7.4%* | *U.S. Government Obligations — 7.4%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7188125<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1887031<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp; 16709141<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5781562<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/30/27 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5988867<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2581250<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7156680<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 11/30/32 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5931562<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3988438<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4042891<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10085156<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 9857031<br>|
| **Total U.S. Government & Agency Obligations (Cost — $80,104,159)** | **Total U.S. Government & Agency Obligations (Cost — $80,104,159)** | **Total U.S. Government & Agency Obligations (Cost — $80,104,159)** | **Total U.S. Government & Agency Obligations (Cost — $80,104,159)** | &nbsp;&nbsp; **81197734** |
| **Mortgage-Backed Securities — 5.7%** | **Mortgage-Backed Securities — 5.7%** | **Mortgage-Backed Securities — 5.7%** | **Mortgage-Backed Securities — 5.7%** | **Mortgage-Backed Securities — 5.7%** |
| *FHLMC — 1.7%* | *FHLMC — 1.7%* | *FHLMC — 1.7%* | *FHLMC — 1.7%* | *FHLMC — 1.7%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/53- <br>11/1/54<br>| &nbsp;&nbsp; 5169818 | &nbsp;&nbsp;&nbsp; 5163175<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/53- <br>10/1/55<br>| &nbsp;&nbsp; 10167369 | &nbsp;&nbsp;&nbsp; 10317438<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 2586337<br>| &nbsp;&nbsp;&nbsp; 2657748<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *18138361* |
| *FNMA — 1.0%* | *FNMA — 1.0%* | *FNMA — 1.0%* | *FNMA — 1.0%* | *FNMA — 1.0%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/53- <br>11/1/53<br>| &nbsp;&nbsp; 2247610 | &nbsp;&nbsp;&nbsp; 2252014<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/54- <br>12/1/55<br>| &nbsp;&nbsp; 6721889 | &nbsp;&nbsp;&nbsp; 6820065<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 2325213<br>| &nbsp;&nbsp;&nbsp; 2389414<br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *11461493* |
| *GNMA — 3.0%* | *GNMA — 3.0%* | *GNMA — 3.0%* | *GNMA — 3.0%* | *GNMA — 3.0%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/54- <br>12/20/55<br>| &nbsp;&nbsp; 5740819 | &nbsp;&nbsp;&nbsp; 5736038<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Income Focus ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/20/55- <br>12/20/55<br>| &nbsp;&nbsp; $16070344 | &nbsp;&nbsp;&nbsp; $16251496<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/20/55- <br>8/20/55<br>| &nbsp;&nbsp; 10341306 | &nbsp;&nbsp;&nbsp; 10558731<br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *32546265* |
| **Total Mortgage-Backed Securities (Cost — $61,579,471)** | **Total Mortgage-Backed Securities (Cost — $61,579,471)** | **Total Mortgage-Backed Securities (Cost — $61,579,471)** | **Total Mortgage-Backed Securities (Cost — $61,579,471)** | &nbsp;&nbsp; **62146119** |
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 3.1%** | **Convertible Preferred Stocks — 3.1%** | **Convertible Preferred Stocks — 3.1%** | **Convertible Preferred Stocks — 3.1%** | **Convertible Preferred Stocks — 3.1%** |
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| *Capital Markets — 0.3%* | *Capital Markets — 0.3%* | *Capital Markets — 0.3%* | *Capital Markets — 0.3%* | *Capital Markets — 0.3%* |
| &nbsp;&nbsp;&nbsp; Ares Management Corp., Non Voting Shares | &nbsp;&nbsp; 6.750% |  | &nbsp;&nbsp; 55179 | &nbsp;&nbsp;&nbsp; **2781022**<br>|
| **Industrials — 0.6%** | **Industrials — 0.6%** | **Industrials — 0.6%** | **Industrials — 0.6%** | **Industrials — 0.6%** |
| *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* | *Aerospace & Defense — 0.6%* |
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 95381 | &nbsp;&nbsp;&nbsp; **6587012**<br>|
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| *Chemicals — 0.9%* | *Chemicals — 0.9%* | *Chemicals — 0.9%* | *Chemicals — 0.9%* | *Chemicals — 0.9%* |
| &nbsp;&nbsp;&nbsp; Albemarle Corp., Non Voting Shares | &nbsp;&nbsp; 7.250% |  | &nbsp;&nbsp; 175131 | &nbsp;&nbsp;&nbsp; **10401030**<br>|
| **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** | **Utilities — 1.3%** |
| *Electric Utilities — 1.3%* | *Electric Utilities — 1.3%* | *Electric Utilities — 1.3%* | *Electric Utilities — 1.3%* | *Electric Utilities — 1.3%* |
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp; 7.299% |  | &nbsp;&nbsp; 98989 | &nbsp;&nbsp;&nbsp; 5124661<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp; 7.234% |  | &nbsp;&nbsp; 104092 | &nbsp;&nbsp;&nbsp; 5074485<br>|
| &nbsp;&nbsp;&nbsp; Southern Co. | &nbsp;&nbsp; 7.125% |  | &nbsp;&nbsp; 91251 | &nbsp;&nbsp;&nbsp; 4595400<br>|
| **Total Convertible Preferred Stocks (Cost — $29,675,231)** | **Total Convertible Preferred Stocks (Cost — $29,675,231)** | **Total Convertible Preferred Stocks (Cost — $29,675,231)** | **Total Convertible Preferred Stocks (Cost — $29,675,231)** | &nbsp;&nbsp; **34563610** |
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Senior Loans — 0.2%** | **Senior Loans — 0.2%** | **Senior Loans — 0.2%** | **Senior Loans — 0.2%** | **Senior Loans — 0.2%** |
| **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** | **Communication Services — 0.2%** |
| *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* | *Interactive Media & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan B1 (6 mo. Term SOFR + 6.750%)  | 10.448% | &nbsp;&nbsp; 10/26/29 | &nbsp;&nbsp; $1979592<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1949195**<br> <sup>(d)(f)(g)</sup><br>|
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* | *Health Care Technology — 0.0%††* |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR + <br> 3.750%)  | 7.590% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 164455<br>| &nbsp;&nbsp;&nbsp;&nbsp; **165113**<br> <sup>(d)(f)(g)</sup><br>|
| **Total Senior Loans (Cost — $2,084,248)** | **Total Senior Loans (Cost — $2,084,248)** | **Total Senior Loans (Cost — $2,084,248)** | **Total Senior Loans (Cost — $2,084,248)** | &nbsp;&nbsp; **2114308** |
| **Total Investments before Short-Term Investments (Cost — $1,014,264,752)** | **Total Investments before Short-Term Investments (Cost — $1,014,264,752)** | **Total Investments before Short-Term Investments (Cost — $1,014,264,752)** | **Total Investments before Short-Term Investments (Cost — $1,014,264,752)** | &nbsp;&nbsp; **1046023282** |
|  |  |  | Shares |  |
| **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $40,441,405)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 40441405<br>| &nbsp;&nbsp;&nbsp;&nbsp; **40441405**<br> <sup>(h)(i)(j)</sup><br>|
| **Total Investments — 99.2% (Cost — $1,054,706,157)** | **Total Investments — 99.2% (Cost — $1,054,706,157)** | **Total Investments — 99.2% (Cost — $1,054,706,157)** | **Total Investments — 99.2% (Cost — $1,054,706,157)** | &nbsp;&nbsp; **1086464687** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; 8420331 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1094885018** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Income Focus ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(c)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(e)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(f)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(g)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(h)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(i)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $40,441,405 and the cost was $40,441,405 (Note 3).<br>|
| <sup>(j)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |
| ICE |  | Intercontinental Exchange |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Intelligent Machines ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 100.0%** | **Common Stocks — 100.0%** | **Common Stocks — 100.0%** |
| **Communication Services — 1.2%** | **Communication Services — 1.2%** | **Communication Services — 1.2%** |
| *Interactive Media & Services — 1.2%* | *Interactive Media & Services — 1.2%* | *Interactive Media & Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 2605 | &nbsp;&nbsp;&nbsp; **$815365**<br>|
| **Consumer Discretionary — 8.8%** | **Consumer Discretionary — 8.8%** | **Consumer Discretionary — 8.8%** |
| *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; Hesai Group, ADR | &nbsp;&nbsp; 14404 | &nbsp;&nbsp;&nbsp; *322,650*<br> \*<br>|
| *Automobiles — 7.8%* | *Automobiles — 7.8%* | *Automobiles — 7.8%* |
| &nbsp;&nbsp;&nbsp; BYD Co. Ltd., Class H Shares | &nbsp;&nbsp; 21965 | &nbsp;&nbsp;&nbsp; 269077<br>|
| &nbsp;&nbsp;&nbsp; Tesla Inc. | &nbsp;&nbsp; 10664 | &nbsp;&nbsp;&nbsp; 4,795,814<br> \*<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *5064891* |
| *Household Durables — 0.5%* | *Household Durables — 0.5%* | *Household Durables — 0.5%* |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | &nbsp;&nbsp; 1721 | &nbsp;&nbsp;&nbsp; *349105*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **5736646** |
| **Energy — 2.2%** | **Energy — 2.2%** | **Energy — 2.2%** |
| *Energy Equipment & Services — 1.5%* | *Energy Equipment & Services — 1.5%* | *Energy Equipment & Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp; 7309 | &nbsp;&nbsp;&nbsp; 332852<br>|
| &nbsp;&nbsp;&nbsp; Oceaneering International Inc. | &nbsp;&nbsp; 6593 | &nbsp;&nbsp;&nbsp; 158,430<br> \*<br>|
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC | &nbsp;&nbsp; 11236 | &nbsp;&nbsp;&nbsp; 500676<br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *991958* |
| *Oil, Gas & Consumable Fuels — 0.7%* | *Oil, Gas & Consumable Fuels — 0.7%* | *Oil, Gas & Consumable Fuels — 0.7%* |
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 4956 | &nbsp;&nbsp;&nbsp; *453424*<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1445382** |
| **Health Care — 3.4%** | **Health Care — 3.4%** | **Health Care — 3.4%** |
| *Health Care Equipment & Supplies — 3.0%* | *Health Care Equipment & Supplies — 3.0%* | *Health Care Equipment & Supplies — 3.0%* |
| &nbsp;&nbsp;&nbsp; Hoya Corp. | &nbsp;&nbsp; 1089 | &nbsp;&nbsp;&nbsp; 164553<br>|
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories Inc. | &nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 322,705<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical Inc. | &nbsp;&nbsp; 2588 | &nbsp;&nbsp;&nbsp; 1,465,740<br> \*<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1952998* |
| *Health Care Technology — 0.4%* | *Health Care Technology — 0.4%* | *Health Care Technology — 0.4%* |
| &nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | &nbsp;&nbsp; 1646 | &nbsp;&nbsp;&nbsp; *242434*<br>|
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2195432** |
| **Industrials — 23.2%** | **Industrials — 23.2%** | **Industrials — 23.2%** |
| *Aerospace & Defense — 12.4%* | *Aerospace & Defense — 12.4%* | *Aerospace & Defense — 12.4%* |
| &nbsp;&nbsp;&nbsp; AeroVironment Inc. | &nbsp;&nbsp; 2749 | &nbsp;&nbsp;&nbsp; 664,956<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc. | &nbsp;&nbsp; 3910 | &nbsp;&nbsp;&nbsp; 2,220,606<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | &nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp; 331865<br>|
| &nbsp;&nbsp;&nbsp; Elbit Systems Ltd. | &nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp; 201043<br>|
| &nbsp;&nbsp;&nbsp; Karman Holdings Inc. | &nbsp;&nbsp; 5632 | &nbsp;&nbsp;&nbsp; 412,093<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions Inc. | &nbsp;&nbsp; 30274 | &nbsp;&nbsp;&nbsp; 2,298,099<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Leonardo DRS Inc. | &nbsp;&nbsp; 8975 | &nbsp;&nbsp;&nbsp; 305958<br>|
| &nbsp;&nbsp;&nbsp; Rheinmetall AG, ADR | &nbsp;&nbsp; 1396 | &nbsp;&nbsp;&nbsp; 510238<br>|
| &nbsp;&nbsp;&nbsp; Rocket Lab Corp. | &nbsp;&nbsp; 16401 | &nbsp;&nbsp;&nbsp; 1,144,134<br> \*<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *8088992* |
| *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* | *Construction & Engineering — 2.1%* |
| &nbsp;&nbsp;&nbsp; Quanta Services Inc. | &nbsp;&nbsp; 2796 | &nbsp;&nbsp;&nbsp; 1180080<br>|
| &nbsp;&nbsp;&nbsp; Valmont Industries Inc. | &nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp; 228115<br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1408195* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Intelligent Machines ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electrical Equipment — 7.2%* | *Electrical Equipment — 7.2%* | *Electrical Equipment — 7.2%* |
| &nbsp;&nbsp;&nbsp; Amprius Technologies Inc. | &nbsp;&nbsp; 8832 | &nbsp;&nbsp;&nbsp; $69,684<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A Shares | &nbsp;&nbsp; 8884 | &nbsp;&nbsp;&nbsp; 771,931<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., Class H Shares | &nbsp;&nbsp; 6098 | &nbsp;&nbsp;&nbsp; 396035<br>|
| &nbsp;&nbsp;&nbsp; GE Vernova Inc. | &nbsp;&nbsp; 2644 | &nbsp;&nbsp;&nbsp; 1728039<br>|
| &nbsp;&nbsp;&nbsp; Nextpower Inc., Class A Shares | &nbsp;&nbsp; 3393 | &nbsp;&nbsp;&nbsp; 295,564<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Siemens Energy AG | &nbsp;&nbsp; 6421 | &nbsp;&nbsp;&nbsp; 907,954<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 3562 | &nbsp;&nbsp;&nbsp; 577080<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *4746287* |
| *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* |
| &nbsp;&nbsp;&nbsp; Uber Technologies Inc. | &nbsp;&nbsp; 6376 | &nbsp;&nbsp;&nbsp; *520,983*<br> \*<br>|
| *Machinery — 0.7%* | *Machinery — 0.7%* | *Machinery — 0.7%* |
| &nbsp;&nbsp;&nbsp; Symbotic Inc. | &nbsp;&nbsp; 7227 | &nbsp;&nbsp;&nbsp; *430,007*<br> \*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **15194464** |
| **Information Technology — 61.2%** | **Information Technology — 61.2%** | **Information Technology — 61.2%** |
| *Communications Equipment — 2.0%* | *Communications Equipment — 2.0%* | *Communications Equipment — 2.0%* |
| &nbsp;&nbsp;&nbsp; Arista Networks Inc. | &nbsp;&nbsp; 10152 | &nbsp;&nbsp;&nbsp; *1,330,217*<br> \*<br>|
| *Electronic Equipment, Instruments & Components — 9.6%* | *Electronic Equipment, Instruments & Components — 9.6%* | *Electronic Equipment, Instruments & Components — 9.6%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A Shares | &nbsp;&nbsp; 13141 | &nbsp;&nbsp;&nbsp; 1775875<br>|
| &nbsp;&nbsp;&nbsp; Celestica Inc. | &nbsp;&nbsp; 13404 | &nbsp;&nbsp;&nbsp; 3,962,356<br> \*<br>|
| &nbsp;&nbsp;&nbsp; TE Connectivity PLC | &nbsp;&nbsp; 2404 | &nbsp;&nbsp;&nbsp; 546934<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *6285165* |
| *IT Services — 2.5%* | *IT Services — 2.5%* | *IT Services — 2.5%* |
| &nbsp;&nbsp;&nbsp; Cloudflare Inc., Class A Shares | &nbsp;&nbsp; 6572 | &nbsp;&nbsp;&nbsp; 1,295,670<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CoreWeave Inc., Class A Shares | &nbsp;&nbsp; 4823 | &nbsp;&nbsp;&nbsp; 345,375<br> \*<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *1641045* |
| *Semiconductors & Semiconductor Equipment — 33.1%* | *Semiconductors & Semiconductor Equipment — 33.1%* | *Semiconductors & Semiconductor Equipment — 33.1%* |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices Inc. | &nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp; 338,373<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Applied Materials Inc. | &nbsp;&nbsp; 2929 | &nbsp;&nbsp;&nbsp; 752724<br>|
| &nbsp;&nbsp;&nbsp; ASM International NV | &nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; 159876<br>|
| &nbsp;&nbsp;&nbsp; ASML Holding NV, Registered Shares | &nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp; 739273<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp; 13666 | &nbsp;&nbsp;&nbsp; 4729803<br>|
| &nbsp;&nbsp;&nbsp; First Solar Inc. | &nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp; 104,753<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | &nbsp;&nbsp; 3428 | &nbsp;&nbsp;&nbsp; 151902<br>|
| &nbsp;&nbsp;&nbsp; KLA Corp. | &nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp; 975709<br>|
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp; 6218 | &nbsp;&nbsp;&nbsp; 1064397<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc. | &nbsp;&nbsp; 3962 | &nbsp;&nbsp;&nbsp; 336691<br>|
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems Inc. | &nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; 454993<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 33429 | &nbsp;&nbsp;&nbsp; 6234508<br>|
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | &nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp; 219448<br>|
| &nbsp;&nbsp;&nbsp; SiTime Corp. | &nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp; 388,156<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp; 12924 | &nbsp;&nbsp;&nbsp; 3927474<br>|
| &nbsp;&nbsp;&nbsp; Teradyne Inc. | &nbsp;&nbsp; 5738 | &nbsp;&nbsp;&nbsp; 1110647<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *21688727* |
| *Software — 9.7%* | *Software — 9.7%* | *Software — 9.7%* |
| &nbsp;&nbsp;&nbsp; Aurora Innovation Inc. | &nbsp;&nbsp; 22010 | &nbsp;&nbsp;&nbsp; 84,518<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Autodesk Inc. | &nbsp;&nbsp; 3153 | &nbsp;&nbsp;&nbsp; 933,320<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Bentley Systems Inc., Class B Shares | &nbsp;&nbsp; 5269 | &nbsp;&nbsp;&nbsp; 201091<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Intelligent Machines ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc. |  | &nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp; $626,723<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CrowdStrike Holdings Inc., Class A Shares |  | &nbsp;&nbsp; 846 | &nbsp;&nbsp;&nbsp; 396,571<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dassault Systemes SE |  | &nbsp;&nbsp; 5851 | &nbsp;&nbsp;&nbsp; 163822<br>|
| &nbsp;&nbsp;&nbsp; Descartes Systems Group Inc. |  | &nbsp;&nbsp; 1831 | &nbsp;&nbsp;&nbsp; 160,839<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Nebius Group NV |  | &nbsp;&nbsp; 5822 | &nbsp;&nbsp;&nbsp; 487,331<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. |  | &nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 308737<br>|
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., Class A Shares |  | &nbsp;&nbsp; 7454 | &nbsp;&nbsp;&nbsp; 1,324,948<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Palo Alto Networks Inc. |  | &nbsp;&nbsp; 2604 | &nbsp;&nbsp;&nbsp; 479,657<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PTC Inc. |  | &nbsp;&nbsp; 3218 | &nbsp;&nbsp;&nbsp; 560,608<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Samsara Inc., Class A Shares |  | &nbsp;&nbsp; 7086 | &nbsp;&nbsp;&nbsp; 251,199<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Trimble Inc. |  | &nbsp;&nbsp; 4265 | &nbsp;&nbsp;&nbsp; 334,163<br> \*<br>|
| *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *6313527* |
| *Technology Hardware, Storage & Peripherals — 4.3%* | *Technology Hardware, Storage & Peripherals — 4.3%* | *Technology Hardware, Storage & Peripherals — 4.3%* | *Technology Hardware, Storage & Peripherals — 4.3%* |
| &nbsp;&nbsp;&nbsp; Apple Inc. |  | &nbsp;&nbsp; 9189 | &nbsp;&nbsp;&nbsp; 2498121<br>|
| &nbsp;&nbsp;&nbsp; Pure Storage Inc., Class A Shares |  | &nbsp;&nbsp; 4761 | &nbsp;&nbsp;&nbsp; 319,035<br> \*<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *2817156* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **40075837** |
| **Total Common Stocks (Cost — $48,195,363)** | **Total Common Stocks (Cost — $48,195,363)** | **Total Common Stocks (Cost — $48,195,363)** | &nbsp;&nbsp;&nbsp; **65463126**<br>|
|  | Expiration <br>Date <br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Constellation Software Inc. (Cost — $0) | &nbsp;&nbsp; 3/31/40 | &nbsp;&nbsp; 225<br>| &nbsp;&nbsp;&nbsp; **0**<br> \*<sup>(a)(b)(c)</sup><br>|
| **Total Investments — 100.0% (Cost — $48,195,363)** | **Total Investments — 100.0% (Cost — $48,195,363)** | **Total Investments — 100.0% (Cost — $48,195,363)** | &nbsp;&nbsp; **65463126** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.0%†† | &nbsp;&nbsp;&nbsp; 26564 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$65489690** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(b)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(c)</sup> | Value is less than $1. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin International Aggregate Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Value |
| **Sovereign Bonds — 86.7%** | **Sovereign Bonds — 86.7%** | **Sovereign Bonds — 86.7%** | **Sovereign Bonds — 86.7%** |
| *Australia — 3.4%* | *Australia — 3.4%* | *Australia — 3.4%* | *Australia — 3.4%* |
| &nbsp;&nbsp;&nbsp; Australia Government Bond, Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 5/21/28<br> &nbsp;&nbsp; 9000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp;&nbsp; $5758217<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia Government Bond, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/21/34<br> &nbsp;&nbsp; 4000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp;&nbsp; 2506620<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New South Wales Treasury Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/20/27<br> &nbsp;&nbsp; 6000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp;&nbsp; 3945560<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Queensland Treasury Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/21/29<br> &nbsp;&nbsp; 7500000 <br><sup>AUD</sup><br>| &nbsp;&nbsp;&nbsp; 4808974<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Western Australian Treasury Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/21/26<br> &nbsp;&nbsp; 8000000 <br><sup>AUD</sup><br>| &nbsp;&nbsp;&nbsp; 5301162<br> <sup>(a)</sup><br>|
| *Total Australia* | *Total Australia* | *Total Australia* | &nbsp;&nbsp; *22320533* |
| *Austria — 2.8%* | *Austria — 2.8%* | *Austria — 2.8%* | *Austria — 2.8%* |
| &nbsp;&nbsp;&nbsp; Republic of Austria Government Bond, Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 2/20/47<br> &nbsp;&nbsp; 23000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *18335813*<br> <sup>(a)</sup><br>|
| *Belgium — 4.5%* | *Belgium — 4.5%* | *Belgium — 4.5%* | *Belgium — 4.5%* |
| &nbsp;&nbsp;&nbsp; Kingdom of Belgium Government Bond, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 6/22/31<br> &nbsp;&nbsp; 28000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *29938321*<br> <sup>(a)</sup><br>|
| *Canada — 3.8%* | *Canada — 3.8%* | *Canada — 3.8%* | *Canada — 3.8%* |
| &nbsp;&nbsp;&nbsp; Canadian Government Bond | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 6/1/30<br> &nbsp;&nbsp; 15000000 <br><sup>CAD</sup><br>| &nbsp;&nbsp;&nbsp; 10172307<br>|
| &nbsp;&nbsp;&nbsp; Canadian Government Bond | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/37<br> &nbsp;&nbsp; 14500000 <br><sup>CAD</sup><br>| &nbsp;&nbsp;&nbsp; 12049827<br>|
| &nbsp;&nbsp;&nbsp; Canadian Government Bond | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/1/51<br> &nbsp;&nbsp; 6000000 <br><sup>CAD</sup><br>| &nbsp;&nbsp;&nbsp; 3052479<br>|
| *Total Canada* | *Total Canada* | *Total Canada* | &nbsp;&nbsp; *25274613* |
| *China — 15.8%* | *China — 15.8%* | *China — 15.8%* | *China — 15.8%* |
| &nbsp;&nbsp;&nbsp; China Government Bond | &nbsp;&nbsp; 3.030% | &nbsp;&nbsp; 3/11/26<br> &nbsp;&nbsp; 120000000 <br><sup>CNY</sup><br>| &nbsp;&nbsp;&nbsp; 17258474<br>|
| &nbsp;&nbsp;&nbsp; China Government Bond | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 6/4/27<br> &nbsp;&nbsp; 120000000 <br><sup>CNY</sup><br>| &nbsp;&nbsp;&nbsp; 17584916<br>|
| &nbsp;&nbsp;&nbsp; China Government Bond | &nbsp;&nbsp; 2.670% | &nbsp;&nbsp; 5/25/33<br> &nbsp;&nbsp; 120000000 <br><sup>CNY</sup><br>| &nbsp;&nbsp;&nbsp; 18272103<br>|
| &nbsp;&nbsp;&nbsp; China Government Bond | &nbsp;&nbsp; 2.520% | &nbsp;&nbsp; 8/25/33<br> &nbsp;&nbsp; 120000000 <br><sup>CNY</sup><br>| &nbsp;&nbsp;&nbsp; 18104401<br>|
| &nbsp;&nbsp;&nbsp; China Government Bond | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 2/25/34<br> &nbsp;&nbsp; 120000000 <br><sup>CNY</sup><br>| &nbsp;&nbsp;&nbsp; 17891778<br>|
| &nbsp;&nbsp;&nbsp; China Government Bond | &nbsp;&nbsp; 4.280% | &nbsp;&nbsp; 10/23/47<br> &nbsp;&nbsp; 80000000 <br><sup>CNY</sup><br>| &nbsp;&nbsp;&nbsp; 15312312<br>|
| *Total China* | *Total China* | *Total China* | &nbsp;&nbsp; *104423984* |
| *Cyprus — 1.1%* | *Cyprus — 1.1%* | *Cyprus — 1.1%* | *Cyprus — 1.1%* |
| &nbsp;&nbsp;&nbsp; Cyprus Government International Bond, Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 4/16/27<br> &nbsp;&nbsp; 6000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *6993028*<br> <sup>(a)</sup><br>|
| *Finland — 2.0%* | *Finland — 2.0%* | *Finland — 2.0%* | *Finland — 2.0%* |
| &nbsp;&nbsp;&nbsp; Finland Government Bond, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 7/4/28<br> &nbsp;&nbsp; 11000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *13103799*<br> <sup>(a)</sup><br>|
| *France — 3.2%* | *France — 3.2%* | *France — 3.2%* | *France — 3.2%* |
| &nbsp;&nbsp;&nbsp; French Republic Government Bond OAT | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/25/29<br> &nbsp;&nbsp; 20000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *21247492*<br> <sup>(a)</sup><br>|
| *Ireland — 2.0%* | *Ireland — 2.0%* | *Ireland — 2.0%* | *Ireland — 2.0%* |
| &nbsp;&nbsp;&nbsp; Ireland Government Bond, Senior Notes | &nbsp;&nbsp; 1.350% | &nbsp;&nbsp; 3/18/31<br> &nbsp;&nbsp; 12000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *13294112*<br> <sup>(a)</sup><br>|
| *Italy — 3.9%* | *Italy — 3.9%* | *Italy — 3.9%* | *Italy — 3.9%* |
| &nbsp;&nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 12/1/26<br> &nbsp;&nbsp; 8000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 9335373<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 9/1/50<br> &nbsp;&nbsp; 19000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 16303876<br> <sup>(a)</sup><br>|
| *Total Italy* | *Total Italy* | *Total Italy* | &nbsp;&nbsp; *25639249* |
| *Japan — 12.2%* | *Japan — 12.2%* | *Japan — 12.2%* | *Japan — 12.2%* |
| &nbsp;&nbsp;&nbsp; Development Bank of Japan Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/19/26<br> &nbsp;&nbsp; 1200000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp;&nbsp; 7681948<br>|
| &nbsp;&nbsp;&nbsp; Japan Government Five Year Bond | &nbsp;&nbsp; 0.300% | &nbsp;&nbsp; 6/20/28<br> &nbsp;&nbsp; 3500000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp;&nbsp; 21862711<br>|
| &nbsp;&nbsp;&nbsp; Japan Government Ten Year Bond | &nbsp;&nbsp; 0.100% | &nbsp;&nbsp; 12/20/26<br> &nbsp;&nbsp; 3500000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp;&nbsp; 22176259<br>|
| &nbsp;&nbsp;&nbsp; Japan Government Twenty Year Bond | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 3/20/33<br> &nbsp;&nbsp; 3500000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp;&nbsp; 21925857<br>|
| &nbsp;&nbsp;&nbsp; Japan Government Twenty Year Bond | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 12/20/41<br> &nbsp;&nbsp; 1500000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp;&nbsp; 6874185<br>|
| *Total Japan* | *Total Japan* | *Total Japan* | &nbsp;&nbsp; *80520960* |
| *Mexico — 1.1%* | *Mexico — 1.1%* | *Mexico — 1.1%* | *Mexico — 1.1%* |
| &nbsp;&nbsp;&nbsp; Mexican Bonos, Bonds | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/7/47<br> &nbsp;&nbsp; 150000000 <br><sup>MXN</sup><br>| &nbsp;&nbsp;&nbsp; *7180497*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Aggregate Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Value |
| *Netherlands — 2.4%* | *Netherlands — 2.4%* | *Netherlands — 2.4%* | *Netherlands — 2.4%* |
| &nbsp;&nbsp;&nbsp; Netherlands Government Bond | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 1/15/40<br> &nbsp;&nbsp; 20000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; $*16187991*<br> <sup>(a)</sup><br>|
| *Poland — 2.0%* | *Poland — 2.0%* | *Poland — 2.0%* | *Poland — 2.0%* |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government Bond | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 10/25/29<br> &nbsp;&nbsp; 50000000 <br><sup>PLN</sup><br>| &nbsp;&nbsp;&nbsp; *13205025*<br>|
| *Romania — 1.7%* | *Romania — 1.7%* | *Romania — 1.7%* | *Romania — 1.7%* |
| &nbsp;&nbsp;&nbsp; Romanian Government International Bond, Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/28/32<br> &nbsp;&nbsp; 11000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *11094628*<br> <sup>(a)</sup><br>|
| *South Korea — 2.5%* | *South Korea — 2.5%* | *South Korea — 2.5%* | *South Korea — 2.5%* |
| &nbsp;&nbsp;&nbsp; Korea Treasury Bond | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/10/27<br> &nbsp;&nbsp; 8000000000 <br><sup>KRW</sup><br>| &nbsp;&nbsp;&nbsp; 5720313<br>|
| &nbsp;&nbsp;&nbsp; Korea Treasury Bond | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/10/30<br> &nbsp;&nbsp; 7000000000 <br><sup>KRW</sup><br>| &nbsp;&nbsp;&nbsp; 5184313<br>|
| &nbsp;&nbsp;&nbsp; Korea Treasury Bond | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/10/32<br> &nbsp;&nbsp; 8200000000 <br><sup>KRW</sup><br>| &nbsp;&nbsp;&nbsp; 5998117<br>|
| *Total South Korea* | *Total South Korea* | *Total South Korea* | &nbsp;&nbsp; *16902743* |
| *Spain — 4.5%* | *Spain — 4.5%* | *Spain — 4.5%* | *Spain — 4.5%* |
| &nbsp;&nbsp;&nbsp; Spain Government Bond, Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 10/31/30<br> &nbsp;&nbsp; 27000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *29774205*<br> <sup>(a)</sup><br>|
| *Supranational — 5.7%* | *Supranational — 5.7%* | *Supranational — 5.7%* | *Supranational — 5.7%* |
| &nbsp;&nbsp;&nbsp; Asian Development Bank, Senior Notes | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 6/21/27<br> &nbsp;&nbsp; 240000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp;&nbsp; 1564173<br>|
| &nbsp;&nbsp;&nbsp; European Investment Bank, Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 1/26/26<br> &nbsp;&nbsp; 330000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp;&nbsp; 2108359<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; European Union, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 2/4/33<br> &nbsp;&nbsp; 20000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 23323848<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; European Union, Senior Notes | &nbsp;&nbsp; 0.300% | &nbsp;&nbsp; 11/4/50<br> &nbsp;&nbsp; 21000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 10844567<br> <sup>(a)</sup><br>|
| *Total Supranational* | *Total Supranational* | *Total Supranational* | &nbsp;&nbsp; *37840947* |
| *Sweden — 4.0%* | *Sweden — 4.0%* | *Sweden — 4.0%* | *Sweden — 4.0%* |
| &nbsp;&nbsp;&nbsp; Sweden Government Bond | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 5/12/28<br> &nbsp;&nbsp; 250000000 <br><sup>SEK</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *26330250*<br> <sup>(a)</sup><br>|
| *United Kingdom — 8.1%* | *United Kingdom — 8.1%* | *United Kingdom — 8.1%* | *United Kingdom — 8.1%* |
| &nbsp;&nbsp;&nbsp; United Kingdom Gilt, Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/7/30<br> &nbsp;&nbsp; 18000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 25200126<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Kingdom Gilt, Bonds | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 7/31/33<br> &nbsp;&nbsp; 19000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 20030973<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Kingdom Gilt, Bonds | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/29/38<br> &nbsp;&nbsp; 7000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 8574122<br> <sup>(a)</sup><br>|
| *Total United Kingdom* | *Total United Kingdom* | *Total United Kingdom* | &nbsp;&nbsp; *53805221* |
| **Total Sovereign Bonds (Cost — $562,003,313)** | **Total Sovereign Bonds (Cost — $562,003,313)** | **Total Sovereign Bonds (Cost — $562,003,313)** | &nbsp;&nbsp; **573413411** |
| **Corporate Bonds & Notes — 7.8%** | **Corporate Bonds & Notes — 7.8%** | **Corporate Bonds & Notes — 7.8%** | **Corporate Bonds & Notes — 7.8%** |
| **Communication Services — 1.1%** | **Communication Services — 1.1%** | **Communication Services — 1.1%** | **Communication Services — 1.1%** |
| *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* | *Diversified Telecommunication Services — 1.1%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 0.250% | &nbsp;&nbsp; 3/4/26<br> &nbsp;&nbsp; 1200000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1405698<br>|
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG, Senior Notes | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 3/25/26<br> &nbsp;&nbsp; 500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 585710<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Orange SA, Senior Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 3/20/28<br> &nbsp;&nbsp; 1500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1719782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/17/34<br> &nbsp;&nbsp; 2500000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 3276911<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **6988101** |
| **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** | **Consumer Staples — 0.7%** |
| *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* | *Beverages — 0.5%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC, Senior Notes | &nbsp;&nbsp; 0.200% | &nbsp;&nbsp; 12/2/28<br> &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *3280081*<br> <sup>(a)</sup><br>|
| *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Unilever Capital Corp., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 6/6/33<br> &nbsp;&nbsp; 1200000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *1426105*<br> <sup>(a)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **4706186** |
| **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** | **Energy — 0.2%** |
| *Oil, Gas & Consumable Fuels — 0.2%* | *Oil, Gas & Consumable Fuels — 0.2%* | *Oil, Gas & Consumable Fuels — 0.2%* | *Oil, Gas & Consumable Fuels — 0.2%* |
| &nbsp;&nbsp;&nbsp; Schlumberger Finance France SAS, Senior Notes | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 2/18/26<br> &nbsp;&nbsp; 1000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; **1173175**<br> <sup>(a)</sup><br>|
| **Financials — 4.0%** | **Financials — 4.0%** | **Financials — 4.0%** | **Financials — 4.0%** |
| *Banks — 3.0%* | *Banks — 3.0%* | *Banks — 3.0%* | *Banks — 3.0%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3 mo. EURIBOR + 0.900%) | &nbsp;&nbsp; 3.261% | &nbsp;&nbsp; 1/28/31<br> &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 3544210<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin International Aggregate Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC, Senior Notes (5.000% to 7/4/30 then 1 Year EUR <br> Mid-Market Swap Rate + 2.050%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/4/31 | &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; $3788973<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (3 mo. EURIBOR + 1.370%) | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/13/31 | &nbsp;&nbsp; 3000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 3660813<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commerzbank AG, Senior Notes (3 mo. EURIBOR + 1.380%) | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/14/32 | &nbsp;&nbsp; 3500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 4165832<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nykredit Realkredit A/S, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 1/10/30 | &nbsp;&nbsp; 2000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 2373560<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (3 mo. EURIBOR + 1.200%) | &nbsp;&nbsp; 4.009% | &nbsp;&nbsp; 5/21/32 | &nbsp;&nbsp; 2000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 2412824<br> <sup>(b)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *19946212* |
| *Capital Markets — 0.5%* | *Capital Markets — 0.5%* | *Capital Markets — 0.5%* | *Capital Markets — 0.5%* | *Capital Markets — 0.5%* |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 2/7/29 | &nbsp;&nbsp; 1000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1122342<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (4.750% to 3/17/31 then 1 Year EUR Mid-Market <br> Swap Rate + 1.600%) | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/17/32 | &nbsp;&nbsp; 2000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 2504939<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *3627281* |
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Fiserv Inc., Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1085453<br>|
| &nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau, Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 2/16/26 | &nbsp;&nbsp; 300000000 <br><sup>JPY</sup><br>| &nbsp;&nbsp;&nbsp; 1918392<br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *3003845* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **26577338** |
| **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; RELX Finance BV, Senior Notes | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 3/10/28 | &nbsp;&nbsp; 1500000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *1687200*<br> <sup>(a)</sup><br>|
| *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* | *Construction & Engineering — 0.3%* |
| &nbsp;&nbsp;&nbsp; Heathrow Funding Ltd., Senior Secured Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 10/8/30 | &nbsp;&nbsp; 2000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *2145407*<br> <sup>(a)</sup><br>|
| *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* |
| &nbsp;&nbsp;&nbsp; Siemens Financieringsmaatschappij NV, Senior Notes | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 700000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; *820384*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **4652991** |
| **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** | **Information Technology — 0.6%** |
| *Technology Hardware, Storage & Peripherals — 0.6%* | *Technology Hardware, Storage & Peripherals — 0.6%* | *Technology Hardware, Storage & Peripherals — 0.6%* | *Technology Hardware, Storage & Peripherals — 0.6%* | *Technology Hardware, Storage & Peripherals — 0.6%* |
| &nbsp;&nbsp;&nbsp; Apple Inc., Senior Notes | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 11/10/26 | &nbsp;&nbsp; 1000000 <br><sup>EUR</sup><br>| &nbsp;&nbsp;&nbsp; 1169740<br>|
| &nbsp;&nbsp;&nbsp; Apple Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 7/31/29 | &nbsp;&nbsp; 2000000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; 2620214<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **3789954** |
| **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** | **Utilities — 0.5%** |
| *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* | *Electric Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 2500000 <br><sup>GBP</sup><br>| &nbsp;&nbsp;&nbsp; **3535965**<br>|
| **Total Corporate Bonds & Notes (Cost — $51,962,089)** | **Total Corporate Bonds & Notes (Cost — $51,962,089)** | **Total Corporate Bonds & Notes (Cost — $51,962,089)** | **Total Corporate Bonds & Notes (Cost — $51,962,089)** | &nbsp;&nbsp; **51423710** |
| **Total Investments before Short-Term Investments (Cost — $613,965,402)** | **Total Investments before Short-Term Investments (Cost — $613,965,402)** | **Total Investments before Short-Term Investments (Cost — $613,965,402)** | **Total Investments before Short-Term Investments (Cost — $613,965,402)** | &nbsp;&nbsp; **624837121** |
|  |  |  | Shares |  |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $20,093,377)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 20093377<br>| &nbsp;&nbsp;&nbsp;&nbsp; **20093377**<br> <sup>(c)(d)(e)</sup><br>|
| **Total Investments — 97.6% (Cost — $634,058,779)** | **Total Investments — 97.6% (Cost — $634,058,779)** | **Total Investments — 97.6% (Cost — $634,058,779)** | **Total Investments — 97.6% (Cost — $634,058,779)** | &nbsp;&nbsp; **644930498** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 2.4% | &nbsp;&nbsp;&nbsp; 16179523 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$661110021** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin International Aggregate Bond ETF**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| <sup>(a)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of <br> the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the <br> Board of Trustees.<br>|
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(d)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $20,093,377 and the cost was $20,093,377 (Note 3).<br>|
| <sup>(e)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AUD |  | Australian Dollar |
| CAD |  | Canadian Dollar |
| CNY |  | Chinese Yuan Renminbi |
| EUR |  | Euro |
| EURIBOR |  | Euro Interbank Offered Rate |
| GBP |  | British Pound |
| JPY |  | Japanese Yen |
| KRW |  | South Korean Won |
| MXN |  | Mexican Peso |
| OAT |  | Obligations Assimilables du Trésor (French Treasury Bonds) |
| PLN |  | Polish Zloty |
| SEK |  | Swedish Krona |

---

At December 31, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| USD | &nbsp;&nbsp; 11403871 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 17400000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; $(210034) |
| USD | &nbsp;&nbsp;&nbsp; 7617630 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 10650000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (153519) |
| USD | &nbsp;&nbsp;&nbsp; 2119023 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553 |
| USD | &nbsp;&nbsp; 114185599 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 98650000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; (1918300) |
| USD | &nbsp;&nbsp;&nbsp; 8180482 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (41683) |
| USD | &nbsp;&nbsp; 20621969 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 15700000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (539998) |
| USD | &nbsp;&nbsp;&nbsp; 2559138 | &nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2533) |
| USD | &nbsp;&nbsp; 29980320 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 4580000000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 649180 |
| USD | &nbsp;&nbsp; 18324920 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 26100000000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; 231332 |
| USD | &nbsp;&nbsp;&nbsp; 4613781 | &nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp;&nbsp; 86288147 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (163709) |
| USD | &nbsp;&nbsp;&nbsp; 9821309 | &nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp;&nbsp; 36300000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (287921) |
| USD | &nbsp;&nbsp; 11296769 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp; 106800000 | BNP Paribas SA | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (322790) |
| USD | &nbsp;&nbsp; 10084528 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 15390000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (187771) |
| USD | &nbsp;&nbsp; 17468236 | &nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 24420000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (350679) |
| USD | &nbsp;&nbsp;&nbsp; 9263512 | &nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 65000000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (63299) |
| USD | &nbsp;&nbsp; 97659118 | &nbsp;&nbsp; CNH | &nbsp;&nbsp;&nbsp;&nbsp; 691700000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; (1592505) |
| USD | &nbsp;&nbsp; 143193270 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 123800000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; (2510356) |
| USD | &nbsp;&nbsp; 33493929 | &nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 25500000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (877419) |
| USD | &nbsp;&nbsp; 58254893 | &nbsp;&nbsp; JPY | &nbsp;&nbsp; 8899000000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; 1264104 |
| USD | &nbsp;&nbsp;&nbsp; 1341943 | &nbsp;&nbsp; MXN | &nbsp;&nbsp;&nbsp;&nbsp; 25100000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (47761) |
| USD | &nbsp;&nbsp;&nbsp; 2583475 | &nbsp;&nbsp; PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9550000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (76116) |
| USD | &nbsp;&nbsp; 14122874 | &nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp;&nbsp; 133500000 | Citibank N.A. | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp;&nbsp;&nbsp; (401574) |
| **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | **Net unrealized depreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$(7602798)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin International Aggregate Bond ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| CAD |  | Canadian Dollar |
| CNH |  | Chinese Offshore Yuan |
| EUR |  | Euro |
| GBP |  | British Pound |
| JPY |  | Japanese Yen |
| KRW |  | South Korean Won |
| MXN |  | Mexican Peso |
| PLN |  | Polish Zloty |
| SEK |  | Swedish Krona |
| USD |  | United States Dollar |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 97.1%** | **Corporate Bonds & Notes — 97.1%** | **Corporate Bonds & Notes — 97.1%** | **Corporate Bonds & Notes — 97.1%** | **Corporate Bonds & Notes — 97.1%** |
| **Communication Services — 7.7%** | **Communication Services — 7.7%** | **Communication Services — 7.7%** | **Communication Services — 7.7%** | **Communication Services — 7.7%** |
| *Diversified Telecommunication Services — 2.3%* | *Diversified Telecommunication Services — 2.3%* | *Diversified Telecommunication Services — 2.3%* | *Diversified Telecommunication Services — 2.3%* | *Diversified Telecommunication Services — 2.3%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; $8950000<br>| &nbsp;&nbsp;&nbsp; $7047212<br>|
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., Senior Notes | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 7/16/30 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1578853<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1149440<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 3/22/41 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp;&nbsp; 2900746<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *12676251* |
| *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* | *Entertainment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2358800*<br> <sup>(a)</sup><br>|
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; *2356031*<br>|
| *Media — 2.2%* | *Media — 2.2%* | *Media — 2.2%* | *Media — 2.2%* | *Media — 2.2%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/1/38 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp;&nbsp; 2676072<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp;&nbsp; 2119926<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 3450000<br>| &nbsp;&nbsp;&nbsp; 2846265<br>|
| &nbsp;&nbsp;&nbsp; Comcast Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 830437<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/13/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1104753<br>|
| &nbsp;&nbsp;&nbsp; Paramount Global, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2309008<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *11886461* |
| *Wireless Telecommunication Services — 2.4%* | *Wireless Telecommunication Services — 2.4%* | *Wireless Telecommunication Services — 2.4%* | *Wireless Telecommunication Services — 2.4%* | *Wireless Telecommunication Services — 2.4%* |
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 246917<br>|
| &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 5.152% | &nbsp;&nbsp; 3/20/28 | &nbsp;&nbsp; 2385000<br>| &nbsp;&nbsp;&nbsp; 2406422<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 6500459<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2820751<br>|
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/28/54 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 923755<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *12898304* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **42175847** |
| **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** |
| *Automobiles — 2.0%* | *Automobiles — 2.0%* | *Automobiles — 2.0%* | *Automobiles — 2.0%* | *Automobiles — 2.0%* |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/6/34 | &nbsp;&nbsp; 4035000<br>| &nbsp;&nbsp;&nbsp; 4094796<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/19/29 | &nbsp;&nbsp; 4150000<br>| &nbsp;&nbsp;&nbsp; 4275168<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 9/26/29 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2415373<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *10785337* |
| *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* | *Broadline Retail — 0.4%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/12/41 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp;&nbsp; *2315629*<br>|
| *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1646811<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1577207<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 934228<br>|
| &nbsp;&nbsp;&nbsp; McDonald's Corp., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 552641<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *4710887* |
| *Specialty Retail — 1.3%* | *Specialty Retail — 1.3%* | *Specialty Retail — 1.3%* | *Specialty Retail — 1.3%* | *Specialty Retail — 1.3%* |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 1/15/52 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1426323<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* | *Specialty Retail — continued* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 4/15/52 | &nbsp;&nbsp; $4700000<br>| &nbsp;&nbsp;&nbsp; $3435105<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/50 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp;&nbsp; 2100069<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *6961497* |
| *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* |
| &nbsp;&nbsp;&nbsp; Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/11/35 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp;&nbsp; *741639*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **25514989** |
| **Consumer Staples — 5.0%** | **Consumer Staples — 5.0%** | **Consumer Staples — 5.0%** | **Consumer Staples — 5.0%** | **Consumer Staples — 5.0%** |
| *Beverages — 0.7%* | *Beverages — 0.7%* | *Beverages — 0.7%* | *Beverages — 0.7%* | *Beverages — 0.7%* |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2313652<br>|
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/23/59 | &nbsp;&nbsp; 1470000<br>| &nbsp;&nbsp;&nbsp; 1504400<br>|
| *Total Beverages* | *Total Beverages* | *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *3818052* |
| *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2361660<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 356000<br>| &nbsp;&nbsp;&nbsp; 312096<br> <sup>(a)</sup><br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *2673756* |
| *Food Products — 2.5%* | *Food Products — 2.5%* | *Food Products — 2.5%* | *Food Products — 2.5%* | *Food Products — 2.5%* |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/21/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 235432<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 3535000<br>| &nbsp;&nbsp;&nbsp; 3312162<br>|
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings Inc./JBS USA Food Co., <br> Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1982726<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kellanova, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 392326<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/4/42 | &nbsp;&nbsp; 1065000<br>| &nbsp;&nbsp;&nbsp; 977868<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 992299<br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/16/40 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 976959<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 1725000<br>| &nbsp;&nbsp;&nbsp; 1719549<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 1.850% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1769996<br>|
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1849280<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *14208597* |
| *Tobacco — 1.3%* | *Tobacco — 1.3%* | *Tobacco — 1.3%* | *Tobacco — 1.3%* | *Tobacco — 1.3%* |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 2430000<br>| &nbsp;&nbsp;&nbsp; 2417202<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.390% | &nbsp;&nbsp; 8/15/37 | &nbsp;&nbsp; 411000<br>| &nbsp;&nbsp;&nbsp; 378854<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp;&nbsp; 4289864<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *7085920* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **27786325** |
| **Energy — 4.7%** | **Energy — 4.7%** | **Energy — 4.7%** | **Energy — 4.7%** | **Energy — 4.7%** |
| *Oil, Gas & Consumable Fuels — 4.7%* | *Oil, Gas & Consumable Fuels — 4.7%* | *Oil, Gas & Consumable Fuels — 4.7%* | *Oil, Gas & Consumable Fuels — 4.7%* | *Oil, Gas & Consumable Fuels — 4.7%* |
| &nbsp;&nbsp;&nbsp; Aker BP ASA, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1885113<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aker BP ASA, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1319778<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eastern Gas Transmission & Storage Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp;&nbsp; 2121537<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 4640000<br>| &nbsp;&nbsp;&nbsp; 4105597<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp., Senior Notes | &nbsp;&nbsp; 3.567% | &nbsp;&nbsp; 3/6/45 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 1884188<br>|
| &nbsp;&nbsp;&nbsp; Hess Corp., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 3650000<br>| &nbsp;&nbsp;&nbsp; 3780848<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 2100000<br>| &nbsp;&nbsp;&nbsp; 1748577<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 3950000<br>| &nbsp;&nbsp;&nbsp; 3770720<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1007191<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1163932<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; $1200000<br>| &nbsp;&nbsp;&nbsp; $1225380<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 9/30/35 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2035279<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **26048140** |
| **Financials — 37.8%** | **Financials — 37.8%** | **Financials — 37.8%** | **Financials — 37.8%** | **Financials — 37.8%** |
| *Banks — 22.4%* | *Banks — 22.4%* | *Banks — 22.4%* | *Banks — 22.4%* | *Banks — 22.4%* |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Subordinated Notes | &nbsp;&nbsp; 2.749% | &nbsp;&nbsp; 12/3/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1273522<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + 2.150%) | &nbsp;&nbsp; 2.592% | &nbsp;&nbsp; 4/29/31 | &nbsp;&nbsp; 3850000<br>| &nbsp;&nbsp;&nbsp; 3588778<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (4.571% to 4/27/32 then SOFR + 1.830%) | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 4/27/33 | &nbsp;&nbsp; 6585000<br>| &nbsp;&nbsp;&nbsp; 6570883<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.202% to 4/25/28 then SOFR + 1.630%) | &nbsp;&nbsp; 5.202% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 7200000<br>| &nbsp;&nbsp;&nbsp; 7385570<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.511% to 1/24/35 then SOFR + 1.310%) | &nbsp;&nbsp; 5.511% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp;&nbsp; 2973182<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (5.744% to 2/12/35 then SOFR + <br> 1.697%) | &nbsp;&nbsp; 5.744% | &nbsp;&nbsp; 2/12/36 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1772093<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (5.086% to 2/25/28 then SOFR + 0.960%) | &nbsp;&nbsp; 5.086% | &nbsp;&nbsp; 2/25/29 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3669153<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citibank NA, Senior Notes | &nbsp;&nbsp; 4.914% | &nbsp;&nbsp; 5/29/30 | &nbsp;&nbsp; 6250000<br>| &nbsp;&nbsp;&nbsp; 6431463<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 year Treasury <br> Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1455000<br>| &nbsp;&nbsp;&nbsp; 1479272<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.057% to 1/25/32 then SOFR + 1.351%) | &nbsp;&nbsp; 3.057% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 3725000<br>| &nbsp;&nbsp;&nbsp; 3413266<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.668% to 7/24/27 then 3 mo. Term SOFR + 1.652%) | &nbsp;&nbsp; 3.668% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 6450000<br>| &nbsp;&nbsp;&nbsp; 6410836<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.134% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 760470<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (5.427% to 3/1/27 then 1 year Treasury Constant <br> Maturity Rate + 0.950%) | &nbsp;&nbsp; 5.427% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 3050000<br>| &nbsp;&nbsp;&nbsp; 3097961<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc., Senior Notes (5.272% to 1/15/30 then SOFR + 1.276%) | &nbsp;&nbsp; 5.272% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1955362<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + 2.040%) | &nbsp;&nbsp; 2.522% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; 6150000<br>| &nbsp;&nbsp;&nbsp; 5730490<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.963% to 1/25/32 then SOFR + 1.260%) | &nbsp;&nbsp; 2.963% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 6426194<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.851% to 7/25/27 then SOFR + 1.990%) | &nbsp;&nbsp; 4.851% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2431492<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (6.087% to 10/23/28 then SOFR + 1.570%) | &nbsp;&nbsp; 6.087% | &nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp; 6300000<br>| &nbsp;&nbsp;&nbsp; 6637567<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 1650000<br>| &nbsp;&nbsp;&nbsp; 1707471<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc., Senior Notes (5.159% to 4/24/30 then 1 year <br> Treasury Constant Maturity Rate + 1.170%) | &nbsp;&nbsp; 5.159% | &nbsp;&nbsp; 4/24/31 | &nbsp;&nbsp; 1970000<br>| &nbsp;&nbsp;&nbsp; 2030897<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc., Senior Notes (5.778% to 7/6/28 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 5.778% | &nbsp;&nbsp; 7/6/29 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 4680665<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Subordinated Notes | &nbsp;&nbsp; 2.332% | &nbsp;&nbsp; 8/21/30 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp;&nbsp; 3041132<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (4.964% to 8/15/29 then 1 year Treasury <br> Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 4.964% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp;&nbsp; 2909759<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.222% to 1/29/30 then SOFR + <br> 1.072%) | &nbsp;&nbsp; 5.222% | &nbsp;&nbsp; 1/29/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5177140<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.373% to 7/21/35 then SOFR + <br> 1.417%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 7/21/36 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 977475<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (6.615% to 10/20/26 then SOFR + <br> 1.730%) | &nbsp;&nbsp; 6.615% | &nbsp;&nbsp; 10/20/27 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1734363<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (4.970% to 5/2/30 then SOFR + 1.130%) | &nbsp;&nbsp; 4.970% | &nbsp;&nbsp; 5/2/31 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp;&nbsp; 3376007<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (7.161% to 10/30/28 then SOFR + 2.446%) | &nbsp;&nbsp; 7.161% | &nbsp;&nbsp; 10/30/29 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp;&nbsp; 5179047<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.100% to 7/23/29 then SOFR + 1.250%) | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 7/23/30 | &nbsp;&nbsp; 4370000<br>| &nbsp;&nbsp;&nbsp; 4501227<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (4.808% to 7/25/27 then SOFR + 1.980%) | &nbsp;&nbsp; 4.808% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 7190000<br>| &nbsp;&nbsp;&nbsp; 7271291<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.198% to 1/23/29 then SOFR + 1.500%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 1/23/30 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 4120188<br> <sup>(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; $4680000<br>| &nbsp;&nbsp;&nbsp; $4850085<br> <sup>(b)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *123564301* |
| *Capital Markets — 8.7%* | *Capital Markets — 8.7%* | *Capital Markets — 8.7%* | *Capital Markets — 8.7%* | *Capital Markets — 8.7%* |
| &nbsp;&nbsp;&nbsp; BlackRock Funding Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/14/54 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1534882<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (2.640% to 2/24/27 then SOFR + 1.114%) | &nbsp;&nbsp; 2.640% | &nbsp;&nbsp; 2/24/28 | &nbsp;&nbsp; 9850000<br>| &nbsp;&nbsp;&nbsp; 9699613<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.218% to 4/23/30 then SOFR + 1.580%) | &nbsp;&nbsp; 5.218% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1497925<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.330% to 7/23/34 then SOFR + 1.550%) | &nbsp;&nbsp; 5.330% | &nbsp;&nbsp; 7/23/35 | &nbsp;&nbsp; 5800000<br>| &nbsp;&nbsp;&nbsp; 5961294<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, Secured Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2042644<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (1.794% to 2/13/31 then SOFR + 1.034%) | &nbsp;&nbsp; 1.794% | &nbsp;&nbsp; 2/13/32 | &nbsp;&nbsp; 7925000<br>| &nbsp;&nbsp;&nbsp; 6968385<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.192% to 4/17/30 then SOFR + 1.510%) | &nbsp;&nbsp; 5.192% | &nbsp;&nbsp; 4/17/31 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp;&nbsp; 2629752<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.250% to 4/21/33 then SOFR + 1.870%) | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/21/34 | &nbsp;&nbsp; 5100000<br>| &nbsp;&nbsp;&nbsp; 5252348<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.449% to 7/20/28 then SOFR + 1.630%) | &nbsp;&nbsp; 5.449% | &nbsp;&nbsp; 7/20/29 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 2012644<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1357446<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (3.869% to 1/12/28 then 3 mo. USD LIBOR + 1.410%) | &nbsp;&nbsp; 3.869% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 5250000<br>| &nbsp;&nbsp;&nbsp; 5222383<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (5.428% to 2/8/29 then 1 year Treasury Constant <br> Maturity Rate + 1.520%) | &nbsp;&nbsp; 5.428% | &nbsp;&nbsp; 2/8/30 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3724404<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *47903720* |
| *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* | *Consumer Finance — 1.2%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (4.804% to 10/24/35 then SOFR + 1.237%) | &nbsp;&nbsp; 4.804% | &nbsp;&nbsp; 10/24/36 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1481731<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (5.016% to 4/25/30 then SOFR + 1.440%) | &nbsp;&nbsp; 5.016% | &nbsp;&nbsp; 4/25/31 | &nbsp;&nbsp; 2275000<br>| &nbsp;&nbsp;&nbsp; 2345039<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Subordinated Notes (6.183% to 1/30/35 then SOFR + <br> 2.036%) | &nbsp;&nbsp; 6.183% | &nbsp;&nbsp; 1/30/36 | &nbsp;&nbsp; 2675000<br>| &nbsp;&nbsp;&nbsp; 2793365<br> <sup>(b)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *6620135* |
| *Financial Services — 2.9%* | *Financial Services — 2.9%* | *Financial Services — 2.9%* | *Financial Services — 2.9%* | *Financial Services — 2.9%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 5550000<br>| &nbsp;&nbsp;&nbsp; 5382165<br>|
| &nbsp;&nbsp;&nbsp; Beignet Investor LLC, Senior Secured Notes | &nbsp;&nbsp; 6.581% | &nbsp;&nbsp; 5/30/49 | &nbsp;&nbsp; 2025000<br>| &nbsp;&nbsp;&nbsp; 2141253<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1395609<br>|
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 2156788<br>|
| &nbsp;&nbsp;&nbsp; Global Payments Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1984335<br>|
| &nbsp;&nbsp;&nbsp; SMBC Aviation Capital Finance DAC, Senior Notes | &nbsp;&nbsp; 1.900% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2950017<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *16010167* |
| *Insurance — 2.6%* | *Insurance — 2.6%* | *Insurance — 2.6%* | *Insurance — 2.6%* | *Insurance — 2.6%* |
| &nbsp;&nbsp;&nbsp; Arch Capital Group US Inc., Senior Notes | &nbsp;&nbsp; 5.144% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2188017<br>|
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 2510000<br>| &nbsp;&nbsp;&nbsp; 2771332<br>|
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/2/53 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1179122<br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 5.543% | &nbsp;&nbsp; 8/22/35 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1355193<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/19/55 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1732738<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2153961<br>|
| &nbsp;&nbsp;&nbsp; Nippon Life Insurance Co., Subordinated Notes (6.500% to 4/30/35 then 5 year <br> Treasury Constant Maturity Rate + 3.189%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/30/55 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1723862<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pricoa Global Funding I, Secured Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/30/28 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1641584<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *14745809* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **208844132** |
| **Health Care — 12.9%** | **Health Care — 12.9%** | **Health Care — 12.9%** | **Health Care — 12.9%** | **Health Care — 12.9%** |
| *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 3175000<br>| &nbsp;&nbsp;&nbsp; 3089411<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* |
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/2/43 | &nbsp;&nbsp; $3500000<br>| &nbsp;&nbsp;&nbsp; $3522449<br>|
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 9/15/50 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp;&nbsp; 2657328<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *9269188* |
| *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* | *Health Care Equipment & Supplies — 0.5%* |
| &nbsp;&nbsp;&nbsp; Baxter International Inc., Senior Notes | &nbsp;&nbsp; 2.539% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1307479<br>|
| &nbsp;&nbsp;&nbsp; Roche Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.607% | &nbsp;&nbsp; 12/13/51 | &nbsp;&nbsp; 2240000<br>| &nbsp;&nbsp;&nbsp; 1370896<br> <sup>(a)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *2678375* |
| *Health Care Providers & Services — 6.3%* | *Health Care Providers & Services — 6.3%* | *Health Care Providers & Services — 6.3%* | *Health Care Providers & Services — 6.3%* | *Health Care Providers & Services — 6.3%* |
| &nbsp;&nbsp;&nbsp; Ascension Health, Senior Notes | &nbsp;&nbsp; 2.532% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 3950000<br>| &nbsp;&nbsp;&nbsp; 3736122<br>|
| &nbsp;&nbsp;&nbsp; Cigna Group, Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 3/15/40 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1506218<br>|
| &nbsp;&nbsp;&nbsp; CSL Finance PLC, Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/27/32 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; 3146767<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1150000<br>| &nbsp;&nbsp;&nbsp; 1174214<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 12/5/43 | &nbsp;&nbsp; 4450000<br>| &nbsp;&nbsp;&nbsp; 4160262<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 973364<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp;&nbsp; 4521462<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2973697<br>|
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/8/34 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1057992<br>|
| &nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, Senior Notes | &nbsp;&nbsp; 3.002% | &nbsp;&nbsp; 6/1/51 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1279594<br>|
| &nbsp;&nbsp;&nbsp; Mayo Clinic, Senior Notes | &nbsp;&nbsp; 3.196% | &nbsp;&nbsp; 11/15/61 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1234131<br>|
| &nbsp;&nbsp;&nbsp; Sutter Health, Senior Notes | &nbsp;&nbsp; 5.164% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2473380<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1455000<br>| &nbsp;&nbsp;&nbsp; 1507014<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 6650000<br>| &nbsp;&nbsp;&nbsp; 5044915<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *34789132* |
| *Life Sciences Tools & Services — 1.0%* | *Life Sciences Tools & Services — 1.0%* | *Life Sciences Tools & Services — 1.0%* | *Life Sciences Tools & Services — 1.0%* | *Life Sciences Tools & Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 3450000<br>| &nbsp;&nbsp;&nbsp; 3420264<br>|
| &nbsp;&nbsp;&nbsp; IQVIA Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2109436<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *5529700* |
| *Pharmaceuticals — 3.4%* | *Pharmaceuticals — 3.4%* | *Pharmaceuticals — 3.4%* | *Pharmaceuticals — 3.4%* | *Pharmaceuticals — 3.4%* |
| &nbsp;&nbsp;&nbsp; Bayer US Finance II LLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3003841<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1272161<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 367694<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/27/63 | &nbsp;&nbsp; 1075000<br>| &nbsp;&nbsp;&nbsp; 970240<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 10/15/65 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; 1109284<br>|
| &nbsp;&nbsp;&nbsp; Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/24/27 | &nbsp;&nbsp; 5100000<br>| &nbsp;&nbsp;&nbsp; 5064261<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 12/4/32 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 160270<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/4/35 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 254147<br>|
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/5/30 | &nbsp;&nbsp; 1285000<br>| &nbsp;&nbsp;&nbsp; 1284042<br>|
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 9/21/42 | &nbsp;&nbsp; 2175000<br>| &nbsp;&nbsp;&nbsp; 1806171<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/19/53 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1847702<br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 9/2/51 | &nbsp;&nbsp; 2900000<br>| &nbsp;&nbsp;&nbsp; 1927486<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *19067299* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **71333694** |
| **Industrials — 6.8%** | **Industrials — 6.8%** | **Industrials — 6.8%** | **Industrials — 6.8%** | **Industrials — 6.8%** |
| *Aerospace & Defense — 3.8%* | *Aerospace & Defense — 3.8%* | *Aerospace & Defense — 3.8%* | *Aerospace & Defense — 3.8%* | *Aerospace & Defense — 3.8%* |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/26/54 | &nbsp;&nbsp; 1850000<br>| &nbsp;&nbsp;&nbsp; 1863181<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3320130<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; $1325000<br>| &nbsp;&nbsp;&nbsp; $1085385<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 3250000<br>| &nbsp;&nbsp;&nbsp; 2376171<br>|
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 756952<br>|
| &nbsp;&nbsp;&nbsp; General Dynamics Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 1955141<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp;&nbsp; 3625748<br>|
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., Senior Notes | &nbsp;&nbsp; 4.070% | &nbsp;&nbsp; 12/15/42 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 641124<br>|
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2435046<br>|
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 2755000<br>| &nbsp;&nbsp;&nbsp; 2760179<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *20819057* |
| *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 5650000<br>| &nbsp;&nbsp;&nbsp; *5985156*<br>|
| *Industrial Conglomerates — 0.4%* | *Industrial Conglomerates — 0.4%* | *Industrial Conglomerates — 0.4%* | *Industrial Conglomerates — 0.4%* | *Industrial Conglomerates — 0.4%* |
| &nbsp;&nbsp;&nbsp; Siemens Funding BV, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/28/55 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2462007*<br> <sup>(a)</sup><br>|
| *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* | *Machinery — 1.2%* |
| &nbsp;&nbsp;&nbsp; Caterpillar Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2281666<br>|
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2322499<br>|
| &nbsp;&nbsp;&nbsp; Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.176% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1654373<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 395320<br> <sup>(a)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *6653858* |
| *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* |
| &nbsp;&nbsp;&nbsp; United Airlines Inc. Pass-Through-Trust | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 7/7/28 | &nbsp;&nbsp; 1329114<br>| &nbsp;&nbsp;&nbsp; 1297049<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 517135<br>| &nbsp;&nbsp;&nbsp; 517154<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *1814203* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **37734281** |
| **Information Technology — 6.3%** | **Information Technology — 6.3%** | **Information Technology — 6.3%** | **Information Technology — 6.3%** | **Information Technology — 6.3%** |
| *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* |
| &nbsp;&nbsp;&nbsp; Cisco Systems Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 2/26/54 | &nbsp;&nbsp; 1815000<br>| &nbsp;&nbsp;&nbsp; 1741109<br>|
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp;&nbsp; 4577298<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *6318407* |
| *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; *989792*<br>|
| *Semiconductors & Semiconductor Equipment — 2.6%* | *Semiconductors & Semiconductor Equipment — 2.6%* | *Semiconductors & Semiconductor Equipment — 2.6%* | *Semiconductors & Semiconductor Equipment — 2.6%* | *Semiconductors & Semiconductor Equipment — 2.6%* |
| &nbsp;&nbsp;&nbsp; Analog Devices Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1476283<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 3375000<br>| &nbsp;&nbsp;&nbsp; 3431881<br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp;&nbsp; 4555470<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 3.734% | &nbsp;&nbsp; 12/8/47 | &nbsp;&nbsp; 2850000<br>| &nbsp;&nbsp;&nbsp; 2035653<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2567335<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *14066622* |
| *Software — 2.1%* | *Software — 2.1%* | *Software — 2.1%* | *Software — 2.1%* | *Software — 2.1%* |
| &nbsp;&nbsp;&nbsp; Intuit Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1285445<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp., Senior Notes | &nbsp;&nbsp; 2.675% | &nbsp;&nbsp; 6/1/60 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1009928<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 3/25/28 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 3815190<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/26/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 978561<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 2450000<br>| &nbsp;&nbsp;&nbsp; 1818557<br>|
| &nbsp;&nbsp;&nbsp; Salesforce Inc., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 7/15/51 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 953280<br>|
| &nbsp;&nbsp;&nbsp; ServiceNow Inc., Senior Notes | &nbsp;&nbsp; 1.400% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 881519<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; $950000<br>| &nbsp;&nbsp;&nbsp; $943400<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *11685880* |
| *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Apple Inc., Senior Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 2/8/61 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; *1413955*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **34474656** |
| **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** | **Materials — 0.9%** |
| *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; *2043120*<br>|
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; AptarGroup Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/30/31 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; *428782*<br>|
| *Metals & Mining — 0.4%* | *Metals & Mining — 0.4%* | *Metals & Mining — 0.4%* | *Metals & Mining — 0.4%* | *Metals & Mining — 0.4%* |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/43 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1889201<br>|
| &nbsp;&nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty Ltd., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 470631<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *2359832* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4831734** |
| **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** |
| *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1455279*<br> <sup>(a)</sup><br>|
| *Real Estate Management & Development — 0.7%* | *Real Estate Management & Development — 0.7%* | *Real Estate Management & Development — 0.7%* | *Real Estate Management & Development — 0.7%* | *Real Estate Management & Development — 0.7%* |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 3950000<br>| &nbsp;&nbsp;&nbsp; *3922207*<br>|
| *Retail REITs — 0.4%* | *Retail REITs — 0.4%* | *Retail REITs — 0.4%* | *Retail REITs — 0.4%* | *Retail REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital SA, Senior Notes | &nbsp;&nbsp; 5.275% | &nbsp;&nbsp; 9/10/54 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; *2539195*<br>|
| *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* | *Specialized REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 1025000<br>| &nbsp;&nbsp;&nbsp; *1025529*<br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **8942210** |
| **Utilities — 8.8%** | **Utilities — 8.8%** | **Utilities — 8.8%** | **Utilities — 8.8%** | **Utilities — 8.8%** |
| *Electric Utilities — 7.7%* | *Electric Utilities — 7.7%* | *Electric Utilities — 7.7%* | *Electric Utilities — 7.7%* | *Electric Utilities — 7.7%* |
| &nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2117214<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Edison Co., First Mortgage Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1595532<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 2072998<br>|
| &nbsp;&nbsp;&nbsp; Consumers Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1172221<br>|
| &nbsp;&nbsp;&nbsp; DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/1/52 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2222054<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, First Mortgage Bonds | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 3513399<br>|
| &nbsp;&nbsp;&nbsp; EDP Finance BV, Senior Notes | &nbsp;&nbsp; 1.710% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2572421<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/25/27 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp;&nbsp; 3280938<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp;&nbsp; 3994230<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1182488<br>|
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1257461<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1139323<br>|
| &nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., First Mortgage Bonds | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1950000<br>| &nbsp;&nbsp;&nbsp; 1334719<br>|
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/18/35 | &nbsp;&nbsp; 3450000<br>| &nbsp;&nbsp;&nbsp; 3431950<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 2950000<br>| &nbsp;&nbsp;&nbsp; 2966017<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp;&nbsp; 3335665<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 8/15/43 | &nbsp;&nbsp; 3350000<br>| &nbsp;&nbsp;&nbsp; 3009179<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2015298<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *42213107* |

---

See Notes to Schedules of Investments.

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Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Investment Grade Corporate ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Gas Utilities — 0.7%* | *Gas Utilities — 0.7%* | *Gas Utilities — 0.7%* | *Gas Utilities — 0.7%* | *Gas Utilities — 0.7%* |
| &nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co. Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; $1650000<br>| &nbsp;&nbsp;&nbsp; $1476272<br>|
| &nbsp;&nbsp;&nbsp; Southern California Gas Co., First Mortgage Bonds | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 2470000<br>| &nbsp;&nbsp;&nbsp; 2430161<br>|
| *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | *Total Gas Utilities* | &nbsp;&nbsp; *3906433* |
| *Multi-Utilities — 0.4%* | *Multi-Utilities — 0.4%* | *Multi-Utilities — 0.4%* | *Multi-Utilities — 0.4%* | *Multi-Utilities — 0.4%* |
| &nbsp;&nbsp;&nbsp; PECO Energy Co., First Mortgage Bonds | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; *2424011*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **48543551** |
| **Total Corporate Bonds & Notes (Cost — $552,771,844)** | **Total Corporate Bonds & Notes (Cost — $552,771,844)** | **Total Corporate Bonds & Notes (Cost — $552,771,844)** | **Total Corporate Bonds & Notes (Cost — $552,771,844)** | &nbsp;&nbsp; **536229559** |
| **U.S. Government & Agency Obligations — 1.3%** | **U.S. Government & Agency Obligations — 1.3%** | **U.S. Government & Agency Obligations — 1.3%** | **U.S. Government & Agency Obligations — 1.3%** | **U.S. Government & Agency Obligations — 1.3%** |
| *U.S. Government Obligations — 1.3%* | *U.S. Government Obligations — 1.3%* | *U.S. Government Obligations — 1.3%* | *U.S. Government Obligations — 1.3%* | *U.S. Government Obligations — 1.3%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp; 1313514<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp; 2674950<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 3034000 | &nbsp;&nbsp;&nbsp; 3059836<br>|
| **Total U.S. Government & Agency Obligations (Cost — $7,121,363)** | **Total U.S. Government & Agency Obligations (Cost — $7,121,363)** | **Total U.S. Government & Agency Obligations (Cost — $7,121,363)** | **Total U.S. Government & Agency Obligations (Cost — $7,121,363)** | &nbsp;&nbsp; **7048300** |
| **Total Investments before Short-Term Investments (Cost — $559,893,207)** | **Total Investments before Short-Term Investments (Cost — $559,893,207)** | **Total Investments before Short-Term Investments (Cost — $559,893,207)** | **Total Investments before Short-Term Investments (Cost — $559,893,207)** | &nbsp;&nbsp; **543277859** |
|  |  |  | Shares |  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $2,011,878)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 2011878<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2011878**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Investments — 98.8% (Cost — $561,905,085)** | **Total Investments — 98.8% (Cost — $561,905,085)** | **Total Investments — 98.8% (Cost — $561,905,085)** | **Total Investments — 98.8% (Cost — $561,905,085)** | &nbsp;&nbsp; **545289737** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.2% | &nbsp;&nbsp;&nbsp; 6739663 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$552029400** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(b)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(c)</sup> Security has no maturity date. The date shown represents the next call date.

<sup>(d)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(e)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of investments in Affiliated Companies was $2,011,878 and the cost was $2,011,878 (Note 3). 

<sup>(f)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| LIBOR |  | London Interbank Offered Rate |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 47.9%** | **Corporate Bonds & Notes — 47.9%** | **Corporate Bonds & Notes — 47.9%** | **Corporate Bonds & Notes — 47.9%** | **Corporate Bonds & Notes — 47.9%** |
| **Communication Services — 4.9%** | **Communication Services — 4.9%** | **Communication Services — 4.9%** | **Communication Services — 4.9%** | **Communication Services — 4.9%** |
| *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $19000<br>| &nbsp;&nbsp;&nbsp; $19019<br>|
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 60870<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 3/22/28 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp;&nbsp; 37451<br>|
| &nbsp;&nbsp;&nbsp; WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10310<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *127650* |
| *Media — 3.3%* | *Media — 3.3%* | *Media — 3.3%* | *Media — 3.3%* | *Media — 3.3%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 64028<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18726<br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 68713<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 63349<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; News Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 18736<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexstar Media Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 64563<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sinclair Television Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 67933<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 64511<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 64532<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *495091* |
| *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 37716<br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp;&nbsp; 37572<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 37710<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *112998* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **735739** |
| **Consumer Discretionary — 3.7%** | **Consumer Discretionary — 3.7%** | **Consumer Discretionary — 3.7%** | **Consumer Discretionary — 3.7%** | **Consumer Discretionary — 3.7%** |
| *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* | *Hotels, Restaurants & Leisure — 2.2%* |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance Inc., Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 61980<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp;&nbsp; 15174<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 66789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 37459<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 66555<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 5106<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18332<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 65324<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *336719* |
| *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* |
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; *63561*<br>|
| *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* | *Specialty Retail — 0.9%* |
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60762<br>|
| &nbsp;&nbsp;&nbsp; Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 64135<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp;&nbsp; 15439<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *140336* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* |
| &nbsp;&nbsp;&nbsp; PVH Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/13/30 | &nbsp;&nbsp; $19000<br>| &nbsp;&nbsp;&nbsp; $*19320*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **559936** |
| **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** |
| *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *37786*<br> <sup>(a)</sup><br>|
| *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/21/31 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18857<br>|
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp. Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62662<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl/ JBS USA Food Co./JBS Lux Co. Sarl, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/2/29 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp;&nbsp; 37576<br>|
| &nbsp;&nbsp;&nbsp; Kellanova, Senior Notes | &nbsp;&nbsp; 7.450% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 33000<br>| &nbsp;&nbsp;&nbsp; 37784<br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19265<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *176144* |
| *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* |
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; *37685*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **251615** |
| **Energy — 6.1%** | **Energy — 6.1%** | **Energy — 6.1%** | **Energy — 6.1%** | **Energy — 6.1%** |
| *Energy Equipment & Services — 1.5%* | *Energy Equipment & Services — 1.5%* | *Energy Equipment & Services — 1.5%* | *Energy Equipment & Services — 1.5%* | *Energy Equipment & Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62457<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 5109<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp;&nbsp; 72808<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 60714<br>| &nbsp;&nbsp;&nbsp; 62049<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 22000<br>| &nbsp;&nbsp;&nbsp; 22566<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *224989* |
| *Oil, Gas & Consumable Fuels — 4.6%* | *Oil, Gas & Consumable Fuels — 4.6%* | *Oil, Gas & Consumable Fuels — 4.6%* | *Oil, Gas & Consumable Fuels — 4.6%* | *Oil, Gas & Consumable Fuels — 4.6%* |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19046<br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 5.927% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 19069<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 64607<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ecopetrol SA, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/29/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 142121<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Junior Subordinated Notes (6.625% to 2/15/28 then 3 mo. <br> USD LIBOR + 4.155%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 64967<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18301<br>|
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61524<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18422<br>|
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60574<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18852<br>|
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos, Senior Notes | &nbsp;&nbsp; 6.700% | &nbsp;&nbsp; 2/16/32 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp;&nbsp; 129734<br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62022<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19230<br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *698469* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **923458** |
| **Financials — 6.6%** | **Financials — 6.6%** | **Financials — 6.6%** | **Financials — 6.6%** | **Financials — 6.6%** |
| *Banks — 1.0%* | *Banks — 1.0%* | *Banks — 1.0%* | *Banks — 1.0%* | *Banks — 1.0%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.194% to 7/23/29 then 3 mo. Term SOFR <br> + 1.442%) | &nbsp;&nbsp; 3.194% | &nbsp;&nbsp; 7/23/30 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp;&nbsp; 37680<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.542% to 9/19/29 then SOFR + 1.338%) | &nbsp;&nbsp; 4.542% | &nbsp;&nbsp; 9/19/30 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 38327<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.603% to 10/22/29 then SOFR + 1.040%) | &nbsp;&nbsp; 4.603% | &nbsp;&nbsp; 10/22/30 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 38543<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.574% to 7/25/28 then SOFR + 1.740%) | &nbsp;&nbsp; 5.574% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; $36000<br>| &nbsp;&nbsp;&nbsp; $37308<br> <sup>(c)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *151858* |
| *Capital Markets — 1.4%* | *Capital Markets — 1.4%* | *Capital Markets — 1.4%* | *Capital Markets — 1.4%* | *Capital Markets — 1.4%* |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp;&nbsp; 36903<br>|
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 18683<br>|
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10197<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19048<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.654% to 10/18/29 then SOFR + 1.100%) | &nbsp;&nbsp; 4.654% | &nbsp;&nbsp; 10/18/30 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 38468<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19119<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nasdaq Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/28/28 | &nbsp;&nbsp; 13000<br>| &nbsp;&nbsp;&nbsp; 13420<br>|
| &nbsp;&nbsp;&nbsp; Osaic Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62711<br> <sup>(a)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *218549* |
| *Consumer Finance — 1.5%* | *Consumer Finance — 1.5%* | *Consumer Finance — 1.5%* | *Consumer Finance — 1.5%* | *Consumer Finance — 1.5%* |
| &nbsp;&nbsp;&nbsp; Ally Financial Inc., Senior Notes | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 11/2/28 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18938<br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (5.098% to 2/16/27 then SOFR + 1.000%) | &nbsp;&nbsp; 5.098% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19226<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62487<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62675<br>|
| &nbsp;&nbsp;&nbsp; PRA Group Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62323<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *225649* |
| *Financial Services — 1.4%* | *Financial Services — 1.4%* | *Financial Services — 1.4%* | *Financial Services — 1.4%* | *Financial Services — 1.4%* |
| &nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 5106<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62667<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 63148<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/17/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 19217<br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18429<br>|
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 3/26/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 38828<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *207395* |
| *Insurance — 1.3%* | *Insurance — 1.3%* | *Insurance — 1.3%* | *Insurance — 1.3%* | *Insurance — 1.3%* |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62287<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18431<br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC/Asurion Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 12/31/32 | &nbsp;&nbsp; 15000<br>| &nbsp;&nbsp;&nbsp; 15572<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 37634<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/23/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19234<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/23/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19276<br>|
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19272<br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *191706* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **995157** |
| **Health Care — 4.0%** | **Health Care — 4.0%** | **Health Care — 4.0%** | **Health Care — 4.0%** | **Health Care — 4.0%** |
| *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* | *Biotechnology — 0.5%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 37916<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 37874<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *75790* |
| *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* | *Health Care Equipment & Supplies — 0.4%* |
| &nbsp;&nbsp;&nbsp; Insulet Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *62773*<br> <sup>(a)</sup><br>|
| *Health Care Providers & Services — 2.0%* | *Health Care Providers & Services — 2.0%* | *Health Care Providers & Services — 2.0%* | *Health Care Providers & Services — 2.0%* | *Health Care Providers & Services — 2.0%* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 65869<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; Concentra Health Services Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp;&nbsp; $62823<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19400<br>|
| &nbsp;&nbsp;&nbsp; DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62494<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 18942<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 5000<br>| &nbsp;&nbsp;&nbsp; 5151<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61473<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *296152* |
| *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; *19067*<br>|
| *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 63492<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 9/2/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 38045<br>|
| &nbsp;&nbsp;&nbsp; Viatris Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 6/22/27 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19439<br>|
| &nbsp;&nbsp;&nbsp; Zoetis Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/12/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 37481<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *158457* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **612239** |
| **Industrials — 8.7%** | **Industrials — 8.7%** | **Industrials — 8.7%** | **Industrials — 8.7%** | **Industrials — 8.7%** |
| *Aerospace & Defense — 3.5%* | *Aerospace & Defense — 3.5%* | *Aerospace & Defense — 3.5%* | *Aerospace & Defense — 3.5%* | *Aerospace & Defense — 3.5%* |
| &nbsp;&nbsp;&nbsp; ATI Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 65105<br>|
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18684<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/10/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19109<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.298% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 106000<br>| &nbsp;&nbsp;&nbsp; 112550<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 37916<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/50 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 65537<br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 64014<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp;&nbsp; 37844<br>|
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 40075<br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62539<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *523373* |
| *Building Products — 1.2%* | *Building Products — 1.2%* | *Building Products — 1.2%* | *Building Products — 1.2%* | *Building Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Builders FirstSource Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62806<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61549<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62699<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *187054* |
| *Commercial Services & Supplies — 2.1%* | *Commercial Services & Supplies — 2.1%* | *Commercial Services & Supplies — 2.1%* | *Commercial Services & Supplies — 2.1%* | *Commercial Services & Supplies — 2.1%* |
| &nbsp;&nbsp;&nbsp; RB Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62803<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Republic Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp;&nbsp; 37265<br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62055<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Waste Management Inc., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 37966<br>|
| &nbsp;&nbsp;&nbsp; Waste Pro USA Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61909<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 63046<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *325044* |
| *Electrical Equipment — 0.4%* | *Electrical Equipment — 0.4%* | *Electrical Equipment — 0.4%* | *Electrical Equipment — 0.4%* | *Electrical Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *62725*<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* | *Ground Transportation — 0.4%* |
| &nbsp;&nbsp;&nbsp; Watco Cos. LLC/Watco Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp;&nbsp; $*62872*<br> <sup>(a)</sup><br>|
| *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* | *Passenger Airlines — 0.7%* |
| &nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.021% | &nbsp;&nbsp; 10/20/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 37320<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; OneSky Flight LLC, Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 64251<br> <sup>(a)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *101571* |
| *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* |
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *62713*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1325352** |
| **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** | **Information Technology — 3.7%** |
| *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 21000<br>| &nbsp;&nbsp;&nbsp; *19095*<br>|
| *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; TTM Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *63731*<br> <sup>(a)</sup><br>|
| *IT Services — 0.4%* | *IT Services — 0.4%* | *IT Services — 0.4%* | *IT Services — 0.4%* | *IT Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC, Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19634<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Payments Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 18609<br>|
| &nbsp;&nbsp;&nbsp; S&P Global Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18341<br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *56584* |
| *Semiconductors & Semiconductor Equipment — 0.9%* | *Semiconductors & Semiconductor Equipment — 0.9%* | *Semiconductors & Semiconductor Equipment — 0.9%* | *Semiconductors & Semiconductor Equipment — 0.9%* | *Semiconductors & Semiconductor Equipment — 0.9%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 38725<br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 18672<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19255<br>|
| &nbsp;&nbsp;&nbsp; Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62268<br> <sup>(a)</sup><br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *138920* |
| *Software — 0.9%* | *Software — 0.9%* | *Software — 0.9%* | *Software — 0.9%* | *Software — 0.9%* |
| &nbsp;&nbsp;&nbsp; Atlassian Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 38079<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 37801<br>|
| &nbsp;&nbsp;&nbsp; UKG Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61728<br> <sup>(a)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *137608* |
| *Technology Hardware, Storage & Peripherals — 1.0%* | *Technology Hardware, Storage & Peripherals — 1.0%* | *Technology Hardware, Storage & Peripherals — 1.0%* | *Technology Hardware, Storage & Peripherals — 1.0%* | *Technology Hardware, Storage & Peripherals — 1.0%* |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 62682<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19114<br>|
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61927<br> <sup>(a)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *143723* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **559661** |
| **Materials — 4.5%** | **Materials — 4.5%** | **Materials — 4.5%** | **Materials — 4.5%** | **Materials — 4.5%** |
| *Chemicals — 2.2%* | *Chemicals — 2.2%* | *Chemicals — 2.2%* | *Chemicals — 2.2%* | *Chemicals — 2.2%* |
| &nbsp;&nbsp;&nbsp; Avient Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61708<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/33 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 267495<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *329203* |
| *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* | *Construction Materials — 0.4%* |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *61326*<br> <sup>(a)</sup><br>|
| *Containers & Packaging — 0.5%* | *Containers & Packaging — 0.5%* | *Containers & Packaging — 0.5%* | *Containers & Packaging — 0.5%* | *Containers & Packaging — 0.5%* |
| &nbsp;&nbsp;&nbsp; Berry Global Inc., Senior Secured Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 18506<br>|
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61737<br> <sup>(a)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *80243* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Metals & Mining — 1.4%* | *Metals & Mining — 1.4%* | *Metals & Mining — 1.4%* | *Metals & Mining — 1.4%* | *Metals & Mining — 1.4%* |
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; $55000<br>| &nbsp;&nbsp;&nbsp; $62153<br>|
| &nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 65600<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/27/27 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 18990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 65947<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *212690* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **683462** |
| **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** | **Real Estate — 2.4%** |
| *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 64121<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 37767<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *101888* |
| *Hotel & Resort REITs — 0.4%* | *Hotel & Resort REITs — 0.4%* | *Hotel & Resort REITs — 0.4%* | *Hotel & Resort REITs — 0.4%* | *Hotel & Resort REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *62266*<br> <sup>(a)</sup><br>|
| *Specialized REITs — 1.3%* | *Specialized REITs — 1.3%* | *Specialized REITs — 1.3%* | *Specialized REITs — 1.3%* | *Specialized REITs — 1.3%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 37725<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18306<br>|
| &nbsp;&nbsp;&nbsp; Equinix Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/18/29 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 19209<br>|
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60541<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 63616<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *199397* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **363551** |
| **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** |
| *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* | *Electric Utilities — 1.5%* |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18580<br>|
| &nbsp;&nbsp;&nbsp; Eversource Energy, Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18458<br>|
| &nbsp;&nbsp;&nbsp; IPALCO Enterprises Inc., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 18593<br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61677<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 10000<br>| &nbsp;&nbsp;&nbsp; 10138<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; 18851<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 36000<br>| &nbsp;&nbsp;&nbsp; 37377<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 37752<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *221426* |
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; AES Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 18000<br>| &nbsp;&nbsp;&nbsp; *18424*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **239850** |
| **Total Corporate Bonds & Notes (Cost — $7,205,405)** | **Total Corporate Bonds & Notes (Cost — $7,205,405)** | **Total Corporate Bonds & Notes (Cost — $7,205,405)** | **Total Corporate Bonds & Notes (Cost — $7,205,405)** | &nbsp;&nbsp; **7250020** |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 16.4%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 16.4%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 16.4%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 16.4%** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— 16.4%** |
| &nbsp;&nbsp;&nbsp; A&D Mortgage Trust, 2024-NQM1 A2 | &nbsp;&nbsp; 6.347% | &nbsp;&nbsp; 2/25/69 | &nbsp;&nbsp; 66532<br>| &nbsp;&nbsp;&nbsp; 66991<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK5, 2025-5YR17 AS | &nbsp;&nbsp; 5.626% | &nbsp;&nbsp; 11/15/58 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19612<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, 2025-5C37 AS | &nbsp;&nbsp; 5.382% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 37799<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2019-B14 A2 | &nbsp;&nbsp; 2.915% | &nbsp;&nbsp; 12/15/62 | &nbsp;&nbsp; 18007<br>| &nbsp;&nbsp;&nbsp; 17473<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2020-B17 A2 | &nbsp;&nbsp; 2.211% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 49705<br>| &nbsp;&nbsp;&nbsp; 47119<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2025-V17 XA, IO | &nbsp;&nbsp; 1.511% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 151000<br>| &nbsp;&nbsp;&nbsp; 9309<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, 2024-5C8 AS | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 37000<br>| &nbsp;&nbsp;&nbsp; 38475<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, 2025-5C11 AS | &nbsp;&nbsp; 5.938% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 22000<br>| &nbsp;&nbsp;&nbsp; 22913<br>|
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, 2025-5C12 XA, IO | &nbsp;&nbsp; 1.441% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 999927<br>| &nbsp;&nbsp;&nbsp; 60423<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; BX Trust, 2025-ARIA C | &nbsp;&nbsp; 5.517% | &nbsp;&nbsp; 12/13/42 | &nbsp;&nbsp; $23000<br>| &nbsp;&nbsp;&nbsp; $23199<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cantor Commercial Real Estate Lending, 2019-CF3 A2 | &nbsp;&nbsp; 2.942% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 17223<br>| &nbsp;&nbsp;&nbsp; 16580<br>|
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, 2016-CD1 A4 | &nbsp;&nbsp; 2.724% | &nbsp;&nbsp; 8/10/49 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp;&nbsp; 23641<br>|
| &nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, 2016-C6 B | &nbsp;&nbsp; 3.804% | &nbsp;&nbsp; 11/10/49 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp;&nbsp; 22825<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-GC33 B | &nbsp;&nbsp; 4.335% | &nbsp;&nbsp; 9/10/58 | &nbsp;&nbsp; 15527<br>| &nbsp;&nbsp;&nbsp; 15112<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2015-GC33 C | &nbsp;&nbsp; 4.335% | &nbsp;&nbsp; 9/10/58 | &nbsp;&nbsp; 26000<br>| &nbsp;&nbsp;&nbsp; 22758<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust, 2014-CR17 C | &nbsp;&nbsp; 4.781% | &nbsp;&nbsp; 5/10/47 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 27902<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, 2024-1 A1 | &nbsp;&nbsp; 5.735% | &nbsp;&nbsp; 7/25/69 | &nbsp;&nbsp; 104106<br>| &nbsp;&nbsp;&nbsp; 104972<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4839 WS, IO (-1.000 x 30 <br> Day Average SOFR + 5.986%) | &nbsp;&nbsp; 2.002% | &nbsp;&nbsp; 8/15/56 | &nbsp;&nbsp; 210034<br>| &nbsp;&nbsp;&nbsp; 29667<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5016 PI, IO, PAC | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/25/50 | &nbsp;&nbsp; 398774<br>| &nbsp;&nbsp;&nbsp; 69548<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5158 IV, IO, PAC | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/25/49 | &nbsp;&nbsp; 541709<br>| &nbsp;&nbsp;&nbsp; 113424<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5164 IC, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/25/51 | &nbsp;&nbsp; 509925<br>| &nbsp;&nbsp;&nbsp; 107525<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5493 FK (30 Day Average <br> SOFR + 1.150%) | &nbsp;&nbsp; 5.024% | &nbsp;&nbsp; 1/25/55 | &nbsp;&nbsp; 74591<br>| &nbsp;&nbsp;&nbsp; 74866<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5537 FC (30 Day Average <br> SOFR + 1.150%) | &nbsp;&nbsp; 5.024% | &nbsp;&nbsp; 5/25/55 | &nbsp;&nbsp; 111089<br>| &nbsp;&nbsp;&nbsp; 111535<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, Structured Agency Credit <br> Risk Trust, 2025-DNA3 M1 (30 Day Average SOFR + 1.100%) | &nbsp;&nbsp; 4.974% | &nbsp;&nbsp; 9/25/45 | &nbsp;&nbsp; 21553<br>| &nbsp;&nbsp;&nbsp; 21621<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) — CAS, 2021-R01 1B2 (30 Day <br> Average SOFR + 6.000%) | &nbsp;&nbsp; 9.874% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 72310<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-47 ID, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/25/50 | &nbsp;&nbsp; 288527<br>| &nbsp;&nbsp;&nbsp; 63563<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2020-77 HI, IO | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/25/50 | &nbsp;&nbsp; 312113<br>| &nbsp;&nbsp;&nbsp; 64587<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-49 AF (30 Day <br> Average SOFR + 1.100%) | &nbsp;&nbsp; 4.974% | &nbsp;&nbsp; 7/25/54 | &nbsp;&nbsp; 62677<br>| &nbsp;&nbsp;&nbsp; 62892<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-95 KF (30 Day <br> Average SOFR + 1.100%) | &nbsp;&nbsp; 4.974% | &nbsp;&nbsp; 12/25/54 | &nbsp;&nbsp; 100760<br>| &nbsp;&nbsp;&nbsp; 101080<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) STRIPS, 438 C7, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/25/53 | &nbsp;&nbsp; 377514<br>| &nbsp;&nbsp;&nbsp; 67224<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2016-042 IO, IO | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/46 | &nbsp;&nbsp; 483955<br>| &nbsp;&nbsp;&nbsp; 95147<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2021-213 PI, IO, PAC | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/20/50 | &nbsp;&nbsp; 203941<br>| &nbsp;&nbsp;&nbsp; 45049<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-078 IO, IO | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/20/51 | &nbsp;&nbsp; 667097<br>| &nbsp;&nbsp;&nbsp; 108766<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-081 BI, IO | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/20/50 | &nbsp;&nbsp; 661944<br>| &nbsp;&nbsp;&nbsp; 98050<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2022-213 IH, IO | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/20/52 | &nbsp;&nbsp; 137919<br>| &nbsp;&nbsp;&nbsp; 27238<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2023-040 CI, IO | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/50 | &nbsp;&nbsp; 907185<br>| &nbsp;&nbsp;&nbsp; 91838<br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2014-GC24 B | &nbsp;&nbsp; 4.430% | &nbsp;&nbsp; 9/10/47 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp;&nbsp; 23167<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2019-GC42 A2 | &nbsp;&nbsp; 2.933% | &nbsp;&nbsp; 9/10/52 | &nbsp;&nbsp; 41407<br>| &nbsp;&nbsp;&nbsp; 40417<br>|
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, 2014-C25 AS | &nbsp;&nbsp; 4.065% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29200<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP2 AS | &nbsp;&nbsp; 3.056% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 17000<br>| &nbsp;&nbsp;&nbsp; 16595<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2016-JP3 AS | &nbsp;&nbsp; 3.144% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp;&nbsp; 24465<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2013-C9 B | &nbsp;&nbsp; 3.708% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 19149<br>| &nbsp;&nbsp;&nbsp; 18660<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C27 B | &nbsp;&nbsp; 4.363% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 29636<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-BNK2, A4 | &nbsp;&nbsp; 3.049% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 23000<br>| &nbsp;&nbsp;&nbsp; 22575<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-UB11 C | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp;&nbsp; 39318<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; OBX Trust, 2024-NQM8 A1 | &nbsp;&nbsp; 6.233% | &nbsp;&nbsp; 5/25/64 | &nbsp;&nbsp; 97565<br>| &nbsp;&nbsp;&nbsp; 98787<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2019-C17 XA, IO | &nbsp;&nbsp; 1.436% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 907579<br>| &nbsp;&nbsp;&nbsp; 40026<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2016-LC24 AS | &nbsp;&nbsp; 3.367% | &nbsp;&nbsp; 10/15/49 | &nbsp;&nbsp; 39000<br>| &nbsp;&nbsp;&nbsp; 38236<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2025-5C6 XA, IO | &nbsp;&nbsp; 1.365% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 999920<br>| &nbsp;&nbsp;&nbsp; 55797<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(d)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, 2014-C21 B | &nbsp;&nbsp; 4.213% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; $10109<br>| &nbsp;&nbsp;&nbsp; $9897<br> <sup>(c)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $2,485,675)** | **Total Collateralized Mortgage Obligations (Cost — $2,485,675)** | **Total Collateralized Mortgage Obligations (Cost — $2,485,675)** | **Total Collateralized Mortgage Obligations (Cost — $2,485,675)** | &nbsp;&nbsp; **2489809** |
| **Mortgage-Backed Securities — 12.0%** | **Mortgage-Backed Securities — 12.0%** | **Mortgage-Backed Securities — 12.0%** | **Mortgage-Backed Securities — 12.0%** | **Mortgage-Backed Securities — 12.0%** |
| *FNMA — 9.6%* | *FNMA — 9.6%* | *FNMA — 9.6%* | *FNMA — 9.6%* | *FNMA — 9.6%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 135287<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 53079<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 73972<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 943149<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 164301<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 93546<br> <sup>(e)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *1463334* |
| *GNMA — 2.4%* | *GNMA — 2.4%* | *GNMA — 2.4%* | *GNMA — 2.4%* | *GNMA — 2.4%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 58453<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 302956<br> <sup>(e)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *361409* |
| **Total Mortgage-Backed Securities (Cost — $1,817,727)** | **Total Mortgage-Backed Securities (Cost — $1,817,727)** | **Total Mortgage-Backed Securities (Cost — $1,817,727)** | **Total Mortgage-Backed Securities (Cost — $1,817,727)** | &nbsp;&nbsp; **1824743** |
| **U.S. Government & Agency Obligations — 11.5%** | **U.S. Government & Agency Obligations — 11.5%** | **U.S. Government & Agency Obligations — 11.5%** | **U.S. Government & Agency Obligations — 11.5%** | **U.S. Government & Agency Obligations — 11.5%** |
| *U.S. Government Obligations — 11.5%* | *U.S. Government Obligations — 11.5%* | *U.S. Government Obligations — 11.5%* | *U.S. Government Obligations — 11.5%* | *U.S. Government Obligations — 11.5%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (Cost — $1,743,601) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 1723000 | &nbsp;&nbsp;&nbsp; **1745244**<br>|
| **Asset-Backed Securities — 10.7%** | **Asset-Backed Securities — 10.7%** | **Asset-Backed Securities — 10.7%** | **Asset-Backed Securities — 10.7%** | **Asset-Backed Securities — 10.7%** |
| &nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust, 2025-HE1 A1 (30 Day Average SOFR + <br> 1.350%) | &nbsp;&nbsp; 5.224% | &nbsp;&nbsp; 9/25/72 | &nbsp;&nbsp; 92224<br>| &nbsp;&nbsp;&nbsp; 92227<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., 2022-4A BR (3 mo. Term SOFR + 1.550%) | &nbsp;&nbsp; 5.444% | &nbsp;&nbsp; 7/16/35 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300649<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer LLC, 2025-2A A1 | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 11/25/50 | &nbsp;&nbsp; 88000<br>| &nbsp;&nbsp;&nbsp; 87955<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwoods Capital Ltd., 2021-25A B1R (3 mo. Term SOFR + 1.600%) | &nbsp;&nbsp; 5.484% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300154<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; PRET LLC, 2025-NPL4 A1 | &nbsp;&nbsp; 6.368% | &nbsp;&nbsp; 4/25/55 | &nbsp;&nbsp; 103460<br>| &nbsp;&nbsp;&nbsp; 104042<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RCO Mortgage LLC, 2025-3 A1 | &nbsp;&nbsp; 6.435% | &nbsp;&nbsp; 5/25/30 | &nbsp;&nbsp; 101337<br>| &nbsp;&nbsp;&nbsp; 101635<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rockford Tower CLO Ltd., 2021-2A A2R (3 mo. Term SOFR + 1.500%) | &nbsp;&nbsp; 5.384% | &nbsp;&nbsp; 7/20/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300089<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; SF ABS Issuer LLC, 2025-1A A2 | &nbsp;&nbsp; 5.377% | &nbsp;&nbsp; 11/25/55 | &nbsp;&nbsp; 38000<br>| &nbsp;&nbsp;&nbsp; 37260<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trinitas CLO Ltd., 2021-17A B1R (3 mo. Term SOFR + 1.650%) | &nbsp;&nbsp; 5.534% | &nbsp;&nbsp; 10/20/34 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300475<br> <sup>(a)(c)</sup><br>|
| **Total Asset-Backed Securities (Cost — $1,623,027)** | **Total Asset-Backed Securities (Cost — $1,623,027)** | **Total Asset-Backed Securities (Cost — $1,623,027)** | **Total Asset-Backed Securities (Cost — $1,623,027)** | &nbsp;&nbsp; **1624486** |
| **Sovereign Bonds — 7.8%** | **Sovereign Bonds — 7.8%** | **Sovereign Bonds — 7.8%** | **Sovereign Bonds — 7.8%** | **Sovereign Bonds — 7.8%** |
| *Brazil — 1.2%* | *Brazil — 1.2%* | *Brazil — 1.2%* | *Brazil — 1.2%* | *Brazil — 1.2%* |
| &nbsp;&nbsp;&nbsp; Brazilian Government International Bond, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 1/20/34 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; *174765*<br>|
| *Bulgaria — 0.6%* | *Bulgaria — 0.6%* | *Bulgaria — 0.6%* | *Bulgaria — 0.6%* | *Bulgaria — 0.6%* |
| &nbsp;&nbsp;&nbsp; Bulgaria Government International Bond, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/5/37 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *89936*<br> <sup>(f)</sup><br>|
| *Ghana — 0.4%* | *Ghana — 0.4%* | *Ghana — 0.4%* | *Ghana — 0.4%* | *Ghana — 0.4%* |
| &nbsp;&nbsp;&nbsp; Ghana Government International Bond, Senior Notes, Step bond (5.000% to <br> 7/3/28 then 6.000%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/3/35 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *64215*<br> <sup>(a)</sup><br>|
| *Mexico — 0.8%* | *Mexico — 0.8%* | *Mexico — 0.8%* | *Mexico — 0.8%* | *Mexico — 0.8%* |
| &nbsp;&nbsp;&nbsp; Mexico Government International Bond, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/27/34 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; *119597*<br>|
| *Panama — 0.5%* | *Panama — 0.5%* | *Panama — 0.5%* | *Panama — 0.5%* | *Panama — 0.5%* |
| &nbsp;&nbsp;&nbsp; Panama Government International Bond, Senior Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; *79940*<br>|
| *Peru — 1.1%* | *Peru — 1.1%* | *Peru — 1.1%* | *Peru — 1.1%* | *Peru — 1.1%* |
| &nbsp;&nbsp;&nbsp; Peruvian Government International Bond, Senior Notes | &nbsp;&nbsp; 2.783% | &nbsp;&nbsp; 1/23/31 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; *166554*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Multisector Income ETF** 

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Philippines — 0.9%* | *Philippines — 0.9%* | *Philippines — 0.9%* | *Philippines — 0.9%* | *Philippines — 0.9%* |
| &nbsp;&nbsp;&nbsp; Philippine Government International Bond, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/2/30 | &nbsp;&nbsp; $120000<br>| &nbsp;&nbsp;&nbsp; $*144343*<br>|
| *Romania — 1.1%* | *Romania — 1.1%* | *Romania — 1.1%* | *Romania — 1.1%* | *Romania — 1.1%* |
| &nbsp;&nbsp;&nbsp; Romanian Government International Bond, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 1/17/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *163052*<br> <sup>(a)</sup><br>|
| *Turkey — 1.2%* | *Turkey — 1.2%* | *Turkey — 1.2%* | *Turkey — 1.2%* | *Turkey — 1.2%* |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bond, Senior Notes | &nbsp;&nbsp; 11.875% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; *176068*<br>|
| **Total Sovereign Bonds (Cost — $1,161,974)** | **Total Sovereign Bonds (Cost — $1,161,974)** | **Total Sovereign Bonds (Cost — $1,161,974)** | **Total Sovereign Bonds (Cost — $1,161,974)** | &nbsp;&nbsp; **1178470** |
| **Senior Loans — 0.9%** | **Senior Loans — 0.9%** | **Senior Loans — 0.9%** | **Senior Loans — 0.9%** | **Senior Loans — 0.9%** |
| **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
| *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd., Term Loan Facility B6  |  | &nbsp;&nbsp; 9/30/32 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **65091**<br> <sup>(g)</sup><br>|
| **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** |
| *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* | *Communications Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Connect US Finco LLC, Amendment No. 4 Term Loan (1 mo. Term SOFR + <br> 4.500%)  | 8.216% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 64671<br>| &nbsp;&nbsp;&nbsp;&nbsp; **64662**<br> <sup>(c)(h)(i)</sup><br>|
| **Total Senior Loans (Cost — $129,024)** | **Total Senior Loans (Cost — $129,024)** | **Total Senior Loans (Cost — $129,024)** | **Total Senior Loans (Cost — $129,024)** | &nbsp;&nbsp; **129753** |
| **Total Investments before Short-Term Investments (Cost — $16,166,433)** | **Total Investments before Short-Term Investments (Cost — $16,166,433)** | **Total Investments before Short-Term Investments (Cost — $16,166,433)** | **Total Investments before Short-Term Investments (Cost — $16,166,433)** | &nbsp;&nbsp; **16242525** |
|  |  |  | Shares |  |
| **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $428,736)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 428736<br>| &nbsp;&nbsp;&nbsp;&nbsp; **428736**<br> <sup>(j)(k)(l)</sup><br>|
| **Total Investments — 110.0% (Cost — $16,595,169)** | **Total Investments — 110.0% (Cost — $16,595,169)** | **Total Investments — 110.0% (Cost — $16,595,169)** | **Total Investments — 110.0% (Cost — $16,595,169)** | &nbsp;&nbsp; **16671261** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (10.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (10.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (10.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (10.0)% | &nbsp;&nbsp;&nbsp; (1518546)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$15152715** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(b)</sup> Security has no maturity date. The date shown represents the next call date.

<sup>(c)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(d)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<sup>(e)</sup> This security is traded on a to-be-announced ("TBA") basis. At December 31, 2025, the Fund held TBA securities with a total cost of $1,817,727.

<sup>(f)</sup> Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(g)</sup> All or a portion of this loan has not settled as of December 31, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are for the settled portion of the loan. 

<sup>(h)</sup> Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan.

<sup>(i)</sup> Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. 

<sup>(j)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(k)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of investments in Affiliated Companies was $428,736 and the cost was $428,736 (Note 3). 

<sup>(l)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Multisector Income ETF** 

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CAS |  | Connecticut Avenue Securities |
| CLO |  | Collateralized Loan Obligation |
| IO |  | Interest Only |
| LIBOR |  | London Interbank Offered Rate |
| PAC |  | Planned Amortization Class |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| STRIPS |  | Separate Trading of Registered Interest and Principal Securities |
| USD |  | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Securities Sold Short‡ — (3.1)%** |  |  |  |  |
| **Mortgage-Backed Securities — (3.1)%** | **Mortgage-Backed Securities — (3.1)%** | **Mortgage-Backed Securities — (3.1)%** | **Mortgage-Backed Securities — (3.1)%** |  |
| *FNMA — (3.1)%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; $(140000)<br>| &nbsp;&nbsp;&nbsp; $(136693) <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; (330000)<br>| &nbsp;&nbsp;&nbsp; (329149) <sup>(a)</sup><br>|
| **Total Securities Sold Short (Proceeds — $(463343))** | **Total Securities Sold Short (Proceeds — $(463343))** | **Total Securities Sold Short (Proceeds — $(463343))** | **Total Securities Sold Short (Proceeds — $(463343))** | &nbsp;&nbsp; **$(465842)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ‡ | Percentages shown based on Fund net assets.  |
| <sup>(a)</sup> | This security is traded on a to-be-announced ("TBA") basis and is part of a mortgage dollar roll agreement. |

---

At December 31, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $1644942 | &nbsp;&nbsp;&nbsp;&nbsp; $1639570 | &nbsp;&nbsp;&nbsp; **$5372** |

---

At December 31, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  | <br> **CENTRALLY CLEARED INTEREST RATE SWAPS**  |
|  | &nbsp;&nbsp;&nbsp; Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Made by <br>the Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; $436000 | &nbsp;&nbsp;&nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3.130% <br>annually <br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1555 | &nbsp;&nbsp;&nbsp;&nbsp; $375 | &nbsp;&nbsp;&nbsp;&nbsp; $1180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10504000 | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3.300% <br>annually <br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5691) | &nbsp;&nbsp;&nbsp;&nbsp; (12120) | &nbsp;&nbsp;&nbsp;&nbsp; 6429 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 11850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3/28/31 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% <br>annually <br>| &nbsp;&nbsp;&nbsp;&nbsp; (11988) | &nbsp;&nbsp;&nbsp;&nbsp; 18685 | &nbsp;&nbsp;&nbsp;&nbsp; (30673) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2327000 | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% <br>annually <br>| &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12792 | &nbsp;&nbsp;&nbsp;&nbsp; 1873 | &nbsp;&nbsp;&nbsp;&nbsp; 10919 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 3/18/56 | &nbsp;&nbsp;&nbsp;&nbsp; Daily SOFR <br>Compound <br>annually<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% <br>annually <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1591) | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(290) | &nbsp;&nbsp;&nbsp;&nbsp; (1301) |
| **Total** | &nbsp;&nbsp;&nbsp; **$25249000** |  |  |  | &nbsp;&nbsp;&nbsp; **$(4923)** | &nbsp;&nbsp;&nbsp; **$8523** | &nbsp;&nbsp;&nbsp; **$(13446)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Multisector Income ETF** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Morgan Stanley & Co. LLC | $1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 2/12/26 | 0.00% | At Maturity | &nbsp;&nbsp;&nbsp; **$7453** | &nbsp;&nbsp;&nbsp; **$(11900)** | &nbsp;&nbsp;&nbsp; **$19353** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Percentage shown is an annual percentage rate.

‡ Periodic payments made/received by the Fund are based on the total return of the referenced
 entity.

Reference rate(s) and their value(s) as of period end used in this table:

---

| | |
|:---|:---|
| Reference Index | Reference <br>Rate<br>|
| &nbsp;&nbsp;&nbsp; Daily SOFR Compound | 3.870% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| SOFR |  | Secured Overnight Financing Rate |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **Municipal Bonds — 94.3%** | **Municipal Bonds — 94.3%** | **Municipal Bonds — 94.3%** | **Municipal Bonds — 94.3%** | **Municipal Bonds — 94.3%** |
| *Alabama — 0.3%* | *Alabama — 0.3%* | *Alabama — 0.3%* | *Alabama — 0.3%* | *Alabama — 0.3%* |
| &nbsp;&nbsp;&nbsp; Mobile County, AL, Revenue, Gomesa Project, Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; $300000 | &nbsp;&nbsp;&nbsp; $*273184*<br> <sup>(a)</sup><br>|
| *Arizona — 0.4%* | *Arizona — 0.4%* | *Arizona — 0.4%* | *Arizona — 0.4%* | *Arizona — 0.4%* |
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, Civic Improvement Corp. Revenue, Junior Lien Water System <br> Revenue, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; *376629*<br>|
| *Arkansas — 0.6%* | *Arkansas — 0.6%* | *Arkansas — 0.6%* | *Arkansas — 0.6%* | *Arkansas — 0.6%* |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority Industrial Development Revenue, Hybar <br> Steel Project, Green Bonds, Series A  | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 268743<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arkansas State Development Finance Authority, Environmental Improvement <br> Revenue, United States Steel Corporation Project, Green Bonds  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 279008<br> <sup>(b)</sup><br>|
| *Total Arkansas* | *Total Arkansas* | *Total Arkansas* | *Total Arkansas* | &nbsp;&nbsp; *547751* |
| *California — 29.8%* | *California — 29.8%* | *California — 29.8%* | *California — 29.8%* | *California — 29.8%* |
| &nbsp;&nbsp;&nbsp; Alameda, CA, Community Facilities District, Special Tax Revenue, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1016469<br>|
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1048502<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 3160000 | &nbsp;&nbsp;&nbsp; 3359105<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series E-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3725553<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series F | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp; 1075344<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series G | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 531330<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Infrastructure & Economic Development Bank Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Center Phase III Project, Sustainability Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp; 813229<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Center Phase III Project, Sustainability Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 910644<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teachers Retirement System Headquarters Expansion, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 183757<br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Davis II, LLC, Orchard Park Student Housing Project, Green Bond, <br> Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000562<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Davis II, LLC, Orchard Park Student Housing Project, Green Bond, <br> Series 2021, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/39 | &nbsp;&nbsp; 3445000 | &nbsp;&nbsp;&nbsp; 3504487<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Riverside II, LLC, UCR North District Phase I Student Housing Project, Green <br> Bond, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp; 1555076<br>|
| &nbsp;&nbsp;&nbsp; California State Public Works Board: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue, Southern California Headquarters, Series D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 997887<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue, Southern California Headquarters, Series D | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1451399<br>|
| &nbsp;&nbsp;&nbsp; California State School Finance Authority Revenue, River Springs Charter School, <br> Series A, State Intercept Program  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 259992<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Perris Joint Powers Authority, CA, Special Tax Revenue, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101987<br>|
| &nbsp;&nbsp;&nbsp; San Diego County, CA, Regional Airport Authority Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 3341650<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, Bay Area Rapid Transit District, GO, Green Bonds  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 166538<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Public Utilities Commission Revenue, Green <br> Bonds, Subseries A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 95073<br>|
| &nbsp;&nbsp;&nbsp; Santa Cruz County, CA, Capital Financing Authority Revenue, Green Bonds  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1514328<br>|
| &nbsp;&nbsp;&nbsp; Three Rivers Levee Improvement Authority, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District Nos. 2006-1 and 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 252826<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District Nos. 2006-1 and 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 255496<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District Nos. 2006-1 and 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 203391<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Facilities District Nos. 2006-1 and 2006-2, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101102<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; Transbay Joint Powers Authority, CA, Tax Allocation Revenue, Green Bonds  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; $150000 | &nbsp;&nbsp;&nbsp; $156594<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *27622321* |
| *Colorado — 0.2%* | *Colorado — 0.2%* | *Colorado — 0.2%* | *Colorado — 0.2%* | *Colorado — 0.2%* |
| &nbsp;&nbsp;&nbsp; Denver, CO, City & County, Water Commissioners Water Revenue, Green Bonds, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; *152885*<br>|
| *District of Columbia — 5.0%* | *District of Columbia — 5.0%* | *District of Columbia — 5.0%* | *District of Columbia — 5.0%* | *District of Columbia — 5.0%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/33 | &nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp; 1029407<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/35 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; 615358<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/35 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 144068<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/28/37 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp; 975673<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Utility Subordinate Lien, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 386377<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Utility Subordinate Lien, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp; 1453525<br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *4604408* |
| *Florida — 1.7%* | *Florida — 1.7%* | *Florida — 1.7%* | *Florida — 1.7%* | *Florida — 1.7%* |
| &nbsp;&nbsp;&nbsp; Babcock Ranch, FL, Community Independent Special District Revenue, Charlotte <br> County, Special Assessment Revenue, Assessment Area 3A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp; 819337<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Water & Sewer Revenue, Series 2019, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; 111036<br>|
| &nbsp;&nbsp;&nbsp; Somerset, FL, Community Development District, Capital Improvement Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 416337<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp; 201735<br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *1548445* |
| *Georgia — 2.8%* | *Georgia — 2.8%* | *Georgia — 2.8%* | *Georgia — 2.8%* | *Georgia — 2.8%* |
| &nbsp;&nbsp;&nbsp; Atlanta, GA, Airport Passenger Facility Charge and Subordinate Lien General <br> Revenue, Series E  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 2355000 | &nbsp;&nbsp;&nbsp; 2508699<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, GA, Revenue, Sustainable Bonds, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102482<br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *2611181* |
| *Illinois — 4.6%* | *Illinois — 4.6%* | *Illinois — 4.6%* | *Illinois — 4.6%* | *Illinois — 4.6%* |
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bondana-Champaign, Learning Facility | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3140738<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Water Initiative Revolving Fund, Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 583778<br>|
| &nbsp;&nbsp;&nbsp; Northern Illinois State University, Participation Energy Savings Projects, BAM  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 524841<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *4249357* |
| *Louisiana — 3.3%* | *Louisiana — 3.3%* | *Louisiana — 3.3%* | *Louisiana — 3.3%* | *Louisiana — 3.3%* |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development <br> Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Bernard Parish Gomesa Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 724645<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Charles Parish Gomesa Project | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 857233<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Louisiana State Local Government Environmental Facilities & Community <br> Development Authority Revenue, St. John The Baptist Parish Gomesa Project  | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 326509<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Terrebonne Levee & Conservation District, LA, Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bonds, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1008333<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bonds, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100227<br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *3016947* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Maine — 0.3%* | *Maine — 0.3%* | *Maine — 0.3%* | *Maine — 0.3%* | *Maine — 0.3%* |
| &nbsp;&nbsp;&nbsp; Portland, ME, General Airport Revenue, Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; $245000 | &nbsp;&nbsp;&nbsp; $*249488*<br>|
| *Maryland — 3.4%* | *Maryland — 3.4%* | *Maryland — 3.4%* | *Maryland — 3.4%* | *Maryland — 3.4%* |
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Private Activity Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/30/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1026911<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Green Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/47 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1996978<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State Suburban Sanitary Commission Revenue, Green Bonds, County <br> GTD  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98476<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *3122365* |
| *Massachusetts — 3.9%* | *Massachusetts — 3.9%* | *Massachusetts — 3.9%* | *Massachusetts — 3.9%* | *Massachusetts — 3.9%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center, Series F, Green Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 117794<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield College, Series B, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp; 422174<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield College, Series B, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 444176<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Housing Finance Agency, Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/1/59 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 989051<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 12/1/41 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1577879<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-1 | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 89338<br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *3640412* |
| *Minnesota — 1.7%* | *Minnesota — 1.7%* | *Minnesota — 1.7%* | *Minnesota — 1.7%* | *Minnesota — 1.7%* |
| &nbsp;&nbsp;&nbsp; Minneapolis, MN, GO, Green Bonds, Series 2019  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 90693<br>|
| &nbsp;&nbsp;&nbsp; Minnesota State HEFA Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1524958<br>|
| *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | &nbsp;&nbsp; *1615651* |
| *Mississippi — 0.3%* | *Mississippi — 0.3%* | *Mississippi — 0.3%* | *Mississippi — 0.3%* | *Mississippi — 0.3%* |
| &nbsp;&nbsp;&nbsp; Mississippi State Development Bank Special Obligation, Jackson County Gomesa <br> Project | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; *286700*<br> <sup>(a)</sup><br>|
| *New Jersey — 3.1%* | *New Jersey — 3.1%* | *New Jersey — 3.1%* | *New Jersey — 3.1%* | *New Jersey — 3.1%* |
| &nbsp;&nbsp;&nbsp; New Jersey State EFA Revenue, Stevens Institute of Technology, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 698373<br>|
| &nbsp;&nbsp;&nbsp; Newark, NJ, Board of Education, GO, The County of Essex New Jersey School <br> Energy Savings Obligation, Refunding, BAM  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 571000 | &nbsp;&nbsp;&nbsp; 603323<br>|
| &nbsp;&nbsp;&nbsp; Newark, NJ, Mass Transit Access Tax Revenue, County of Essex, Series 2022, AG  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 11/15/62 | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp; 1615620<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *2917316* |
| *New York — 5.5%* | *New York — 5.5%* | *New York — 5.5%* | *New York — 5.5%* | *New York — 5.5%* |
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series A-1, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 586721<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series C-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1510000 | &nbsp;&nbsp;&nbsp; 1528496<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series E, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; 115058<br>|
| &nbsp;&nbsp;&nbsp; New York State HFA Revenue, Series N  | &nbsp;&nbsp; 2.600% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 90175<br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Bonds, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 832972<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Bonds, Series A, Refunding | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1712364<br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue, <br> John F. Kennedy International Airport New Terminal One Project, Green Bonds  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 268169<br> <sup>(b)</sup><br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *5133955* |
| *Ohio — 3.3%* | *Ohio — 3.3%* | *Ohio — 3.3%* | *Ohio — 3.3%* | *Ohio — 3.3%* |
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Meldahl Hydroelectric Project Revenue, Green <br> Bonds, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/41 | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp; 1394067<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Ohio — continued* | *Ohio — continued* | *Ohio — continued* | *Ohio — continued* | *Ohio — continued* |
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Solar Electricity Prepayment Project Revenue, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/44 | &nbsp;&nbsp; $1660000 | &nbsp;&nbsp;&nbsp; $1698269<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *3092336* |
| *Oregon — 3.6%* | *Oregon — 3.6%* | *Oregon — 3.6%* | *Oregon — 3.6%* | *Oregon — 3.6%* |
| &nbsp;&nbsp;&nbsp; Multnomah County, OR, Hospital Facilities Authority Revenue, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 408466<br>|
| &nbsp;&nbsp;&nbsp; Port of Portland, OR, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Airport, Series 28, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 568219<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland International Airport, Series 29, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2355865<br> <sup>(b)</sup><br>|
| *Total Oregon* | *Total Oregon* | *Total Oregon* | *Total Oregon* | &nbsp;&nbsp; *3332550* |
| *Pennsylvania — 2.4%* | *Pennsylvania — 2.4%* | *Pennsylvania — 2.4%* | *Pennsylvania — 2.4%* | *Pennsylvania — 2.4%* |
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Energy Authority City Service Agreement Revenue, Philadelphia <br> Street Lighting Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp; 1211562<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, School District, GO, State Aid Withholding, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1028171<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *2239733* |
| *Puerto Rico — 0.5%* | *Puerto Rico — 0.5%* | *Puerto Rico — 0.5%* | *Puerto Rico — 0.5%* | *Puerto Rico — 0.5%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; *506303*<br>|
| *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* |
| &nbsp;&nbsp;&nbsp; Rhode Island State Housing & Mortgage Finance Corp. Revenue, Sustainable <br> Bonds, FHA, Series 1-B | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; *135887*<br>|
| *Texas — 1.3%* | *Texas — 1.3%* | *Texas — 1.3%* | *Texas — 1.3%* | *Texas — 1.3%* |
| &nbsp;&nbsp;&nbsp; Harris County, TX, GO, Flood Control District Improvement, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; *1175645*<br>|
| *Utah — 6.5%* | *Utah — 6.5%* | *Utah — 6.5%* | *Utah — 6.5%* | *Utah — 6.5%* |
| &nbsp;&nbsp;&nbsp; Central Valley Water Reclamation Facility Revenue, Utah Sewer, Green Bonds, <br> Series C  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/47 | &nbsp;&nbsp; 3110000 | &nbsp;&nbsp;&nbsp; 2918845<br>|
| &nbsp;&nbsp;&nbsp; Utah State Intermountain Power Agency, Series 2022-A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3120309<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *6039154* |
| *Vermont — 3.2%* | *Vermont — 3.2%* | *Vermont — 3.2%* | *Vermont — 3.2%* | *Vermont — 3.2%* |
| &nbsp;&nbsp;&nbsp; Vermont Educational & Health Buildings Financing Agency Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The University of Vermont Medical Center Project, Green Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp; 2021846<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The University of Vermont Medical Center Project, Green Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 961868<br>|
| *Total Vermont* | *Total Vermont* | *Total Vermont* | *Total Vermont* | &nbsp;&nbsp; *2983714* |
| *Virginia — 0.1%* | *Virginia — 0.1%* | *Virginia — 0.1%* | *Virginia — 0.1%* | *Virginia — 0.1%* |
| &nbsp;&nbsp;&nbsp; Hampton, VA, GO, Public Improvement, Green Bonds, Series A, State Aid <br> Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; *52086*<br>|
| *Washington — 2.1%* | *Washington — 2.1%* | *Washington — 2.1%* | *Washington — 2.1%* | *Washington — 2.1%* |
| &nbsp;&nbsp;&nbsp; Central Puget Sound, WA, Regional Transit Authority Revenue, Sales Tax & Motor <br> Vehicle Excise Tax Improvement Bonds, Green Bonds, Series S-1, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/46 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; *1933699*<br>|
| *Wisconsin — 4.3%* | *Wisconsin — 4.3%* | *Wisconsin — 4.3%* | *Wisconsin — 4.3%* | *Wisconsin — 4.3%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority Revenue, WI, Patriot Services Group, Portfolio <br> Restructuring, Series A-1, Refunding  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 506073<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fargo-Moorhead Metropolitan Area Flood Risk Management Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/30/51 | &nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 1930810<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fargo-Moorhead Metropolitan Area Flood Risk Management Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/56 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 485599<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, WI, Hospital Revenue, Series 2021, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1060637<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *3983119* |
| **Total Municipal Bonds (Cost — $87,487,904)** | **Total Municipal Bonds (Cost — $87,487,904)** | **Total Municipal Bonds (Cost — $87,487,904)** | **Total Municipal Bonds (Cost — $87,487,904)** | &nbsp;&nbsp; **87443221** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Municipal Green Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency, 2019-N A (Cost — $82,882) | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; **$**90007 | &nbsp;&nbsp;&nbsp; **$80455**<br>|
| **Total Investments before Short-Term Investments (Cost — $87,570,786)** | **Total Investments before Short-Term Investments (Cost — $87,570,786)** | **Total Investments before Short-Term Investments (Cost — $87,570,786)** | **Total Investments before Short-Term Investments (Cost — $87,570,786)** | &nbsp;&nbsp; **87523676** |
| **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** |
| **Municipal Bonds — 3.8%** | **Municipal Bonds — 3.8%** | **Municipal Bonds — 3.8%** | **Municipal Bonds — 3.8%** | **Municipal Bonds — 3.8%** |
| *Georgia — 0.4%* | *Georgia — 0.4%* | *Georgia — 0.4%* | *Georgia — 0.4%* | *Georgia — 0.4%* |
| &nbsp;&nbsp;&nbsp; Roswell Development Authority, GA, Revenue, Wellstar Healthcare Inc., LOC - <br> Truist Bank N.A. | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 4/1/47 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; *400000*<br> <sup>(f)(g)</sup><br>|
| *Michigan — 2.1%* | *Michigan — 2.1%* | *Michigan — 2.1%* | *Michigan — 2.1%* | *Michigan — 2.1%* |
| &nbsp;&nbsp;&nbsp; Grand Traverse County, MI, Hospital Finance Authority Revenue, Munson <br> Healthcare Obligated Group, Series C, Refunding, LOC - PNC Bank N.A. | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; *1900000*<br> <sup>(f)(g)</sup><br>|
| *Minnesota — 1.3%* | *Minnesota — 1.3%* | *Minnesota — 1.3%* | *Minnesota — 1.3%* | *Minnesota — 1.3%* |
| &nbsp;&nbsp;&nbsp; Rochester, MN, Health Care Facilities Variable Rate Revenue, Mayo Clinic, Series <br> D, LOC - Barclays Bank PLC | &nbsp;&nbsp; 1.700% | &nbsp;&nbsp; 11/15/64 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; *1200000*<br> <sup>(f)(g)</sup><br>|
| **Total Short-Term Investments (Cost — $3,500,000)** | **Total Short-Term Investments (Cost — $3,500,000)** | **Total Short-Term Investments (Cost — $3,500,000)** | **Total Short-Term Investments (Cost — $3,500,000)** | &nbsp;&nbsp; **3500000** |
| **Total Investments — 98.2% (Cost — $91,070,786)** | **Total Investments — 98.2% (Cost — $91,070,786)** | **Total Investments — 98.2% (Cost — $91,070,786)** | **Total Investments — 98.2% (Cost — $91,070,786)** | &nbsp;&nbsp; **91023676** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.8% | &nbsp;&nbsp;&nbsp; 1660093 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$92683769** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(b)</sup> Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT").

<sup>(c)</sup> Maturity date shown represents the mandatory tender date.

<sup>(d)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(e)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<sup>(f)</sup> Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's Short-term Obligation Rate Transparency System. 

<sup>(g)</sup> Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| DFA |  | Development Finance Agency |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| FHA |  | Federal Housing Administration — Insured Bonds |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HEFA |  | Health & Educational Facilities Authority |
| HFA |  | Housing Finance Agency |
| LOC |  | Letter of Credit |
| MFA |  | Municipal Finance Authority |
| MTA |  | Metropolitan Transportation Authority |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Municipal Green Bond ETF**

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Senior Loans — 86.2%** | **Senior Loans — 86.2%** | **Senior Loans — 86.2%** | **Senior Loans — 86.2%** | **Senior Loans — 86.2%** |
| **Communication Services — 4.3%** | **Communication Services — 4.3%** | **Communication Services — 4.3%** | **Communication Services — 4.3%** | **Communication Services — 4.3%** |
| *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* | *Diversified Telecommunication Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings Inc., Dollar Term Loan (1 mo. Term SOFR + 3.614%)  | 7.331% | &nbsp;&nbsp; 3/11/30 | &nbsp;&nbsp; $453718<br>| &nbsp;&nbsp;&nbsp; $*431858*<br> <sup>(a)(b)(c)</sup><br>|
| *Entertainment — 1.9%* | *Entertainment — 1.9%* | *Entertainment — 1.9%* | *Entertainment — 1.9%* | *Entertainment — 1.9%* |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP, Term Loan B (3 mo. Term SOFR + 4.250%) | 7.922% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 2863912<br>| &nbsp;&nbsp;&nbsp; 2657295<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp., Term Loan B1 (1 mo. Term SOFR + 2.864%) | 6.581% | &nbsp;&nbsp; 3/13/28 | &nbsp;&nbsp; 6095469<br>| &nbsp;&nbsp;&nbsp; 5904041<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; UFC Holdings LLC, Term Loan B5 (3 mo. Term SOFR + 2.000%) | 5.868% | &nbsp;&nbsp; 11/21/31 | &nbsp;&nbsp; 9227789<br>| &nbsp;&nbsp;&nbsp; 9280341<br> <sup>(a)(b)(c)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *17841677* |
| *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* | *Interactive Media & Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; Delta TopCo Inc., Fourth Amendment Refinancing Term Loan (2 mo. Term <br> SOFR + 2.750%)  | 6.439-6.585% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 4603543<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4587384*<br> <sup>(a)(b)(c)</sup><br>|
| *Media — 1.8%* | *Media — 1.8%* | *Media — 1.8%* | *Media — 1.8%* | *Media — 1.8%* |
| &nbsp;&nbsp;&nbsp; Cengage Learning Inc., 2024 Refinancing Term Loan | 7.227-7.322% | &nbsp;&nbsp; 3/22/31 | &nbsp;&nbsp; 4657432<br>| &nbsp;&nbsp;&nbsp; 4682069<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, Term Loan B5 (3 mo. Term SOFR <br> + 2.250%) | 6.235% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 3223000<br>| &nbsp;&nbsp;&nbsp; 3229043<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2023 New Term Loan (1 mo. Term SOFR + 4.250%) | 7.966% | &nbsp;&nbsp; 5/3/28 | &nbsp;&nbsp; 6359603<br>| &nbsp;&nbsp;&nbsp; 5931920<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, 2024 New Term Loan (1 mo. Term SOFR + 4.250%) | 7.966% | &nbsp;&nbsp; 12/31/31 | &nbsp;&nbsp; 3576170<br>| &nbsp;&nbsp;&nbsp; 3077187<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *16920219* |
| *Wireless Telecommunication Services — 0.1%* | *Wireless Telecommunication Services — 0.1%* | *Wireless Telecommunication Services — 0.1%* | *Wireless Telecommunication Services — 0.1%* | *Wireless Telecommunication Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Crown Subsea Communications Holding Inc., 2025 Term Loan (1 mo. Term <br> SOFR + 3.500%)  | 7.216% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 1130834<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1141012*<br> <sup>(a)(b)(c)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **40922150** |
| **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** |
| *Automobile Components — 1.7%* | *Automobile Components — 1.7%* | *Automobile Components — 1.7%* | *Automobile Components — 1.7%* | *Automobile Components — 1.7%* |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, Amendment No. 6 Dollar Term Loan (1 mo. Term SOFR + <br> 2.750%) | 6.466% | &nbsp;&nbsp; 1/28/32 | &nbsp;&nbsp; 1972717<br>| &nbsp;&nbsp;&nbsp; 1985352<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; DexKo Global Inc., 2023 Incremental Term Loan (1 mo. Term SOFR + <br> 4.250%) | 7.966% | &nbsp;&nbsp; 10/4/28 | &nbsp;&nbsp; 680842<br>| &nbsp;&nbsp;&nbsp; 677778<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; DexKo Global Inc., First Lien Closing Date Dollar Term Loan (1 mo. Term <br> SOFR + 3.864%) | 7.581% | &nbsp;&nbsp; 10/4/28 | &nbsp;&nbsp; 4499702<br>| &nbsp;&nbsp;&nbsp; 4475786<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2021 First Lien Term Loan (1 mo. Term SOFR + <br> 7.114%) | 10.987% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 7861282<br>| &nbsp;&nbsp;&nbsp; 42372<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, 2022 Incremental Term loan (1 mo. Term SOFR + <br> 7.114%) | 10.987% | &nbsp;&nbsp; 3/30/27 | &nbsp;&nbsp; 1729888<br>| &nbsp;&nbsp;&nbsp; 9324<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, DIP Roll Up Term Loan (1 mo. Term SOFR + <br> 7.000%) | 10.843% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 4413462<br>| &nbsp;&nbsp;&nbsp; 77236<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Brands Group LLC, USD DIP Term Loan (1 mo. Term SOFR + 10.000%) | 13.843% | &nbsp;&nbsp; 6/29/26 | &nbsp;&nbsp; 3794914<br>| &nbsp;&nbsp;&nbsp; 749495<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; RealTruck Goup Inc., Initial Term Loan (1 mo. Term SOFR + 3.864%) | 7.581% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 6202704<br>| &nbsp;&nbsp;&nbsp; 4807096<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wand NewCo 3 Inc., Term Loan B2 (1 mo. Term SOFR + 2.500%) | 6.216% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 3056314<br>| &nbsp;&nbsp;&nbsp; 3063007<br> <sup>(a)(b)(c)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *15887446* |
| *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* | *Automobiles — 0.2%* |
| &nbsp;&nbsp;&nbsp; American Trailer World Corp., First Lien Initial Term Loan (1 mo. Term <br> SOFR + 3.850%)  | 7.566% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 1895532<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1692748*<br> <sup>(a)(b)(c)</sup><br>|
| *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Peer Holding III BV, Term Loan B4 (3 mo. Term SOFR + 2.500%) | 6.172% | &nbsp;&nbsp; 10/26/30 | &nbsp;&nbsp; 395970<br>| &nbsp;&nbsp;&nbsp; 398239<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Peer Holding III BV, Term Loan B5 (3 mo. Term SOFR + 2.500%) | 6.172% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1988145<br>| &nbsp;&nbsp;&nbsp; 1999119<br> <sup>(a)(b)(c)(d)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Broadline Retail — continued* | *Broadline Retail — continued* | *Broadline Retail — continued* | *Broadline Retail — continued* | *Broadline Retail — continued* |
| &nbsp;&nbsp;&nbsp; Peer Holding III BV, Term Loan B8 (3 mo. Term SOFR + 2.250%) | 5.922% | &nbsp;&nbsp; 9/29/32 | &nbsp;&nbsp; $2057479<br>| &nbsp;&nbsp;&nbsp; $2063909<br> <sup>(a)(b)(c)</sup><br>|
| *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *4461267* |
| *Distributors — 0.5%* | *Distributors — 0.5%* | *Distributors — 0.5%* | *Distributors — 0.5%* | *Distributors — 0.5%* |
| &nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, 2025 Refinancing Term Loan B (1 mo. Term <br> SOFR + 2.750%)  | 6.466% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 4946240<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4964022*<br> <sup>(a)(b)(c)</sup><br>|
| *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, 2024 Refinancing Term Loan (1 mo. <br> Term SOFR + 2.250%)  | 5.966% | &nbsp;&nbsp; 12/21/28 | &nbsp;&nbsp; 4010025<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4021073*<br> <sup>(a)(b)(c)</sup><br>|
| *Hotels, Restaurants & Leisure — 4.0%* | *Hotels, Restaurants & Leisure — 4.0%* | *Hotels, Restaurants & Leisure — 4.0%* | *Hotels, Restaurants & Leisure — 4.0%* | *Hotels, Restaurants & Leisure — 4.0%* |
| &nbsp;&nbsp;&nbsp; 1011778 BC Unlimited Liability Co., Term Loan B6 (1 mo. Term SOFR + <br> 1.750%) | 5.466% | &nbsp;&nbsp; 9/20/30 | &nbsp;&nbsp; 1972036<br>| &nbsp;&nbsp;&nbsp; 1976966<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Term Loan B, Tranche B (1 mo. Term SOFR + <br> 2.250%) | 5.966% | &nbsp;&nbsp; 2/6/30 | &nbsp;&nbsp; 5907106<br>| &nbsp;&nbsp;&nbsp; 5876094<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Entain PLC, Term Loan Facility B6 (3 mo. Term SOFR + 2.250%) | 5.922% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 2844420<br>| &nbsp;&nbsp;&nbsp; 2831321<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, Initial Term Loan B (1 mo. Term SOFR + <br> 3.250%) | 6.966% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 7554475<br>| &nbsp;&nbsp;&nbsp; 7561350<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; IRB Holding Corp., 2025 Replacement Term Loan B (1 mo. Term SOFR + <br> 2.500%) | 6.216% | &nbsp;&nbsp; 12/16/30 | &nbsp;&nbsp; 6595044<br>| &nbsp;&nbsp;&nbsp; 6617863<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., Term Loan B2 (1 mo. Term SOFR + <br> 2.250%) | 5.986% | &nbsp;&nbsp; 4/14/29 | &nbsp;&nbsp; 1277128<br>| &nbsp;&nbsp;&nbsp; 1283915<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP, 2024 Refinancing Dollar Term Loan (3 mo. <br> Term SOFR + 3.000%) | 6.934% | &nbsp;&nbsp; 4/4/29 | &nbsp;&nbsp; 4619003<br>| &nbsp;&nbsp;&nbsp; 4543968<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Whatabrands LLC, 2024 Refinancing Term Loan B (1 mo. Term SOFR + <br> 2.500%) | 6.216% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 6950321<br>| &nbsp;&nbsp;&nbsp; 6976489<br> <sup>(a)(b)(c)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *37667966* |
| *Household Durables — 1.6%* | *Household Durables — 1.6%* | *Household Durables — 1.6%* | *Household Durables — 1.6%* | *Household Durables — 1.6%* |
| &nbsp;&nbsp;&nbsp; AI Aqua Merger Sub Inc., 2025 Refinancing Term Loan B (3 mo. Term <br> SOFR + 3.000%) | 6.854-6.873% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 8544919<br>| &nbsp;&nbsp;&nbsp; 8573374<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chariot Buyer LLC, 2025 New Term Loan B (1 mo. Term SOFR + 2.750%) | 6.466% | &nbsp;&nbsp; 9/8/32 | &nbsp;&nbsp; 6469863<br>| &nbsp;&nbsp;&nbsp; 6490760<br> <sup>(a)(b)(c)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *15064134* |
| *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* | *Specialty Retail — 2.1%* |
| &nbsp;&nbsp;&nbsp; Flynn Restaurant Group LP, 2025 Term Loan (1 mo. Term SOFR + 3.750%) | 7.466% | &nbsp;&nbsp; 1/28/32 | &nbsp;&nbsp; 5298625<br>| &nbsp;&nbsp;&nbsp; 5326523<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Michaels Cos. Inc., Term Loan B (3 mo. Term SOFR + 4.512%) | 8.184% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 2022650<br>| &nbsp;&nbsp;&nbsp; 1960635<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Petco Health and Wellness Co. Inc., First Lien Initial Term Loan (3 mo. <br> Term SOFR + 3.512%) | 7.184% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 4512284<br>| &nbsp;&nbsp;&nbsp; 4473659<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; PetsMart LLC, Term Loan B |  | &nbsp;&nbsp; 8/18/32 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2293537<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, Term Loan C (1 mo. Term SOFR + <br> 3.250%) | 6.966% | &nbsp;&nbsp; 10/19/29 | &nbsp;&nbsp; 5117067<br>| &nbsp;&nbsp;&nbsp; 5143701<br> <sup>(a)(b)(c)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *19198055* |
| *Textiles, Apparel & Luxury Goods — 0.7%* | *Textiles, Apparel & Luxury Goods — 0.7%* | *Textiles, Apparel & Luxury Goods — 0.7%* | *Textiles, Apparel & Luxury Goods — 0.7%* | *Textiles, Apparel & Luxury Goods — 0.7%* |
| &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, Term Loan B3 (1 mo. Term SOFR + 3.250%)  | 6.966% | &nbsp;&nbsp; 1/23/32 | &nbsp;&nbsp; 6729504<br>| &nbsp;&nbsp;&nbsp;&nbsp; *6777452*<br> <sup>(a)(b)(c)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **109734163** |
| **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** |
| *Beverages — 0.8%* | *Beverages — 0.8%* | *Beverages — 0.8%* | *Beverages — 0.8%* | *Beverages — 0.8%* |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings Inc., 2025 Refinancing Term Loan (3 mo. Term <br> SOFR + 2.250%)  | 5.922% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 7777260<br>| &nbsp;&nbsp;&nbsp;&nbsp; *7808408*<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd., Term Loan Facility B4 (6 mo. Term SOFR + <br> 2.250%) | 6.447% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; $4561253<br>| &nbsp;&nbsp;&nbsp; $4564606<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Froneri International Ltd., Term Loan Facility B6 (3 mo. Term SOFR + <br> 2.250%) | 6.122% | &nbsp;&nbsp; 9/30/32 | &nbsp;&nbsp; 2125047<br>| &nbsp;&nbsp;&nbsp; 2128011<br> <sup>(a)(b)(c)</sup><br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *6692617* |
| *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* |
| &nbsp;&nbsp;&nbsp; Primary Products Finance LLC, 2024 Replacement Term Loan B (3 mo. <br> Term SOFR + 3.250%)  | 7.185% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 6210924<br>| &nbsp;&nbsp;&nbsp;&nbsp; *6145709*<br> <sup>(a)(b)(c)</sup><br>|
| *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* | *Personal Care Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; Conair Holdings LLC, First Lien Initial Term Loan (1 mo. Term SOFR + <br> 3.864%) | 7.581% | &nbsp;&nbsp; 5/17/28 | &nbsp;&nbsp; 1989013<br>| &nbsp;&nbsp;&nbsp; 1046718<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, Term Loan Facility B4 (3 mo. Term SOFR + 3.000%) | 6.686% | &nbsp;&nbsp; 4/28/32 | &nbsp;&nbsp; 6284250<br>| &nbsp;&nbsp;&nbsp; 6331382<br> <sup>(a)(b)(c)</sup><br>|
| *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *7378100* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **28024834** |
| **Energy — 0.5%** | **Energy — 0.5%** | **Energy — 0.5%** | **Energy — 0.5%** | **Energy — 0.5%** |
| *Oil, Gas & Consumable Fuels — 0.5%* | *Oil, Gas & Consumable Fuels — 0.5%* | *Oil, Gas & Consumable Fuels — 0.5%* | *Oil, Gas & Consumable Fuels — 0.5%* | *Oil, Gas & Consumable Fuels — 0.5%* |
| &nbsp;&nbsp;&nbsp; Parexel International Inc., Term Loan B (1 mo. Term SOFR + 2.750%)  | 6.466% | &nbsp;&nbsp; 12/9/31 | &nbsp;&nbsp; 4575780<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4596760**<br> <sup>(a)(b)(c)</sup><br>|
| **Financials — 15.1%** | **Financials — 15.1%** | **Financials — 15.1%** | **Financials — 15.1%** | **Financials — 15.1%** |
| *Banks — 0.9%* | *Banks — 0.9%* | *Banks — 0.9%* | *Banks — 0.9%* | *Banks — 0.9%* |
| &nbsp;&nbsp;&nbsp; Ascensus Group Holdings Inc., 2024 Term Loan B (1 mo. Term SOFR + <br> 3.000%)  | 6.716% | &nbsp;&nbsp; 11/24/32 | &nbsp;&nbsp; 8577517<br>| &nbsp;&nbsp;&nbsp;&nbsp; *8579233*<br> <sup>(a)(b)(c)</sup><br>|
| *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* | *Capital Markets — 1.7%* |
| &nbsp;&nbsp;&nbsp; Edelman Financial Engines Center LLC, 2024 Refinancing Term Loan (1 <br> mo. Term SOFR + 3.000%) | 6.716% | &nbsp;&nbsp; 4/7/28 | &nbsp;&nbsp; 5465887<br>| &nbsp;&nbsp;&nbsp; 5501033<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Eagle Holdings Inc., Delayed Draw Term Loan |  | &nbsp;&nbsp; 8/16/32 | &nbsp;&nbsp; 541228<br>| &nbsp;&nbsp;&nbsp; 541193<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Eagle Holdings Inc., Initial Term Loan (3 mo. Term SOFR + 3.500%) | 7.172% | &nbsp;&nbsp; 8/16/32 | &nbsp;&nbsp; 3170049<br>| &nbsp;&nbsp;&nbsp; 3169843<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Osaic Holdings Inc., Initial Term Loan (6 mo. Term SOFR + 3.000%) | 6.595% | &nbsp;&nbsp; 8/2/32 | &nbsp;&nbsp; 6796478<br>| &nbsp;&nbsp;&nbsp; 6832771<br> <sup>(a)(b)(c)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *16044840* |
| *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* | *Consumer Finance — 0.5%* |
| &nbsp;&nbsp;&nbsp; OneDigital Borrower LLC, 2025 Refinancing Term Loan (1 mo. Term SOFR <br> + 3.000%)  | 6.716% | &nbsp;&nbsp; 7/2/31 | &nbsp;&nbsp; 4362333<br>| &nbsp;&nbsp;&nbsp;&nbsp; *4378779*<br> <sup>(a)(b)(c)</sup><br>|
| *Financial Services — 4.1%* | *Financial Services — 4.1%* | *Financial Services — 4.1%* | *Financial Services — 4.1%* | *Financial Services — 4.1%* |
| &nbsp;&nbsp;&nbsp; Apex Group Treasury Ltd., Term Loan B (3 mo. Term SOFR + 3.500%) | 7.387% | &nbsp;&nbsp; 2/27/32 | &nbsp;&nbsp; 5876744<br>| &nbsp;&nbsp;&nbsp; 5553523<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Term Loan B2 (3 mo. Term SOFR + 2.000%) | 5.672% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 9047277<br>| &nbsp;&nbsp;&nbsp; 9072745<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024 Term Loan Facility (3 mo. Term SOFR + <br> 2.000%) | 5.672% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 2917807<br>| &nbsp;&nbsp;&nbsp; 2936423<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CPI Holdco B LLC, 2025 Fourth Amendment Incremental Term Loan (1 mo. <br> Term SOFR + 2.000%) | 5.916% | &nbsp;&nbsp; 5/17/31 | &nbsp;&nbsp; 2992443<br>| &nbsp;&nbsp;&nbsp; 3002214<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; GTCR Everest Borrower LLC, 2025 Repriced Term Loan B (3 mo. Term <br> SOFR + 2.750%) | 6.422% | &nbsp;&nbsp; 9/5/31 | &nbsp;&nbsp; 3316753<br>| &nbsp;&nbsp;&nbsp; 3332873<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hudson River Trading LLC, Term Loan B1 (1 mo. Term SOFR + 2.750%) | 6.486% | &nbsp;&nbsp; 3/18/30 | &nbsp;&nbsp; 78809<br>| &nbsp;&nbsp;&nbsp; 79241<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group LLC, Extended Term Loan (3 mo. Term SOFR + 2.000%) | 5.822% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 9452278<br>| &nbsp;&nbsp;&nbsp; 9419762<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexus Buyer LLC, Amendment No. 10 Term Loan (1 mo. Term SOFR + <br> 4.000%) | 7.716% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 3402762<br>| &nbsp;&nbsp;&nbsp; 3382209<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Osttra Group Ltd., First Lien Term Loan (3 mo. Term SOFR + 3.500%) | 7.427% | &nbsp;&nbsp; 10/8/32 | &nbsp;&nbsp; 1851529<br>| &nbsp;&nbsp;&nbsp; 1862378<br> <sup>(a)(b)(c)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *38641368* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Insurance — 7.9%* | *Insurance — 7.9%* | *Insurance — 7.9%* | *Insurance — 7.9%* | *Insurance — 7.9%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC, 2024 Repricing Term Loan B6 (1 mo. Term SOFR + 3.000%) | 6.716% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; $13085520<br>| &nbsp;&nbsp;&nbsp; $13091670<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Acrisure LLC, 2025 Term Loan B7 (1 mo. Term SOFR + 3.250%) | 6.966% | &nbsp;&nbsp; 6/21/32 | &nbsp;&nbsp; 1162044<br>| &nbsp;&nbsp;&nbsp; 1164949<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2025 Replacement Term Loan (1 mo. <br> Term SOFR + 2.500%) | 6.216% | &nbsp;&nbsp; 9/19/31 | &nbsp;&nbsp; 11018789<br>| &nbsp;&nbsp;&nbsp; 11056087<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; AmWINS Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.250%) | 5.966% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 10663576<br>| &nbsp;&nbsp;&nbsp; 10706284<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B10 (1 mo. Term SOFR + 4.100%) | 7.816% | &nbsp;&nbsp; 8/19/28 | &nbsp;&nbsp; 3527093<br>| &nbsp;&nbsp;&nbsp; 3535487<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Asurion LLC, New Term Loan B4 (1 mo. Term SOFR + 5.364%) | 9.081% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 4797666<br>| &nbsp;&nbsp;&nbsp; 4725030<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broadstreet Partners Inc., 2024 Term Loan B (1 mo. Term SOFR + 2.750%) | 6.466% | &nbsp;&nbsp; 6/13/31 | &nbsp;&nbsp; 9475243<br>| &nbsp;&nbsp;&nbsp; 9517455<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 2025 Incremental Term Loan (3 mo. Term SOFR + <br> 2.250%) | 6.120% | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 9161785<br>| &nbsp;&nbsp;&nbsp; 9219642<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services Inc., 2024 Term Loan (1 mo. <br> Term SOFR + 2.500%) | 6.216% | &nbsp;&nbsp; 7/31/31 | &nbsp;&nbsp; 11522518<br>| &nbsp;&nbsp;&nbsp; 11571777<br> <sup>(a)(b)(c)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *74588381* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **142232601** |
| **Health Care — 10.3%** | **Health Care — 10.3%** | **Health Care — 10.3%** | **Health Care — 10.3%** | **Health Care — 10.3%** |
| *Health Care Equipment & Supplies — 3.0%* | *Health Care Equipment & Supplies — 3.0%* | *Health Care Equipment & Supplies — 3.0%* | *Health Care Equipment & Supplies — 3.0%* | *Health Care Equipment & Supplies — 3.0%* |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., New Term Loan (1 mo. Term SOFR + 4.000%) | 7.716% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 1564000<br>| &nbsp;&nbsp;&nbsp; 1567910<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., Third Amendment Term Loan (1 mo. Term SOFR + <br> 4.250%) | 7.966% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 3424072<br>| &nbsp;&nbsp;&nbsp; 3464305<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charlotte Buyer Inc., Second Refinancing Term Loan (1 mo. Term SOFR + <br> 4.250%) | 8.011% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 8131402<br>| &nbsp;&nbsp;&nbsp; 8001787<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 2030 Refinancing Term Loan (1 mo. Term SOFR + <br> 1.750%) | 5.466% | &nbsp;&nbsp; 10/23/30 | &nbsp;&nbsp; 8292798<br>| &nbsp;&nbsp;&nbsp; 8332977<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Anesthesia Partners Inc., Initial Term Loan (1 mo. Term SOFR + <br> 4.114%) | 7.987% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 6805147<br>| &nbsp;&nbsp;&nbsp; 6846080<br> <sup>(a)(b)(c)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *28213059* |
| *Health Care Providers & Services — 3.1%* | *Health Care Providers & Services — 3.1%* | *Health Care Providers & Services — 3.1%* | *Health Care Providers & Services — 3.1%* | *Health Care Providers & Services — 3.1%* |
| &nbsp;&nbsp;&nbsp; ADMI Corp., Amendment No. 10 Extended Term Loan (1 mo. Term SOFR + <br> 5.750%) | 9.466% | &nbsp;&nbsp; 12/23/27 | &nbsp;&nbsp; 229091<br>| &nbsp;&nbsp;&nbsp; 220271<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ADMI Corp., Amendment No. 5 Term Loan (1 mo. Term SOFR + 3.864%) | 7.581% | &nbsp;&nbsp; 12/23/27 | &nbsp;&nbsp; 7030790<br>| &nbsp;&nbsp;&nbsp; 6688039<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ADMI Corp., Incremental Term Loan (1 mo. Term SOFR + 3.489%) | 7.206% | &nbsp;&nbsp; 12/23/27 | &nbsp;&nbsp; 730674<br>| &nbsp;&nbsp;&nbsp; 693458<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Global Medical Response Inc., Initial Term Loan (3 mo. Term SOFR + <br> 3.500%) | 7.384% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 1304348<br>| &nbsp;&nbsp;&nbsp; 1314033<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Term Loan B (3 mo. Term SOFR + 3.750%) | 7.655% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 3803463<br>| &nbsp;&nbsp;&nbsp; 3820198<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; LifePoint Health Inc., Term Loan B2 (3 mo. Term SOFR + 3.500%) | 7.335% | &nbsp;&nbsp; 5/16/31 | &nbsp;&nbsp; 1523103<br>| &nbsp;&nbsp;&nbsp; 1527230<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Medical Solutions Holdings Inc., Initial Term Loan (3 mo. Term SOFR + <br> 3.600%) | 7.440% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 3388691<br>| &nbsp;&nbsp;&nbsp; 792581<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phoenix Guarantor Inc., Term Loan B5 (1 mo. Term SOFR + 2.500%) | 6.216% | &nbsp;&nbsp; 2/21/31 | &nbsp;&nbsp; 5994264<br>| &nbsp;&nbsp;&nbsp; 6030379<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Radiology Partners Inc., Term Loan B (3 mo. Term SOFR + 4.500%) | 8.172% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 1995000<br>| &nbsp;&nbsp;&nbsp; 1993913<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 2024 Delayed Draw Commitment Term <br> Loan |  | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 261148<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, Initial Term Loan (1 mo. Term SOFR + <br> 3.000%) | 6.716% | &nbsp;&nbsp; 11/19/31 | &nbsp;&nbsp; 3612700<br>| &nbsp;&nbsp;&nbsp; 3628650<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Star Parent Inc., Term Loan B (3 mo. Term SOFR + 4.000%) | 7.672% | &nbsp;&nbsp; 9/27/30 | &nbsp;&nbsp; 1932250<br>| &nbsp;&nbsp;&nbsp; 1936704<br> <sup>(a)(b)(c)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *28906604* |
| *Health Care Technology — 2.7%* | *Health Care Technology — 2.7%* | *Health Care Technology — 2.7%* | *Health Care Technology — 2.7%* | *Health Care Technology — 2.7%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | 6.466% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 9519144<br>| &nbsp;&nbsp;&nbsp; 9548891<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Health Care Technology — continued* | *Health Care Technology — continued* | *Health Care Technology — continued* | *Health Care Technology — continued* | *Health Care Technology — continued* |
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., Amendment No. 2 Term Loan (1 mo. Term SOFR + 2.750%) | 6.623% | &nbsp;&nbsp; 3/26/32 | &nbsp;&nbsp; $2882757<br>| &nbsp;&nbsp;&nbsp; $2774668<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cotiviti Inc., Initial Term Loan (1 mo. Term SOFR + 2.750%) | 6.623% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 11133489<br>| &nbsp;&nbsp;&nbsp; 10725279<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, First Out Term Loan (3 mo. Term SOFR + <br> 3.750%) | 7.590% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 307163<br>| &nbsp;&nbsp;&nbsp; 308392<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, Second Out Term Loan (3 mo. Term SOFR <br> + 4.862%) | 8.702% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 2546193<br>| &nbsp;&nbsp;&nbsp; 2399787<br> <sup>(a)(b)(c)</sup><br>|
| *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | *Total Health Care Technology* | &nbsp;&nbsp; *25757017* |
| *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings Inc., Term Loan B (1 mo. Term SOFR + 3.750%) | 7.466% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 3245947<br>| &nbsp;&nbsp;&nbsp; 3224849<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Organon & Co., Dollar Term Loan (1 mo. Term SOFR + 2.250%) | 5.966% | &nbsp;&nbsp; 5/19/31 | &nbsp;&nbsp; 944974<br>| &nbsp;&nbsp;&nbsp; 912845<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Paradigm Parent LLC, Initial Term Loan (3 mo. Term SOFR + 4.500%) | 8.172% | &nbsp;&nbsp; 4/16/32 | &nbsp;&nbsp; 3299423<br>| &nbsp;&nbsp;&nbsp; 2914331<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Veterinary Partners LLC, 2025 New Term Loan (3 mo. Term <br> SOFR + 2.500%) | 6.365% | &nbsp;&nbsp; 12/4/31 | &nbsp;&nbsp; 6639756<br>| &nbsp;&nbsp;&nbsp; 6639191<br> <sup>(a)(b)(c)</sup><br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *13691216* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **96567896** |
| **Industrials — 18.8%** | **Industrials — 18.8%** | **Industrials — 18.8%** | **Industrials — 18.8%** | **Industrials — 18.8%** |
| *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* |
| &nbsp;&nbsp;&nbsp; Dynasty Acquisition Co. Inc., Initial Term Loan B1 (1 mo. Term SOFR + <br> 2.000%) | 5.716% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 2856958<br>| &nbsp;&nbsp;&nbsp; 2870928<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dynasty Acquisition Co. Inc., Initial Term Loan B2 (1 mo. Term SOFR + <br> 2.000%) | 5.716% | &nbsp;&nbsp; 10/31/31 | &nbsp;&nbsp; 1086695<br>| &nbsp;&nbsp;&nbsp; 1092010<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Signia Aerospace LLC, 2025 Delayed Draw Term Loan |  | &nbsp;&nbsp; 12/11/31 | &nbsp;&nbsp; 190565<br>| &nbsp;&nbsp;&nbsp; 191505<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Signia Aerospace LLC, 2025 Term Loan (3 mo. Term SOFR + 2.750%) | 6.440-6.572% | &nbsp;&nbsp; 12/11/31 | &nbsp;&nbsp; 3909178<br>| &nbsp;&nbsp;&nbsp; 3928450<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Term Loan L (1 mo. Term SOFR + 2.500%) | 6.216% | &nbsp;&nbsp; 1/19/32 | &nbsp;&nbsp; 2847591<br>| &nbsp;&nbsp;&nbsp; 2862213<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Term Loan M (1 mo. Term SOFR + 2.500%) | 6.216% | &nbsp;&nbsp; 8/19/32 | &nbsp;&nbsp; 2397218<br>| &nbsp;&nbsp;&nbsp; 2409911<br> <sup>(a)(b)(c)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *13355017* |
| *Air Freight & Logistics — 2.2%* | *Air Freight & Logistics — 2.2%* | *Air Freight & Logistics — 2.2%* | *Air Freight & Logistics — 2.2%* | *Air Freight & Logistics — 2.2%* |
| &nbsp;&nbsp;&nbsp; Clue Opco LLC, Term Loan B (3 mo. Term SOFR + 4.500%) | 8.338% | &nbsp;&nbsp; 12/19/30 | &nbsp;&nbsp; 3072000<br>| &nbsp;&nbsp;&nbsp; 3056840<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Student Bidco Inc., Initial Term Loan B (3 mo. Term SOFR + 2.500%) | 6.172% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 5834975<br>| &nbsp;&nbsp;&nbsp; 5861962<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; First Student Bidco Inc., New Term Loan C (3 mo. Term SOFR + 2.500%) | 6.172% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 795011<br>| &nbsp;&nbsp;&nbsp; 798155<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kenan Advantage Group Inc., Term Loan B4 (1 mo. Term SOFR + 3.250%) | 6.966% | &nbsp;&nbsp; 1/25/29 | &nbsp;&nbsp; 6150510<br>| &nbsp;&nbsp;&nbsp; 6107456<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; LaserShip Inc., Term Loan B1 (3 mo. Term SOFR + 1.762%) | 5.434% | &nbsp;&nbsp; 8/10/29 | &nbsp;&nbsp; 1517524<br>| &nbsp;&nbsp;&nbsp; 1141937<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; LaserShip Inc., Term Loan D (3 mo. Term SOFR + 1.762%) | 5.434% | &nbsp;&nbsp; 8/10/29 | &nbsp;&nbsp; 1093336<br>| &nbsp;&nbsp;&nbsp; 298847<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; WWEX Uni Topco Holdings LLC, Term Loan B (3 mo. Term SOFR + <br> 4.000%) | 7.672% | &nbsp;&nbsp; 7/26/28 | &nbsp;&nbsp; 3358842<br>| &nbsp;&nbsp;&nbsp; 3378340<br> <sup>(a)(b)(c)</sup><br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *20643537* |
| *Building Products — 2.0%* | *Building Products — 2.0%* | *Building Products — 2.0%* | *Building Products — 2.0%* | *Building Products — 2.0%* |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands Inc., New Term Loan B (1 mo. Term SOFR + <br> 3.250%) | 7.100% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 3311994<br>| &nbsp;&nbsp;&nbsp; 2611508<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands Inc., Term Loan C (1 mo. Term SOFR + <br> 4.500%) | 8.250% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 3479945<br>| &nbsp;&nbsp;&nbsp; 2485255<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hunter Douglas Holding BV, Term Loan B1 (3 mo. Term SOFR + 3.000%) | 6.672% | &nbsp;&nbsp; 1/17/32 | &nbsp;&nbsp; 5476099<br>| &nbsp;&nbsp;&nbsp; 5513254<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., New Term Loan B1 (1 mo. Term SOFR + 2.250%) | 5.966% | &nbsp;&nbsp; 4/14/31 | &nbsp;&nbsp; 4808877<br>| &nbsp;&nbsp;&nbsp; 4828160<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Term Loan B3 (1 mo. Term SOFR + 2.250%) | 5.966% | &nbsp;&nbsp; 2/10/32 | &nbsp;&nbsp; 3600379<br>| &nbsp;&nbsp;&nbsp; 3615555<br> <sup>(a)(b)(c)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *19053732* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Commercial Services & Supplies — 5.5%* | *Commercial Services & Supplies — 5.5%* | *Commercial Services & Supplies — 5.5%* | *Commercial Services & Supplies — 5.5%* | *Commercial Services & Supplies — 5.5%* |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Amendment No.7 Replacement US Dollar <br> Term Loan (1 mo. Term SOFR + 3.250%) | 6.966% | &nbsp;&nbsp; 8/20/32 | &nbsp;&nbsp; $7806651<br>| &nbsp;&nbsp;&nbsp; $7856653<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BradyPLUS Holdings LLC, Term Loan B |  | &nbsp;&nbsp; 12/13/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1982080<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Camelot US Acquisition I Co., Term Loan B1 (1 mo. Term SOFR + 2.750%) | 6.466% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3558978<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHG Healthcare Services Inc., Amendment No. 7 Refinancing Term Loan <br> (3 mo. Term SOFR + 2.750%) | 6.590% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 4784352<br>| &nbsp;&nbsp;&nbsp; 4811815<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ensemble RCM LLC, Term Loan B (3 mo. Term SOFR + 3.000%) | 6.840% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 4797540<br>| &nbsp;&nbsp;&nbsp; 4826661<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Initial Term Loan (6 mo. Term SOFR + 2.500%) | 6.702% | &nbsp;&nbsp; 6/21/28 | &nbsp;&nbsp; 4511613<br>| &nbsp;&nbsp;&nbsp; 4538502<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco Corp., 2025 First Lien Incremental <br> Term Loan (1 mo. Term SOFR + 3.000%) | 6.716% | &nbsp;&nbsp; 5/4/28 | &nbsp;&nbsp; 7344845<br>| &nbsp;&nbsp;&nbsp; 7379990<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neon Maple Purchaser Inc., First Amendment Term Loan B1 (1 mo. Term <br> SOFR + 2.500%) | 6.216% | &nbsp;&nbsp; 11/17/31 | &nbsp;&nbsp; 5833731<br>| &nbsp;&nbsp;&nbsp; 5848052<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Neptune Bidco US Inc., Term Loan B (3 mo. Term SOFR + 5.100%) | 9.012% | &nbsp;&nbsp; 4/11/29 | &nbsp;&nbsp; 3111769<br>| &nbsp;&nbsp;&nbsp; 3084152<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Priority Holdings LLC, 2025 Refinancing Term Loan (1 mo. Term SOFR + <br> 3.750%) | 7.466% | &nbsp;&nbsp; 7/30/32 | &nbsp;&nbsp; 953843<br>| &nbsp;&nbsp;&nbsp; 939773<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Soliant Lower Intermediate LLC, Initial Term Loan (6 mo. Term SOFR + <br> 3.750%) | 7.794% | &nbsp;&nbsp; 7/18/31 | &nbsp;&nbsp; 2070050<br>| &nbsp;&nbsp;&nbsp; 1687091<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spin Holdco Inc., Initial Term Loan (3 mo. Term SOFR + 4.262%) | 8.022% | &nbsp;&nbsp; 3/4/28 | &nbsp;&nbsp; 1418072<br>| &nbsp;&nbsp;&nbsp; 1100778<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verde Purchaser LLC, Initial Term Loan (3 mo. Term SOFR + 4.000%) | 7.672% | &nbsp;&nbsp; 11/29/30 | &nbsp;&nbsp; 4245481<br>| &nbsp;&nbsp;&nbsp; 4251022<br> <sup>(a)(b)(c)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *51865547* |
| *Construction & Engineering — 1.4%* | *Construction & Engineering — 1.4%* | *Construction & Engineering — 1.4%* | *Construction & Engineering — 1.4%* | *Construction & Engineering — 1.4%* |
| &nbsp;&nbsp;&nbsp; Aretec Group Inc., Term Loan B4 (1 mo. Term SOFR + 3.000%) | 6.716% | &nbsp;&nbsp; 8/9/30 | &nbsp;&nbsp; 4866501<br>| &nbsp;&nbsp;&nbsp; 4891272<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brand Industrial Services Inc., Term Loan C (3 mo. Term SOFR + 4.500%) | 8.354% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1604987<br>| &nbsp;&nbsp;&nbsp; 1466918<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; DG Investment Intermediate Holdings 2 Inc., Term Loan (1 mo. Term SOFR <br> + 3.750%) | 7.466% | &nbsp;&nbsp; 7/9/32 | &nbsp;&nbsp; 2736913<br>| &nbsp;&nbsp;&nbsp; 2747176<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Red SPV LLC, Initial Term Loan (1 mo. Term SOFR + 2.250%) | 5.984% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 3850485<br>| &nbsp;&nbsp;&nbsp; 3861709<br> <sup>(a)(b)(c)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *12967075* |
| *Machinery — 1.6%* | *Machinery — 1.6%* | *Machinery — 1.6%* | *Machinery — 1.6%* | *Machinery — 1.6%* |
| &nbsp;&nbsp;&nbsp; INDICOR LLC, Dollar Term Loan D (3 mo. Term SOFR + 2.750%) | 6.422% | &nbsp;&nbsp; 11/22/29 | &nbsp;&nbsp; 4072663<br>| &nbsp;&nbsp;&nbsp; 4101925<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; TK Elevator Midco Gmbh, USD Term Loan B (6 mo. Term SOFR + 2.750%) | 6.947% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 4721001<br>| &nbsp;&nbsp;&nbsp; 4755724<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; WEC US Holdings Ltd., Initial Term Loan (1 mo. Term SOFR + 2.000%) | 5.873% | &nbsp;&nbsp; 1/27/31 | &nbsp;&nbsp; 6094713<br>| &nbsp;&nbsp;&nbsp; 6111900<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *14969549* |
| *Passenger Airlines — 1.3%* | *Passenger Airlines — 1.3%* | *Passenger Airlines — 1.3%* | *Passenger Airlines — 1.3%* | *Passenger Airlines — 1.3%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., 2024 Replacement Term Loan (6 mo. Term SOFR + <br> 2.250%) | 6.258% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 6490202<br>| &nbsp;&nbsp;&nbsp; 6507467<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; WestJet Loyalty LP, Initial Term Loan (3 mo. Term SOFR + 3.250%) | 6.922% | &nbsp;&nbsp; 2/14/31 | &nbsp;&nbsp; 6066240<br>| &nbsp;&nbsp;&nbsp; 6101303<br> <sup>(a)(b)(c)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *12608770* |
| *Professional Services — 2.5%* | *Professional Services — 2.5%* | *Professional Services — 2.5%* | *Professional Services — 2.5%* | *Professional Services — 2.5%* |
| &nbsp;&nbsp;&nbsp; CoreLogic Inc., First Lien Initial Term Loan (1 mo. Term SOFR + 3.614%) | 7.331% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 11266328<br>| &nbsp;&nbsp;&nbsp; 11291902<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dayforce Inc., Term Loan B |  | &nbsp;&nbsp; 8/20/32 | &nbsp;&nbsp; 12000000<br>| &nbsp;&nbsp;&nbsp; 11978640<br> <sup>(d)</sup><br>|
| *Total Professional Services* | *Total Professional Services* | *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *23270542* |
| *Trading Companies & Distributors — 0.9%* | *Trading Companies & Distributors — 0.9%* | *Trading Companies & Distributors — 0.9%* | *Trading Companies & Distributors — 0.9%* | *Trading Companies & Distributors — 0.9%* |
| &nbsp;&nbsp;&nbsp; BCPE Empire Holdings Inc., Amendment No. 8 Refinancing Term Loan (1 <br> mo. Term SOFR + 3.250%) | 6.966% | &nbsp;&nbsp; 12/11/30 | &nbsp;&nbsp; 7910611<br>| &nbsp;&nbsp;&nbsp; 7841393<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* | *Trading Companies & Distributors — continued* |
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., 2025 Refinancing Term Loan B (1 mo. Term <br> SOFR + 2.000%) | 5.716% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; $299824<br>| &nbsp;&nbsp;&nbsp; $301239<br> <sup>(a)(b)(c)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *8142632* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **176876401** |
| **Information Technology — 18.2%** | **Information Technology — 18.2%** | **Information Technology — 18.2%** | **Information Technology — 18.2%** | **Information Technology — 18.2%** |
| *IT Services — 2.8%* | *IT Services — 2.8%* | *IT Services — 2.8%* | *IT Services — 2.8%* | *IT Services — 2.8%* |
| &nbsp;&nbsp;&nbsp; Mcafee Corp., Refinancing Term Loan B1 (1 mo. Term SOFR + 3.000%) | 6.716% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 13067716<br>| &nbsp;&nbsp;&nbsp; 12102470<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nielsen Consumer Inc., 2025 Term Loan (1 mo. Term SOFR + 2.250%) | 5.966% | &nbsp;&nbsp; 10/31/30 | &nbsp;&nbsp; 5497354<br>| &nbsp;&nbsp;&nbsp; 5512636<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding Inc., First Lien Incremental Term Loan <br> B (3 mo. Term SOFR + 3.250%) | 6.922% | &nbsp;&nbsp; 10/28/30 | &nbsp;&nbsp; 8508452<br>| &nbsp;&nbsp;&nbsp; 8504793<br> <sup>(a)(b)(c)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *26119899* |
| *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* |
| &nbsp;&nbsp;&nbsp; MKS Instruments Inc., 2025 Dollar Term Loan B (1 mo. Term SOFR + <br> 2.000%)  | 5.716% | &nbsp;&nbsp; 8/17/29 | &nbsp;&nbsp; 2047549<br>| &nbsp;&nbsp;&nbsp;&nbsp; *2060776*<br> <sup>(a)(b)(c)</sup><br>|
| *Software — 13.4%* | *Software — 13.4%* | *Software — 13.4%* | *Software — 13.4%* | *Software — 13.4%* |
| &nbsp;&nbsp;&nbsp; Ascend Learning LLC, Amendment No. 5 Term Loan (1 mo. Term SOFR + <br> 3.000%) | 6.716% | &nbsp;&nbsp; 12/11/28 | &nbsp;&nbsp; 4074785<br>| &nbsp;&nbsp;&nbsp; 4094059<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMC Software Inc., 2031 Replacement Dollar Term Loan (3 mo. Term <br> SOFR + 3.000%) | 6.822% | &nbsp;&nbsp; 7/30/31 | &nbsp;&nbsp; 10120245<br>| &nbsp;&nbsp;&nbsp; 10105824<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Refinance Term Loan (3 mo. Term SOFR + <br> 3.250%) | 6.922% | &nbsp;&nbsp; 7/6/29 | &nbsp;&nbsp; 11635595<br>| &nbsp;&nbsp;&nbsp; 9893630<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Tenth Amendment Term Loan B2 | 6.922% | &nbsp;&nbsp; 3/21/31 | &nbsp;&nbsp; 7064287<br>| &nbsp;&nbsp;&nbsp; 7081382<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloudera Inc., Term Loan (1 mo. Term SOFR + 3.850%) | 7.566% | &nbsp;&nbsp; 10/8/28 | &nbsp;&nbsp; 6424479<br>| &nbsp;&nbsp;&nbsp; 6172511<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Epicor Software Corp., Term Loan F (1 mo. Term SOFR + 2.500%) | 6.216% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 10301658<br>| &nbsp;&nbsp;&nbsp; 10346985<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flash Charm Inc., 2024 Term Loan B2 (3 mo. Term SOFR + 3.500%) | 7.354% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 5600356<br>| &nbsp;&nbsp;&nbsp; 5240226<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services Holdings II LLC, 2025 Dollar Term Loan (1 mo. <br> Term SOFR + 2.500%) | 6.216% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 10276831<br>| &nbsp;&nbsp;&nbsp; 10268815<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kaseya Inc., Term Loan (1 mo. Term SOFR + 3.000%) | 6.716% | &nbsp;&nbsp; 3/20/32 | &nbsp;&nbsp; 6303933<br>| &nbsp;&nbsp;&nbsp; 6316919<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Peraton Corp., First Lien Term Loan B (3 mo. Term SOFR + 3.850%) | 7.690% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 10780067<br>| &nbsp;&nbsp;&nbsp; 10027402<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PointClickCare Technologies, 2025 Term Loan (3 mo. Term SOFR + <br> 2.750%) | 6.422% | &nbsp;&nbsp; 11/3/31 | &nbsp;&nbsp; 3770550<br>| &nbsp;&nbsp;&nbsp; 3783125<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Project Boost Purchaser LLC, First Lien Intial Term Loan (3 mo. Term SOFR <br> + 2.750%) | 6.422% | &nbsp;&nbsp; 7/16/31 | &nbsp;&nbsp; 6195362<br>| &nbsp;&nbsp;&nbsp; 6217820<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Proofpoint Inc., 2025 Incremental Term Loan (3 mo. Term SOFR + 3.000%) | 6.672% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 8363158<br>| &nbsp;&nbsp;&nbsp; 8420069<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Software Inc., Term Loan (1 mo. Term SOFR + 3.750%) | 7.466% | &nbsp;&nbsp; 11/28/28 | &nbsp;&nbsp; 3109420<br>| &nbsp;&nbsp;&nbsp; 3112654<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skopima Consilio Parent LLC, Amendment No. 5 Term Loan (1 mo. Term <br> SOFR + 3.750%) | 7.466% | &nbsp;&nbsp; 5/12/28 | &nbsp;&nbsp; 3863914<br>| &nbsp;&nbsp;&nbsp; 3540311<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sophos Holdings LLC, Dollar Term Loan (1 mo. Term SOFR + 3.614%) | 7.331% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 2960860<br>| &nbsp;&nbsp;&nbsp; 2966323<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sovos Compliance LLC, Amendment No. 3 Replacement Term Loan (1 mo. <br> Term SOFR + 3.250%) | 6.966% | &nbsp;&nbsp; 8/14/29 | &nbsp;&nbsp; 6033732<br>| &nbsp;&nbsp;&nbsp; 6058742<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; UKG Inc., Term Loan B (3 mo. Term SOFR + 2.500%) | 6.338% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 12481053<br>| &nbsp;&nbsp;&nbsp; 12508574<br> <sup>(a)(b)(c)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *126155371* |
| *Technology Hardware, Storage & Peripherals — 1.8%* | *Technology Hardware, Storage & Peripherals — 1.8%* | *Technology Hardware, Storage & Peripherals — 1.8%* | *Technology Hardware, Storage & Peripherals — 1.8%* | *Technology Hardware, Storage & Peripherals — 1.8%* |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Initial Term Loan (1 mo. Term SOFR + 4.000%) | 7.772% | &nbsp;&nbsp; 12/9/31 | &nbsp;&nbsp; 7406723<br>| &nbsp;&nbsp;&nbsp; 7421759<br> <sup>(a)(b)(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Technology Hardware, Storage & Peripherals — continued* | *Technology Hardware, Storage & Peripherals — continued* | *Technology Hardware, Storage & Peripherals — continued* | *Technology Hardware, Storage & Peripherals — continued* | *Technology Hardware, Storage & Peripherals — continued* |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3 Inc., 2025 Term Loan B (1 mo. Term SOFR + <br> 3.000%) | 6.784% | &nbsp;&nbsp; 6/27/31 | &nbsp;&nbsp; $8807778<br>| &nbsp;&nbsp;&nbsp; $8827111<br> <sup>(a)(b)(c)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *16248870* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **170584916** |
| **Materials — 3.7%** | **Materials — 3.7%** | **Materials — 3.7%** | **Materials — 3.7%** | **Materials — 3.7%** |
| *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* |
| &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., Second Lien Term Loan (1 mo. Term SOFR + <br> 7.538%) | 11.254% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 388235<br>| &nbsp;&nbsp;&nbsp; 377803<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ineos Finance PLC, 2030 Dollar Term Loan (1 mo. Term SOFR + 3.250%) | 6.966% | &nbsp;&nbsp; 2/18/30 | &nbsp;&nbsp; 1456760<br>| &nbsp;&nbsp;&nbsp; 1185897<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ineos US Finance LLC, 2031 New Dollar Term Loan (1 mo. Term SOFR + <br> 3.000%) | 6.672% | &nbsp;&nbsp; 2/7/31 | &nbsp;&nbsp; 1264968<br>| &nbsp;&nbsp;&nbsp; 1019090<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ineos US Petrochem LLC, 2030 Dollar Term Loan B (1 mo. Term SOFR + <br> 3.850%) | 7.566% | &nbsp;&nbsp; 3/14/30 | &nbsp;&nbsp; 1283818<br>| &nbsp;&nbsp;&nbsp; 883697<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ineos US Petrochem LLC, New Term Loan B (1 mo. Term SOFR + 4.350%) | 8.066% | &nbsp;&nbsp; 4/2/29 | &nbsp;&nbsp; 2643240<br>| &nbsp;&nbsp;&nbsp; 1876700<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nouryon Finance BV, 2024 Dollar Term Loan B1 (3 mo. Term SOFR + <br> 3.250%) | 7.036% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 3229112<br>| &nbsp;&nbsp;&nbsp; 3235845<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nouryon Finance BV, 2024 Dollar Term Loan B2 (3 mo. Term SOFR + <br> 3.250%) | 7.162% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 1688694<br>| &nbsp;&nbsp;&nbsp; 1692384<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vibrantz Technologies Inc., Initial Term Loan (3 mo. Term SOFR + 4.400%) | 8.327% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 9256611<br>| &nbsp;&nbsp;&nbsp; 5186294<br> <sup>(a)(b)(c)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *15457710* |
| *Containers & Packaging — 2.1%* | *Containers & Packaging — 2.1%* | *Containers & Packaging — 2.1%* | *Containers & Packaging — 2.1%* | *Containers & Packaging — 2.1%* |
| &nbsp;&nbsp;&nbsp; Charter Next Generation Inc., 2024 Replacement Term Loan (1 mo. Term <br> SOFR + 2.750%) | 6.500% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 6392323<br>| &nbsp;&nbsp;&nbsp; 6413578<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc., 2025 Incremental Closing Date <br> Term Loan B (1 mo. Term SOFR + 3.250%) | 6.966% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 6303834<br>| &nbsp;&nbsp;&nbsp; 6306071<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kleopatra Finco SARL, Initial USD DIP Term Loan |  | &nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp; 866080<br>| &nbsp;&nbsp;&nbsp; 778394<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Klockner Pentaplast of America Inc., USD Term Loan Facility B (6 mo. <br> Term SOFR + 4.975%) | 9.019% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 2716022<br>| &nbsp;&nbsp;&nbsp; 475304<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ProAmpac PG Borrower LLC, 2024 Term Loan B (3 mo. Term SOFR + <br> 4.000%) | 7.878-7.905% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 5558825<br>| &nbsp;&nbsp;&nbsp; 5577308<br> <sup>(a)(b)(c)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *19550655* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **35008365** |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| *Real Estate Management & Development — 0.6%* | *Real Estate Management & Development — 0.6%* | *Real Estate Management & Development — 0.6%* | *Real Estate Management & Development — 0.6%* | *Real Estate Management & Development — 0.6%* |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, 2025 Term Loan (1 mo. Term <br> SOFR + 2.750%) | 6.466% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 2680767<br>| &nbsp;&nbsp;&nbsp; 2700135<br> <sup>(a)(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, Term Loan (1 mo. Term SOFR + <br> 2.500%) | 6.216% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 3049257<br>| &nbsp;&nbsp;&nbsp; 3083577<br> <sup>(a)(b)(c)</sup><br>|
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5783712** |
| **Total Senior Loans (Cost — $842,320,957)** | **Total Senior Loans (Cost — $842,320,957)** | **Total Senior Loans (Cost — $842,320,957)** | **Total Senior Loans (Cost — $842,320,957)** | &nbsp;&nbsp; **810331798** |
| **Corporate Bonds & Notes — 3.9%** | **Corporate Bonds & Notes — 3.9%** | **Corporate Bonds & Notes — 3.9%** | **Corporate Bonds & Notes — 3.9%** | **Corporate Bonds & Notes — 3.9%** |
| **Communication Services — 0.6%** | **Communication Services — 0.6%** | **Communication Services — 0.6%** | **Communication Services — 0.6%** | **Communication Services — 0.6%** |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP/OTG Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *474474*<br> <sup>(f)</sup><br>|
| *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; 3383674<br> <sup>(f)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* | *Media — continued* |
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; $308000<br>| &nbsp;&nbsp;&nbsp; $309980<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1055822<br> <sup>(f)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *4749476* |
| *Wireless Telecommunication Services — 0.0%††* | *Wireless Telecommunication Services — 0.0%††* | *Wireless Telecommunication Services — 0.0%††* | *Wireless Telecommunication Services — 0.0%††* | *Wireless Telecommunication Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I PLC, Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *191684*<br> <sup>(f)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **5415634** |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery PLC, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp; 1201499<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1537439<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp./Raptor LLC, Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 252706<br> <sup>(f)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2991644** |
| **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** | **Consumer Staples — 0.1%** |
| *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* | *Consumer Staples Distribution & Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1217429**<br> <sup>(f)</sup><br>|
| **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** | **Energy — 0.0%††** |
| *Oil, Gas & Consumable Fuels — 0.0%††* | *Oil, Gas & Consumable Fuels — 0.0%††* | *Oil, Gas & Consumable Fuels — 0.0%††* | *Oil, Gas & Consumable Fuels — 0.0%††* | *Oil, Gas & Consumable Fuels — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; **149798**<br>|
| **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** | **Financials — 0.9%** |
| *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* | *Financial Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 296711<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp;&nbsp; 768764<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2715586<br> <sup>(f)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *3781061* |
| *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* | *Insurance — 0.5%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 487937<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp;&nbsp; 3371381<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior <br> Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1038165<br> <sup>(f)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *4897483* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **8678544** |
| **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** | **Health Care — 0.2%** |
| *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *376200*<br> <sup>(f)</sup><br>|
| *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* | *Health Care Providers & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Radiology Partners Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1568831*<br> <sup>(f)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1945031** |
| **Industrials — 1.2%** | **Industrials — 1.2%** | **Industrials — 1.2%** | **Industrials — 1.2%** | **Industrials — 1.2%** |
| *Aerospace & Defense — 0.4%* | *Aerospace & Defense — 0.4%* | *Aerospace & Defense — 0.4%* | *Aerospace & Defense — 0.4%* | *Aerospace & Defense — 0.4%* |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2055720<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1741276<br> <sup>(f)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *3796996* |
| *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer Inc., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1459867<br> <sup>(f)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Building Products — continued* | *Building Products — continued* | *Building Products — continued* | *Building Products — continued* | *Building Products — continued* |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; $1000000<br>| &nbsp;&nbsp;&nbsp; $1041535<br> <sup>(f)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *2501402* |
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL/Aggreko Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 5/21/30 | &nbsp;&nbsp; 587200<br>| &nbsp;&nbsp;&nbsp; 615242<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1054474<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 590422<br> <sup>(f)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *2260138* |
| *Machinery — 0.0%††* | *Machinery — 0.0%††* | *Machinery — 0.0%††* | *Machinery — 0.0%††* | *Machinery — 0.0%††* |
| &nbsp;&nbsp;&nbsp; GrafTech Finance Inc., Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 12/23/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *299000*<br> <sup>(f)</sup><br>|
| *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* | *Passenger Airlines — 0.3%* |
| &nbsp;&nbsp;&nbsp; Air Canada, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 697063<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 837214<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/20/26 | &nbsp;&nbsp; 633333<br>| &nbsp;&nbsp;&nbsp; 634563<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc., Senior Secured Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 139909<br> <sup>(f)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *2308749* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **11166285** |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** | **Information Technology — 0.1%** |
| *Communications Equipment — 0.0%††* | *Communications Equipment — 0.0%††* | *Communications Equipment — 0.0%††* | *Communications Equipment — 0.0%††* | *Communications Equipment — 0.0%††* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 219500<br>| &nbsp;&nbsp;&nbsp;&nbsp; *219363*<br> <sup>(f)</sup><br>|
| *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *626814*<br> <sup>(f)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **846177** |
| **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* |
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *501919*<br> <sup>(f)</sup><br>|
| *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* | *Construction Materials — 0.1%* |
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/17/30 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp;&nbsp; 380601<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 749257<br> <sup>(f)</sup><br>|
| *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *1129858* |
| *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* | *Containers & Packaging — 0.1%* |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 164631<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 805000<br>| &nbsp;&nbsp;&nbsp; 799394<br> <sup>(f)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *964025* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **2595802** |
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* | *Electric Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *423690*<br> <sup>(f)</sup><br>|
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; Calpine Corp., Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *800905*<br> <sup>(f)</sup><br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1224595** |
| **Total Corporate Bonds & Notes (Cost — $34,973,629)** | **Total Corporate Bonds & Notes (Cost — $34,973,629)** | **Total Corporate Bonds & Notes (Cost — $34,973,629)** | **Total Corporate Bonds & Notes (Cost — $34,973,629)** | &nbsp;&nbsp; **36230939** |
|  |  |  | Shares |  |
| **Investments in Underlying Funds — 2.6%** | **Investments in Underlying Funds — 2.6%** | **Investments in Underlying Funds — 2.6%** | **Investments in Underlying Funds — 2.6%** | **Investments in Underlying Funds — 2.6%** |
| &nbsp;&nbsp;&nbsp; Franklin High Yield Corporate ETF, Franklin Templeton ETF Trust |  |  | &nbsp;&nbsp; 345966<br>| &nbsp;&nbsp;&nbsp; 8446760<br> <sup>(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Invesco Senior Loan ETF |  |  | &nbsp;&nbsp; 221413<br>| &nbsp;&nbsp;&nbsp; 4649673<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Senior Loan ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| **Investments in Underlying Funds — continued** | **Investments in Underlying Funds — continued** | **Investments in Underlying Funds — continued** | **Investments in Underlying Funds — continued** | **Investments in Underlying Funds — continued** |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF |  |  | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; $5644100<br>|
| &nbsp;&nbsp;&nbsp; Janus Henderson AAA CLO ETF |  |  | &nbsp;&nbsp; 105000<br>| &nbsp;&nbsp;&nbsp; 5310900<br>|
| **Total Investments in Underlying Funds (Cost — $23,623,677)** | **Total Investments in Underlying Funds (Cost — $23,623,677)** | **Total Investments in Underlying Funds (Cost — $23,623,677)** | **Total Investments in Underlying Funds (Cost — $23,623,677)** | &nbsp;&nbsp; **24051433** |
|  | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., 2018-3A C (3 mo. Term SOFR + 2.462%) | &nbsp;&nbsp; 6.320% | &nbsp;&nbsp; 10/25/30 | &nbsp;&nbsp; $1000000<br>| &nbsp;&nbsp;&nbsp; 1004629<br> <sup>(c)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; LCM LP, 18A CR (3 mo. Term SOFR + 2.112%) | &nbsp;&nbsp; 5.996% | &nbsp;&nbsp; 4/20/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1006616<br> <sup>(c)(f)</sup><br>|
| **Total Asset-Backed Securities (Cost — $1,996,875)** | **Total Asset-Backed Securities (Cost — $1,996,875)** | **Total Asset-Backed Securities (Cost — $1,996,875)** | **Total Asset-Backed Securities (Cost — $1,996,875)** | &nbsp;&nbsp; **2011245** |
|  |  |  | Shares |  |
| **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** | **Common Stocks — 0.0%††** |
| **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** | **Health Care — 0.0%††** |
| *Pharmaceuticals — 0.0%††* | *Pharmaceuticals — 0.0%††* | *Pharmaceuticals — 0.0%††* | *Pharmaceuticals — 0.0%††* | *Pharmaceuticals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Keenova Therapeutics PLC | &nbsp;&nbsp;&nbsp; Keenova Therapeutics PLC |  | &nbsp;&nbsp; 3652 | &nbsp;&nbsp;&nbsp; 326671<br>|
| &nbsp;&nbsp;&nbsp; Par Health Inc. | &nbsp;&nbsp;&nbsp; Par Health Inc. |  | &nbsp;&nbsp; 3652 | &nbsp;&nbsp;&nbsp; 34238<br>|
| **Total Common Stocks (Cost — $356,125)** | **Total Common Stocks (Cost — $356,125)** | **Total Common Stocks (Cost — $356,125)** | **Total Common Stocks (Cost — $356,125)** | &nbsp;&nbsp;&nbsp; **360909**<br>|
| **Total Investments before Short-Term Investments (Cost — $903,271,263)** | **Total Investments before Short-Term Investments (Cost — $903,271,263)** | **Total Investments before Short-Term Investments (Cost — $903,271,263)** | **Total Investments before Short-Term Investments (Cost — $903,271,263)** | &nbsp;&nbsp; **872986324** |
|  | Rate |  |  |  |
| **Short-Term Investments — 7.8%** | **Short-Term Investments — 7.8%** | **Short-Term Investments — 7.8%** | **Short-Term Investments — 7.8%** | **Short-Term Investments — 7.8%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A <br> Shares <br>(Cost — $73,528,117)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 73528117<br>| &nbsp;&nbsp;&nbsp;&nbsp; **73528117**<br> <sup>(g)(h)(i)</sup><br>|
| **Total Investments — 100.7% (Cost — $976,799,380)** | **Total Investments — 100.7% (Cost — $976,799,380)** | **Total Investments — 100.7% (Cost — $976,799,380)** | **Total Investments — 100.7% (Cost — $976,799,380)** | &nbsp;&nbsp; **946514441** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.7)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.7)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.7)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.7)% | &nbsp;&nbsp;&nbsp; (7037426)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$939477015** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(b)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(c)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(d)</sup> | All or a portion of this loan has not settled as of December 31, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are <br> for the settled portion of the loan.<br>|
| <sup>(e)</sup> | All or a portion of this loan is unfunded as of December 31, 2025. The interest rate for fully unfunded term loans is to be determined. At December 31, <br> 2025, the total principal amount and market value of unfunded commitments totaled $991,792 and $993,846, respectively.<br>|
| <sup>(f)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $81,974,877 and the cost was $81,849,700 (Note 3).<br>|
| <sup>(h)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(i)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Senior Loan ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CLO |  | Collateralized Loan Obligation |
| CPI |  | Consumer Price Index |
| DIP |  | Debtor-in-possession |
| ETF |  | Exchange-Traded Fund |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Consolidated Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 65.8%** | **Common Stocks — 65.8%** | **Common Stocks — 65.8%** |
| **Communication Services — 4.3%** | **Communication Services — 4.3%** | **Communication Services — 4.3%** |
| *Diversified Telecommunication Services — 0.7%* | *Diversified Telecommunication Services — 0.7%* | *Diversified Telecommunication Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc. | &nbsp;&nbsp; 79822 | &nbsp;&nbsp;&nbsp; $1982778<br>|
| &nbsp;&nbsp;&nbsp; BT Group PLC | &nbsp;&nbsp; 161290 | &nbsp;&nbsp;&nbsp; 399284<br>|
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG | &nbsp;&nbsp; 42726 | &nbsp;&nbsp;&nbsp; 1387967<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke KPN NV | &nbsp;&nbsp; 51418 | &nbsp;&nbsp;&nbsp; 240102<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *4010131* |
| *Entertainment — 1.6%* | *Entertainment — 1.6%* | *Entertainment — 1.6%* |
| &nbsp;&nbsp;&nbsp; Electronic Arts Inc. | &nbsp;&nbsp; 5099 | &nbsp;&nbsp;&nbsp; 1041879<br>|
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment Inc. | &nbsp;&nbsp; 2001 | &nbsp;&nbsp;&nbsp; 285,143<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Netflix Inc. | &nbsp;&nbsp; 38186 | &nbsp;&nbsp;&nbsp; 3,580,319<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 33598 | &nbsp;&nbsp;&nbsp; 3822444<br>|
| *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *8729785* |
| *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class C Shares | &nbsp;&nbsp; 8938 | &nbsp;&nbsp;&nbsp; 2804744<br>|
| &nbsp;&nbsp;&nbsp; Pinterest Inc., Class A Shares | &nbsp;&nbsp; 7357 | &nbsp;&nbsp;&nbsp; 190,473<br> \*<br>|
| *Total Interactive Media & Services* | *Total Interactive Media & Services* | &nbsp;&nbsp; *2995217* |
| *Media — 0.7%* | *Media — 0.7%* | *Media — 0.7%* |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A Shares | &nbsp;&nbsp; 113582 | &nbsp;&nbsp;&nbsp; 3394966<br>|
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A Shares | &nbsp;&nbsp; 6636 | &nbsp;&nbsp;&nbsp; 484893<br>|
| *Total Media* | *Total Media* | &nbsp;&nbsp; *3879859* |
| *Wireless Telecommunication Services — 0.7%* | *Wireless Telecommunication Services — 0.7%* | *Wireless Telecommunication Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; SoftBank Group Corp. | &nbsp;&nbsp; 120400 | &nbsp;&nbsp;&nbsp; 3379757<br>|
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC | &nbsp;&nbsp; 534497 | &nbsp;&nbsp;&nbsp; 710873<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *4090630* |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **23705622** |
| **Consumer Discretionary — 6.1%** | **Consumer Discretionary — 6.1%** | **Consumer Discretionary — 6.1%** |
| *Automobile Components — 0.1%* | *Automobile Components — 0.1%* | *Automobile Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 18100 | &nbsp;&nbsp;&nbsp; *730374*<br>|
| *Automobiles — 1.0%* | *Automobiles — 1.0%* | *Automobiles — 1.0%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | &nbsp;&nbsp; 19266 | &nbsp;&nbsp;&nbsp; 252770<br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 30094 | &nbsp;&nbsp;&nbsp; 2447244<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | &nbsp;&nbsp; 22823 | &nbsp;&nbsp;&nbsp; 1610145<br>|
| &nbsp;&nbsp;&nbsp; Subaru Corp. | &nbsp;&nbsp; 16900 | &nbsp;&nbsp;&nbsp; 366044<br>|
| &nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | &nbsp;&nbsp; 54700 | &nbsp;&nbsp;&nbsp; 814681<br>|
| *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *5490884* |
| *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* | *Broadline Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; eBay Inc. | &nbsp;&nbsp; 11870 | &nbsp;&nbsp;&nbsp; 1033877<br>|
| &nbsp;&nbsp;&nbsp; Next PLC | &nbsp;&nbsp; 3101 | &nbsp;&nbsp;&nbsp; 570592<br>|
| &nbsp;&nbsp;&nbsp; Rakuten Group Inc. | &nbsp;&nbsp; 52700 | &nbsp;&nbsp;&nbsp; 337,560<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sea Ltd., ADR | &nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp; 727,149<br> \*<br>|
| *Total Broadline Retail* | *Total Broadline Retail* | &nbsp;&nbsp; *2669178* |
| *Hotels, Restaurants & Leisure — 1.8%* | *Hotels, Restaurants & Leisure — 1.8%* | *Hotels, Restaurants & Leisure — 1.8%* |
| &nbsp;&nbsp;&nbsp; Booking Holdings Inc. | &nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 5494569<br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp. | &nbsp;&nbsp; 19007 | &nbsp;&nbsp;&nbsp; 580,474<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Domino's Pizza Inc. | &nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp; 352213<br>|
| &nbsp;&nbsp;&nbsp; Expedia Group Inc. | &nbsp;&nbsp; 3737 | &nbsp;&nbsp;&nbsp; 1058729<br>|

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Consolidated Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp; $310164<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | &nbsp;&nbsp; 10228 | &nbsp;&nbsp;&nbsp; 665740<br>|
| &nbsp;&nbsp;&nbsp; Yum! Brands Inc. | &nbsp;&nbsp; 7314 | &nbsp;&nbsp;&nbsp; 1106462<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *9568351* |
| *Household Durables — 1.1%* | *Household Durables — 1.1%* | *Household Durables — 1.1%* |
| &nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | &nbsp;&nbsp; 81200 | &nbsp;&nbsp;&nbsp; 1048252<br>|
| &nbsp;&nbsp;&nbsp; Sony Group Corp. | &nbsp;&nbsp; 195400 | &nbsp;&nbsp;&nbsp; 5016361<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *6064613* |
| *Leisure Products — 0.1%* | *Leisure Products — 0.1%* | *Leisure Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bandai Namco Holdings Inc. | &nbsp;&nbsp; 17200 | &nbsp;&nbsp;&nbsp; *457804*<br>|
| *Specialty Retail — 1.2%* | *Specialty Retail — 1.2%* | *Specialty Retail — 1.2%* |
| &nbsp;&nbsp;&nbsp; AutoZone Inc. | &nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; 1,027,624<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Best Buy Co. Inc. | &nbsp;&nbsp; 5812 | &nbsp;&nbsp;&nbsp; 388997<br>|
| &nbsp;&nbsp;&nbsp; Home Depot Inc. | &nbsp;&nbsp; 2045 | &nbsp;&nbsp;&nbsp; 703685<br>|
| &nbsp;&nbsp;&nbsp; TJX Cos. Inc. | &nbsp;&nbsp; 18128 | &nbsp;&nbsp;&nbsp; 2784642<br>|
| &nbsp;&nbsp;&nbsp; Ulta Beauty Inc. | &nbsp;&nbsp; 1556 | &nbsp;&nbsp;&nbsp; 941,396<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Williams-Sonoma Inc. | &nbsp;&nbsp; 3851 | &nbsp;&nbsp;&nbsp; 687750<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *6534094* |
| *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* |
| &nbsp;&nbsp;&nbsp; Asics Corp. | &nbsp;&nbsp; 24300 | &nbsp;&nbsp;&nbsp; 582133<br>|
| &nbsp;&nbsp;&nbsp; Pandora A/S | &nbsp;&nbsp; 2211 | &nbsp;&nbsp;&nbsp; 246007<br>|
| &nbsp;&nbsp;&nbsp; Tapestry Inc. | &nbsp;&nbsp; 7189 | &nbsp;&nbsp;&nbsp; 918539<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *1746679* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **33261977** |
| **Consumer Staples — 3.9%** | **Consumer Staples — 3.9%** | **Consumer Staples — 3.9%** |
| *Beverages — 0.4%* | *Beverages — 0.4%* | *Beverages — 0.4%* |
| &nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp; 439306<br>|
| &nbsp;&nbsp;&nbsp; Coca-Cola HBC AG | &nbsp;&nbsp; 5249 | &nbsp;&nbsp;&nbsp; 271252<br>|
| &nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp; 404453<br>|
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. | &nbsp;&nbsp; 16812 | &nbsp;&nbsp;&nbsp; 1,288,976<br> \*<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *2403987* |
| *Consumer Staples Distribution & Retail — 2.2%* | *Consumer Staples Distribution & Retail — 2.2%* | *Consumer Staples Distribution & Retail — 2.2%* |
| &nbsp;&nbsp;&nbsp; Dollar Tree Inc. | &nbsp;&nbsp; 6863 | &nbsp;&nbsp;&nbsp; 844,218<br> \*<br>|
| &nbsp;&nbsp;&nbsp; George Weston Ltd. | &nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp; 269408<br>|
| &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 28330 | &nbsp;&nbsp;&nbsp; 1160201<br>|
| &nbsp;&nbsp;&nbsp; Kroger Co. | &nbsp;&nbsp; 19899 | &nbsp;&nbsp;&nbsp; 1243289<br>|
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp; 15124 | &nbsp;&nbsp;&nbsp; 1114488<br>|
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp; 4951 | &nbsp;&nbsp;&nbsp; 483960<br>|
| &nbsp;&nbsp;&nbsp; Walmart Inc. | &nbsp;&nbsp; 59750 | &nbsp;&nbsp;&nbsp; 6656747<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *11772311* |
| *Food Products — 0.1%* | *Food Products — 0.1%* | *Food Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | &nbsp;&nbsp; 7513 | &nbsp;&nbsp;&nbsp; 431922<br>|
| &nbsp;&nbsp;&nbsp; WH Group Ltd. | &nbsp;&nbsp; 289000 | &nbsp;&nbsp;&nbsp; 321916<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *753838* |
| *Household Products — 0.3%* | *Household Products — 0.3%* | *Household Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Clorox Co. | &nbsp;&nbsp; 3347 | &nbsp;&nbsp;&nbsp; 337478<br>|
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | &nbsp;&nbsp; 10065 | &nbsp;&nbsp;&nbsp; 795336<br>|

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Household Products — continued* | *Household Products — continued* | *Household Products — continued* |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | &nbsp;&nbsp; 2911 | &nbsp;&nbsp;&nbsp; $417176<br>|
| *Total Household Products* | *Total Household Products* | &nbsp;&nbsp; *1549990* |
| *Personal Care Products — 0.5%* | *Personal Care Products — 0.5%* | *Personal Care Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos. Inc., Class A Shares | &nbsp;&nbsp; 8108 | &nbsp;&nbsp;&nbsp; 849070<br>|
| &nbsp;&nbsp;&nbsp; Kao Corp. | &nbsp;&nbsp; 16200 | &nbsp;&nbsp;&nbsp; 647090<br>|
| &nbsp;&nbsp;&nbsp; L'Oreal SA | &nbsp;&nbsp; 2970 | &nbsp;&nbsp;&nbsp; 1278744<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *2774904* |
| *Tobacco — 0.4%* | *Tobacco — 0.4%* | *Tobacco — 0.4%* |
| &nbsp;&nbsp;&nbsp; Altria Group Inc. | &nbsp;&nbsp; 38012 | &nbsp;&nbsp;&nbsp; *2191772*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **21446802** |
| **Energy — 2.1%** | **Energy — 2.1%** | **Energy — 2.1%** |
| *Oil, Gas & Consumable Fuels — 2.1%* | *Oil, Gas & Consumable Fuels — 2.1%* | *Oil, Gas & Consumable Fuels — 2.1%* |
| &nbsp;&nbsp;&nbsp; ARC Resources Ltd. | &nbsp;&nbsp; 16500 | &nbsp;&nbsp;&nbsp; 309958<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Inc. | &nbsp;&nbsp; 4886 | &nbsp;&nbsp;&nbsp; 949789<br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp; 21118 | &nbsp;&nbsp;&nbsp; 773552<br>|
| &nbsp;&nbsp;&nbsp; ENEOS Holdings Inc. | &nbsp;&nbsp; 79200 | &nbsp;&nbsp;&nbsp; 559344<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources Inc. | &nbsp;&nbsp; 17257 | &nbsp;&nbsp;&nbsp; 1812158<br>|
| &nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | &nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp; 475791<br>|
| &nbsp;&nbsp;&nbsp; Inpex Corp. | &nbsp;&nbsp; 25600 | &nbsp;&nbsp;&nbsp; 510710<br>|
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | &nbsp;&nbsp; 9610 | &nbsp;&nbsp;&nbsp; 1562874<br>|
| &nbsp;&nbsp;&nbsp; Phillips 66 | &nbsp;&nbsp; 5064 | &nbsp;&nbsp;&nbsp; 653459<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy Inc. | &nbsp;&nbsp; 38300 | &nbsp;&nbsp;&nbsp; 1702160<br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 9818 | &nbsp;&nbsp;&nbsp; 1598272<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc. | &nbsp;&nbsp; 14847 | &nbsp;&nbsp;&nbsp; 892453<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **11800520** |
| **Financials — 9.7%** | **Financials — 9.7%** | **Financials — 9.7%** |
| *Banks — 3.2%* | *Banks — 3.2%* | *Banks — 3.2%* |
| &nbsp;&nbsp;&nbsp; AIB Group PLC | &nbsp;&nbsp; 60301 | &nbsp;&nbsp;&nbsp; 651549<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA | &nbsp;&nbsp; 196395 | &nbsp;&nbsp;&nbsp; 2322708<br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC | &nbsp;&nbsp; 200313 | &nbsp;&nbsp;&nbsp; 1282356<br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA | &nbsp;&nbsp; 10036 | &nbsp;&nbsp;&nbsp; 952254<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc. | &nbsp;&nbsp; 53664 | &nbsp;&nbsp;&nbsp; 6262052<br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV | &nbsp;&nbsp; 41772 | &nbsp;&nbsp;&nbsp; 1177910<br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 170300 | &nbsp;&nbsp;&nbsp; 2708590<br>|
| &nbsp;&nbsp;&nbsp; Standard Chartered PLC | &nbsp;&nbsp; 13322 | &nbsp;&nbsp;&nbsp; 326480<br>|
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp; 20219 | &nbsp;&nbsp;&nbsp; 1684082<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *17367981* |
| *Capital Markets — 1.3%* | *Capital Markets — 1.3%* | *Capital Markets — 1.3%* |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial Inc. | &nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp; 576150<br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | &nbsp;&nbsp; 11722 | &nbsp;&nbsp;&nbsp; 1360807<br>|
| &nbsp;&nbsp;&nbsp; Daiwa Securities Group Inc. | &nbsp;&nbsp; 39500 | &nbsp;&nbsp;&nbsp; 345368<br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Registered Shares | &nbsp;&nbsp; 13106 | &nbsp;&nbsp;&nbsp; 509641<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; 3963 | &nbsp;&nbsp;&nbsp; 703551<br>|
| &nbsp;&nbsp;&nbsp; Nomura Holdings Inc. | &nbsp;&nbsp; 104700 | &nbsp;&nbsp;&nbsp; 869021<br>|
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp; 5402 | &nbsp;&nbsp;&nbsp; 737859<br>|
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp; 8256 | &nbsp;&nbsp;&nbsp; 1065107<br>|

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Consolidated Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group Inc. | &nbsp;&nbsp; 7627 | &nbsp;&nbsp;&nbsp; $780852<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *6948356* |
| *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp; 11019 | &nbsp;&nbsp;&nbsp; *919315*<br>|
| *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Corebridge Financial Inc. | &nbsp;&nbsp; 7348 | &nbsp;&nbsp;&nbsp; 221689<br>|
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Class A Shares | &nbsp;&nbsp; 3852 | &nbsp;&nbsp;&nbsp; 2199030<br>|
| &nbsp;&nbsp;&nbsp; ORIX Corp. | &nbsp;&nbsp; 40500 | &nbsp;&nbsp;&nbsp; 1176669<br>|
| &nbsp;&nbsp;&nbsp; PayPal Holdings Inc. | &nbsp;&nbsp; 28688 | &nbsp;&nbsp;&nbsp; 1674805<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *5272193* |
| *Insurance — 4.1%* | *Insurance — 4.1%* | *Insurance — 4.1%* |
| &nbsp;&nbsp;&nbsp; Aegon Ltd. | &nbsp;&nbsp; 38710 | &nbsp;&nbsp;&nbsp; 301874<br>|
| &nbsp;&nbsp;&nbsp; Aflac Inc. | &nbsp;&nbsp; 16060 | &nbsp;&nbsp;&nbsp; 1770936<br>|
| &nbsp;&nbsp;&nbsp; Ageas SA/NV | &nbsp;&nbsp; 3501 | &nbsp;&nbsp;&nbsp; 245883<br>|
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 3438877<br>|
| &nbsp;&nbsp;&nbsp; Allstate Corp. | &nbsp;&nbsp; 8330 | &nbsp;&nbsp;&nbsp; 1733890<br>|
| &nbsp;&nbsp;&nbsp; American International Group Inc. | &nbsp;&nbsp; 17511 | &nbsp;&nbsp;&nbsp; 1498066<br>|
| &nbsp;&nbsp;&nbsp; AXA SA | &nbsp;&nbsp; 24496 | &nbsp;&nbsp;&nbsp; 1178392<br>|
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | &nbsp;&nbsp; 3673 | &nbsp;&nbsp;&nbsp; 599874<br>|
| &nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 122400 | &nbsp;&nbsp;&nbsp; 1017885<br>|
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group Inc. | &nbsp;&nbsp; 8224 | &nbsp;&nbsp;&nbsp; 1133267<br>|
| &nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 52400 | &nbsp;&nbsp;&nbsp; 551764<br>|
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp; 6171 | &nbsp;&nbsp;&nbsp; 649868<br>|
| &nbsp;&nbsp;&nbsp; MetLife Inc. | &nbsp;&nbsp; 17867 | &nbsp;&nbsp;&nbsp; 1410421<br>|
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 44800 | &nbsp;&nbsp;&nbsp; 1052655<br>|
| &nbsp;&nbsp;&nbsp; NN Group NV | &nbsp;&nbsp; 3362 | &nbsp;&nbsp;&nbsp; 259575<br>|
| &nbsp;&nbsp;&nbsp; Sompo Holdings Inc. | &nbsp;&nbsp; 30900 | &nbsp;&nbsp;&nbsp; 1051915<br>|
| &nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | &nbsp;&nbsp; 31482 | &nbsp;&nbsp;&nbsp; 370540<br>|
| &nbsp;&nbsp;&nbsp; T&D Holdings Inc. | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 392070<br>|
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings Inc. | &nbsp;&nbsp; 59100 | &nbsp;&nbsp;&nbsp; 2193274<br>|
| &nbsp;&nbsp;&nbsp; Travelers Cos. Inc. | &nbsp;&nbsp; 6489 | &nbsp;&nbsp;&nbsp; 1882199<br>|
| *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *22733225* |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **53241070** |
| **Health Care — 8.6%** | **Health Care — 8.6%** | **Health Care — 8.6%** |
| *Biotechnology — 1.7%* | *Biotechnology — 1.7%* | *Biotechnology — 1.7%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc. | &nbsp;&nbsp; 7627 | &nbsp;&nbsp;&nbsp; 1742693<br>|
| &nbsp;&nbsp;&nbsp; Biogen Inc. | &nbsp;&nbsp; 5072 | &nbsp;&nbsp;&nbsp; 892,621<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Genmab A/S | &nbsp;&nbsp; 1796 | &nbsp;&nbsp;&nbsp; 572,441<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Gilead Sciences Inc. | &nbsp;&nbsp; 31160 | &nbsp;&nbsp;&nbsp; 3824578<br>|
| &nbsp;&nbsp;&nbsp; Incyte Corp. | &nbsp;&nbsp; 5246 | &nbsp;&nbsp;&nbsp; 518,148<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences Inc. | &nbsp;&nbsp; 2865 | &nbsp;&nbsp;&nbsp; 406,343<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp; 848285<br>|
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp. | &nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp; 604,190<br> \*<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *9409299* |
| *Health Care Equipment & Supplies — 1.9%* | *Health Care Equipment & Supplies — 1.9%* | *Health Care Equipment & Supplies — 1.9%* |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. | &nbsp;&nbsp; 15706 | &nbsp;&nbsp;&nbsp; 1,497,567<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. | &nbsp;&nbsp; 18557 | &nbsp;&nbsp;&nbsp; 1,581,984<br> \*<br>|

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* | *Health Care Equipment & Supplies — continued* |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc. | &nbsp;&nbsp; 14431 | &nbsp;&nbsp;&nbsp; $1183631<br>|
| &nbsp;&nbsp;&nbsp; Hologic Inc. | &nbsp;&nbsp; 3501 | &nbsp;&nbsp;&nbsp; 260,790<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hoya Corp. | &nbsp;&nbsp; 11100 | &nbsp;&nbsp;&nbsp; 1677269<br>|
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories Inc. | &nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp; 1,403,800<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Insulet Corp. | &nbsp;&nbsp; 1727 | &nbsp;&nbsp;&nbsp; 490,882<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 19600 | &nbsp;&nbsp;&nbsp; 1882776<br>|
| &nbsp;&nbsp;&nbsp; Olympus Corp. | &nbsp;&nbsp; 33900 | &nbsp;&nbsp;&nbsp; 429197<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *10407896* |
| *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Cardinal Health Inc. | &nbsp;&nbsp; 6909 | &nbsp;&nbsp;&nbsp; 1419800<br>|
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | &nbsp;&nbsp; 4425 | &nbsp;&nbsp;&nbsp; 211827<br>|
| &nbsp;&nbsp;&nbsp; HCA Healthcare Inc. | &nbsp;&nbsp; 5178 | &nbsp;&nbsp;&nbsp; 2417401<br>|
| &nbsp;&nbsp;&nbsp; Universal Health Services Inc., Class B Shares | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp; 431680<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *4480708* |
| *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* |
| &nbsp;&nbsp;&nbsp; Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 4923 | &nbsp;&nbsp;&nbsp; *1,098,961*<br> \*<br>|
| *Life Sciences Tools & Services — 0.7%* | *Life Sciences Tools & Services — 0.7%* | *Life Sciences Tools & Services — 0.7%* |
| &nbsp;&nbsp;&nbsp; Agilent Technologies Inc. | &nbsp;&nbsp; 8961 | &nbsp;&nbsp;&nbsp; 1219323<br>|
| &nbsp;&nbsp;&nbsp; Illumina Inc. | &nbsp;&nbsp; 2373 | &nbsp;&nbsp;&nbsp; 311,243<br> \*<br>|
| &nbsp;&nbsp;&nbsp; IQVIA Holdings Inc. | &nbsp;&nbsp; 3252 | &nbsp;&nbsp;&nbsp; 733,033<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International Inc. | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 1,003,817<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Waters Corp. | &nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp; 518,088<br> \*<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *3785504* |
| *Pharmaceuticals — 3.3%* | *Pharmaceuticals — 3.3%* | *Pharmaceuticals — 3.3%* |
| &nbsp;&nbsp;&nbsp; Astellas Pharma Inc. | &nbsp;&nbsp; 63100 | &nbsp;&nbsp;&nbsp; 842568<br>|
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp; 36538 | &nbsp;&nbsp;&nbsp; 1970860<br>|
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 11300 | &nbsp;&nbsp;&nbsp; 594251<br>|
| &nbsp;&nbsp;&nbsp; GSK PLC | &nbsp;&nbsp; 131297 | &nbsp;&nbsp;&nbsp; 3222085<br>|
| &nbsp;&nbsp;&nbsp; Novartis AG, Registered Shares | &nbsp;&nbsp; 44346 | &nbsp;&nbsp;&nbsp; 6134833<br>|
| &nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 10800 | &nbsp;&nbsp;&nbsp; 611365<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Bearer Shares | &nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; 394751<br>|
| &nbsp;&nbsp;&nbsp; Roche Holding AG, Vienna Stock Exchange | &nbsp;&nbsp; 8621 | &nbsp;&nbsp;&nbsp; 3571363<br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A Shares | &nbsp;&nbsp; 10844 | &nbsp;&nbsp;&nbsp; 419012<br>|
| &nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | &nbsp;&nbsp; 22200 | &nbsp;&nbsp;&nbsp; 402374<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *18163462* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **47345830** |
| **Industrials — 9.5%** | **Industrials — 9.5%** | **Industrials — 9.5%** |
| *Aerospace & Defense — 3.0%* | *Aerospace & Defense — 3.0%* | *Aerospace & Defense — 3.0%* |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | &nbsp;&nbsp; 7228 | &nbsp;&nbsp;&nbsp; 2433379<br>|
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp; 21135 | &nbsp;&nbsp;&nbsp; 6510214<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc. | &nbsp;&nbsp; 11748 | &nbsp;&nbsp;&nbsp; 2408575<br>|
| &nbsp;&nbsp;&nbsp; L3Harris Technologies Inc. | &nbsp;&nbsp; 3995 | &nbsp;&nbsp;&nbsp; 1172812<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp; 17888 | &nbsp;&nbsp;&nbsp; 3280659<br>|
| &nbsp;&nbsp;&nbsp; Textron Inc. | &nbsp;&nbsp; 6251 | &nbsp;&nbsp;&nbsp; 544900<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *16350539* |
| *Air Freight & Logistics — 0.6%* | *Air Freight & Logistics — 0.6%* | *Air Freight & Logistics — 0.6%* |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide Inc. | &nbsp;&nbsp; 2263 | &nbsp;&nbsp;&nbsp; 363800<br>|

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Consolidated Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Air Freight & Logistics — continued* | *Air Freight & Logistics — continued* | *Air Freight & Logistics — continued* |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG | &nbsp;&nbsp; 30338 | &nbsp;&nbsp;&nbsp; $1665012<br>|
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington Inc. | &nbsp;&nbsp; 1906 | &nbsp;&nbsp;&nbsp; 284013<br>|
| &nbsp;&nbsp;&nbsp; FedEx Corp. | &nbsp;&nbsp; 2774 | &nbsp;&nbsp;&nbsp; 801298<br>|
| *Total Air Freight & Logistics* | *Total Air Freight & Logistics* | &nbsp;&nbsp; *3114123* |
| *Building Products — 0.5%* | *Building Products — 0.5%* | *Building Products — 0.5%* |
| &nbsp;&nbsp;&nbsp; Allegion PLC | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 238830<br>|
| &nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | &nbsp;&nbsp; 6067 | &nbsp;&nbsp;&nbsp; 619624<br>|
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | &nbsp;&nbsp; 12200 | &nbsp;&nbsp;&nbsp; 1460950<br>|
| &nbsp;&nbsp;&nbsp; Masco Corp. | &nbsp;&nbsp; 3427 | &nbsp;&nbsp;&nbsp; 217478<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *2536882* |
| *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp; 4726 | &nbsp;&nbsp;&nbsp; 888819<br>|
| &nbsp;&nbsp;&nbsp; Copart Inc. | &nbsp;&nbsp; 11536 | &nbsp;&nbsp;&nbsp; 451,634<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Rollins Inc. | &nbsp;&nbsp; 8325 | &nbsp;&nbsp;&nbsp; 499667<br>|
| &nbsp;&nbsp;&nbsp; Veralto Corp. | &nbsp;&nbsp; 8581 | &nbsp;&nbsp;&nbsp; 856212<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *2696332* |
| *Construction & Engineering — 0.0%††* | *Construction & Engineering — 0.0%††* | *Construction & Engineering — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Eiffage SA | &nbsp;&nbsp; 1914 | &nbsp;&nbsp;&nbsp; *275143*<br>|
| *Electrical Equipment — 0.4%* | *Electrical Equipment — 0.4%* | *Electrical Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Fujikura Ltd. | &nbsp;&nbsp; 6200 | &nbsp;&nbsp;&nbsp; 689834<br>|
| &nbsp;&nbsp;&nbsp; Rockwell Automation Inc. | &nbsp;&nbsp; 3555 | &nbsp;&nbsp;&nbsp; 1383144<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *2072978* |
| *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* | *Ground Transportation — 1.1%* |
| &nbsp;&nbsp;&nbsp; Central Japan Railway Co. | &nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp; 484210<br>|
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp; 26661 | &nbsp;&nbsp;&nbsp; 966461<br>|
| &nbsp;&nbsp;&nbsp; Uber Technologies Inc. | &nbsp;&nbsp; 54172 | &nbsp;&nbsp;&nbsp; 4,426,394<br> \*<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *5877065* |
| *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* | *Industrial Conglomerates — 0.3%* |
| &nbsp;&nbsp;&nbsp; 3M Co. | &nbsp;&nbsp; 7844 | &nbsp;&nbsp;&nbsp; 1255824<br>|
| &nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 93500 | &nbsp;&nbsp;&nbsp; 636067<br>|
| *Total Industrial Conglomerates* | *Total Industrial Conglomerates* | &nbsp;&nbsp; *1891891* |
| *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* |
| &nbsp;&nbsp;&nbsp; Cummins Inc. | &nbsp;&nbsp; 2007 | &nbsp;&nbsp;&nbsp; 1024473<br>|
| &nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | &nbsp;&nbsp; 9400 | &nbsp;&nbsp;&nbsp; 295532<br>|
| &nbsp;&nbsp;&nbsp; Fortive Corp. | &nbsp;&nbsp; 9813 | &nbsp;&nbsp;&nbsp; 541776<br>|
| &nbsp;&nbsp;&nbsp; GEA Group AG | &nbsp;&nbsp; 4155 | &nbsp;&nbsp;&nbsp; 282055<br>|
| &nbsp;&nbsp;&nbsp; Komatsu Ltd. | &nbsp;&nbsp; 15300 | &nbsp;&nbsp;&nbsp; 488054<br>|
| &nbsp;&nbsp;&nbsp; Kubota Corp. | &nbsp;&nbsp; 34100 | &nbsp;&nbsp;&nbsp; 482201<br>|
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp; 953 | &nbsp;&nbsp;&nbsp; 837649<br>|
| &nbsp;&nbsp;&nbsp; Snap-on Inc. | &nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; 238463<br>|
| &nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 42500 | &nbsp;&nbsp;&nbsp; 490878<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *4681081* |
| *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* | *Marine Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Nippon Yusen KK | &nbsp;&nbsp; 15100 | &nbsp;&nbsp;&nbsp; *489188*<br>|
| *Professional Services — 0.9%* | *Professional Services — 0.9%* | *Professional Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 2036 | &nbsp;&nbsp;&nbsp; 454374<br>|
| &nbsp;&nbsp;&nbsp; Jacobs Solutions Inc. | &nbsp;&nbsp; 4153 | &nbsp;&nbsp;&nbsp; 550106<br>|

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Professional Services — continued* | *Professional Services — continued* | *Professional Services — continued* |
| &nbsp;&nbsp;&nbsp; Leidos Holdings Inc. | &nbsp;&nbsp; 3322 | &nbsp;&nbsp;&nbsp; $599289<br>|
| &nbsp;&nbsp;&nbsp; Paycom Software Inc. | &nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp; 239678<br>|
| &nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 46300 | &nbsp;&nbsp;&nbsp; 2613264<br>|
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings Inc. | &nbsp;&nbsp; 7686 | &nbsp;&nbsp;&nbsp; 671910<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *5128621* |
| *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* | *Trading Companies & Distributors — 1.1%* |
| &nbsp;&nbsp;&nbsp; AerCap Holdings NV | &nbsp;&nbsp; 5681 | &nbsp;&nbsp;&nbsp; 816701<br>|
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp; 23894 | &nbsp;&nbsp;&nbsp; 958866<br>|
| &nbsp;&nbsp;&nbsp; Marubeni Corp. | &nbsp;&nbsp; 44600 | &nbsp;&nbsp;&nbsp; 1238596<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Corp. | &nbsp;&nbsp; 34500 | &nbsp;&nbsp;&nbsp; 1191196<br>|
| &nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | &nbsp;&nbsp; 24100 | &nbsp;&nbsp;&nbsp; 810893<br>|
| &nbsp;&nbsp;&nbsp; W.W. Grainger Inc. | &nbsp;&nbsp; 1227 | &nbsp;&nbsp;&nbsp; 1238104<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *6254356* |
| *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* | *Transportation Infrastructure — 0.1%* |
| &nbsp;&nbsp;&nbsp; Aena SME SA | &nbsp;&nbsp; 19364 | &nbsp;&nbsp;&nbsp;&nbsp; *541716*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **51909915** |
| **Information Technology — 14.4%** | **Information Technology — 14.4%** | **Information Technology — 14.4%** |
| *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* | *Communications Equipment — 1.4%* |
| &nbsp;&nbsp;&nbsp; Cisco Systems Inc. | &nbsp;&nbsp; 78578 | &nbsp;&nbsp;&nbsp; 6052863<br>|
| &nbsp;&nbsp;&nbsp; F5 Inc. | &nbsp;&nbsp; 1663 | &nbsp;&nbsp;&nbsp; 424,497<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc. | &nbsp;&nbsp; 2467 | &nbsp;&nbsp;&nbsp; 945651<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *7423011* |
| *Electronic Equipment, Instruments & Components — 0.8%* | *Electronic Equipment, Instruments & Components — 0.8%* | *Electronic Equipment, Instruments & Components — 0.8%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A Shares | &nbsp;&nbsp; 7436 | &nbsp;&nbsp;&nbsp; 1004901<br>|
| &nbsp;&nbsp;&nbsp; Jabil Inc. | &nbsp;&nbsp; 3107 | &nbsp;&nbsp;&nbsp; 708458<br>|
| &nbsp;&nbsp;&nbsp; TDK Corp. | &nbsp;&nbsp; 57800 | &nbsp;&nbsp;&nbsp; 815310<br>|
| &nbsp;&nbsp;&nbsp; TE Connectivity PLC | &nbsp;&nbsp; 9269 | &nbsp;&nbsp;&nbsp; 2108790<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *4637459* |
| *IT Services — 1.0%* | *IT Services — 1.0%* | *IT Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A Shares | &nbsp;&nbsp; 15438 | &nbsp;&nbsp;&nbsp; 1281354<br>|
| &nbsp;&nbsp;&nbsp; Fujitsu Ltd. | &nbsp;&nbsp; 55400 | &nbsp;&nbsp;&nbsp; 1530043<br>|
| &nbsp;&nbsp;&nbsp; GoDaddy Inc., Class A Shares | &nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp; 403,260<br> \*<br>|
| &nbsp;&nbsp;&nbsp; NEC Corp. | &nbsp;&nbsp; 39200 | &nbsp;&nbsp;&nbsp; 1327966<br>|
| &nbsp;&nbsp;&nbsp; Twilio Inc., Class A Shares | &nbsp;&nbsp; 4151 | &nbsp;&nbsp;&nbsp; 590,438<br> \*<br>|
| &nbsp;&nbsp;&nbsp; VeriSign Inc. | &nbsp;&nbsp; 2430 | &nbsp;&nbsp;&nbsp; 590369<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *5723430* |
| *Semiconductors & Semiconductor Equipment — 2.8%* | *Semiconductors & Semiconductor Equipment — 2.8%* | *Semiconductors & Semiconductor Equipment — 2.8%* |
| &nbsp;&nbsp;&nbsp; Advantest Corp. | &nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp; 1678580<br>|
| &nbsp;&nbsp;&nbsp; KLA Corp. | &nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp; 2612422<br>|
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp; 32008 | &nbsp;&nbsp;&nbsp; 5479129<br>|
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc. | &nbsp;&nbsp; 33119 | &nbsp;&nbsp;&nbsp; 5665005<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *15435136* |
| *Software — 7.7%* | *Software — 7.7%* | *Software — 7.7%* |
| &nbsp;&nbsp;&nbsp; Adobe Inc. | &nbsp;&nbsp; 13231 | &nbsp;&nbsp;&nbsp; 4,630,718<br> \*<br>|
| &nbsp;&nbsp;&nbsp; AppLovin Corp., Class A Shares | &nbsp;&nbsp; 3023 | &nbsp;&nbsp;&nbsp; 2,036,958<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Autodesk Inc. | &nbsp;&nbsp; 6734 | &nbsp;&nbsp;&nbsp; 1,993,331<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc. | &nbsp;&nbsp; 8614 | &nbsp;&nbsp;&nbsp; 2,692,564<br> \*<br>|

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Consolidated Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Software — continued* | *Software — continued* | *Software — continued* |
| &nbsp;&nbsp;&nbsp; DocuSign Inc. | &nbsp;&nbsp; 5849 | &nbsp;&nbsp;&nbsp; $400,072<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Dynatrace Inc. | &nbsp;&nbsp; 8607 | &nbsp;&nbsp;&nbsp; 373,027<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Fortinet Inc. | &nbsp;&nbsp; 20587 | &nbsp;&nbsp;&nbsp; 1,634,814<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Gen Digital Inc. | &nbsp;&nbsp; 15262 | &nbsp;&nbsp;&nbsp; 414974<br>|
| &nbsp;&nbsp;&nbsp; Intuit Inc. | &nbsp;&nbsp; 6339 | &nbsp;&nbsp;&nbsp; 4199080<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 21228 | &nbsp;&nbsp;&nbsp; 10266285<br>|
| &nbsp;&nbsp;&nbsp; Open Text Corp. | &nbsp;&nbsp; 7900 | &nbsp;&nbsp;&nbsp; 257618<br>|
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., Class A Shares | &nbsp;&nbsp; 27422 | &nbsp;&nbsp;&nbsp; 4,874,261<br> \*<br>|
| &nbsp;&nbsp;&nbsp; PTC Inc. | &nbsp;&nbsp; 4152 | &nbsp;&nbsp;&nbsp; 723,320<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Sage Group PLC | &nbsp;&nbsp; 15894 | &nbsp;&nbsp;&nbsp; 231526<br>|
| &nbsp;&nbsp;&nbsp; Salesforce Inc. | &nbsp;&nbsp; 16508 | &nbsp;&nbsp;&nbsp; 4373134<br>|
| &nbsp;&nbsp;&nbsp; SAP SE | &nbsp;&nbsp; 2460 | &nbsp;&nbsp;&nbsp; 601954<br>|
| &nbsp;&nbsp;&nbsp; ServiceNow Inc. | &nbsp;&nbsp; 5285 | &nbsp;&nbsp;&nbsp; 809,609<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Zoom Communications Inc., Class A Shares | &nbsp;&nbsp; 8561 | &nbsp;&nbsp;&nbsp; 738,729<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Zscaler Inc. | &nbsp;&nbsp; 3504 | &nbsp;&nbsp;&nbsp; 788,120<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *42040094* |
| *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* | *Technology Hardware, Storage & Peripherals — 0.7%* |
| &nbsp;&nbsp;&nbsp; Canon Inc. | &nbsp;&nbsp; 30200 | &nbsp;&nbsp;&nbsp; 892638<br>|
| &nbsp;&nbsp;&nbsp; HP Inc. | &nbsp;&nbsp; 22341 | &nbsp;&nbsp;&nbsp; 497758<br>|
| &nbsp;&nbsp;&nbsp; NetApp Inc. | &nbsp;&nbsp; 5391 | &nbsp;&nbsp;&nbsp; 577322<br>|
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp; 10966 | &nbsp;&nbsp;&nbsp; 1889113<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *3856831* |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **79115961** |
| **Materials — 3.4%** | **Materials — 3.4%** | **Materials — 3.4%** |
| *Chemicals — 0.8%* | *Chemicals — 0.8%* | *Chemicals — 0.8%* |
| &nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | &nbsp;&nbsp; 35600 | &nbsp;&nbsp;&nbsp; 315470<br>|
| &nbsp;&nbsp;&nbsp; CF Industries Holdings Inc. | &nbsp;&nbsp; 4690 | &nbsp;&nbsp;&nbsp; 362725<br>|
| &nbsp;&nbsp;&nbsp; Corteva Inc. | &nbsp;&nbsp; 21465 | &nbsp;&nbsp;&nbsp; 1438799<br>|
| &nbsp;&nbsp;&nbsp; Linde PLC | &nbsp;&nbsp; 1089 | &nbsp;&nbsp;&nbsp; 464339<br>|
| &nbsp;&nbsp;&nbsp; Nitto Denko Corp. | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp; 583042<br>|
| &nbsp;&nbsp;&nbsp; RPM International Inc. | &nbsp;&nbsp; 3443 | &nbsp;&nbsp;&nbsp; 358072<br>|
| &nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 32500 | &nbsp;&nbsp;&nbsp; 1010383<br>|
| *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *4532830* |
| *Construction Materials — 0.9%* | *Construction Materials — 0.9%* | *Construction Materials — 0.9%* |
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 23400 | &nbsp;&nbsp;&nbsp; 2920320<br>|
| &nbsp;&nbsp;&nbsp; Heidelberg Materials AG | &nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp; 404116<br>|
| &nbsp;&nbsp;&nbsp; Holcim AG | &nbsp;&nbsp; 16277 | &nbsp;&nbsp;&nbsp; 1597601<br>|
| *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *4922037* |
| *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp; 2465 | &nbsp;&nbsp;&nbsp; 448334<br>|
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp; 6953 | &nbsp;&nbsp;&nbsp; 368301<br>|
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp; 2347 | &nbsp;&nbsp;&nbsp; 484022<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *1300657* |
| *Metals & Mining — 1.5%* | *Metals & Mining — 1.5%* | *Metals & Mining — 1.5%* |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp; 916946<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | &nbsp;&nbsp; 43600 | &nbsp;&nbsp;&nbsp; 1901765<br>|
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | &nbsp;&nbsp; 38400 | &nbsp;&nbsp;&nbsp; 1083016<br>|

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Metals & Mining — continued* | *Metals & Mining — continued* | *Metals & Mining — continued* |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | &nbsp;&nbsp; 34719 | &nbsp;&nbsp;&nbsp; $3466692<br>|
| &nbsp;&nbsp;&nbsp; Reliance Inc. | &nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp; 242362<br>|
| &nbsp;&nbsp;&nbsp; Steel Dynamics Inc. | &nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp; 289759<br>|
| *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *7900540* |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **18656064** |
| **Real Estate — 1.2%** | **Real Estate — 1.2%** | **Real Estate — 1.2%** |
| *Real Estate Management & Development — 0.4%* | *Real Estate Management & Development — 0.4%* | *Real Estate Management & Development — 0.4%* |
| &nbsp;&nbsp;&nbsp; CBRE Group Inc., Class A Shares | &nbsp;&nbsp; 9405 | &nbsp;&nbsp;&nbsp; 1,512,230<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | &nbsp;&nbsp; 55500 | &nbsp;&nbsp;&nbsp; 280370<br>|
| &nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 608338<br>|
| *Total Real Estate Management & Development* | *Total Real Estate Management & Development* | &nbsp;&nbsp; *2400938* |
| *Residential REITs — 0.2%* | *Residential REITs — 0.2%* | *Residential REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Invitation Homes Inc. | &nbsp;&nbsp; 16474 | &nbsp;&nbsp;&nbsp; 457812<br>|
| &nbsp;&nbsp;&nbsp; Sun Communities Inc. | &nbsp;&nbsp; 3955 | &nbsp;&nbsp;&nbsp; 490064<br>|
| *Total Residential REITs* | *Total Residential REITs* | &nbsp;&nbsp; *947876* |
| *Retail REITs — 0.2%* | *Retail REITs — 0.2%* | *Retail REITs — 0.2%* |
| &nbsp;&nbsp;&nbsp; Simon Property Group Inc. | &nbsp;&nbsp; 5073 | &nbsp;&nbsp;&nbsp; *939063*<br>|
| *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Extra Space Storage Inc. | &nbsp;&nbsp; 6143 | &nbsp;&nbsp;&nbsp; 799941<br>|
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties Inc. | &nbsp;&nbsp; 7182 | &nbsp;&nbsp;&nbsp; 320964<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties Inc. | &nbsp;&nbsp; 33706 | &nbsp;&nbsp;&nbsp; 947813<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *2068718* |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6356595** |
| **Utilities — 2.6%** | **Utilities — 2.6%** | **Utilities — 2.6%** |
| *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 16474 | &nbsp;&nbsp;&nbsp; 1930918<br>|
| &nbsp;&nbsp;&nbsp; Endesa SA | &nbsp;&nbsp; 9317 | &nbsp;&nbsp;&nbsp; 335164<br>|
| &nbsp;&nbsp;&nbsp; Enel SpA | &nbsp;&nbsp; 258242 | &nbsp;&nbsp;&nbsp; 2692327<br>|
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp; 7746 | &nbsp;&nbsp;&nbsp; 715963<br>|
| &nbsp;&nbsp;&nbsp; Evergy Inc. | &nbsp;&nbsp; 7967 | &nbsp;&nbsp;&nbsp; 577528<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp; 5564 | &nbsp;&nbsp;&nbsp; 249100<br>|
| &nbsp;&nbsp;&nbsp; Iberdrola SA | &nbsp;&nbsp; 14336 | &nbsp;&nbsp;&nbsp; 310894<br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc. | &nbsp;&nbsp; 6114 | &nbsp;&nbsp;&nbsp; 973593<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *7785487* |
| *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp; *391907*<br>|
| *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* | *Independent Power and Renewable Electricity Producers — 0.5%* |
| &nbsp;&nbsp;&nbsp; RWE AG | &nbsp;&nbsp; 19981 | &nbsp;&nbsp;&nbsp; 1062103<br>|
| &nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp; 9718 | &nbsp;&nbsp;&nbsp; 1567805<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *2629908* |
| *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* |
| &nbsp;&nbsp;&nbsp; Centrica PLC | &nbsp;&nbsp; 103723 | &nbsp;&nbsp;&nbsp; 236544<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp; 6007 | &nbsp;&nbsp;&nbsp; 774783<br>|
| &nbsp;&nbsp;&nbsp; NiSource Inc. | &nbsp;&nbsp; 5522 | &nbsp;&nbsp;&nbsp; 230599<br>|
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group Inc. | &nbsp;&nbsp; 15775 | &nbsp;&nbsp;&nbsp; 1266732<br>|

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Consolidated Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Systematic Style Premia ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* | *Multi-Utilities — continued* |
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. |  | &nbsp;&nbsp; 9192 | &nbsp;&nbsp;&nbsp; $969388<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *3478046* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **14285348** |
| **Total Common Stocks (Cost — $309,198,507)** | **Total Common Stocks (Cost — $309,198,507)** | **Total Common Stocks (Cost — $309,198,507)** | **Total Common Stocks (Cost — $309,198,507)** | &nbsp;&nbsp;&nbsp; **361125704**<br>|
|  |  | Expiration <br>Date <br>| Warrants |  |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** | **Information Technology — 0.0%††** |
| *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Constellation Software Inc. (Cost — $0) |  | &nbsp;&nbsp; 3/31/40 | &nbsp;&nbsp; 100<br>| &nbsp;&nbsp;&nbsp; **0**<br> \*<sup>(b)(c)(d)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $309,198,507)** | **Total Investments before Short-Term Investments (Cost — $309,198,507)** | **Total Investments before Short-Term Investments (Cost — $309,198,507)** | **Total Investments before Short-Term Investments (Cost — $309,198,507)** | &nbsp;&nbsp; **361125704** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 26.5%** | **Short-Term Investments — 26.5%** | **Short-Term Investments — 26.5%** | **Short-Term Investments — 26.5%** | **Short-Term Investments — 26.5%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $145,607,753)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 145607753<br>| &nbsp;&nbsp;&nbsp;&nbsp; **145607753**<br> <sup>(e)(f)(g)</sup><br>|
| **Total Investments — 92.3% (Cost — $454,806,260)** | **Total Investments — 92.3% (Cost — $454,806,260)** | **Total Investments — 92.3% (Cost — $454,806,260)** | **Total Investments — 92.3% (Cost — $454,806,260)** | &nbsp;&nbsp; **506733457** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 7.7% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 7.7% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 7.7% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 7.7% | &nbsp;&nbsp;&nbsp; 42139435 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$548872892** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(c)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(d)</sup> | Value is less than $1. |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(f)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $145,607,753 and the cost was $145,607,753 (Note 3).<br>|
| <sup>(g)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Systematic Style Premia ETF**

At December 31, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| Brent Crude | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $3687247 | &nbsp;&nbsp;&nbsp;&nbsp; $3772700 | &nbsp;&nbsp;&nbsp;&nbsp; $85453<sup>(a)</sup> <br>|
| Canadian 10-Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 15899698 | &nbsp;&nbsp;&nbsp;&nbsp; 15700879 | &nbsp;&nbsp;&nbsp;&nbsp; (198819) |
| Coffee 'C' | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5783578 | &nbsp;&nbsp;&nbsp;&nbsp; 5362031 | &nbsp;&nbsp;&nbsp;&nbsp; (421547)<sup>(a)</sup> <br>|
| Copper | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1642420 | &nbsp;&nbsp;&nbsp;&nbsp; 1846650 | &nbsp;&nbsp;&nbsp;&nbsp; 204230<sup>(a)</sup> <br>|
| E-mini S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9288963 | &nbsp;&nbsp;&nbsp;&nbsp; 9304875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15912 |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3111908 | &nbsp;&nbsp;&nbsp;&nbsp; 3105200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6708) |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 19315650 | &nbsp;&nbsp;&nbsp;&nbsp; 19177556 | &nbsp;&nbsp;&nbsp;&nbsp; (138094) |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 24404736 | &nbsp;&nbsp;&nbsp;&nbsp; 24870317 | &nbsp;&nbsp;&nbsp;&nbsp; 465581 |
| FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 18806622 | &nbsp;&nbsp;&nbsp;&nbsp; 19071209 | &nbsp;&nbsp;&nbsp;&nbsp; 264587 |
| FTSE/MIB Index | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14356149 | &nbsp;&nbsp;&nbsp;&nbsp; 14550943 | &nbsp;&nbsp;&nbsp;&nbsp; 194794 |
| Gold 100 Oz | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9834059 | &nbsp;&nbsp;&nbsp;&nbsp; 10418640 | &nbsp;&nbsp;&nbsp;&nbsp; 584581<sup>(a)</sup> <br>|
| IBEX 35 Index | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16014418 | &nbsp;&nbsp;&nbsp;&nbsp; 16235134 | &nbsp;&nbsp;&nbsp;&nbsp; 220716 |
| Live Cattle | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9173966 | &nbsp;&nbsp;&nbsp;&nbsp; 9819840 | &nbsp;&nbsp;&nbsp;&nbsp; 645874<sup>(a)</sup> <br>|
| Low Sulphur Gasoil | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5625959 | &nbsp;&nbsp;&nbsp;&nbsp; 5704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78041<sup>(a)</sup> <br>|
| NY Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3590671 | &nbsp;&nbsp;&nbsp;&nbsp; 3564120 | &nbsp;&nbsp;&nbsp;&nbsp; (26551)<sup>(a)</sup> <br>|
| Platinum | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3784159 | &nbsp;&nbsp;&nbsp;&nbsp; 3883980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99821<sup>(a)</sup> <br>|
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 28090196 | &nbsp;&nbsp;&nbsp;&nbsp; 28252796 | &nbsp;&nbsp;&nbsp;&nbsp; 162600 |
| Silver | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3484823 | &nbsp;&nbsp;&nbsp;&nbsp; 4942210 | &nbsp;&nbsp;&nbsp;&nbsp; 1457387<sup>(a)</sup> <br>|
| Soybean | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7485170 | &nbsp;&nbsp;&nbsp;&nbsp; 7332500 | &nbsp;&nbsp;&nbsp;&nbsp; (152670)<sup>(a)</sup> <br>|
| Soybean Oil | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1206999 | &nbsp;&nbsp;&nbsp;&nbsp; 1194576 | &nbsp;&nbsp;&nbsp;&nbsp; (12423)<sup>(a)</sup> <br>|
| SPI 200 Index | &nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 39011871 | &nbsp;&nbsp;&nbsp;&nbsp; 39342006 | &nbsp;&nbsp;&nbsp;&nbsp; 330135 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3852900 |
| **Contracts to Sell:** |  |  |  |  |  |
| Australian 10-Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 1583 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 115362747 | &nbsp;&nbsp;&nbsp;&nbsp; 115573922 | &nbsp;&nbsp;&nbsp;&nbsp; (211175) |
| CAC 40 10 Euro | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 13882543 | &nbsp;&nbsp;&nbsp;&nbsp; 13885881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3338) |
| Cocoa | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5868216 | &nbsp;&nbsp;&nbsp;&nbsp; 6610850 | &nbsp;&nbsp;&nbsp;&nbsp; (742634)<sup>(a)</sup> <br>|
| Corn | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14025594 | &nbsp;&nbsp;&nbsp;&nbsp; 14088000 | &nbsp;&nbsp;&nbsp;&nbsp; (62406)<sup>(a)</sup> <br>|
| Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 26133759 | &nbsp;&nbsp;&nbsp;&nbsp; 26157890 | &nbsp;&nbsp;&nbsp;&nbsp; (24131)<sup>(a)</sup> <br>|
| DAX Index | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 23575695 | &nbsp;&nbsp;&nbsp;&nbsp; 23922677 | &nbsp;&nbsp;&nbsp;&nbsp; (346982) |
| Euro Stoxx 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 46863024 | &nbsp;&nbsp;&nbsp;&nbsp; 47402362 | &nbsp;&nbsp;&nbsp;&nbsp; (539338) |
| Euro-OAT | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 22891164 | &nbsp;&nbsp;&nbsp;&nbsp; 22943572 | &nbsp;&nbsp;&nbsp;&nbsp; (52408) |
| Gasoline Rbob | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6059)<sup>(a)</sup> <br>|
| Hang Seng Index | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5793239 | &nbsp;&nbsp;&nbsp;&nbsp; 5766557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26682 |
| Japanese 10-Year Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2552562 | &nbsp;&nbsp;&nbsp;&nbsp; 2534244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18318 |
| Lean Hog | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5682129 | &nbsp;&nbsp;&nbsp;&nbsp; 5957000 | &nbsp;&nbsp;&nbsp;&nbsp; (274871)<sup>(a)</sup> <br>|
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 2/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1070861 | &nbsp;&nbsp;&nbsp;&nbsp; 1032080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38781<sup>(a)</sup> <br>|
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 13987037 | &nbsp;&nbsp;&nbsp;&nbsp; 13826278 | &nbsp;&nbsp;&nbsp;&nbsp; 160759 |
| OMXS30 Index | &nbsp;&nbsp;&nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp;&nbsp; 1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16528118 | &nbsp;&nbsp;&nbsp;&nbsp; 16927797 | &nbsp;&nbsp;&nbsp;&nbsp; (399679) |
| Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10600707 | &nbsp;&nbsp;&nbsp;&nbsp; 10508940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91767<sup>(a)</sup> <br>|
| Sugar No.11 | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4153814 | &nbsp;&nbsp;&nbsp;&nbsp; 3883387 | &nbsp;&nbsp;&nbsp;&nbsp; 270427<sup>(a)</sup> <br>|
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1461744 | &nbsp;&nbsp;&nbsp;&nbsp; 1461688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| Wheat | &nbsp;&nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10846392 | &nbsp;&nbsp;&nbsp;&nbsp; 10190700 | &nbsp;&nbsp;&nbsp;&nbsp; 655692<sup>(a)</sup> <br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1400539) |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$2452361** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The security is owned by FLSP Holdings Corporation., a wholly-owned subsidiary of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Consolidated Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Systematic Style Premia ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| BTP |  | Buoni del Tesoro Poliennali (Italian Treasury Bonds) |
| OAT |  | Obligations Assimilables du Trésor (French Treasury Bonds) |

---

At December 31, 2025, the Fund had the following open forward foreign currency contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency <br>Purchased | Currency <br>Purchased | Currency <br>Sold | Currency <br>Sold | Counterparty | Settlement <br>Date<br>| Unrealized <br>Appreciation <br>(Depreciation)<br>|
| AUD | &nbsp;&nbsp;&nbsp;&nbsp; 37229087 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24777558 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp; $50670 |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp; 235232672 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 42403366 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp; (193012) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp; 513736674 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24887593 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 101048 |
| GBP | &nbsp;&nbsp;&nbsp;&nbsp; 43308098 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 57878068 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 362736 |
| HUF | &nbsp;&nbsp; 15032395083 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 45835671 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; (73423) |
| JPY | &nbsp;&nbsp; 2310141386 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14955924 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp; (126177) |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp; 984263310 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 53628397 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 726757 |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp; 175829434 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 48671605 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 215866 |
| SEK | &nbsp;&nbsp;&nbsp;&nbsp; 166614182 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18085488 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 56285 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 24957933 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 37229087 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 129705 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 24957933 | &nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 37229087 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 129705 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 89294984 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 122840520 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp; (611512) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 52379440 | &nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp;&nbsp; 41438737 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp; (323882) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 98386047 | &nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 83746063 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp; (302338) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2240771 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 3285787830 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; (42839) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp; 74236118 | &nbsp;&nbsp; NZD | &nbsp;&nbsp; 127546892 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 691755 |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 794644220 | &nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 46673655 | Morgan Stanley & Co. LLC | &nbsp;&nbsp; 3/18/26 | &nbsp;&nbsp; 1038197 |
| **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | **Net unrealized appreciation on open forward foreign currency contracts** | &nbsp;&nbsp; **$1829541** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** | **Abbreviation(s) used in this table:** |
| AUD |  | Australian Dollar |
| BRL |  | Brazilian Real |
| CAD |  | Canadian Dollar |
| CHF |  | Swiss Franc |
| CZK |  | Czech Koruna |
| EUR |  | Euro |
| GBP |  | British Pound |
| HUF |  | Hungarian Forint |
| JPY |  | Japanese Yen |
| KRW |  | South Korean Won |
| MXN |  | Mexican Peso |
| NZD |  | New Zealand Dollar |
| PLN |  | Polish Zloty |
| SEK |  | Swedish Krona |
| USD |  | United States Dollar |
| ZAR |  | South African Rand |

---

At December 31, 2025, the Fund had the following open swap contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  | <br> **OTC TOTAL RETURN SWAPS**  |
| Swap <br>Counterparty<br>| Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Made by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>‡</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Morgan Stanley & Co. LLC | $307413605 | &nbsp;&nbsp;&nbsp;&nbsp; 1/8/26 | 0.00% | At Maturity | &nbsp;&nbsp;&nbsp; **$3138093** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$3138093** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Systematic Style Premia ETF**

† Percentage shown is an annual percentage rate.

‡ Periodic payments made/received by the Fund are based on the total return of the referenced
 entity.

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Consolidated Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Systematic Style Premia ETF**

The following table represents the required top fifty component disclosures associated with the total return custom equity basket swap as of period end.

---

| | | | |
|:---|:---|:---|:---|
| Security | Shares | &nbsp;&nbsp;&nbsp; Market <br>Value<br>| Weight |
| &nbsp;&nbsp;&nbsp; Boeing Co. | 19948  | &nbsp;&nbsp;&nbsp;&nbsp; $4331110 | &nbsp;&nbsp;&nbsp;&nbsp; 1.42% |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 17844  | &nbsp;&nbsp;&nbsp;&nbsp; 4324672<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42% |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 40103  | &nbsp;&nbsp;&nbsp;&nbsp; 4294073<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41% |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC | 22760  | &nbsp;&nbsp;&nbsp;&nbsp; 4221579<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39% |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals Inc. | 9309  | &nbsp;&nbsp;&nbsp;&nbsp; 4220328<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39% |
| &nbsp;&nbsp;&nbsp; Tesla Inc. | 9361  | &nbsp;&nbsp;&nbsp;&nbsp; 4209829<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc. | 12714  | &nbsp;&nbsp;&nbsp;&nbsp; 4197019<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 18330  | &nbsp;&nbsp;&nbsp;&nbsp; 4196104<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% |
| &nbsp;&nbsp;&nbsp; Blackstone Inc. | 27182  | &nbsp;&nbsp;&nbsp;&nbsp; 4189833<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38% |
| &nbsp;&nbsp;&nbsp; Honeywell International Inc. | 21402  | &nbsp;&nbsp;&nbsp;&nbsp; 4175316<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37% |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 8823  | &nbsp;&nbsp;&nbsp;&nbsp; 4107724<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35% |
| &nbsp;&nbsp;&nbsp; Apple Inc. | 14806  | &nbsp;&nbsp;&nbsp;&nbsp; 4025159<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32% |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B Shares | 78241  | &nbsp;&nbsp;&nbsp;&nbsp; 4001491<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31% |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 4636  | &nbsp;&nbsp;&nbsp;&nbsp; 3997808<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31% |
| &nbsp;&nbsp;&nbsp; Analog Devices Inc. | 14741  | &nbsp;&nbsp;&nbsp;&nbsp; 3997759<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31% |
| &nbsp;&nbsp;&nbsp; CME Group Inc. | 13836  | &nbsp;&nbsp;&nbsp;&nbsp; 3778335<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 102099  | &nbsp;&nbsp;&nbsp;&nbsp; 3767453<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24% |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 43642  | &nbsp;&nbsp;&nbsp;&nbsp; 3675093<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21% |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A Shares | 13600  | &nbsp;&nbsp;&nbsp;&nbsp; 3648880<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20% |
| &nbsp;&nbsp;&nbsp; Brookfield Corp. | 79100  | &nbsp;&nbsp;&nbsp;&nbsp; 3636609<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19% |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | 21978  | &nbsp;&nbsp;&nbsp;&nbsp; 3559557<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% |
| &nbsp;&nbsp;&nbsp; BP PLC | 610293  | &nbsp;&nbsp;&nbsp;&nbsp; 3552745<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc. | 18890  | &nbsp;&nbsp;&nbsp;&nbsp; 3504473<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 35923  | &nbsp;&nbsp;&nbsp;&nbsp; 3362752<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10% |
| &nbsp;&nbsp;&nbsp; Synopsys Inc. | 7131  | &nbsp;&nbsp;&nbsp;&nbsp; 3349573<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10% |
| &nbsp;&nbsp;&nbsp; DoorDash Inc., Class A Shares | 14676  | &nbsp;&nbsp;&nbsp;&nbsp; 3323820<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09% |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 116040  | &nbsp;&nbsp;&nbsp;&nbsp; 3274002<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07% |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 17978  | &nbsp;&nbsp;&nbsp;&nbsp; 3156397<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% |
| &nbsp;&nbsp;&nbsp; KKR & Co. Inc. | 23944  | &nbsp;&nbsp;&nbsp;&nbsp; 3052381<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00% |
| &nbsp;&nbsp;&nbsp; National Grid PLC | 191759  | &nbsp;&nbsp;&nbsp;&nbsp; 2944219<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97% |
| &nbsp;&nbsp;&nbsp; NIKE Inc., Class B Shares | 45661  | &nbsp;&nbsp;&nbsp;&nbsp; 2909062<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96% |
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc. | 33099  | &nbsp;&nbsp;&nbsp;&nbsp; 2812753<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92% |
| &nbsp;&nbsp;&nbsp; Aon PLC | 7865  | &nbsp;&nbsp;&nbsp;&nbsp; 2775401<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% |
| &nbsp;&nbsp;&nbsp; Snowflake Inc., Class A Shares | 12357  | &nbsp;&nbsp;&nbsp;&nbsp; 2710632<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89% |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 34800  | &nbsp;&nbsp;&nbsp;&nbsp; 2565413<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84% |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 16740  | &nbsp;&nbsp;&nbsp;&nbsp; 2551343<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84% |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 9845  | &nbsp;&nbsp;&nbsp;&nbsp; 2547788<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84% |
| &nbsp;&nbsp;&nbsp; Investor AB, Class A Shares | 70080  | &nbsp;&nbsp;&nbsp;&nbsp; 2511654<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82% |
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | 30379  | &nbsp;&nbsp;&nbsp;&nbsp; 2438826<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% |
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc. | 16745  | &nbsp;&nbsp;&nbsp;&nbsp; 2424006<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80% |
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG | 50131  | &nbsp;&nbsp;&nbsp;&nbsp; 2221405<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73% |
| &nbsp;&nbsp;&nbsp; PACCAR Inc. | 20161  | &nbsp;&nbsp;&nbsp;&nbsp; 2207831<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp;&nbsp; Schlumberger NV | 57347  | &nbsp;&nbsp;&nbsp;&nbsp; 2200978<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp;&nbsp; CSL Ltd. | 18941  | &nbsp;&nbsp;&nbsp;&nbsp; 2180709<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 18026  | &nbsp;&nbsp;&nbsp;&nbsp; 2170490<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71% |

---

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Systematic Style Premia ETF**

---

| | | | |
|:---|:---|:---|:---|
| Security | Shares | &nbsp;&nbsp;&nbsp; Market<br> Value<br>| Weight |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals Inc. | 8545  | &nbsp;&nbsp;&nbsp;&nbsp; $2110786<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% |
| &nbsp;&nbsp;&nbsp; Glencore PLC | 384661  | &nbsp;&nbsp;&nbsp;&nbsp; 2103442<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 9679  | &nbsp;&nbsp;&nbsp;&nbsp; 2100924<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69% |
| &nbsp;&nbsp;&nbsp; Volvo AB, Class B | 61927  | &nbsp;&nbsp;&nbsp;&nbsp; 1987699<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | 35103  | &nbsp;&nbsp;&nbsp;&nbsp; 1978756<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% |

---

This Consolidated Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Consolidated Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 38.8%** | **U.S. Government & Agency Obligations — 38.8%** | **U.S. Government & Agency Obligations — 38.8%** | **U.S. Government & Agency Obligations — 38.8%** | **U.S. Government & Agency Obligations — 38.8%** |
| *U.S. Government Obligations — 38.8%* | *U.S. Government Obligations — 38.8%* | *U.S. Government Obligations — 38.8%* | *U.S. Government Obligations — 38.8%* | *U.S. Government Obligations — 38.8%* |
| &nbsp;&nbsp;&nbsp; Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp; 2.100% | &nbsp;&nbsp; 2/25/36 | &nbsp;&nbsp; $4000000 | &nbsp;&nbsp;&nbsp; $3224233<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 5/15/40 | &nbsp;&nbsp; 3325000 | &nbsp;&nbsp;&nbsp; 2110985<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 21200000 | &nbsp;&nbsp;&nbsp; 13324531<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 33250000 | &nbsp;&nbsp;&nbsp; 23217852<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 19789000 | &nbsp;&nbsp;&nbsp; 15281591<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp; 9840000<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2100902<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 37405000 | &nbsp;&nbsp;&nbsp; 28939197<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 10314000 | &nbsp;&nbsp;&nbsp; 6790722<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 7520000 | &nbsp;&nbsp;&nbsp; 5359469<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/15/49 | &nbsp;&nbsp; 53193000 | &nbsp;&nbsp;&nbsp; 39198670<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 25595000 | &nbsp;&nbsp;&nbsp; 16058863<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/15/50 | &nbsp;&nbsp; 15850000 | &nbsp;&nbsp;&nbsp; 9295777<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 5/15/50 | &nbsp;&nbsp; 53230000 | &nbsp;&nbsp;&nbsp; 25498418<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 68475000 | &nbsp;&nbsp;&nbsp; 33685153<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 1174154<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 21050000 | &nbsp;&nbsp;&nbsp; 12065104<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 4890000 | &nbsp;&nbsp;&nbsp; 2704590<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/52 | &nbsp;&nbsp; 8835000 | &nbsp;&nbsp;&nbsp; 5363466<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; 14578594<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp; 8052310<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp; 12397656<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 12230000 | &nbsp;&nbsp;&nbsp; 11060506<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 26175000 | &nbsp;&nbsp;&nbsp; 25741477<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 0.375% | &nbsp;&nbsp; 1/31/26 | &nbsp;&nbsp; 18700000 | &nbsp;&nbsp;&nbsp; 18651783<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 0.875% | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; 73300000 | &nbsp;&nbsp;&nbsp; 72349551<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; 176185000 | &nbsp;&nbsp;&nbsp; 172299548<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 34250000 | &nbsp;&nbsp;&nbsp; 32778320<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 123565000 | &nbsp;&nbsp;&nbsp; 123157139<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp; 6668781<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 0.375% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 26545000 | &nbsp;&nbsp;&nbsp; 25164349<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 14230000 | &nbsp;&nbsp;&nbsp; 14229444<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 5/31/28 | &nbsp;&nbsp; 30170000 | &nbsp;&nbsp;&nbsp; 28609645<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 59100000 | &nbsp;&nbsp;&nbsp; 59988808<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; 66890000 | &nbsp;&nbsp;&nbsp; 62809972<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 36853000 | &nbsp;&nbsp;&nbsp; 37340295<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 5/31/30 | &nbsp;&nbsp; 27250000 | &nbsp;&nbsp;&nbsp; 27320254<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/30/30 | &nbsp;&nbsp; 9950000 | &nbsp;&nbsp;&nbsp; 9975652<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/31/30 | &nbsp;&nbsp; 24050000 | &nbsp;&nbsp;&nbsp; 24477451<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2091000<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 11700000 | &nbsp;&nbsp;&nbsp; 11522443<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 25230000 | &nbsp;&nbsp;&nbsp; 25415283<br>|
| **Total U.S. Government & Agency Obligations (Cost — $1,112,704,818)** | **Total U.S. Government & Agency Obligations (Cost — $1,112,704,818)** | **Total U.S. Government & Agency Obligations (Cost — $1,112,704,818)** | **Total U.S. Government & Agency Obligations (Cost — $1,112,704,818)** | &nbsp;&nbsp; **1081913938** |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Corporate Bonds & Notes — 28.2%** | **Corporate Bonds & Notes — 28.2%** | **Corporate Bonds & Notes — 28.2%** | **Corporate Bonds & Notes — 28.2%** | **Corporate Bonds & Notes — 28.2%** |
| **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** |
| *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* | *Diversified Telecommunication Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; $17800000<br>| &nbsp;&nbsp;&nbsp; $15197071<br>|
| &nbsp;&nbsp;&nbsp; Orange SA, Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3611867<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/20/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4403388<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 2275000<br>| &nbsp;&nbsp;&nbsp; 2273892<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *25486218* |
| *Media — 0.9%* | *Media — 0.9%* | *Media — 0.9%* | *Media — 0.9%* | *Media — 0.9%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4501127<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 6600000<br>| &nbsp;&nbsp;&nbsp; 6219541<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 5335000<br>| &nbsp;&nbsp;&nbsp; 5324398<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1042587<br>|
| &nbsp;&nbsp;&nbsp; Paramount Global, Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/19/32 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 6327255<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *23414908* |
| *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp;&nbsp; 3975480<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 5655058<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2950701<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5103803<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *17685042* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **66586168** |
| **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
| *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* | *Automobiles — 0.5%* |
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 885000<br>| &nbsp;&nbsp;&nbsp; 886459<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 4/6/29 | &nbsp;&nbsp; 5900000<br>| &nbsp;&nbsp;&nbsp; 5889412<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/6/34 | &nbsp;&nbsp; 1375000<br>| &nbsp;&nbsp;&nbsp; 1395376<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 1/8/29 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2668873<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/19/29 | &nbsp;&nbsp; 885000<br>| &nbsp;&nbsp;&nbsp; 911692<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/18/30 | &nbsp;&nbsp; 1415000<br>| &nbsp;&nbsp;&nbsp; 1415668<br> <sup>(a)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *13167480* |
| *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* | *Broadline Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Dollar Tree Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; *5004220*<br>|
| *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* |
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1444387<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp;&nbsp; 6619883<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *8064270* |
| *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* |
| &nbsp;&nbsp;&nbsp; NVR Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2367820<br>|
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp;&nbsp; 4526895<br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *6894715* |
| *Leisure Products — 0.2%* | *Leisure Products — 0.2%* | *Leisure Products — 0.2%* | *Leisure Products — 0.2%* | *Leisure Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Brunswick Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 3/18/29 | &nbsp;&nbsp; 5600000<br>| &nbsp;&nbsp;&nbsp; *5800087*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; $6500000<br>| &nbsp;&nbsp;&nbsp; $*5977609*<br>|
| *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* |
| &nbsp;&nbsp;&nbsp; Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/11/30 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2056213<br>|
| &nbsp;&nbsp;&nbsp; Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/11/35 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1841311<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *3897524* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **48805905** |
| **Consumer Staples — 2.4%** | **Consumer Staples — 2.4%** | **Consumer Staples — 2.4%** | **Consumer Staples — 2.4%** | **Consumer Staples — 2.4%** |
| *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 5482000<br>| &nbsp;&nbsp;&nbsp; 5178647<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 712000<br>| &nbsp;&nbsp;&nbsp; 624193<br> <sup>(a)</sup><br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *5802840* |
| *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp;&nbsp; 3867751<br>|
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings Inc./JBS USA <br> Food Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 4850000<br>| &nbsp;&nbsp;&nbsp; 4931396<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/4/42 | &nbsp;&nbsp; 2690000<br>| &nbsp;&nbsp;&nbsp; 2469921<br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 3200000<br>| &nbsp;&nbsp;&nbsp; 3079123<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 9440000<br>| &nbsp;&nbsp;&nbsp; 9706158<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 4200000<br>| &nbsp;&nbsp;&nbsp; 3910389<br>|
| &nbsp;&nbsp;&nbsp; McCormick & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4928978<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *32893716* |
| *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* | *Personal Care Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/24/32 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp;&nbsp; 6192658<br>|
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/22/32 | &nbsp;&nbsp; 4800000<br>| &nbsp;&nbsp;&nbsp; 4916405<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *11109063* |
| *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 5360000<br>| &nbsp;&nbsp;&nbsp; 5331770<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.390% | &nbsp;&nbsp; 8/15/37 | &nbsp;&nbsp; 1851000<br>| &nbsp;&nbsp;&nbsp; 1706225<br>|
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/26/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 995847<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3766710<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/13/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5169816<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *16970368* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **66775987** |
| **Energy — 2.4%** | **Energy — 2.4%** | **Energy — 2.4%** | **Energy — 2.4%** | **Energy — 2.4%** |
| *Oil, Gas & Consumable Fuels — 2.4%* | *Oil, Gas & Consumable Fuels — 2.4%* | *Oil, Gas & Consumable Fuels — 2.4%* | *Oil, Gas & Consumable Fuels — 2.4%* | *Oil, Gas & Consumable Fuels — 2.4%* |
| &nbsp;&nbsp;&nbsp; Aker BP ASA, Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp;&nbsp; 4319452<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/3/29 | &nbsp;&nbsp; 3950000<br>| &nbsp;&nbsp;&nbsp; 4003709<br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 6300000<br>| &nbsp;&nbsp;&nbsp; 5946992<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2802184<br>|
| &nbsp;&nbsp;&nbsp; DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1566939<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3738061<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 6825000<br>| &nbsp;&nbsp;&nbsp; 7211125<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 5800000<br>| &nbsp;&nbsp;&nbsp; 6267582<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2367025<br>|
| &nbsp;&nbsp;&nbsp; Hess Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp;&nbsp; 5328451<br>|
| &nbsp;&nbsp;&nbsp; MPLX LP, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp;&nbsp; 9069922<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/30/34 | &nbsp;&nbsp; $5000000<br>| &nbsp;&nbsp;&nbsp; $5458807<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 1660000<br>| &nbsp;&nbsp;&nbsp; 1671937<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Var Energi ASA, Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 3800000<br>| &nbsp;&nbsp;&nbsp; 4354763<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 1864000<br>| &nbsp;&nbsp;&nbsp; 1903424<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **66010373** |
| **Financials — 8.1%** | **Financials — 8.1%** | **Financials — 8.1%** | **Financials — 8.1%** | **Financials — 8.1%** |
| *Banks — 4.1%* | *Banks — 4.1%* | *Banks — 4.1%* | *Banks — 4.1%* | *Banks — 4.1%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (1.922% to 10/24/30 then SOFR + <br> 1.370%) | &nbsp;&nbsp; 1.922% | &nbsp;&nbsp; 10/24/31 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 2505052<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.299% to 7/21/31 then SOFR + <br> 1.220%) | &nbsp;&nbsp; 2.299% | &nbsp;&nbsp; 7/21/32 | &nbsp;&nbsp; 6200000<br>| &nbsp;&nbsp;&nbsp; 5545861<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.592% to 4/29/30 then SOFR + <br> 2.150%) | &nbsp;&nbsp; 2.592% | &nbsp;&nbsp; 4/29/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2796450<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.687% to 4/22/31 then SOFR + <br> 1.320%) | &nbsp;&nbsp; 2.687% | &nbsp;&nbsp; 4/22/32 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2753725<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (3.974% to 2/7/29 then 3 mo. Term <br> SOFR + 1.472%) | &nbsp;&nbsp; 3.974% | &nbsp;&nbsp; 2/7/30 | &nbsp;&nbsp; 8200000<br>| &nbsp;&nbsp;&nbsp; 8158123<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.468% to 1/23/34 then SOFR + <br> 1.650%) | &nbsp;&nbsp; 5.468% | &nbsp;&nbsp; 1/23/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1042058<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (3.846% to 3/8/32 then 5 year <br> Treasury Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 3.846% | &nbsp;&nbsp; 3/8/37 | &nbsp;&nbsp; 1148000<br>| &nbsp;&nbsp;&nbsp; 1081410<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (2.045% to 10/19/26 then SOFR + 1.087%) | &nbsp;&nbsp; 2.045% | &nbsp;&nbsp; 10/19/27 | &nbsp;&nbsp; 3700000<br>| &nbsp;&nbsp;&nbsp; 3640451<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (4.885% to 7/3/30 then SOFR + 1.360%) | &nbsp;&nbsp; 4.885% | &nbsp;&nbsp; 7/3/31 | &nbsp;&nbsp; 4400000<br>| &nbsp;&nbsp;&nbsp; 4466910<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (3.057% to 1/25/32 then SOFR + 1.351%) | &nbsp;&nbsp; 3.057% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1649363<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/29/27 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1510171<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Subordinated Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 2300000<br>| &nbsp;&nbsp;&nbsp; 2301224<br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (5.705% to 3/1/29 then 1 year Treasury <br> Constant Maturity Rate + 1.400%) | &nbsp;&nbsp; 5.705% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 4157346<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Notes (4.772% to 7/28/29 then SOFR + 2.127%) | &nbsp;&nbsp; 4.772% | &nbsp;&nbsp; 7/28/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3036667<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Notes (5.631% to 1/29/31 then SOFR + 1.840%) | &nbsp;&nbsp; 5.631% | &nbsp;&nbsp; 1/29/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5249368<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (2.013% to 9/22/27 then SOFR + 1.732%) | &nbsp;&nbsp; 2.013% | &nbsp;&nbsp; 9/22/28 | &nbsp;&nbsp; 4100000<br>| &nbsp;&nbsp;&nbsp; 3958589<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, Senior Notes (2.357% to 8/18/30 then SOFR + 1.947%) | &nbsp;&nbsp; 2.357% | &nbsp;&nbsp; 8/18/31 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1182876<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 2/4/30 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp;&nbsp; 4295034<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (1.953% to 2/4/31 then SOFR + <br> 1.065%) | &nbsp;&nbsp; 1.953% | &nbsp;&nbsp; 2/4/32 | &nbsp;&nbsp; 10300000<br>| &nbsp;&nbsp;&nbsp; 9188877<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (2.522% to 4/22/30 then SOFR + <br> 2.040%) | &nbsp;&nbsp; 2.522% | &nbsp;&nbsp; 4/22/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1863574<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.336% to 1/23/34 then SOFR + <br> 1.620%) | &nbsp;&nbsp; 5.336% | &nbsp;&nbsp; 1/23/35 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp; 1347798<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (6.087% to 10/23/28 then SOFR + <br> 1.570%) | &nbsp;&nbsp; 6.087% | &nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp; 1550000<br>| &nbsp;&nbsp;&nbsp; 1633052<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (2.956% to 5/13/30 then 3 mo. <br> Term SOFR + 2.515%) | &nbsp;&nbsp; 2.956% | &nbsp;&nbsp; 5/13/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4718341<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1759213<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (5.871% to 3/6/28 then 1 year <br> Treasury Constant Maturity Rate + 1.700%) | &nbsp;&nbsp; 5.871% | &nbsp;&nbsp; 3/6/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3111346<br> <sup>(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc., Senior Notes (5.778% to 7/6/28 then 1 year <br> Treasury Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 5.778% | &nbsp;&nbsp; 7/6/29 | &nbsp;&nbsp; $2700000<br>| &nbsp;&nbsp;&nbsp; $2808399<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.373% to 7/21/35 then <br> SOFR + 1.417%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 7/21/36 | &nbsp;&nbsp; 1940000<br>| &nbsp;&nbsp;&nbsp; 1996108<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.676% to 1/22/34 then <br> SOFR + 1.902%) | &nbsp;&nbsp; 5.676% | &nbsp;&nbsp; 1/22/35 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1107447<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes (1.792% to 6/9/26 then 1 year Treasury <br> Constant Maturity Rate + 1.000%) | &nbsp;&nbsp; 1.792% | &nbsp;&nbsp; 6/9/27 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp;&nbsp; 4254699<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (1.887% to 6/7/28 then SOFR + 0.862%) | &nbsp;&nbsp; 1.887% | &nbsp;&nbsp; 6/7/29 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2850787<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (5.153% to 8/5/31 then SOFR + 1.571%) | &nbsp;&nbsp; 5.153% | &nbsp;&nbsp; 8/5/32 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5168356<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (2.879% to 10/30/29 then 3 mo. Term SOFR <br> + 1.432%) | &nbsp;&nbsp; 2.879% | &nbsp;&nbsp; 10/30/30 | &nbsp;&nbsp; 10300000<br>| &nbsp;&nbsp;&nbsp; 9801713<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (3.350% to 3/2/32 then SOFR + 1.500%) | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1867261<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.198% to 1/23/29 then SOFR + 1.500%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 1/23/30 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2317606<br> <sup>(b)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *115125255* |
| *Capital Markets — 1.8%* | *Capital Markets — 1.8%* | *Capital Markets — 1.8%* | *Capital Markets — 1.8%* | *Capital Markets — 1.8%* |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (2.383% to 7/21/31 then SOFR + <br> 1.248%) | &nbsp;&nbsp; 2.383% | &nbsp;&nbsp; 7/21/32 | &nbsp;&nbsp; 6300000<br>| &nbsp;&nbsp;&nbsp; 5644567<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3.691% to 6/5/27 then 3 mo. Term <br> SOFR + 1.772%) | &nbsp;&nbsp; 3.691% | &nbsp;&nbsp; 6/5/28 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2487441<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 5326523<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (1.794% to 2/13/31 then SOFR + 1.034%) | &nbsp;&nbsp; 1.794% | &nbsp;&nbsp; 2/13/32 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 5275749<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (2.239% to 7/21/31 then SOFR + 1.178%) | &nbsp;&nbsp; 2.239% | &nbsp;&nbsp; 7/21/32 | &nbsp;&nbsp; 10000000<br>| &nbsp;&nbsp;&nbsp; 8888402<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (2.699% to 1/22/30 then SOFR + 1.143%) | &nbsp;&nbsp; 2.699% | &nbsp;&nbsp; 1/22/31 | &nbsp;&nbsp; 2200000<br>| &nbsp;&nbsp;&nbsp; 2064365<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (3.622% to 4/1/30 then SOFR + 3.120%) | &nbsp;&nbsp; 3.622% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp;&nbsp; 4179406<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.466% to 1/18/34 then SOFR + 1.730%) | &nbsp;&nbsp; 5.466% | &nbsp;&nbsp; 1/18/35 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1039843<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year <br> Treasury Constant Maturity Rate + 2.430%) | &nbsp;&nbsp; 5.948% | &nbsp;&nbsp; 1/19/38 | &nbsp;&nbsp; 434000<br>| &nbsp;&nbsp;&nbsp; 456838<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSCI Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 5869299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 4300000<br>| &nbsp;&nbsp;&nbsp; 3858074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.246% to 9/22/28 then 1 year Treasury <br> Constant Maturity Rate + 1.800%) | &nbsp;&nbsp; 6.246% | &nbsp;&nbsp; 9/22/29 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp;&nbsp; 3579918<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *48670425* |
| *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* | *Consumer Finance — 0.3%* |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (5.463% to 7/26/29 then SOFR + <br> 1.560%) | &nbsp;&nbsp; 5.463% | &nbsp;&nbsp; 7/26/30 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *9328398*<br> <sup>(b)</sup><br>|
| *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* | *Financial Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1847208<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 10/29/33 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3161500<br>|
| &nbsp;&nbsp;&nbsp; Corebridge Financial Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 4/5/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1424431<br>|
| &nbsp;&nbsp;&nbsp; Corebridge Financial Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 2400000<br>| &nbsp;&nbsp;&nbsp; 2548117<br>|
| &nbsp;&nbsp;&nbsp; SMBC Aviation Capital Finance DAC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 6147600<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *15128856* |
| *Insurance — 1.4%* | *Insurance — 1.4%* | *Insurance — 1.4%* | *Insurance — 1.4%* | *Insurance — 1.4%* |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5195384<br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 2.673% | &nbsp;&nbsp; 6/7/31 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 5352446<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 5.543% | &nbsp;&nbsp; 8/22/35 | &nbsp;&nbsp; 4950000<br>| &nbsp;&nbsp;&nbsp; 4969042<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; $7000000<br>| &nbsp;&nbsp;&nbsp; $6282385<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/23/32 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp;&nbsp; 732801<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/23/35 | &nbsp;&nbsp; 1280000<br>| &nbsp;&nbsp;&nbsp; 1313289<br>|
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding, Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 9/19/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2091232<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Five Corners Funding Trust II, Senior Notes | &nbsp;&nbsp; 2.850% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 6596826<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Secured Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 8/25/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1407656<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2223984<br>|
| &nbsp;&nbsp;&nbsp; Sammons Financial Group Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1371807<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *37536852* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **225789786** |
| **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** | **Health Care — 3.1%** |
| *Biotechnology — 0.6%* | *Biotechnology — 0.6%* | *Biotechnology — 0.6%* | *Biotechnology — 0.6%* | *Biotechnology — 0.6%* |
| &nbsp;&nbsp;&nbsp; AbbVie Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/14/35 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4910003<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/33 | &nbsp;&nbsp; 3400000<br>| &nbsp;&nbsp;&nbsp; 3520565<br>|
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals Inc., Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 8000000<br>| &nbsp;&nbsp;&nbsp; 7141727<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *15572295* |
| *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; Baxter International Inc., Senior Notes | &nbsp;&nbsp; 2.539% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 6400000<br>| &nbsp;&nbsp;&nbsp; *5578579*<br>|
| *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* | *Health Care Providers & Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 5266692<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2636351<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1478000<br>| &nbsp;&nbsp;&nbsp; 1509120<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2062956<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/20/35 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1378181<br>|
| &nbsp;&nbsp;&nbsp; Elevance Health Inc., Senior Notes | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4567337<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 3590872<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 6500000<br>| &nbsp;&nbsp;&nbsp; 6147200<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 1505000<br>| &nbsp;&nbsp;&nbsp; 1491805<br>|
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/8/34 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp;&nbsp; 386167<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2737424<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1989154<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 7/15/34 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1946727<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *35709986* |
| *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 495690<br>|
| &nbsp;&nbsp;&nbsp; IQVIA Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 5200000<br>| &nbsp;&nbsp;&nbsp; 5484535<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *5980225* |
| *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* | *Pharmaceuticals — 0.8%* |
| &nbsp;&nbsp;&nbsp; Bayer US Finance II LLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 5500000<br>| &nbsp;&nbsp;&nbsp; 5507041<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 12/4/32 | &nbsp;&nbsp; 805000<br>| &nbsp;&nbsp;&nbsp; 806360<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/4/35 | &nbsp;&nbsp; 1295000<br>| &nbsp;&nbsp;&nbsp; 1290665<br>|
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/5/30 | &nbsp;&nbsp; 5770000<br>| &nbsp;&nbsp;&nbsp; 5765696<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp; 1700000<br>| &nbsp;&nbsp;&nbsp; 1718542<br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 9/2/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4534323<br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 9/2/31 | &nbsp;&nbsp; 2600000<br>| &nbsp;&nbsp;&nbsp; 2288518<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* | *Pharmaceuticals — continued* |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/25/35 | &nbsp;&nbsp; $1250000<br>| &nbsp;&nbsp;&nbsp; $1257366<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *23168511* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **86009596** |
| **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** |
| *Aerospace & Defense — 1.1%* | *Aerospace & Defense — 1.1%* | *Aerospace & Defense — 1.1%* | *Aerospace & Defense — 1.1%* | *Aerospace & Defense — 1.1%* |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/10/30 | &nbsp;&nbsp; 2735000<br>| &nbsp;&nbsp;&nbsp; 2750699<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 5300000<br>| &nbsp;&nbsp;&nbsp; 5252974<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1820788<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5533550<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4095792<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 3159678<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 4350000<br>| &nbsp;&nbsp;&nbsp; 4472857<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 2500000<br>| &nbsp;&nbsp;&nbsp; 2511996<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *29598334* |
| *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* | *Building Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Carlisle Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 705000<br>| &nbsp;&nbsp;&nbsp; 719914<br>|
| &nbsp;&nbsp;&nbsp; Owens Corning, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 7364896<br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *8084810* |
| *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 1475000<br>| &nbsp;&nbsp;&nbsp; *1455062*<br>|
| *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 4000000<br>| &nbsp;&nbsp;&nbsp; 3573075<br>|
| &nbsp;&nbsp;&nbsp; Ingersoll Rand Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/14/33 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3179917<br>|
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2025705<br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *8778697* |
| *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* | *Passenger Airlines — 0.2%* |
| &nbsp;&nbsp;&nbsp; American Airlines Group Inc. Pass-Through Trust | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 3381645<br>| &nbsp;&nbsp;&nbsp; 3247859<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 34006<br>| &nbsp;&nbsp;&nbsp; 34893<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Inc. Pass-Through Trust | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 725283<br>| &nbsp;&nbsp;&nbsp; 695452<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 549900<br>| &nbsp;&nbsp;&nbsp; 549920<br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *4528124* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **52445027** |
| **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** |
| *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* | *Communications Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/15/34 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; *7230944*<br>|
| *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 3095000<br>| &nbsp;&nbsp;&nbsp; 3063407<br>|
| &nbsp;&nbsp;&nbsp; Flex Ltd., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/12/30 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3047988<br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *6111395* |
| *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* |
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 2065731<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp;&nbsp; 1602269<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/25/35 | &nbsp;&nbsp; 3600000<br>| &nbsp;&nbsp;&nbsp; 3821299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/5/32 | &nbsp;&nbsp; 4600000<br>| &nbsp;&nbsp;&nbsp; 4436795<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 6080704<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *18006798* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; $5000000<br>| &nbsp;&nbsp;&nbsp; $4494784<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 917411<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 4265000<br>| &nbsp;&nbsp;&nbsp; 4361566<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *9773761* |
| *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* | *Technology Hardware, Storage & Peripherals — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 1100000<br>| &nbsp;&nbsp;&nbsp; *1111476*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **42234374** |
| **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Syensqo Finance America LLC, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 6/4/34 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1461364*<br> <sup>(a)</sup><br>|
| *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America Inc., Senior Notes | &nbsp;&nbsp; 2.630% | &nbsp;&nbsp; 6/19/30 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3249835<br>|
| &nbsp;&nbsp;&nbsp; AptarGroup Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/30/31 | &nbsp;&nbsp; 1685000<br>| &nbsp;&nbsp;&nbsp; 1699994<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *4949829* |
| *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* | *Software — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, Senior Secured Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; *1001792*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **7412985** |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** | **Real Estate — 0.6%** |
| *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5061339<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1963829<br> <sup>(a)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *7025168* |
| *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 1010522<br>|
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 7750000<br>| &nbsp;&nbsp;&nbsp; 7948959<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *8959481* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **15984649** |
| **Technology — 0.1%** | **Technology — 0.1%** | **Technology — 0.1%** | **Technology — 0.1%** | **Technology — 0.1%** |
| *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Fiserv Inc., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 4700000<br>| &nbsp;&nbsp;&nbsp; **4335803**<br>|
| **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** | **Utilities — 3.7%** |
| *Electric Utilities — 3.5%* | *Electric Utilities — 3.5%* | *Electric Utilities — 3.5%* | *Electric Utilities — 3.5%* | *Electric Utilities — 3.5%* |
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc., Junior Subordinated Notes (5.800% to <br> 3/15/31 then 5 year Treasury Constant Maturity Rate + 2.128%) | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 2735000<br>| &nbsp;&nbsp;&nbsp; 2716417<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc., Junior Subordinated Notes (6.050% to <br> 3/15/36 then 5 year Treasury Constant Maturity Rate + 1.940%) | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 894544<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 9300000<br>| &nbsp;&nbsp;&nbsp; 9930982<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1138861<br>|
| &nbsp;&nbsp;&nbsp; DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 822685<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 3900000<br>| &nbsp;&nbsp;&nbsp; 3620499<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 3806028<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 518920<br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 620149<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 2700000<br>| &nbsp;&nbsp;&nbsp; 2664932<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/12/31 | &nbsp;&nbsp; 3500000<br>| &nbsp;&nbsp;&nbsp; 3150388<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 4460011<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; $4010000<br>| &nbsp;&nbsp;&nbsp; $4178930<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 2/28/33 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5119795<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 6214298<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., Senior Secured Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4660433<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Senior Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 6000000<br>| &nbsp;&nbsp;&nbsp; 5864223<br>|
| &nbsp;&nbsp;&nbsp; Southern Power Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 2790000<br>| &nbsp;&nbsp;&nbsp; 2761638<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp;&nbsp; 9221403<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 6640000<br>| &nbsp;&nbsp;&nbsp; 6611274<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1229414<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 7000000<br>| &nbsp;&nbsp;&nbsp; 6954349<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 7500000<br>| &nbsp;&nbsp;&nbsp; 7463017<br>|
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 3300000<br>| &nbsp;&nbsp;&nbsp; 3413678<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *98036868* |
| *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* | *Multi-Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group Inc., Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; *4479374*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **102516242** |
| **Total Corporate Bonds & Notes (Cost — $780,219,446)** | **Total Corporate Bonds & Notes (Cost — $780,219,446)** | **Total Corporate Bonds & Notes (Cost — $780,219,446)** | **Total Corporate Bonds & Notes (Cost — $780,219,446)** | &nbsp;&nbsp; **784906895** |
| **Mortgage-Backed Securities — 25.5%** | **Mortgage-Backed Securities — 25.5%** | **Mortgage-Backed Securities — 25.5%** | **Mortgage-Backed Securities — 25.5%** | **Mortgage-Backed Securities — 25.5%** |
| *FHLMC — 7.3%* | *FHLMC — 7.3%* | *FHLMC — 7.3%* | *FHLMC — 7.3%* | *FHLMC — 7.3%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 12218925<br>| &nbsp;&nbsp;&nbsp; 11101425<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 4/1/37- <br>8/1/52<br>| &nbsp;&nbsp; 78094139 | &nbsp;&nbsp;&nbsp; 64908370<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/1/37- <br>9/1/52<br>| &nbsp;&nbsp; 26304504 | &nbsp;&nbsp;&nbsp; 23730935<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 5/1/37- <br>7/1/52<br>| &nbsp;&nbsp; 25103773 | &nbsp;&nbsp;&nbsp; 21626295<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/39- <br>1/1/54<br>| &nbsp;&nbsp; 17677717 | &nbsp;&nbsp;&nbsp; 17040677<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/40- <br>2/1/53<br>| &nbsp;&nbsp; 5596584 | &nbsp;&nbsp;&nbsp; 5505879<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/1/47- <br>12/1/52<br>| &nbsp;&nbsp; 11777513 | &nbsp;&nbsp;&nbsp; 11041440<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/54- <br>10/1/55<br>| &nbsp;&nbsp; 18876750 | &nbsp;&nbsp;&nbsp; 19157210<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/55- <br>9/1/55<br>| &nbsp;&nbsp; 24851989 | &nbsp;&nbsp;&nbsp; 25529822<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Gold | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 3921760<br>| &nbsp;&nbsp;&nbsp; 3797753<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *203439806* |
| *FNMA — 12.2%* | *FNMA — 12.2%* | *FNMA — 12.2%* | *FNMA — 12.2%* | *FNMA — 12.2%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/1/36- <br>3/1/52<br>| &nbsp;&nbsp; 69491500 | &nbsp;&nbsp;&nbsp; 57425661<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/1/37- <br>5/1/52<br>| &nbsp;&nbsp; 70112321 | &nbsp;&nbsp;&nbsp; 60269753<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/37- <br>3/1/53<br>| &nbsp;&nbsp; 28101613 | &nbsp;&nbsp;&nbsp; 25393156<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 12/1/39- <br>12/1/52<br>| &nbsp;&nbsp; 20871219 | &nbsp;&nbsp;&nbsp; 19500761<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/47- <br>9/1/55<br>| &nbsp;&nbsp; $17237444 | &nbsp;&nbsp;&nbsp; $17042963<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/49- <br>10/1/52<br>| &nbsp;&nbsp; 8485294 | &nbsp;&nbsp;&nbsp; 8095897<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52- <br>10/1/55<br>| &nbsp;&nbsp; 37555614 | &nbsp;&nbsp;&nbsp; 37540814<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/53- <br>8/1/55<br>| &nbsp;&nbsp; 36852616 | &nbsp;&nbsp;&nbsp; 37473009<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/53- <br>8/1/55<br>| &nbsp;&nbsp; 55950242 | &nbsp;&nbsp;&nbsp; 57805631<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 19418260<br>| &nbsp;&nbsp;&nbsp; 20299205<br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *340846850* |
| *GNMA — 6.0%* | *GNMA — 6.0%* | *GNMA — 6.0%* | *GNMA — 6.0%* | *GNMA — 6.0%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 4/20/45- <br>6/20/52<br>| &nbsp;&nbsp; 27026780 | &nbsp;&nbsp;&nbsp; 24490278<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 9/20/46- <br>6/20/52<br>| &nbsp;&nbsp; 33194918 | &nbsp;&nbsp;&nbsp; 28686707<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/20/47- <br>6/20/55<br>| &nbsp;&nbsp; 15897100 | &nbsp;&nbsp;&nbsp; 14646834<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/20/50- <br>5/20/52<br>| &nbsp;&nbsp; 25209658 | &nbsp;&nbsp;&nbsp; 20908055<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/20/52- <br>11/20/52<br>| &nbsp;&nbsp; 11246969 | &nbsp;&nbsp;&nbsp; 10715600<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/20/53- <br>1/20/55<br>| &nbsp;&nbsp; 13430232 | &nbsp;&nbsp;&nbsp; 13148729<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/20/53- <br>10/20/55<br>| &nbsp;&nbsp; 19229415 | &nbsp;&nbsp;&nbsp; 19480370<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/20/53- <br>6/20/55<br>| &nbsp;&nbsp; 18236054 | &nbsp;&nbsp;&nbsp; 18250107<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/20/55- <br>9/20/55<br>| &nbsp;&nbsp; 12633386 | &nbsp;&nbsp;&nbsp; 12895831<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/20/55 | &nbsp;&nbsp; 2381679<br>| &nbsp;&nbsp;&nbsp; 2464865<br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *165687376* |
| **Total Mortgage-Backed Securities (Cost — $719,117,666)** | **Total Mortgage-Backed Securities (Cost — $719,117,666)** | **Total Mortgage-Backed Securities (Cost — $719,117,666)** | **Total Mortgage-Backed Securities (Cost — $719,117,666)** | &nbsp;&nbsp; **709974032** |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 3.6%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 3.6%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 3.6%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 3.6%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 3.6%** |
| &nbsp;&nbsp;&nbsp; BANK, 2019-BN18 A2 | &nbsp;&nbsp; 3.474% | &nbsp;&nbsp; 5/15/62 | &nbsp;&nbsp; 2060000<br>| &nbsp;&nbsp;&nbsp; 2016434<br>|
| &nbsp;&nbsp;&nbsp; BANK, 2022-BNK40 A4 | &nbsp;&nbsp; 3.390% | &nbsp;&nbsp; 3/15/64 | &nbsp;&nbsp; 2800000<br>| &nbsp;&nbsp;&nbsp; 2623163<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK5, 2025-5YR15 XA, IO | &nbsp;&nbsp; 1.221% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 19941999<br>| &nbsp;&nbsp;&nbsp; 973112<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK5, 2025-5YR17 AS | &nbsp;&nbsp; 5.626% | &nbsp;&nbsp; 11/15/58 | &nbsp;&nbsp; 2219000<br>| &nbsp;&nbsp;&nbsp; 2290484<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, 2019-C3 A2 | &nbsp;&nbsp; 3.438% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 963958<br>| &nbsp;&nbsp;&nbsp; 952299<br>|
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, 2025-5C37 AS | &nbsp;&nbsp; 5.382% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 4118000<br>| &nbsp;&nbsp;&nbsp; 4206936<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2022-B32 A5 | &nbsp;&nbsp; 3.002% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 5560000<br>| &nbsp;&nbsp;&nbsp; 4986411<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2025-V17 AM | &nbsp;&nbsp; 5.425% | &nbsp;&nbsp; 9/15/58 | &nbsp;&nbsp; 1809000<br>| &nbsp;&nbsp;&nbsp; 1851160<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2019-B13 A2 | &nbsp;&nbsp; 2.889% | &nbsp;&nbsp; 8/15/57 | &nbsp;&nbsp; 3771599<br>| &nbsp;&nbsp;&nbsp; 3648793<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2019-B14 A2 | &nbsp;&nbsp; 2.915% | &nbsp;&nbsp; 12/15/62 | &nbsp;&nbsp; 1735348<br>| &nbsp;&nbsp;&nbsp; 1683915<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2020-B17 A2 | &nbsp;&nbsp; 2.211% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 4749240<br>| &nbsp;&nbsp;&nbsp; 4502134<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2025-V18 XA, IO | &nbsp;&nbsp; 1.258% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 24563216<br>| &nbsp;&nbsp;&nbsp; 1297007<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2025-V19 XA, IO | &nbsp;&nbsp; 1.105% | &nbsp;&nbsp; 1/15/58 | &nbsp;&nbsp; 85000000<br>| &nbsp;&nbsp;&nbsp; 4106358<br> <sup>(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, 2025-5C11 XA, IO | &nbsp;&nbsp; 1.110% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; $58203865<br>| &nbsp;&nbsp;&nbsp; $2632689<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, 2024-5C8 AS | &nbsp;&nbsp; 5.940% | &nbsp;&nbsp; 12/15/57 | &nbsp;&nbsp; 3280000<br>| &nbsp;&nbsp;&nbsp; 3410785<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust, 2025-5C11 AS | &nbsp;&nbsp; 5.938% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 3850000<br>| &nbsp;&nbsp;&nbsp; 4009847<br>|
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, 2022-LP2 A (1 mo. Term SOFR + 1.013%) | &nbsp;&nbsp; 4.763% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 473193<br>| &nbsp;&nbsp;&nbsp; 472723<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Mortgage Trust, 2021-PAC A (1 mo. Term SOFR + 0.804%) | &nbsp;&nbsp; 4.554% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 3090000<br>| &nbsp;&nbsp;&nbsp; 3081671<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2022-IND A (1 mo. Term SOFR + 1.491%) | &nbsp;&nbsp; 5.241% | &nbsp;&nbsp; 4/15/37 | &nbsp;&nbsp; 2435989<br>| &nbsp;&nbsp;&nbsp; 2440134<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2025-VOLT A (1 mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 12/15/44 | &nbsp;&nbsp; 1706000<br>| &nbsp;&nbsp;&nbsp; 1706001<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cantor Commercial Real Estate Lending, 2019-CF3 A2 | &nbsp;&nbsp; 2.942% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 1694281<br>| &nbsp;&nbsp;&nbsp; 1631088<br>|
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, 2016-CD1 A4 | &nbsp;&nbsp; 2.724% | &nbsp;&nbsp; 8/10/49 | &nbsp;&nbsp; 3748000<br>| &nbsp;&nbsp;&nbsp; 3691889<br>|
| &nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, 2016-C7 A3 | &nbsp;&nbsp; 3.839% | &nbsp;&nbsp; 12/10/54 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp;&nbsp; 1858293<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2016-P4 A2 | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 7/10/49 | &nbsp;&nbsp; 1195500<br>| &nbsp;&nbsp;&nbsp; 1192904<br>|
| &nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust, 2017-B1 AS | &nbsp;&nbsp; 3.711% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 2092000<br>| &nbsp;&nbsp;&nbsp; 2052478<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2018-C5 AS | &nbsp;&nbsp; 4.408% | &nbsp;&nbsp; 6/10/51 | &nbsp;&nbsp; 2125000<br>| &nbsp;&nbsp;&nbsp; 2113429<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2020-GC46 A2 | &nbsp;&nbsp; 2.708% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 1693994<br>| &nbsp;&nbsp;&nbsp; 1629512<br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2017-CX10 A3 | &nbsp;&nbsp; 3.398% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 1651349<br>| &nbsp;&nbsp;&nbsp; 1648658<br>|
| &nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, 2025-GATE2 A | &nbsp;&nbsp; 4.560% | &nbsp;&nbsp; 11/10/42 | &nbsp;&nbsp; 3671000<br>| &nbsp;&nbsp;&nbsp; 3663298<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2016-GS2 A4 | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 5/10/49 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 847352<br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2019-GC42 A2 | &nbsp;&nbsp; 2.933% | &nbsp;&nbsp; 9/10/52 | &nbsp;&nbsp; 4059485<br>| &nbsp;&nbsp;&nbsp; 3962505<br>|
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, 2016-C1 A5 | &nbsp;&nbsp; 3.576% | &nbsp;&nbsp; 3/17/49 | &nbsp;&nbsp; 835293<br>| &nbsp;&nbsp;&nbsp; 833770<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C27 AS | &nbsp;&nbsp; 4.068% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 151478<br>| &nbsp;&nbsp;&nbsp; 150379<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2025-5C2 AS | &nbsp;&nbsp; 5.384% | &nbsp;&nbsp; 11/15/58 | &nbsp;&nbsp; 1763000<br>| &nbsp;&nbsp;&nbsp; 1807323<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-BNK2, A4 | &nbsp;&nbsp; 3.049% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 3139000<br>| &nbsp;&nbsp;&nbsp; 3081017<br>|
| &nbsp;&nbsp;&nbsp; SCG Commercial Mortgage Trust, 2025-FLWR A (1 mo. Term SOFR + 1.250%) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 3005677<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; SHRN Trust, 2025-MF18 A (1 mo. Term SOFR + 1.200%) | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 4132000<br>| &nbsp;&nbsp;&nbsp; 4139752<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2016-C32 B | &nbsp;&nbsp; 4.684% | &nbsp;&nbsp; 1/15/59 | &nbsp;&nbsp; 1801000<br>| &nbsp;&nbsp;&nbsp; 1769837<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2016-LC24 AS | &nbsp;&nbsp; 3.367% | &nbsp;&nbsp; 10/15/49 | &nbsp;&nbsp; 5403790<br>| &nbsp;&nbsp;&nbsp; 5297977<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2025-5C5 XA, IO | &nbsp;&nbsp; 1.309% | &nbsp;&nbsp; 7/15/58 | &nbsp;&nbsp; 65188225<br>| &nbsp;&nbsp;&nbsp; 3418132<br> <sup>(b)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $100,897,313)** | **Total Collateralized Mortgage Obligations (Cost — $100,897,313)** | **Total Collateralized Mortgage Obligations (Cost — $100,897,313)** | **Total Collateralized Mortgage Obligations (Cost — $100,897,313)** | &nbsp;&nbsp; **100687326** |
| **Asset-Backed Securities — 0.7%** | **Asset-Backed Securities — 0.7%** | **Asset-Backed Securities — 0.7%** | **Asset-Backed Securities — 0.7%** | **Asset-Backed Securities — 0.7%** |
| &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer LLC, 2024-1A A1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/25/49 | &nbsp;&nbsp; 4724000<br>| &nbsp;&nbsp;&nbsp; 4751911<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer LLC, 2025-2A A1 | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 11/25/50 | &nbsp;&nbsp; 5921000<br>| &nbsp;&nbsp;&nbsp; 5917955<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC, 2021-1 A1 | &nbsp;&nbsp; 1.910% | &nbsp;&nbsp; 10/20/61 | &nbsp;&nbsp; 6660000<br>| &nbsp;&nbsp;&nbsp; 5579495<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PK Alift Loan Funding LP, 2024-1 A1 | &nbsp;&nbsp; 5.842% | &nbsp;&nbsp; 9/15/39 | &nbsp;&nbsp; 1871168<br>| &nbsp;&nbsp;&nbsp; 1914594<br> <sup>(a)</sup><br>|
| **Total Asset-Backed Securities (Cost — $19,109,206)** | **Total Asset-Backed Securities (Cost — $19,109,206)** | **Total Asset-Backed Securities (Cost — $19,109,206)** | **Total Asset-Backed Securities (Cost — $19,109,206)** | &nbsp;&nbsp; **18163955** |
| **Municipal Bonds — 0.6%** | **Municipal Bonds — 0.6%** | **Municipal Bonds — 0.6%** | **Municipal Bonds — 0.6%** | **Municipal Bonds — 0.6%** |
| *California — 0.6%* | *California — 0.6%* | *California — 0.6%* | *California — 0.6%* | *California — 0.6%* |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., CA, Subordinated Bond, <br> Series 2021, Refunding  | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 4265000 | &nbsp;&nbsp;&nbsp; 3900180<br>|
| &nbsp;&nbsp;&nbsp; San Bernardino, CA, Community College District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 2.686% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 6140000 | &nbsp;&nbsp;&nbsp; 4669303<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 2.856% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 3575000 | &nbsp;&nbsp;&nbsp; 2377540<br>|
| &nbsp;&nbsp;&nbsp; Whittier, CA, City School District, GO, Refunding  | &nbsp;&nbsp; 3.306% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 6057610<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *17004633* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin U.S. Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Ohio — 0.0%††* | *Ohio — 0.0%††* | *Ohio — 0.0%††* | *Ohio — 0.0%††* | *Ohio — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Greenville, OH, City School District, Refunding, SD Credit Program | &nbsp;&nbsp; 3.541% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; $1295000 | &nbsp;&nbsp;&nbsp; $*1000162*<br>|
| **Total Municipal Bonds (Cost — $22,763,803)** | **Total Municipal Bonds (Cost — $22,763,803)** | **Total Municipal Bonds (Cost — $22,763,803)** | **Total Municipal Bonds (Cost — $22,763,803)** | &nbsp;&nbsp; **18004795** |
| **Total Investments before Short-Term Investments (Cost — $2,754,812,252)** | **Total Investments before Short-Term Investments (Cost — $2,754,812,252)** | **Total Investments before Short-Term Investments (Cost — $2,754,812,252)** | **Total Investments before Short-Term Investments (Cost — $2,754,812,252)** | &nbsp;&nbsp; **2713650941** |
|  |  |  | Shares |  |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $49,162,975)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 49162975<br>| &nbsp;&nbsp;&nbsp;&nbsp; **49162975**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Investments — 99.2% (Cost — $2,803,975,227)** | **Total Investments — 99.2% (Cost — $2,803,975,227)** | **Total Investments — 99.2% (Cost — $2,803,975,227)** | **Total Investments — 99.2% (Cost — $2,803,975,227)** | &nbsp;&nbsp; **2762813916** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.8% | &nbsp;&nbsp;&nbsp; 21959435 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$2784773351** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(b)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(c)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(d)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(e)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $49,162,975 and the cost was $49,162,975 (Note 3).<br>|
| <sup>(f)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| GO |  | General Obligation |
| IO |  | Interest Only |
| SOFR |  | Secured Overnight Financing Rate |

---

At December 31, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $81454407 | &nbsp;&nbsp;&nbsp;&nbsp; $81427734 | &nbsp;&nbsp;&nbsp;&nbsp; $(26673) |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 58677267 | &nbsp;&nbsp;&nbsp;&nbsp; 58478008 | &nbsp;&nbsp;&nbsp;&nbsp; (199259) |
| U.S. Treasury 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 25043028 | &nbsp;&nbsp;&nbsp;&nbsp; 24961125 | &nbsp;&nbsp;&nbsp;&nbsp; (81903) |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 18863654 | &nbsp;&nbsp;&nbsp;&nbsp; 18610594 | &nbsp;&nbsp;&nbsp;&nbsp; (253060) |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 66108123 | &nbsp;&nbsp;&nbsp;&nbsp; 65558906 | &nbsp;&nbsp;&nbsp;&nbsp; (549217) |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9896504 | &nbsp;&nbsp;&nbsp;&nbsp; 9676000 | &nbsp;&nbsp;&nbsp;&nbsp; (220504) |
| **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | **Net unrealized depreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$(1330616)** |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin U.S. Treasury Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 94.0%** | **U.S. Government & Agency Obligations — 94.0%** | **U.S. Government & Agency Obligations — 94.0%** | **U.S. Government & Agency Obligations — 94.0%** | **U.S. Government & Agency Obligations — 94.0%** |
| *U.S. Government Obligations — 94.0%* | *U.S. Government Obligations — 94.0%* | *U.S. Government Obligations — 94.0%* | *U.S. Government Obligations — 94.0%* | *U.S. Government Obligations — 94.0%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; $2200000 | &nbsp;&nbsp;&nbsp; $2355633<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 6560937<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/39 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2450098<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/15/40 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; 4671328<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 8/15/41 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2025293<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 2/15/42 | &nbsp;&nbsp; 75610000 | &nbsp;&nbsp;&nbsp; 62239435<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 14850000 | &nbsp;&nbsp;&nbsp; 13326135<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/45 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7464258<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 65800000 | &nbsp;&nbsp;&nbsp; 49995149<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 607070<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 37000000 | &nbsp;&nbsp;&nbsp; 32102559<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 20630000 | &nbsp;&nbsp;&nbsp; 18268832<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 15500000 | &nbsp;&nbsp;&nbsp; 14934492<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp; 14751562<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 14600000 | &nbsp;&nbsp;&nbsp; 14715887<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/30/27 | &nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp; 5217062<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (3 mo. U.S. Treasury Money Market Yield + 0.159%) | &nbsp;&nbsp; 3.761% | &nbsp;&nbsp; 7/31/27 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp; 12007835<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 10/31/27 | &nbsp;&nbsp; 185900000 | &nbsp;&nbsp;&nbsp; 187980483<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 2/29/28 | &nbsp;&nbsp; 28303000 | &nbsp;&nbsp;&nbsp; 26923229<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 4/30/28 | &nbsp;&nbsp; 111000000 | &nbsp;&nbsp;&nbsp; 105467344<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp; 7526562<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp; 16140312<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 26400000 | &nbsp;&nbsp;&nbsp; 26252531<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/31/30 | &nbsp;&nbsp; 18000000 | &nbsp;&nbsp;&nbsp; 18232383<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp; 8265344<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/31/30 | &nbsp;&nbsp; 8100000 | &nbsp;&nbsp;&nbsp; 8243965<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 12/31/30 | &nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp; 65045703<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp; 7588037<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/30/31 | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp; 16365625<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp; 11328535<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 8/31/31 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp; 14953125<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 31630000 | &nbsp;&nbsp;&nbsp; 27557637<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 19784000 | &nbsp;&nbsp;&nbsp; 17648333<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 31666000 | &nbsp;&nbsp;&nbsp; 32032138<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp; 11902969<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 21900000 | &nbsp;&nbsp;&nbsp; 22384623<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10382227<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 25900000 | &nbsp;&nbsp;&nbsp; 26120555<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Strip Coupon (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 32100000 | &nbsp;&nbsp;&nbsp; 28663620<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Strip Coupon (STRIPS) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 70200000 | &nbsp;&nbsp;&nbsp; 57615958<br>|
| **Total U.S. Government & Agency Obligations (Cost — $1,013,498,365)** | **Total U.S. Government & Agency Obligations (Cost — $1,013,498,365)** | **Total U.S. Government & Agency Obligations (Cost — $1,013,498,365)** | **Total U.S. Government & Agency Obligations (Cost — $1,013,498,365)** | &nbsp;&nbsp; **1018314803** |
| **U.S. Treasury Inflation Protected Securities — 3.6%** | **U.S. Treasury Inflation Protected Securities — 3.6%** | **U.S. Treasury Inflation Protected Securities — 3.6%** | **U.S. Treasury Inflation Protected Securities — 3.6%** | **U.S. Treasury Inflation Protected Securities — 3.6%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 4500000<br>| &nbsp;&nbsp;&nbsp; 4927135<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 2.125% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5375708<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.625% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 15000000<br>| &nbsp;&nbsp;&nbsp; 15423960<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin U.S. Treasury Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; $10000000<br>| &nbsp;&nbsp;&nbsp; $10536483<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes, Inflation Indexed | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 7/15/35 | &nbsp;&nbsp; 2550000<br>| &nbsp;&nbsp;&nbsp; 2579661<br>|
| **Total U.S. Treasury Inflation Protected Securities (Cost — $38,914,325)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $38,914,325)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $38,914,325)** | **Total U.S. Treasury Inflation Protected Securities (Cost — $38,914,325)** | &nbsp;&nbsp; **38842947** |
| **Total Investments before Short-Term Investments (Cost — $1,052,412,690)** | **Total Investments before Short-Term Investments (Cost — $1,052,412,690)** | **Total Investments before Short-Term Investments (Cost — $1,052,412,690)** | **Total Investments before Short-Term Investments (Cost — $1,052,412,690)** | &nbsp;&nbsp; **1057157750** |
|  |  |  | Shares |  |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $19,301,749)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 19301749<br>| &nbsp;&nbsp;&nbsp;&nbsp; **19301749**<br> <sup>(b)(c)(d)</sup><br>|
| **Total Investments — 99.4% (Cost — $1,071,714,439)** | **Total Investments — 99.4% (Cost — $1,071,714,439)** | **Total Investments — 99.4% (Cost — $1,071,714,439)** | **Total Investments — 99.4% (Cost — $1,071,714,439)** | &nbsp;&nbsp; **1076459499** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.6% | &nbsp;&nbsp;&nbsp; 6838645 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$1083298144** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(b)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(c)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of investments in Affiliated Companies was $19,301,749 and the cost was $19,301,749 (Note 3). 

<sup>(d)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| STRIPS |  | Separate Trading of Registered Interest and Principal Securities |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited)

December 31, 2025

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 80.6%** | **Corporate Bonds & Notes — 80.6%** | **Corporate Bonds & Notes — 80.6%** | **Corporate Bonds & Notes — 80.6%** | **Corporate Bonds & Notes — 80.6%** |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| *Diversified Telecommunication Services — 0.4%* | *Diversified Telecommunication Services — 0.4%* | *Diversified Telecommunication Services — 0.4%* | *Diversified Telecommunication Services — 0.4%* | *Diversified Telecommunication Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; $155000<br>| &nbsp;&nbsp;&nbsp; $154766<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 524000<br>| &nbsp;&nbsp;&nbsp; 525273<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *680039* |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; *157768*<br>|
| *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 68000<br>| &nbsp;&nbsp;&nbsp; *67907*<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **905714** |
| **Consumer Discretionary — 8.1%** | **Consumer Discretionary — 8.1%** | **Consumer Discretionary — 8.1%** | **Consumer Discretionary — 8.1%** | **Consumer Discretionary — 8.1%** |
| *Automobiles — 6.0%* | *Automobiles — 6.0%* | *Automobiles — 6.0%* | *Automobiles — 6.0%* | *Automobiles — 6.0%* |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.632% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp;&nbsp; 926443<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 4.544% | &nbsp;&nbsp; 8/13/27 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 370855<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 4.571% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 490886<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 595000<br>| &nbsp;&nbsp;&nbsp; 600182<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.734% | &nbsp;&nbsp; 8/13/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502874<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.645% | &nbsp;&nbsp; 3/21/28 | &nbsp;&nbsp; 603000<br>| &nbsp;&nbsp;&nbsp; 606041<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 802853<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes (SOFR + 1.350%) | &nbsp;&nbsp; 5.175% | &nbsp;&nbsp; 5/8/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100577<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 750838<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 151408<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 4.757% | &nbsp;&nbsp; 9/24/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200793<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 4.765% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 301097<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 4.767% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; 687000<br>| &nbsp;&nbsp;&nbsp; 689930<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 554584<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp;&nbsp; 228685<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.507% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp;&nbsp; 225815<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (4.150% to 5/18/26 then SOFR + 0.500%) | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/18/27 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 479801<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (SOFR + 0.450%) | &nbsp;&nbsp; 4.425% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280220<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.463% | &nbsp;&nbsp; 9/5/28 | &nbsp;&nbsp; 606000<br>| &nbsp;&nbsp;&nbsp; 612015<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.596% | &nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 441482<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 492094<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 372000<br>| &nbsp;&nbsp;&nbsp; 373316<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.555% | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 600585<br> <sup>(a)(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *10783374* |
| *Hotels, Restaurants & Leisure — 1.2%* | *Hotels, Restaurants & Leisure — 1.2%* | *Hotels, Restaurants & Leisure — 1.2%* | *Hotels, Restaurants & Leisure — 1.2%* | *Hotels, Restaurants & Leisure — 1.2%* |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 582000<br>| &nbsp;&nbsp;&nbsp; 591224<br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp;&nbsp; 224192<br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp;&nbsp; 30278<br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 341439<br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 185444<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 347000<br>| &nbsp;&nbsp;&nbsp; 347039<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/26 | &nbsp;&nbsp; 194000<br>| &nbsp;&nbsp;&nbsp; 194314<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starbucks Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300186<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *2214116* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; $750000<br>| &nbsp;&nbsp;&nbsp; $*750606*<br>|
| *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120162<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 338000<br>| &nbsp;&nbsp;&nbsp; 338422<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 425974<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *884558* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **14632654** |
| **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** |
| *Consumer Staples Distribution & Retail — 0.6%* | *Consumer Staples Distribution & Retail — 0.6%* | *Consumer Staples Distribution & Retail — 0.6%* | *Consumer Staples Distribution & Retail — 0.6%* | *Consumer Staples Distribution & Retail — 0.6%* |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc., Senior Notes | &nbsp;&nbsp; 4.148% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 410722<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 142000<br>| &nbsp;&nbsp;&nbsp; 140618<br>|
| &nbsp;&nbsp;&nbsp; Target Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 257000<br>| &nbsp;&nbsp;&nbsp; 260064<br>|
| &nbsp;&nbsp;&nbsp; Walmart Inc., Senior Notes (SOFR + 0.430%) | &nbsp;&nbsp; 4.317% | &nbsp;&nbsp; 4/28/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 301205<br> <sup>(a)</sup><br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1112609* |
| *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 428173<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/6/28 | &nbsp;&nbsp; 646000<br>| &nbsp;&nbsp;&nbsp; 649835<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1078008* |
| *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/22/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; *200397*<br>|
| *Tobacco — 1.2%* | *Tobacco — 1.2%* | *Tobacco — 1.2%* | *Tobacco — 1.2%* | *Tobacco — 1.2%* |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 3.215% | &nbsp;&nbsp; 9/6/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 298572<br>|
| &nbsp;&nbsp;&nbsp; BAT International Finance PLC, Senior Notes | &nbsp;&nbsp; 1.668% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 226000<br>| &nbsp;&nbsp;&nbsp; 224772<br>|
| &nbsp;&nbsp;&nbsp; Cargill Inc., Senior Notes (SOFR + 0.610%) | &nbsp;&nbsp; 4.431% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330776<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201883<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.539% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300424<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.703% | &nbsp;&nbsp; 4/28/28 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 754439<br> <sup>(a)</sup><br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *2110866* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **4501880** |
| **Energy — 0.9%** | **Energy — 0.9%** | **Energy — 0.9%** | **Energy — 0.9%** | **Energy — 0.9%** |
| *Oil, Gas & Consumable Fuels — 0.9%* | *Oil, Gas & Consumable Fuels — 0.9%* | *Oil, Gas & Consumable Fuels — 0.9%* | *Oil, Gas & Consumable Fuels — 0.9%* | *Oil, Gas & Consumable Fuels — 0.9%* |
| &nbsp;&nbsp;&nbsp; Chevron USA Inc., Senior Notes (SOFR + 0.470%) | &nbsp;&nbsp; 4.248% | &nbsp;&nbsp; 2/26/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 185759<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevron USA Inc., Senior Notes (SOFR + 0.570%) | &nbsp;&nbsp; 4.384% | &nbsp;&nbsp; 8/13/28 | &nbsp;&nbsp; 305000<br>| &nbsp;&nbsp;&nbsp; 307641<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250047<br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 209867<br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 6/20/28 | &nbsp;&nbsp; 155000<br>| &nbsp;&nbsp;&nbsp; 156353<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 444900<br>|
| &nbsp;&nbsp;&nbsp; Phillips 66 Co., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 149638<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1704205** |
| **Financials — 55.6%** | **Financials — 55.6%** | **Financials — 55.6%** | **Financials — 55.6%** | **Financials — 55.6%** |
| *Banks — 38.3%* | *Banks — 38.3%* | *Banks — 38.3%* | *Banks — 38.3%* | *Banks — 38.3%* |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (4.988% to 12/3/27 then 1 year Treasury <br> Constant Maturity Rate + 0.780%) | &nbsp;&nbsp; 4.988% | &nbsp;&nbsp; 12/3/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 407312<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (6.339% to 9/18/26 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 6.339% | &nbsp;&nbsp; 9/18/27 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 710909<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.744% | &nbsp;&nbsp; 7/7/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 311006<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 4.751% | &nbsp;&nbsp; 12/3/28 | &nbsp;&nbsp; $375000<br>| &nbsp;&nbsp;&nbsp; $376412<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 12/8/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200476<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.345% | &nbsp;&nbsp; 6/18/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371535<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.379% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1005271<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 4.626% | &nbsp;&nbsp; 7/16/27 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 447313<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Subordinated Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 5/19/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200230<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, Senior Notes (6.138% to 9/14/27 then 1 year <br> Treasury Constant Maturity Rate + 2.700%) | &nbsp;&nbsp; 6.138% | &nbsp;&nbsp; 9/14/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 414398<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (5.552% to 3/14/27 then 1 year Treasury <br> Constant Maturity Rate + 1.250%) | &nbsp;&nbsp; 5.552% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 254317<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (6.527% to 11/7/26 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 6.527% | &nbsp;&nbsp; 11/7/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 612614<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (SOFR + 1.120%) | &nbsp;&nbsp; 5.097% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 402570<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.080% to 1/20/26 then SOFR + 1.290%) | &nbsp;&nbsp; 5.080% | &nbsp;&nbsp; 1/20/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 750374<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.717% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 882000<br>| &nbsp;&nbsp;&nbsp; 883529<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (SOFR + 1.050%) | &nbsp;&nbsp; 4.898% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201212<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (SOFR + 1.110%) | &nbsp;&nbsp; 4.925% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 453143<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120300<br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (4.100% to 12/15/26 then SOFR + 0.525%) | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 305000<br>| &nbsp;&nbsp;&nbsp; 305701<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.475% | &nbsp;&nbsp; 9/22/28 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp;&nbsp; 676287<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 4.756% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 852110<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (SOFR + 0.880%) | &nbsp;&nbsp; 4.610% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 695000<br>| &nbsp;&nbsp;&nbsp; 697109<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 12/7/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 506816<br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 4.483% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360441<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.526% | &nbsp;&nbsp; 6/4/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501795<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 0.890%) | &nbsp;&nbsp; 4.699% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp;&nbsp; 676362<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 5.896% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 940000<br>| &nbsp;&nbsp;&nbsp; 949505<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 4.591% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 272972<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 0.990%) | &nbsp;&nbsp; 4.936% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 378000<br>| &nbsp;&nbsp;&nbsp; 379896<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 4.877% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 553883<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 503000<br>| &nbsp;&nbsp;&nbsp; 503037<br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (5.501% to 8/9/27 then 1 year Treasury Constant <br> Maturity Rate + 2.650%) | &nbsp;&nbsp; 5.501% | &nbsp;&nbsp; 8/9/28 | &nbsp;&nbsp; 308000<br>| &nbsp;&nbsp;&nbsp; 314779<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (5.829% to 5/9/26 then SOFR + 2.210%) | &nbsp;&nbsp; 5.829% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502894<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (6.496% to 9/13/26 then SOFR + 1.880%) | &nbsp;&nbsp; 6.496% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp;&nbsp; 573916<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (SOFR + 1.490%) | &nbsp;&nbsp; 5.215% | &nbsp;&nbsp; 3/12/28 | &nbsp;&nbsp; 218000<br>| &nbsp;&nbsp;&nbsp; 220284<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/27 | &nbsp;&nbsp; 752000<br>| &nbsp;&nbsp;&nbsp; 743963<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (SOFR + 1.430%) | &nbsp;&nbsp; 5.255% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 748659<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/23/27 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp;&nbsp; 549163<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (5.975% to 1/18/26 then SOFR + 2.100%) | &nbsp;&nbsp; 5.975% | &nbsp;&nbsp; 1/18/27 | &nbsp;&nbsp; 767000<br>| &nbsp;&nbsp;&nbsp; 767475<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (6.612% to 10/19/26 then SOFR + 1.980%) | &nbsp;&nbsp; 6.612% | &nbsp;&nbsp; 10/19/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 509585<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (4.634% to 7/3/28 then SOFR + 1.140%) | &nbsp;&nbsp; 4.634% | &nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp; 814000<br>| &nbsp;&nbsp;&nbsp; 823029<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (6.208% to 1/18/28 then SOFR + 2.700%) | &nbsp;&nbsp; 6.208% | &nbsp;&nbsp; 1/18/29 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp;&nbsp; 254779<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (6.684% to 9/13/26 then SOFR + 2.080%) | &nbsp;&nbsp; 6.684% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1017609<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes | &nbsp;&nbsp; 5.926% | &nbsp;&nbsp; 10/2/26 | &nbsp;&nbsp; 383000<br>| &nbsp;&nbsp;&nbsp; 388826<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (4.508% to 9/11/26 then <br> SOFR + 0.930%) | &nbsp;&nbsp; 4.508% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; $160000<br>| &nbsp;&nbsp;&nbsp; $160538<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.930%) | &nbsp;&nbsp; 4.658% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 602024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.940%) | &nbsp;&nbsp; 4.668% | &nbsp;&nbsp; 6/28/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 604356<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 4.759% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 362395<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citibank NA, Senior Notes (4.876% to 11/19/26 then SOFR + 0.712%) | &nbsp;&nbsp; 4.876% | &nbsp;&nbsp; 11/19/27 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 448281<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.508% | &nbsp;&nbsp; 6/9/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500664<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (SOFR + 0.870%) | &nbsp;&nbsp; 4.610% | &nbsp;&nbsp; 3/4/29 | &nbsp;&nbsp; 797000<br>| &nbsp;&nbsp;&nbsp; 798168<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (SOFR + 1.143%) | &nbsp;&nbsp; 4.963% | &nbsp;&nbsp; 5/7/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 352334<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.235% | &nbsp;&nbsp; 11/27/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500901<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.363% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp;&nbsp; 829832<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/21/26 | &nbsp;&nbsp; 584000<br>| &nbsp;&nbsp;&nbsp; 582742<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 4.883% | &nbsp;&nbsp; 1/21/28 | &nbsp;&nbsp; 795000<br>| &nbsp;&nbsp;&nbsp; 813557<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury <br> Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 447944<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.365% | &nbsp;&nbsp; 5/27/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250766<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.589% | &nbsp;&nbsp; 7/5/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 504138<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (4.631% to 9/11/27 then SOFR + 1.210%) | &nbsp;&nbsp; 4.631% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 493922<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (SOFR + 0.870%) | &nbsp;&nbsp; 4.598% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 356000<br>| &nbsp;&nbsp;&nbsp; 357314<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (SOFR + 1.210%) | &nbsp;&nbsp; 4.938% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502768<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 292329<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (4.298% to 4/1/27 then 1 year Treasury Constant <br> Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.298% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 681581<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (5.427% to 3/1/27 then 1 year Treasury Constant <br> Maturity Rate + 0.950%) | &nbsp;&nbsp; 5.427% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 665300<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Notes (6.361% to 10/27/27 then SOFR + 2.192%) | &nbsp;&nbsp; 6.361% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 201000<br>| &nbsp;&nbsp;&nbsp; 209183<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA, Senior Notes (4.967% to 1/28/27 then SOFR + 0.810%) | &nbsp;&nbsp; 4.967% | &nbsp;&nbsp; 1/28/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 252422<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA, Senior Notes (SOFR + 0.810%) | &nbsp;&nbsp; 4.697% | &nbsp;&nbsp; 1/28/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250554<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (5.414% to 5/21/26 then SOFR + 0.750%) | &nbsp;&nbsp; 5.414% | &nbsp;&nbsp; 5/21/27 | &nbsp;&nbsp; 213000<br>| &nbsp;&nbsp;&nbsp; 214140<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.539% | &nbsp;&nbsp; 5/21/27 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 620990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.495% | &nbsp;&nbsp; 3/18/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 600720<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc., Senior Notes (4.443% to 8/4/27 then SOFR + 1.970%) | &nbsp;&nbsp; 4.443% | &nbsp;&nbsp; 8/4/28 | &nbsp;&nbsp; 102000<br>| &nbsp;&nbsp;&nbsp; 102584<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington National Bank, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.692% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 764215<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (4.858% to 3/25/28 then SOFR + 1.010%) | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203187<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (SOFR + 1.010%) | &nbsp;&nbsp; 4.738% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp;&nbsp; 778741<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.288% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1007012<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/14/27 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 309268<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 1/12/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198652<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.505% to 10/22/27 then SOFR + 0.860%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 745000<br>| &nbsp;&nbsp;&nbsp; 752411<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.571% to 4/22/27 then SOFR + 0.930%) | &nbsp;&nbsp; 5.571% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 215000<br>| &nbsp;&nbsp;&nbsp; 219337<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 4.772% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 562987<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (SOFR + 0.885%) | &nbsp;&nbsp; 4.797% | &nbsp;&nbsp; 4/22/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250523<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.832% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502454<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (4.818% to 6/13/28 then 1 year Treasury <br> Constant Maturity Rate + 0.830%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp;&nbsp; 421872<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (5.087% to 11/26/27 then 1 year Treasury <br> Constant Maturity Rate + 0.850%) | &nbsp;&nbsp; 5.087% | &nbsp;&nbsp; 11/26/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 275214<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 4.849% | &nbsp;&nbsp; 11/26/28 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp;&nbsp; $201025<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 4.790% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200933<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.408% | &nbsp;&nbsp; 8/7/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1006403<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.465% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 492727<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc., Senior Notes (4.080% to 4/19/27 then 1 year <br> Treasury Constant Maturity Rate + 1.300%) | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 4/19/28 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 455301<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc., Senior Notes (5.017% to 7/20/27 then 1 year <br> Treasury Constant Maturity Rate + 1.950%) | &nbsp;&nbsp; 5.017% | &nbsp;&nbsp; 7/20/28 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 660007<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.240% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250532<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.496% | &nbsp;&nbsp; 10/26/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251087<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.348% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251096<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.373% | &nbsp;&nbsp; 6/13/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371914<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (4.702% to 3/5/26 then SOFR + 0.557%) | &nbsp;&nbsp; 4.702% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280269<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (5.600% to 7/2/26 then SOFR + 1.036%) | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 654990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (5.583% to 3/1/27 then 1 year Treasury <br> Constant Maturity Rate + 1.100%) | &nbsp;&nbsp; 5.583% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 458136<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (5.847% to 3/2/26 then 1 year Treasury <br> Constant Maturity Rate + 1.350%) | &nbsp;&nbsp; 5.847% | &nbsp;&nbsp; 3/2/27 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 742024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 4.888% | &nbsp;&nbsp; 5/23/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200971<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp, Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.425% | &nbsp;&nbsp; 3/17/28 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 608140<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Bank NA, Senior Notes (4.429% to 7/21/27 then SOFR + 0.727%) | &nbsp;&nbsp; 4.429% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251692<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Bank NA, Senior Notes (4.775% to 1/15/26 then SOFR + 0.504%) | &nbsp;&nbsp; 4.775% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 450127<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Bank NA, Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 4.660% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250434<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (4.758% to 1/26/26 then SOFR + <br> 1.085%) | &nbsp;&nbsp; 4.758% | &nbsp;&nbsp; 1/26/27 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 930387<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.102% to 7/23/26 then SOFR + <br> 0.796%) | &nbsp;&nbsp; 5.102% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 167000<br>| &nbsp;&nbsp;&nbsp; 167954<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.554% | &nbsp;&nbsp; 11/3/28 | &nbsp;&nbsp; 486000<br>| &nbsp;&nbsp;&nbsp; 486614<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.657% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 601672<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.790%) | &nbsp;&nbsp; 4.698% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300730<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.732% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 601691<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, Senior Notes (6.534% to 1/10/28 then SOFR + <br> 2.600%) | &nbsp;&nbsp; 6.534% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 595707<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.515% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp;&nbsp; 497465<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.890%) | &nbsp;&nbsp; 4.633% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 501000<br>| &nbsp;&nbsp;&nbsp; 503924<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/12/27 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 274472<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp;&nbsp; 733477<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes (6.447% to 1/12/26 then 1 year Treasury <br> Constant Maturity Rate + 2.300%) | &nbsp;&nbsp; 6.447% | &nbsp;&nbsp; 1/12/27 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp;&nbsp; 505284<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 4.895% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 290794<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., Senior Notes | &nbsp;&nbsp; 5.520% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 935000<br>| &nbsp;&nbsp;&nbsp; 963413<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., Senior Notes (SOFR + 1.300%) | &nbsp;&nbsp; 5.284% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502987<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 258379<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Senior Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.435% | &nbsp;&nbsp; 5/28/27 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp;&nbsp; 507023<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.528% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 437281<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Swedbank AB, Senior Notes | &nbsp;&nbsp; 6.136% | &nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 284152<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Swedbank AB, Senior Notes | &nbsp;&nbsp; 5.337% | &nbsp;&nbsp; 9/20/27 | &nbsp;&nbsp; 496000<br>| &nbsp;&nbsp;&nbsp; 507520<br> <sup>(b)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 5.523% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; $245000<br>| &nbsp;&nbsp;&nbsp; $254069<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.345% | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1003379<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.720% | &nbsp;&nbsp; 10/13/28 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 470816<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 4.682% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 672926<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Senior Notes (4.420% to 7/24/27 then SOFR + 0.770%) | &nbsp;&nbsp; 4.420% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 392000<br>| &nbsp;&nbsp;&nbsp; 394503<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Senior Notes (4.671% to 5/20/26 then SOFR + 0.590%) | &nbsp;&nbsp; 4.671% | &nbsp;&nbsp; 5/20/27 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 621112<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.672% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 465050<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp;&nbsp; 620034<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UniCredit SpA, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/12/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201246<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bank NA, Senior Notes (4.507% to 10/22/26 then SOFR + 0.690%) | &nbsp;&nbsp; 4.507% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1004255<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bank NA, Senior Notes (4.730% to 5/15/27 then SOFR + 0.910%) | &nbsp;&nbsp; 4.730% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 262649<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bank NA, Senior Notes (SOFR + 0.910%) | &nbsp;&nbsp; 4.717% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp;&nbsp; 326536<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (3.196% to 6/17/26 then 3 mo. Term SOFR + <br> 1.432%) | &nbsp;&nbsp; 3.196% | &nbsp;&nbsp; 6/17/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 249028<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.707% to 4/22/27 then SOFR + 1.070%) | &nbsp;&nbsp; 5.707% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 306266<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.682% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 531321<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 4.982% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 167000<br>| &nbsp;&nbsp;&nbsp; 167971<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (SOFR + 1.370%) | &nbsp;&nbsp; 5.278% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp;&nbsp; 764947<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.397% | &nbsp;&nbsp; 10/20/26 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1002046<br> <sup>(a)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *69329004* |
| *Capital Markets — 6.5%* | *Capital Markets — 6.5%* | *Capital Markets — 6.5%* | *Capital Markets — 6.5%* | *Capital Markets — 6.5%* |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (4.441% to 6/9/27 then SOFR + <br> 0.680%) | &nbsp;&nbsp; 4.441% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 186513<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (4.587% to 4/20/26 then SOFR + <br> 0.693%) | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 4/20/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250459<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 4.418% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 310384<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.760% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 221234<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.334% | &nbsp;&nbsp; 5/13/26 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100073<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 504961<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 8/12/27 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180892<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 299599<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (2.552% to 1/7/27 then SOFR + 1.318%) | &nbsp;&nbsp; 2.552% | &nbsp;&nbsp; 1/7/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 295112<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (5.373% to 1/10/28 then SOFR + 1.210%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 336787<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (7.146% to 7/13/26 then SOFR + 2.520%) | &nbsp;&nbsp; 7.146% | &nbsp;&nbsp; 7/13/27 | &nbsp;&nbsp; 653000<br>| &nbsp;&nbsp;&nbsp; 663083<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (SOFR + 1.210%) | &nbsp;&nbsp; 5.185% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp;&nbsp; 548145<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/21/29 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp;&nbsp; 415450<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 5.198% | &nbsp;&nbsp; 4/23/28 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp;&nbsp; 227102<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp;&nbsp; 165488<br>|
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/11/26 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 700641<br>|
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 650062<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.842% | &nbsp;&nbsp; 10/18/29 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 476823<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (SOFR + 1.020%) | &nbsp;&nbsp; 4.968% | &nbsp;&nbsp; 4/13/28 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 682962<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (SOFR + 1.380%) | &nbsp;&nbsp; 5.331% | &nbsp;&nbsp; 4/12/29 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 739227<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, Senior Notes (SOFR + 0.900%) | &nbsp;&nbsp; 4.872% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250697<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Corp., Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.552% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 834000<br>| &nbsp;&nbsp;&nbsp; 838395<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Corp., Senior Notes (SOFR + 0.845%) | &nbsp;&nbsp; 4.679% | &nbsp;&nbsp; 8/3/26 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp;&nbsp; 396228<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; State Street Corp., Senior Notes (SOFR + 0.950%) | &nbsp;&nbsp; 4.852% | &nbsp;&nbsp; 4/24/28 | &nbsp;&nbsp; $135000<br>| &nbsp;&nbsp;&nbsp; $135851<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes (4.864% to 1/10/27 then SOFR + 0.720%) | &nbsp;&nbsp; 4.864% | &nbsp;&nbsp; 1/10/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 504324<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes | &nbsp;&nbsp; 4.282% | &nbsp;&nbsp; 1/9/28 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp;&nbsp; 761264<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (3.869% to 1/12/28 then 3 mo. USD LIBOR + <br> 1.410%) | &nbsp;&nbsp; 3.869% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 248685<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.327% to 12/22/26 then 1 year Treasury Constant <br> Maturity Rate + 1.600%) | &nbsp;&nbsp; 6.327% | &nbsp;&nbsp; 12/22/27 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 321638<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.442% to 8/11/27 then SOFR + 3.700%) | &nbsp;&nbsp; 6.442% | &nbsp;&nbsp; 8/11/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 372939<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *11785018* |
| *Consumer Finance — 2.7%* | *Consumer Finance — 2.7%* | *Consumer Finance — 2.7%* | *Consumer Finance — 2.7%* | *Consumer Finance — 2.7%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (4.351% to 7/20/28 then SOFR + 0.810%) | &nbsp;&nbsp; 4.351% | &nbsp;&nbsp; 7/20/29 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 564171<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 4.807% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1005373<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 1.260%) | &nbsp;&nbsp; 5.158% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp;&nbsp; 329207<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/9/27 | &nbsp;&nbsp; 855000<br>| &nbsp;&nbsp;&nbsp; 852694<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (4.927% to 5/10/27 then SOFR + <br> 2.057%) | &nbsp;&nbsp; 4.927% | &nbsp;&nbsp; 5/10/28 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 349130<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (6.312% to 6/8/28 then SOFR + 2.640%) | &nbsp;&nbsp; 6.312% | &nbsp;&nbsp; 6/8/29 | &nbsp;&nbsp; 328000<br>| &nbsp;&nbsp;&nbsp; 344293<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (7.149% to 10/29/26 then SOFR + <br> 2.440%) | &nbsp;&nbsp; 7.149% | &nbsp;&nbsp; 10/29/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 614442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 810195<br> <sup>(b)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *4869505* |
| *Financial Services — 2.8%* | *Financial Services — 2.8%* | *Financial Services — 2.8%* | *Financial Services — 2.8%* | *Financial Services — 2.8%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 449232<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 493341<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 452562<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 610949<br>|
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.560%) | &nbsp;&nbsp; 4.367% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 604149<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.580%) | &nbsp;&nbsp; 4.389% | &nbsp;&nbsp; 11/14/28 | &nbsp;&nbsp; 496000<br>| &nbsp;&nbsp;&nbsp; 497830<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust, Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 9/23/27 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 441923<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.227% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 270120<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.248% | &nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 475234<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.454% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500249<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PayPal Holdings Inc., Senior Notes (SOFR + 0.670%) | &nbsp;&nbsp; 4.410% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 230962<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *5026551* |
| *Insurance — 5.3%* | *Insurance — 5.3%* | *Insurance — 5.3%* | *Insurance — 5.3%* | *Insurance — 5.3%* |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 762281<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp;&nbsp; 672405<br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 561000<br>| &nbsp;&nbsp;&nbsp; 565196<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 427194<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes (SOFR + 0.950%) | &nbsp;&nbsp; 4.690% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 520766<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 8/27/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501993<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/23/26 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp;&nbsp; 376993<br>|
| &nbsp;&nbsp;&nbsp; CNO Global Funding, Secured Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/7/26 | &nbsp;&nbsp; 666000<br>| &nbsp;&nbsp;&nbsp; 654407<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNO Global Funding, Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/10/27 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp;&nbsp; 167270<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding, Senior Secured Notes (SOFR + 1.300%) | &nbsp;&nbsp; 5.028% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 503372<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.525% | &nbsp;&nbsp; 11/8/27 | &nbsp;&nbsp; 212000<br>| &nbsp;&nbsp;&nbsp; 213293<br> <sup>(a)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II, Secured Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.719% | &nbsp;&nbsp; 4/9/27 | &nbsp;&nbsp; $100000<br>| &nbsp;&nbsp;&nbsp; $100419<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Secured Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 474000<br>| &nbsp;&nbsp;&nbsp; 476336<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.428% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 281207<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.484% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 514000<br>| &nbsp;&nbsp;&nbsp; 516231<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Secured Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.558% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 370716<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Senior Secured Notes (SOFR + 0.880%) | &nbsp;&nbsp; 4.778% | &nbsp;&nbsp; 4/25/28 | &nbsp;&nbsp; 625000<br>| &nbsp;&nbsp;&nbsp; 630910<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding, Secured Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.444% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360684<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Principal Life Global Funding II, Secured Notes (SOFR + 0.810%) | &nbsp;&nbsp; 4.613% | &nbsp;&nbsp; 8/18/28 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp;&nbsp; 565750<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.335% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 211552<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.161% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 420756<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.675% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300319<br> <sup>(a)(b)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *9600050* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **100610128** |
| **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** |
| *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 85000<br>| &nbsp;&nbsp;&nbsp; *85246*<br>|
| *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500197<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp;&nbsp; 393063<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp;&nbsp; 561391<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *1454651* |
| *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; *200708*<br>|
| *Pharmaceuticals — 1.1%* | *Pharmaceuticals — 1.1%* | *Pharmaceuticals — 1.1%* | *Pharmaceuticals — 1.1%* | *Pharmaceuticals — 1.1%* |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 241658<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.627% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 606147<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/24/27 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 273073<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes (SOFR + 0.570%) | &nbsp;&nbsp; 4.316% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 370960<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.354% | &nbsp;&nbsp; 11/5/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 311332<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.293% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 180609<br> <sup>(a)</sup><br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *1983779* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **3724384** |
| **Industrials — 4.1%** | **Industrials — 4.1%** | **Industrials — 4.1%** | **Industrials — 4.1%** | **Industrials — 4.1%** |
| *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* | *Aerospace & Defense — 1.2%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.196% | &nbsp;&nbsp; 2/4/26 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 818473<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 462000<br>| &nbsp;&nbsp;&nbsp; 460244<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198279<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 257721<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500345<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *2235062* |
| *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Owens Corning, Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 432000<br>| &nbsp;&nbsp;&nbsp; 430082<br>|
| &nbsp;&nbsp;&nbsp; Owens Corning, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 214451<br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *644533* |
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; Veralto Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp; 357000<br>| &nbsp;&nbsp;&nbsp; *360139*<br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* |
| &nbsp;&nbsp;&nbsp; Siemens Funding BV, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.418% | &nbsp;&nbsp; 5/26/28 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp;&nbsp; $*201025*<br> <sup>(a)(b)</sup><br>|
| *Machinery — 1.6%* | *Machinery — 1.6%* | *Machinery — 1.6%* | *Machinery — 1.6%* | *Machinery — 1.6%* |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 508793<br>|
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.251% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 822142<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes (SOFR + 0.580%) | &nbsp;&nbsp; 4.320% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 361287<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/7/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202904<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.490% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 240892<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.980%) | &nbsp;&nbsp; 4.723% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp;&nbsp; 691644<br> <sup>(a)(b)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *2827662* |
| *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 604680<br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/25/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 502618<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *1107298* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **7375719** |
| **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** |
| *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 239853<br>|
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 439182<br>|
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.349% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 85000<br>| &nbsp;&nbsp;&nbsp; 85179<br> <sup>(a)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *764214* |
| *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* | *Semiconductors & Semiconductor Equipment — 0.4%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/27 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 448110<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp;&nbsp; 341301<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *789411* |
| *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* | *Software — 0.5%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 313040<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 4.614% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp;&nbsp; 478752<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 65492<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *857284* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2410909** |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* | *Metals & Mining — 0.3%* |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.477% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 405000<br>| &nbsp;&nbsp;&nbsp; 405502<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 4.563% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 141201<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *546703* |
| *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 106000<br>| &nbsp;&nbsp;&nbsp; 104834<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 111371<br> <sup>(b)</sup><br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *216205* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **762908** |
| **Real Estate — 3.4%** | **Real Estate — 3.4%** | **Real Estate — 3.4%** | **Real Estate — 3.4%** | **Real Estate — 3.4%** |
| *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* | *Diversified REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 139684<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 347663<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 553000<br>| &nbsp;&nbsp;&nbsp; 554414<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *1041761* |

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Office REITs — 0.6%* | *Office REITs — 0.6%* | *Office REITs — 0.6%* | *Office REITs — 0.6%* | *Office REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; Boston Properties LP, Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; $662000<br>| &nbsp;&nbsp;&nbsp; $661540<br>|
| &nbsp;&nbsp;&nbsp; Boston Properties LP, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 443000<br>| &nbsp;&nbsp;&nbsp; 438512<br>|
| *Total Office REITs* | *Total Office REITs* | *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *1100052* |
| *Residential REITs — 0.3%* | *Residential REITs — 0.3%* | *Residential REITs — 0.3%* | *Residential REITs — 0.3%* | *Residential REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Camden Property Trust, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; *507166*<br>|
| *Retail REITs — 1.2%* | *Retail REITs — 1.2%* | *Retail REITs — 1.2%* | *Retail REITs — 1.2%* | *Retail REITs — 1.2%* |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (4.649% to 7/14/28 then SOFR + <br> 1.060%) | &nbsp;&nbsp; 4.649% | &nbsp;&nbsp; 7/14/29 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 333480<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (6.557% to 10/18/26 then SOFR + <br> 1.910%) | &nbsp;&nbsp; 6.557% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; 604000<br>| &nbsp;&nbsp;&nbsp; 615513<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 5.033% | &nbsp;&nbsp; 7/14/29 | &nbsp;&nbsp; 366000<br>| &nbsp;&nbsp;&nbsp; 366753<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 5.097% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp;&nbsp; 850668<br> <sup>(a)(b)</sup><br>|
| *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *2166414* |
| *Specialized REITs — 0.7%* | *Specialized REITs — 0.7%* | *Specialized REITs — 0.7%* | *Specialized REITs — 0.7%* | *Specialized REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp;&nbsp; 293036<br>|
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 348249<br>|
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 206000<br>| &nbsp;&nbsp;&nbsp; 205204<br>|
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.646% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501738<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *1348227* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **6163620** |
| **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** |
| *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* | *Electric Utilities — 0.9%* |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199703<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eversource Energy, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 391036<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes (SOFR + 0.280%) | &nbsp;&nbsp; 4.003% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 140012<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 99457<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.685% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 85000<br>| &nbsp;&nbsp;&nbsp; 86056<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 66254<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 4.648% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 562116<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp;&nbsp; 145030<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *1689664* |
| *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* | *Gas Utilities — 0.1%* |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp;&nbsp; *75045*<br>|
| *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* |
| &nbsp;&nbsp;&nbsp; Ameren Corp., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 395451<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 162021<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 344626<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 162930<br>|
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 222268<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *1287296* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3052005** |
| **Total Corporate Bonds & Notes (Cost — $145,310,659)** | **Total Corporate Bonds & Notes (Cost — $145,310,659)** | **Total Corporate Bonds & Notes (Cost — $145,310,659)** | **Total Corporate Bonds & Notes (Cost — $145,310,659)** | &nbsp;&nbsp; **145844126** |
| **Total Investments before Short-Term Investments (Cost — $145,310,659)** | **Total Investments before Short-Term Investments (Cost — $145,310,659)** | **Total Investments before Short-Term Investments (Cost — $145,310,659)** | **Total Investments before Short-Term Investments (Cost — $145,310,659)** | &nbsp;&nbsp; **145844126** |
| **Short-Term Investments — 18.0%** | **Short-Term Investments — 18.0%** | **Short-Term Investments — 18.0%** | **Short-Term Investments — 18.0%** | **Short-Term Investments — 18.0%** |
| **Commercial Paper — 17.4%** | **Commercial Paper — 17.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AES Corp. | &nbsp;&nbsp; 4.230% | &nbsp;&nbsp; 1/2/26 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; 464894<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** |  |  |
| &nbsp;&nbsp;&nbsp; Agree LP | &nbsp;&nbsp; 4.197% | &nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp; $995000<br> &nbsp;&nbsp;&nbsp; $994440<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Agree LP | &nbsp;&nbsp; 4.043% | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249647<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | &nbsp;&nbsp; 4.159% | &nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249861<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | &nbsp;&nbsp; 4.198% | &nbsp;&nbsp; 1/14/26 | &nbsp;&nbsp; 365000<br> &nbsp;&nbsp;&nbsp; 364425<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 4.069% | &nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249754<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.009% | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 305000<br> &nbsp;&nbsp;&nbsp; 304803<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.017% | &nbsp;&nbsp; 1/7/26 | &nbsp;&nbsp; 295000<br> &nbsp;&nbsp;&nbsp; 294777<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.023% | &nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp; 505000<br> &nbsp;&nbsp;&nbsp; 504509<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.034% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 275000<br> &nbsp;&nbsp;&nbsp; 274553<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; AutoNation Inc. | &nbsp;&nbsp; 4.173% | &nbsp;&nbsp; 1/2/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249944<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 3.933% | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 465000<br> &nbsp;&nbsp;&nbsp; 464705<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 3.941% | &nbsp;&nbsp; 1/7/26 | &nbsp;&nbsp; 440000<br> &nbsp;&nbsp;&nbsp; 439674<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayer AG | &nbsp;&nbsp; 4.012% | &nbsp;&nbsp; 7/20/26 | &nbsp;&nbsp; 750000<br> &nbsp;&nbsp;&nbsp; 733927<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bell Canada | &nbsp;&nbsp; 3.963% | &nbsp;&nbsp; 1/7/26 | &nbsp;&nbsp; 540000<br> &nbsp;&nbsp;&nbsp; 539598<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bell Canada | &nbsp;&nbsp; 3.959% | &nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp; 970000<br> &nbsp;&nbsp;&nbsp; 967939<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boston Properties LP | &nbsp;&nbsp; 4.024% | &nbsp;&nbsp; 1/28/26 | &nbsp;&nbsp; 355000<br> &nbsp;&nbsp;&nbsp; 353927<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boston Properties LP | &nbsp;&nbsp; 4.031% | &nbsp;&nbsp; 2/19/26 | &nbsp;&nbsp; 255000<br> &nbsp;&nbsp;&nbsp; 253623<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 3.972% | &nbsp;&nbsp; 5/8/26 | &nbsp;&nbsp; 430000<br> &nbsp;&nbsp;&nbsp; 424290<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc. | &nbsp;&nbsp; 4.340% | &nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249419<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 3.849% | &nbsp;&nbsp; 1/7/26 | &nbsp;&nbsp; 295000<br> &nbsp;&nbsp;&nbsp; 294786<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 3.912% | &nbsp;&nbsp; 2/9/26 | &nbsp;&nbsp; 470000<br> &nbsp;&nbsp;&nbsp; 468027<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enbridge US Inc. | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/27/26 | &nbsp;&nbsp; 485000<br> &nbsp;&nbsp;&nbsp; 483595<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enbridge US Inc. | &nbsp;&nbsp; 4.006% | &nbsp;&nbsp; 1/29/26 | &nbsp;&nbsp; 480000<br> &nbsp;&nbsp;&nbsp; 478504<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance America LLC | &nbsp;&nbsp; 3.960% | &nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp; 385000<br> &nbsp;&nbsp;&nbsp; 383487<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance America LLC | &nbsp;&nbsp; 3.976% | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; 345000<br> &nbsp;&nbsp;&nbsp; 342613<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP | &nbsp;&nbsp; 3.926% | &nbsp;&nbsp; 1/2/26 | &nbsp;&nbsp; 805000<br> &nbsp;&nbsp;&nbsp; 804830<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP | &nbsp;&nbsp; 3.931% | &nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249868<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC | &nbsp;&nbsp; 4.008% | &nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp; 330000<br> &nbsp;&nbsp;&nbsp; 329716<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC | &nbsp;&nbsp; 4.027% | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 510000<br> &nbsp;&nbsp;&nbsp; 509339<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC | &nbsp;&nbsp; 4.035% | &nbsp;&nbsp; 1/14/26 | &nbsp;&nbsp; 485000<br> &nbsp;&nbsp;&nbsp; 484265<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC | &nbsp;&nbsp; 4.111% | &nbsp;&nbsp; 1/29/26 | &nbsp;&nbsp; 310000<br> &nbsp;&nbsp;&nbsp; 309009<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP | &nbsp;&nbsp; 4.004% | &nbsp;&nbsp; 1/21/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249436<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP | &nbsp;&nbsp; 4.018% | &nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp; 390000<br> &nbsp;&nbsp;&nbsp; 388907<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP | &nbsp;&nbsp; 4.022% | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249084<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 4.229% | &nbsp;&nbsp; 5/5/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 246479<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 4.217% | &nbsp;&nbsp; 6/3/26 | &nbsp;&nbsp; 295000<br> &nbsp;&nbsp;&nbsp; 289903<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 4.196% | &nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 243911<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC | &nbsp;&nbsp; 4.062% | &nbsp;&nbsp; 1/14/26 | &nbsp;&nbsp; 510000<br> &nbsp;&nbsp;&nbsp; 509222<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC | &nbsp;&nbsp; 4.083% | &nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp; 405000<br> &nbsp;&nbsp;&nbsp; 403670<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.002% | &nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp; 340000<br> &nbsp;&nbsp;&nbsp; 339817<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.002% | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249839<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.033% | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 1105000<br> &nbsp;&nbsp;&nbsp; 1103087<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. | &nbsp;&nbsp; 0.473% | &nbsp;&nbsp; 5/14/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 250161<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | &nbsp;&nbsp; 4.021% | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 325000<br> &nbsp;&nbsp;&nbsp; 322273<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | &nbsp;&nbsp; 4.033% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 680000<br> &nbsp;&nbsp;&nbsp; 672965<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc. | &nbsp;&nbsp; 4.070% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249591<br> <sup>(c)</sup><br>|

---

See Notes to Schedules of Investments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

 **Franklin Ultra Short Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Commercial Paper — continued** | **Commercial Paper — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp; Marriott International Inc. | &nbsp;&nbsp; 4.079% | &nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp; $255000 | &nbsp;&nbsp;&nbsp; $254386<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 3.931% | &nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; 339820<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 3.941% | &nbsp;&nbsp; 1/7/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299778<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 3.947% | &nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 334716<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 3.947% | &nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299714<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 3.961% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299522<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 3.941% | &nbsp;&nbsp; 1/7/26 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp; 364730<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 3.951% | &nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 744368<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 329787<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive Inc. | &nbsp;&nbsp; 3.947% | &nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 414648<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive Inc. | &nbsp;&nbsp; 3.802% | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 499387<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.102% | &nbsp;&nbsp; 1/22/26 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 254383<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.098% | &nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 254271<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.020% | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 254065<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.180% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 626406<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP | &nbsp;&nbsp; 3.937% | &nbsp;&nbsp; 1/2/26 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp; 634866<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP | &nbsp;&nbsp; 3.953% | &nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; 564702<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP | &nbsp;&nbsp; 3.966% | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 614610<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryder System Inc. | &nbsp;&nbsp; 3.997% | &nbsp;&nbsp; 1/5/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 699630<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryder System Inc. | &nbsp;&nbsp; 3.985% | &nbsp;&nbsp; 1/7/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 249815<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryder System Inc. | &nbsp;&nbsp; 4.002% | &nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; 344707<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryder System Inc. | &nbsp;&nbsp; 4.045% | &nbsp;&nbsp; 1/16/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 249574<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp; 4.108% | &nbsp;&nbsp; 1/26/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 249301<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp. | &nbsp;&nbsp; 4.057% | &nbsp;&nbsp; 1/8/26 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; 354699<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp; 3.983% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; 531235<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp; 0.043% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500136<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 4.178% | &nbsp;&nbsp; 1/14/26 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp; 364448<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 4.169% | &nbsp;&nbsp; 1/23/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299255<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; UDR Inc. | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 748964<br> <sup>(c)</sup><br>|
| **Total Commercial Paper (Cost — $31,508,364)** | **Total Commercial Paper (Cost — $31,508,364)** | **Total Commercial Paper (Cost — $31,508,364)** | **Total Commercial Paper (Cost — $31,508,364)** | &nbsp;&nbsp; **31511016** |
| **Certificates of Deposit — 0.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500181<br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 8/19/26 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp; 611187<br>|
| **Total Certificates of Deposit (Cost — $1,110,000)** |  |  |  | &nbsp;&nbsp; **1111368** |
|  |  |  | Shares |  |
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br>(Cost — $5,051)  | &nbsp;&nbsp; 3.620% |  | &nbsp;&nbsp; 5051<br>| &nbsp;&nbsp;&nbsp;&nbsp; **5051**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Short-Term Investments (Cost — $32,623,415)** | **Total Short-Term Investments (Cost — $32,623,415)** | **Total Short-Term Investments (Cost — $32,623,415)** | **Total Short-Term Investments (Cost — $32,623,415)** | &nbsp;&nbsp; **32627435** |
| **Total Investments — 98.6% (Cost — $177,934,074)** | **Total Investments — 98.6% (Cost — $177,934,074)** | **Total Investments — 98.6% (Cost — $177,934,074)** | **Total Investments — 98.6% (Cost — $177,934,074)** | &nbsp;&nbsp; **178471561** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp;&nbsp; 2547915 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$181019476** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedules of Investments.

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Franklin Templeton ETF Trust 2025 Quarterly Report

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Schedules of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Ultra Short Bond ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(b)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(c)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(d)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(e)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of <br> investments in Affiliated Companies was $5,051 and the cost was $5,051 (Note 3).<br>|
| <sup>(f)</sup> | Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| LIBOR |  | London Interbank Offered Rate |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedules of Investments.

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Franklin Templeton ETF Trust 2025 Quarterly Report

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Notes to Schedules of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies**

Franklin Disruptive Commerce ETF ("Disruptive Commerce ETF"), Franklin Exponential Data ETF ("Exponential Data ETF"), Franklin Focused Growth ETF ("Focused Growth ETF"), Franklin Genomic Advancements ETF ("Genomic Advancements ETF"), Franklin Intelligent Machines ETF ("Intelligent Machines ETF") and Franklin International Aggregate Bond ETF ("International Aggregate Bond ETF") are separate non-diversified series of Franklin Templeton ETF Trust (the "Trust"). Franklin Dividend Growth ETF ("Dividend Growth ETF"), Franklin Dynamic Municipal Bond ETF ("Dynamic Municipal Bond ETF"), Franklin High Yield Corporate ETF ("High Yield Corporate ETF"), Franklin Income Equity Focus ETF ("Income Equity Focus ETF"), Franklin Income Focus ETF ("Income Focus ETF"), Franklin Investment Grade Corporate ETF ("Investment Grade Corporate ETF"), Franklin Multisector Income ETF ("Multisector Income ETF"), Franklin Municipal Green Bond ETF ("Municipal Green Bond ETF"), Franklin Senior Loan ETF ("Senior Loan ETF"), Franklin Systematic Style Premia ETF ("Systematic Style Premia ETF"), Franklin U.S. Core Bond ETF ("U.S. Core Bond ETF"), Franklin U.S. Treasury Bond ETF ("U.S. Treasury Bond ETF") and Franklin Ultra Short Bond ETF ("Ultra Short Bond ETF") are separate diversified series of the Trust. The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Funds are actively managed exchange-traded funds ("ETFs"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Funds may be directly purchased from and redeemed by the Funds at NAV solely by certain large institutional investors who have entered into agreements with the Funds' distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Funds are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of Disruptive Commerce ETF, Exponential Data ETF, Focused Growth ETF, Genomic Advancements ETF, High Yield Corporate ETF, Intelligent Machines ETF, International Aggregate Bond ETF and Senior Loan ETF are listed for trading on Cboe BZX Exchange, Inc. (Cboe), a national securities exchange. Shares of Dividend Growth ETF, Dynamic Municipal Bond ETF, Income Equity Focus ETF, Income Focus ETF, Investment Grade Corporate ETF, Municipal Green Bond ETF, Systematic Style Premia ETF, U.S. Core Bond ETF, U.S. Treasury Bond ETF and Ultra Short Bond ETF are listed for trading on NYSE Arca, Inc. (NYSE Arca). Shares of Multisector Income ETF are listed for trading on NASDAQ. The market price for a Fund's shares may be different from a Fund's NAV. The Funds issue and redeem shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Funds at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Funds are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Funds at NAV.

The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Funds and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. Equity securities, including exchange-traded funds ("ETFs"), for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Funds hold securities or other assets that are denominated in a foreign currency, the Funds will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on

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Franklin Templeton ETF Trust 2025 Quarterly Report

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Notes to Schedules of Investments (unaudited) (cont'd)

which the security is principally traded, but before each Fund calculates its net asset value, the Funds value these securities as determined in accordance with procedures approved by the Funds' Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Funds' manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Funds' manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies, and reporting to the Funds' manager and the Board. When determining the reliability of third party pricing information for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Funds use valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Funds' assets and liabilities carried at fair value:

**Disruptive Commerce ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $8007639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $8007639 |
| **Total Investments** | &nbsp;&nbsp; **$8007639** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$8007639** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

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Franklin Templeton ETF Trust 2025 Quarterly Report

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**Dividend Growth ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $5046960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5046960 |
| Short-Term Investments† | &nbsp;&nbsp; 76411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 76411 |
| **Total Investments** | &nbsp;&nbsp; **$5123371** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$5123371** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

**Dynamic Municipal Bond ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $1266804186 | &nbsp;&nbsp; $2813 | &nbsp;&nbsp; $1266806999 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 7459510 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7459510 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1274263696 | &nbsp;&nbsp; 2813 | &nbsp;&nbsp; 1274266509 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 59450000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59450000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1333713696** | &nbsp;&nbsp; **$2813** | &nbsp;&nbsp; **$1333716509** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

**Exponential Data ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $3820022 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3820022 |
| Short-Term Investments† | &nbsp;&nbsp; 49189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49189 |
| **Total Investments** | &nbsp;&nbsp; **$3869211** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$3869211** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

**Focused Growth ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; $12536458 | &nbsp;&nbsp; $1711677 | &nbsp;&nbsp; — | &nbsp;&nbsp; $14248135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 196342062 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 196342062 |
| Total Long-Term Investments | &nbsp;&nbsp; 208878520 | &nbsp;&nbsp; 1711677 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210590197 |
| Short-Term Investments† | &nbsp;&nbsp; 2136832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2136832 |
| **Total Investments** | &nbsp;&nbsp; **$211015352** | &nbsp;&nbsp; **$1711677** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$212727029** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

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Franklin Templeton ETF Trust 2025 Quarterly Report

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Notes to Schedules of Investments (unaudited) (cont'd)

**Genomic Advancements ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp; $20951703 | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; $20951703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; 584722 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 584722 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 225582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 225582 |
| **Total Investments** | &nbsp;&nbsp; **$21762007** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$21762007** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

**High Yield Corporate ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $672439540 | &nbsp;&nbsp; — | &nbsp;&nbsp; $672439540 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 2827909 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2827909 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1621419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1621419 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; $759660 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 759660 |
| &nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1216 | &nbsp;&nbsp; 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 319209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 319209 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 8317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8317 |
| Total Long-Term Investments | &nbsp;&nbsp; 759660 | &nbsp;&nbsp; 677216394 | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 677977270 |
| Short-Term Investments† | &nbsp;&nbsp; 10142146 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10142146 |
| **Total Investments** | &nbsp;&nbsp; **$10901806** | &nbsp;&nbsp; **$677216394** | &nbsp;&nbsp; **$1216** | &nbsp;&nbsp; **$688119416** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

**Income Equity Focus ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $64871639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $64871639 |
| &nbsp;&nbsp;&nbsp; Equity-Linked Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $41024895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41024895 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; 6431814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6431814 |
| Total Long-Term Investments | &nbsp;&nbsp; 71303453 | &nbsp;&nbsp; 41024895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112328348 |
| Short-Term Investments† | &nbsp;&nbsp; 449186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 449186 |
| **Total Investments** | &nbsp;&nbsp; **$71752639** | &nbsp;&nbsp; **$41024895** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$112777534** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

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Franklin Templeton ETF Trust 2025 Quarterly Report

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**Income Focus ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $327582803 | &nbsp;&nbsp; — | &nbsp;&nbsp; $327582803 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $305118309 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 305118309 |
| &nbsp;&nbsp;&nbsp; Equity-Linked Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 233300399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 233300399 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 81197734 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81197734 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 62146119 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62146119 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; 34563610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34563610 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 2114308 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2114308 |
| Total Long-Term Investments | &nbsp;&nbsp; 339681919 | &nbsp;&nbsp; 706341363 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1046023282 |
| Short-Term Investments† | &nbsp;&nbsp; 40441405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40441405 |
| **Total Investments** | &nbsp;&nbsp; **$380123324** | &nbsp;&nbsp; **$706341363** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1086464687** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

**Intelligent Machines ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $65463126 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $65463126 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| **Total Investments** | &nbsp;&nbsp; **$65463126** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$65463126** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |

---

**International Aggregate Bond ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $573413411 | &nbsp;&nbsp; — | &nbsp;&nbsp; $573413411 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 51423710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51423710 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 624837121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 624837121 |
| Short-Term Investments† | &nbsp;&nbsp; $20093377 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20093377 |
| **Total Investments** | &nbsp;&nbsp; **$20093377** | &nbsp;&nbsp; **$624837121** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$644930498** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $2145169 | &nbsp;&nbsp; — | &nbsp;&nbsp; $2145169 |
| **Total** | &nbsp;&nbsp; **$20093377** | &nbsp;&nbsp; **$626982290** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$647075667** |

---

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Notes to Schedules of Investments (unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $9747967 | &nbsp;&nbsp; — | &nbsp;&nbsp; $9747967 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**Investment Grade Corporate ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $536229559 | &nbsp;&nbsp; — | &nbsp;&nbsp; $536229559 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 7048300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7048300 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 543277859 | &nbsp;&nbsp; — | &nbsp;&nbsp; 543277859 |
| Short-Term Investments† | &nbsp;&nbsp; $2011878 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2011878 |
| **Total Investments** | &nbsp;&nbsp; **$2011878** | &nbsp;&nbsp; **$543277859** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$545289737** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

**Multisector Income ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $7250020 | &nbsp;&nbsp; — | &nbsp;&nbsp; $7250020 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2489809 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2489809 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1824743 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1824743 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1745244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1745244 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1624486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1624486 |
| &nbsp;&nbsp;&nbsp; Sovereign Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1178470 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1178470 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 129753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129753 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 16242525 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16242525 |
| Short-Term Investments† | &nbsp;&nbsp; $428736 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 428736 |
| **Total Investments** | &nbsp;&nbsp; **$428736** | &nbsp;&nbsp; **$16242525** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$16671261** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $5372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5372 |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $18528 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18528 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps‡ | &nbsp;&nbsp; — | &nbsp;&nbsp; 7453 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7453 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$5372** | &nbsp;&nbsp; **$25981** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$31353** |
| **Total** | &nbsp;&nbsp; **$434108** | &nbsp;&nbsp; **$16268506** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$16702614** |

---

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Securities Sold Short: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $465842 | &nbsp;&nbsp; — | &nbsp;&nbsp; $465842 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps†† | &nbsp;&nbsp; — | &nbsp;&nbsp; 31974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31974 |
| **Total** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$497816** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$497816** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments. <br> ‡ Value includes any premium paid or received with respect to swap contracts.

**Municipal Green Bond ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $87443221 | &nbsp;&nbsp; — | &nbsp;&nbsp; $87443221 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 80455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80455 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 87523676 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87523676 |
| Short-Term Investments† | &nbsp;&nbsp; — | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3500000 |
| **Total Investments** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$91023676** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$91023676** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

**Senior Loan ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; $810331798 | &nbsp;&nbsp; — | &nbsp;&nbsp; $810331798 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 36230939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36230939 |
| &nbsp;&nbsp;&nbsp; Investments in Underlying Funds | &nbsp;&nbsp; $24051433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24051433 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 2011245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2011245 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 360909 | &nbsp;&nbsp; — | &nbsp;&nbsp; 360909 |
| Total Long-Term Investments | &nbsp;&nbsp; 24051433 | &nbsp;&nbsp; 848934891 | &nbsp;&nbsp; — | &nbsp;&nbsp; 872986324 |
| Short-Term Investments† | &nbsp;&nbsp; 73528117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73528117 |
| **Total Investments** | &nbsp;&nbsp; **$97579550** | &nbsp;&nbsp; **$848934891** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$946514441** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

**Systematic Style Premia ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $361125704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $361125704 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; 361125704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 361125704 |

---

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Notes to Schedules of Investments (unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | &nbsp;&nbsp; Quoted Prices<br> (Level 1)<br>| &nbsp;&nbsp; Other Significant<br> Observable Inputs<br> (Level 2)<br>| &nbsp;&nbsp; Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $145607753 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $145607753 |
| **Total Investments** | &nbsp;&nbsp; **$506733457** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$506733457** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $6072194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $6072194 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $3502724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3502724 |
| &nbsp;&nbsp;&nbsp; OTC Total Return Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 3138093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3138093 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; **$6072194** | &nbsp;&nbsp; **$6640817** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$12713011** |
| **Total** | &nbsp;&nbsp; **$512805651** | &nbsp;&nbsp; **$6640817** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$519446468** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $3619833 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $3619833 |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts†† | &nbsp;&nbsp; — | &nbsp;&nbsp; $1673183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1673183 |
| **Total** | &nbsp;&nbsp; **$3619833** | &nbsp;&nbsp; **$1673183** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$5293016** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| † | See Consolidated Schedules of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

**U.S. Core Bond ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $1081913938 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1081913938 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 784906895 | &nbsp;&nbsp; — | &nbsp;&nbsp; 784906895 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 709974032 | &nbsp;&nbsp; — | &nbsp;&nbsp; 709974032 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 100687326 | &nbsp;&nbsp; — | &nbsp;&nbsp; 100687326 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 18163955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18163955 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 18004795 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18004795 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2713650941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2713650941 |
| Short-Term Investments† | &nbsp;&nbsp; $49162975 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 49162975 |
| **Total Investments** | &nbsp;&nbsp; **$49162975** | &nbsp;&nbsp; **$2713650941** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$2762813916** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $1330616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $1330616 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

**U.S. Treasury Bond ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $1018314803 | &nbsp;&nbsp; — | &nbsp;&nbsp; $1018314803 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 38842947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38842947 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 1057157750 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1057157750 |
| Short-Term Investments† | &nbsp;&nbsp; $19301749 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19301749 |
| **Total Investments** | &nbsp;&nbsp; **$19301749** | &nbsp;&nbsp; **$1057157750** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1076459499** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

**Ultra Short Bond ETF** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Corporate Bonds & Notes† | &nbsp;&nbsp; — | &nbsp;&nbsp; $145844126 | &nbsp;&nbsp; — | &nbsp;&nbsp; $145844126 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 31511016 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31511016 |
| &nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 1111368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1111368 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $5051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5051 |
| Total Short-Term Investments | &nbsp;&nbsp; 5051 | &nbsp;&nbsp; 32622384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32627435 |
| **Total Investments** | &nbsp;&nbsp; **$5051** | &nbsp;&nbsp; **$178466510** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$178471561** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedules of Investments for additional detailed categorizations.

**2. Investments in FLSP Holdings Corporation**

Systematic Style Premia ETF, (the "Fund"), invests in certain financial instruments and commodities/or commodity linked derivative investments. The FLSP Holdings Corporation is a Cayman Islands exempted company with limited liability, is a wholly-owned subsidiary of the Fund, and is able to invest in certain financial instruments and/or commodity-linked derivative investments consistent with the investment objective of the Fund. At December 31, 2025, the FLSP Holdings Corporation's investments as well as any other assets and liabilities of the FSLP Holdings Corporation are reflected in the Fund's Consolidated Schedules of Investments and Consolidated Statements of Assets and Liabilities. All intercompany balances and transactions have been eliminated. At December 31, 2025, the net assets of the FLSP Holdings Corporation were $15,612,575, representing 2.84% of the Fund's consolidated net assets. The Fund's investment(s) in the FLSP Holdings Corporation is limited to 25% of consolidated assets.

**3. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Funds own 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Funds. The following companies were considered affiliated companies for all or some portion of the period ended December 31, 2025. The following transactions were effected in such companies for the period ended December 31, 2025. <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Dividend Growth ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>August 28, 2025, <br>(inception date) | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Dividend Growth ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>August 28, 2025, <br>(inception date) | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $— | $125677 | 125677 | $49266 | 49266 |  | $993 |  | $76411 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Notes to Schedules of Investments (unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Exponential Data ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Exponential Data ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. Government <br> Money Market Fund, Class A Shares<sup>(a)</sup> <br>| $56007 | $387899 | 387899 | $394717 | 394717 |  | $2202 |  | $49189 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Focused Growth ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Focused Growth ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market Fund, <br> Class A Shares<sup>(a)</sup> <br>| $3386667 | $9604501 | 9604501 | $10854336 | 10854336 |  | $22267 |  | $2136832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| High Yield Corporate ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| High Yield Corporate ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $— | $67362417 | 67362417 | $57220271 | 57220271 |  | $156132 |  | $10142146 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Income Equity Focus ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Income Equity Focus ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $— | $32833246 | 32833246 | $32384060 | 32384060 |  | $22890 |  | $449186 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Income Focus ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Income Focus ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $16115318 | $312883003 | 312883003 | $288556916 | 288556916 |  | $499189 |  | $40441405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| International Aggregate <br> Bond ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| International Aggregate <br> Bond ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $— | $159748944 | 159748944 | $139655567 | 139655567 |  | $423973 |  | $20093377 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Grade Corporate <br> ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Investment Grade Corporate <br> ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $— | $32617927 | 32617927 | $30606049 | 30606049 |  | $27536 |  | $2011878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Multisector Income ETF  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>August 26, 2025, <br>(inception date) | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Multisector Income ETF  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>August 26, 2025, <br>(inception date) | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $— | $2803591 | 2803591 | $2374855 | 2374855 |  | $5560 |  | $428736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Senior Loan ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Senior Loan ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $— | $283803528 | 283803528 | $210275411 | 210275411 |  | $749845 |  | $73528117 |
| Franklin High Yield <br> Corporate ETF<br>| 7052870 | 1213499 | 50000 |  |  |  | 438218 | $180391 | 8446760 |
|  | **$7052870** | **$285017027** |  | **$210275411** |  | **—** | **$1188063** | **$180391** | **$81974877** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Systematic Style Premia ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Systematic Style Premia ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $— | $227661167 | 227661167 | $82053414 | 82053414 |  | $838723 |  | $145607753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Core Bond ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| U.S. Core Bond ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $26518552 | $512411095 | 512411095 | $489766672 | 489766672 |  | $919648 |  | $49162975 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

Notes to Schedules of Investments (unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. Treasury Bond ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| U.S. Treasury Bond ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $15120922 | $137155697 | 137155697 | $132974870 | 132974870 |  | $358169 |  | $19301749 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Ultra Short Bond ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Ultra Short Bond ETF | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>| $1259 | $59724335 | 59724335 | $59720543 | 59720543 |  | $14344 |  | $5051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

**4. Restricted securities**

The following investments in Franklin Genomic Advancements ETF are restricted as to resale and, in the absence of readily ascertainable market values, are fair valued in accordance with procedures approved by the Board. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | &nbsp;&nbsp; Number of <br>Shares<br>| Acquisition <br>Date<br>| Cost | Value <br>at 12/31/2025<br>| &nbsp;&nbsp; Percent of <br>Net Assets<br>|
| OmniAb Inc., $12.50 <br> EARNOUT, Common <br> Shares<br>| &nbsp;&nbsp; 240 | 11/22 | $0 <br><sup>(a)</sup><br>| $0 <br><sup>(a)</sup><br>&nbsp;&nbsp; $0.00 <br><sup>(b)</sup><br>| 0.00 %<sup>(c)</sup><br>|
| OmniAb Inc., $15.00 <br> EARNOUT, Common <br> Shares<br>| &nbsp;&nbsp; 240 | 11/22 | 0 <br><sup>(a)</sup><br>| 0 <br><sup>(a)</sup><br>0.00 <br><sup>(b)</sup><br>| 0.00 <br><sup>(c)</sup><br>|
| **Total** |  |  | **$0** | **$0** | &nbsp;&nbsp; **0.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $1.

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Amount represents less than 0.005%.

------

Franklin Templeton ETF Trust 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Templeton ETF Trust

- **b. Investment Company Act file number:** 811-23124

- **c. CIK number of Registrant:** 0001655589

- **d. LEI of Registrant:** 549300UHXVPT5S43XV04

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Municipal Green Bond ETF

- **b. EDGAR series identifier (if any):** S000057880

- **c. LEI of Series:** 549300D0VIUWD9JJ6J30

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $92706208.89

**Total Liabilities:** $22697.65

**Net Assets:** $92683511.24

**Cash Not Reported:** $626597.46

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 1193.56980000 | **5-Year:** 15303.32221000 | **10-Year:** 53211.75138000 | **30-Year:** 1035.58106000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 13.67533000 | **1-Year:** 59.36020000 | **5-Year:** 130.56709000 | **10-Year:** 469.23970000 | **30-Year:** 41.80245000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000187843 | 1.46%                | 0.30%                | 0.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-64971.80               | $1103857.24                                |
| Month 2  | $3462.57                 | $-19966.00                                 |
| Month 3  | $11.96                   | $-291663.87                                |

### Schedule of Portfolio Investments

| Name                           | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BABCOCK RANCH CMNTY INDEP SPL  | Babcock Ranch Community Independent Special District                             | CUSIP: 05616KBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $819336.76    | 0.88%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND WA REGL TRA | Central Puget Sound Regional Transit Authority                                   | CUSIP: 155048EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1933698.80   | 2.09%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                              | CUSIP: 13068XFF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997887.50    | 1.08%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST | California Municipal Finance Authority                                           | CUSIP: 13049YFL0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3504486.54   | 3.78%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CMNTY FACS DIST SPL | Alameda Community Facilities District                                            | CUSIP: 010780DE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016469.50   | 1.10%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PTF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $1930809.72   | 2.08%             | 2051-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HSG & MTGE FIN | Rhode Island Housing & Mortgage Finance Corp                                     | CUSIP: 76221TKY4<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |    150000 | PA      | $135886.56    | 0.15%             | 2034-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR OH INC SOLAR | American Municipal Power Inc                                                     | CUSIP: 02765MAW2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1698268.64   | 1.83%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                  | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048501.90   | 1.13%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY        | New York State Housing Finance Agency                                            | CUSIP: 64987DL93<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90175.17     | 0.10%             | 2034-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| SOMERSET FL CDD CAPITAL IMPT R | Somerset Community Development District                                          | CUSIP: 834629AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $416337.42    | 0.45%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY   | Massachusetts Housing Finance Agency                                             | CUSIP: 57586VCH4<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $989051.00    | 1.07%             | 2059-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA BAY AREA RAPI | San Francisco Bay Area Rapid Transit District                                    | CUSIP: 797661YX7<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |    170000 | PA      | $166538.14    | 0.18%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PERRIS CA JT PWRS AUTH LOCAL A | Perris Joint Powers Authority                                                    | CUSIP: 714376NV8<br>LEI: 549300YM04SQ63RR8P86 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101986.79    | 0.11%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP PRIV | Maryland Economic Development Corp                                               | CUSIP: 57422JBY3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996978.20   | 2.15%             | 2047-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PRIV CLGS & UNIVS AUTH GA      | Private Colleges & Universities Authority                                        | CUSIP: 74265LS58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102482.23    | 0.11%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN IL UNIV COPS             | Northern Illinois University                                                     | CUSIP: 665238DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524841.00    | 0.57%             | 2049-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH  | American Municipal Power Inc                                                     | CUSIP: 02765ULL6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1394066.91   | 1.50%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CJE3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    360000 | PA      | $326509.20    | 0.35%             | 2044-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                  | CUSIP: 13013JDB9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3725553.30   | 4.02%             | 2054-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST | California Municipal Finance Authority                                           | CUSIP: 13049YDT5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1555076.13   | 1.68%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59261AC88<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    600000 | PA      | $586721.04    | 0.63%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THREE RIVERS LEVEE IMPT AUTH C | Three Rivers Levee Improvement Authority                                         | CUSIP: 88563DAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255496.35    | 0.28%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMPTON VA                     | City of Hampton VA                                                               | CUSIP: 4095587R8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52086.41     | 0.06%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH EDU | California School Finance Authority                                              | CUSIP: 130591BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259991.83    | 0.28%             | 2042-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE | City of Rochester MN                                                             | CUSIP: 771902HS5<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 1.29%             | 2064-11-15      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                             | CUSIP: 57587GKE4<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1577879.40   | 1.70%             | 2041-12-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| VERMONT ST EDUCTNL & HLTH BLDG | Vermont Educational & Health Buildings Financing Agency                          | CUSIP: 924166JC6<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2021846.37   | 2.18%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THREE RIVERS LEVEE IMPT AUTH C | Three Rivers Levee Improvement Authority                                         | CUSIP: 88563DAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252826.08    | 0.27%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                                | CUSIP: 649519EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $832972.40    | 0.90%             | 2043-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOMERSET FL CDD CAPITAL IMPT R | Somerset Community Development District                                          | CUSIP: 834629AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $201734.82    | 0.22%             | 2037-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                             | CUSIP: 25483VA20<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    535000 | PA      | $615357.54    | 0.66%             | 2035-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MD SUBURBAN SAN DIS | Washington Suburban Sanitary Commission                                          | CUSIP: 9401573Y4<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98476.25     | 0.11%             | 2035-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO BRD OF W | Board of Water Commissioners City & County of Denver/The                         | CUSIP: 24916PGB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152885.51    | 0.16%             | 2047-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH LEASE REVENU | Illinois Finance Authority                                                       | CUSIP: 45203NAV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3140738.10   | 3.39%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY   | Massachusetts Housing Finance Agency                                             | CUSIP: 57586N6L0<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $89338.11     | 0.10%             | 2034-12-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584YW96<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    440000 | PA      | $444175.78    | 0.48%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN | Port of Portland OR Airport Revenue                                              | CUSIP: 7352402R3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $568218.80    | 0.61%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HSG FIN AGY MULT | California Housing Finance Agency                                                | CUSIP: 13034CAA4<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | MUN               | US        |     90007 | PA      | $80454.96     | 0.09%             | 2035-12-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH INDL  | Arkansas Development Finance Authority                                           | CUSIP: 04108WCE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268743.05    | 0.29%             | 2048-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MULTNOMAH CNTY OR HOSP FACS AU | Hospital Facilities Authority of Multnomah County Oregon                         | CUSIP: 62551PDA2<br>LEI: 549300GAP0JIG7V33754 | Long             | DBT              | MUN               | US        |    530000 | PA      | $408465.49    | 0.44%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP PRIV | Maryland Economic Development Corp                                               | CUSIP: 57422JBS6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026910.70   | 1.11%             | 2040-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034RAU7<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    180000 | PA      | $183757.43    | 0.20%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST       | School District of Philadelphia/The                                              | CUSIP: 717883D41<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028170.40   | 1.11%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST | California Municipal Finance Authority                                           | CUSIP: 13049YBN0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000562.20   | 1.08%             | 2051-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST EDUCTNL & HLTH BLDG | Vermont Educational & Health Buildings Financing Agency                          | CUSIP: 924166JF9<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961867.80    | 1.04%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP WTR | City of Phoenix Civic Improvement Corp                                           | CUSIP: 71883RQQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $376629.48    | 0.41%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA WTR & SWR AUT | District of Columbia Water & Sewer Authority                                     | CUSIP: 254845QE3<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    375000 | PA      | $386377.16    | 0.42%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF HSG REVE | Public Finance Authority                                                         | CUSIP: 74441XHW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506073.35    | 0.55%             | 2031-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN | Port of Portland OR Airport Revenue                                              | CUSIP: 7352403K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2355865.43   | 2.54%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORTLAND ME ARPT REVENUE       | City of Portland ME General Airport Revenue                                      | CUSIP: 736564EL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $249487.81    | 0.27%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND TRAVERSE CNTY MI HOSP FI | Grand Traverse County Hospital Finance Authority                                 | CUSIP: 386523HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 2.05%             | 2041-07-01      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX FLOOD CONTROL D | Harris County Flood Control District                                             | CUSIP: 414019BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1175644.68   | 1.27%             | 2047-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                              | CUSIP: 13068XFJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1451399.25   | 1.57%             | 2047-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CNTY CA REGL ARPT AU | San Diego County Regional Airport Authority                                      | CUSIP: 79739GNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3341649.96   | 3.61%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                             | CUSIP: 25483VA38<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    125000 | PA      | $144068.23    | 0.16%             | 2035-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ BRD OF EDU           | Newark Board of Education                                                        | CUSIP: 650370DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    571000 | PA      | $603322.60    | 0.65%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH | Minnesota Health & Education Facilities Authority                                | CUSIP: 60416JFL9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524957.90   | 1.65%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                       | CUSIP: 45204FFY6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    575000 | PA      | $583778.30    | 0.63%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59261AJ73<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    105000 | PA      | $115057.54    | 0.12%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS DEV FIN AUTH ENVIRONM | Arkansas Development Finance Authority                                           | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $279007.82    | 0.30%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                  | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1075343.81   | 1.16%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| THREE RIVERS LEVEE IMPT AUTH C | Three Rivers Levee Improvement Authority                                         | CUSIP: 88563DAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101102.27    | 0.11%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA WTR & SWR AUT | District of Columbia Water & Sewer Authority                                     | CUSIP: 254845QF0<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1453524.89   | 1.57%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JT POWERS AUTH CA     | Transbay Joint Powers Authority                                                  | CUSIP: 89356CAL0<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156593.75    | 0.17%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG   | Mississippi Development Bank                                                     | CUSIP: 60534XKC9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    300000 | PA      | $286699.86    | 0.31%             | 2036-11-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ENERGY AUTH    | Philadelphia Energy Authority/The                                                | CUSIP: 71780UAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1211562.38   | 1.31%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV HOSPS & CLINICS AUTH WI   | University of Wisconsin Hospitals & Clinics                                      | CUSIP: 915260ET6<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1060637.09   | 1.14%             | 2046-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584X6Z9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    135000 | PA      | $117793.71    | 0.13%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CNTRL VLY WTR RECLAMATION FAC  | Central Valley Water Reclamation Facility                                        | CUSIP: 155796BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3110000 | PA      | $2918845.09   | 3.15%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AV23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910643.80    | 0.98%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THREE RIVERS LEVEE IMPT AUTH C | Three Rivers Levee Improvement Authority                                         | CUSIP: 88563DAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203391.18    | 0.22%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                                | CUSIP: 649519DT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1712364.20   | 1.85%             | 2036-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59261AG43<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1528495.84   | 1.65%             | 2050-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531329.50    | 0.57%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                         | CUSIP: 74442PTG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $485598.66    | 0.52%             | 2056-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $506303.18    | 0.55%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AU99<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    865000 | PA      | $813228.63    | 0.88%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TERREBONNE LA LEVEE & CONSV DI | Terrebonne Levee & Conservation District Sales Tax Revenue                       | CUSIP: 881182BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008333.00   | 1.09%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                  | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3160000 | PA      | $3359104.65   | 3.62%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN PWR AGY UT PWR S | Intermountain Power Agency                                                       | CUSIP: 45884AB93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3120308.70   | 3.37%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P | City of San Francisco CA Public Utilities Commission Water Revenue               | CUSIP: 79765R5H8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $95073.20     | 0.10%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268168.90    | 0.29%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                         | CUSIP: 57584YW88<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    420000 | PA      | $422173.67    | 0.46%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CF80<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    900000 | PA      | $857232.63    | 0.92%             | 2047-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROSWELL GA DEV AUTH REVENUE    | Roswell Development Authority                                                    | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.43%             | 2047-04-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                             | CUSIP: 25483VZX5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    905000 | PA      | $1029407.36   | 1.11%             | 2033-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT | New Jersey Educational Facilities Authority                                      | CUSIP: 6460665Z9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    645000 | PA      | $698372.72    | 0.75%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ CNTY CA CAPITAL FIN | Santa Cruz County Capital Financing Authority                                    | CUSIP: 80182BAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514327.85   | 1.63%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN                 | City of Minneapolis MN                                                           | CUSIP: 60375BHH2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90692.96     | 0.10%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CZX3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    800000 | PA      | $724645.04    | 0.78%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TERREBONNE LA LEVEE & CONSV DI | Terrebonne Levee & Conservation District Sales Tax Revenue                       | CUSIP: 881182BU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100227.06    | 0.11%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                             | CUSIP: 25483VA61<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    845000 | PA      | $975673.25    | 1.05%             | 2037-02-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL LTD OBLG        | County of Mobile AL                                                              | CUSIP: 607341AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $273183.60    | 0.29%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT PASSENGER FAC  | City of Atlanta GA Airport Passenger Facility Charge                             | CUSIP: 04780TEY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2508699.31   | 2.71%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ MASS TRANSIT ACCESS  | City of Newark NJ Mass Transit Access Tax Revenue                                | CUSIP: 650360AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1615620.52   | 1.74%             | 2062-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL WTR & SWR R | County of Palm Beach FL Water & Sewer Revenue                                    | CUSIP: 696572LS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $111035.68    | 0.12%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** Franklin Templeton ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer Controller, US Fund Administration and Oversight